Resource Real Estate Opportunity REIT (RSRL) 10-Q 11 May 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	May 06, 2020
Cover [Abstract]
Entity Registrant Name	Resource Real Estate Opportunity REIT, Inc.
Entity Central Index Key	0001466225
Current Fiscal Year End Date	--12-31
Document Type	10-Q
Entity Filer Category	Non-accelerated Filer
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		70,026,413
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity File Number	000-54369
Entity Tax Identification Number	27-0331816
Entity Address, Address Line One	1845 Walnut Street
Entity Address, Address Line Two	18th Floor
Entity Address, City or Town	Philadelphia
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19103
City Area Code	(215)
Local Phone Number	231-7050
Entity Interactive Data Current	Yes
Entity Incorporation, State or Country Code	MD
Document Quarterly Report	true
Document Transition Report	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2020	Dec. 31, 2019
Investments:
Rental properties, net	$ 927,762,000	$ 938,144,000
Loan held for investment, net	811,000	809,000
Identified intangible assets, net	11,000	14,000
Total investments	928,584,000	938,967,000
Cash	43,854,000	49,534,000
Restricted cash	6,887,000	12,304,000
Subtotal- cash and restricted cash	50,741,000	61,838,000
Due from related parties	16,000	236,000
Tenant receivables, net	212,000	189,000
Deposits	219,000	220,000
Prepaid expenses and other assets	6,662,000	2,853,000
Goodwill	404,000	404,000
Operating lease right-of-use assets	169,000	381,000
Total assets	987,007,000	1,005,088,000
Liabilities:
Mortgage notes payable, net	797,601,000	799,865,000
Accounts payable	859,000	235,000
Accrued expenses and other liabilities	8,791,000	8,430,000
Accrued real estate taxes	5,658,000	9,086,000
Due to related parties	1,014,000	683,000
Tenant prepayments	946,000	1,087,000
Security deposits	2,542,000	2,506,000
Operating lease liabilities	169,000	381,000
Total liabilities	817,580,000	822,273,000
Stockholders' Equity:
Preferred stock (par value $.01; 10,000,000 shares authorized, none issued)	0	0
Common stock (par value $.01; 1,000,000,000 shares authorized; 70,026,413 and 69,467,689 shares issued and outstanding, respectively)	700,000	695,000
Convertible stock (“promote shares”; par value $.01; 50,000 shares authorized; 49,935 shares issued and outstanding)	1,000	1,000
Additional paid-in capital	622,244,000	616,465,000
Accumulated other comprehensive loss	(120,000)	(218,000)
Accumulated deficit	(453,398,000)	(434,128,000)
Total stockholders’ equity	169,427,000	182,815,000
Total liabilities and stockholders' equity	$ 987,007,000	$ 1,005,088,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	70,026,413	69,467,689
Common stock, outstanding (in shares)	70,026,413	69,467,689
Convertible stock (promote shares), par value (in dollars per share)	$ 0.01	$ 0.01
Convertible stock (promote shares), authorized (in shares)	50,000	50,000
Convertible stock (promote shares), issued (in shares)	49,935	49,935
Convertible stock (promote shares), outstanding (in shares)	49,935	49,935

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues:
Rental income	$ 33,376	$ 34,878
Interest and dividend income	58	94
Total revenues	33,434	34,972
Expenses:
Rental operating - expenses	6,360	6,611
Rental operating - payroll	2,975	3,556
Rental operating - real estate taxes	4,388	4,384
Subtotal - Rental operating expenses	13,723	14,551
Acquisition fees	113
Management fees	4,583	4,756
General and administrative	2,686	2,772
Loss on disposal of assets	109	151
Depreciation and amortization expense	13,161	13,597
Total expenses	34,375	35,827
Loss before net gains on dispositions	(941)	(855)
Net gain on disposition of property		34,575
(Loss) Income before other income (expense)	(941)	33,720
Other income (expense):
Interest expense	(7,880)	(11,075)
Insurance proceeds in excess of cost basis		536
Total other (expense) income	(7,880)	(10,539)
Net (loss) income	(8,821)	23,181
Other comprehensive income (loss):
Reclassification adjustment for realized loss on designated derivatives	44	172
Designated derivatives, fair value adjustments	54	(28)
Total other comprehensive (loss) income	98	144
Comprehensive (loss) income	$ (8,723)	$ 23,325
Weighted average common shares outstanding	69,670	70,557
Basic and diluted loss (income) per common share:
Net (loss) income per common share	$ (0.13)	$ 0.33

CONSOLIDATED STATEMENT OF CHANG

CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Convertible Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2018	$ 236,306	$ 704	$ 1	$ 626,436	$ (474)	$ (390,361)
Beginning balance (in shares) at Dec. 31, 2018		70,428,000	50,000
Common stock issued through the distribution reinvestment plan	6,298	$ 6		6,292
Common stock issued through distribution reinvestment plan (in shares)		613,000
Distributions declared	(10,556)					(10,556)
Common stock redemptions	(8,102)	$ (8)		(8,094)
Common stock redemptions (in shares)		(789,000)
Other comprehensive income	144				144
Net (loss) income	23,181					23,181
Ending balance at Mar. 31, 2019	247,271	$ 702	$ 1	624,634	(330)	(377,736)
Ending balance (in shares) at Mar. 31, 2019		70,252,000	50,000
Beginning balance at Dec. 31, 2019	$ 182,815	$ 695	$ 1	616,465	(218)	(434,128)
Beginning balance (in shares) at Dec. 31, 2019	69,467,689	69,468,000	50,000
Common stock issued through the distribution reinvestment plan	$ 6,085	$ 6		6,079
Common stock issued through distribution reinvestment plan (in shares)	586,500	586,000
Distributions declared	$ (10,449)					(10,449)
Common stock redemptions	$ (301)	$ (1)		(300)
Common stock redemptions (in shares)	(27,769)	(28,000)
Other comprehensive income	$ 98				98
Net (loss) income	(8,821)					(8,821)
Ending balance at Mar. 31, 2020	$ 169,427	$ 700	$ 1	$ 622,244	$ (120)	$ (453,398)
Ending balance (in shares) at Mar. 31, 2020	70,026,413	70,026,000	50,000

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net (loss) income	$ (8,821)	$ 23,181
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Loss on disposal of assets	109	151
Casualty losses (gains)	12	(609)
Net gain on disposition of property		(34,575)
Depreciation and amortization	13,161	13,597
Amortization of deferred financing costs	396	995
Amortization of debt premium (discount)	(82)	(83)
Realized loss on change in fair value of interest rate cap	44	172
Accretion of discount and direct loan fees and costs	(6)	(13)
Changes in operating assets and liabilities, net of acquisitions:
Tenant receivables, net	(23)	90
Deposits	1
Prepaid expenses and other assets	(3,740)	(1,762)
Due to/from related parties, net	551	(99)
Accounts payable and accrued expenses	(3,679)	(4,597)
Tenant prepayments	(141)	103
Security deposits	36	36
Net cash used in operating activities	(2,182)	(3,413)
Cash flows from investing activities:
Proceeds from disposal of property, net of closing costs		12,897
Insurance proceeds received for casualty losses	131	609
Capital expenditures	(1,792)	(2,905)
Principal payments received on loans held for investment	4	8
Net cash (used in) provided by investing activities	(1,657)	10,609
Cash flows from financing activities:
Redemptions of common stock	(301)	(8,102)
Principal repayments on mortgages	(2,578)	(2,100)
Purchase of interest rate caps	(15)	(23)
Distributions paid on common stock	(4,364)	(4,258)
Net cash used in financing activities	(7,258)	(14,483)
Net decrease in cash and restricted cash	(11,097)	(7,287)
Cash and restricted cash at beginning of period	61,838	78,621
Cash and restricted cash at end of period	$ 50,741	$ 71,334

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parentheticals) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Reconciliation to consolidated balance sheets
Cash	$ 43,854	$ 49,534	$ 63,382
Restricted cash	6,887	12,304	7,952
Cash and restricted cash at end of period	$ 50,741	$ 61,838	$ 71,334	$ 78,621

NATURE OF BUSINESS AND OPERATIO

NATURE OF BUSINESS AND OPERATIONS	3 Months Ended
	Mar. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]
NATURE OF BUSINESS AND OPERATIONS	NOTE 1 - NATURE OF BUSINESS AND OPERATIONS Resource Real Estate Opportunity REIT, Inc. (the “Company”) was organized in Maryland on June 3, 2009 for the purpose of owning a diversified portfolio of discounted U.S. commercial real estate and real estate-related assets in order to generate gains to stockholders from the potential appreciation in the value of the assets and to generate current income for stockholders by distributing cash flow from the Company’s investments. Resource Real Estate Opportunity Advisor, LLC (the “Advisor”), an indirect wholly-owned subsidiary of Resource America, Inc. (“RAI”) has been engaged to manage the day-to-day operations of the Company. RAI is a wholly-owned subsidiary of C-III Capital Partners LLC, ("C-III"), a leading commercial real estate investment management and services company engaged in a broad range of activities. C-III controls both our Advisor and Resource Real Estate Opportunity Manager, LLC (the "Manager"), the Company's property manager; C-III also controls all of the shares of common stock held by the Advisor. Through its private offering and primary public offering, which concluded on December 13, 2013, the Company raised aggregate gross offering proceeds of $645.8 million, which resulted in the issuance of 64.9 million shares of common stock, including approximately 276,000 shares purchased by the Advisor and 1.2 million shares sold in the Company's distribution reinvestment plan. During the years ended December 31, 2019 and 2018, the Company issued approximately 4.9 million additional shares for $50.4 million pursuant to its distribution reinvestment plan. During the three months ended March 31, 2020, the Company issued approximately 586,500 additional shares for $6.1 million pursuant to its distribution reinvestment plan. The Company's distribution reinvestment plan offering is ongoing. The Company has acquired real estate and real estate-related debt. The Company has a focus on owning and operating multifamily assets; it has targeted this asset class consistent with its investment objectives. The Company’s portfolio predominantly consists of multifamily rental properties to which the Company has added or will add value with a capital infusion (referred to as “value add properties”). However, the Company is not limited in the types of real estate assets in which it may invest and, accordingly, it may invest in other real estate-related assets either directly or together with a co-investor or joint venture partner. The Company is organized and conducts its operations in a manner intended to allow it to qualify as a real estate investment trust (“REIT”) for U.S. federal income tax purposes under Subchapter M of the Internal Revenue Code of 1986, as amended (the “Code”). The Company also operates its business in a manner intended to maintain its exemption from registration under the Investment Company Act of 1940, as amended. The consolidated financial statements and the information and tables contained in the notes to the consolidated financial statements are unaudited. Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). However, in the opinion of management, these interim financial statements include all the necessary adjustments to fairly present the results of the interim periods presented. The consolidated balance sheet as of December 31, 2019 was derived from the audited consolidated financial statements as of and for the year ended December 31, 2019. The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of operations for the three months ended March 31, 2020 may not necessarily be indicative of the results of operations for the full year ending December 31, 2020. COVID-19 Pandemic Currently, one of the most significant risks and uncertainties facing the Company and the real estate industry generally is the potential adverse effect of the ongoing public health crisis of the novel coronavirus disease (COVID-19) pandemic. The extent to which the COVID-19 pandemic impacts the Company’s operations and those of its tenants will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the scope, severity and duration of the pandemic, the actions taken to contain the pandemic or mitigate its impact, and the direct and indirect economic effects of the pandemic and containment measures, among others. See Note 17, “Subsequent Events” for a further discussion on the COVID-19 pandemic.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES A summary of the significant accounting policies consistently applied in the preparation of the accompanying consolidated financial statements follows: Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with GAAP. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings, LLC N/A N/A N/A Resource Real Estate Opportunity OP, LP N/A N/A N/A RRE Charlemagne Holdings, LLC N/A N/A N/A RRE Iroquois, LP (“Vista”) Vista Apartment Homes 133 Philadelphia, PA RRE Iroquois Holdings, LLC N/A N/A N/A RRE Cannery Holdings, LLC (“Cannery”) Cannery Lofts 156 Dayton, OH RRE Autumn Wood Holdings, LLC ("Autumn Wood") Retreat at Rocky Ridge 206 Hoover, AL RRE Village Square Holdings, LLC ("Village Square") Trailpoint at the Woodlands 271 Houston, TX RRE Brentdale Holdings, LLC ("Brentdale") The Westside Apartments 412 Plano, TX RRE Jefferson Point Holdings, LLC ("Jefferson Point") Tech Center Square 208 Newport News,VA RRE Centennial Holdings, LLC ("Centennial") Verona Apartment Homes 276 Littleton, CO RRE Pinnacle Holdings, LLC ("Pinnacle") Skyview Apartment Homes 224 Westminster, CO RRE River Oaks Holdings, LLC ("River Oaks") Maxwell Townhomes 316 San Antonio, TX RRE Nicollet Ridge Holdings, LLC ("Nicollet Ridge") Meridian Pointe 339 Burnsville, MN PRIP Coursey, LLC ("Evergreen at Coursey Place") (a) Evergreen at Coursey Place 352 Baton Rouge, LA PRIP Pines, LLC ("Pines of York") (a) Pines of York 248 Yorktown, VA RRE Addison Place Holdings, LLC ("Addison Place") The Estates at Johns Creek 403 Alpharetta, GA RRE Berkeley Run Holdings, LLC ("Berkley Run") Perimeter Circle 194 Atlanta, GA RRE Berkeley Trace Holdings LLC ("Berkley Trace") Perimeter 5550 165 Atlanta, GA RRE Merrywood Holdings, LLC ("Merrywood") Aston at Cinco Ranch 228 Katy, TX RRE Sunset Ridge Holdings, LLC ("Sunset Ridge") Sunset Ridge 324 San Antonio, TX RRE Parkridge Place Holdings, LLC ("Parkridge Place") Calloway at Las Colinas 536 Irving, TX RRE Woodmoor Holdings, LLC ("Woodmoor") South Lamar Village 208 Austin, TX RRE Gilbert Holdings, LLC ("Springs at Gilbert") Heritage Pointe 458 Gilbert, AZ RRE Bonita Glen Holdings, LLC ("Bonita") Point Bonita Apartment Homes 294 Chula Vista, CA RRE Yorba Linda Holdings, LLC ("Yorba Linda") The Bryant at Yorba Linda 400 Yorba Linda, CA RRE Providence Holdings, LLC ("Providence in the Park") Providence in the Park 524 Arlington, TX RRE Green Trails Holdings, LLC ("Green Trails") Green Trails Apartment Homes 440 Lisle, IL RRE Terraces at Lake Mary Holdings, LLC ("Lake Mary") Terraces at Lake Mary 284 Lake Mary, FL RRE Courtney Meadows Holdings, LLC ("Courtney Meadows") Courtney Meadows Apartments 276 Jacksonville, FL RRE Sandy Springs Holdings, LLC ("Sandy Springs") Addison at Sandy Springs 236 Sandy Springs,GA RRE Grapevine Holdings, LLC ("Bristol Grapevine") Bristol Grapevine 376 Grapevine, TX 8,487 N/A - Not Applicable (a) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. All intercompany accounts and transactions have been eliminated in consolidation. Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP. Concentration of Risk At March 31, 2020, the Company's real estate investments in Texas, California, and Georgia represented 31%, 17%, and 15%, respectively, of the net book value of its rental property assets. Any adverse economic or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates. Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. The Company adopted the standard on January 1, 2020, and the adoption did not have an impact on its consolidated financial statements. In January 2017, FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment", which alters the current goodwill impairment testing procedures to eliminate Step 2. Step 2 required that, if the carrying amount of a reporting unit exceeded its fair value, the implied fair value of the goodwill must be compared to the carrying amount in order to determine impairment. The Company adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In August 2018, FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This update removes, modifies and adds certain disclosure requirements in FASB ASC 820, “Fair Value Measurement” (“ASC 820”). The Company adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In November 2018, FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU No. 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 Leases. The Company adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In March 2020, FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. During the three months ended March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur. Assets Held for Sale The Company presents rental property assets that qualify as held for sale separately in the consolidated balance sheets. Real estate assets held for sale are measured at the lower of carrying amount or fair value less cost to sell. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. As of March 31, 2020 and December 31, 2019, the Company had no rental properties included in assets held for sale. Rental Properties The Company records acquired rental properties at fair value on the acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the asset using the straight line method. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. Construction management fees (further discussed in Note 12) are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred. Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the Company's inability to recover the carrying value of a property, an impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. As of March 31, 2020, the Company evaluated whether the global economic disruption caused by the COVID-19 pandemic was an impairment indicator. The Company examined a number of factors and concluded that there was no indication that the carrying value of the Company’s investments in real estate might not recoverable as of March 31, 2020. There were no impairment losses recorded on long-lived assets during the three months ended March 31, 2020 and 2019. Loans Held for Investment, Net The Company records acquired performing loans held for investment at cost and reviews them for potential impairment at each balance sheet date. The Company considers a loan to be impaired if one of two conditions exists. The first condition is if, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The second condition is if the loan is deemed to be a troubled-debt restructuring (“TDR”) where a concession has been given to a borrower in financial difficulty. A TDR may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, expected collateral performance and/or guarantees made by the borrowers. The amount of impairment, if any, is measured by comparing the recorded amount of the loan to the present value of the expected cash flows or, as a practical expedient, the fair value of the collateral. If a loan is deemed to be impaired, the Company records a reserve for loan losses through a charge to income for any shortfall. Interest income from performing loans held for investment is recognized based on the contractual terms of the loan agreement. Fees related to any buy down of the interest rate are deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income. The initial investment made in a purchased performing loan includes the amount paid to the seller plus fees. The initial investment frequently differs from the related loan’s principal amount at the date of the purchase. The difference is recognized as an adjustment of the yield over the life of the loan. Closing costs related to the purchase of a performing loan held for investment are amortized over the term of the loan and accreted as an adjustment to interest income. The Company may acquire real estate loans at a discount due to the credit quality of such loans and the respective borrowers under such loans. Revenues from these loans are recorded under the effective interest method. Under this method, an effective interest rate (“EIR”) is applied to the cost basis of the real estate loan held for investment. The EIR that is calculated when the loan held for investment is acquired remains constant and is the basis for subsequent impairment testing and income recognition. However, if the amount and timing of future cash collections are not reasonably estimable, the Company accounts for the real estate receivable on the cost recovery method. Under the cost recovery method of accounting, no income is recognized until the basis of the loan held for investment has been fully recovered. Allocation of the Purchase Price of Acquired and Foreclosed Assets Acquisitions that do not meet the definition of a business under FASB Update No. 2017-01 are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered business combinations, as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the asset is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition, including transaction costs, to the assets acquired or liabilities assumed based on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price of properties to acquired tangible assets consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if it were vacant. Management’s estimates of value are determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing relationships with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the average remaining term of the underlying leases. The value of customer relationship intangibles are amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization periods for the intangible assets exceed the remaining depreciable life of the building. The determination of the fair value of assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the purchase price allocations, which could impact the amount of the Company’s reported net income. Goodwill The Company records the excess of the cost of an acquired entity over the difference between the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit during the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. There have been no such events or changes in circumstances during the three months ended March 31, 2020. Revenue Recognition The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $56.2 million and $679,000 for the 12 month periods ending March 31, 2021 and 2022, respectively, and none thereafter. The future minimum rental payments to be received from noncancelable operating leases for commercial rental properties and antenna rentals are $484,500, $457,600, $275,800, $166,800, and $150,400 for the 12 month periods ending March 31, 2021 through March 31, 2025, respectively, and $1.4 million thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments and amenities, which are charged to residents and recognized monthly as earned. The Company also has revenue sharing arrangements for cable income from contracts with cable providers at the Company’s properties. Included in Accrued expenses and other liabilities on the consolidated balance sheet at March 31, 2020 and December 31, 2019, is deferred revenue for contracts with cable providers in the amounts of $833,000 and $596,000, respectively. The Company recognizes income on a straight line basis over the contract period of 10 years to 12 years. In the three months ended March 31, 2020, approximately $34,000 of revenue from the contract liability was recognized as income. Tenant Receivables The Company evaluates its portfolio of operating leases for collectability at both the onset of the underlying leases and on an ongoing basis. Tenant receivables include amounts for which collectability was assessed as probable in accordance with the guidance in ASC 842-30. Leases For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company, as a lessor of multifamily apartment units, has nonlease components associated with these leases (i.e. CAM, utilities, etc.). The Company combines nonlease component revenue streams and accounts for them as a combined component with leasing revenue. For leases in which the Company is the lessee, primarily consisting of a parking space lease, a laundry equipment lease, and office equipment leases, the Company recognizes a right-of-use asset and a lease liability equal to the present value of the minimum lease payments. Operating leases are included in operating lease ROU assets and operating lease liabilities in the Company’s consolidated balance sheets. The Company uses a market rate for equipment leases, when readily determinable, in calculating the present value of lease payments. Otherwise, the incremental borrowing rate is used. The operating lease ROU asset includes any lease payments and excludes lease incentives. Operating lease terms may include options to extend the lease when it is reasonably certain the lease will be extended. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2010. To maintain its REIT qualification under the Code, the Company is generally required to distribute at least 90% of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends-paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Generally, taxable income differs from GAAP net income because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat any of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company's taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of March 31, 2020 and December 31, 2019, the Company did not treat any of its subsidiaries as a TRS. The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company. The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months. The Company is subject to examination by the U.S. Internal Revenue Service and by the taxing authorities in other states in which the Company has significant business operations. The Company is not currently undergoing any examinations by taxing authorities. The Company is not subject to IRS examination for tax return years 2015 and prior. Earnings Per Share Basic earnings per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the shares of convertible stock (see Note 13) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of March 31, 2020 (were such date to represent the end of the contingency period). Reclassifications Certain amounts in the prior years financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net income (loss).

