Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 11, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | IRT | ||
Entity Registrant Name | INDEPENDENCE REALTY TRUST, INC. | ||
Entity Central Index Key | 0001466085 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 91,133,802 | ||
Entity Public Float | $ 1,043,558,574 | ||
Entity File Number | 001-36041 | ||
Entity Tax Identification Number | 26-4567130 | ||
Entity Address, Address Line One | 1835 Market Street | ||
Entity Address, Address Line Two | Suite 2601 | ||
Entity Address, City or Town | Philadelphia | ||
Entity Address, State or Province | PA | ||
Entity Address, Postal Zip Code | 19103 | ||
City Area Code | 267 | ||
Local Phone Number | 270-4800 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common stock | ||
Security Exchange Name | NYSE | ||
Entity Incorporation, State or Country Code | MD | ||
Document Transition Report | false | ||
Document Annual Report | true | ||
Documents Incorporated by Reference | Portions of the proxy statement for registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investments in real estate: | ||
Investments in real estate, at cost | $ 1,796,365 | $ 1,660,423 |
Accumulated depreciation | (158,435) | (112,270) |
Investments in real estate, net | 1,637,930 | 1,548,153 |
Real estate held for sale | 77,285 | |
Cash and cash equivalents | 9,888 | 9,316 |
Restricted cash | 4,545 | 6,729 |
Other assets | 10,380 | 8,802 |
Derivative assets | 953 | 8,307 |
Intangible assets, net of accumulated amortization of $540 and $787, respectively | 410 | 744 |
Total Assets | 1,664,106 | 1,659,336 |
LIABILITIES AND EQUITY: | ||
Indebtedness, net of unamortized deferred financing costs of $5,606 and $5,927, respectively | 985,572 | 985,488 |
Accounts payable and accrued expenses | 25,399 | 22,815 |
Accrued interest payable | 2,196 | 719 |
Dividends payable | 16,491 | 16,162 |
Derivative liabilities | 7,769 | |
Other liabilities | 6,922 | 4,107 |
Total Liabilities | 1,044,349 | 1,029,291 |
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, 91,070,637 and 89,184,443 shares issued and outstanding, including 326,541 and 303,819 unvested restricted common share awards, respectively | 911 | 892 |
Additional paid in capital | 765,992 | 742,429 |
Accumulated other comprehensive income (loss) | (12,099) | 2,016 |
Retained earnings (accumulated deficit) | (141,525) | (122,342) |
Total stockholders’ equity | 613,279 | 622,995 |
Noncontrolling interests | 6,478 | 7,050 |
Total Equity | 619,757 | 630,045 |
Total Liabilities and Equity | $ 1,664,106 | $ 1,659,336 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Intangible assets, accumulated amortization | $ 540 | $ 787 |
Indebtedness, unamortized deferred financing costs | $ 5,606 | $ 5,927 |
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 | 91,070,637 | 89,184,443 |
Common stock, shares outstanding | 91,070,637 | 89,184,443 |
Unvested restricted common share awards | 326,541 | 303,819 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
REVENUE: | ||||
Rental and other property revenue | $ 202,620 | $ 190,712 | $ 160,497 | |
Other revenue | [1] | 603 | 520 | 719 |
Total revenue | 203,223 | 191,232 | 161,216 | |
EXPENSES: | ||||
Property operating expenses | $ 79,568 | $ 76,363 | $ 64,716 | |
Type of Cost, Good or Service [Extensible List] | us-gaap:AssetManagement1Member | us-gaap:AssetManagement1Member | us-gaap:AssetManagement1Member | |
Property management expenses | $ 7,726 | $ 6,963 | $ 6,006 | |
General and administrative expenses | 12,745 | 10,817 | 9,526 | |
Acquisition and integration expenses | 1,342 | |||
Depreciation and amortization expense | 52,815 | 45,221 | 34,201 | |
Casualty related costs | 46 | |||
Total expenses | 152,854 | 139,410 | 115,791 | |
Interest expense | (39,226) | (36,006) | (28,702) | |
Other income (expense) | 144 | 89 | ||
Net gains (losses) on sale of assets | 35,211 | 10,650 | 18,825 | |
Gain (loss) on extinguishment of debt | (572) | |||
Acquisition related debt extinguishment expenses | (3,624) | |||
Net income (loss): | 46,354 | 26,610 | 31,441 | |
(Income) loss allocated to noncontrolling interest | (458) | (322) | (1,235) | |
Net income (loss) allocable to common shares | $ 45,896 | $ 26,288 | $ 30,206 | |
Earnings (loss) per share: | ||||
Basic | $ 0.51 | $ 0.30 | $ 0.41 | |
Diluted | $ 0.51 | $ 0.30 | $ 0.41 | |
Weighted-average shares: | ||||
Basic | 89,799,238 | 87,086,585 | 73,338,219 | |
Diluted | 90,417,486 | 87,376,991 | 73,599,869 | |
[1] | Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASC ASC Topic 606. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net income (loss) | $ 46,354 | $ 26,610 | $ 31,441 |
Other comprehensive income (loss): | |||
Change in fair value of interest rate hedges | (15,571) | (1,382) | 845 |
Realized (gains) losses on interest rate hedges reclassified to earnings | 1,139 | (1,372) | 107 |
Total other comprehensive income | (14,432) | (2,754) | 952 |
Comprehensive income (loss) before allocation to noncontrolling interests | 31,922 | 23,856 | 32,393 |
Allocation to noncontrolling interests | (141) | (178) | (1,244) |
Comprehensive income (loss) allocable to common shares | $ 31,781 | $ 23,678 | $ 31,149 |
Consolidated Statements of Chan
Consolidated Statements of Changes in 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, 2016 | $ 528,691 | $ 690 | $ 564,633 | $ 3,683 | $ (62,181) | $ 506,825 | $ 21,866 |
Beginning Balance (in Shares) at Dec. 31, 2016 | 68,996,070 | ||||||
Net income (loss) | 31,441 | 30,206 | 30,206 | 1,235 | |||
Common dividends declared ($0.72 per share) | (53,246) | (53,246) | (53,246) | ||||
Other comprehensive income | 952 | 943 | 943 | 9 | |||
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) | ||||||
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 | ||||||
Issuance of noncontrolling interests | 1,654 | 1,654 | |||||
Distribution to noncontrolling interest declared ($0.72 per unit) | (2,125) | (2,125) | |||||
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 | 84,708,551 | ||||||
Net income (loss) | 26,610 | 26,288 | 26,288 | 322 | |||
Common dividends declared ($0.72 per share) | (63,409) | (63,409) | (63,409) | ||||
Other comprehensive income | (2,754) | (2,610) | (2,610) | (144) | |||
Stock compensation expense | 2,560 | $ 2 | 2,558 | 2,560 | |||
Stock compensation expense (in Shares) | 188,196 | ||||||
Repurchase of shares related to equity award tax withholding | (354) | (354) | (354) | ||||
Repurchase of shares related to equity award tax withholding (in shares) | (38,712) | ||||||
Conversion of noncontrolling interest to common shares | $ 21 | 14,485 | 14,506 | (14,506) | |||
Conversion of noncontrolling interest to common shares (in Shares) | 2,130,244 | ||||||
Issuance of common shares, net | 21,914 | $ 23 | 21,891 | 21,914 | |||
Issuance of common shares, net (in Shares) | 2,196,164 | ||||||
Distribution to noncontrolling interest declared ($0.72 per unit) | (641) | (641) | |||||
Ending Balance at Dec. 31, 2018 | $ 630,045 | $ 892 | 742,429 | 2,016 | (122,342) | 622,995 | 7,050 |
Ending Balance (in shares) at Dec. 31, 2018 | 89,184,443 | 89,184,443 | |||||
Beginning Balance (in Shares) at Dec. 31, 2018 | 0 | ||||||
Net income (loss) | $ 46,354 | 45,896 | 45,896 | 458 | |||
Common dividends declared ($0.72 per share) | (65,079) | (65,079) | (65,079) | ||||
Other comprehensive income | (14,432) | (14,115) | (14,115) | (317) | |||
Stock compensation expense | 3,166 | $ 1 | 3,165 | 3,166 | |||
Stock compensation expense (in Shares) | 209,215 | ||||||
Repurchase of shares related to equity award tax withholding | (642) | (642) | (642) | ||||
Repurchase of shares related to equity award tax withholding (in shares) | (49,928) | ||||||
Conversion of noncontrolling interest to common shares | 78 | 78 | (78) | ||||
Conversion of noncontrolling interest to common shares (in Shares) | 9,616 | ||||||
Issuance of common shares, net | 20,980 | $ 18 | 20,962 | 20,980 | |||
Issuance of common shares, net (in Shares) | 1,717,291 | ||||||
Distribution to noncontrolling interest declared ($0.72 per unit) | (635) | (635) | |||||
Ending Balance at Dec. 31, 2019 | $ 619,757 | $ 911 | $ 765,992 | $ (12,099) | $ (141,525) | $ 613,279 | $ 6,478 |
Ending Balance (in shares) at Dec. 31, 2019 | 91,070,637 | 91,070,637 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Stockholders Equity [Abstract] | |||
Common dividends declared per share | $ 0.72 | $ 0.72 | $ 0.72 |
Distribution to noncontrolling interest declared per share | $ 0.72 | $ 0.72 | $ 0.72 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Cash flows from operating activities: | |||
Net income (loss) | $ 46,354 | $ 26,610 | $ 31,441 |
Adjustments to reconcile net income to cash flow from operating activities: | |||
Depreciation and amortization | 52,815 | 45,221 | 34,201 |
Amortization of deferred financing costs, net | 1,423 | 1,430 | 1,464 |
Stock compensation expense | 3,116 | 2,524 | 1,968 |
Net (gains) losses on sale of assets | (35,211) | (10,650) | (18,825) |
Net (gains) losses on extinguishment of debt | 572 | ||
Amortization related to derivative instruments | 690 | (40) | |
Acquisition related debt extinguishment expenses | 3,624 | ||
Changes in assets and liabilities: | |||
Other assets | 1,344 | (514) | (1,267) |
Accounts payable and accrued expenses | 3,490 | 3,284 | 1,578 |
Accrued interest payable | 1,542 | 469 | (242) |
Other liabilities | (562) | 196 | (190) |
Net cash provided by (used in) operating activities | 75,001 | 68,530 | 54,324 |
Cash flows from investing activities: | |||
Acquisition of real estate properties | (128,908) | (215,833) | (221,813) |
Disposition of real estate properties | 68,137 | 26,802 | 44,474 |
Capital expenditures | (45,625) | (40,426) | (14,370) |
Cash flow provided by (used in) investing activities | (106,396) | (229,457) | (191,709) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 20,981 | 21,914 | 137,353 |
Proceeds from unsecured credit facility and term loan | 234,059 | 400,000 | 199,690 |
Unsecured credit facility repayments | (153,500) | (198,262) | (145,685) |
Mortgage principal repayments | (4,284) | (3,191) | (2,654) |
Payments for deferred financing costs | (1,446) | (890) | (2,089) |
Distributions on common stock | (64,745) | (52,476) | (52,304) |
Distributions to noncontrolling interests | (640) | (658) | (2,119) |
Payment for interest rate collars | (3,730) | (2,405) | |
Payments related to extinguishment of debt on acquisitions | (3,624) | ||
Repurchase of shares related to equity award tax withholding | (642) | (354) | (569) |
Net cash provided by (used in) financing activities | 29,783 | 162,353 | 125,594 |
Net change in cash and cash equivalents, and restricted cash | (1,612) | 1,426 | (11,791) |
Cash and cash equivalents, and restricted cash, beginning of period | 16,045 | 14,619 | 26,410 |
Cash and cash equivalents, and restricted cash, end of the period | 14,433 | 16,045 | 14,619 |
Reconciliation of cash, cash equivalents, and restricted cash to the Consolidated Balance Sheet | |||
Cash and cash equivalents | 9,888 | 9,316 | 9,316 |
Restricted cash | 4,545 | 6,729 | 6,729 |
Supplemental cash flow information: | |||
Cash paid for interest | 37,531 | 36,002 | 27,368 |
Supplemental disclosure of noncash investing and financing activities: | |||
Decrease in noncontrolling interest from conversion of common limited partnership units to shares of common stock | 78 | 14,506 | 620 |
Distributions declared but not paid | 16,491 | 16,162 | 5,245 |
Value of limited partnership units issued in acquisitions | 1,654 | ||
Mortgage debt assumed | 54,756 | 18,977 | |
Initial measurement of operating lease right of use assets | 2,812 | ||
Initial measurement of operating lease liabilities | 3,176 | ||
Debt extinguishment costs included in net gains (losses) on sale of assets | 7,417 | 911 | $ 4,251 |
Capital expenditure accrual | $ 804 | $ 1,750 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Organization | NOTE 1: Organization Independence Realty Trust, Inc. (“IRT”), is a self-administered and self-managed Maryland real estate investment trust (“REIT”) which was formed on March 26, 2009. Our primary purposes are to acquire, own, operate, improve and manage multifamily apartment communities in non-gateway markets. As of December 31, 2019, we owned and operated 57 (unaudited) multifamily apartment properties, totaling 15,554 (unaudited) units across non-gateway U.S markets, including Atlanta, Louisville, Memphis, and Raleigh. We own substantially all of our assets and conduct our operations through Independence Realty Operating Partnership, LP, which we refer to as IROP, of which we are the sole general partner. As used herein, the terms “we,” “our” and “us” refer to Independence Realty Trust, Inc. and, as required by context, IROP and their subsidiaries. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 (“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 of which we are the primary beneficiary. 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 original 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 escrows of 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, 2019 and 2018, we had $4,545 and $6,729, respectively, of restricted cash. f. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs, including internal 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 Effective January 1, 2018, FASB ASC Topic 805, “Business Combinations” was amended to clarify the definition of a business by more clearly outlining the requirements for an integrated set of assets and activities to be considered a business and by establishing a practical framework to determine when the integrated set of assets and activities is a business. Prior to January 1, 2018, the properties we acquired were generally considered businesses and were accounted for as business combinations. Subsequent to January 1, 2018, we expect the properties we acquire to generally not be considered businesses and, therefore, to be accounted for as asset acquisitions. Under business combination accounting, the fair value of the real estate acquired is allocated to the acquired tangible assets, generally consisting of land, building and tenant improvements, identified intangible assets, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships and liabilities, based, in each case, on their fair values. Transaction costs and fees incurred related to the acquisition are expensed as incurred. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual tangible and intangible assets and liabilities acquired based upon their relative fair value. Under both business combination and asset acquisition accounting, t We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that 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, 2019 and 2018, we acquired in-place leases with a value of $1,265 and $3,074, respectively, related to our acquisitions that are discussed further in Note 3: Investments in Real Estate. The value assigned to these intangible assets is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2019, 2018 and 2017 we recorded $1,599, $3,433 and $1,536 of amortization expense for intangible assets, respectively. For the years ended December 31, 2019, 2018, and 2017 we wrote-off fully amortized intangible assets of $1,846, $4,153, and $0, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $410 for 2020. 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, 2019, 2018 and 2017 we recorded $51,216, $41,788 and $32,665 of depreciation expense, respectively. For the years ended December 31, 2019 and 2018, we wrote-off fully depreciated fixed assets of $940 and $408, respectively. g. Revenue and Expenses Rental and Other Property Revenue We apply FASB ASC Topic 842, “Leases” with respect to our accounting for rental income. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. We have elected to account for lease (i.e. fixed payments including base rent) and non-lease components (i.e. tenant reimbursements and other certain service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. As a result of this treatment, certain amounts classified within prior revenue captions tenant reimbursement income and other property income have been combined into rental and other property revenue in the consolidated statements of operations and prior period amounts have been adjusted to conform to current period presentation. The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2019 2018 2017 Rental revenue (1) $ 195,120 $ 184,330 $ 155,334 Other property revenue (2) 7,500 6,382 5,163 Other revenue (2) 603 520 719 Total revenue $ 203,223 $ 191,232 $ 161,216 (1) Amounts include all revenue streams derived from rental income and other lease income, which are accounted for under FASB ASC Topic 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASC ASC Topic 606. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Georgia, Tennessee, Kentucky, Florida, Ohio, and Texas comprised 15.76%, 13.46%, 10.92%, 9.51%, 9.47%, 9.10%, and 7.54%, respectively, of our rental revenue for the year ended December 31, 2019. We have no single customer that accounts for 10% or more of revenue. W e make ongoing estimates of the collectability of our For the years ended December 31, 2019, 2018, and 2017, we recognized revenues of $156, $195, and $110, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. Advertising Expenses For the years ended December 31, 2019, 2018 and 2017, we incurred $2,350, $2,172, and $1,806 of advertising expenses, respectively. h. 