Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 11, 2016 | Jun. 30, 2015 | |
Document and Entity Information [Abstract] | |||
Entity Registrant Name | Steadfast Income REIT, Inc. | ||
Entity Central Index Key | 1,468,010 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 76,573,907 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 0 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate: | ||
Land | $ 174,102,422 | $ 174,102,422 |
Building and improvements | 1,487,961,762 | 1,457,633,918 |
Tenant origination and absorption costs | 0 | 524,712 |
Other intangible assets | 2,644,263 | 2,644,263 |
Construction-in-progress | 2,192,635 | 2,048,098 |
Total real estate, cost | 1,666,901,082 | 1,636,953,413 |
Less accumulated depreciation and amortization | (163,445,987) | (98,342,452) |
Total real estate, net | 1,503,455,095 | 1,538,610,961 |
Cash and cash equivalents | 32,076,582 | 29,529,312 |
Restricted cash | 27,700,811 | 25,478,939 |
Rents and other receivables | 2,742,011 | 1,992,310 |
Deferred financing costs and other assets, net | 11,026,323 | 13,455,606 |
Total assets | 1,577,000,822 | 1,609,067,128 |
Liabilities: | ||
Accounts payable and accrued liabilities | 40,752,458 | 39,527,928 |
Notes payable: | ||
Mortgage notes payable, net | 1,122,450,371 | 1,070,757,025 |
Revolving credit facility | 0 | 14,000,000 |
Total notes payable, net | 1,122,450,371 | 1,084,757,025 |
Distributions payable | 4,668,261 | 4,679,455 |
Due to affiliates, net | 2,682,209 | 3,039,490 |
Total liabilities | $ 1,170,553,299 | $ 1,132,003,898 |
Commitments and contingencies | ||
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value per share; 100,000,000 shares authorized, no shares issued and outstanding | $ 0 | $ 0 |
Additional paid-in capital | 677,624,840 | 680,138,132 |
Cumulative distributions and net losses | (271,944,072) | (203,843,497) |
Total stockholders’ equity | 406,447,523 | 477,063,230 |
Total liabilities and stockholders’ equity | 1,577,000,822 | 1,609,067,128 |
Common stock $0.01 par value per share; 999,999,000 shares authorized, 76,674,502 and 76,858,483 shares issued and outstanding at December 31, 2015 and December 31, 2014, respectively [Member] | ||
Notes payable: | ||
Distributions payable | 4,668,261 | 4,679,455 |
Stockholders’ Equity: | ||
Stock $0.01 par value per share | 766,745 | 768,585 |
Convertible stock, $0.01 par value per share; 1,000 shares authorized, issued and outstanding as of December 31, 2015 and December 31, 2014, respectively [Member] | ||
Stockholders’ Equity: | ||
Stock $0.01 par value per share | $ 10 | $ 10 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Stockholders’ Equity: | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Common Stock [Member] | ||
Stockholders’ Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 999,999,000 | 999,999,000 |
Common stock, shares issued (in shares) | 76,674,502 | 76,858,483 |
Common stock, shares outstanding (in shares) | 76,674,502 | 76,858,483 |
Convertible Stock [Member] | ||
Stockholders’ Equity: | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,000 | 1,000 |
Common stock, shares issued (in shares) | 1,000 | 1,000 |
Common stock, shares outstanding (in shares) | 1,000 | 1,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Rental income | $ 186,264,470 | $ 175,267,082 | $ 98,018,275 |
Tenant reimbursements and other | 23,126,188 | 20,662,774 | 11,083,242 |
Total revenues | 209,390,658 | 195,929,856 | 109,101,517 |
Expenses: | |||
Operating, maintenance and management | 53,915,306 | 52,427,001 | 28,708,239 |
Real estate taxes and insurance | 35,825,445 | 34,750,097 | 17,499,798 |
Fees to affiliates | 21,927,913 | 23,923,921 | 30,713,737 |
Depreciation and amortization | 65,640,196 | 69,681,177 | 48,454,178 |
Interest expense | 39,149,018 | 40,370,846 | 24,308,402 |
Loss on debt extinguishment | 0 | 1,939,817 | 0 |
General and administrative expenses | 5,949,993 | 6,896,519 | 7,106,568 |
Acquisition costs | 7,145 | 1,626,904 | 8,169,451 |
Total expenses | 222,415,016 | 231,616,282 | 164,960,373 |
Loss from continuing operations | (13,024,358) | (35,686,426) | (55,858,856) |
Gain (loss) on sales of real estate, net | 0 | 9,944,134 | (21,001) |
Net loss | $ (13,024,358) | $ (25,742,292) | $ (55,879,857) |
Loss per common share - basic and diluted (in dollars per share) | $ (0.18) | $ (0.34) | $ (1.39) |
Weighted average common shares outstanding - basic and diluted (in shares) | 76,335,114 | 75,450,215 | 40,169,940 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Total Stockholders’ Equity [Member] | Common Stock [Member]Common Stock [Member] | Common Stock [Member]Convertible Stock [Member] | Additional Paid- In Capital [Member] | Cumulative Distributions & Net Losses [Member] |
Beginning Balance at Dec. 31, 2012 | $ 152,081,150 | $ 229,086 | $ 10 | $ 191,130,977 | $ (39,278,923) | ||
Beginning Balance (in shares) at Dec. 31, 2012 | 22,908,859 | 1,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 523,068,720 | $ 513,743 | 522,554,977 | ||||
Issuance of common stock (in shares) | 51,373,960 | ||||||
Commissions on sales of common stock and related dealer manager fees to affiliates | (49,014,259) | (49,014,259) | |||||
Transfers from (to) redeemable common stock | (10,078,483) | (10,078,483) | |||||
Redemption of common stock | (1,246,300) | $ (1,291) | (1,245,009) | ||||
Redemption of common stock (in shares) | (129,239) | ||||||
Other offering costs to affiliates | (13,271,892) | (13,271,892) | |||||
Distributions declared | $ 0 | (28,645,761) | (28,645,761) | ||||
Amortization of stock-based compensation | 105,210 | 105,210 | |||||
Net loss | (55,879,857) | (55,879,857) | (55,879,857) | ||||
Ending Balance at Dec. 31, 2013 | 517,118,528 | $ 741,538 | $ 10 | 640,181,521 | (123,804,541) | ||
Ending Balance (in shares) at Dec. 31, 2013 | 74,153,580 | 1,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 24,195,814 | $ 24,968 | 24,170,846 | ||||
Issuance of common stock (in shares) | 2,496,806 | ||||||
Issuance of restricted common stock to Advisor | 5,000,000 | $ 4,883 | 4,995,117 | ||||
Issuance of restricted common stock to Advisor (in shares) | 488,281 | ||||||
Transfers from (to) redeemable common stock | 13,393,647 | 13,393,647 | |||||
Redemption of common stock | (2,723,948) | $ (2,804) | (2,721,144) | ||||
Redemption of common stock (in shares) | (280,184) | ||||||
Distributions declared | (203,990) | $ (54,296,664) | (54,296,664) | (54,296,664) | |||
Amortization of stock-based compensation | 118,145 | 118,145 | |||||
Net loss | (25,742,292) | (25,742,292) | (25,742,292) | ||||
Ending Balance at Dec. 31, 2014 | 477,063,230 | $ 768,585 | $ 10 | 680,138,132 | (203,843,497) | ||
Ending Balance (in shares) at Dec. 31, 2014 | 76,858,483 | 1,000 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Issuance of common stock | 78 | $ 140 | (62) | ||||
Issuance of common stock (in shares) | 14,008 | ||||||
Transfers from (to) redeemable common stock | (1,000,000) | (1,000,000) | |||||
Redemption of common stock | (2,000,000) | $ (1,980) | (1,998,020) | ||||
Redemption of common stock (in shares) | (197,989) | ||||||
Distributions declared | (360,446) | $ (55,076,217) | (55,076,217) | (55,076,217) | |||
Amortization of stock-based compensation | 184,350 | 184,350 | |||||
Change in value of restricted common stock to Advisor | 300,440 | 300,440 | |||||
Net loss | $ (13,024,358) | (13,024,358) | (13,024,358) | ||||
Ending Balance at Dec. 31, 2015 | $ 406,447,523 | $ 766,745 | $ 10 | $ 677,624,840 | $ (271,944,072) | ||
Ending Balance (in shares) at Dec. 31, 2015 | 76,674,502 | 1,000 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (13,024,358) | $ (25,742,292) | $ (55,879,857) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 65,640,196 | 69,681,177 | 48,454,178 |
Accretion of below-market leases | 0 | (163,237) | (1,108,789) |
Amortization of deferred financing costs | 1,479,710 | 1,489,834 | 976,198 |
Amortization of stock-based compensation | 184,350 | 118,145 | 105,210 |
Change in value of restricted common stock to Advisor | 300,440 | 0 | 0 |
Amortization of loan premiums and discounts | (1,234,793) | (1,234,793) | (987,970) |
Change in fair value of interest rate cap agreements | 2,032,746 | 4,353,301 | 448,984 |
Loss on debt extinguishment | 0 | 145,816 | 0 |
(Gain) loss on sales of real estate | 0 | (9,944,134) | 21,001 |
Changes in operating assets and liabilities: | |||
Restricted cash for operating activities | (2,822,331) | (1,166,924) | (15,809,338) |
Rents and other receivables | (749,701) | 8,622 | (1,182,658) |
Other assets | 326,182 | 164,858 | (3,042,967) |
Accounts payable and accrued liabilities | (209,027) | 9,023,776 | 22,898,966 |
Due to affiliates, net | (499,327) | 1,822,698 | 2,857,909 |
Net cash provided by (used in) operating activities | 51,424,087 | 48,556,847 | (2,249,133) |
Cash Flows from Investing Activities: | |||
Acquisition of real estate investments | 0 | (126,718,757) | (818,138,356) |
Additions to real estate investments | (29,908,727) | (26,806,870) | (9,125,416) |
Escrow deposits for pending real estate acquisitions | 0 | (3,120,400) | (12,189,020) |
Restricted cash for investing activities | 600,459 | 931,301 | (3,966,759) |
Purchase of interest rate cap agreements | (351,950) | (863,934) | (5,778,436) |
Proceeds from sales of real estate, net | 0 | 29,761,182 | 68,999 |
Net cash used in investing activities | (29,660,218) | (126,817,478) | (849,128,988) |
Cash Flows from Financing Activities: | |||
Proceeds from issuance of mortgage notes payable | 110,986,313 | 156,238,185 | 476,799,000 |
Principal payments on mortgage notes payable | (58,058,174) | (71,576,167) | (16,690,976) |
Borrowings from credit facility | 6,000,000 | 49,000,000 | 62,500,000 |
Principal payments on credit facility | (20,000,000) | (35,000,000) | (67,500,000) |
Proceeds from issuance of common stock | 0 | 26,561,229 | 485,786,997 |
Payments of commissions on sales of common stock and related dealer manager fees to affiliates | 0 | 0 | (49,014,259) |
Reimbursement of other offering costs to affiliates | 0 | (3,105,246) | (10,279,559) |
Payment of deferred financing costs | (1,057,405) | (1,664,326) | (4,650,578) |
Distributions to common stockholders | (55,087,333) | (29,491,989) | (14,302,663) |
Redemptions of common stock | (2,000,000) | (2,723,948) | (1,246,300) |
Net cash (used in) provided by financing activities | (19,216,599) | 88,237,738 | 861,401,662 |
Net increase in cash and cash equivalents | 2,547,270 | 9,977,107 | 10,023,541 |
Cash and cash equivalents, beginning of year | 29,529,312 | 19,552,205 | 9,528,664 |
Cash and cash equivalents, end of year | 32,076,582 | 29,529,312 | 19,552,205 |
Supplemental Disclosure of Cash Flow Information: | |||
Interest paid, net of amounts capitalized of $153,920, $41,898 and $0 for the years ended December 31, 2015, 2014 and 2013, respectively | 36,734,805 | 35,432,090 | 22,183,329 |
Supplemental Disclosure of Noncash Transactions: | |||
Increase in distributions payable | 0 | 621,003 | 2,715,053 |
Assumption of mortgage notes payable to acquire real estate | 0 | 0 | 115,535,815 |
Application of escrow deposits to acquire real estate | 0 | 3,620,400 | 12,864,120 |
Premiums on assumed mortgage notes payable | 0 | 0 | 3,871,543 |
Increase in amounts receivable from transfer agent | 0 | 0 | (25,958,231) |
Increase in amounts payable to affiliates for other offering costs | 0 | 0 | 2,992,333 |
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan | 78 | 24,183,672 | 11,628,045 |
Issuance of restricted common stock to settle liability | 0 | 5,000,000 | 0 |
Decrease (increase) in redeemable common stock, net | 0 | 13,393,647 | (10,078,483) |
Increase in redeemable common stock payable | 1,000,000 | 0 | 182,997 |