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	NOTE 3 - SUPPLEMENTAL CASH FLOW INFORMATION The following table presents the Company's supplemental cash flow information (in thousands): Three Months Ended March 31, 2020 2019 Non-cash financing and investing activities: Stock issued from the distribution reinvestment plan $ 6,085 $ 6,298 Accruals for construction in progress 1,236 990 Lease liabilities arising from obtaining right-of-use assets — 526 Non-cash activity related to dispositions: Mortgage notes payable settled directly with proceeds from sale of rental property — 53,936 Cash paid during the period for: Interest $ 7,741 $ 9,996

RESTRICTED CASH

RESTRICTED CASH	3 Months Ended
	Mar. 31, 2020
Cash And Cash Equivalents [Abstract]
RESTRICTED CASH	NOTE 4 - RESTRICTED CASH Restricted cash represents escrow deposits with lenders to be used to pay real estate taxes, insurance, and capital improvements. The following table presents a summary of the components of the Company's restricted cash (in thousands): March 31, 2020 December 31, 2019 Real estate taxes $ 4,050 $ 8,824 Insurance 904 1,438 Capital improvements 1,933 2,042 Total $ 6,887 $ 12,304 In addition, the Company had unrestricted cash designated for capital expenditures of $17.9 million and $12.1 million as of March 31, 2020 and, December 31, 2019 respectively.

RENTAL PROPERTIES, NET

RENTAL PROPERTIES, NET	3 Months Ended
	Mar. 31, 2020
Real Estate Investments [Abstract]
RENTAL PROPERTIES, NET	NOTE 5 - RENTAL PROPERTIES, NET The following table presents the Company’s investments in rental properties (in thousands): March 31, 2020 December 31, 2019 Land $ 196,358 $ 196,358 Building and improvements 923,209 920,781 Furniture, fixtures and equipment 44,654 43,757 Construction in progress 2,062 2,831 1,166,283 1,163,727 Less: accumulated depreciation (238,521 ) (225,583 ) $ 927,762 $ 938,144 Depreciation expense for the three months ended March 31, 2020 and 2019 was $13.2 million and $13.6 million,

LOAN HELD FOR INVESTMENT, NET

LOAN HELD FOR INVESTMENT, NET	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
LOAN HELD FOR INVESTMENT, NET	NOTE 6 - LOAN HELD FOR INVESTMENT, NET In 2011, the Company purchased, at a discount, one performing promissory note (the "Trail Ridge Note”), which is secured by a first priority mortgage on a multifamily rental apartment community. The contract purchase price for the Trail Ridge Note was $700,000, excluding closing costs. As of both March 31, 2020 and December 31, 2019, the Trail Ridge Note was both current and performing. The following table presents details of the balance and terms of the Trail Ridge Note as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Unpaid principal balance $ 881 $ 885 Unamortized discount and acquisition costs (70 ) (76 ) Net book value $ 811 $ 809 Maturity date 10/28/2021 Interest rate 7.5 % Average monthly payment $ 8 The Company has evaluated the loan for impairment and determined that, as of March 31, 2020, it was not impaired. There were no allowances for credit losses as of both March 31, 2020 and December 31, 2019. There were no charge-offs for both the three months ended March 31, 2020 and 2019.

DISPOSITION OF PROPERTIES AND D

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS	3 Months Ended
	Mar. 31, 2020
Discontinued Operations And Disposal Groups [Abstract]
DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS	NOTE 7 - DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS The Company had no property dispositions Net Gain on Disposition of Property Multifamily Community Location Sale Date Contract Sales Price Three Months Ended March 31, 2019 2019 Dispositions: Williamsburg Cincinnati, OH 3/8/2019 $ 70,000 $ 34,575 The following table presents the Company's revenues and net income attributable to the property sold, excluding gain on sale, for the three months ended March 31, 2019 (in thousands): Revenues Attributable to Property Sold Net Loss Attributable to Property Sold Multifamily Community Three Months Ended March 31, 2019 Three Months Ended March 31, 2019 2019 Dispositions: Williamsburg $ 2,168 $ (1,455 )

IDENTIFIED INTANGIBLE ASSETS, N

IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL	NOTE 8 - IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL Identified intangible assets, net, relate to in-place apartment unit rental and antennae leases. The net carrying value of the acquired in-place leases totaled $11,000 and $14,000 as of March 31, 2020 and December 31, 2019, respectively, net of accumulated amortization of $27.1 million The following table presents the Company's expected amortization for the rental and antennae leases for the next five 12-month periods ending March 31, and thereafter (in thousands): 2021 $ 7 2022 4 2023 — 2024 — 2025 — Thereafter — $ 11 As of both March 31, 2020 and December 31, 2019, the Company had $404,000

MORTGAGE NOTES PAYABLE, NET

MORTGAGE NOTES PAYABLE, NET	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
MORTGAGE NOTES PAYABLE, NET	NOTE 9 - MORTGAGE NOTES PAYABLE, NET The following table presents a summary of the Company's mortgage notes payable, net (in thousands): March 31, 2020 December 31, 2019 Collateral Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Vista Apartment Homes $ 14,234 $ — $ (59 ) $ 14,175 $ 14,315 $ — $ (68 ) $ 14,247 Cannery Lofts 13,100 — (100 ) 13,000 13,100 — (108 ) 12,992 Trailpoint at the Woodlands 17,643 — (113 ) 17,530 17,723 — (121 ) 17,602 Verona Apartment Homes 32,970 — (348 ) 32,622 32,970 — (362 ) 32,608 Skyview Apartment Homes 28,400 — (302 ) 28,098 28,400 — (315 ) 28,085 Maxwell Townhomes 12,711 — (46 ) 12,665 12,785 — (53 ) 12,732 Evergreen at Coursey Place 25,492 28 (27 ) 25,493 25,627 34 (32 ) 25,629 Pines of York 14,034 (98 ) (18 ) 13,918 14,114 (112 ) (21 ) 13,981 The Estates at Johns Creek 65,000 — (567 ) 64,433 65,000 — (589 ) 64,411 Perimeter Circle 26,115 — (291 ) 25,824 26,115 — (304 ) 25,811 Perimeter 5550 20,630 — (267 ) 20,363 20,630 — (279 ) 20,351 Aston at Cinco Ranch 21,912 — (82 ) 21,830 22,032 — (96 ) 21,936 Sunset Ridge 1 18,174 38 (30 ) 18,182 18,300 54 (43 ) 18,311 Sunset Ridge 2 2,751 5 (4 ) 2,752 2,768 7 (6 ) 2,769 Calloway at Las Colinas 32,747 — (100 ) 32,647 32,938 — (115 ) 32,823 South Lamar Village 21,000 — (287 ) 20,713 21,000 — (298 ) 20,702 Heritage Pointe 24,671 — (191 ) 24,480 24,808 — (201 ) 24,607 The Bryant at Yorba Linda 66,016 — (36 ) 65,980 66,238 — (87 ) 66,151 Point Bonita Apartment Homes 25,585 991 (170 ) 26,406 25,696 1,063 (183 ) 26,576 The Westside Apartments 35,641 — (282 ) 35,359 35,838 — (293 ) 35,545 Tech Center Square 11,672 — (93 ) 11,579 11,730 — (101 ) 11,629 Retreat at Rocky Ridge 11,172 — (136 ) 11,036 11,221 — (145 ) 11,076 Providence in the Park 46,192 — (323 ) 45,869 46,398 — (345 ) 46,053 Green Trails Apartment Homes 60,718 — (425 ) 60,293 60,998 — (451 ) 60,547 Meridian Pointe 39,095 — (379 ) 38,716 39,277 — (402 ) 38,875 Terraces at Lake Mary 31,963 — (245 ) 31,718 32,110 — (259 ) 31,851 Courtney Meadows Apartments 27,015 — (244 ) 26,771 27,100 — (257 ) 26,843 Addison at Sandy Springs 22,750 — (232 ) 22,518 22,750 — (244 ) 22,506 Bristol at Grapevine 32,922 — (291 ) 32,631 32,922 — (306 ) 32,616 $ 802,325 $ 964 $ (5,688 ) $ 797,601 $ 804,903 $ 1,046 $ (6,084 ) $ 799,865 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages) as of March 31, 2020: Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 3.28% (1)(5) $ 80 $ 32 Cannery Lofts 11/1/2023 3.53% (1)(3) 60 23 Trailpoint at the Woodlands 11/1/2023 3.40% (1)(4) 95 46 Verona Apartment Homes 10/1/2026 3.35% (1)(3) 150 43 Skyview Apartment Homes 10/1/2026 3.35% (1)(3) 129 31 Maxwell Townhomes 1/1/2022 4.32% (2)(5) 71 80 Evergreen at Coursey Place 8/1/2021 5.07% (2)(5) 154 51 Pines of York 12/1/2021 4.46% (2)(5) 80 29 The Estates at Johns Creek 11/25/2026 2.24% (1)(5) 162 — Perimeter Circle 1/1/2026 2.49% (1)(3) 82 46 Perimeter 5550 1/1/2026 2.49% (1)(3) 65 34 Aston at Cinco Ranch 10/1/2021 4.34% (2)(5) 120 55 Sunset Ridge 1 11/1/2020 4.58% (2)(5) 113 79 Sunset Ridge 2 11/1/2020 4.54% (2)(5) 16 — Calloway at Las Colinas 12/1/2021 3.87% (2)(5) 171 133 South Lamar Village 7/22/2026 2.29% (1)(3) 61 — Heritage Pointe 4/1/2025 2.87% (1)(4) 131 56 The Bryant at Yorba Linda 6/1/2020 (6) 2.74% (1)(3) 289 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 68 The Westside Apartments 9/1/2026 3.11% (1)(3) 195 82 Tech Center Square 6/1/2023 3.57% (1)(5) 66 25 Retreat at Rocky Ridge 1/1/2024 3.45% (1)(3) 59 24 Providence in the Park 2/1/2024 3.29% (1)(3) 240 149 Green Trails Apartment Homes 6/1/2024 2.98% (1)(3) 303 81 Meridian Pointe 8/1/2024 2.89% (1)(3) 193 81 Terraces at Lake Mary 9/1/2024 2.90% (1)(3) 158 63 Courtney Meadows Apartments 1/1/2025 2.83% (1)(3) 131 71 Addison at Sandy Springs 5/1/2025 2.75% (1)(3) 104 42 Bristol at Grapevine 5/1/2025 2.70% (1)(3) 109 104 (1) (2) (3) (4) (5) (6) Yorba Linda mortgage was refinanced for $76.0 million on April 15, 2020 with a new maturity date of April 15, 2027. Loans assumed as part of the Point Bonita Apartment Homes, Paladin (Evergreen at Coursey Place and Pines of York), Sunset Ridge and Maxwell Townhomes acquisitions were recorded at their fair values. The premium or discount is amortized over the remaining term of the loans and included in interest expense. For the three months ended March 31, 2020 and 2019, interest expense was reduced by $82,000 and $83,000, respectively, for the amortization of the premium or discount. All mortgage notes are collateralized by a first mortgage lien on the assets of the respective property as named in the table above. The amount outstanding on the mortgages may be prepaid in full during the entire term with a prepayment penalty on the majority of mortgages held. The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five 12-month periods ending March 31, and thereafter (in thousands): 2021 $ 96,720 2022 127,367 2023 10,774 2024 128,350 2025 153,566 Thereafter 285,548 $ 802,325 The mortgage notes payable are recourse only with respect to the properties that secure the notes, subject to certain limited standard exceptions, as defined in each mortgage note. These exceptions are referred to as “carveouts.” The Company has guaranteed the carveouts under mortgage notes by executing a guarantee with respect to the properties. In general, carveouts relate to damages suffered by the lender for a borrower’s failure to pay rents, insurance or condemnation proceeds to lender, failure to pay water, sewer and other public assessments or charges, failure to pay environmental compliance costs or to deliver books and records, in each case as required in the loan documents. The exceptions also require the Company to guarantee payment of audit costs, lender’s enforcement of its rights under the loan documents and payment of the loan if the borrower voluntarily files for bankruptcy or seeks reorganization, or if a related party of the borrower does so with respect to the subsidiary. The Company may borrow an additional $7.5 million on the mortgage secured by The Bryant at Yorba Linda when certain debt service coverage and loan to value criteria are met. The Bryant at Yorba Linda mortgage loan includes net worth, liquidity, and debt service coverage ratio covenants. The Company was in compliance with all covenants related to this loan as of March 31, 2020. The Bryant at Yorba Linda mortgage was refinanced on April 15, 2020. See Note 17, “Subsequent Events” for further details. The Company refinanced the loans on South Lamar and Estates at Johns Creek during the year ended December 31, 2019. Both refinanced mortgage loans include net worth, liquidity, and debt service coverage ratio covenants; the Company was in compliance with all covenants related to these loans as of March 31, 2020. Deferred financing costs incurred to obtain financing are amortized over the term of the related debt. During the three months ended March 31, 2020 and March 31, 2019, $396,000 and $1.0 million, respectively, of amortization of deferred financing costs was included in interest expense. The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five 12-month periods ending March 31, and thereafter (in thousands): 2021 $ 1,383 2022 1,213 2023 1,067 2024 954 2025 601 Thereafter 470 $ 5,688