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, 2019 December 31, 2018 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,888 $ 9,888 $ 9,316 $ 9,316 Restricted cash 4,545 4,545 6,729 6,729 Derivative assets 953 953 8,307 8,307 Liabilities Debt: Unsecured credit facility 183,966 186,302 153,983 155,743 Unsecured term loans 298,418 300,000 248,380 250,000 Mortgages 503,188 505,510 583,125 577,112 Derivative liabilities 7,769 7,769 - - i. 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. j. 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, 2019, 2018 and 2017. 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, 2019, 69% of dividends were characterized as capital gain distributions, 16% were characterized as ordinary income and 15% were characterized as return of capital. For the year ended December 31, 2018, 37% of dividends were characterized as capital gain distributions, 39% were characterized as ordinary income and 24% were characterized as return of capital. For the year ended December 31, 2017, 53% of dividends were classified as capital gain distributions, 36% of dividends were characterized as ordinary income and 11% were characterized as return of capital. k. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation”. Any stock-based compensation awards granted are measured based on the grant-date fair value of the award and compensation expense for the entire award is recognized on a straight-line basis over the requisite service period, which is the vesting period, for the entire award. l. 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. m. 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. n. Office Leases We apply FASB ASC Topic 842, “Leases”, which requires a lessee to recognize a right-of-use asset and a lease liability on the balance sheet at the lease commencement date for all leases, except those leases with terms of less than a year. We lease corporate office space under leases with terms of up to 10 years and that may include extension options, but that do not include any residual value guarantees or restrictive covenants. As of December 31, 2019, we had $2,812 of operating lease right-of-use assets and $3,176 of operating lease liabilities related to our corporate office leases. The operating lease right-of-use assets are presented within other assets and the operating lease liabilities are presented within other liabilities in our consolidated balance sheet. We recorded $589 and $416, respectively, of total operating lease expense for years ended December 31, 2019 and 2018, which is recorded within property management expense and general and administrative expenses in our consolidated statements of operations. o. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. 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. 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 was impacted by these standards included revenue recorded within the property revenue and other property revenue, and other revenue captions of our Consolidated Statements of Operations. The adoption of these standards did not have a material impact on our consolidated financial statements and no cumulative effect adjustment was recorded upon adoption. 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. Subsequently, the FASB issued amendments to this accounting standard that required companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the statement of cash flows. We adopted these standards as of January 1, 2018. The adoption of this accounting standard resulted in an increase (decrease) in net cash used in investing activities of $942 and ($105) for the years ended December 31, 2018, and 2017, respectively. In January 2017, the FASB issued an accounting standard update under FASB ASC Topic 805, “Business Combinations” that changed 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 new definition will be applied prospectively to any transactions occurring within the period of adoption. We adopted this standard 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, with these costs instead being capitalized as part of the acquired asset. In February 2017, the FASB issued an accounting standard update under FASB ASC Topic 610 “Other Income.” The amendments in this update provided 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 clarified 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. We adopted this standard as of January 1, 2018. While partial sales are common in the real estate industry, we have never participated in a transaction of this nature, therefore, the adoption of this accounting standard had no impact on our consolidated financial statements. In May 2017, the FASB issued an accounting standard update under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update provided 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 could be impacted. The updated standard was adopted by us on January 1, 2018. The new definition will be applied prospectively to an award modified on or after the adoption date. 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 provided guidance about the application of the hedge accounting guidance in current GAAP based on the feedback received from preparers, auditors, and other stakeholders. We early adopted this update on October 1, 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 as 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. In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. For lessees, this accounting standard amends lease accounting by requiring (1) the recognition of lease assets and lease liabilities for those leases classified as operating leases on the balance sheet and (2) additional disclosure about leasing arrangements. For lessors, the guidance under the new lease standard is substantially similar to legacy lease accounting standards. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued an amendment to the new standard, which provides a package of practical expedients that (1) allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease and (2) provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. We adopted the new standard on January 1, 2019 using the modified retrospective approach and the package of practical expedients. We did no t record a cumulative-effect adjustment on the effective date and all prior comparative periods are presented in accordance with legacy lease accounting standards. Our apartment leases, where we are lessor, continued to be accounted for as operating leases under the new standard and, therefore, there were not significant changes in accounting for these leases. For our various corporate office leases, where we are lessee, we recorded a $ 308 right of use asset and a lease liability on our consolidated balance sheets upon adoption. In June 2018, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, the accounting for share-based payment award transactions could be impacted. 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. The adoption of these standards did not have a material impact on our consolidated financial statements and no cumulative effect adjustment was recorded upon adoption. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of December 31, 2019, our investments in real estate consisted of 57 apartment properties (unaudited). The table below summarizes our investments in real estate: 2019 2018 Depreciable (In years) Land $ 234,050 $ 209,111 - Building 1,453,052 1,384,810 40 Furniture, fixtures and equipment 109,263 66,502 5-10 Total investment in real estate $ 1,796,365 $ 1,660,423 Accumulated depreciation (158,435 ) (112,270 ) Investments in real estate, net $ 1,637,930 $ 1,548,153 Acquisitions The below table summarizes the acquisitions for the year ended December 31, 2019: Property Name Date of Purchase Market Units (unaudited) Contract Price North Park 04/30/2019 Atlanta, GA 224 $ 28,000 Rocky Creek 07/11/2019 Tampa, FL 264 48,000 Thornhill 10/01/2019 Raleigh, NC 318 52,925 Total 806 $ 128,925 The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the year ended December 31, 201 9 , on the date of acquisition. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate (a) $ 127,908 Accounts receivable and other assets 170 Intangible assets 1,266 Total assets acquired $ 129,344 Liabilities assumed: Accounts payable and accrued expenses 644 Other liabilities 312 Total liabilities assumed $ 956 Estimated fair value of net assets acquired $ 128,388 (a) Includes $249 of property related acquisition costs capitalized during the year ended December 31, 2019. On February 11, 2020, we acquired a 251-unit property located in Dallas, TX for a purchase price of $51,204. The below table summarizes the acquisitions for the year ended December 31, 2018: Property Name Date of Purchase Market Units (unaudited) Contract Price Creekside Corners (1) 01/03/2018 Atlanta, GA 444 $ 43,901 Hartshire Lakes (1) 01/03/2018 Indianapolis, IN 272 27,597 The Chelsea 01/04/2018 Columbus, OH 312 36,750 Avalon Oaks 02/27/2018 Columbus, OH 235 23,000 Bridgeview 07/11/2018 Tampa-St. Petersburg, FL 348 43,000 Collier Park 07/26/2018 Columbus, OH 232 21,200 Waterford 10/11/2018 Atlanta, GA 260 30,500 Lucerne 11/07/2018 Tampa-St. Petersburg, FL 276 47,000 Total 2,379 $ 272,948 (1) These properties were acquired as the last phase of our acquisition of a nine-community portfolio (the “HPI Portfolio”), totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144 Dispositions The below table summarizes the dispositions for the year ended December 31, 2019: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Reserve at Eagle Ridge 04/30/2019 $ 42,000 $ 12,294 Little Rock, AR Portfolio 07/18/2019 56,500 2,220 Iron Rock 12/17/2019 56,000 20,683 Total $ 154,500 $ 35,197 (1) The gain (loss) for these properties is net of $7,417 of defeasance and debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2018: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Aventine Greenville 12/20/2018 $ 52,500 $ 6,119 Arbors at the Reservoir 12/27/2018 24,800 4,445 Total $ 77,300 $ 10,564 (1) The gain (loss) for these properties is net of $911 of defeasance and debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2017: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Copper Mill 5/5/2017 $ 32,000 $ 15,595 Heritage Trace 6/1/2017 11,600 (1,256 ) Berkshire Square 6/9/2017 16,000 1,510 Crossings 11/28/2017 27,200 3,061 Total $ 86,800 $ 18,910 (1) The gain (loss) for these properties is net of $4,251 of defeasance and debt prepayment costs. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Indebtedness | NOTE 4: Indebtedness The following tables contains summary information concerning our indebtedness as of December 31, 2019: Debt: Outstanding Unamortized Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 186,302 $ (2,336 ) $ 183,966 Floating 3.2% 3.4 Unsecured term loans 300,000 (1,582 ) 298,418 Floating 3.1% 4.3 Mortgages 504,876 (1,688 ) 503,188 Fixed 3.9% 4.0 Total Debt $ 991,178 $ (5,606 ) $ 985,572 3.5% 4.0 (1) The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019. Original maturities on or before December 31, Debt: 2020 2021 2022 2023 2024 Thereafter Unsecured credit facility $ - $ - $ - $ 186,302 $ - $ - Unsecured term loans - - - - 300,000 - Mortgages 8,135 76,085 70,734 107,387 72,172 170,363 Total $ 8,135 $ 76,085 $ 70,734 $ 293,689 $ 372,172 $ 170,363 As of December 31, 2019 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, 2018: Debt: Outstanding Principal Unamortized Debt Issuance Costs Carrying Amount Type Weighted Average Rate Weighted Average Maturity (in years) Unsecured credit facility (1) $ 155,743 $ (1,760 ) $ 153,983 Floating 3.9% 2.7 Unsecured term loans 250,000 (1,620 ) 248,380 Floating 4.0% 5.4 Mortgages 585,672 (2,547 ) 583,125 Fixed 3.8% 5.1 Total Debt $ 991,415 $ (5,927 ) $ 985,488 3.9% 4.8 (1) The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018. Unsecured Credit Facility and Revolving Line of Credit On September 17, 2015, we entered into a credit agreement with KeyBank National Association (“KeyBank”) with respect to a $325,000 senior secured credit facility On May 1, 2017, we entered into a $300,000 unsecured credit facility (the “Unsecured Credit Facility”), refinancing and terminating the previous Secured Credit Facility. We recognized the refinance as a partial extinguishment of our prior Secured Credit Facility and recognized a loss on extinguishment of debt of $572. On May 9, 2019, we entered into a new $350,000 unsecured credit facility that consists entirely of a revolving line of credit (the “Unsecured Revolving Line of Credit”), refinancing and terminating the previous Unsecured Credit Facility. We have the right to increase the aggregate amount of the Unsecured Revolving Line of Credit to up to $600,000. The maturity date on borrowings outstanding under the Unsecured Revolving Line of Credit is May 9, 2023, subject to our option to extend the revolving commitment for two additional 6-month periods under certain circumstances, including the payment of an extension fee. We may prepay the Unsecured Revolving Line of Credit, in whole or in part, at any time without a prepayment fee or penalty. At our option, borrowings under the Unsecured Revolving Line of Credit will bear interest at a rate equal to either (i) the 1-month LIBOR rate plus a margin of 125 to 200 basis points, or (ii) a base rate plus a margin of 25 to 100 basis points. The applicable margin is determined based upon our total consolidated leverage ratio, as defined in the agreements. At the time of closing, based on our leverage ratio, the margin spread to LIBOR was 155 basis points. We recognized the refinance as a modification of our prior unsecured credit facility and incurred deferred financing costs of $1,129 associated with this transaction. In addition to certain negative covenants, our Unsecured Revolving Line of Credit 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, and (iii) maintain a minimum consolidated tangible net worth. 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), and (b) 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 a total value of at least $100,000. We may draw upon or pay down our Unsecured Revolving Line of Credit from time-to-time based on our cash needs. Subsequent to December 31, 2019, we drew $62,000 associated with capital expenditures and a property acquisition. Term Loans On November 20, 2017, we entered into an agreement for a $100,000 unsecured term loan that matures in November 2024. We incurred upfront deferred costs of $917 associated with this facility. In November 2019, the unsecured term loan was amended, which reduced the interest spread. We incurred $257 of upfront deferred costs associated with the amendment. The interest rate on the unsecured term loan is LIBOR plus a spread of 1.20% – 1.90% based on our consolidated leverage ratio. On October 30, 2018, we entered into an agreement for a $200,000 unsecured term loan that matures in January 2024 spread of 1.20% – 1.90% based on our overall leverage ratio. At closing, the spread to LIBOR was 145 basis points. At closing, we drew $ 150,000 under the loan. The remaining $ 50,000 was drawn in February 2019. We applied proceeds of both draws to reduce outstanding borrowings under our Unsecured Credit Facility. Mortgages During the year ended December 31, 2019, in connection with three property dispositions, we extinguished property mortgages totaling $76,512. On January 3, 2018, in connection with the acquisition of our Hartshire Lakes 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. The loan matures January 2025 On January 3, 2018, in connection with the acquisition of our Creekside Corners 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. The loan matures January 2025 On October 11, 2018, in connection with the acquisition of our Waterford Landing property, we assumed a $15,500 loan secured by a first mortgage on the property. The loan bears interest at a rate of 4.82% 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. The loan matures January 2026 During the year ended December 31, 2018, in connection with two property dispositions, we extinguished property mortgages and made partial paydowns totaling $46,772. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018: December 31, 2019 December 31, 2018 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 $ 953 $ — $ 150,000 $ 4,751 $ — Interest rate collars 250,000 — 4,330 250,000 3,556 — Forward interest rate swap — — 3,439 — — — Total $ 400,000 $ 953 $ 7,769 $ 400,000 $ 8,307 $ — 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 refinancing 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 October 17, 2018, we purchased an interest rate collar with an initial notional value of $100,000, a 2.50% cap and 2.25% floor, and a maturity date of January 17, 2024. The notional value was adjusted to $150,000 in November 2018. We designated this 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. 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. We concluded that this hedging relationship was and will continue to be highly effective using the hypothetical derivative method. Forward interest rate swap On May 9, 2019, we entered into a forward-starting interest rate swap contract with a notional value of $150,000 and a strike rate of 2.176%. The forward interest rate swap has an effective date of June 17, 2021 and a maturity date of June 17, 2026. We designated this forward 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. Effective interest rate swaps 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 and collars that are considered effective hedges, we reclassified realized gains (losses) of $1,139, $1,372 and ($107) to earnings within interest expense for the years ended December 31, 2019, 2018 and 2017, respectively. For interest rate swaps that are considered effective hedges, we expect $1,478 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, 2019 | |