Increase in accounts payable and accrued liabilities from additions to real estate investments | 433,557 | 0 | 0 |
Increase in due to affiliates from additions to real estate investments | $ 142,046 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CAS7
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Cash Flows [Abstract] | |||
Interest capitalized | $ 153,920 | $ 41,898 | $ 0 |
Organization and Business
Organization and Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Organization and Business Steadfast Income REIT, Inc. (the “Company”) was formed on May 4, 2009 as a Maryland corporation that has elected to be treated as, and currently qualifies as, a real estate investment trust (“REIT”). On June 12, 2009, the Company was initially capitalized pursuant to the sale of 22,223 shares of common stock to Steadfast REIT Investments, LLC (the “Sponsor”) at a purchase price of $9.00 per share for an aggregate purchase price of $200,007 . On July 10, 2009, Steadfast Income Advisor, LLC (the “Advisor”), a Delaware limited liability company formed on May 1, 2009, invested $1,000 in the Company in exchange for 1,000 shares of convertible stock (the “Convertible Stock”) as described in Note 6. Substantially all of the Company’s business is conducted through Steadfast Income REIT Operating Partnership, L.P., a Delaware limited partnership formed on July 6, 2009 (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. As the Company accepted subscriptions for shares of its common stock in the Public Offering (as defined below), the Company transferred substantially all of the net offering proceeds to the Operating Partnership in exchange for partnership interests, and the Company’s percentage ownership in the Operating Partnership increased proportionately. The Company and Advisor entered into an Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Partnership Agreement”) on September 28, 2009. As of December 31, 2015 , the Company owned 65 multifamily properties comprising a total of 16,622 apartment homes and 25,973 square feet of rentable commercial space. For more information on the Company’s real estate portfolio, see Note 3. Private Offering On October 13, 2009, the Company commenced a private offering of up to $94,000,000 in shares of the Company’s common stock at a purchase price of $9.40 per share (with discounts available for certain categories of purchasers) (the “Private Offering”). The Company offered its shares of common stock for sale in the Private Offering pursuant to a confidential private placement memorandum and only to persons that were “accredited investors,” as that term is defined under the Securities Act of 1933, as amended (the “Securities Act”), and Regulation D promulgated thereunder. On July 9, 2010, the Company terminated the Private Offering and on July 19, 2010, the Company commenced its registered public offering described below. The Company sold 637,279 shares of common stock in the Private Offering for gross offering proceeds of $5,844,325 . Public Offering On July 23, 2009, the Company filed a registration statement on Form S-11 with the Securities and Exchange Commission (the “SEC”) to offer a maximum of 150,000,000 shares of common stock for sale to the public at an initial price of $10.00 per share (with discounts available for certain categories of purchasers) (the “Primary Offering”). The Company also registered up to 15,789,474 shares of common stock for sale pursuant to the Company’s distribution reinvestment plan (the “DRP,” and together with the Primary Offering, the “Public Offering”) at an initial price of $9.50 per share. The SEC declared the Company’s registration statement effective on July 9, 2010. The Company commenced the Public Offering on July 19, 2010. The Company could reallocate shares of common stock registered in the Public Offering between the Primary Offering and the DRP. On July 12, 2012, the Company’s board of directors determined an estimated value per share of the Company’s common stock as of March 31, 2012 of $10.24 . As a result of the determination of the estimated value per share of the Company’s common stock as of March 31, 2012, effective September 10, 2012, the offering price of the Company’s common stock to the public in the Primary Offering increased from the previous price of $10.00 per share to $10.24 per share. Additionally, effective September 10, 2012, the price of shares of the Company’s common stock issued pursuant to the DRP increased from a price of $9.50 per share to a price of $9.73 per share, or 95% of the new Primary Offering price of $10.24 per share. Effective September 10, 2012, the Company’s board of directors increased the amount of distributions paid on each share of the Company’s common stock from $0.001917 per share per day to $0.001964 per share per day, which, if paid each day over a 365-day period, is equivalent to a 7.0% annualized distribution rate based on the new offering price of $10.24 per share. On March 10, 2015, the Company’s board of directors determined a new estimated value per share of the Company’s common stock of $10.35 as of December 31, 2014. The Company’s board of directors may again, in its sole discretion, change the price at which the Company offers shares of common stock to its stockholders pursuant to the DRP to reflect future changes in the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant. See “ —N ote 14. Subsequent Events” for further information regarding the estimated value per share. The Company terminated its Public Offering on December 20, 2013 . Following termination of the Public Offering, the Company continued to offer shares of common stock pursuant to the DRP until the Company’s board of directors suspended the DRP effective with distributions earned beginning on December 1, 2014. Through December 20, 2013 , the Company sold 73,608,337 shares of common stock in the Public Offering for gross proceeds of $745,389,748 , including 1,588,289 shares of common stock issued pursuant to the DRP for gross offering proceeds of $15,397,232 . The business of the Company is externally managed by the Advisor pursuant to the Advisory Agreement by and among the Company, the Operating Partnership and the Advisor (as amended, the “Advisory Agreement”), which is subject to annual renewal by the Company’s board of directors. The current term of the Advisory Agreement expires on November 15, 2016 . Subject to certain restrictions and limitations, the Advisor manages the Company’s day-to-day operations, manages the Company’s portfolio of properties and real estate-related assets, sources and presents investment opportunities to the Company’s board of directors and provides investment management services on the Company’s behalf. Steadfast Capital Markets Group, LLC (the “Dealer Manager”), an affiliate of the Company, served as the dealer manager for the Public Offering. The Dealer Manager was responsible for marketing the Company’s shares of common stock being offered pursuant to the Public Offering. The Advisor, along with the Dealer Manager, also provides marketing, investor relations and other administrative services on the Company’s behalf. The Partnership Agreement provides that the Operating Partnership is operated in a manner that will enable the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that the Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which classification could result in the Operating Partnership being taxed as a corporation, rather than as a partnership. In addition to the administrative and operating costs and expenses incurred by the Operating Partnership in acquiring and operating real properties, the Operating Partnership will pay all of the Company’s administrative costs and expenses, and such expenses will be treated as expenses of the Operating Partnership. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. Square footage, occupancy and other measures used to describe real estate included in the notes to the consolidated financial statements are presented on an unaudited basis. Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Real Estate Assets Depreciation and Amortization Real estate costs related to the development, construction and improvement of properties are capitalized. Acquisition costs related to business combinations are expensed as incurred. Acquisition costs related to asset acquisitions are capitalized. Repair and maintenance and tenant turnover costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 27.5 years Building improvements 5-25 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related lease Furniture, fixtures, and equipment 5-10 years Real Estate Purchase Price Allocation The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. Acquisition costs are expensed as incurred. The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company estimates the amount of lost rentals using market rates during the expected lease-up periods. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period. 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 (1) the contractual amounts to be paid pursuant to the in-place leases and (2) the Company’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 a reduction or increase to rental income over the remaining non-cancelable terms of the respective leases. The total amount of other lease-related intangible assets acquired will be further allocated to in-place lease values and customer relationship intangible values based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with that respective tenant. Characteristics that the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, and the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The total amount of non-lease-related intangible assets, including amenity access agreements, tax abatement agreements or other contract rights assumed as part of the acquisition of certain properties, will be allocated to other intangible assets based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Company’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Other intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. Estimates of the fair values of the tangible assets, identifiable intangible assets and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Sale of Real Estate Assets Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with GAAP. The Company classifies real estate assets as real estate held for sale once the criteria, as defined by GAAP, have been met. Impairment of Real Estate Assets The Company will continually monitor events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. If any assumptions, projections or estimates regarding an asset changes in the future, the Company may have to record an impairment to reduce the net book value of such individual asset. The Company did not record any impairment loss on its real estate assets during the years ended December 31, 2015 , 2014 and 2013 . Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Due to the short-term nature of the operating leases, the Company does not maintain a deferred rent receivable related to the straight-lining of rents. Revenue Recognition The Company leases apartment and condominium units under operating leases with terms generally of one year or less. Generally, credit investigations are performed for prospective residents and security deposits are obtained. The Company will recognize minimum rent, including rental abatements, concessions and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and amounts expected to be received in later years will be recorded as deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. The Company recognizes gains on sales of real estate either in total or deferred for a period of time, depending on whether a sale has been consummated, the extent of the buyer’s investment in the property being sold, whether the receivable is subject to future subordination, and the degree of the Company’s continuing involvement with the property after the sale. If the criteria for profit recognition under the full-accrual method are not met, the Company will defer gain recognition and account for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery method, as appropriate, until the appropriate criteria are met. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. As of December 31, 2015 and 2014 , the Company had amounts in excess of federally insured limits in deposit accounts with a financial institution. The Company limits such deposits to financial institutions with high credit standing. Restricted Cash Restricted cash represents those cash accounts for which the use of funds is restricted by loan covenants. As of December 31, 2015 and 2014 , the Company had a restricted cash balance of $27,700,811 and $25,478,939 , respectively, which represents amounts set aside as impounds for future property tax payments, property insurance payments and tenant improvement payments as required by agreements with the Company’s lenders. Deferred Financing Costs The Company capitalizes deferred financing costs such as commitment fees, legal fees and other third party costs associated with obtaining commitments for financing that result in a closing of such financing. The Company amortizes these costs over the terms of the respective financing agreements using the effective interest method. The Company expenses unamortized deferred financing costs when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. Derivative Financial Instruments The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. To accomplish these objectives, the Company may use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of LIBOR or other applicable benchmark rates. The Company measures its derivative instruments and hedging activities at fair value and records them as an asset or liability, depending on its rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. As of December 31, 2015 , the Company did not have any derivatives designated as cash flow or fair value hedges, nor are derivatives being used for trading or speculative purposes. Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Interest rate cap agreements - The Company has entered into certain interest rate cap agreements. These derivatives did not qualify as fair value hedges. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in deferred financing costs and other assets, net in the accompanying consolidated balance sheets. The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: December 31, 2015 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 298,143 $ — December 31, 2014 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 1,978,939 $ — Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. Fair Value of Financial Instruments The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, distributions payable, due to affiliates and notes payable. The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities and distributions payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The Company considers the carrying value of the revolving line of credit to approximate fair value based on time to maturity. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of December 31, 2015 and 2014 , the fair value of the mortgage notes payable was $1,118,126,231 and $1,082,414,832 , respectively, compared to the carrying value of $1,122,450,371 and $1,070,757,025 , respectively. The Company has determined that its mortgage notes payable are classified as Level 3 within the fair value hierarchy. Accounting for Stock-Based Compensation The Company amortizes the fair value of stock-based compensation awards to expense over the vesting period and records any dividend equivalents earned as dividends for financial reporting purposes. Stock-based compensation awards to independent directors are valued at the fair value on the date of grant and amortized as an expense over the vesting period. Awards to non-employees are remeasured at fair value each reporting period and amortized as an expense over the vesting period. Distribution Policy The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ended December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). Distributions were based on daily record dates and calculated at a rate of $0.001964 per share per day. Each day during the period from January 1, 2015 through December 31, 2015 was a record date for distributions. Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. Organization and Offering Costs Organization and offering expenses include all expenses (other than sales commissions and related dealer manager fees) to be paid by the Company in connection with the Public Offering and the Private Offering, including legal, accounting, printing, mailing and filing fees, charges of the Company’s transfer agent, expenses of organizing the Company, data processing fees, advertising and sales literature costs, transfer agent costs, bona fide out-of-pocket due diligence costs and amounts to reimburse the Advisor or its affiliates for the salaries of its employees and other costs in connection with preparing supplemental sales materials and providing other administrative services. The Company may also reimburse costs of bona fide training and education meetings held by the Company (primarily travel, meal and lodging costs of registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement of employees of the Company’s affiliates to attend seminars conducted by broker-dealers and, in certain cases, reimbursement to participating broker-dealers for technology costs associated with the Public Offering, costs and expenses related to such technology costs, and costs and expenses associated with the facilitation of the marketing of the Company’s shares of common stock and the ownership of the Company’s shares of common stock by such broker-dealers’ customers; provided, however, that the Company will not pay any of the foregoing costs to the extent that such payment would cause total underwriting compensation for the Public Offering to exceed 10% of the gross proceeds of the Public Offering, as required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Pursuant to the Advisory Agreement and the dealer manager agreement by and among the Company, the Operating Partnership and the Dealer Manager (the “Dealer Manager Agreement”), the Company was obligated to reimburse the Advisor, the Dealer Manager, or their affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that, within 60 days of the end of the month in which the Public Offering terminated, the Advisor was obligated to reimburse the Company to the extent selling commissions, dealer manager fees and organization and offering costs incurred by the Company in the completed Public Offering exceeded 15% of gross offering proceeds of the completed Public Offering. Any reimbursement of expenses paid to the Advisor will not exceed actual expenses incurred by the Advisor. No amounts were owed to the Company by the Advisor pursuant to the Advisory Agreement. Reimbursements to the Advisor, the Dealer Manager, or their affiliates for offering costs paid by them on behalf of the Company with respect to the Private Offering were not limited to 15% of the gross offering proceeds of the Private Offering. However, the Company had previously deferred the reimbursements of offering costs in excess of 15% of the gross offering proceeds of the Private Offering until approval was obtained from the Company’s independent directors. On November 19, 2013, the independent directors approved the reimbursement of such excess costs from the Private Offering. Accordingly, during the year ended December 31, 2013, the Company reimbursed the Advisor $1,425,070 of previously deferred organization and offering costs of the Private Offering in excess of 15% of the gross offering proceeds raised in the Private Offering. Operating Expenses Pursuant to the Advisory Agreement, the Company is limited in the amount of certain operating expenses it may record on a rolling four-quarter basis to the greater of 2% of average invested assets and 25% of net income. Operating expenses include all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company, excluding expenses of raising capital, interest payments, taxes, property operating expenses, non-cash expenditures, incentive fees, acquisition fees and expenses and investment management fees. During the four quarters ended December 31, 2015 , the Company recorded operating expenses of $1,346,002 , which is included in general and administrative expenses in the accompanying consolidated statement of operations. Operating expenses of $51,029 remain payable and are included in due to affiliates in the accompanying consolidated balance sheet as of December 31, 2015 . Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code beginning with the tax year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including the requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year after the taxable year in which the Company initially elects to be taxed as a REIT, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. The Company follows the Income Taxes Topic of the ASC to recognize, measure, present and disclose in its accompanying consolidated financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. As of December 31, 2015 and 2014 , the Company had no liabilities for uncertain tax positions that it believes should be recognized in its accompanying consolidated financial statements. Due to uncertainty regarding the realization of certain deferred tax assets, the Company has established valuation allowances, primarily in connection with the net operating loss carryforward related to the REIT. The Company has no t been assessed interest or penalties by any major tax jurisdictions. The Company’s evaluation was performed for the tax years ended December 31, 2015 and 2014 . As of December 31, 2015 , the Company’s tax returns for calendar years 2014 , 2013 and 2012 remain subject to examination by major tax jurisdictions. Per Share Data Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to controlling interest by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. The Company’s unvested shares of restricted common stock contain non-forfeitable rights to dividends and are considered to be participating securities in accordance with GAAP and, therefore, are included in the computation of earnings (loss) per share under the two-class method. Under the two-class method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested shares of restricted common stock are not allocated losses as the awards do not have a contractual obligation to share in the losses of the Company. The two-class method is an earnings (loss) allocation formula that determines earnings (loss) per share for each class of common shares and participating securities according to dividends declared and participation rights in undistributed earnings. Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment. Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standard Updates (“ASU”) 2014-09, Revenue from Contracts with Customers ( Topic 606 ). The new guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance supersedes the revenue requirements in Revenue Recognition ( Topic 605 ) and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance does not apply to lease contracts within the scope of Leases ( Topic 840 ). In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , which delayed the effective date of the new guidance by one year, which will result in the new guidance being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is still evaluating the impact of adopting the new guidance on its financial statements, but does not expect the adoption to have a material impact on its financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. Until now, the requirement to perform a going concern evaluation existed only in auditing standards. The new guidance requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. The standard states substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extr |