LEASES

LEASES	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
LEASES	NOTE 10 - LEASES As the lessee, the Company’s operating leases primarily consist of a parking lot lease, a laundry equipment lease, and office equipment leases. These operating leases have remaining terms ranging from less than one year to four years. Some of the leases include options to extend the lease for up to an additional five years. Only those rental periods reasonably certain to be extended beyond the initial term expiration are included within the calculation of the operating lease liability. As of March 31, 2020, the payments due under the contractually-obligated portion of these leases totaled $177,000. The market rate is used for equipment leases, when readily determinable, in calculating the present value of lease payments. Otherwise, the incremental borrowing rate based on the information available at commencement date is used. As of March 31, 2020, the weighted average remaining lease term was 2.4 years and the weighted average discount rate was 4.20% for the Company’s operating leases. As of March 31, 2020, the Company included approximately $169,000 in its consolidated balance sheet for both operating lease right-of-use assets and operating lease liabilities. The Company’s lease expense for the three months ended March 31, 2020 and 2019 was approximately $36,200 The following table presents the Company’s annual payments for the operating lease liabilities (including reasonably assured extension periods) for each of the next five 12–month periods ending March 31, and thereafter (in thousands): 2021 $ 87 2022 51 2023 36 2024 3 2025 — Thereafter — $ 177

ACCUMULATED OTHER COMPREHENSIVE

ACCUMULATED OTHER COMPREHENSIVE LOSS	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
ACCUMULATED OTHER COMPREHENSIVE LOSS	NOTE 11 - ACCUMULATED OTHER COMPREHENSIVE LOSS The following table presents the changes in each component of the Company's accumulated other comprehensive loss for the three months ended March 31, 2020 and 2019 (in thousands): Balance, January 1, 2020 $ (218 ) Reclassification adjustment for realized loss on designated derivatives 44 Designated derivatives, fair value adjustments 54 Balance, March 31, 2020 $ (120 ) Balance, January 1, 2019 $ (474 ) Reclassification adjustment for realized loss on designated derivatives 172 Designated derivatives, fair value adjustments (28 ) Balance, March 31, 2019 $ (330 )

CERTAIN RELATIONSHIPS AND RELAT

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS	NOTE 12 - CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS In the ordinary course of its business operations, the Company has ongoing relationships with several related parties. Relationship with RAI and C-III Property loss pool. Until February 28, 2019, the Company's properties participated in a property loss self-insurance pool with other properties directly and indirectly managed by RAI and C-III, which was backed by a catastrophic insurance policy. The pool covered losses up to $2.5 million, in aggregate, after a $25,000 deductible per incident. Claims beyond the insurance pool limits were covered by the catastrophic insurance policy, which covered claims up to $250 million, after either a $25,000 or a $100,000 deductible per incident, depending on the location and/or type of loss. Therefore, unforeseen or catastrophic losses in excess of the Company's insured limits could have a material adverse effect on the Company's financial condition and operating results. Beginning March 1, 2019, the Company now participates (with other properties directly or indirectly managed by RAI and C-III) only in the catastrophic insurance policy, which covers claims up to $250.0 million, after either a $25,000 or a $100,000 deductible per incident, depending on location and/or type of loss. Therefore, unforeseen or catastrophic losses in excess of the Company's insured limited could have a material adverse effect on the Company's financial condition and operating results. General liability loss policy. The Company also participates (with other properties directly or indirectly managed by RAI and C-III) in a general liability policy. The insured limit for the general liability policy is $76 million in total claims, after a $25,000 deductible per incident. Internal audit . RAI performs internal audit services for the Company. Directors and officers liability insurance. The Company participates in a liability insurance program for directors and officers coverage with other C-III managed entities and subsidiaries for coverage up to $100.0 million. The Company paid premiums of $269,911 during the year ended December 31, 2019 in connection with this insurance program for an annual policy through September 2020. Other expenses. The Company utilizes the services of The Planning and Zoning Resource Company, an affiliate of C-III, for zoning reports for acquisitions. Relationship with the Advisor In September 2009, the Company entered into an advisory agreement (the “Advisory Agreement”) pursuant to which the Advisor provides the Company with investment management, administrative and related services. The Advisory Agreement was amended in January 2010 and further amended in January 2011, March 2015, and September 2019. The Advisory Agreement has a one year term Acquisition fees. The Company pays the Advisor an acquisition fee of 2.0% of the cost of investments acquired on behalf of the Company, plus any capital expenditure reserves allocated, or the amount funded by the Company to acquire loans, including acquisition expenses and any debt attributable to such investments. Asset management fees. The Company pays the Advisor a monthly asset management fee equal to one-twelfth of 1.0% of the higher of the cost or the independently appraised value of each asset, without deduction for depreciation, bad debts or other non-cash reserves. The asset management fee is based only on the portion of the costs or value attributable to the Company’s investment in an asset if the Company does not own all or a majority of an asset and does not manage or control the asset. Disposition fees. The Advisor earns a disposition fee in connection with the sale of a property equal to the lesser of one-half of the aggregate brokerage commission paid, or if none is paid, 2.75% of the contract sales price. Debt financing fees. The Advisor earns a debt financing fee equal to 0.5% of the amount available under any debt financing obtained for which it provided substantial services. Expense reimbursements. The Company also pays directly or reimburses the Advisor for all of the expenses paid or incurred by the Advisor or its affiliates on behalf of the Company or in connection with the services provided to the Company in relation to its public offering, including its ongoing distribution reinvestment plan offering. Reimbursements also include expenses the Advisor incurs in connection with providing services to the Company, including the Company’s allocable share of costs for Advisor personnel and overhead, out of pocket expenses incurred in connection with the selection and acquisition of properties or other real estate related debt investments, whether or not the Company ultimately acquires the investment. However, the Company will not reimburse the Advisor or its affiliates for employee costs in connection with services for which the Advisor earns acquisition or disposition fees. Relationship with Resource Real Estate Opportunity Manager The Manager manages the Company's real estate properties and real estate-related debt investments and coordinates the leasing of, and manages construction activities related to, some of the Company’s real estate properties pursuant to the terms of the management agreement with the Manager. Property management fees. The Manager earns 4.5% of the gross receipts from the Company's properties, provided that for properties that are less than 75% occupied, the manager receives a minimum fee for the first 12 months of ownership for performing certain property management and leasing activities. The Manager subcontracts certain services to an unaffiliated third-party and pays for those services from its property management fee. Construction management fees. The Manager earns a construction management fee of 5.0% of actual aggregate costs to construct improvements, or to repair, rehab or reconstruct a property Debt servicing fees. The Manager earns a debt servicing fee of 2.75% on payments received from loans held by the Company for investment. Information technology fees and operating expense reimbursement. During the ordinary course of business, the Manager or other affiliates of RAI may pay certain shared information technology fees and operating expenses on behalf of the Company for which they are reimbursed. The following table presents the Company's amounts payable to, and amounts receivable from, such related parties (in thousands): March 31, 2020 December 31, 2019 Due from related parties: RAI and affiliates $ 16 $ 236 Due to related parties: Advisor: Operating expense reimbursements 386 35 Manager: Property management fees 502 521 Construction management fees 126 119 Other operating expense reimbursements — 8 $ 1,014 $ 683 The following table presents the Company's fees earned by, and expenses paid to, such related parties (in thousands): Three Months Ended March 31, 2020 2019 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ 113 $ — Asset management fees (2) 3,091 3,198 Disposition fees (3) — 330 Overhead allocation (4) 1,172 1,050 Internal audit (4) 28 27 Manager: Property management fees (2) $ 1,491 $ 1,558 Construction management fees (5) 126 105 Construction payroll reimbursements (5) — 36 Operating expense reimbursements (6) — 117 Debt servicing fees (2) 1 — (1) Included in Acquisition Fees on the consolidated statements of operations and comprehensive income (loss). This amount represents the net acquisition fee paid to the Advisor during the three months ended March 31, 2020 for additional capital funding contributed to the properties. (2) Included in Management fees on the consolidated statements of operations and comprehensive income (loss). (3) Included in Net gains on dispositions of properties on the consolidated statements of operations and comprehensive (loss) income. (4) Included in General and administrative on the consolidated statements of operations and comprehensive income (loss). (5) Capitalized and included in Rental Properties, net on the consolidated balance sheets. (6) Included in Rental operating expenses on the consolidated statements of operations and comprehensive income (loss).

EQUITY

EQUITY	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
EQUITY	NOTE 13 - EQUITY Preferred Stock The Company’s charter authorizes the Company to issue 10.0 million shares of its $0.01 par value preferred stock. As of March 31, 2020 and December 31, 2019, no shares of preferred stock were issued and outstanding. Common Stock As of March 31, 2020, the Company had an aggregate of 70,026,413 shares of its $0.01 par value common stock outstanding as follows (dollars in thousands): Shares Issued Gross Proceeds Shares issued through private offering 1,263,727 $ 12,582 Shares issued through primary public offering (1) 62,485,461 622,077 Shares issued through stock distributions 2,132,266 — Shares issued through distribution reinvestment plan 17,018,612 175,018 Shares issued in conjunction with the Advisor's initial investment, net of 4,500 share conversion 15,500 155 Total 82,915,566 $ 809,832 Shares redeemed and retired (12,889,153 ) Total shares issued and outstanding as of March 31, 2020 70,026,413 (1) Includes Convertible Stock As of March 31, 2020 and December 31, 2019, the Company had 49,935 shares for both periods, of $0.01 par value convertible stock outstanding. As of March 31, 2020, the Advisor and affiliated persons owned 49,063 shares and outside investors owned 872 shares. Each of these two events is a “Triggering Event.” Upon a Triggering Event, the Company's convertible stock will, unless its advisory agreement has been terminated or not renewed on account of a material breach by its Advisor, generally be converted into a number of shares of common stock equal to 1 / 50,000 of the quotient of: (A) (i) 25% of the amount, if any, by which (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 10% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, or (ii) 15% of the amount, if any, by which (1) the value of the Company as of the date of the event triggering the conversion plus the total distributions paid to its stockholders through such date on the then-outstanding shares of its common stock exceeds (2) the sum of the aggregate issue price of those outstanding shares plus a 6% cumulative, non-compounded, annual return on the issue price of those outstanding shares as of the date of the event triggering the conversion, divided by (B) As of March 31, 2020, no Triggering Event has occurred or was probable to occur. Redemption of Securities During the three months ended March 31, 2020, the Company redeemed shares of its outstanding common stock as follows: Period Total Number of Shares Redeemed (1) Average Price Paid per Share January 2020 — $ — February 2020 — $ — March 2020 27,769 $ 10.83 27,769 (1) Effective March 20, 2020, the share redemption program is only available for redemptions submitted in connection with a stockholder’s death, qualifying disability, or confinement to a long-term care facility. In addition, pursuant to the terms of the share redemption program, the Company will not redeem in excess of 5% of the weighted-average number of shares outstanding during the 12-month period immediately prior to the effective date of redemption. The Company's Board of Directors will determine at least quarterly whether it has sufficient excess cash to repurchase shares. Generally, the cash available for redemptions will be limited to proceeds from the Company's distribution reinvestment plan plus, if the Company has positive operating cash flow from the previous fiscal year, 1% of all operating cash flow from the previous year. The Company currently redeems shares submitted in connection with a stockholder’s death, qualifying disability, or confinement to a long-term care facility The Company's Board of Directors, in its sole discretion, may suspend, terminate or amend the Company's share redemption program without stockholder approval upon 30 days' notice if it determines that such suspension, termination or amendment is in the Company's best interest. The Company's board may also reduce the number of shares purchased under the share redemption program if it determines the funds otherwise available to fund the Company's share redemption program are needed for other purposes. These limitations apply to all redemptions, including redemptions sought upon a stockholder's death, qualifying disability or confinement to a long-term care facility. Distributions For the three months ended March 31, 2020, the Company paid aggregate distributions of $10.4 million, including $4.3 million of distributions paid in cash and $6.1 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands, except per share data): Record Date Per Common Share Distribution Date Distributions reinvested in Shares of Common Stock Net Cash Distribution Total Aggregate Distribution January 30, 2020 $ 0.05 January 31, 2020 $ 2,033 $ 1,440 $ 3,473 February 27, 2020 0.05 February 28, 2020 2,027 1,456 3,483 March 30, 2020 0.05 March 31, 2020 2,025 1,468 3,493 . $ 0.15 $ 6,085 $ 4,364 $ 10,449 The Company announced on March 30, 2020 that it was suspending distributions as of April 1, 2020 in order to preserve cash and offset any impact to the Company’s liquidity that may occur as a result of the COVID-19 pandemic on its operations.