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, 2019, 1,717,291 shares were issued at an average price of $12.82 per share, resulting in $21,258 of net proceed, after deducting $434 of commissions. Pursuant to the Sales Agreement $93,549 remained available for issuance as of December 31, 2019. On September 11, 2017 in connection with the acquisition of the HPI Portfolio, 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. Our board of directors declared the following dividends in 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 Our board of directors declared the following dividends in 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2018 December 27, 2018 January 24, 2019 $ 0.18 Noncontrolling Interest During 2019, holders of IROP units exchanged 9,616 units for 9,616 shares of our common stock. As of December 31, 2019, 871,491 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $12,271, based on IRT’s stock price of $14.08 as of December 31, 2019. During 2018, holders of IROP units exchanged 2,130,244 units for 2,130,244 shares of our common stock. As of December 31, 2018, 881,107 IROP units held by unaffiliated third parties remain outstanding with a redemption value of $8,089, based on IRT’s stock price of $9.18 as of December 31, 2018. Our board of directors declared the following distributions on our operating partnership’s LP units during 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 Our board of directors declared the following distributions on our operating partnership’s LP units during 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2018 December 27, 2018 January 24, 2019 $ 0.18 |
Equity Compensation Plans
Equity Compensation Plans | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Compensation Plans | NOTE 7: Equity Compensation Plans In May 2016, our shareholders approved and our board of directors adopted an amended and restated Long Term Incentive Plan (the “Incentive Plan”), which provides for the grants of awards to our directors, officers, employees, and consultants. The Incentive Plan authorizes the grant of restricted or unrestricted shares of our common stock, performance share units (“PSUs”), non-qualified and incentive stock options, restricted stock units (“RSUs”) , stock appreciation rights (“SARs”), 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 P lan was extended to May 12, 2026 . Under the Incentive Plan or predecessor incentive plans, we have granted restricted shares, SARs, and PSUs. For the years ended December 31, 2019, 2018 and 2017 we recognized $3,166, $2,524 and $1,968 of stock compensation expense, respectively. The restricted shares granted under the Incentive Plan generally vested over a three or four year period. In addition, we have granted unrestricted shares to our directors. These awards generally vested immediately. A summary of restricted common share awards activity is presented below. 2019 2018 2017 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, 303,819 $ 8.22 295,847 $ 7.84 281,005 $ 6.99 Granted 213,744 10.39 233,706 8.64 168,010 9.17 Vested (174,367 ) 9.27 (175,555 ) 7.99 (142,748 ) 7.68 Forfeited (16,655 ) 9.75 (50,179 ) 8.45 (10,420 ) 8.56 Balance, December 31, 326,541 $ 9.54 303,819 $ 8.22 295,847 $ 7.84 As of December 31, 2019, the unearned compensation cost relating to unvested restricted common share awards was $2,132, which will be recognized over a weighted-average period of 2.3 years. The estimated fair value of restricted common share awards vested during 2019, 2018, and 2017 was $1,836, $1,539, and $1,319, respectively. A summary of the SARs activity of the Incentive Plan is presented below. 2019 2018 2017 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 195,000 $ 9.35 250,000 $ 9.28 337,000 $ 9.15 Granted — — — — — — Expired — — — — — — Exercised (186,000 ) 9.35 (55,000 ) 9.02 (84,000 ) 8.78 Forfeited — — — — (3,000 ) 9.35 Outstanding, December 31, 9,000 $ 9.35 195,000 $ 9.35 250,000 $ 9.28 SARs exercisable at December 31, 9,000 195,000 160,000 As of December 31, 2019, our closing common stock price was $14.08. The exercise price of all outstanding SARs was $9.35. Therefore, the total intrinsic value of SARs outstanding and exercisable at December 31, 2019 was $43 0.1 years The PSUs granted under the Incentive Plan have a three-year 2019 2018 2017 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, 453,748 $ 7.04 150,980 $ 7.12 — — Granted (1) 263,929 8.35 302,768 7.00 150,980 7.12 Forfeited — — — — — — Balance, December 31, 717,677 $ 7.52 453,748 $ 7.04 150,980 $ 7.12 (1) PSUs granted reflects the number of awards assuming target performance. The actual number of awards earned is based on actual performance during the three-year Subsequent to December 31, 2019, the compensation committee reviewed three-year 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, 2019 2018 2017 Dividend yield 7.6% 8.2% 8.1% Volatility (a) 21.0% 28.0% 27.0% Expected term 2.8 years 2.9 years 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 15% to 41%. The Company estimates future expenses associated with PSUs outstanding at December 31, 2019 to be $2,649, which will be recognized over a weighted-average period of 2.5 years. Subsequent to December 31, 2019, our compensation committee awarded 134,198 restricted stock awards valued at a weighted-average price of $14.35, or $1,926 in the aggregate. These awards vest over a 2 or 3-year period. |
Related Party Transactions and
Related Party Transactions and Arrangements | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions and Arrangements | NOTE 8: Related Party Transactions and Arrangements On December 20, 2016, we completed our management internalization, which consisted of two parts: (i) our acquisition of our former external advisor and (ii) our acquisition of substantially all assets and the assumption of certain liabilities relating to the multifamily property management business of our former external advisor, including property management contracts relating to apartment properties owned by us with our former external advisor and third parties. Given our relationship with our former external advisor prior to our management internalization, we considered our former external advisor a related party. Below are related party transactions between IRT and our former external advisor. Fees and Expenses Paid to Our Former External Advisor For the years ended December 31, 2019, 2018 and 2017, we incurred costs of $0, $0 and $727, respectively, with respect to a shared services agreement with our former external advisor, under which our former external advisor provided us with certain back office support services. The term of the shared 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 Earned from our Former External Advisor On December 20, 2016, in connection with our management internalization, we acquired property management agreements with respect to each of our properties from our former property manager, which was affiliated with our former external advisor. Subsequent to this transaction, we earned $0, $63, and $257, respectively, of property management fees from our former external advisor for the years ended December 31, 2019, 2018, and 2017. Village at Auburn Acquisition In June 2017, we acquired Village at Auburn, a 328-unit property in Raleigh-Durham, NC for $42,950 from a joint venture, of which an affiliate of our former external advisor was a controlling member. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | NOTE 9: Earnings (Loss) Per Share The following table presents a reconciliation of basic and diluted earnings (loss) per share for the years ended December 31, 2019, 2018 and 2017: For the Years Ended December 31, 2019 2018 2017 Net Income (loss) $ 46,354 $ 26,610 $ 31,441 (Income) loss allocated to non-controlling interests (458 ) (322 ) (1,235 ) Net Income (loss) allocable to common shares 45,896 26,288 30,206 Weighted-average shares outstanding—Basic 89,799,238 87,086,585 73,338,219 Dilutive securities 618,249 290,406 261,650 Weighted-average shares outstanding—Diluted 90,417,486 87,376,991 73,599,869 Earnings (loss) per share—Basic $ 0.51 $ 0.30 $ 0.41 Earnings (loss) per share—Diluted $ 0.51 $ 0.30 $ 0.41 Certain IROP units totaling 871,491, 881,107, and 3,011,351 for the years ended December 31, 2019, 2018 and 2017, 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, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | NOTE 10: 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 2019 Total revenue $ 49,540 $ 50,956 $ 51,299 $ 51,428 Net income (loss) 2,566 14,856 4,912 24,020 Net income (loss) allocable to common shares 2,540 14,709 4,863 23,784 Total earnings (loss) per share—Basic (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 Total earnings (loss) per share—Diluted (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 2018 Total revenue $ 45,755 $ 46,889 $ 48,779 $ 49,809 Net income (loss) 3,500 3,545 4,836 14,729 Net income (loss) allocable to common shares 3,412 3,509 4,787 14,580 Total earnings (loss) per share—Basic (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 Total earnings (loss) per share—Diluted (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 (1) The summation of quarterly per share amounts may not equal the full year amounts due to rounding. |
Segment Reporting
Segment Reporting | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Reporting | NOTE 11: SEGMENT REPORTING 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 (“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, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 12: 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, 2019, the annual minimum rent due pursuant to these leases for each of the next five years and thereafter is estimated to be $495, $369, $375, $382, $388, and $2,029 respectively |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III - Real Estate and Accumulated Depreciation | Independence Realty Trust Schedule III - Real Estate and Accumulated Depreciation As of December 31, 2019 (Dollars in thousands) Cost of Gross Carrying Accumulated Encumbrances Property Initial Cost Improvements, Amount Depreciation- (Unpaid Year of Name Location Land Building Land Building Land Building Building Principal) Acquisition Crestmont Marietta, GA $ 3,254 $ 13,017 $ - $ 5,723 $ 3,254 $ 18,740 $ (5,590 ) $ (6,113 ) 2011 Runaway Bay Indianapolis, IN 3,079 12,318 - 1,279 3,079 13,597 (2,717 ) (8,978 ) 2012 Windrush Edmond, OK 1,677 7,464 - 841 1,677 8,305 (1,417 ) — 2014 Heritage Park Oklahoma, OK 4,234 12,232 - 2,772 4,234 15,004 (2,816 ) — 2014 Raindance Oklahoma, OK 3,503 10,051 - 2,127 3,503 12,178 (2,267 ) — 2014 Augusta Oklahoma, OK 1,296 9,930 - 1,127 1,296 11,057 (1,878 ) — 2014 Invitational Oklahoma, OK 1,924 16,852 - 2,012 1,924 18,864 (3,048 ) — 2014 Kings Landing Creve Coeur, MO 2,513 29,873 - 1,193 2,513 31,066 (4,728 ) (20,263 ) 2014 Walnut Hill Cordova, TN 2,230 25,251 - 1,632 2,230 26,883 (4,101 ) (18,650 ) 2014 Lenox Place Raleigh, NC 3,480 20,482 - 1,156 3,480 21,638 (3,158 ) (15,991 ) 2014 Stonebridge Crossing Memphis, TN 3,100 26,223 - 6,429 3,100 32,652 (4,941 ) (19,370 ) 2014 Bennington Pond Groveport, OH 2,400 14,828 - 1,290 2,400 16,118 (2,506 ) (11,375 ) 2014 Prospect Park Louisville, KY 2,837 11,193 - 828 2,837 12,021 (1,662 ) (9,230 ) 2014 Brookside Louisville, KY 3,947 16,503 - 1,134 3,947 17,637 (2,490 ) (13,455 ) 2014 Jamestown Louisville, KY 7,034 27,730 - 10,029 7,034 37,759 (6,205 ) (22,880 ) 2014 Oxmoor Louisville, KY 7,411 47,095 - 7,820 7,411 54,915 (7,634 ) (35,815 ) 2014 Meadows Louisville, KY 6,857 30,030 - 2,410 6,857 32,440 (4,590 ) (24,245 ) 2014 Bayview Club Indianapolis, IN 2,525 22,506 - 1,743 2,525 24,249 (3,222 ) — 2015 Arbors River Oaks Memphis, TN 2,100 19,045 - 2,794 2,100 21,839 (2,764 ) — 2015 Aston Wake Forest, NC 3,450 34,333 - 702 3,450 35,035 (3,851 ) (25,050 ) 2015 Avenues at Craig Ranch McKinney, TX 5,500 42,054 - 806 5,500 42,860 (4,712 ) (30,941 ) 2015 Bridge Pointe Huntsville, AL 1,500 14,306 - 665 1,500 14,971 (1,753 ) — 2015 Creekstone at RTP Durham, NC 5,376 32,727 - 627 5,376 33,354 (3,680 ) (21,713 ) 2015 Fountains Southend Charlotte, NC 4,368 37,254 - 554 4,368 37,808 (4,097 ) (22,582 ) 2015 Fox Trails Plano, TX 5,700 21,944 - 2,398 5,700 24,342 (2,946 ) — 2015 Lakeshore on the Hill Chattanooga, TN 925 10,212 - 949 925 11,161 (1,342 ) — 2015 Millenia 700 Orlando, FL 5,500 41,752 - 1,478 5,500 43,230 (4,803 ) (28,252 ) 2015 Miller Creek at German Town Memphis, TN 3,300 53,504 - 537 3,300 54,041 (5,863 ) — 2015 Pointe at Canyon Ridge Atlanta, GA 11,100 36,995 - 7,091 11,100 44,086 (5,945 ) — 2015 St James at Goose Creek Goose Creek, SC 3,780 27,695 - 874 3,780 28,569 (3,288 ) — 2015 Talison Row at Daniel Island Daniel Island, SC 5,480 41,409 - 686 5,480 42,095 (4,642 ) (31,640 ) 2015 Trails at Signal Mountain Chattanooga, TN 1,200 12,895 - 1,126 1,200 14,021 (1,678 ) — 2015 Vue at Knoll Trail Dallas, TX 3,100 6,077 - 357 3,100 6,434 (780 ) — 2015 Waterstone at Brier Creek Raleigh, NC 4,200 34,651 - 546 4,200 35,197 (3,843 ) (16,040 ) 2015 Waterstone Big Creek Alpharetta, GA 7,600 61,971 - 519 7,600 62,490 (6,739 ) (49,224 ) 2015 Westmont Commons Asheville, NC 2,750 25,225 - 682 2,750 25,907 (2,957 ) — 2015 Lakes at Northdale Tampa, FL 3,898 25,543 - 1,006 3,898 26,549 (2,056 ) — 2017 Haverford Place Lexington, KY 3,927 10,100 - 1,412 3,927 11,512 (1,022 ) — 2017 South Terrace Durham, NC 5,621 36,923 - 6,715 5,621 43,638 (3,788 ) — 2017 Cherry Grove North Myrtle Beach, SC 550 15,369 - 996 550 16,365 (1,099 ) — 2017 Kensington Commons Canal Winchester, OH 3,400 20,703 - 2,337 3,400 23,040 (1,496 ) — 2017 Schirm Farms Canal Winchester, OH 3,960 19,488 - 2,359 3,960 21,847 (1,468 ) — 2017 Riverchase Indianapolis, IN 1,460 17,250 - 794 1,460 18,044 (1,107 ) — 2017 Live Oak Trace Baton Rouge, LA 1,060 27,362 - 444 1,060 27,806 (1,548 ) — 2017 Tides at Calabash Wilmington, NC 1,880 12,214 - 436 1,880 12,650 (722 ) — 2017 Brunswick Point Wilmington, NC 2,150 28,214 - 1,819 2,150 30,033 (1,709 ) (18,828 ) 2017 Creekside Corners Lithonia, GA 6,140 37,285 - 4,486 6,140 41,771 (2,504 ) (23,169 ) 2018 Hartshire Lakes Bargersville, IN 3,070 24,210 - 960 3,070 25,170 (1,310 ) (15,780 ) 2018 The Chelsea Columbus, OH 2,739 33,698 - 450 2,739 34,148 (1,679 ) — 2018 Avalon Oaks Columbus, OH 4,189 18,301 - 1,306 4,189 19,607 (1,014 ) — 2018 Bridgeview Tampa, FL 10,671 31,953 - 4,611 10,671 36,564 (1,415 ) — 2018 Collier Park Grove City, OH 2,325 18,688 - 543 2,325 19,231 (719 ) — 2018 Waterford Landing McDonough, GA 2,867 27,477 - 982 2,867 28,459 (867 ) (15,292 ) 2018 Lucerne Brandon, FL 3,114 43,540 - 1,981 3,114 45,521 (1,328 ) — 2018 North Park Stockbridge, GA 2,848 24,933 521 2,848 25,454 (427 ) — 2019 Rocky Creek Tampa, FL 15,669 31,979 119 15,669 32,098 (336 ) — 2019 Thornhill Raleigh, NC 12,282 40,197 48 12,282 40,245 (168 ) — 2019 Total Investment in Real Estate $ 234,050 $ 1,453,052 $ — $ 109,263 $ 234,050 $ 1,562,315 $ (158,435 ) $ (504,876 ) For the year ended Investments in Real Estate December 31, December 31, December 31, Balance, beginning of period $ 1,745,640 $ 1,504,156 $ 1,319,350 Additions during period: Acquisitions 127,908 270,220 241,071 Improvements to land and building 45,623 41,587 14,368 Deductions during period: Dispositions of real estate (121,865 ) (69,915 ) (70,633 ) Asset write-offs (941 ) (408 ) — Balance, end of period: $ 1,796,365 $ 1,745,640 $ 1,504,156 For the year ended Accumulated Depreciation December 31, December 31, December 31, Balance, beginning of period $ 120,202 $ 84,097 $ 60,719 Depreciation expense 50,955 41,652 32,586 Dispositions of real estate (11,781 ) (5,139 ) (9,208 ) Asset write-off (941 ) (408 ) — Balance, end of period: $ 158,435 $ 120,202 $ 84,097 (a) Includes properties classified as held for sale as of December 31, 2018. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 (“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 of which we are the primary beneficiary. 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 original 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 escrows of 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, 2019 and 2018, we had $4,545 and $6,729, respectively, of restricted cash. |