Real Estate
Real Estate | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Real Estate | Real Estate As of December 31, 2015 , the Company owned 65 multifamily properties, encompassing in the aggregate 16,622 residential apartment homes and 25,973 square feet of rentable commercial space. The total purchase price of the Company’s real estate portfolio was $1,634,288,702 . As of December 31, 2015 and 2014 , the Company’s portfolio was approximately 94.0% and 94.1% occupied and the average monthly rent was $999 and $966 , respectively. As of December 31, 2015 and 2014 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: December 31, 2015 Assets Land Building and Improvements Tenant Origination and Absorption Other Intangible Assets Construction-in-Progress Total Real Estate Investments in real estate $ 174,102,422 $ 1,487,961,762 $ — $ 2,644,263 $ 2,192,635 $ 1,666,901,082 Less: Accumulated depreciation and amortization — (163,053,124 ) — (392,863 ) — (163,445,987 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,324,908,638 $ — $ 2,251,400 $ 2,192,635 $ 1,503,455,095 December 31, 2014 Assets Land Building and Improvements Tenant Origination and Absorption Other Intangible Assets Construction-in-Progress Total Real Estate Investments in real estate $ 174,102,422 $ 1,457,633,918 $ 524,712 $ 2,644,263 $ 2,048,098 $ 1,636,953,413 Less: Accumulated depreciation and amortization — (97,793,830 ) (308,926 ) (239,696 ) — (98,342,452 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,359,840,088 $ 215,786 $ 2,404,567 $ 2,048,098 $ 1,538,610,961 Depreciation and amortization expenses were $65,640,196 , $69,681,177 and $48,454,178 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Depreciation of the Company’s buildings and improvements was $65,271,243 , $59,014,085 and $32,103,974 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Amortization of the Company’s tenant origination and absorption costs was $215,786 , $10,513,924 and $16,263,676 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Tenant origination and absorption costs had a weighted-average amortization period as of the date of acquisition of less than one year. At December 31, 2015 , all tenant origination and absorption costs were fully amortized and written off. Amortization of the Company’s other intangible assets was $153,167 , $153,168 and $86,528 for the years ended December 31, 2015 , 2014 and 2013 , respectively. Other intangible assets had a weighted-average amortization period as of the date of acquisition of 18.17 years. The increase in rental income as a result of the accretion of the Company’s below-market lease intangible liabilities for the years ended December 31, 2015 , 2014 and 2013 was $0 , $163,237 and $1,108,789 , respectively. The Company’s below-market lease intangible liabilities had a weighted-average accretion period as of the date of acquisition of less than one year. The future amortization of the Company’s acquired other intangible assets as of December 31, 2015 and thereafter is as follows: 2016 $ 153,168 2017 153,168 2018 153,168 2019 153,168 2020 153,168 Thereafter 1,485,560 $ 2,251,400 Operating Leases As of December 31, 2015 , the Company’s real estate portfolio comprised 16,622 residential apartment homes and was 95.4% leased by a diverse group of residents. For the years ended December 31, 2015 and 2014 , the Company’s real estate portfolio earned approximately 99% and 1% of its rental income from residential tenants and commercial office tenants, respectively. The residential tenant lease terms consist of lease durations equal to 12 months or less. The commercial office tenant leases consist of lease durations varying from 0.16 to 3.83 years. Some residential and commercial leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit and/or a letter of credit for commercial tenants. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payables and accrued liabilities in the accompanying consolidated balance sheets and totaled $4,672,961 and $4,156,797 as of December 31, 2015 and 2014 , respectively. The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of December 31, 2015 and thereafter is as follows: 2016 $ 96,448 2017 67,120 2018 69,136 2019 58,760 $ 291,464 As of December 31, 2015 and 2014 , no tenant represented over 10% of the Company’s annualized base rent and there were no significant industry concentrations with respect to its commercial leases. |
Deferred Financing Costs and Ot
Deferred Financing Costs and Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Deferred Financing Costs and Other Assets | Deferred Financing Costs and Other Assets As of December 31, 2015 and 2014 , deferred financing costs and other assets, net of accumulated amortization, consisted of: December 31, 2015 2014 Deferred financing costs $ 10,800,682 $ 9,743,277 Less: accumulated amortization (3,990,027 ) (2,510,317 ) 6,810,655 7,232,960 Prepaid expenses 2,648,238 2,900,609 Interest rate cap agreements (Note 11) 298,143 1,978,939 Other deposits 1,269,287 1,343,098 $ 11,026,323 $ 13,455,606 |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Debt Mortgage Notes Payable The following is a summary of mortgage notes payable secured by real property as of December 31, 2015 and 2014 : December 31, 2015 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed (1) 37 10/1/2017 - 1/1/2053 3.31 % 5.94 % 4.32 % $ 480,591,006 Mortgage notes payable - variable (2) 30 5/16/2017 - 1/1/2026 1-Mo LIBOR + 1.62% 1-Mo LIBOR + 2.75% 2.77 % 641,859,365 Total mortgage notes payable 67 3.44 % $ 1,122,450,371 December 31, 2014 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed (1) 37 10/1/2017 - 1/1/2053 3.31 % 5.94 % 4.30 % $ 481,090,989 Mortgage notes payable - variable (2) 27 5/16/2017 - 8/1/2024 1-Mo LIBOR + 1.62% 1-Mo LIBOR + 2.75% 2.53 % 589,666,036 Total mortgage notes payable 64 3.33 % $ 1,070,757,025 _______________ (1) The following table summarizes the debt premiums and discounts as of December 31, 2015 , including the unamortized portion included in the principal balance as well as amounts amortized as an offset to interest expense in the accompanying consolidated statements of operations: Unamortized Portion of Net Debt Premium as of December 31, 2015 Amortization of Net Debt Premium During the Years Ended December 31, 2015 2014 2013 $ 3,452,005 $ 1,234,793 $ 1,234,793 $ 987,970 (2) See Note 11 for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company’s variable rate loans. Revolving Credit Facility The Company entered into a revolving credit facility with PNC Bank, N.A. (“PNC Bank”) to borrow up to $20,000,000 . Each advance under the facility was due within 180 days from the date of the advance. On July 18, 2014 , the Company and PNC Bank amended the Loan Agreement to, among other things, increase the potential borrowing limit from $20,000,000 to $35,000,000 . The amended and restated credit facility consists of a Tranche A and a Tranche B, and provides certain security for borrowings under the credit facility. The maximum amount that may be borrowed under Tranche A and Tranche B are $20,000,000 and $15,000,000 , respectively. The amended and restated credit facility has a maturity date of July 17, 2016 , subject to extension. For each advance prior to the July 18, 2014 amendment, the Company had the option to select the interest rate from the following options: (1) 2.0% plus the highest of (A) the Prime Rate (as defined in the revolving credit facility), (B) the sum of the Federal Funds Rate (as defined in the revolving credit facility) plus 0.5% , and (C) daily LIBOR plus 1.0% or (2) LIBOR plus 3.0% . For each advance wherein one of the LIBOR options was selected by the Company, the Company could select either the one-month LIBOR, three-month LIBOR or six-month LIBOR. For each advance under the amended and restated credit facility, the Company has the option to select the interest rate from the following options: (1) Base Rate Option (as defined in the amended and restated credit facility) plus (i) with respect to Tranche A, 0.75% and (ii) with respect to Tranche B, 2.0% ; or (2) LIBOR Option, which is a rate per annum fixed for the LIBOR Interest Period (as defined in the amended and restated credit facility) equal to the sum of LIBOR plus (i) with respect to Tranche A, 1.6% and (ii) with respect to Tranche B, 3.0% . The Company elected for each draw to date the LIBOR Option and the in-place interest rate was 1.84% as of December 31, 2015 . Additionally, the Company incurs a commitment fee equal to 0.25% of the average daily difference between the $35,000,000 maximum available balance and the aggregate outstanding principal balance. No amounts were outstanding under the credit facility as of December 31, 2015 . As of December 31, 2014 , $14,000,000 was outstanding under the credit facility. The following is a summary of the Company’s aggregate maturities as of December 31, 2015 : Maturities During the Years Ending December 31, Contractual Obligation Total 2016 2017 2018 2019 2020 Thereafter Principal payments on outstanding debt obligations (1) $ 1,118,998,366 $ 16,717,956 $ 52,817,542 $ 84,381,374 $ 94,061,993 $ 291,331,359 $ 579,688,142 ________________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the debt premiums associated with certain notes payable. The Company’s notes payable contain customary financial and non-financial debt covenants. As of December 31, 2015 and 2014 , the Company was in compliance with all financial and non-financial debt covenants. For the years ended December 31, 2015 , 2014 and 2013 , the Company incurred interest of $39,302,938 , $40,412,744 and $24,308,402 , respectively. Interest expense for the years ended December 31, 2015 , 2014 and 2013 includes amortization of deferred financing costs of $1,553,718 , $1,489,834 and $976,198 , amortization of loan premiums and discounts of $1,234,793 , $1,234,793 and $987,970 , net unrealized loss from the change in fair value of interest rate cap agreements of $2,032,746 , $4,353,301 and $448,984 , and capitalized interest of $153,920 , $41,898 and $0 , respectively. The capitalized interest is included in real estate on the consolidated balance sheets. Interest expense of $2,932,922 and $2,870,380 was payable as of December 31, 2015 and 2014 , respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity General Under the Company’s Third Articles of Amendment and Restatement (the “Charter”), the total number of shares of capital stock authorized for issuance is 1,100,000,000 shares, consisting of 999,999,000 shares of common stock with a par value of $0.01 per share, 1,000 shares of convertible stock with a par value of $0.01 per share and 100,000,000 shares designated as preferred stock with a par value of $0.01 per share. Common Stock The shares of the Company’s common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Company’s board of directors in accordance with the Maryland General Corporation Law and to all rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences or preemptive, conversion or exchange rights. During 2009, the Company issued 22,223 shares of common stock to the Sponsor for $200,007 . From inception through December 31, 2015 , the Company had issued 76,732,395 shares of common stock in its Private Offering and Public Offering for offering proceeds of $679,572,220 , net of offering costs of $95,845,468 , including 4,073,759 