FAIR VALUE MEASURES AND DISCLOS

FAIR VALUE MEASURES AND DISCLOSURES	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
FAIR VALUE MEASURES AND DISCLOSURES	NOTE 14 - FAIR VALUE MEASURES AND DISCLOSURES In analyzing the fair value of its investments accounted for on a fair value basis, the Company follows the fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company determines fair value based on quoted prices when available or, if quoted prices are not available, through the use of alternative approaches, such as discounting the expected cash flows using market interest rates commensurate with the credit quality and duration of the investment. The fair value of cash, tenant receivables and accounts payable, approximate their carrying value due to their short nature. The hierarchy followed defines three levels of inputs that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets and liabilities that the reporting entity has the ability to access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset and liability or can be corroborated with observable market data for substantially the entire contractual term of the asset or liability. Level 3 - Unobservable inputs that reflect the entity’s own assumptions about the assumptions that market participants would use in the pricing of the asset or liability and are consequently not based on market activity, but rather through particular valuation techniques. The determination of where an asset or liability falls in the hierarchy requires significant judgment. The Company evaluates its hierarchy disclosures each quarter; depending on various factors, it is possible that an asset or liability may be classified differently from quarter to quarter. However, the Company expects that changes in classifications between levels will be rare. Derivatives (interest rate caps), which are reported at fair value in the consolidated balance sheets, are valued by a third-party pricing agent using an income approach with models that use, as their primary inputs, readily observable market parameters. This valuation process considers factors including interest rate yield curves, time value, credit and volatility factors. (Level 2) The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): Level 1 Level 2 Level 3 Total March 31, 2020 Assets: Interest rate caps $ — $ 89 $ — $ 89 $ — $ 89 $ — $ 89 December 31, 2019 Assets: Interest rate caps $ — $ 20 $ — $ 20 $ — $ 20 $ — $ 20 The following table presents the carrying amount and estimated fair value of the Company’s loan held for investment, net, and mortgage notes payable-outstanding borrowings (in thousands): March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 811 $ 930 $ 809 $ 938 Mortgage notes payable- outstanding borrowings $ (802,325 ) $ (827,507 ) $ (804,903 ) $ (790,413 ) The fair value of the loan held for investment, net was estimated using rates available to the Company for debt with similar terms and remaining maturities. (Level 3) The carrying amount of the mortgage notes payable presented is the outstanding borrowings excluding premium or discount and deferred finance costs, net. The fair value of the mortgage notes payable was estimated using rates available to the Company for debt with similar terms and remaining maturities. (Level 3)

DERIVATIVES AND HEDGING ACTIVIT

DERIVATIVES AND HEDGING ACTIVITIES	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
DERIVATIVES AND HEDGING ACTIVITIES	NOTE 15 - DERIVATIVES AND HEDGING ACTIVITIES Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. As a condition to certain of the Company’s financing facilities, from time to time the Company may be required to enter into certain derivative transactions as may be required by the lender. These transactions would generally be in line with the Company’s own risk management objectives and also serve to protect the lender. Cash Flow Hedges of Interest Rate Risk The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company entered into a total of 19 interest rate caps that were designated as cash flow hedges. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income and is subsequently reclassified into earnings in the period that the hedged forecasted Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. During the next 12 months, the Company estimates that an additional $95,736 will be reclassified as an increase to interest expense. The following table presents the Company's outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2020 (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates Interest Rate Caps 19 $ 575,313 May 1, 2020 to April 1, 2023 Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet The following table presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of March 31, 2020 and December 31, 2019 (in thousands): Asset Derivatives Liability Derivatives March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 89 Prepaid expenses and other assets $ 20 — $ — — $ —

OPERATING EXPENSE LIMITATION

OPERATING EXPENSE LIMITATION	3 Months Ended
	Mar. 31, 2020
Operating Expense [Abstract]
OPERATING EXPENSE LIMITATION	NOTE 16 - OPERATING EXPENSE LIMITATION Under its charter, the Company must limit its total operating expenses to the greater of 2% of its average invested assets or 25% of its net income for the four most recently completed fiscal quarters, unless the conflicts committee of the Company’s Board of Directors has determined that such excess expenses were justified based on unusual and non-recurring factors. Operating expenses for the four quarters ended March 31, 2020 were in compliance with the charter-imposed limitation.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 17 - SUBSEQUENT EVENTS Loan Refinancing On April 15, 2020 the Company refinanced the $66 million mortgage loan secured by The Bryant at Yorba Linda. The new loan for $76 million matures on April 15, 2027. COVID-19 Pandemic The Company is closely monitoring the impact of the COVID-19 pandemic on all aspects of its business, including how the pandemic will impact its tenants. While the Company did not incur significant disruptions from the COVID-19 pandemic during the three months ended March 31, 2020, during April 2020, a small percentage of tenants have requested rent deferral as a result of the pandemic. The Company is evaluating each tenant rent relief request on an individual basis, considering a number of factors. Not all tenant requests will ultimately result in modified agreements, nor is the Company forgoing its contractual rights under its lease agreements. On April 10, 2020, the FASB issued a Staff Q&A to respond to some frequently asked questions about accounting for lease concessions related to the effects of the COVID-19 pandemic. Consequently, for concessions related to the effects of the COVID-19 pandemic, an entity will not have to analyze each lease to determine whether enforceable rights and obligations for concessions exist in the lease and can elect to apply or not apply the lease modification guidance to those leases. Entities may make the elections for any lessor-provided concessions related to the effects of the COVID-19 pandemic (e.g., deferrals of lease payments) as long as the concession does not result in a substantial increase in the rights of the lessor or the obligations of the lessee. The Company is unable to predict the impact that the pandemic will have on its financial condition, results of operations and cash flows . The Company has evaluated subsequent events and determined that no events have occurred, other than as disclosed above or elsewhere in the financial statements, which would require an adjustment to or additional disclosure in the consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	The accompanying consolidated financial statements have been prepared in conformity with GAAP.
Principles of Consolidation	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings, LLC N/A N/A N/A Resource Real Estate Opportunity OP, LP N/A N/A N/A RRE Charlemagne Holdings, LLC N/A N/A N/A RRE Iroquois, LP (“Vista”) Vista Apartment Homes 133 Philadelphia, PA RRE Iroquois Holdings, LLC N/A N/A N/A RRE Cannery Holdings, LLC (“Cannery”) Cannery Lofts 156 Dayton, OH RRE Autumn Wood Holdings, LLC ("Autumn Wood") Retreat at Rocky Ridge 206 Hoover, AL RRE Village Square Holdings, LLC ("Village Square") Trailpoint at the Woodlands 271 Houston, TX RRE Brentdale Holdings, LLC ("Brentdale") The Westside Apartments 412 Plano, TX RRE Jefferson Point Holdings, LLC ("Jefferson Point") Tech Center Square 208 Newport News,VA RRE Centennial Holdings, LLC ("Centennial") Verona Apartment Homes 276 Littleton, CO RRE Pinnacle Holdings, LLC ("Pinnacle") Skyview Apartment Homes 224 Westminster, CO RRE River Oaks Holdings, LLC ("River Oaks") Maxwell Townhomes 316 San Antonio, TX RRE Nicollet Ridge Holdings, LLC ("Nicollet Ridge") Meridian Pointe 339 Burnsville, MN PRIP Coursey, LLC ("Evergreen at Coursey Place") (a) Evergreen at Coursey Place 352 Baton Rouge, LA PRIP Pines, LLC ("Pines of York") (a) Pines of York 248 Yorktown, VA RRE Addison Place Holdings, LLC ("Addison Place") The Estates at Johns Creek 403 Alpharetta, GA RRE Berkeley Run Holdings, LLC ("Berkley Run") Perimeter Circle 194 Atlanta, GA RRE Berkeley Trace Holdings LLC ("Berkley Trace") Perimeter 5550 165 Atlanta, GA RRE Merrywood Holdings, LLC ("Merrywood") Aston at Cinco Ranch 228 Katy, TX RRE Sunset Ridge Holdings, LLC ("Sunset Ridge") Sunset Ridge 324 San Antonio, TX RRE Parkridge Place Holdings, LLC ("Parkridge Place") Calloway at Las Colinas 536 Irving, TX RRE Woodmoor Holdings, LLC ("Woodmoor") South Lamar Village 208 Austin, TX RRE Gilbert Holdings, LLC ("Springs at Gilbert") Heritage Pointe 458 Gilbert, AZ RRE Bonita Glen Holdings, LLC ("Bonita") Point Bonita Apartment Homes 294 Chula Vista, CA RRE Yorba Linda Holdings, LLC ("Yorba Linda") The Bryant at Yorba Linda 400 Yorba Linda, CA RRE Providence Holdings, LLC ("Providence in the Park") Providence in the Park 524 Arlington, TX RRE Green Trails Holdings, LLC ("Green Trails") Green Trails Apartment Homes 440 Lisle, IL RRE Terraces at Lake Mary Holdings, LLC ("Lake Mary") Terraces at Lake Mary 284 Lake Mary, FL RRE Courtney Meadows Holdings, LLC ("Courtney Meadows") Courtney Meadows Apartments 276 Jacksonville, FL RRE Sandy Springs Holdings, LLC ("Sandy Springs") Addison at Sandy Springs 236 Sandy Springs,GA RRE Grapevine Holdings, LLC ("Bristol Grapevine") Bristol Grapevine 376 Grapevine, TX 8,487 N/A - Not Applicable (a) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC. All intercompany accounts and transactions have been eliminated in consolidation.
Segment Reporting	Segment Reporting The Company does not evaluate performance on a relationship-specific or transactional basis and does not distinguish its principal business or group its operations on a geographical basis for purposes of measuring performance. Accordingly, the Company believes it has a single operating segment for reporting purposes in accordance with GAAP.
Concentration of Risk	Concentration of Risk At March 31, 2020, the Company's real estate investments in Texas, California, and Georgia represented 31%, 17%, and 15%, respectively, of the net book value of its rental property assets. Any adverse economic or real estate developments in these markets, such as the impact of the COVID-19 pandemic, business layoffs or downsizing, industry slowdowns, relocations of businesses, adverse weather events, changing demographics and other factors, or any decrease in demand for multifamily rentals resulting from the local business climate, could adversely affect the Company's operating results and its ability to make distributions to stockholders.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.
Adoption of New Accounting Standards	Adoption of New Accounting Standards In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13, “Financial Instruments - Credit Losses”, which requires measurement and recognition of expected credit losses for financial assets held. The Company adopted the standard on January 1, 2020, and the adoption did not have an impact on its consolidated financial statements. In January 2017, FASB issued ASU No. 2017-04, "Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment", which alters the current goodwill impairment testing procedures to eliminate Step 2. Step 2 required that, if the carrying amount of a reporting unit exceeded its fair value, the implied fair value of the goodwill must be compared to the carrying amount in order to determine impairment. The Company adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In August 2018, FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement.” This update removes, modifies and adds certain disclosure requirements in FASB ASC 820, “Fair Value Measurement” (“ASC 820”). The Company adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In November 2018, FASB issued ASU No. 2018-19, “Codification Improvements to Topic 326, Financial Instruments-Credit Losses.” ASU No. 2018-19 clarifies that receivables arising from operating leases are not within the scope of Subtopic 326-20. Instead, impairment of receivables arising from operating leases should be accounted for in accordance with ASC 842 Leases. The Company adopted the standard on January 1, 2020, and the adoption did not have a significant impact on its consolidated financial statements. In March 2020, FASB issued ASU No. 2020-04, “Reference Rate Reform (Topic 848).” ASU No. 2020-04 provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting. The amendments in ASU 2020-04 are effective for all entities as of March 12, 2020 through December 31, 2022. During the three months ended March 31, 2020, the Company has elected to apply the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives. Application of these expedients preserves the presentation of derivatives consistent with past presentation. The Company continues to evaluate the impact of the guidance and may apply other elections as applicable as additional changes in the market occur.
Assets Held for Sale	Assets Held for Sale The Company presents rental property assets that qualify as held for sale separately in the consolidated balance sheets. Real estate assets held for sale are measured at the lower of carrying amount or fair value less cost to sell. Subsequent to classification of an asset as held for sale, no further depreciation is recorded. As of March 31, 2020 and December 31, 2019, the Company had no rental properties included in assets held for sale.
Rental Properties	Rental Properties The Company records acquired rental properties at fair value on the acquisition date. The Company considers the period of future benefit of an asset to determine its appropriate useful life and depreciates the asset using the straight line method. The Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease Improvements and replacements in excess of $1,000 are capitalized when they have a useful life greater than or equal to one year. Construction management fees (further discussed in Note 12) are capitalized along with the related asset. Costs of repairs and maintenance are expensed as incurred.
Impairment of Long-Lived Assets	Impairment of Long Lived Assets When circumstances indicate the carrying value of a property may not be recoverable, the Company reviews the asset for permanent impairment. This review is based on an estimate of the future undiscounted cash flows, excluding interest charges, expected to result from the property’s use and eventual disposition. The review also considers factors such as expected future operating income, market and other applicable trends and residual value, as well as the effects of leasing demand, competition and other factors. If an impairment exists, due to the Company's inability to recover the carrying value of a property, an impairment loss will be recorded to the extent that the carrying value exceeds the estimated fair value of the property for properties to be held and used. For properties held for sale, the impairment loss is the adjustment to fair value less estimated cost to dispose of the asset. These assessments have a direct impact on net income because recording an impairment loss results in an immediate negative adjustment to net income. As of March 31, 2020, the Company evaluated whether the global economic disruption caused by the COVID-19 pandemic was an impairment indicator. The Company examined a number of factors and concluded that there was no indication that the carrying value of the Company’s investments in real estate might not recoverable as of March 31, 2020. There were no impairment losses recorded on long-lived assets during the three months ended March 31, 2020 and 2019.
Loans Held for Investment, Net	Loans Held for Investment, Net The Company records acquired performing loans held for investment at cost and reviews them for potential impairment at each balance sheet date. The Company considers a loan to be impaired if one of two conditions exists. The first condition is if, based on current information and events, management believes it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the loan agreement. The second condition is if the loan is deemed to be a troubled-debt restructuring (“TDR”) where a concession has been given to a borrower in financial difficulty. A TDR may not have an associated specific loan loss allowance if the principal and interest amount is considered recoverable based on current market conditions, expected collateral performance and/or guarantees made by the borrowers. The amount of impairment, if any, is measured by comparing the recorded amount of the loan to the present value of the expected cash flows or, as a practical expedient, the fair value of the collateral. If a loan is deemed to be impaired, the Company records a reserve for loan losses through a charge to income for any shortfall. Interest income from performing loans held for investment is recognized based on the contractual terms of the loan agreement. Fees related to any buy down of the interest rate are deferred as prepaid interest income and amortized over the term of the loan as an adjustment to interest income. The initial investment made in a purchased performing loan includes the amount paid to the seller plus fees. The initial investment frequently differs from the related loan’s principal amount at the date of the purchase. The difference is recognized as an adjustment of the yield over the life of the loan. Closing costs related to the purchase of a performing loan held for investment are amortized over the term of the loan and accreted as an adjustment to interest income. The Company may acquire real estate loans at a discount due to the credit quality of such loans and the respective borrowers under such loans. Revenues from these loans are recorded under the effective interest method. Under this method, an effective interest rate (“EIR”) is applied to the cost basis of the real estate loan held for investment. The EIR that is calculated when the loan held for investment is acquired remains constant and is the basis for subsequent impairment testing and income recognition. However, if the amount and timing of future cash collections are not reasonably estimable, the Company accounts for the real estate receivable on the cost recovery method. Under the cost recovery method of accounting, no income is recognized until the basis of the loan held for investment has been fully recovered.
Allocation of Purchase Price of Acquired and Foreclosed Assets	Allocation of the Purchase Price of Acquired and Foreclosed Assets Acquisitions that do not meet the definition of a business under FASB Update No. 2017-01 are accounted for as asset acquisitions. In most cases, the Company believes acquisitions of real estate will no longer be considered business combinations, as in most cases substantially all of the fair value is concentrated in a single identifiable asset or group of tangible assets that are physically attached to each other (land and building). However, if the Company determines that substantially all of the fair value of the gross assets acquired is not concentrated in either a single identifiable asset or in a group of similar identifiable assets, the Company will then perform an assessment to determine whether the asset is a business by using the framework outlined in the ASU. If the Company determines that the acquired asset is not a business, the Company will allocate the cost of the acquisition, including transaction costs, to the assets acquired or liabilities assumed based on their related fair value. Upon the acquisition of real properties, the Company allocates the purchase price of properties to acquired tangible assets consisting of land, buildings, fixtures and improvements, identified intangible lease assets, consisting of the value of above-market and below-market leases, as applicable, the value of in-place leases, the value of tenant relationships, and liabilities, based in each case on their fair values. The Company records above-market and below-market in-place lease values for acquired properties based on the present value (using an interest rate that reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) management’s estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining non-cancelable term of the lease. The Company amortizes any capitalized above-market or below-market lease values as an increase or reduction to rental income over the remaining non-cancelable terms of the respective leases. The Company measures the aggregate value of other intangible assets acquired based on the difference between (i) the property valued with existing in-place leases adjusted to market rental rates and (ii) the property valued as if it were vacant. Management’s estimates of value are determined by independent appraisers (e.g., discounted cash flow analysis). Factors to be considered in the analysis include an estimate of carrying costs during hypothetical expected lease-up periods considering current market conditions and costs to execute similar leases. In estimating carrying costs, management includes real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates during the expected lease-up periods. Management also estimates costs to execute similar leases including leasing commissions and legal and other related expenses to the extent that such costs have not already been incurred in connection with a new lease origination as part of the transaction. The total amount of other intangible assets acquired is further allocated to customer relationship intangible values based on management’s evaluation of the specific characteristics of each tenant’s lease and the Company’s overall relationship with that respective tenant. Characteristics to be considered by management in allocating these values include the nature and extent of the Company’s existing relationships with the tenant, the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The Company amortizes the value of in-place leases to expense over the average remaining term of the underlying leases. The value of customer relationship intangibles are amortized to expense over the initial term and any renewal periods in the respective leases, but in no event will the amortization periods for the intangible assets exceed the remaining depreciable life of the building. The determination of the fair value of assets and liabilities acquired requires the use of significant assumptions with regard to current market rental rates, discount rates and other variables. The use of inappropriate estimates would result in an incorrect assessment of the purchase price allocations, which could impact the amount of the Company’s reported net income.
Goodwill	Goodwill The Company records the excess of the cost of an acquired entity over the difference between the amounts assigned to assets acquired (including identified intangible assets) and liabilities assumed as goodwill. Goodwill is not amortized but is tested for impairment at a level of reporting referred to as a reporting unit during the fourth quarter of each calendar year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. There have been no such events or changes in circumstances during the three months ended March 31, 2020.
Revenue Recognition	Revenue Recognition The Company recognizes minimum rent, including rental abatements and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease. The future minimum rental payments to be received from noncancelable operating leases for residential rental properties are $56.2 million and $679,000 for the 12 month periods ending March 31, 2021 and 2022, respectively, and none thereafter. The future minimum rental payments to be received from noncancelable operating leases for commercial rental properties and antenna rentals are $484,500, $457,600, $275,800, $166,800, and $150,400 for the 12 month periods ending March 31, 2021 through March 31, 2025, respectively, and $1.4 million thereafter. Revenue is primarily derived from the rental of residential housing units for which the Company receives minimum rents and utility reimbursements pursuant to underlying tenant lease agreements. The Company also receives other ancillary fees for administration of leases, late payments and amenities, which are charged to residents and recognized monthly as earned. The Company also has revenue sharing arrangements for cable income from contracts with cable providers at the Company’s properties. Included in Accrued expenses and other liabilities on the consolidated balance sheet at March 31, 2020 and December 31, 2019, is deferred revenue for contracts with cable providers in the amounts of $833,000 and $596,000, respectively. The Company recognizes income on a straight line basis over the contract period of 10 years to 12 years. In the three months ended March 31, 2020, approximately $34,000 of revenue from the contract liability was recognized as income.
Tenant Receivables	Tenant Receivables The Company evaluates its portfolio of operating leases for collectability at both the onset of the underlying leases and on an ongoing basis. Tenant receivables include amounts for which collectability was assessed as probable in accordance with the guidance in ASC 842-30.
Leases	Leases For operating leases where the Company is the lessor, the underlying leased asset is recognized as real estate on the balance sheet. The Company, as a lessor of multifamily apartment units, has nonlease components associated with these leases (i.e. CAM, utilities, etc.). The Company combines nonlease component revenue streams and accounts for them as a combined component with leasing revenue. For leases in which the Company is the lessee, primarily consisting of a parking space lease, a laundry equipment lease, and office equipment leases, the Company recognizes a right-of-use asset and a lease liability equal to the present value of the minimum lease payments. Operating leases are included in operating lease ROU assets and operating lease liabilities in the Company’s consolidated balance sheets. The Company uses a market rate for equipment leases, when readily determinable, in calculating the present value of lease payments. Otherwise, the incremental borrowing rate is used. The operating lease ROU asset includes any lease payments and excludes lease incentives. Operating lease terms may include options to extend the lease when it is reasonably certain the lease will be extended. Lease expense for lease payments is recognized on a straight-line basis over the lease term.
Income Taxes	Income Taxes The Company elected to be taxed as a REIT commencing with its taxable year ended December 31, 2010. To maintain its REIT qualification under the Code, the Company is generally required to distribute at least 90% of its taxable net income (excluding net capital gains) to its stockholders as well as comply with other requirements, including certain asset, income and stock ownership tests. As a REIT, the Company is not subject to federal corporate income tax to the extent that it distributes 100% of its REIT taxable income each year. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it is subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it fails its REIT qualification. Accordingly, the Company’s failure to qualify as a REIT could have a material adverse impact on its results of operations and amounts available for distribution to its stockholders. The dividends-paid deduction of a REIT for qualifying dividends to its stockholders is computed using the Company’s taxable income as opposed to net income reported on the financial statements. Generally, taxable income differs from GAAP net income because the determination of taxable income is based on tax provisions and not financial accounting principles. The Company may elect to treat any of its subsidiaries as a taxable REIT subsidiary (“TRS”). In general, a TRS may hold assets and engage in activities that the Company cannot hold or engage in directly and generally may engage in any real estate or non-real estate-related business. A TRS is subject to U.S. federal, state and local corporate income taxes. While a TRS may generate net income, a TRS can declare dividends to the Company which will be included in the Company's taxable income and necessitate a distribution to its stockholders. Conversely, if the Company retains earnings at a TRS level, no distribution is required and the Company can increase book equity of the consolidated entity. As of March 31, 2020 and December 31, 2019, the Company did not treat any of its subsidiaries as a TRS. The Company evaluates the benefits from tax positions taken or expected to be taken in its tax return. Only the largest amount of benefits from tax positions that will more likely than not be sustainable upon examination are recognized by the Company. The Company does not have any unrecognized tax benefits, nor interest and penalties, recorded in its consolidated financial statements and does not anticipate significant adjustments to the total amount of unrecognized tax benefits within the next 12 months. The Company is subject to examination by the U.S. Internal Revenue Service and by the taxing authorities in other states in which the Company has significant business operations. The Company is not currently undergoing any examinations by taxing authorities. The Company is not subject to IRS examination for tax return years 2015 and prior.
Earnings Per Share	Earnings Per Share Basic earnings per share is calculated on the basis of the weighted-average number of common shares outstanding during the year. Basic earnings per share is computed by dividing income available to common stockholders by the weighted-average common shares outstanding during the period. Diluted earnings per share takes into account the potential dilution that could occur if securities or other contracts to issue common stock were exercised and converted to common stock. None of the shares of convertible stock (see Note 13) are included in the diluted earnings per share calculations because the necessary conditions for conversion have not been satisfied as of March 31, 2020 (were such date to represent the end of the contingency period).
Reclassifications	Reclassifications Certain amounts in the prior years financial statements have been reclassified to conform to the current-year presentation. The impact of the reclassifications made to prior year amounts are not material and did not affect net income (loss).