Investments in Real Estate | f. Investments in Real Estate Investments in real estate are recorded at cost less accumulated depreciation. Costs, including internal 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 Effective January 1, 2018, FASB ASC Topic 805, “Business Combinations” was amended to clarify the definition of a business by more clearly outlining the requirements for an integrated set of assets and activities to be considered a business and by establishing a practical framework to determine when the integrated set of assets and activities is a business. Prior to January 1, 2018, the properties we acquired were generally considered businesses and were accounted for as business combinations. Subsequent to January 1, 2018, we expect the properties we acquire to generally not be considered businesses and, therefore, to be accounted for as asset acquisitions. Under business combination accounting, the fair value of the real estate acquired is allocated to the acquired tangible assets, generally consisting of land, building and tenant improvements, identified intangible assets, consisting of the value of above-market and below-market leases for acquired in-place leases and the value of tenant relationships and liabilities, based, in each case, on their fair values. Transaction costs and fees incurred related to the acquisition are expensed as incurred. Under asset acquisition accounting, the costs to acquire real estate, including transaction costs related to the acquisition, are accumulated and then allocated to the individual tangible and intangible assets and liabilities acquired based upon their relative fair value. Under both business combination and asset acquisition accounting, t We estimate the fair value of acquired tangible assets (consisting of land, building and improvements), identified intangible assets (consisting of in-place leases), and assumed debt at the date of acquisition, based on the evaluation of information and estimates available at that 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, 2019 and 2018, we acquired in-place leases with a value of $1,265 and $3,074, respectively, related to our acquisitions that are discussed further in Note 3: Investments in Real Estate. The value assigned to these intangible assets is amortized over the assumed lease up period, typically six months. For the years ended December 31, 2019, 2018 and 2017 we recorded $1,599, $3,433 and $1,536 of amortization expense for intangible assets, respectively. For the years ended December 31, 2019, 2018, and 2017 we wrote-off fully amortized intangible assets of $1,846, $4,153, and $0, respectively. Based on the intangible assets identified above, we expect to record amortization expense of intangible assets of $410 for 2020. 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, 2019, 2018 and 2017 we recorded $51,216, $41,788 and $32,665 of depreciation expense, respectively. For the years ended December 31, 2019 and 2018, we wrote-off fully depreciated fixed assets of $940 and $408, respectively. |
Revenue and Expenses | g. Revenue and Expenses Rental and Other Property Revenue We apply FASB ASC Topic 842, “Leases” with respect to our accounting for rental income. We primarily lease apartment units under operating leases generally with terms of one year or less. Rental payments are generally due monthly and rental revenues are recognized on an accrual basis when earned. We have elected to account for lease (i.e. fixed payments including base rent) and non-lease components (i.e. tenant reimbursements and other certain service fees) as a single combined operating lease component since (1) the timing and pattern of transfer of the lease and non-lease components is the same, (2) the lease component is the predominant element, and (3) the combined single lease component would be classified as an operating lease. As a result of this treatment, certain amounts classified within prior revenue captions tenant reimbursement income and other property income have been combined into rental and other property revenue in the consolidated statements of operations and prior period amounts have been adjusted to conform to current period presentation. The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2019 2018 2017 Rental revenue (1) $ 195,120 $ 184,330 $ 155,334 Other property revenue (2) 7,500 6,382 5,163 Other revenue (2) 603 520 719 Total revenue $ 203,223 $ 191,232 $ 161,216 (1) Amounts include all revenue streams derived from rental income and other lease income, which are accounted for under FASB ASC Topic 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASC ASC Topic 606. Our portfolio of properties consists primarily of apartment communities geographically concentrated in the Southeastern United States. North Carolina, Georgia, Tennessee, Kentucky, Florida, Ohio, and Texas comprised 15.76%, 13.46%, 10.92%, 9.51%, 9.47%, 9.10%, and 7.54%, respectively, of our rental revenue for the year ended December 31, 2019. We have no single customer that accounts for 10% or more of revenue. W e make ongoing estimates of the collectability of our For the years ended December 31, 2019, 2018, and 2017, we recognized revenues of $156, $195, and $110, respectively, related to recoveries of lost rental revenue due to natural disasters and other insurable events from our insurance providers. Advertising Expenses For the years ended December 31, 2019, 2018 and 2017, we incurred $2,350, $2,172, and $1,806 of advertising expenses, respectively. |
Fair Value of Financial Instruments | h. 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, 2019 December 31, 2018 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,888 $ 9,888 $ 9,316 $ 9,316 Restricted cash 4,545 4,545 6,729 6,729 Derivative assets 953 953 8,307 8,307 Liabilities Debt: Unsecured credit facility 183,966 186,302 153,983 155,743 Unsecured term loans 298,418 300,000 248,380 250,000 Mortgages 503,188 505,510 583,125 577,112 Derivative liabilities 7,769 7,769 - - |
Deferred Financing Costs | i. 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 | j. 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, 2019, 2018 and 2017. 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, 2019, 69% of dividends were characterized as capital gain distributions, 16% were characterized as ordinary income and 15% were characterized as return of capital. For the year ended December 31, 2018, 37% of dividends were characterized as capital gain distributions, 39% were characterized as ordinary income and 24% were characterized as return of capital. For the year ended December 31, 2017, 53% of dividends were classified as capital gain distributions, 36% of dividends were characterized as ordinary income and 11% were characterized as return of capital. |
Share-Based Compensation | k. Share-Based Compensation We account for stock-based compensation in accordance with FASB ASC Topic 718, “Compensation - Stock Compensation”. Any stock-based compensation awards granted are measured based on the grant-date fair value of the award and compensation expense for the entire award is recognized on a straight-line basis over the requisite service period, which is the vesting period, for the entire award. |
Noncontrolling Interest | l. 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 | m. 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. |
Office Leases | n. Office Leases We apply FASB ASC Topic 842, “Leases”, which requires a lessee to recognize a right-of-use asset and a lease liability on the balance sheet at the lease commencement date for all leases, except those leases with terms of less than a year. We lease corporate office space under leases with terms of up to 10 years and that may include extension options, but that do not include any residual value guarantees or restrictive covenants. As of December 31, 2019, we had $2,812 of operating lease right-of-use assets and $3,176 of operating lease liabilities related to our corporate office leases. The operating lease right-of-use assets are presented within other assets and the operating lease liabilities are presented within other liabilities in our consolidated balance sheet. We recorded $589 and $416, respectively, of total operating lease expense for years ended December 31, 2019 and 2018, which is recorded within property management expense and general and administrative expenses in our consolidated statements of operations. |
Recent Accounting Pronouncements | o. Recent Accounting Pronouncements Below is a brief description of recent accounting pronouncements that could have a material effect on our financial statements. 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. 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 was impacted by these standards included revenue recorded within the property revenue and other property revenue, and other revenue captions of our Consolidated Statements of Operations. The adoption of these standards did not have a material impact on our consolidated financial statements and no cumulative effect adjustment was recorded upon adoption. 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. Subsequently, the FASB issued amendments to this accounting standard that required companies to include restricted cash and restricted cash equivalents with cash and cash equivalents when reconciling the statement of cash flows. We adopted these standards as of January 1, 2018. The adoption of this accounting standard resulted in an increase (decrease) in net cash used in investing activities of $942 and ($105) for the years ended December 31, 2018, and 2017, respectively. In January 2017, the FASB issued an accounting standard update under FASB ASC Topic 805, “Business Combinations” that changed 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 new definition will be applied prospectively to any transactions occurring within the period of adoption. We adopted this standard 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, with these costs instead being capitalized as part of the acquired asset. In February 2017, the FASB issued an accounting standard update under FASB ASC Topic 610 “Other Income.” The amendments in this update provided 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 clarified 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. We adopted this standard as of January 1, 2018. While partial sales are common in the real estate industry, we have never participated in a transaction of this nature, therefore, the adoption of this accounting standard had no impact on our consolidated financial statements. In May 2017, the FASB issued an accounting standard update under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update provided 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 could be impacted. The updated standard was adopted by us on January 1, 2018. The new definition will be applied prospectively to an award modified on or after the adoption date. 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 provided guidance about the application of the hedge accounting guidance in current GAAP based on the feedback received from preparers, auditors, and other stakeholders. We early adopted this update on October 1, 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 as 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. In February 2016, the FASB issued an accounting standard classified under FASB ASC Topic 842, “Leases”. For lessees, this accounting standard amends lease accounting by requiring (1) the recognition of lease assets and lease liabilities for those leases classified as operating leases on the balance sheet and (2) additional disclosure about leasing arrangements. For lessors, the guidance under the new lease standard is substantially similar to legacy lease accounting standards. This standard is effective for annual periods beginning after December 15, 2018, including interim periods within those fiscal years, with early adoption permitted. In July 2018, the FASB issued an amendment to the new standard, which provides a package of practical expedients that (1) allows lessors to not separate lease and non-lease components in a contract and allocate the consideration in the contract to the separate components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease and (2) provides a transition option that permits entities to not recast the comparative periods presented when transitioning to the standard. We adopted the new standard on January 1, 2019 using the modified retrospective approach and the package of practical expedients. We did no t record a cumulative-effect adjustment on the effective date and all prior comparative periods are presented in accordance with legacy lease accounting standards. Our apartment leases, where we are lessor, continued to be accounted for as operating leases under the new standard and, therefore, there were not significant changes in accounting for these leases. For our various corporate office leases, where we are lessee, we recorded a $ 308 right of use asset and a lease liability on our consolidated balance sheets upon adoption. In June 2018, the FASB issued an accounting standard classified under FASB ASC Topic 718, “Compensation – Stock Compensation.” The amendments in this update expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. As a result, the accounting for share-based payment award transactions could be impacted. 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. The adoption of these standards did not have a material impact on our consolidated financial statements and no cumulative effect adjustment was recorded upon adoption. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Disaggregated Revenue by Source | The table below presents our revenues disaggregated by revenue source. For the year ended December 31, 2019 2018 2017 Rental revenue (1) $ 195,120 $ 184,330 $ 155,334 Other property revenue (2) 7,500 6,382 5,163 Other revenue (2) 603 520 719 Total revenue $ 203,223 $ 191,232 $ 161,216 (1) Amounts include all revenue streams derived from rental income and other lease income, which are accounted for under FASB ASC Topic 842. (2) Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASC ASC Topic 606. |
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, 2019 December 31, 2018 Financial Instrument Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Assets Cash and cash equivalents $ 9,888 $ 9,888 $ 9,316 $ 9,316 Restricted cash 4,545 4,545 6,729 6,729 Derivative assets 953 953 8,307 8,307 Liabilities Debt: Unsecured credit facility 183,966 186,302 153,983 155,743 Unsecured term loans 298,418 300,000 248,380 250,000 Mortgages 503,188 505,510 583,125 577,112 Derivative liabilities 7,769 7,769 - - |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Banking And Thrift [Abstract] | |
Summary of Investments in Real Estate | The table below summarizes our investments in real estate: 2019 2018 Depreciable (In years) Land $ 234,050 $ 209,111 - Building 1,453,052 1,384,810 40 Furniture, fixtures and equipment 109,263 66,502 5-10 Total investment in real estate $ 1,796,365 $ 1,660,423 Accumulated depreciation (158,435 ) (112,270 ) Investments in real estate, net $ 1,637,930 $ 1,548,153 |
Summary of Acquisitions | The below table summarizes the acquisitions for the year ended December 31, 2019: Property Name Date of Purchase Market Units (unaudited) Contract Price North Park 04/30/2019 Atlanta, GA 224 $ 28,000 Rocky Creek 07/11/2019 Tampa, FL 264 48,000 Thornhill 10/01/2019 Raleigh, NC 318 52,925 Total 806 $ 128,925 The below table summarizes the acquisitions for the year ended December 31, 2018: Property Name Date of Purchase Market Units (unaudited) Contract Price Creekside Corners (1) 01/03/2018 Atlanta, GA 444 $ 43,901 Hartshire Lakes (1) 01/03/2018 Indianapolis, IN 272 27,597 The Chelsea 01/04/2018 Columbus, OH 312 36,750 Avalon Oaks 02/27/2018 Columbus, OH 235 23,000 Bridgeview 07/11/2018 Tampa-St. Petersburg, FL 348 43,000 Collier Park 07/26/2018 Columbus, OH 232 21,200 Waterford 10/11/2018 Atlanta, GA 260 30,500 Lucerne 11/07/2018 Tampa-St. Petersburg, FL 276 47,000 Total 2,379 $ 272,948 (1) These properties were acquired as the last phase of our acquisition of a nine-community portfolio (the “HPI Portfolio”), totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144 |
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 during the year ended December 31, 201 9 , on the date of acquisition. Description Fair Value of Asset Acquired During the Year Ended December Assets acquired: Investments in real estate (a) $ 127,908 Accounts receivable and other assets 170 Intangible assets 1,266 Total assets acquired $ 129,344 Liabilities assumed: Accounts payable and accrued expenses 644 Other liabilities 312 Total liabilities assumed $ 956 Estimated fair value of net assets acquired $ 128,388 (a) Includes $249 of property related acquisition costs capitalized during the year ended December 31, 2019. |