shares of common stock pursuant to the DRP, for total proceeds of $39,580,847 . Offering costs primarily consisted of selling commissions and dealer manager fees. The Company terminated its Public Offering on December 20, 2013, but continued to offer shares pursuant to the DRP through November 30, 2014. The activity for the years ended December 31, 2015 , 2014 and 2013 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their initial election or re-election to the board of directors at the Company’s annual meeting, upon their departure from the board of directors, or in appreciation of their service and commitment to the Company is as follows: 2015 2014 2013 Nonvested shares at the beginning of the year 16,875 18,750 20,625 Granted shares 14,000 10,000 10,000 Vested shares (19,625 ) (11,875 ) (11,875 ) Nonvested shares at the end of the year 11,250 16,875 18,750 Additionally, the weighted average fair value of restricted stock issued to the Company’s independent directors for the years ended December 31, 2015 , 2014 and 2013 is as follows: Grant Year Weighted Average Fair Value 2013 $ 10.24 2014 10.24 2015 10.35 The shares of restricted common stock vest and become non-forfeitable in four equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant and will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company and as otherwise provided in the Incentive Award Plan, as defined below. Included in general and administrative expenses is $184,350 , $118,145 and $105,210 for the years ended December 31, 2015 , 2014 and 2013 , respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining vesting term of the restricted common stock is 1.86 years as of December 31, 2015 . As of December 31, 2015 , the compensation expense related to the issuance of the restricted common stock not vested was $95,607 . On November 15, 2012, the Company entered into a Stock Purchase Plan (the “Plan”) with Ella S. Neyland, the Company’s President and a member of the Company’s board of directors, whereby Ms. Neyland agreed to invest $5,530 for 600 shares of common stock pursuant to the Company’s Public Offering on the first day of each fiscal quarter. The shares were purchased pursuant to the Plan at a price of $9.22 per share, reflecting the elimination of selling commissions and the dealer manager fee in connection with such sales.The Plan terminated on November 15, 2013. As of December 31, 2015, Ms. Neyland had cumulatively purchased 2,400 shares for $22,118 pursuant to the Plan. On June 11, 2014 , the Company entered into a restricted stock agreement with the Advisor whereby the Company issued to the Advisor 488,281.25 restricted shares of the Company’s common stock at a fair market value of $10.24 per share in satisfaction of certain deferred fees due to the Advisor in the aggregate amount of $5,000,000 . The shares of restricted stock vest and become non-forfeitable upon the earliest to occur of (i) 50% at December 31, 2015 and 50% at December 31, 2016, (ii) certain liquidity events of the Company, (iii) the Company’s cumulative modified funds from operations exceed the lesser of (a) the cumulative amount of distributions paid to the Company’s stockholders or (b) an amount that is equal to a 7.0% cumulative, non-compounded annual return on the Company’s stockholders’ invested capital, or (iv) the Company’s termination of, or failure to renew, the Advisory Agreement other than for “cause” (as defined in the Advisory Agreement). The shares of restricted stock shall be forfeited if the Advisor is terminated for any reason other than (iv) above. The fair value of the shares of restricted stock was $2,746,582 as of December 31, 2015 . As of December 31, 2015 , 244,141 shares were vested. The fair value of the vested common stock and unvested restricted common stock as of December 31, 2015 and 2014 of $5,493,164 and $5,000,000 , respectively, are recorded in stockholders’ equity in the accompanying consolidated balance sheets. Included in general and administrative expenses on the accompanying consolidated statements of operations is $300,440 for the year ended December 31, 2015 for the change in value of restricted common stock issued to the Advisor. No such amounts were incurred for the years ended December 31, 2014 and 2013 . Convertible Stock The Company issued 1,000 shares of Convertible Stock to the Advisor for $1,000 . The Convertible Stock will convert into shares of the Company’s common stock if and when: (A) the Company has made total distributions on the then outstanding shares of common stock equal to the original issue price of those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, (B) subject to specified conditions, the Company lists the common stock for trading on a national securities exchange or (C) the Advisory Agreement is terminated or not renewed by the Company (other than for “cause” as defined in the Advisory Agreement). A “listing” will also be deemed to have occurred on the effective date of any merger of the Company in which the consideration received by the holders of the Company’s common stock is the securities of another issuer that are listed on a national securities exchange. Upon conversion, each share of Convertible Stock will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 10% of the amount, if any, by which (1) the Company’s “enterprise value” (as defined in the Charter) plus the aggregate value of distributions paid to date on the outstanding shares of common stock exceeds (2) the aggregate purchase price paid by the stockholders for those shares plus an 8.0% cumulative, non-compounded, annual return on the original issue price of those shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock, in each case calculated as of the date of the conversion. In the event of a termination or non-renewal of the Advisory Agreement by the Company for cause, the Convertible Stock will be redeemed by the Company for $1.00 . Preferred Stock The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter, without the approval of the stockholders, to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of December 31, 2015 and 2014 , no shares of the Company’s preferred stock were issued and outstanding. Distribution Reinvestment Plan The Company’s board of directors had approved the DRP through which common stockholders could elect to reinvest an amount equal to the distributions declared on their shares of common stock in additional shares of the Company’s common stock in lieu of receiving cash distributions. The initial purchase price per share under the DRP was $9.50 . Effective September 10, 2012, shares of the Company’s common stock were issued pursuant to the DRP at a price of $9.73 per share. Effective with distributions earned beginning on December 1, 2014, the Company’s board of directors elected to suspend the DRP. As a result, all distributions will be paid in cash and not reinvested in shares of the Company’s common stock. The Company’s board of directors may, in its sole discretion, from time to time, reinstate the DRP, although there is no assurance as to if or when this will happen, change this price based upon changes in the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant. No sales commissions or dealer manager fees were payable on shares sold through the DRP. Share Repurchase Program and Redeemable Common Stock The Company’s share repurchase program may provide an opportunity for stockholders to have their shares of common stock repurchased by the Company, subject to certain restrictions and limitations. No shares can be repurchased under the Company’s share repurchase program until after the first anniversary of the date of purchase of such shares; provided, however, that this holding period shall not apply to repurchases requested within two years after the death or disability of a stockholder. The purchase price for shares repurchased under the Company’s share repurchase program is as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Estimated Value per Share (2) 2 years 95.0% of Estimated Value per Share (2) 3 years 97.5% of Estimated Value per Share (2) 4 years 100.0% of Estimated Value per Share (2) In the event of a stockholder’s death or disability (3) Average Issue Price for Shares (4) ________________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. (2) For purposes of the share repurchase program, the “Estimated Value per Share” will equal the most recently determined Estimated Value per Share. (3) The required one year holding period to be eligible to redeem shares under the Company’s share repurchase program does not apply in the event of death or disability of a stockholder. (4) The purchase price per share for shares redeemed upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. The purchase price per share for shares repurchased pursuant to the share repurchase program is further reduced by the aggregate amount of net proceeds per share, if any, distributed to the Company’s stockholders prior to the repurchase date as a result of the sale of one or more of the Company’s assets that constitutes a return of capital distribution as a result of such sales. Repurchases of shares of the Company’s common stock are made quarterly upon written request to the Company at least 15 days prior to the end of the applicable quarter during quarters in which the share repurchase program is in effect. Repurchase requests are honored approximately 30 days following the end of the applicable quarter (the “Repurchase Date”). Stockholders may withdraw their repurchase request at any time up to three business days prior the Repurchase Date. On October 21, 2014, the Company’s board of directors elected to suspend the Company’s share repurchase program, effective November 20, 2014. On May 12, 2015, the Company’s board of directors elected to reinstate the share repurchase program effective July 1, 2015. During the year ended December 31, 2015 , the Company redeemed a total of 197,989 shares with a total redemption value of $2,000,000 and received requests for the redemption of 652,066 shares with a total redemption value of $6,562,585 . During the year ended December 31, 2014 , the Company redeemed a total of 280,185 shares with a total redemption value of $2,723,948 and received requests for the redemption of 215,685 shares with a total redemption value of $2,110,525 . The Company cannot guarantee that the funds set aside for the share repurchase program will be sufficient to accommodate all repurchase requests made in any quarter. In the event that the redemption requests exceed the Company’s restrictions on limitation or the Company does not have sufficient funds available to repurchase all of the shares of the Company’s common stock for which repurchase requests have been submitted in any quarter, priority will be given to redemption requests in the case of the death or disability of a stockholder. If the Company repurchases less than all of the shares subject to a repurchase request in any quarter, with respect to any shares which have not been repurchased, the requesting stockholder could (1) withdraw the request for repurchase or (2) ask that the Company honor the request in a future quarter, if any, when such repurchases may be made pursuant to the limitations of the share repurchase program and when sufficient funds were available. Such pending requests would be honored among all requests for redemptions in any given redemption period as follows: first, pro rata as to redemptions sought upon a stockholder’s death or disability; and, next, pro rata as to other redemption requests. The Company is not obligated to repurchase shares of the Company’s common stock under the share repurchase program. In no event shall redemptions under the share repurchase program exceed 5% of the weighted average