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2020
Accounting Policies [Abstract]
Wholly Owned Subsidiaries Information	The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries as follows: Subsidiary Apartment Complex Number of Units Property Location RRE Opportunity Holdings, LLC N/A N/A N/A Resource Real Estate Opportunity OP, LP N/A N/A N/A RRE Charlemagne Holdings, LLC N/A N/A N/A RRE Iroquois, LP (“Vista”) Vista Apartment Homes 133 Philadelphia, PA RRE Iroquois Holdings, LLC N/A N/A N/A RRE Cannery Holdings, LLC (“Cannery”) Cannery Lofts 156 Dayton, OH RRE Autumn Wood Holdings, LLC ("Autumn Wood") Retreat at Rocky Ridge 206 Hoover, AL RRE Village Square Holdings, LLC ("Village Square") Trailpoint at the Woodlands 271 Houston, TX RRE Brentdale Holdings, LLC ("Brentdale") The Westside Apartments 412 Plano, TX RRE Jefferson Point Holdings, LLC ("Jefferson Point") Tech Center Square 208 Newport News,VA RRE Centennial Holdings, LLC ("Centennial") Verona Apartment Homes 276 Littleton, CO RRE Pinnacle Holdings, LLC ("Pinnacle") Skyview Apartment Homes 224 Westminster, CO RRE River Oaks Holdings, LLC ("River Oaks") Maxwell Townhomes 316 San Antonio, TX RRE Nicollet Ridge Holdings, LLC ("Nicollet Ridge") Meridian Pointe 339 Burnsville, MN PRIP Coursey, LLC ("Evergreen at Coursey Place") (a) Evergreen at Coursey Place 352 Baton Rouge, LA PRIP Pines, LLC ("Pines of York") (a) Pines of York 248 Yorktown, VA RRE Addison Place Holdings, LLC ("Addison Place") The Estates at Johns Creek 403 Alpharetta, GA RRE Berkeley Run Holdings, LLC ("Berkley Run") Perimeter Circle 194 Atlanta, GA RRE Berkeley Trace Holdings LLC ("Berkley Trace") Perimeter 5550 165 Atlanta, GA RRE Merrywood Holdings, LLC ("Merrywood") Aston at Cinco Ranch 228 Katy, TX RRE Sunset Ridge Holdings, LLC ("Sunset Ridge") Sunset Ridge 324 San Antonio, TX RRE Parkridge Place Holdings, LLC ("Parkridge Place") Calloway at Las Colinas 536 Irving, TX RRE Woodmoor Holdings, LLC ("Woodmoor") South Lamar Village 208 Austin, TX RRE Gilbert Holdings, LLC ("Springs at Gilbert") Heritage Pointe 458 Gilbert, AZ RRE Bonita Glen Holdings, LLC ("Bonita") Point Bonita Apartment Homes 294 Chula Vista, CA RRE Yorba Linda Holdings, LLC ("Yorba Linda") The Bryant at Yorba Linda 400 Yorba Linda, CA RRE Providence Holdings, LLC ("Providence in the Park") Providence in the Park 524 Arlington, TX RRE Green Trails Holdings, LLC ("Green Trails") Green Trails Apartment Homes 440 Lisle, IL RRE Terraces at Lake Mary Holdings, LLC ("Lake Mary") Terraces at Lake Mary 284 Lake Mary, FL RRE Courtney Meadows Holdings, LLC ("Courtney Meadows") Courtney Meadows Apartments 276 Jacksonville, FL RRE Sandy Springs Holdings, LLC ("Sandy Springs") Addison at Sandy Springs 236 Sandy Springs,GA RRE Grapevine Holdings, LLC ("Bristol Grapevine") Bristol Grapevine 376 Grapevine, TX 8,487 N/A - Not Applicable (a) Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC.
Estimated Useful Lives of Assets	Company anticipates the estimated useful lives of its assets by class as follows: Buildings 27.5 years Building improvements 5.0 to 27.5 years Furniture, fixtures, and equipment 3.0 to 5.0 years Tenant improvements Shorter of lease term or expected useful life Lease intangibles Remaining term of related lease

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	3 Months Ended
	Mar. 31, 2020
Supplemental Cash Flow Elements [Abstract]
Schedule of Supplemental Cash Flow Information	The following table presents the Company's supplemental cash flow information (in thousands): Three Months Ended March 31, 2020 2019 Non-cash financing and investing activities: Stock issued from the distribution reinvestment plan $ 6,085 $ 6,298 Accruals for construction in progress 1,236 990 Lease liabilities arising from obtaining right-of-use assets — 526 Non-cash activity related to dispositions: Mortgage notes payable settled directly with proceeds from sale of rental property — 53,936 Cash paid during the period for: Interest $ 7,741 $ 9,996

RESTRICTED CASH (Tables)

RESTRICTED CASH (Tables)	3 Months Ended
	Mar. 31, 2020
Cash And Cash Equivalents [Abstract]
Schedule of Restricted Cash and Cash Equivalents	The following table presents a summary of the components of the Company's restricted cash (in thousands): March 31, 2020 December 31, 2019 Real estate taxes $ 4,050 $ 8,824 Insurance 904 1,438 Capital improvements 1,933 2,042 Total $ 6,887 $ 12,304

RENTAL PROPERTIES, NET (Tables)

RENTAL PROPERTIES, NET (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate Investments [Abstract]
Summary of Investments in Rental Properties	The following table presents the Company’s investments in rental properties (in thousands): March 31, 2020 December 31, 2019 Land $ 196,358 $ 196,358 Building and improvements 923,209 920,781 Furniture, fixtures and equipment 44,654 43,757 Construction in progress 2,062 2,831 1,166,283 1,163,727 Less: accumulated depreciation (238,521 ) (225,583 ) $ 927,762 $ 938,144

LOAN HELD FOR INVESTMENT, NET (

LOAN HELD FOR INVESTMENT, NET (Tables)	3 Months Ended
	Mar. 31, 2020
Investments Debt And Equity Securities [Abstract]
Terms of Loans Held for Investment	The following table presents details of the balance and terms of the Trail Ridge Note as of March 31, 2020 and December 31, 2019 (in thousands): March 31, 2020 December 31, 2019 Unpaid principal balance $ 881 $ 885 Unamortized discount and acquisition costs (70 ) (76 ) Net book value $ 811 $ 809 Maturity date 10/28/2021 Interest rate 7.5 % Average monthly payment $ 8

DISPOSITION OF PROPERTIES AND_2

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations And Disposal Groups [Abstract]
Summary of Disposition Activity	The Company had no property dispositions Net Gain on Disposition of Property Multifamily Community Location Sale Date Contract Sales Price Three Months Ended March 31, 2019 2019 Dispositions: Williamsburg Cincinnati, OH 3/8/2019 $ 70,000 $ 34,575 The following table presents the Company's revenues and net income attributable to the property sold, excluding gain on sale, for the three months ended March 31, 2019 (in thousands): Revenues Attributable to Property Sold Net Loss Attributable to Property Sold Multifamily Community Three Months Ended March 31, 2019 Three Months Ended March 31, 2019 2019 Dispositions: Williamsburg $ 2,168 $ (1,455 )