Summary of Disposition of Property | Dispositions The below table summarizes the dispositions for the year ended December 31, 2019: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Reserve at Eagle Ridge 04/30/2019 $ 42,000 $ 12,294 Little Rock, AR Portfolio 07/18/2019 56,500 2,220 Iron Rock 12/17/2019 56,000 20,683 Total $ 154,500 $ 35,197 (1) The gain (loss) for these properties is net of $7,417 of defeasance and debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2018: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Aventine Greenville 12/20/2018 $ 52,500 $ 6,119 Arbors at the Reservoir 12/27/2018 24,800 4,445 Total $ 77,300 $ 10,564 (1) The gain (loss) for these properties is net of $911 of defeasance and debt prepayment premium costs. The below table summarizes the dispositions for the year ended December 31, 2017: Property Name Date of Sale Sale Price Gain (loss) on sale (1) Copper Mill 5/5/2017 $ 32,000 $ 15,595 Heritage Trace 6/1/2017 11,600 (1,256 ) Berkshire Square 6/9/2017 16,000 1,510 Crossings 11/28/2017 27,200 3,061 Total $ 86,800 $ 18,910 (1) The gain (loss) for these properties is net of $4,251 of defeasance and debt prepayment costs. |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Summary Information Concerning Indebtedness | The following tables contains summary information concerning our indebtedness as of December 31, 2019: Debt: Outstanding Unamortized Debt Issuance Costs Carrying Type Weighted Average Rate Weighted Average Maturity (in Unsecured credit facility (1) $ 186,302 $ (2,336 ) $ 183,966 Floating 3.2% 3.4 Unsecured term loans 300,000 (1,582 ) 298,418 Floating 3.1% 4.3 Mortgages 504,876 (1,688 ) 503,188 Fixed 3.9% 4.0 Total Debt $ 991,178 $ (5,606 ) $ 985,572 3.5% 4.0 (1) The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019. Original maturities on or before December 31, Debt: 2020 2021 2022 2023 2024 Thereafter Unsecured credit facility $ - $ - $ - $ 186,302 $ - $ - Unsecured term loans - - - - 300,000 - Mortgages 8,135 76,085 70,734 107,387 72,172 170,363 Total $ 8,135 $ 76,085 $ 70,734 $ 293,689 $ 372,172 $ 170,363 As of December 31, 2019 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, 2018: Debt: Outstanding Principal Unamortized Debt Issuance Costs Carrying Amount Type Weighted Average Rate Weighted Average Maturity (in years) Unsecured credit facility (1) $ 155,743 $ (1,760 ) $ 153,983 Floating 3.9% 2.7 Unsecured term loans 250,000 (1,620 ) 248,380 Floating 4.0% 5.4 Mortgages 585,672 (2,547 ) 583,125 Fixed 3.8% 5.1 Total Debt $ 991,415 $ (5,927 ) $ 985,488 3.9% 4.8 (1) The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 and 2018: December 31, 2019 December 31, 2018 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 $ 953 $ — $ 150,000 $ 4,751 $ — Interest rate collars 250,000 — 4,330 250,000 3,556 — Forward interest rate swap — — 3,439 — — — Total $ 400,000 $ 953 $ 7,769 $ 400,000 $ 8,307 $ — |
Stockholder Equity and Noncon_2
Stockholder Equity and Noncontrolling Interest (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Dividends Declared | Our board of directors declared the following dividends in 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 Our board of directors declared the following dividends in 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2018 December 27, 2018 January 24, 2019 $ 0.18 Our board of directors declared the following distributions on our operating partnership’s LP units during 2019: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2019 March 18, 2019 March 29 2019 April 25, 2019 $ 0.18 Second quarter 2019 June 17, 2019 June 28, 2019 July 25, 2019 $ 0.18 Third quarter 2019 September 12, 2019 September 27, 2019 October 25, 2019 $ 0.18 Fourth quarter 2019 December 16, 2019 December 26, 2019 January 24, 2020 $ 0.18 Our board of directors declared the following distributions on our operating partnership’s LP units during 2018: Quarter Declaration Date Record Date Payment Date Dividend Declared Per Share First quarter 2018 March 13, 2018 April 4, 2018 April 20, 2018 $ 0.18 Second quarter 2018 June 13, 2018 July 7, 2018 July 20, 2018 $ 0.18 Third quarter 2018 September 17, 2018 October 5, 2018 October 19, 2018 $ 0.18 Fourth quarter 2018 December 13, 2018 December 27, 2018 January 24, 2019 $ 0.18 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Restricted Common Share Awards of Incentive Plan | The restricted shares granted under the Incentive Plan generally vested over a three or four year period. In addition, we have granted unrestricted shares to our directors. These awards generally vested immediately. A summary of restricted common share awards activity is presented below. 2019 2018 2017 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, 303,819 $ 8.22 295,847 $ 7.84 281,005 $ 6.99 Granted 213,744 10.39 233,706 8.64 168,010 9.17 Vested (174,367 ) 9.27 (175,555 ) 7.99 (142,748 ) 7.68 Forfeited (16,655 ) 9.75 (50,179 ) 8.45 (10,420 ) 8.56 Balance, December 31, 326,541 $ 9.54 303,819 $ 8.22 295,847 $ 7.84 |
Summary of SARs Activity of the Incentive Plan | A summary of the SARs activity of the Incentive Plan is presented below. 2019 2018 2017 SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price SARs Weighted Average Exercise Price Outstanding, January 1, 195,000 $ 9.35 250,000 $ 9.28 337,000 $ 9.15 Granted — — — — — — Expired — — — — — — Exercised (186,000 ) 9.35 (55,000 ) 9.02 (84,000 ) 8.78 Forfeited — — — — (3,000 ) 9.35 Outstanding, December 31, 9,000 $ 9.35 195,000 $ 9.35 250,000 $ 9.28 SARs exercisable at December 31, 9,000 195,000 160,000 |
Summary of PSU Activity of the Incentive Plan | 2019 2018 2017 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, 453,748 $ 7.04 150,980 $ 7.12 — — Granted (1) 263,929 8.35 302,768 7.00 150,980 7.12 Forfeited — — — — — — Balance, December 31, 717,677 $ 7.52 453,748 $ 7.04 150,980 $ 7.12 |
Performance Share Units | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Assumptions Used in Computing the Fair Value | Subsequent to December 31, 2019, the compensation committee reviewed three-year 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, 2019 2018 2017 Dividend yield 7.6% 8.2% 8.1% Volatility (a) 21.0% 28.0% 27.0% Expected term 2.8 years 2.9 years 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 15% to 41%. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 2018 and 2017: For the Years Ended December 31, 2019 2018 2017 Net Income (loss) $ 46,354 $ 26,610 $ 31,441 (Income) loss allocated to non-controlling interests (458 ) (322 ) (1,235 ) Net Income (loss) allocable to common shares 45,896 26,288 30,206 Weighted-average shares outstanding—Basic 89,799,238 87,086,585 73,338,219 Dilutive securities 618,249 290,406 261,650 Weighted-average shares outstanding—Diluted 90,417,486 87,376,991 73,599,869 Earnings (loss) per share—Basic $ 0.51 $ 0.30 $ 0.41 Earnings (loss) per share—Diluted $ 0.51 $ 0.30 $ 0.41 |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 2019 Total revenue $ 49,540 $ 50,956 $ 51,299 $ 51,428 Net income (loss) 2,566 14,856 4,912 24,020 Net income (loss) allocable to common shares 2,540 14,709 4,863 23,784 Total earnings (loss) per share—Basic (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 Total earnings (loss) per share—Diluted (1) $ 0.03 $ 0.16 $ 0.05 $ 0.26 2018 Total revenue $ 45,755 $ 46,889 $ 48,779 $ 49,809 Net income (loss) 3,500 3,545 4,836 14,729 Net income (loss) allocable to common shares 3,412 3,509 4,787 14,580 Total earnings (loss) per share—Basic (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 Total earnings (loss) per share—Diluted (1) $ 0.04 $ 0.04 $ 0.05 $ 0.16 (1) The summation of quarterly per share amounts may not equal the full year amounts due to rounding. |
Organization - Additional Infor
Organization - Additional Information (Detail) | Dec. 31, 2019Property |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of multifamily properties owned | 57 |
Number of units located with multifamily properties | 15,554 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Significant Accounting Policies [Line Items] | ||||
Federal Deposit Insurance Corporation deposit insurance limit per institution | $ 250,000 | |||
Restricted cash | $ 4,545,000 | $ 6,729,000 | ||
Acquisition of above-market in-place leases, amortization period | 6 months | |||
Amortization expense for intangible assets | $ 1,599,000 | 3,433,000 | $ 1,536,000 | |
Write-off of amortized intangible assets | 1,846,000 | 4,153,000 | 0 | |
Amortization expense for intangible assets expected for 2020 | 410,000 | |||
Depreciation expense | 51,216,000 | 41,788,000 | 32,665,000 | |
Write-off of fully depreciated fixed assets | 940,000 | 408,000 | ||
Bad debt expense | 644,000 | |||
Advertising expenses | 2,350,000 | 2,172,000 | 1,806,000 | |
Income tax expense | $ 0 | $ 0 | $ 0 | |
Taxable income distributable to stockholders | 90.00% | |||
Dividends characterized as capital gain distributions | 69.00% | 37.00% | 53.00% | |
Dividends characterized as ordinary income percentage | 16.00% | 39.00% | 36.00% | |
Dividends characterized as return of capital | 15.00% | 24.00% | 11.00% | |
Cumulative-effect adjustment | $ 0 | |||
Topic 842 | ||||
Significant Accounting Policies [Line Items] | ||||
Right-of-use assets | $ 2,812,000 | $ 308,000 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OtherAssets | |||
Lease liability | $ 3,176,000 | $ 308,000 | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:OtherLiabilities | |||
Total operating lease expense | $ 589,000 | $ 416,000 | ||
ASC Topic 230 | ||||
Significant Accounting Policies [Line Items] | ||||
Increase (decrease) in net cash used in investing activities due to new accounting standard adoption | 942,000 | $ (105,000) | ||
Natural Disasters and Other Insurable Events | ||||
Significant Accounting Policies [Line Items] | ||||
Rent revenue recognized | $ 156,000 | 195,000 | $ 110,000 | |
North Carolina | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of rental revenue | 15.76% | |||
Tennessee | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of rental revenue | 10.92% | |||
Georgia | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of rental revenue | 13.46% | |||
Kentucky | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of rental revenue | 9.51% | |||
Florida | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of rental revenue | 9.47% | |||
Ohio | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of rental revenue | 9.10% | |||
Texas | ||||
Significant Accounting Policies [Line Items] | ||||
Percentage of rental revenue | 7.54% | |||
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 | $ 1,265,000 | $ 3,074,000 | ||
Minimum | Equipment and Fixtures | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciable Lives | 5 years | |||
Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents original maturity period | 3 months | |||
Maximum | Topic 842 | ||||
Significant Accounting Policies [Line Items] | ||||
Operating lease term | 10 years | |||
Maximum | Equipment and Fixtures | ||||
Significant Accounting Policies [Line Items] | ||||
Depreciable Lives | 10 years |
Schedule of Disaggregated Reven
Schedule of Disaggregated Revenue by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accounting Policies [Abstract] | ||||||||||||
Rental revenue | [1] | $ 195,120 | $ 184,330 | $ 155,334 | ||||||||
Other property revenue | [2] | 7,500 | 6,382 | 5,163 | ||||||||
Other revenue | [2] | 603 | 520 | 719 | ||||||||
Total revenue | $ 51,428 | $ 51,299 | $ 50,956 | $ 49,540 | $ 49,809 | $ 48,779 | $ 46,889 | $ 45,755 | $ 203,223 | $ 191,232 | $ 161,216 | |
[1] | Amounts include all revenue streams derived from rental income and other lease income, which are accounted for under FASB ASC Topic 842. | |||||||||||
[2] | Amounts include revenue related to activities that are not considered components of a lease, including application fees and administrative fees, as well as revenue not related to leasing activities, including vendor revenue sharing. All amounts are accounted for under FASC ASC Topic 606. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Carrying Amount and Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Assets | |||||
Cash and cash equivalents, Carrying Amount | $ 9,888 | $ 9,316 | $ 9,316 | ||
Restricted cash, Carrying Amount | 4,545 | 6,729 | |||
Derivative assets, Carrying Amount | 953 | 8,307 | |||
Cash and cash equivalents, Estimated Fair Value | 9,888 | 9,316 | |||
Restricted cash, Estimated Fair Value | 4,545 | 6,729 | |||
Derivative assets, Estimated Fair Value | 953 | 8,307 | |||
Liabilities | |||||
Indebtedness, net of unamortized discount and deferred financing costs | 985,572 | 985,488 | |||
Derivative liabilities, carrying Amount | 7,769 | ||||
Derivative liabilities, Estimated Fair Value | 7,769 | ||||
Unsecured Credit Facility | |||||
Liabilities | |||||
Indebtedness, net of unamortized discount and deferred financing costs | 183,966 | [1] | 153,983 | [2] | |
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value | 186,302 | 155,743 | |||
Unsecured Term Loans | |||||
Liabilities | |||||
Indebtedness, net of unamortized discount and deferred financing costs | 298,418 | 248,380 | |||
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value | 300,000 | 250,000 | |||
Mortgages | |||||
Liabilities | |||||
Indebtedness, net of unamortized discount and deferred financing costs | 503,188 | 583,125 | |||
Indebtedness, net of unamortized discount and deferred financing costs, estimated fair value | $ 505,510 | $ 577,112 | |||
[1] | The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019. | ||||
[2] | The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018. |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | |
Real Estate Properties [Line Items] | ||
Number of multifamily properties owned | 57 | |
Units (unaudited) | 806 | 2,379 |
Contract Price | $ | $ 128,925 | $ 272,948 |
Dallas, TX | ||
Real Estate Properties [Line Items] | ||
Date of Purchase | Feb. 11, 2020 | |
Units (unaudited) | 251 | |
Contract Price | $ | $ 51,204 |
Summary of Investments in Real
Summary of Investments in Real Estate (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Real Estate Properties [Line Items] | ||
Land | $ 234,050 | $ 209,111 |
Building | 1,453,052 | 1,384,810 |
Furniture, fixtures and equipment | 109,263 | 66,502 |
Total investment in real estate | 1,796,365 | 1,660,423 |
Accumulated depreciation | (158,435) | (112,270) |
Investments in real estate, net | $ 1,637,930 | $ 1,548,153 |
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, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | ||
Business Acquisition [Line Items] | |||
Units (unaudited) | Property | 806 | 2,379 | |
Contract Price | $ | $ 128,925 | $ 272,948 | |
North Park | Atlanta, GA | |||
Business Acquisition [Line Items] | |||
Date of Purchase | Apr. 30, 2019 | ||
Units (unaudited) | Property | 224 | ||
Contract Price | $ | $ 28,000 | ||
Rocky Creek | Tampa-St. Petersburg, FL | |||
Business Acquisition [Line Items] | |||
Date of Purchase | Jul. 11, 2019 | ||
Units (unaudited) | Property | 264 | ||
Contract Price | $ | $ 48,000 | ||
Thornhill | Raleigh, NC | |||
Business Acquisition [Line Items] | |||
Date of Purchase | Oct. 1, 2019 | ||
Units (unaudited) | Property | 318 | ||
Contract Price | $ | $ 52,925 | ||
Creekside Corners | Atlanta, GA | |||
Business Acquisition [Line Items] | |||
Date of Purchase | [1] | Jan. 3, 2018 | |
Units (unaudited) | Property | [1] | 444 | |
Contract Price | $ | [1] | $ 43,901 | |
Hartshire Lakes | Indianapolis, IN | |||
Business Acquisition [Line Items] | |||
Date of Purchase | [1] | Jan. 3, 2018 | |
Units (unaudited) | Property | [1] | 272 | |
Contract Price | $ | [1] | $ 27,597 | |
The Chelsea | Columbus, OH | |||
Business Acquisition [Line Items] | |||
Date of Purchase | Jan. 4, 2018 | ||
Units (unaudited) | Property | 312 | ||
Contract Price | $ | $ 36,750 | ||
Avalon Oaks | Columbus, OH | |||
Business Acquisition [Line Items] | |||
Date of Purchase | Feb. 27, 2018 | ||
Units (unaudited) | Property | 235 | ||
Contract Price | $ | $ 23,000 | ||
Bridgeview | Tampa-St. Petersburg, FL | |||
Business Acquisition [Line Items] | |||
Date of Purchase | Jul. 11, 2018 | ||
Units (unaudited) | Property | 348 | ||
Contract Price | $ | $ 43,000 | ||
Collier Park | Columbus, OH | |||
Business Acquisition [Line Items] | |||
Date of Purchase | Jul. 26, 2018 | ||
Units (unaudited) | Property | 232 | ||
Contract Price | $ | $ 21,200 | ||
Waterford | Atlanta, GA | |||
Business Acquisition [Line Items] | |||
Date of Purchase | Oct. 11, 2018 | ||
Units (unaudited) | Property | 260 | ||
Contract Price | $ | $ 30,500 | ||
Lucerne | Tampa-St. Petersburg, FL | |||
Business Acquisition [Line Items] | |||
Date of Purchase | Nov. 7, 2018 | ||
Units (unaudited) | Property | 276 | ||
Contract Price | $ | $ 47,000 | ||
[1] | These properties were acquired as the last phase of our acquisition of a nine-community portfolio (the “HPI Portfolio”), totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144 |
Summary of Acquisitions (Parent
Summary of Acquisitions (Parenthetical) (Detail) $ in Thousands | Sep. 03, 2017USD ($)Property | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property |
Business Acquisition [Line Items] | |||
Number of units in real estate properties acquired | Property | 806 | 2,379 | |
Purchase price | $ | $ 128,925 | $ 272,948 | |
HPI Portfolio | |||
Business Acquisition [Line Items] | |||
Number of units in real estate properties acquired | Property | 2,352 | ||
Purchase price | $ | $ 228,144 |
Summary of Aggregate Fair Value
Summary of Aggregate Fair Value of Assets and Liabilities (Detail) $ in Thousands | Dec. 31, 2019USD ($) | |
Assets acquired: | ||
Investments in real estate | $ 127,908 | [1] |
Accounts receivable and other assets | 170 | |
Intangible assets | 1,266 | |
Total assets acquired | 129,344 | |
Liabilities assumed: | ||
Accounts payable and accrued expenses | 644 | |