number of shares of the Company’s common stock outstanding during the prior calendar year. Effective July 1, 2015, in no event shall the value of the shares repurchased pursuant to the share repurchase program exceed $2,000,000 during the quarter beginning July 1, 2015, with each subsequent quarter not to exceed $1,000,000 . There is no fee in connection with a repurchase of shares of the Company’s common stock. As of December 31, 2015 , the Company has recognized redemptions payable of $1,000,000 , which is included in accounts payable and accrued expenses on the accompanying consolidated balance sheets. In addition, the Company’s board of directors may, in its sole discretion, amend, suspend, or terminate the share repurchase program at any time upon 30 days notice to the Company’s stockholders if it determines that the funds available to fund the share repurchase program are needed for other business or operational purposes or that amendment, suspension or termination of the share repurchase program is in the best interest of the Company’s stockholders. Therefore, stockholders may not have the opportunity to make a repurchase request prior to any potential termination of the Company’s share repurchase program. Pursuant to the share repurchase program, for the year ended December 31, 2015 , the Company reclassified $0 , net of $2,000,000 of fulfilled redemption requests, from permanent equity to temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets. For the year ended December 31, 2014 , the Company reclassified $13,393,647 , net of $2,723,948 of fulfilled redemption requests, from temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets, to permanent equity. Distributions The Company’s long-term policy is to pay distributions from cash flow from operations. However, in order to provide additional available funds to pay distributions, the Company’s obligation to pay up to $5,000,000 of fees due to the Advisor pursuant to the Advisory Agreement was deferred. On June 11, 2014, the Company issued $5,000,000 in restricted shares of common stock to the Advisor, subject to certain vesting requirements, as disclosed above, to settle the previously deferred fees due to the Advisor. As of December 31, 2015 and 2014 , no fees had been deferred pursuant to the Advisory Agreement. Distributions Declared Distributions declared to date (1) accrue daily to stockholders of record as of the close of business on each day, (2) are payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month and (3) are calculated at a rate of $0.001964 per share per day, which if paid each day over a 365-day period is equivalent to a 7.0% annualized distribution rate based on a purchase price of $10.24 per share of common stock. Distributions declared for the years ended December 31, 2015 and 2014 were $55,076,217 and $54,296,664 , including $78 and $22,220,101 , or 8 shares and 2,283,669 shares, respectively, of common stock issued pursuant to the DRP. As of December 31, 2015 and 2014 , $4,668,261 and $4,679,455 distributions declared were payable, none of which were reinvested pursuant to the DRP. Distributions Paid For the years ended December 31, 2015 and 2014 , the Company paid cash distributions of $55,087,333 and $29,491,989 , which related to distributions declared for each day in the period from December 1, 2014 through November 30, 2015 and December 1, 2013 through November 30, 2014 , respectively. Additionally, for the years ended December 31, 2015 and 2014 , 8 and 2,485,476 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $78 and $24,183,672 , respectively. For the years ended December 31, 2015 and 2014 , the Company paid total distributions of $55,087,411 and $53,675,661 . |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share, or EPS, for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Net loss attributable to the Company $ (13,024,358 ) $ (25,742,292 ) $ (55,879,857 ) Less: dividends declared on participating securities 360,446 203,990 — Net loss attributable to common stockholders (13,384,804 ) (25,946,282 ) (55,879,857 ) Weighted average common shares outstanding - basic and diluted 76,335,114 75,450,215 40,169,940 Loss per common share - basic and diluted $ (0.18 ) $ (0.34 ) $ (1.39 ) The Company excluded all unvested restricted common shares outstanding issued to the Advisor and the Company’s independent directors from the calculation of diluted loss per common share as the effect would have been antidilutive. |
Related Party Arrangements
Related Party Arrangements | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | Related Party Arrangements The Company has entered into the Advisory Agreement with the Advisor and a Dealer Manager Agreement with the Dealer Manager with respect to the Public Offering. Pursuant to the Advisory Agreement and the Dealer Manager Agreement, the Company is obligated to pay the Advisor specified fees upon the provision of certain services related to the investment of funds in real estate and real estate-related investments, the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). Subject to the limitations described below, the Company is also obligated to reimburse the Advisor and its affiliates for organization and offering costs incurred by the Advisor and its affiliates on behalf of the Company, and the Company is obligated to reimburse the Advisor and its affiliates for acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. Amounts attributable to the Advisor and its affiliates incurred for the years ended December 31, 2015 , 2014 and 2013 are as follows: Incurred For the Year Ended December 31, 2015 2014 2013 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 13,854,825 $ 13,252,309 $ 7,409,393 Acquisition fees (1) 187,735 3,251,400 19,148,107 Acquisition expenses (2) 7,145 587,513 4,433,861 Property management Fees (1) 6,188,525 5,802,772 3,226,878 Reimbursement of onsite personnel (3) 18,760,621 17,841,495 9,343,021 Other fees (1) 1,696,828 1,617,440 929,359 Other operating expenses (4) 1,346,002 980,195 3,561,399 Disposition fees (5) — 463,688 — Consolidated Balance Sheets: Capitalized to building and improvements Construction management Fees 1,618,438 1,391,360 421,776 Reimbursement of labor costs 233,748 88,781 124,815 Additional paid-in-capital Other offering costs reimbursement — — 13,271,892 Selling commissions — — 31,187,852 Dealer management fees — — 17,826,407 $ 43,893,867 $ 45,276,953 $ 110,884,760 ________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in acquisition costs in the accompanying consolidated statements of operations. (3) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (4) Included in general and administrative expenses in the accompanying consolidated statements of operations. (5) Included in gain on sales of real estate, net in the accompanying consolidated statements of operations. Amounts attributable to the Advisor and its affiliates incurred and paid for the years ended December 31, 2015 , 2014 and 2013 are as follows: Paid For the Year Ended December 31, 2015 2014 2013 Consolidated Statements of Operations: Expensed Investment management fees $ 13,840,067 $ 16,627,339 $ 4,630,082 Acquisition fees 791,135 3,296,422 19,436,769 Acquisition expenses 11,147 583,511 4,577,909 Property management Fees 6,169,938 5,717,813 2,960,930 Reimbursement of onsite personnel 18,639,991 17,827,185 8,976,013 Other fees 1,721,504 1,585,747 899,579 Other operating expenses 1,367,226 915,618 3,712,827 Disposition fees — 463,688 — Consolidated Balance Sheets: Capitalized to building and improvements Construction management Fees 1,590,514 1,348,151 421,776 Reimbursement of labor costs 119,626 88,781 124,815 Additional paid-in-capital Other offering costs reimbursement — 3,105,246 10,279,559 Selling commissions — — 31,187,852 Dealer management fees — — 17,826,407 $ 44,251,148 $ 51,559,501 $ 105,034,518 Amounts attributable to the Advisor and its affiliates that are payable as of December 31, 2015 and 2014 are as follows: Payable as of December 31, 2015 2014 Consolidated Statements of Operations: Expensed Investment management fees $ 1,169,770 $ 1,155,012 Acquisition fees — 603,400 Acquisition expenses — 4,002 Property management Fees 520,127 501,540 Reimbursement of onsite personnel 703,791 583,161 Other fees 52,237 76,913 Other operating expenses 51,029 72,253 Disposition fees — — Consolidated Balance Sheets: Capitalized to building and improvements Construction management Fees 71,133 43,209 Reimbursement of labor costs 114,122 — Additional paid-in-capital Other offering costs reimbursement — — Selling commissions — — Dealer management fees — — $ 2,682,209 $ 3,039,490 Organization and Offering Costs The Company terminated the Public Offering on December 20, 2013. Prior to the termination of the Public Offering, organization and offering costs (other than selling commissions and dealer manager fees) of the Company were initially paid by the Advisor or its affiliates on behalf of the Company. These organization and other offering costs include all expenses to be paid by the Company in connection with the Public Offering and the prior private offering, including legal, accounting, printing, mailing and filing fees, charges of the Company’s transfer agent, expenses of organizing the Company, data processing fees, advertising and sales literature costs, transfer agent costs, bona fide out-of-pocket due diligence costs and amounts to reimburse the Advisor or its affiliates for the salaries of its employees and other costs in connection with preparing supplemental sales materials and providing other administrative services in connection with the Public Offering and the private offering. Reimbursement of expenses paid to the Advisor did not exceed the actual expenses incurred by the Advisor. Organization costs include all expenses incurred by the Company in connection with the formation of the Company, including, but not limited to, legal fees and other costs to incorporate the Company. Included in organization and offering costs are payments made to Crossroads Capital Advisors, LLC (“Crossroads”), an affiliate of the Sponsor, for certain specified services provided to the Company on behalf of the Advisor, including, without limitation, establishing operational and administrative processes; engaging and negotiating with vendors; providing recommendations and advice for the development of marketing materials and ongoing communications with investors; assisting in public relations activities and the administration of the DRP and share redemption program; and providing advice as to our real estate portfolio and property operations. Pursuant to the Advisory Agreement, the Company was obligated to reimburse the Advisor or its affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company in connection with the Public Offering, provided that the Advisor was obligated to reimburse the Company to the extent selling commissions, dealer manager fees and organization and offering costs incurred by the Company in the Public Offering exceed 15% of gross offering proceeds raised in the completed Public Offering. No amounts were owed to the Company by the Advisor pursuant to the Advisory Agreement. Reimbursements to the Advisor or its affiliates for offering costs paid by them on behalf of the Company with respect to the Private Offering is not limited to 15% of the gross offering proceeds of the Private Offering. However, the Company elected not to make reimbursements of organization and offering costs in excess of 15% of the gross offering proceeds of the Private Offering unless approval was obtained from the independent directors of the Company. On November 19, 2013, the independent directors approved the reimbursement of the organization and offering costs in excess of 15% of the gross