IDENTIFIED INTANGIBLE ASSETS,_2

IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL (Tables)	3 Months Ended
	Mar. 31, 2020
Goodwill And Intangible Assets Disclosure [Abstract]
Summary of Expected Amortization of Rental and Antennae Leases	The following table presents the Company's expected amortization for the rental and antennae leases for the next five 12-month periods ending March 31, and thereafter (in thousands): 2021 $ 7 2022 4 2023 — 2024 — 2025 — Thereafter — $ 11

MORTGAGE NOTES PAYABLE, NET (Ta

MORTGAGE NOTES PAYABLE, NET (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Summary of Mortgage Notes Payable	The following table presents a summary of the Company's mortgage notes payable, net (in thousands): March 31, 2020 December 31, 2019 Collateral Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Outstanding Borrowings Premium (Discount) Deferred finance costs, net Carrying Value Vista Apartment Homes $ 14,234 $ — $ (59 ) $ 14,175 $ 14,315 $ — $ (68 ) $ 14,247 Cannery Lofts 13,100 — (100 ) 13,000 13,100 — (108 ) 12,992 Trailpoint at the Woodlands 17,643 — (113 ) 17,530 17,723 — (121 ) 17,602 Verona Apartment Homes 32,970 — (348 ) 32,622 32,970 — (362 ) 32,608 Skyview Apartment Homes 28,400 — (302 ) 28,098 28,400 — (315 ) 28,085 Maxwell Townhomes 12,711 — (46 ) 12,665 12,785 — (53 ) 12,732 Evergreen at Coursey Place 25,492 28 (27 ) 25,493 25,627 34 (32 ) 25,629 Pines of York 14,034 (98 ) (18 ) 13,918 14,114 (112 ) (21 ) 13,981 The Estates at Johns Creek 65,000 — (567 ) 64,433 65,000 — (589 ) 64,411 Perimeter Circle 26,115 — (291 ) 25,824 26,115 — (304 ) 25,811 Perimeter 5550 20,630 — (267 ) 20,363 20,630 — (279 ) 20,351 Aston at Cinco Ranch 21,912 — (82 ) 21,830 22,032 — (96 ) 21,936 Sunset Ridge 1 18,174 38 (30 ) 18,182 18,300 54 (43 ) 18,311 Sunset Ridge 2 2,751 5 (4 ) 2,752 2,768 7 (6 ) 2,769 Calloway at Las Colinas 32,747 — (100 ) 32,647 32,938 — (115 ) 32,823 South Lamar Village 21,000 — (287 ) 20,713 21,000 — (298 ) 20,702 Heritage Pointe 24,671 — (191 ) 24,480 24,808 — (201 ) 24,607 The Bryant at Yorba Linda 66,016 — (36 ) 65,980 66,238 — (87 ) 66,151 Point Bonita Apartment Homes 25,585 991 (170 ) 26,406 25,696 1,063 (183 ) 26,576 The Westside Apartments 35,641 — (282 ) 35,359 35,838 — (293 ) 35,545 Tech Center Square 11,672 — (93 ) 11,579 11,730 — (101 ) 11,629 Retreat at Rocky Ridge 11,172 — (136 ) 11,036 11,221 — (145 ) 11,076 Providence in the Park 46,192 — (323 ) 45,869 46,398 — (345 ) 46,053 Green Trails Apartment Homes 60,718 — (425 ) 60,293 60,998 — (451 ) 60,547 Meridian Pointe 39,095 — (379 ) 38,716 39,277 — (402 ) 38,875 Terraces at Lake Mary 31,963 — (245 ) 31,718 32,110 — (259 ) 31,851 Courtney Meadows Apartments 27,015 — (244 ) 26,771 27,100 — (257 ) 26,843 Addison at Sandy Springs 22,750 — (232 ) 22,518 22,750 — (244 ) 22,506 Bristol at Grapevine 32,922 — (291 ) 32,631 32,922 — (306 ) 32,616 $ 802,325 $ 964 $ (5,688 ) $ 797,601 $ 804,903 $ 1,046 $ (6,084 ) $ 799,865 The following table presents additional information about the Company's mortgage notes payable, net (in thousands, except percentages) as of March 31, 2020: Collateral Maturity Date Annual Interest Rate Average Monthly Debt Service Average Monthly Escrow Vista Apartment Homes 1/1/2022 3.28% (1)(5) $ 80 $ 32 Cannery Lofts 11/1/2023 3.53% (1)(3) 60 23 Trailpoint at the Woodlands 11/1/2023 3.40% (1)(4) 95 46 Verona Apartment Homes 10/1/2026 3.35% (1)(3) 150 43 Skyview Apartment Homes 10/1/2026 3.35% (1)(3) 129 31 Maxwell Townhomes 1/1/2022 4.32% (2)(5) 71 80 Evergreen at Coursey Place 8/1/2021 5.07% (2)(5) 154 51 Pines of York 12/1/2021 4.46% (2)(5) 80 29 The Estates at Johns Creek 11/25/2026 2.24% (1)(5) 162 — Perimeter Circle 1/1/2026 2.49% (1)(3) 82 46 Perimeter 5550 1/1/2026 2.49% (1)(3) 65 34 Aston at Cinco Ranch 10/1/2021 4.34% (2)(5) 120 55 Sunset Ridge 1 11/1/2020 4.58% (2)(5) 113 79 Sunset Ridge 2 11/1/2020 4.54% (2)(5) 16 — Calloway at Las Colinas 12/1/2021 3.87% (2)(5) 171 133 South Lamar Village 7/22/2026 2.29% (1)(3) 61 — Heritage Pointe 4/1/2025 2.87% (1)(4) 131 56 The Bryant at Yorba Linda 6/1/2020 (6) 2.74% (1)(3) 289 — Point Bonita Apartment Homes 10/1/2023 5.33% (2)(5) 152 68 The Westside Apartments 9/1/2026 3.11% (1)(3) 195 82 Tech Center Square 6/1/2023 3.57% (1)(5) 66 25 Retreat at Rocky Ridge 1/1/2024 3.45% (1)(3) 59 24 Providence in the Park 2/1/2024 3.29% (1)(3) 240 149 Green Trails Apartment Homes 6/1/2024 2.98% (1)(3) 303 81 Meridian Pointe 8/1/2024 2.89% (1)(3) 193 81 Terraces at Lake Mary 9/1/2024 2.90% (1)(3) 158 63 Courtney Meadows Apartments 1/1/2025 2.83% (1)(3) 131 71 Addison at Sandy Springs 5/1/2025 2.75% (1)(3) 104 42 Bristol at Grapevine 5/1/2025 2.70% (1)(3) 109 104 (1) (2) (3) (4) (5) (6) Yorba Linda mortgage was refinanced for $76.0 million on April 15, 2020 with a new maturity date of April 15, 2027.
Annual Principal Payments on the Mortgage Notes Payable	The following table presents the Company's annual principal payments on outstanding borrowings for each of the next five 12-month periods ending March 31, and thereafter (in thousands): 2021 $ 96,720 2022 127,367 2023 10,774 2024 128,350 2025 153,566 Thereafter 285,548 $ 802,325
Estimated Amortization of Deferred Financing Costs	The following table presents the Company's estimated amortization of the existing deferred financing costs for the next five 12-month periods ending March 31, and thereafter (in thousands): 2021 $ 1,383 2022 1,213 2023 1,067 2024 954 2025 601 Thereafter 470 $ 5,688

LEASES (Tables)

LEASES (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Schedule of Annual Payments for Operating Lease Liabilities	The following table presents the Company’s annual payments for the operating lease liabilities (including reasonably assured extension periods) for each of the next five 12–month periods ending March 31, and thereafter (in thousands): 2021 $ 87 2022 51 2023 36 2024 3 2025 — Thereafter — $ 177

ACCUMULATED OTHER COMPREHENSI_2

ACCUMULATED OTHER COMPREHENSIVE LOSS (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Components of Accumulated Other Comprehensive Loss	The following table presents the changes in each component of the Company's accumulated other comprehensive loss for the three months ended March 31, 2020 and 2019 (in thousands): Balance, January 1, 2020 $ (218 ) Reclassification adjustment for realized loss on designated derivatives 44 Designated derivatives, fair value adjustments 54 Balance, March 31, 2020 $ (120 ) Balance, January 1, 2019 $ (474 ) Reclassification adjustment for realized loss on designated derivatives 172 Designated derivatives, fair value adjustments (28 ) Balance, March 31, 2019 $ (330 )

CERTAIN RELATIONSHIPS AND REL_2

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS (Tables)	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Fees Earned From/Expenses Paid to Related Parties	The following table presents the Company's amounts payable to, and amounts receivable from, such related parties (in thousands): March 31, 2020 December 31, 2019 Due from related parties: RAI and affiliates $ 16 $ 236 Due to related parties: Advisor: Operating expense reimbursements 386 35 Manager: Property management fees 502 521 Construction management fees 126 119 Other operating expense reimbursements — 8 $ 1,014 $ 683 The following table presents the Company's fees earned by, and expenses paid to, such related parties (in thousands): Three Months Ended March 31, 2020 2019 Fees earned / expenses paid to related parties: Advisor: Acquisition fees (1) $ 113 $ — Asset management fees (2) 3,091 3,198 Disposition fees (3) — 330 Overhead allocation (4) 1,172 1,050 Internal audit (4) 28 27 Manager: Property management fees (2) $ 1,491 $ 1,558 Construction management fees (5) 126 105 Construction payroll reimbursements (5) — 36 Operating expense reimbursements (6) — 117 Debt servicing fees (2) 1 — (1) Included in Acquisition Fees on the consolidated statements of operations and comprehensive income (loss). This amount represents the net acquisition fee paid to the Advisor during the three months ended March 31, 2020 for additional capital funding contributed to the properties. (2) Included in Management fees on the consolidated statements of operations and comprehensive income (loss). (3) Included in Net gains on dispositions of properties on the consolidated statements of operations and comprehensive (loss) income. (4) Included in General and administrative on the consolidated statements of operations and comprehensive income (loss). (5) Capitalized and included in Rental Properties, net on the consolidated balance sheets. (6) Included in Rental operating expenses on the consolidated statements of operations and comprehensive income (loss).

EQUITY (Tables)

EQUITY (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of Stock Issuances	As of March 31, 2020, the Company had an aggregate of 70,026,413 shares of its $0.01 par value common stock outstanding as follows (dollars in thousands): Shares Issued Gross Proceeds Shares issued through private offering 1,263,727 $ 12,582 Shares issued through primary public offering (1) 62,485,461 622,077 Shares issued through stock distributions 2,132,266 — Shares issued through distribution reinvestment plan 17,018,612 175,018 Shares issued in conjunction with the Advisor's initial investment, net of 4,500 share conversion 15,500 155 Total 82,915,566 $ 809,832 Shares redeemed and retired (12,889,153 ) Total shares issued and outstanding as of March 31, 2020 70,026,413 (1) Includes
Schedule of Stockholders Equity	During the three months ended March 31, 2020, the Company redeemed shares of its outstanding common stock as follows: Period Total Number of Shares Redeemed (1) Average Price Paid per Share January 2020 — $ — February 2020 — $ — March 2020 27,769 $ 10.83 27,769 (1)
Schedule of Dividend Distributions	For the three months ended March 31, 2020, the Company paid aggregate distributions of $10.4 million, including $4.3 million of distributions paid in cash and $6.1 million of distributions reinvested in shares of common stock through the Company's distribution reinvestment plan, as follows (in thousands, except per share data): Record Date Per Common Share Distribution Date Distributions reinvested in Shares of Common Stock Net Cash Distribution Total Aggregate Distribution January 30, 2020 $ 0.05 January 31, 2020 $ 2,033 $ 1,440 $ 3,473 February 27, 2020 0.05 February 28, 2020 2,027 1,456 3,483 March 30, 2020 0.05 March 31, 2020 2,025 1,468 3,493 . $ 0.15 $ 6,085 $ 4,364 $ 10,449

FAIR VALUE MEASURES AND DISCL_2

FAIR VALUE MEASURES AND DISCLOSURES (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Assets Measured at Fair Value on a Recurring Basis	The following table presents information about the Company's assets measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques utilized by the Company to determine such fair value (in thousands): Level 1 Level 2 Level 3 Total March 31, 2020 Assets: Interest rate caps $ — $ 89 $ — $ 89 $ — $ 89 $ — $ 89 December 31, 2019 Assets: Interest rate caps $ — $ 20 $ — $ 20 $ — $ 20 $ — $ 20
Carrying Amount and Estimated Fair Values of Loan Held for Investment, Net, and Mortgage Notes Payable - outstanding borrowings	The following table presents the carrying amount and estimated fair value of the Company’s loan held for investment, net, and mortgage notes payable-outstanding borrowings (in thousands): March 31, 2020 December 31, 2019 Carrying Amount Fair Value Carrying Amount Fair Value Loan held for investment, net $ 811 $ 930 $ 809 $ 938 Mortgage notes payable- outstanding borrowings $ (802,325 ) $ (827,507 ) $ (804,903 ) $ (790,413 )

DERIVATIVES AND HEDGING ACTIV_2

DERIVATIVES AND HEDGING ACTIVITIES (Tables)	3 Months Ended
	Mar. 31, 2020
Derivative Instruments And Hedging Activities Disclosure [Abstract]
Outstanding Interest Rate Derivatives	The following table presents the Company's outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk as of March 31, 2020 (dollars in thousands): Interest Rate Derivative Number of Instruments Notional Amount Maturity Dates Interest Rate Caps 19 $ 575,313 May 1, 2020 to April 1, 2023
Fair Value and Balance Sheet Location of Derivatives	The following table presents the fair value of the Company’s derivative financial instruments on the consolidated balance sheets as of March 31, 2020 and December 31, 2019 (in thousands): Asset Derivatives Liability Derivatives March 31, 2020 December 31, 2019 March 31, 2020 December 31, 2019 Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Balance Sheet Fair Value Prepaid expenses and other assets $ 89 Prepaid expenses and other assets $ 20 — $ — — $ —

NATURE OF BUSINESS AND OPERAT_2

NATURE OF BUSINESS AND OPERATIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		24 Months Ended	54 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019	Dec. 13, 2013
Securities Financing Transaction [Line Items]
Proceeds from issuance of stock under private and primary public offering				$ 645,800
Issuance of common stock (in shares)				64,900,000
Common stock issued through distribution reinvestment plan (in shares)	586,500		4,900,000	1,200,000
Common stock issued through the distribution reinvestment plan	$ 6,085	$ 6,298	$ 50,400
Private Placement | Advisor
Securities Financing Transaction [Line Items]
Issuance of common stock (in shares)				276,000

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Principles of Consolidation (Details)	Mar. 31, 2020unit
Subsidiary or Equity Method Investee [Line Items]
Number of Units	8,487
RRE Iroquois, LP ("Vista")
Subsidiary or Equity Method Investee [Line Items]
Number of Units	133
RRE Cannery Holdings, LLC ("Cannery")
Subsidiary or Equity Method Investee [Line Items]
Number of Units	156
RRE Autumn Wood Holdings, LLC (Autumn Wood)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	206
RRE Village Square Holdings, LLC (Village Square)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	271
RRE Brentdale Holdings, LLC (Brentdale)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	412
RRE Jefferson Point Holdings, LLC (Jefferson Point)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	208
RRE Centennial Holdings, LLC (Centennial)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	276
RRE Pinnacle Holdings, LLC (Pinnacle)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	224
RRE River Oaks Holdings, LLC (River Oaks)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	316
RRE Nicollet Ridge Holdings, LLC (Nicollet Ridge)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	339
PRIP Coursey, LLC (Evergreen at Coursey Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	352	[1]
PRIP Pines, LLC (Pines of York)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	248	[1]
RRE Addison Place Holdings, LLC (Addison Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	403
RRE Berkeley Run Holdings, LLC (Berkley Run)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	194
RRE Berkeley Trace Holdings LLC (Berkley Trace)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	165
RRE Merrywood Holdings, LLC (Merrywood)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	228
RRE Sunset Ridge Holdings, LLC (Sunset Ridge)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	324
RRE Parkridge Place Holdings, LLC (Parkridge Place)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	536
RRE Woodmoor Holdings, LLC (Woodmoor)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	208
RRE Gilbert Holdings, LLC (Springs at Gilbert)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	458
RRE Bonita Glen Holdings, LLC (Bonita)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	294
RRE Yorba Linda Holdings, LLC (Yorba Linda)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	400
RRE Providence Holdings, LLC (Providence in the Park)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	524
RRE Green Trails Holdings, LLC (Green Trails)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	440
RRE Terraces at Lake Mary Holdings, LLC (Lake Mary)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	284
RRE Courtney Meadows Holdings, LLC (Courtney Meadows)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	276
RRE Sandy Springs Holdings, LLC (Sandy Springs)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	236
RRE Grapevine Holdings, LLC (Bristol Grapevine)
Subsidiary or Equity Method Investee [Line Items]
Number of Units	376
[1]	Wholly-owned subsidiary of RRE Charlemagne Holdings, LLC.