Other liabilities | 312 | |
Total liabilities assumed | 956 | |
Estimated fair value of net assets acquired | $ 128,388 | |
[1] | Includes $249 of property related acquisition costs capitalized during the year ended December 31, 2019. |
Summary of Aggregate Fair Val_2
Summary of Aggregate Fair Value of Assets and Liabilities (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Business Combinations [Abstract] | |
Acquisition costs related to property | $ 249 |
Summary of Disposition of Prope
Summary of Disposition of Property's (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Real Estate Properties [Line Items] | |||||||
Sale Price | $ 154,500 | $ 77,300 | $ 86,800 | ||||
Gain (loss) on sale | $ 35,197 | [1] | $ 10,564 | [2] | $ 18,910 | [3] | |
Aventine Greenville | |||||||
Real Estate Properties [Line Items] | |||||||
Date of Sale | Dec. 20, 2018 | ||||||
Sale Price | $ 52,500 | ||||||
Gain (loss) on sale | [2] | $ 6,119 | |||||
Arbors At The Reservoir | |||||||
Real Estate Properties [Line Items] | |||||||
Date of Sale | Dec. 27, 2018 | ||||||
Sale Price | $ 24,800 | ||||||
Gain (loss) on sale | [2] | $ 4,445 | |||||
Copper Mill | |||||||
Real Estate Properties [Line Items] | |||||||
Date of Sale | May 5, 2017 | ||||||
Sale Price | $ 32,000 | ||||||
Gain (loss) on sale | [3] | $ 15,595 | |||||
Heritage Trace | |||||||
Real Estate Properties [Line Items] | |||||||
Date of Sale | Jun. 1, 2017 | ||||||
Sale Price | $ 11,600 | ||||||
Gain (loss) on sale | [3] | $ (1,256) | |||||
Berkshire Square | |||||||
Real Estate Properties [Line Items] | |||||||
Date of Sale | Jun. 9, 2017 | ||||||
Sale Price | $ 16,000 | ||||||
Gain (loss) on sale | [3] | $ 1,510 | |||||
Crossings | |||||||
Real Estate Properties [Line Items] | |||||||
Date of Sale | Nov. 28, 2017 | ||||||
Sale Price | $ 27,200 | ||||||
Gain (loss) on sale | [3] | $ 3,061 | |||||
Reserve At Eagle Ridge [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Date of Sale | Apr. 30, 2019 | ||||||
Sale Price | $ 42,000 | ||||||
Gain (loss) on sale | [1] | $ 12,294 | |||||
Little Rock, AR Portfolio [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Date of Sale | Jul. 18, 2019 | ||||||
Sale Price | $ 56,500 | ||||||
Gain (loss) on sale | [1] | $ 2,220 | |||||
Iron Rock [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Date of Sale | Dec. 17, 2019 | ||||||
Sale Price | $ 56,000 | ||||||
Gain (loss) on sale | [1] | $ 20,683 | |||||
[1] | The gain (loss) for these properties is net of $7,417 of defeasance and debt prepayment premium costs. | ||||||
[2] | The gain (loss) for these properties is net of $911 of defeasance and debt prepayment premium costs. | ||||||
[3] | The gain (loss) for these properties is net of $4,251 of defeasance and debt prepayment costs. |
Summary of Disposition of Pro_2
Summary of Disposition of Property's (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate [Abstract] | |||
Gain (loss) related to property includes defeasance costs | $ 7,417 | $ 911 | $ 4,251 |
Summary Information Concerning
Summary Information Concerning Indebtedness (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Debt Instrument [Line Items] | ||||
Outstanding Principal | $ 991,178 | $ 991,415 | ||
Unamortized Debt Issuance Costs | (5,606) | (5,927) | ||
Carrying Amount | $ 985,572 | $ 985,488 | ||
Weighted Average Rate | 3.50% | 3.90% | ||
Weighted Average | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Maturity (in years) | 4 years | 4 years 9 months 18 days | ||
Mortgages | ||||
Debt Instrument [Line Items] | ||||
Outstanding Principal | $ 504,876 | $ 585,672 | ||
Unamortized Debt Issuance Costs | (1,688) | (2,547) | ||
Carrying Amount | $ 503,188 | $ 583,125 | ||
Type | Fixed | Fixed | ||
Weighted Average Rate | 3.90% | 3.80% | ||
Mortgages | Weighted Average | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Maturity (in years) | 4 years | 5 years 1 month 6 days | ||
Unsecured Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Outstanding Principal | $ 186,302 | [1] | $ 155,743 | [2] |
Unamortized Debt Issuance Costs | (2,336) | [1] | (1,760) | [2] |
Carrying Amount | $ 183,966 | [1] | $ 153,983 | [2] |
Type | Floating | [1] | Floating | [2] |
Weighted Average Rate | 3.20% | [1] | 3.90% | [2] |
Unsecured Credit Facility | Weighted Average | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Maturity (in years) | 3 years 4 months 24 days | [1] | 2 years 8 months 12 days | [2] |
Unsecured Term Loans | ||||
Debt Instrument [Line Items] | ||||
Outstanding Principal | $ 300,000 | $ 250,000 | ||
Unamortized Debt Issuance Costs | (1,582) | (1,620) | ||
Carrying Amount | $ 298,418 | $ 248,380 | ||
Type | Floating | Floating | ||
Weighted Average Rate | 3.10% | 4.00% | ||
Unsecured Term Loans | Weighted Average | ||||
Debt Instrument [Line Items] | ||||
Weighted Average Maturity (in years) | 4 years 3 months 18 days | 5 years 4 months 24 days | ||
[1] | The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019. | |||
[2] | The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018. |
Summary Information Concernin_2
Summary Information Concerning Indebtedness (Parenthetical) (Detail) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | May 01, 2017 | ||
Debt Instrument [Line Items] | |||||
Outstanding Principal | $ 991,178,000 | $ 991,415,000 | |||
Unsecured Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility borrowing capacity | 350,000,000 | $ 300,000,000 | |||
Outstanding Principal | $ 186,302,000 | [1] | 155,743,000 | [2] | |
Secured Credit Facility | |||||
Debt Instrument [Line Items] | |||||
Credit facility borrowing capacity | 300,000,000 | ||||
Outstanding Principal | $ 155,743,000 | ||||
[1] | The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019. | ||||
[2] | The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018. |
Maturity of Indebtedness (Detai
Maturity of Indebtedness (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 8,135 |
2021 | 76,085 |
2022 | 70,734 |
2023 | 293,689 |
2024 | 372,172 |
Thereafter | 170,363 |
Mortgages | |
Debt Instrument [Line Items] | |
2020 | 8,135 |
2021 | 76,085 |
2022 | 70,734 |
2023 | 107,387 |
2024 | 72,172 |
Thereafter | 170,363 |
Unsecured Credit Facility | |
Debt Instrument [Line Items] | |
2023 | 186,302 |
Unsecured Term Loans | |
Debt Instrument [Line Items] | |
2024 | $ 300,000 |
Indebtedness - Additional Infor
Indebtedness - Additional Information (Detail) | Jan. 02, 2020USD ($) | May 09, 2019USD ($) | Oct. 30, 2018USD ($) | Oct. 11, 2018USD ($) | Jan. 03, 2018USD ($) | Nov. 20, 2017USD ($) | May 01, 2017USD ($) | Feb. 28, 2019USD ($) | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | Nov. 30, 2019USD ($) | Nov. 17, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 17, 2015USD ($) | ||
Debt Instrument [Line Items] | |||||||||||||||||
Loss on extinguishment of debt | $ 572,000 | $ 572,000 | |||||||||||||||
Deferred financing costs | $ 5,606,000 | $ 5,927,000 | |||||||||||||||
Outstanding Principal | $ 991,178,000 | $ 991,415,000 | |||||||||||||||
Hartshire Lakes | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maturity date | Jan. 31, 2025 | ||||||||||||||||
Outstanding Principal | $ 16,000,000 | ||||||||||||||||
Debt interest rate | 4.68% | ||||||||||||||||
Interest payment period | monthly | ||||||||||||||||
Debt Instrument amortization period | 30 years | ||||||||||||||||
Outstanding Principal, fair value | $ 15,936,000 | ||||||||||||||||
Creekside Corners | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maturity date | Jan. 31, 2025 | ||||||||||||||||
Outstanding Principal | $ 23,500,000 | ||||||||||||||||
Debt interest rate | 4.56% | ||||||||||||||||
Interest payment period | monthly | ||||||||||||||||
Debt Instrument amortization period | 30 years | ||||||||||||||||
Outstanding Principal, fair value | $ 23,426,000 | ||||||||||||||||
Mortgages-Fixed Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number Of Property Dispositions | Property | 3 | 2 | |||||||||||||||
Mortgage loan related to property disposition | $ 76,512,000 | $ 46,772,000 | |||||||||||||||
Mortgages-Fixed Rate | Waterford Landing | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Maturity date | Jan. 31, 2026 | ||||||||||||||||
Outstanding Principal | $ 15,500,000 | ||||||||||||||||
Debt interest rate | 4.82% | ||||||||||||||||
Interest payment period | monthly | ||||||||||||||||
Debt Instrument amortization period | 30 years | ||||||||||||||||
Outstanding Principal, fair value | $ 15,394,000 | ||||||||||||||||
Subsequent Event | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Proceeds from credit facility | $ 62,000,000 | ||||||||||||||||
Secured Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility borrowing capacity | 300,000,000 | ||||||||||||||||
Outstanding Principal | 155,743,000 | ||||||||||||||||
Unsecured Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility borrowing capacity | $ 300,000,000 | $ 350,000,000 | |||||||||||||||
Deferred financing costs | 2,336,000 | [1] | 1,760,000 | [2] | |||||||||||||
Outstanding Principal | 186,302,000 | [1] | 155,743,000 | [2] | |||||||||||||
Unsecured Revolving Line of Credit | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility, revolving line of credit | $ 350,000,000 | ||||||||||||||||
Maturity date | May 9, 2023 | ||||||||||||||||
Unsecured revolving line of credit, option to extend additional period | 6 months | ||||||||||||||||
Maturity term description | option to extend the revolving commitment for two additional 6-month periods under certain circumstances, including the payment of an extension fee | ||||||||||||||||
Deferred financing costs | $ 1,129,000 | ||||||||||||||||
Unsecured Revolving Line of Credit | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 1.55% | ||||||||||||||||
Unsecured Revolving Line of Credit | Minimum | 1-month LIBOR Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 1.25% | ||||||||||||||||
Unsecured Revolving Line of Credit | Minimum | Base Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 2.50% | ||||||||||||||||
Unsecured Revolving Line of Credit | Maximum | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility borrowing capacity | $ 600,000,000 | ||||||||||||||||
Unsecured Revolving Line of Credit | Maximum | 1-month LIBOR Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 2.00% | ||||||||||||||||
Unsecured Revolving Line of Credit | Maximum | Base Rate | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 1.00% | ||||||||||||||||
Unsecured Term Loan | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility borrowing capacity | $ 100,000,000 | $ 100,000,000 | |||||||||||||||
Deferred financing costs | $ 917,000 | $ 257,000 | |||||||||||||||
Unsecured Term Loan | Minimum | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 1.20% | ||||||||||||||||
Unsecured Term Loan | Maximum | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 1.90% | ||||||||||||||||
Unsecured Term Loans | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility borrowing capacity | $ 200,000,000 | ||||||||||||||||
Maturity date | Jan. 31, 2024 | ||||||||||||||||
Deferred financing costs | 1,582,000 | 1,620,000 | |||||||||||||||
Proceeds from credit facility | $ 150,000,000 | $ 50,000,000 | |||||||||||||||
Deferred financing costs | $ 821,000 | ||||||||||||||||
Outstanding Principal | 300,000,000 | $ 250,000,000 | |||||||||||||||
Unsecured Term Loans | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 1.45% | ||||||||||||||||
Unsecured Term Loans | Minimum | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 1.20% | ||||||||||||||||
Unsecured Term Loans | Maximum | LIBOR | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt interest rate | 1.90% | ||||||||||||||||
Key Bank Senior Facility | Secured Credit Facility | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Credit facility borrowing capacity | $ 312,500,000 | $ 325,000,000 | |||||||||||||||
Key Bank Senior Facility | Unsecured Revolving Line of Credit | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Pool of unencumbered properties occupancy level | $ 100,000,000 | ||||||||||||||||
[1] | The unsecured credit facility total capacity is $350,000, of which $186,302 was outstanding as of December 31, 2019. | ||||||||||||||||
[2] | The secured credit facility total capacity was $300,000, of which $155,743 was outstanding as of December 31, 2018. |
Derivative Financial Instrume_3
Derivative Financial Instruments - Summary of Aggregate Amount and Estimated Net Fair Value of Derivative Instruments (Detail) - USD ($) | Dec. 31, 2019 | May 09, 2019 | Dec. 31, 2018 | Nov. 30, 2018 | Oct. 17, 2018 | Nov. 17, 2017 | Jun. 24, 2016 |
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 | $ 400,000,000 | $ 400,000,000 | |||||
Fair Value of Assets | 953,000 | ||||||
Fair Value of Liabilities | 7,769,000 | ||||||
Fair Value of Assets | 8,307,000 | ||||||
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 | 953,000 | 4,751,000 | |||||
Cash Flow Hedge | Interest Rate Collar | |||||||
Derivative Instruments Gain Loss [Line Items] | |||||||
Derivative, notional amount | 250,000,000 | 250,000,000 | $ 150,000,000 | $ 100,000,000 | $ 100,000,000 | ||
Fair Value of Assets | $ 3,556,000 | ||||||
Fair Value of Liabilities | 4,330,000 | ||||||
Cash Flow Hedge | Forward Interest Rate Swap | |||||||
Derivative Instruments Gain Loss [Line Items] | |||||||
Derivative, notional amount | $ 150,000,000 | ||||||
Fair Value of Liabilities | $ 3,439,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Detail) - USD ($) | May 09, 2019 | Oct. 17, 2018 | Nov. 17, 2017 | Jun. 24, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2018 | Jan. 04, 2018 | Nov. 20, 2017 | Apr. 17, 2017 |
Derivative Instruments Gain Loss [Line Items] | ||||||||||||
Derivative, strike rate for the interest rate swap contract | 1.145% | 1.1325% | ||||||||||
Realized gains (losses) on interest rate hedges reclassified to earnings | $ 1,139,000 | $ 1,372,000 | $ (107,000) | |||||||||
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 | 400,000,000 | 400,000,000 | ||||||||||
Derivative, strike rate for the forward interest rate swap contract | 2.176% | |||||||||||
Cash Flow Hedge | Other Income (Expense) | ||||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||||
Recognition of hedge ineffectiveness | $ 94,000 | |||||||||||
Interest Rate Swap | ||||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||||
Derivative, notional amount | $ 150,000,000 | |||||||||||
Derivative, maturity date | Jun. 17, 2021 | |||||||||||
Recognition of hedge ineffectiveness | 0 | |||||||||||
Interest Rate Swap | Cash Flow Hedge | ||||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||||
Derivative, notional amount | 150,000,000 | 150,000,000 | ||||||||||
Interest Rate Collar | Cash Flow Hedge | ||||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||||
Derivative, notional amount | $ 100,000,000 | $ 100,000,000 | $ 250,000,000 | $ 250,000,000 | $ 150,000,000 | |||||||
Derivative, maturity date | Jan. 17, 2024 | Nov. 17, 2024 | ||||||||||
Interest rate cap strike rate | 2.50% | 2.00% | ||||||||||
Floor interest rate | 2.25% | 1.25% | ||||||||||
Interest Rate Collar | Cash Flow Hedge | Designated | ||||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||||
Derivative, notional amount | $ 50,000,000 | |||||||||||
Interest Rate Collar | Cash Flow Hedge | ||||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||||
Derivative, notional amount | $ 50,000,000 | |||||||||||
Interest Rate Collar | Cash Flow Hedge | Designated | ||||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||||
Derivative, notional amount | $ 50,000,000 | |||||||||||
Forward Interest Rate Swap | Cash Flow Hedge | ||||||||||||
Derivative Instruments Gain Loss [Line Items] | ||||||||||||
Derivative, notional amount | $ 150,000,000 | |||||||||||
Derivative, maturity date | Jun. 17, 2026 | |||||||||||
Derivative, effective date | Jun. 17, 2021 | |||||||||||
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 | $ 1,478,000 |
Stockholder Equity and Noncon_3
Stockholder Equity and Noncontrolling Interest - Additional Information (Detail) - USD ($) | Sep. 11, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | 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 | ||||
At-the-market agreement to sell common shares, remaining offer price | $ 93,549,000 | ||||
Net proceeds of public offering | $ 20,981,000 | $ 21,914,000 | $ 137,353,000 | ||
Limited partnership interest received in exchange for issuance of common stock | 9,616 | 2,130,244 | |||
OP Units outstanding | 871,491 | 881,107 | |||
OP Units redemption value | $ 12,271,000 | $ 8,089,000 | |||
Share price | $ 14.08 | $ 9.18 | |||
Common Shares | |||||
Class Of Stock [Line Items] | |||||
Common stock issued | 1,717,291 | 2,196,164 | 15,539,900 | ||
Exchange of units to common stock | 9,616 | 2,130,244 | 64,202 | ||
ATM Sales Agreement | |||||
Class Of Stock [Line Items] | |||||
Shares issued | 1,717,291 | ||||
Average price per share | $ 12.82 | ||||
Net proceeds after deducting commissions | $ 21,258,000 | ||||
Commissions | $ 434,000 | ||||
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) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Dividends Payable [Line Items] | |||||||||||
Dividend Declared Per Share | $ 0.72 | $ 0.72 | $ 0.72 | ||||||||