offering proceeds of the Private Offering. Accordingly, the Company reimbursed the Advisor $1,425,070 for such organization and offering costs in 2013. From inception through December 31, 2015 , the total offering costs incurred by the Advisor or its affiliates and reimbursed by the Company with respect to the Private Offering was $2,301,719 . The amount of reimbursable organization and offering (“O&O”) costs related to the Public Offering that have been paid or recognized from inception through December 31, 2015 is as follows: Amount Percentage of Gross Public Offering Proceeds Gross offering proceeds from Public Offering (excluding DRP): $ 729,992,516 100.00 % O&O limitation 15 % Total O&O costs available to be paid/reimbursed $ 109,498,877 15.00 % O&O expenses recorded Sales commissions paid 44,413,086 6.08 % Broker dealer fees paid 25,428,455 3.48 % Public offering cost reimbursements 20,596,961 2.82 % Public offering cost reimbursements accrual 3,105,247 0.43 % Organizational cost reimbursements 100,738 0.01 % Total O&O costs reimbursements recorded by the company $ 93,644,487 12.83 % The Company also reimbursed certain costs of bona fide training and education meetings (primarily the travel, meal and lodging costs of registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement of employees of the Company’s affiliates to attend seminars conducted by broker-dealers and, in special cases, reimbursement to participating broker-dealers for technology costs associated with the Public Offering, costs and expenses related to such technology costs, and costs and expenses associated with the facilitation of the marketing of the Company’s shares and the ownership of the Company’s shares by such broker-dealers’ customers; provided, however, that the Company did not pay any of the foregoing costs to the extent that such payment would cause total underwriting compensation to exceed 10% of the gross proceeds of the Public Offering, as required by the rules of FINRA. Organization costs are expensed as incurred. From inception until the Company terminated the Public Offering on December 20, 2013, the Company incurred $100,738 of organizational costs on the Company’s behalf, of which $100,738 was reimbursed to the Advisor. No organizational costs were incurred or recognized during the years ended December 31, 2015 , 2014 and 2013 . Offering costs, including selling commissions and dealer manager fees, are deferred and charged to stockholders’ equity as such amounts are reimbursed to the Advisor, the Dealer Manager or their affiliates from gross offering proceeds. For each of the years ended December 31, 2015 , 2014 and 2013 , the Advisor did no t incur any costs related to the Private Offering, however, during the quarter ended December 31, 2013, the Company reimbursed the Advisor for $1,425,070 of previously deferred offering costs related to the Private Offering. From inception through December 31, 2015 , the Advisor had incurred total offering costs related to the Private Offering of $2,301,719 . For the years ended December 31, 2015 and 2014 , no amounts were reimbursed to the Advisor as the Public Offering terminated on December 30, 2013. For the year ended December 31, 2013 , the Company reimbursed the Advisor $60,861,080 , respectively, of offering costs related to the Public Offering, including $3,203,872 of amounts paid to Crossroads for certain offering services provided to the Company. The Company has reimbursed the Advisor $95,946,206 for organization and offering costs incurred from inception through December 31, 2015 , including reimbursements of organization costs of $100,738 , reimbursements of Private Offering costs of $2,301,719 and reimbursements of Public Offering costs of $93,543,749 . No amounts were accrued by the Company for the reimbursement of offering costs in the financial statements as of December 31, 2015 and 2014 , respectively. Investment Management Fee The Company pays the Advisor a monthly investment management fee equal to one-twelfth of 0.80% of (1) the cost of real properties and real estate-related assets acquired directly by the Company or (2) the Company’s allocable cost of each real property or real estate-related asset acquired through a joint venture. Such fee is calculated including acquisition fees, acquisition expenses and any debt attributable to such investments, or the Company’s proportionate share thereof in the case of investments made through joint ventures. The cost of real properties and real estate-related assets that have been sold by the Company during the applicable month is excluded from the fee. Acquisition Fees and Expenses The Company pays the Advisor an acquisition fee equal to 2.0% of (1) the cost of investment, as defined in the Advisory Agreement, in connection with the acquisition or origination of any type of real property or real estate-related asset acquired directly by the Company or (2) the Company’s allocable portion of the purchase price in connection with the acquisition or origination of any type of real property or real estate-related asset acquired through a joint venture, including any acquisition and origination expenses and any debt attributable to such investments. In addition to acquisition fees, the Company reimburses the Advisor for amounts directly incurred by the Advisor or its affiliates, including personnel-related costs for acquisition due diligence, legal and non-recurring management services, and amounts the Advisor pays to third parties in connection with the selection, acquisition or development of a property or acquisition of real estate-related assets, whether or not the Company ultimately acquires the property or the real estate-related assets. The Charter limits the Company’s ability to pay acquisition fees if the total of all acquisition fees and expenses relating to the purchase would exceed 6.0% of the contract purchase price. Under the Charter, a majority of the Company’s board of directors, including a majority of the independent directors, is required to approve any acquisition fees (or portion thereof) that would cause the total of all acquisition fees and expenses relating to an acquisition to exceed 6.0% of the contract purchase price. In connection with the purchase of securities, the acquisition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the acquisition fee to a firm that is not a registered broker-dealer. Property Management Fees and Expenses The Company has entered into Property Management Agreements with Steadfast Management Company, Inc., an affiliate of the Sponsor (the “Property Manager”), in connection with the acquisition of each of the Company’s properties (other than EBT Lofts, Library Lofts and Stuart Hall Lofts, which are managed by an unaffiliated third-party management company). The property management fee payable with respect to each property under the Property Management Agreements (each a “Property Management Agreement”) ranges from 2.50% to 3.75% of the annual gross revenue collected, which is usual and customary for comparable property management services rendered to similar properties in similar geographic markets, as determined by the Advisor and approved by a majority of the Company’s board of directors, including a majority of the independent directors. The Property Manager also receives an oversight fee of 1% of gross revenues at certain of the properties at which it does not serve as a property manager. Generally, each Property Management Agreement has an initial one year term and will continue thereafter on a month-to-month basis unless either party gives a 60 day prior notice of its desire to terminate the Property Management Agreement, provided that the Company may terminate the Property Management Agreement at any time without cause or upon an uncured breach of the Property Management Agreement upon 30 days prior written notice to the Property Manager. In addition to the property management fee, the Property Management Agreements also specify certain other fees payable to the Property Manager or its affiliates, including fees for benefit administration, information technology infrastructure, licenses, and support and training services. The Company also reimburses the Property Manager for the salaries and related benefits of on-site property management employees. Construction Management The Company has entered into Construction Management Agreements with Pacific Coast Land and Construction, Inc., an affiliate of the Sponsor (the “Construction Manager”), in connection with the planned capital improvements and renovation for certain of the Company’s properties. The construction management fee payable with respect to each property under the Construction Management Agreements (each a “Construction Management Agreement”) ranges from 5.0% to 12.0% of the costs of the improvements for which the Construction Manager has planning and oversight authority. Generally, each Construction Management Agreement has a term equal to the planned renovation timeline unless either party gives a 30 day prior notice of its desire to terminate the Construction Management Agreement. Construction management fees are capitalized to the respective real estate properties in the period in which they are incurred, as such costs relate to capital improvements and renovations for units taken out of service while they undergo the planned renovation. The Company also reimburses the Construction Manager for the salaries and related benefits of its employees for time spent working on capital improvements and renovations. Other Operating Expense Reimbursement In addition to the various fees paid to the Advisor, the Company is obligated to pay directly or reimburse all expenses incurred by the Advisor in providing services to the Company, including the Company’s allocable share of the Advisor’s overhead, such as rent, employee costs, utilities and information technology costs. The Company will not reimburse the Advisor for employee costs in connection with services for which the Advisor or its affiliates receive acquisition fees or disposition fees or for the salaries the Advisor pays to the Company’s executive officers. The Charter limits the Company’s total operating expenses during any four fiscal quarters to the greater of 2% of the Company’s average invested assets or 25% of the Company’s net income for the same period (the “2% 25% Limitation”). The Company may reimburse the Advisor, at the end of each fiscal quarter, for operating expenses incurred by the Advisor; provided, however, that the Company shall not reimburse the Advisor at the end of any fiscal quarter for operating expenses that exceed the 2%/25% Limitation unless the independent directors have determined that such excess expenses were justified based on unusual and non-recurring factors. The Advisor must reimburse the Company for the amount by which the Company’s operating expenses for the preceding four fiscal quarters then ended exceed the 2%/25% Limitation unless the independent directors have determined that such excess expenses were justified. For purposes of determining the 2%/25% Limitation amount, “average invested assets” means the average monthly book value of the Company’s assets invested directly or indirectly in equity interests and loans secured by real estate during the 12 -month period before deducting depreciation, bad debts or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company that are in any way related to the Company’s operation, including the Company’s allocable share of Advisor overhead and investment management fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, listing and registration of shares of the Company’s common stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of the Company’s assets; (f) acquisition fees and acquisition