SUMMARY OF SIGNIFICANT ACCOUN_5

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)propertyshares	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)property
Assets Held for Sale [Abstract]
Number of rental properties held for sale (in property) | property	0		0
Rental Properties [Abstract]
Capitalization threshold for improvements and replacements	$ 1,000
Asset Impairment Charges [Abstract]
Impairment of real estate	0
Impairment losses	0	$ 0
Revenue Recognition [Abstract]
Contract liability	$ 833,000		$ 596,000
Revenue contract period	10 years to 12 years
Revenue from contract liability recognized into income	$ 34,000
Tenant Receivable [Abstract]
Allowance for uncollectable receivables	$ 23,400		$ 49,000
Income Taxes [Abstract]
Minimum distribution percentage of taxable net income excluding net capital gains	90.00%
Distribution percentage of taxable net income not subject to federal corporate income tax	100.00%
Number of years entity may be precluded from REIT qualifications	4 years
Earnings Per Share [Abstract]
Antidilutive securities not included in the diluted earnings per share calculations (in shares) | shares	0
Operating leases for residential rental properties
Revenue Recognition [Abstract]
Future minimum rental payments, current	$ 56,200,000
Future minimum rental payments, in two years	679,000
Future minimum rental payments, thereafter	0
Commercial rental properties and antenna rentals
Revenue Recognition [Abstract]
Future minimum rental payments, current	484,500
Future minimum rental payments, in two years	457,600
Future minimum rental payments, in three years	275,800
Future minimum rental payments, in four years	166,800
Future minimum rental payments, in five years	150,400
Future minimum rental payments, thereafter	$ 1,400,000
Improvements and replacements
Rental Properties [Abstract]
Estimated useful lives (greater than or equal to)	1 year
Texas | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	31.00%
California | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	17.00%
Georgia | Geographic concentration risk
Concentration of Risk [Abstract]
Real estate investment	15.00%

SUMMARY OF SIGNIFICANT ACCOUN_6

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Rental Property Useful Lives (Details)	3 Months Ended
	Mar. 31, 2020
Buildings
Real Estate Properties [Line Items]
Estimated useful lives	27 years 6 months
Building improvements | Minimum
Real Estate Properties [Line Items]
Estimated useful lives	5 years
Building improvements | Maximum
Real Estate Properties [Line Items]
Estimated useful lives	27 years 6 months
Furniture, fixtures, and equipment | Minimum
Real Estate Properties [Line Items]
Estimated useful lives	3 years
Furniture, fixtures, and equipment | Maximum
Real Estate Properties [Line Items]
Estimated useful lives	5 years

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		24 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Non-cash financing and investing activities:
Stock issued from the distribution reinvestment plan	$ 6,085	$ 6,298	$ 50,400
Accruals for construction in progress	1,236	990
Lease liabilities arising from obtaining right-of-use assets	0	526
Mortgage notes payable settled directly with proceeds from sale of rental property	0	53,936
Cash paid during the period for:
Interest	$ 7,741	$ 9,996

RESTRICTED CASH - Schedule of R

RESTRICTED CASH - Schedule of Restricted Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 6,887	$ 12,304	$ 7,952
Real estate taxes
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	4,050	8,824
Insurance
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	904	1,438
Capital improvements
Restricted Cash and Cash Equivalents Items [Line Items]
Restricted cash	$ 1,933	$ 2,042

RESTRICTED CASH - Narrative (De

RESTRICTED CASH - Narrative (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Cash And Cash Equivalents [Abstract]
Unrestricted cash designated for capital expenditures	$ 17.9	$ 12.1

RENTAL PROPERTIES, NET - Summar

RENTAL PROPERTIES, NET - Summary of Investments in Rental Properties (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Investments in rental properties [Abstract]
Land	$ 196,358	$ 196,358
Building and improvements	923,209	920,781
Furniture, fixtures and equipment	44,654	43,757
Construction in progress	2,062	2,831
Rental properties, gross	1,166,283	1,163,727
Less: accumulated depreciation	(238,521)	(225,583)
Rental properties, net	$ 927,762	$ 938,144

RENTAL PROPERTIES, NET - Narrat

RENTAL PROPERTIES, NET - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Investments in rental properties [Abstract]
Depreciation expense	$ 13.2	$ 13.6

LOAN HELD FOR INVESTMENT, NET -

LOAN HELD FOR INVESTMENT, NET - Narrative (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2011USD ($)loan
Financing Receivable, Allowance for Credit Losses [Line Items]
Number of performing promissory notes | loan			1
Allowance for credit losses	$ 0	$ 0
Charge-offs	$ 0	$ 0
Trail Ridge Note
Financing Receivable, Allowance for Credit Losses [Line Items]
Purchase price of promissory note			$ 700,000

LOAN HELD FOR INVESTMENT, NET_2

LOAN HELD FOR INVESTMENT, NET - Terms of Loans Held for Investment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Unpaid principal balance	$ 881	$ 885
Unamortized discount and acquisition costs	(70)	(76)
Net book value	$ 811	$ 809
Maturity date	Oct. 28, 2021
Interest rate	7.50%
Average monthly payment	$ 8

DISPOSITION OF PROPERTIES AND_3

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS - Additional Information (Details) - unit	Mar. 31, 2020	Mar. 31, 2019
Disposed of By Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of real estate property dispositions	0	1

DISPOSITION OF PROPERTIES AND_4

DISPOSITION OF PROPERTIES AND DECONSOLIDATION OF INTERESTS - Summary of Disposition Activity (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net gain on disposition of property	$ 34,575
Disposed of By Sale | Williamsburg | OHIO
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Disposal Date	Mar. 8, 2019
Contract Sales Price	$ 70,000
Net gain on disposition of property	34,575
Revenues Attributable to Property Sold	2,168
Net Loss Attributable to Property Sold	$ (1,455)

IDENTIFIED INTANGIBLE ASSETS,_3

IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL - Narrative (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, net	$ 11,000		$ 14,000
Weighted average remaining life	0 days		0 days
Amortization expense	$ 3,100	$ 3,000
Goodwill	404,000		$ 404,000
Acquired in-place leases
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, net	11,000		14,000
Accumulated amortization	27,100,000		$ 27,100,000
Antennae Leases
Finite Lived Intangible Assets [Line Items]
Identified intangible assets, net	11,000
Expected amortization, 2021	7,000
Expected amortization, 2022	4,000
Expected amortization, thereafter	$ 0

IDENTIFIED INTANGIBLE ASSETS,_4

IDENTIFIED INTANGIBLE ASSETS, NET AND GOODWILL - Expected Amortization (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Finite Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Net	$ 11	$ 14
Antennae Leases
Finite Lived Intangible Assets [Line Items]
2021	7
2022	4
Finite-Lived Intangible Assets, Net	$ 11

MORTGAGE NOTES PAYABLE, NET - S

MORTGAGE NOTES PAYABLE, NET - Summary of Mortgage Notes Payable (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	$ 802,325	$ 804,903
Premium (Discount)	964	1,046
Deferred finance costs, net	(5,688)	(6,084)
Carrying Value	797,601	799,865
Vista Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	14,234	14,315
Premium (Discount)	0	0
Deferred finance costs, net	(59)	(68)
Carrying Value	$ 14,175	14,247
Maturity Date	Jan. 1, 2022
Annual Interest Rate	3.28%
Average Monthly Debt Service	$ 80
Average Monthly Escrow	32
Cannery Lofts
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	13,100	13,100
Premium (Discount)	0	0
Deferred finance costs, net	(100)	(108)
Carrying Value	$ 13,000	12,992
Maturity Date	Nov. 1, 2023
Annual Interest Rate	3.53%
Average Monthly Debt Service	$ 60
Average Monthly Escrow	23
Trailpoint at the Woodlands
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	17,643	17,723
Premium (Discount)	0	0
Deferred finance costs, net	(113)	(121)
Carrying Value	$ 17,530	17,602
Maturity Date	Nov. 1, 2023
Annual Interest Rate	3.40%
Average Monthly Debt Service	$ 95
Average Monthly Escrow	46
Verona Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	32,970	32,970
Premium (Discount)	0	0
Deferred finance costs, net	(348)	(362)
Carrying Value	$ 32,622	32,608
Maturity Date	Oct. 1, 2026
Annual Interest Rate	3.35%
Average Monthly Debt Service	$ 150
Average Monthly Escrow	43
Skyview Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	28,400	28,400
Premium (Discount)	0	0
Deferred finance costs, net	(302)	(315)
Carrying Value	$ 28,098	28,085
Maturity Date	Oct. 1, 2026
Annual Interest Rate	3.35%
Average Monthly Debt Service	$ 129
Average Monthly Escrow	31
Maxwell Townhomes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	12,711	12,785
Premium (Discount)	0	0
Deferred finance costs, net	(46)	(53)
Carrying Value	$ 12,665	12,732
Maturity Date	Jan. 1, 2022
Annual Interest Rate	4.32%
Average Monthly Debt Service	$ 71
Average Monthly Escrow	80
Evergreen at Coursey Place
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	25,492	25,627
Premium (Discount)	28	34
Deferred finance costs, net	(27)	(32)
Carrying Value	$ 25,493	25,629
Maturity Date	Aug. 1, 2021
Annual Interest Rate	5.07%
Average Monthly Debt Service	$ 154
Average Monthly Escrow	51
Pines of York
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	14,034	14,114
Premium (Discount)	(98)	(112)
Deferred finance costs, net	(18)	(21)
Carrying Value	$ 13,918	13,981
Maturity Date	Dec. 1, 2021
Annual Interest Rate	4.46%
Average Monthly Debt Service	$ 80
Average Monthly Escrow	29
The Estates at Johns Creek
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	65,000	65,000
Premium (Discount)	0	0
Deferred finance costs, net	(567)	(589)
Carrying Value	$ 64,433	64,411
Maturity Date	Nov. 25, 2026
Annual Interest Rate	2.24%
Average Monthly Debt Service	$ 162
Perimeter Circle
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	26,115	26,115
Premium (Discount)	0	0
Deferred finance costs, net	(291)	(304)
Carrying Value	$ 25,824	25,811
Maturity Date	Jan. 1, 2026
Annual Interest Rate	2.49%
Average Monthly Debt Service	$ 82
Average Monthly Escrow	46
Perimeter 5550
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	20,630	20,630
Premium (Discount)	0	0
Deferred finance costs, net	(267)	(279)
Carrying Value	$ 20,363	20,351
Maturity Date	Jan. 1, 2026
Annual Interest Rate	2.49%
Average Monthly Debt Service	$ 65
Average Monthly Escrow	34
Aston at Cinco Ranch
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	21,912	22,032
Premium (Discount)	0	0
Deferred finance costs, net	(82)	(96)
Carrying Value	$ 21,830	21,936
Maturity Date	Oct. 1, 2021
Annual Interest Rate	4.34%
Average Monthly Debt Service	$ 120
Average Monthly Escrow	55
Sunset Ridge 1
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	18,174	18,300
Premium (Discount)	38	54
Deferred finance costs, net	(30)	(43)
Carrying Value	$ 18,182	18,311
Maturity Date	Nov. 1, 2020
Annual Interest Rate	4.58%
Average Monthly Debt Service	$ 113
Average Monthly Escrow	79
Sunset Ridge 2
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	2,751	2,768
Premium (Discount)	5	7
Deferred finance costs, net	(4)	(6)
Carrying Value	$ 2,752	2,769
Maturity Date	Nov. 1, 2020
Annual Interest Rate	4.54%
Average Monthly Debt Service	$ 16
Calloway at Las Colinas
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	32,747	32,938
Premium (Discount)	0	0
Deferred finance costs, net	(100)	(115)
Carrying Value	$ 32,647	32,823
Maturity Date	Dec. 1, 2021
Annual Interest Rate	3.87%
Average Monthly Debt Service	$ 171
Average Monthly Escrow	133
South Lamar Village
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	21,000	21,000
Premium (Discount)	0	0
Deferred finance costs, net	(287)	(298)
Carrying Value	$ 20,713	20,702
Maturity Date	Jul. 22, 2026
Annual Interest Rate	2.29%
Average Monthly Debt Service	$ 61
Heritage Pointe
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	24,671	24,808
Premium (Discount)	0	0
Deferred finance costs, net	(191)	(201)
Carrying Value	$ 24,480	24,607
Maturity Date	Apr. 1, 2025
Annual Interest Rate	2.87%
Average Monthly Debt Service	$ 131
Average Monthly Escrow	56
The Bryant at Yorba Linda
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	66,016	66,238
Premium (Discount)	0	0
Deferred finance costs, net	(36)	(87)
Carrying Value	$ 65,980	66,151
Maturity Date	Jun. 1, 2020
Annual Interest Rate	2.74%
Average Monthly Debt Service	$ 289
Point Bonita Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	25,585	25,696
Premium (Discount)	991	1,063
Deferred finance costs, net	(170)	(183)
Carrying Value	$ 26,406	26,576
Maturity Date	Oct. 1, 2023
Annual Interest Rate	5.33%
Average Monthly Debt Service	$ 152
Average Monthly Escrow	68
The Westside Apartments
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	35,641	35,838
Premium (Discount)	0	0
Deferred finance costs, net	(282)	(293)
Carrying Value	$ 35,359	35,545
Maturity Date	Sep. 1, 2026
Annual Interest Rate	3.11%
Average Monthly Debt Service	$ 195
Average Monthly Escrow	82
Tech Center Square
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	11,672	11,730
Premium (Discount)	0	0
Deferred finance costs, net	(93)	(101)
Carrying Value	$ 11,579	11,629
Maturity Date	Jun. 1, 2023
Annual Interest Rate	3.57%
Average Monthly Debt Service	$ 66
Average Monthly Escrow	25
Retreat at Rocky Ridge
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	11,172	11,221
Premium (Discount)	0	0
Deferred finance costs, net	(136)	(145)
Carrying Value	$ 11,036	11,076
Maturity Date	Jan. 1, 2024
Annual Interest Rate	3.45%
Average Monthly Debt Service	$ 59
Average Monthly Escrow	24
Providence in the Park
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	46,192	46,398
Premium (Discount)	0	0
Deferred finance costs, net	(323)	(345)
Carrying Value	$ 45,869	46,053
Maturity Date	Feb. 1, 2024
Annual Interest Rate	3.29%
Average Monthly Debt Service	$ 240
Average Monthly Escrow	149
Green Trails Apartment Homes
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	60,718	60,998
Premium (Discount)	0	0
Deferred finance costs, net	(425)	(451)
Carrying Value	$ 60,293	60,547
Maturity Date	Jun. 1, 2024
Annual Interest Rate	2.98%
Average Monthly Debt Service	$ 303
Average Monthly Escrow	81
Meridian Pointe
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	39,095	39,277
Premium (Discount)	0	0
Deferred finance costs, net	(379)	(402)
Carrying Value	$ 38,716	38,875
Maturity Date	Aug. 1, 2024
Annual Interest Rate	2.89%
Average Monthly Debt Service	$ 193
Average Monthly Escrow	81
Terraces at Lake Mary
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	31,963	32,110
Premium (Discount)	0	0
Deferred finance costs, net	(245)	(259)
Carrying Value	$ 31,718	31,851
Maturity Date	Sep. 1, 2024
Annual Interest Rate	2.90%
Average Monthly Debt Service	$ 158
Average Monthly Escrow	63
Courtney Meadows Apartments
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	27,015	27,100
Premium (Discount)	0	0
Deferred finance costs, net	(244)	(257)
Carrying Value	$ 26,771	26,843
Maturity Date	Jan. 1, 2025
Annual Interest Rate	2.83%
Average Monthly Debt Service	$ 131
Average Monthly Escrow	71
Addison at Sandy Springs
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	22,750	22,750
Premium (Discount)	0	0
Deferred finance costs, net	(232)	(244)
Carrying Value	$ 22,518	22,506
Maturity Date	May 1, 2025
Annual Interest Rate	2.75%
Average Monthly Debt Service	$ 104
Average Monthly Escrow	42
Bristol at Grapevine
Participating Mortgage Loans [Line Items]
Outstanding Borrowings	32,922	32,922
Premium (Discount)	0	0
Deferred finance costs, net	(291)	(306)
Carrying Value	$ 32,631	$ 32,616
Maturity Date	May 1, 2025
Annual Interest Rate	2.70%
Average Monthly Debt Service	$ 109
Average Monthly Escrow	$ 104