Dividend Declared | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Declaration Date | Dec. 16, 2019 | Sep. 12, 2019 | Jun. 17, 2019 | Mar. 18, 2019 | Dec. 13, 2018 | Sep. 17, 2018 | Jun. 13, 2018 | Mar. 13, 2018 | |||
Record Date | Dec. 26, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 27, 2018 | Oct. 5, 2018 | Jul. 7, 2018 | Apr. 4, 2018 | |||
Payment Date | Jan. 24, 2020 | Oct. 25, 2019 | Jul. 25, 2019 | Apr. 25, 2019 | Jan. 24, 2019 | Oct. 19, 2018 | Jul. 20, 2018 | Apr. 20, 2018 | |||
Dividend Declared Per Share | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | |||
Dividend Declared | Noncontrolling Interests | |||||||||||
Dividends Payable [Line Items] | |||||||||||
Declaration Date | Dec. 16, 2019 | Sep. 12, 2019 | Jun. 17, 2019 | Mar. 18, 2019 | Dec. 13, 2018 | Sep. 17, 2018 | Jun. 13, 2018 | Mar. 13, 2018 | |||
Record Date | Dec. 26, 2019 | Sep. 27, 2019 | Jun. 28, 2019 | Mar. 29, 2019 | Dec. 27, 2018 | Oct. 5, 2018 | Jul. 7, 2018 | Apr. 4, 2018 | |||
Payment Date | Jan. 24, 2020 | Oct. 25, 2019 | Jul. 25, 2019 | Apr. 25, 2019 | Jan. 24, 2019 | Oct. 19, 2018 | Jul. 20, 2018 | Apr. 20, 2018 | |||
Dividend Declared Per Share | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 | $ 0.18 |
Equity Compensation Plans - Add
Equity Compensation Plans - Additional Information (Detail) - USD ($) | Jan. 01, 2020 | May 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
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 | $ 3,166,000 | $ 2,524,000 | $ 1,968,000 | |||
Share price | $ 14.08 | $ 9.18 | ||||
PSU vesting percentage upon satisfaction of performance criteria | 50.00% | |||||
PSU vesting percentage subject to continues service | 50.00% | |||||
Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unearned compensation cost | $ 2,132,000 | |||||
Weighted average recognition period | 2 years 3 months 18 days | |||||
Estimated fair value of restricted common share awards vested | $ 1,836,000 | $ 1,539,000 | $ 1,319,000 | |||
Exercise price of outstanding SARs | $ 9.54 | $ 8.22 | $ 7.84 | $ 6.99 | ||
Shares issued | 213,744 | 233,706 | 168,010 | |||
Weighted average fair value, granted | $ 10.39 | $ 8.64 | $ 9.17 | |||
Restricted Stock | Subsequent Event | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Shares issued | 134,198 | |||||
Weighted average fair value, granted | $ 14.35 | |||||
Grant date fair value | $ 1,926,000 | |||||
SARs | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Unearned compensation cost | $ 0 | |||||
Intrinsic value exercisable | 43,000 | |||||
Intrinsic value outstanding | $ 43,000 | |||||
Exercise price of outstanding SARs | $ 9.35 | 9.35 | 9.28 | $ 9.15 | ||
Weighted average contractual life of outstanding SARs | 1 month 6 days | |||||
Weighted average contractual life of exercisable SARs | 1 month 6 days | |||||
Performance Share Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Stock compensation expense | $ 2,649,000 | |||||
Weighted average recognition period | 2 years 6 months | |||||
Exercise price of outstanding SARs | $ 7.52 | $ 7.04 | $ 7.12 | |||
Number of shares granted based on target award performance period | 3 years | |||||
Shares issued | 263,929 | 302,768 | 150,980 | |||
Number of shares granted based on target award percentage | 150.00% | |||||
Weighted average fair value, granted | $ 8.35 | $ 7 | $ 7.12 | |||
Performance Share Units | Subsequent Event | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares granted based on target award performance period | 3 years | |||||
Shares issued | 226,469 | |||||
Minimum | Restricted Stock | Subsequent Event | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 2 years | |||||
Minimum | Market Performance Condition | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of total shareholders return | 70.00% | |||||
Minimum | Subjective Performance Condition | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of individual criteria | 20.00% | |||||
Minimum | Performance Share Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares granted based on target award percentage | 0.00% | |||||
Maximum | Restricted Stock | Subsequent Event | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 3 years | |||||
Maximum | Market Performance Condition | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of total shareholders return | 80.00% | |||||
Maximum | Subjective Performance Condition | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of individual criteria | 30.00% | |||||
Maximum | Performance Share Units | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of shares granted based on target award percentage | 150.00% | |||||
Long Term Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards performance period | 3 years | |||||
Long Term Incentive Plan | Minimum | Restricted Stock | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Awards vesting period | 3 years | |||||
Long Term Incentive Plan | Maximum | Restricted Stock | ||||||
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares | |||
Number of Shares, beginning balance | 303,819 | 295,847 | 281,005 |
Common Share awards, granted | 213,744 | 233,706 | 168,010 |
Common Share awards, vested | (174,367) | (175,555) | (142,748) |
Common Share awards, forfeited | (16,655) | (50,179) | (10,420) |
Number of Shares, ending balance | 326,541 | 303,819 | 295,847 |
Weighted Average Grant Date Fair Value Per Share | |||
Weighted average fair value, Balance at beginning of period | $ 8.22 | $ 7.84 | $ 6.99 |
Weighted average fair value, granted | 10.39 | 8.64 | 9.17 |
Weighted average fair value, vested | 9.27 | 7.99 | 7.68 |
Weighted average fair value, forfeited | 9.75 | 8.45 | 8.56 |
Weighted average fair value, Balance at end of period | $ 9.54 | $ 8.22 | $ 7.84 |
Summary of SARs Activity of the
Summary of SARs Activity of the Incentive Plan (Detail) - SARs - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares | |||
Number of Shares, beginning balance | 195,000 | 250,000 | 337,000 |
Exercised | (186,000) | (55,000) | (84,000) |
Forfeited | (3,000) | ||
Number of Shares, ending balance | 9,000 | 195,000 | 250,000 |
SARs exercisable | 9,000 | 195,000 | 160,000 |
Weighted Average Exercise Price | |||
Weighted average fair value, Balance at beginning of period | $ 9.35 | $ 9.28 | $ 9.15 |
Exercised | 9.35 | 9.02 | 8.78 |
Forfeited | 9.35 | ||
Weighted average fair value, Balance at end of period | $ 9.35 | $ 9.35 | $ 9.28 |
Summary of PSU Activity of the
Summary of PSU Activity of the Incentive Plan (Detail) - Performance Share Units - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares | |||
Number of Shares, beginning balance | 453,748 | 150,980 | |
Granted | 263,929 | 302,768 | 150,980 |
Number of Shares, ending balance | 717,677 | 453,748 | 150,980 |
Weighted Average Grant Date Fair Value Per Share | |||
Weighted average fair value, Balance at beginning of period | $ 7.04 | $ 7.12 | |
Granted | 8.35 | 7 | $ 7.12 |
Weighted average fair value, Balance at end of period | $ 7.52 | $ 7.04 | $ 7.12 |
Summary of PSU Activity of th_2
Summary of PSU Activity of the Incentive Plan (Parenthetical) (Detail) - Performance Share Units | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares granted based on target award performance period | 3 years | |
Number of shares granted based on target award percentage | 150.00% | |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares granted based on target award percentage | 0.00% | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of shares granted based on target award percentage | 150.00% |
Summary of Assumptions Used in
Summary of Assumptions Used in Computing fair value of the PSUs (Detail) - Performance Share Units | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Dividend yield | 7.60% | 8.20% | 8.10% |
Volatility | 21.00% | 28.00% | 27.00% |
Expected term | 2 years 9 months 18 days | 2 years 10 months 24 days | 2 years 9 months 18 days |
Summary of Assumptions Used i_2
Summary of Assumptions Used in Computing fair value of the PSUs (Parenthetical) (Detail) - Performance Share Units | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 21.00% | 28.00% | 27.00% |
Minimum | Peer Group and NAREIT | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 15.00% | ||
Maximum | Peer Group and NAREIT | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Volatility | 41.00% |
Related Party Transactions an_2
Related Party Transactions and Arrangements - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2017USD ($)Property | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | |
Related Party Transaction [Line Items] | ||||
Asset management fees earned | $ 7,726,000 | $ 6,963,000 | $ 6,006,000 | |
Number of property acquired | Property | 806 | 2,379 | ||
Acquisition of real estate properties | $ 128,908,000 | $ 215,833,000 | 221,813,000 | |
Former External Advisor | North Carolina | ||||
Related Party Transaction [Line Items] | ||||
Number of property acquired | Property | 328 | |||
Acquisition of real estate properties | $ 42,950,000 | |||
Former External Advisor | Management Expenses | ||||
Related Party Transaction [Line Items] | ||||
Asset management fees earned | 0 | 63,000 | 257,000 | |
Shared Services Agreement | Former External Advisor | ||||
Related Party Transaction [Line Items] | ||||
Cost incurred for service provided | $ 0 | $ 0 | $ 727,000 | |
Term of agreement | December 21, 2016 to June 20, 2017 |
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, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||
Net income (loss) | $ 24,020 | $ 4,912 | $ 14,856 | $ 2,566 | $ 14,729 | $ 4,836 | $ 3,545 | $ 3,500 | $ 46,354 | $ 26,610 | $ 31,441 | ||||||||
(Income) loss allocated to non-controlling interests | (458) | (322) | (1,235) | ||||||||||||||||
Net income (loss) allocable to common shares | $ 23,784 | $ 4,863 | $ 14,709 | $ 2,540 | $ 14,580 | $ 4,787 | $ 3,509 | $ 3,412 | $ 45,896 | $ 26,288 | $ 30,206 | ||||||||
Weighted-average shares outstanding—Basic | 89,799,238 | 87,086,585 | 73,338,219 | ||||||||||||||||
Dilutive securities | 618,249 | 290,406 | 261,650 | ||||||||||||||||
Weighted-average shares outstanding—Diluted | 90,417,486 | 87,376,991 | 73,599,869 | ||||||||||||||||
Earnings (loss) per share—Basic | $ 0.26 | [1] | $ 0.05 | [1] | $ 0.16 | [1] | $ 0.03 | [1] | $ 0.16 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.51 | $ 0.30 | $ 0.41 |
Earnings (loss) per share—Diluted | $ 0.26 | [1] | $ 0.05 | [1] | $ 0.16 | [1] | $ 0.03 | [1] | $ 0.16 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.51 | $ 0.30 | $ 0.41 |
[1] | The summation of quarterly per share amounts may not equal the full year amounts due to rounding. |
Earning (Loss) Per Share - Addi
Earning (Loss) Per Share - Additional Information (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Antidilutive securities excluded from computation of earnings (loss) per share, amount | 871,491 | 881,107 | 3,011,351 |
Quarterly Financial Data (Detai
Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||||||
Income Statement [Abstract] | |||||||||||||||||||
Total revenue | $ 51,428 | $ 51,299 | $ 50,956 | $ 49,540 | $ 49,809 | $ 48,779 | $ 46,889 | $ 45,755 | $ 203,223 | $ 191,232 | $ 161,216 | ||||||||
Net income (loss) | 24,020 | 4,912 | 14,856 | 2,566 | 14,729 | 4,836 | 3,545 | 3,500 | 46,354 | 26,610 | 31,441 | ||||||||
Net income (loss) allocable to common shares | $ 23,784 | $ 4,863 | $ 14,709 | $ 2,540 | $ 14,580 | $ 4,787 | $ 3,509 | $ 3,412 | $ 45,896 | $ 26,288 | $ 30,206 | ||||||||
Total earnings (loss) per share—Basic | $ 0.26 | [1] | $ 0.05 | [1] | $ 0.16 | [1] | $ 0.03 | [1] | $ 0.16 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.51 | $ 0.30 | $ 0.41 |
Total earnings (loss) per share—Diluted | $ 0.26 | [1] | $ 0.05 | [1] | $ 0.16 | [1] | $ 0.03 | [1] | $ 0.16 | [1] | $ 0.05 | [1] | $ 0.04 | [1] | $ 0.04 | [1] | $ 0.51 | $ 0.30 | $ 0.41 |
[1] | The summation of quarterly per share amounts may not equal the full year amounts due to rounding. |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segment | |
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, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
Estimated annual minimum rent due in next year | $ 495 |
Estimated annual minimum rent due in two years | 369 |
Estimated annual minimum rent due in three years | 375 |
Estimated annual minimum rent due in four years | 382 |
Estimated annual minimum rent due in five years | 388 |
Estimated annual minimum rent due thereafter | $ 2,029 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | [1] | Dec. 31, 2017 | |||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Balance, beginning of period | $ 1,745,640 | [1] | $ 1,504,156 | $ 1,319,350 | ||
Additions during period: | ||||||
Acquisitions | 127,908 | 270,220 | 241,071 | |||
Improvements to land and building | 45,623 | 41,587 | 14,368 | |||
Deductions during period: | ||||||
Dispositions of real estate | (121,865) | (69,915) | (70,633) | |||
Asset write-offs | (941) | (408) | ||||
Balance, end of period | 1,796,365 | 1,745,640 | 1,504,156 | [1] | ||
Balance, beginning of period | 120,202 | [1] | 84,097 | 60,719 | ||
Depreciation expense | 50,955 | 41,652 | 32,586 | |||
Dispositions of real estate | (11,781) | (5,139) | (9,208) | |||
Asset write-off | (941) | (408) | ||||
Balance, end of period | 158,435 | $ 120,202 | $ 84,097 | [1] | ||
Investment in Real Estate | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Initial Cost, Land | 234,050 | |||||
Initial Cost, Building | 1,453,052 | |||||
Cost of Improvements, net of Retirements | 109,263 | |||||
Gross Carrying Amount, Land | 234,050 | |||||
Accumulated Depreciation- Building | (158,435) | |||||
Encumbrances (Unpaid Principal) | (504,876) | |||||
Investment in Real Estate | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 1,562,315 | |||||
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 | 5,723 | |||||
Gross Carrying Amount, Land | 3,254 | |||||
Accumulated Depreciation- Building | (5,590) | |||||
Encumbrances (Unpaid Principal) | $ (6,113) | |||||
Year of Acquisition | 2011 | |||||
Investment in Real Estate | Crestmont Apartments | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 18,740 | |||||
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 | 1,279 | |||||
Gross Carrying Amount, Land | 3,079 | |||||
Accumulated Depreciation- Building | (2,717) | |||||
Encumbrances (Unpaid Principal) | $ (8,978) | |||||
Year of Acquisition | 2012 | |||||
Investment in Real Estate | Runaway Bay Apartments | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 13,597 | |||||
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 | 841 | |||||
Gross Carrying Amount, Land | 1,677 | |||||
Accumulated Depreciation- Building | $ (1,417) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Windrush | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 8,305 | |||||
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 | 2,772 | |||||
Gross Carrying Amount, Land | 4,234 | |||||
Accumulated Depreciation- Building | $ (2,816) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Heritage Park | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 15,004 | |||||
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 | 2,127 | |||||
Gross Carrying Amount, Land | 3,503 | |||||
Accumulated Depreciation- Building | $ (2,267) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Raindance | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 12,178 | |||||
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 | 1,127 | |||||
Gross Carrying Amount, Land | 1,296 | |||||
Accumulated Depreciation- Building | $ (1,878) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Augusta | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 11,057 | |||||
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 | 2,012 | |||||
Gross Carrying Amount, Land | 1,924 | |||||
Accumulated Depreciation- Building | $ (3,048) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Invitational | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 18,864 | |||||
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 | 1,193 | |||||
Gross Carrying Amount, Land | 2,513 | |||||
Accumulated Depreciation- Building | (4,728) | |||||
Encumbrances (Unpaid Principal) | $ (20,263) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Kings Landing | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 31,066 | |||||
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 | 1,632 | |||||
Gross Carrying Amount, Land | 2,230 | |||||
Accumulated Depreciation- Building | (4,101) | |||||
Encumbrances (Unpaid Principal) | $ (18,650) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Walnut Hill | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 26,883 | |||||
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 | 1,156 | |||||
Gross Carrying Amount, Land | 3,480 | |||||
Accumulated Depreciation- Building | (3,158) | |||||
Encumbrances (Unpaid Principal) | $ (15,991) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Lenoxplace | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 21,638 | |||||
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 | 6,429 | |||||
Gross Carrying Amount, Land | 3,100 | |||||
Accumulated Depreciation- Building | (4,941) | |||||
Encumbrances (Unpaid Principal) | $ (19,370) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Stonebridge Crossing | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 32,652 | |||||