MORTGAGE NOTES PAYABLE, NET -_2

MORTGAGE NOTES PAYABLE, NET - Summary of Mortgage Notes Payable (Parenthetical) (Details) - USD ($) $ in Millions	Apr. 15, 2020	Mar. 31, 2020
The Bryant at Yorba Linda
Participating Mortgage Loans [Line Items]
Maturity date		Jun. 1, 2020
Subsequent Event | The Bryant at Yorba Linda
Participating Mortgage Loans [Line Items]
Mortgage loan, refinanced	$ 66
Subsequent Event | The Bryant at Yorba Linda | New Loan
Participating Mortgage Loans [Line Items]
Mortgage loan, refinanced	$ 76
Maturity date	Apr. 15, 2027
LIBOR
Participating Mortgage Loans [Line Items]
Basis spread on variable rate (as percent)		0.99288%

MORTGAGE NOTES PAYABLE, NET - N

MORTGAGE NOTES PAYABLE, NET - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Debt Instrument [Line Items]
Amortization of deferred financing costs	$ 396,000	$ 995,000
Accumulated amortization, deferred finance costs	6,000,000		$ 5,600,000
Mortgages | Interest expense
Debt Instrument [Line Items]
Amortization of deferred financing costs	396,000	1,000,000
Acquisitions of Rental Property
Debt Instrument [Line Items]
Decrease in interest expense due to fair value adjustments	82,000	$ 83,000
Covenants included in Mortgage for Archstone Yorba Linda
Debt Instrument [Line Items]
Earn-out holdback allowed when criteria are met	$ 7,500,000

MORTGAGE NOTES PAYABLE, NET - A

MORTGAGE NOTES PAYABLE, NET - Annual Principal Payments on the Mortgage Notes Payable (Details) $ in Thousands	Mar. 31, 2020USD ($)
Debt Disclosure [Abstract]
2021	$ 96,720
2022	127,367
2023	10,774
2024	128,350
2025	153,566
Thereafter	285,548
Total	$ 802,325

MORTGAGE NOTES PAYABLE, NET - E

MORTGAGE NOTES PAYABLE, NET - Estimated Amortization of Deferred Financing Costs (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2021	$ 1,383
2022	1,213
2023	1,067
2024	954
2025	601
Thereafter	470
Total	$ 5,688	$ 6,084

LEASES - Narrative (Details)

LEASES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Operating Leased Assets [Line Items]
Option to extend lease term	Some of the leases include options to extend the lease for up to an additional five years
Lessee, operating lease, existence of option to extend	true
Payments due for lease obligations	$ 177,000
Weighted average remaining lease term	2 years 4 months 24 days
Weighted average discount rate	4.20%
Operating lease right-of-use assets	$ 169,000		$ 381,000
Operating lease liabilities	169,000		$ 381,000
Rental Operating Expenses
Operating Leased Assets [Line Items]
Operating lease, expense	$ 36,200	$ 41,000
Minimum
Operating Leased Assets [Line Items]
Operating leases, remaining terms	1 year
Maximum
Operating Leased Assets [Line Items]
Operating leases, remaining terms	4 years

LEASES - Schedule of Annual Pay

LEASES - Schedule of Annual Payments for Operating Lease Liabilities (Details) $ in Thousands	Mar. 31, 2020USD ($)
Leases [Abstract]
2021	$ 87
2022	51
2023	36
2024	3
Total	$ 177

ACCUMULATED OTHER COMPREHENSI_3

ACCUMULATED OTHER COMPREHENSIVE LOSS - Components of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income [Rollforward]
Designated derivatives, fair value adjustments	$ 54	$ (28)
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income [Rollforward]
Beginning balance	(218)	(474)
Reclassification adjustment for realized loss on designated derivatives	44	172
Designated derivatives, fair value adjustments	54	(28)
Ending balance	$ (120)	$ (330)

CERTAIN RELATIONSHIPS AND REL_3

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Mar. 01, 2019	Feb. 28, 2019
Directors and Officers Liability Insurance
Related Party Transaction [Line Items]
Payment into insurance pools		$ 269,911
Malpractice insurance coverage limit	$ 100,000,000
RAI
Related Party Transaction [Line Items]
Insurance pool, amount of property losses covered				$ 2,500,000
Property loss pool, deductible amount per incident				25,000
Catastrophic insurance, amount of losses covered			$ 250,000,000	250,000,000
General liability pool, deductible amount per incident	25,000
General liability insurance, loss covered in excess of insurance pool, limit	$ 76,000,000
Advisor
Related Party Transaction [Line Items]
Terms of agreement	1 year
Terms of agreement, renewal period	1 year
Percentage acquisition fee paid to advisor (as percent)	2.00%
Monthly asset management fee (as percent)	0.083%
Percentage annual asset management fee (as percent)	1.00%
Disposition fee (as percent)	2.75%
Debt financing fee (as percent)	0.50%
Manager
Related Party Transaction [Line Items]
Property management fee (as percent)	4.50%
Occupancy (as percent)	75.00%
Term for which Manager receives minimum property management fee if properties are less than 75% occupied	12 months
Construction management fee (as percent)	5.00%
Debt servicing fee (as percent)	2.75%
Minimum | RAI
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident			25,000	25,000
Maximum | RAI
Related Party Transaction [Line Items]
Catastrophic insurance, deductible amount per incident			$ 100,000	$ 100,000

CERTAIN RELATIONSHIPS AND REL_4

CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS - Schedule of Transactions (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Related Party Transaction [Line Items]
Due from related parties	$ 16		$ 236
Due to related parties	1,014		683
RAI and affiliates | Insurance fund held in escrow
Related Party Transaction [Line Items]
Due from related parties	16		236
Advisor | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties	386		35
Advisor | Acquisition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	113
Advisor | Asset management fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	3,091	$ 3,198
Advisor | Disposition fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		330
Advisor | Overhead allocation
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	1,172	1,050
Advisor | Internal audit
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	28	27
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		117
Manager | Property management fees
Related Party Transaction [Line Items]
Due to related parties	502		521
Fees earned / expenses paid to related parties	1,491	1,558
Manager | Construction management fees
Related Party Transaction [Line Items]
Due to related parties	126		119
Fees earned / expenses paid to related parties	126	105
Manager | Operating expense reimbursements
Related Party Transaction [Line Items]
Due to related parties			$ 8
Manager | Construction payroll reimbursements
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties		$ 36
Manager | Debt servicing fees
Related Party Transaction [Line Items]
Fees earned / expenses paid to related parties	$ 1

EQUITY - Preferred Stock - (Det

EQUITY - Preferred Stock - (Details) - $ / shares	Mar. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Equity [Abstract]
Preferred stock, authorized (in shares)	10,000,000	10,000,000	10,000,000
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Preferred stock, issued (in shares)	0	0	0
Preferred stock, outstanding (in shares)	0		0

EQUITY - Common Stock - (Detail

EQUITY - Common Stock - (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019
Class Of Stock [Line Items]
Total shares outstanding at end of period (in shares)	70,026,413		70,026,413
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01	$ 0.01
Common stock, issued (in shares)	70,026,413	69,467,689
Gross Proceeds	$ 809,832
Total (in shares)	82,915,566
Shares redeemed and retired (in shares)	(12,889,153)
Total shares issued at end of period (in shares)	70,026,413
Advisor
Class Of Stock [Line Items]
Common stock, issued (in shares)	15,500
Gross Proceeds	$ 155
Shares converted (in shares)	4,500
Private Placement
Class Of Stock [Line Items]
Common stock, issued (in shares)	1,263,727
Gross Proceeds	$ 12,582
Shares issued through primary public offering
Class Of Stock [Line Items]
Common stock, issued (in shares)	62,485,461
Gross Proceeds	$ 622,077
Shares issued through primary public offering | Advisor | Common Stock
Class Of Stock [Line Items]
Total shares issued at end of period (in shares)	276,056
Shares issued through stock distributions
Class Of Stock [Line Items]
Common stock, issued (in shares)	2,132,266
Shares issued through distribution reinvestment plan
Class Of Stock [Line Items]
Common stock, issued (in shares)	17,018,612
Gross Proceeds	$ 175,018

EQUITY - Convertible Stock - (D

EQUITY - Convertible Stock - (Details)	3 Months Ended
	Mar. 31, 2020event$ / sharesshares	Dec. 31, 2019$ / sharesshares
Equity [Abstract]
Convertible stock (promote shares), outstanding (in shares)	49,935	49,935
Convertible stock (promote shares), par value (in dollars per share) | $ / shares	$ 0.01	$ 0.01
Convertible stock held by advisor and affiliated persons (in shares)	49,063
Convertible stock held by outside investors (in shares)	872
Percentage on original share price (as percent)	100.00%
Percentage non-compounded annual return, option one (as percent)	10.00%
Aggregate percentage return (as percent)	10.00%
Number of possible triggering events | event	2
Conversion ratio	0.00
Common stock, convertible, triggering event, if lesser of, option one (as percent)	25.00%
Common stock, convertible, triggering event, if lesser of, option two (as percent)	15.00%
Percentage non-compounded annual return, option two (as percent)	6.00%
Number of triggering events | event	0

EQUITY - Redemption of Securiti

EQUITY - Redemption of Securities (Details) - $ / shares	1 Months Ended			3 Months Ended
	Mar. 31, 2020	Feb. 29, 2020	Jan. 31, 2020	Mar. 31, 2020	Mar. 20, 2020
Subsidiary Sale Of Stock [Line Items]
Total Number of Shares Redeemed (in shares)	27,769	0	0	27,769
Average Price Paid per Share (in dollars per share)	$ 10.83	$ 0	$ 0	$ 10.83	$ 11.10
Percentage of weighted-average number of outstanding shares during the 12-month period immediately prior to the effective date of the redemption that company will not redeem in excess of (in excess of 5%) (as percent)	5.00%			5.00%
Period of time shares are outstanding prior to the effective date of redemption				12 months
Cash available for redemption, percentage of previous fiscal year operating cash flow (as percent)				1.00%
Number of days' notice required to suspend, terminate or amend share redemption program				30 days

EQUITY - Distributions (Details

EQUITY - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		24 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 10,400
Net Cash Distribution	4,300
Common stock issued through the distribution reinvestment plan	6,085	$ 6,298	$ 50,400
Record date of January 30, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	3,473
Net Cash Distribution	1,440
Common stock issued through the distribution reinvestment plan	$ 2,033
Per Common Share (in dollars per share)	$ 0.05
Record date of February 27, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,483
Net Cash Distribution	1,456
Common stock issued through the distribution reinvestment plan	$ 2,027
Per Common Share (in dollars per share)	$ 0.05
Record date of March 28, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 3,493
Net Cash Distribution	1,468
Common stock issued through the distribution reinvestment plan	$ 2,025
Per Common Share (in dollars per share)	$ 0.05
Record date of April 29, 2019
Securities Financing Transaction [Line Items]
Total Aggregate Distribution	$ 10,449
Net Cash Distribution	4,364
Common stock issued through the distribution reinvestment plan	$ 6,085
Per Common Share (in dollars per share)	$ 0.15

FAIR VALUE MEASURES AND DISCL_3

FAIR VALUE MEASURES AND DISCLOSURES - Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	$ 89	$ 20
Assets, fair value	89	20
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Interest rate caps	89	20
Assets, fair value	$ 89	$ 20

FAIR VALUE MEASURES AND DISCL_4

FAIR VALUE MEASURES AND DISCLOSURES - Schedule of Carrying Amount and Estimated Fair Values (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	$ 811	$ 809
Mortgage notes payable- outstanding borrowings	(802,325)	(804,903)
Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Loan held for investment, net	930	938
Mortgage notes payable- outstanding borrowings	$ (827,507)	$ (790,413)

DERIVATIVES AND HEDGING ACTIV_3

DERIVATIVES AND HEDGING ACTIVITIES - Narrative (Details) - Cash flow hedges - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Derivatives, Fair Value [Line Items]
Expenses or loss due to amortization of premiums for interest rate caps	$ 44,000	$ 172,410
Interest rate hedge to be reclassified during next 12 months	$ 95,736

DERIVATIVES AND HEDGING ACTIV_4

DERIVATIVES AND HEDGING ACTIVITIES - Outstanding Interest Rate Derivatives (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)derivative
Cash flow hedges | Interest Rate Caps
Derivatives, Fair Value [Line Items]
Number of Instruments (in derivatives) | derivative	19
Notional Amount | $	$ 575,313
Minimum
Derivatives, Fair Value [Line Items]
Maturity Dates	May 1, 2020
Maximum
Derivatives, Fair Value [Line Items]
Maturity Dates	Apr. 1, 2023

DERIVATIVES AND HEDGING ACTIV_5

DERIVATIVES AND HEDGING ACTIVITIES - Fair Value and Balance Sheet Location of Derivatives (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Prepaid expenses and other assets
Derivatives, Fair Value [Line Items]
Asset derivatives, fair value	$ 89	$ 20

OPERATING EXPENSE LIMITATION -

OPERATING EXPENSE LIMITATION - Narrative (Details)	Mar. 31, 2020
Operating Expense [Abstract]
Percent of average invested assets	2.00%
Percent of net income	25.00%

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - The Bryant at Yorba Linda - USD ($) $ in Millions	Apr. 15, 2020	Mar. 31, 2020
Subsequent Event [Line Items]
Maturity Date		Jun. 1, 2020
Subsequent Event
Subsequent Event [Line Items]
Mortgage loan, refinanced	$ 66
Subsequent Event | New Loan
Subsequent Event [Line Items]
Mortgage loan, refinanced	$ 76
Maturity Date	Apr. 15, 2027