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 | 1,290 | |||||
Gross Carrying Amount, Land | 2,400 | |||||
Accumulated Depreciation- Building | (2,506) | |||||
Encumbrances (Unpaid Principal) | $ (11,375) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Bennington Pond | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 16,118 | |||||
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 | 828 | |||||
Gross Carrying Amount, Land | 2,837 | |||||
Accumulated Depreciation- Building | (1,662) | |||||
Encumbrances (Unpaid Principal) | $ (9,230) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Prospect Park | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 12,021 | |||||
Investment in Real Estate | Brookside | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | Louisville, KY | |||||
Initial Cost, Land | $ 3,947 | |||||
Initial Cost, Building | 16,503 | |||||
Cost of Improvements, net of Retirements | 1,134 | |||||
Gross Carrying Amount, Land | 3,947 | |||||
Accumulated Depreciation- Building | (2,490) | |||||
Encumbrances (Unpaid Principal) | $ (13,455) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Brookside | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 17,637 | |||||
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 | 10,029 | |||||
Gross Carrying Amount, Land | 7,034 | |||||
Accumulated Depreciation- Building | (6,205) | |||||
Encumbrances (Unpaid Principal) | $ (22,880) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Jamestown | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 37,759 | |||||
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 | 7,820 | |||||
Gross Carrying Amount, Land | 7,411 | |||||
Accumulated Depreciation- Building | (7,634) | |||||
Encumbrances (Unpaid Principal) | $ (35,815) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Oxmoor | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 54,915 | |||||
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 | 2,410 | |||||
Gross Carrying Amount, Land | 6,857 | |||||
Accumulated Depreciation- Building | (4,590) | |||||
Encumbrances (Unpaid Principal) | $ (24,245) | |||||
Year of Acquisition | 2014 | |||||
Investment in Real Estate | Meadows | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 32,440 | |||||
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 | 1,743 | |||||
Gross Carrying Amount, Land | 2,525 | |||||
Accumulated Depreciation- Building | $ (3,222) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Bayview Club | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 24,249 | |||||
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 | 2,794 | |||||
Gross Carrying Amount, Land | 2,100 | |||||
Accumulated Depreciation- Building | $ (2,764) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Arbors River Oaks | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 21,839 | |||||
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 | 702 | |||||
Gross Carrying Amount, Land | 3,450 | |||||
Accumulated Depreciation- Building | (3,851) | |||||
Encumbrances (Unpaid Principal) | $ (25,050) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Aston | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 35,035 | |||||
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 | 806 | |||||
Gross Carrying Amount, Land | 5,500 | |||||
Accumulated Depreciation- Building | (4,712) | |||||
Encumbrances (Unpaid Principal) | $ (30,941) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Avenues At Craig Ranch | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 42,860 | |||||
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 | 665 | |||||
Gross Carrying Amount, Land | 1,500 | |||||
Accumulated Depreciation- Building | $ (1,753) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Bridge Pointe | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 14,971 | |||||
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 | 627 | |||||
Gross Carrying Amount, Land | 5,376 | |||||
Accumulated Depreciation- Building | (3,680) | |||||
Encumbrances (Unpaid Principal) | $ (21,713) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Creekstone At R T P | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 33,354 | |||||
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 | 554 | |||||
Gross Carrying Amount, Land | 4,368 | |||||
Accumulated Depreciation- Building | (4,097) | |||||
Encumbrances (Unpaid Principal) | $ (22,582) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Fountains Southend | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 37,808 | |||||
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 | 2,398 | |||||
Gross Carrying Amount, Land | 5,700 | |||||
Accumulated Depreciation- Building | $ (2,946) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Fox Trails | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 24,342 | |||||
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 | 949 | |||||
Gross Carrying Amount, Land | 925 | |||||
Accumulated Depreciation- Building | $ (1,342) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Lakeshore on the Hill | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 11,161 | |||||
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 | 1,478 | |||||
Gross Carrying Amount, Land | 5,500 | |||||
Accumulated Depreciation- Building | (4,803) | |||||
Encumbrances (Unpaid Principal) | $ (28,252) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Millenia 700 | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 43,230 | |||||
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 | 537 | |||||
Gross Carrying Amount, Land | 3,300 | |||||
Accumulated Depreciation- Building | $ (5,863) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Miller Creek At German Town | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 54,041 | |||||
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 | 7,091 | |||||
Gross Carrying Amount, Land | 11,100 | |||||
Accumulated Depreciation- Building | $ (5,945) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Pointe At Canyon Ridge | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 44,086 | |||||
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 | 874 | |||||
Gross Carrying Amount, Land | 3,780 | |||||
Accumulated Depreciation- Building | $ (3,288) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | St James At Goose Creek | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 28,569 | |||||
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 | 686 | |||||
Gross Carrying Amount, Land | 5,480 | |||||
Accumulated Depreciation- Building | (4,642) | |||||
Encumbrances (Unpaid Principal) | $ (31,640) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Talison Row At Daniel Island | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 42,095 | |||||
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 | 1,126 | |||||
Gross Carrying Amount, Land | 1,200 | |||||
Accumulated Depreciation- Building | $ (1,678) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Trails At Signal Mountain | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 14,021 | |||||
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 | 357 | |||||
Gross Carrying Amount, Land | 3,100 | |||||
Accumulated Depreciation- Building | $ (780) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Vue At Knoll Trail | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 6,434 | |||||
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 | 546 | |||||
Gross Carrying Amount, Land | 4,200 | |||||
Accumulated Depreciation- Building | (3,843) | |||||
Encumbrances (Unpaid Principal) | $ (16,040) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Waterstone at Brier Creek | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 35,197 | |||||
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 | 519 | |||||
Gross Carrying Amount, Land | 7,600 | |||||
Accumulated Depreciation- Building | (6,739) | |||||
Encumbrances (Unpaid Principal) | $ (49,224) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Waterstone Big Creek | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 62,490 | |||||
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 | 682 | |||||
Gross Carrying Amount, Land | 2,750 | |||||
Accumulated Depreciation- Building | $ (2,957) | |||||
Year of Acquisition | 2015 | |||||
Investment in Real Estate | Westmont Commons | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 25,907 | |||||
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 | 1,006 | |||||
Gross Carrying Amount, Land | 3,898 | |||||
Accumulated Depreciation- Building | $ (2,056) | |||||
Year of Acquisition | 2017 | |||||
Investment in Real Estate | Lakes at Northdale | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 26,549 | |||||
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 | 1,412 | |||||
Gross Carrying Amount, Land | 3,927 | |||||
Accumulated Depreciation- Building | $ (1,022) | |||||
Year of Acquisition | 2017 | |||||
Investment in Real Estate | Haverford Place | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 11,512 | |||||
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 | 6,715 | |||||
Gross Carrying Amount, Land | 5,621 | |||||
Accumulated Depreciation- Building | $ (3,788) | |||||
Year of Acquisition | 2017 | |||||
Investment in Real Estate | South Terrace | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 43,638 | |||||
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 | 996 | |||||
Gross Carrying Amount, Land | 550 | |||||
Accumulated Depreciation- Building | $ (1,099) | |||||
Year of Acquisition | 2017 | |||||
Investment in Real Estate | Cherry Grove | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 16,365 | |||||
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 | 2,337 | |||||
Gross Carrying Amount, Land | 3,400 | |||||
Accumulated Depreciation- Building | $ (1,496) | |||||
Year of Acquisition | 2017 | |||||
Investment in Real Estate | Kensington Commons | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 23,040 | |||||
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 | 2,359 | |||||
Gross Carrying Amount, Land | 3,960 | |||||
Accumulated Depreciation- Building | $ (1,468) | |||||
Year of Acquisition | 2017 | |||||
Investment in Real Estate | Schirm Farms | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 21,847 | |||||
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 | 794 | |||||
Gross Carrying Amount, Land | 1,460 | |||||
Accumulated Depreciation- Building | $ (1,107) | |||||
Year of Acquisition | 2017 | |||||
Investment in Real Estate | Riverchase | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 18,044 | |||||
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 | 444 | |||||
Gross Carrying Amount, Land | 1,060 | |||||
Accumulated Depreciation- Building | $ (1,548) | |||||
Year of Acquisition | 2017 | |||||
Investment in Real Estate | Live Oak Trace | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 27,806 | |||||
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 | 436 | |||||
Gross Carrying Amount, Land | 1,880 | |||||
Accumulated Depreciation- Building | $ (722) | |||||
Year of Acquisition | 2017 | |||||
Investment in Real Estate | Tides at Calabash | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 12,650 | |||||
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 | |||||
Cost of Improvements, net of Retirements | 1,819 | |||||
Gross Carrying Amount, Land | 2,150 | |||||
Accumulated Depreciation- Building | (1,709) | |||||
Encumbrances (Unpaid Principal) | $ (18,828) | |||||
Year of Acquisition | 2017 | |||||
Investment in Real Estate | Brunswick Point | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 30,033 | |||||
Investment in Real Estate | Creekside Corners | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | Lithonia, GA | |||||
Initial Cost, Land | $ 6,140 | |||||
Initial Cost, Building | 37,285 | |||||
Cost of Improvements, net of Retirements | 4,486 | |||||
Gross Carrying Amount, Land | 6,140 | |||||
Accumulated Depreciation- Building | (2,504) | |||||
Encumbrances (Unpaid Principal) | $ (23,169) | |||||
Year of Acquisition | 2018 | |||||
Investment in Real Estate | Creekside Corners | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 41,771 | |||||
Investment in Real Estate | Hartshire Lakes | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | Bargersville, IN | |||||
Initial Cost, Land | $ 3,070 | |||||
Initial Cost, Building | 24,210 | |||||
Cost of Improvements, net of Retirements | 960 | |||||
Gross Carrying Amount, Land | 3,070 | |||||
Accumulated Depreciation- Building | (1,310) | |||||
Encumbrances (Unpaid Principal) | $ (15,780) | |||||
Year of Acquisition | 2018 | |||||
Investment in Real Estate | Hartshire Lakes | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 25,170 | |||||
Investment in Real Estate | The Chelsea | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | Columbus, OH | |||||
Initial Cost, Land | $ 2,739 | |||||
Initial Cost, Building | 33,698 | |||||
Cost of Improvements, net of Retirements | 450 | |||||
Gross Carrying Amount, Land | 2,739 | |||||
Accumulated Depreciation- Building | $ (1,679) | |||||
Year of Acquisition | 2018 | |||||
Investment in Real Estate | The Chelsea | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 34,148 | |||||
Investment in Real Estate | Avalon Oaks | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | Columbus, OH | |||||
Initial Cost, Land | $ 4,189 | |||||
Initial Cost, Building | 18,301 | |||||
Cost of Improvements, net of Retirements | 1,306 | |||||
Gross Carrying Amount, Land | 4,189 | |||||
Accumulated Depreciation- Building | $ (1,014) | |||||
Year of Acquisition | 2018 | |||||
Investment in Real Estate | Avalon Oaks | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 19,607 | |||||
Investment in Real Estate | Bridgeview | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | Tampa, FL | |||||
Initial Cost, Land | $ 10,671 | |||||
Initial Cost, Building | 31,953 | |||||
Cost of Improvements, net of Retirements | 4,611 | |||||
Gross Carrying Amount, Land | 10,671 | |||||
Accumulated Depreciation- Building | $ (1,415) | |||||
Year of Acquisition | 2018 | |||||
Investment in Real Estate | Bridgeview | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 36,564 | |||||
Investment in Real Estate | Collier Park | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | Grove City, OH | |||||
Initial Cost, Land | $ 2,325 | |||||
Initial Cost, Building | 18,688 | |||||
Cost of Improvements, net of Retirements | 543 | |||||
Gross Carrying Amount, Land | 2,325 | |||||
Accumulated Depreciation- Building | $ (719) | |||||
Year of Acquisition | 2018 | |||||
Investment in Real Estate | Collier Park | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 19,231 | |||||
Investment in Real Estate | Waterford Landing | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | McDonough, GA | |||||
Initial Cost, Land | $ 2,867 | |||||
Initial Cost, Building | 27,477 | |||||
Cost of Improvements, net of Retirements | 982 | |||||
Gross Carrying Amount, Land | 2,867 | |||||
Accumulated Depreciation- Building | (867) | |||||
Encumbrances (Unpaid Principal) | $ (15,292) | |||||
Year of Acquisition | 2018 | |||||
Investment in Real Estate | Waterford Landing | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 28,459 | |||||
Investment in Real Estate | Lucerne | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | Brandon, FL | |||||
Initial Cost, Land | $ 3,114 | |||||
Initial Cost, Building | 43,540 | |||||
Cost of Improvements, net of Retirements | 1,981 | |||||
Gross Carrying Amount, Land | 3,114 | |||||
Accumulated Depreciation- Building | $ (1,328) | |||||
Year of Acquisition | 2018 | |||||
Investment in Real Estate | Lucerne | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 45,521 | |||||
Investment in Real Estate | North Park | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | Stockbridge, GA | |||||
Initial Cost, Land | $ 2,848 | |||||
Initial Cost, Building | 24,933 | |||||
Cost of Improvements, net of Retirements | 521 | |||||
Gross Carrying Amount, Land | 2,848 | |||||
Accumulated Depreciation- Building | $ (427) | |||||
Year of Acquisition | 2019 | |||||
Investment in Real Estate | North Park | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 25,454 | |||||
Investment in Real Estate | Rocky Creek | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | Tampa, FL | |||||
Initial Cost, Land | $ 15,669 | |||||
Initial Cost, Building | 31,979 | |||||
Cost of Improvements, net of Retirements | 119 | |||||
Gross Carrying Amount, Land | 15,669 | |||||
Accumulated Depreciation- Building | $ (336) | |||||
Year of Acquisition | 2019 | |||||
Investment in Real Estate | Rocky Creek | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 32,098 | |||||
Investment in Real Estate | Thornhill | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Location | Raleigh, NC | |||||
Initial Cost, Land | $ 12,282 | |||||
Initial Cost, Building | 40,197 | |||||
Cost of Improvements, net of Retirements | 48 | |||||
Gross Carrying Amount, Land | 12,282 | |||||
Accumulated Depreciation- Building | $ (168) | |||||
Year of Acquisition | 2019 | |||||
Investment in Real Estate | Thornhill | Building | ||||||
Real Estate And Accumulated Depreciation [Line Items] | ||||||
Gross Carrying Amount, Building | $ 40,245 | |||||
[1] | Includes properties classified as held for sale as of December 31, 2018. |