expenses (including expenses relating to potential acquisitions that the Company does not close); (g) real estate commissions on the resale of investments; and (h) other expenses connected with the acquisition, disposition, management and ownership of investments (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of real property). For the year ended December 31, 2015 , the Advisor and its affiliates incurred $1,346,002 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $1,346,002 , none of which were in excess of the 2%/25% Limitation and are included in the $5,949,993 of general and administrative expenses recognized by the Company. As of December 31, 2015 , the Company’s total operating expenses were 0.1% of its average invested assets and 10.3% of its net loss. For the year ended December 31, 2014 , the Advisor and its affiliates incurred $980,192 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $980,192 , none of which were in excess of the 2%/25% Limitation and are included in the $6,896,519 of general and administrative expenses recognized by the Company. For the year ended December 31, 2013 , the Advisor and its affiliates incurred $3,561,399 of the Company’s operating expenses, including the allocable share of the Advisor’s overhead expenses of $3,561,399 , none of which were in excess of the 2%/25% Limitation, and $2,571,910 of previously deferred operating expenses, all of which are included in the $7,106,568 of general and administrative expenses recognized by the Company. Disposition Fee The Company will pay the Advisor a disposition fee in connection with a sale of a property or real estate-related asset and in the event of the sale of the entire Company, in either case when the Advisor or its affiliates provides a substantial amount of services as determined by a majority of the Company’s independent directors. With respect to a sale of a property or real estate-related asset, the Company will pay the Advisor a disposition fee equal to 1.5% of the contract sales price of the investment sold. With respect to a final liquidity event, the Company will pay the Advisor a disposition fee equal to (i) 0.5% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is less than or equal to $9.00 ; (ii) 0.75% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $9.01 and $10.24 ; (iii) 1.00% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $10.25 and $11.24 ; (iv) 1.25% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is between $11.25 and $12.00 ; and (v) 1.50% of the total consideration paid in a final liquidity event if the price per share paid to stockholders is greater than or equal to $12.01 . To the extent the disposition fee is paid upon the sale of any assets other than real property, it will be included as an operating expense for purposes of the 2% / 25% Limitation. In connection with the sale of securities, the disposition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the disposition fee to a firm that is not a registered broker-dealer. The Charter limits the maximum amount of the disposition fees payable to the Advisor for the sale of any real property to the lesser of one-half of the brokerage commission paid or 3% of the contract sales price, but in no event shall the total real estate commissions paid, including any disposition fees payable to the Advisor, exceed 6% of the contract sales price. Selling Commissions and Dealer Manager Fees Pursuant to the terms of the Dealer Manager Agreement, the Company paid the Dealer Manager up to 6.5% and 3.5% of the gross offering proceeds from the Primary Offering as selling commissions and dealer manager fees, respectively. A reduced sales commission and dealer manager fee was paid in connection with volume discounts and certain other categories of sales. No sales commission or dealer manager fee was paid with respect to shares of common stock issued pursuant to the DRP. The Dealer Manager was also able to reallow to any participating broker-dealer a portion of the dealer manager fee that was attributable to that participating broker-dealer for certain marketing costs of that participating broker-dealer. The Company did no t pay any selling commissions or dealer manager fees to the Dealer Manager for the year ended December 31, 2015 because the Public Offering terminated on December 20, 2013. Restricted Stock Agreement On June 11, 2014 , the Company entered into a restricted stock agreement with the Advisor whereby the Company issued to the Advisor 488,281.25 restricted shares of the Company’s common stock at a fair market value of $10.24 per share in satisfaction of certain deferred fees due to the Advisor in the aggregate amount of $5,000,000 . The shares of restricted stock vest and become non-forfeitable upon the earliest to occur of (i) 50% at December 31, 2015 and 50% at December 31, 2016, (ii) certain liquidity events of the Company, (iii) the Company’s cumulative modified funds from operations exceed the lesser of (a) the cumulative amount of distributions paid to the Company’s stockholders or (b) an amount that is equal to a 7.0% cumulative, non-compounded annual return on the Company’s stockholders’ invested capital, or (iv) the Company’s termination of, or failure to renew, the Advisory Agreement other than for “cause” (as defined in the Advisory Agreement). The shares of restricted stock shall be forfeited if the Advisor is terminated for any reason other than (iv) above. |
Incentive Award Plan and Indepe
Incentive Award Plan and Independent Director Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Award Plan and Independent Director Compensation | Incentive Award Plan and Independent Director Compensation The Company has adopted an incentive plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. No awards have been granted under the Incentive Award Plan as of December 31, 2015 and 2014 , except those awards granted to the independent directors as described below. Under the Company’s independent directors’ compensation plan, which is a sub-plan of the Incentive Award Plan, each of the Company’s independent directors was entitled to receive 5,000 shares of restricted common stock in connection with the initial meeting of the Company’s full board of directors. The Company’s board of directors, and each of the independent directors, agreed to delay the initial grant of restricted stock until the Company raised $2,000,000 in gross offering proceeds in the Private Offering. In addition, on the date following an independent director’s re-election to the Company’s board of directors, he or she receives 2,500 shares of restricted common stock. One-fourth of the shares of restricted common stock generally vest and become non-forfeitable upon issuance and the remaining portion will vest in three equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant; provided, however, that the restricted stock will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability, or (2) a change in control of the Company and as otherwise provided in the Incentive Award Plan. On August 7, 2013, the Company granted each of the four independent directors 2,500 shares of restricted stock upon re-election to the Company’s board of directors. On August 5, 2014 , the Company granted each of the four independent directors 2,500 shares of restricted stock upon re-election to the Company’s board of directors. On August 10, 2015, the Company’s board of directors granted 2,000 shares of restricted common stock pursuant to the Incentive Award Plan to each of Larry H. Dale and Kerry D. Vandell in appreciation of their service as independent directors and commitment to the Company for their prior years of service as independent directors, all of which vested immediately. On August 11, 2015, the Company granted each of the two independent directors 2,500 shares of restricted common stock upon re-election to the Company’s board of directors. On August 11, 2015, the Company granted 5,000 shares of restricted common stock to its new independent director. The Company recorded stock-based compensation expense of $184,350 , $118,145 and $105,210 for the years ended December 31, 2015 , 2014 and 2013 respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Economic Dependency The Company is dependent on the Advisor and its affiliates for certain services that are essential to the Company, including the sale of the Company’s shares of common and preferred stock available for issue; the identification, evaluation, negotiation, purchase, and disposition of real estate and real estate-related investments; management of the daily operations of the Company’s real estate and real estate-related investment portfolio; and other general and administrative responsibilities. In the event that these companies are unable to provide the respective services, the Company will be required to obtain such services from other sources. Concentration of Credit Risk The geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Houston, Texas, Chicago, Illinois and Austin, Texas apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company uses interest rate derivatives with the objective of managing exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect they could have on future cash flows. Interest rate cap agreements are used to accomplish this objective. As of December 31, 2015 , the Company had 30 interest rate cap agreements with notional amounts totaling $637,110,000 . The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at December 31, 2015 and 2014 : December 31, 2015 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 11/1/2016 - 10/1/2019 One-Month LIBOR 30 $ 637,110,000 0.43 % 2.68 % $ 298,143 December 31, 2014 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 11/1/2016 - 1/1/2019 One-Month LIBOR 27 $ 577,961,000 0.17 % 2.47 % $ 1,978,939 The interest rate cap agreements are not designated as cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate cap agreements as interest expense. The change in the fair value of the interest rate cap agreements for the years ended December 31, 2015 , 2014 and 2013 resulted in an unrealized loss of $2,032,746 , $4,353,301 and $448,984 respectively, which is included in interest expense in the accompanying consolidated statements of operations. The fair value of interest rate cap agreements of $298,143 and $1,978,939 are included in deferred financing costs and other assets, net on the accompanying consolidated balance sheets. |
Pro Forma Information (unaudite
Pro Forma Information (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Pro Forma Information (unaudited) | Pro Forma Information (unaudited) The following table summarizes, on an unaudited basis, the consolidated pro forma results of operations of the Company for the years ended December 31, 2014 and 2013. The Company did no t acquire any properties during the year ended December 31, 2015 and acquired seven properties during the year ended December 31, 2014. These properties contributed $7,043,199 of revenues and $2,128,011 of net loss, including $4,279,615 of depreciation and amortization, to the Company’s results of operations from the date of acquisition to December 31, 2014. The following unaudited pro forma information for the years ended December 31, 2014 and 2013 has been provided to give effect to the acquisitions of the properties as if they had occurred on January 1, 2013. This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods. Year Ended December 31, 2014 2013 Revenues $ 202,656,889 $ 125,027,746 Net loss $ (20,960,767 ) $ (55,852,848 ) Basic and diluted net loss per common share $ (0.27 ) $ (0.73 ) Weighted average common shares outstanding, basic and diluted 76,858,483 76,858,483 The pro forma information reflects adjustments for actual revenues and expenses of the properties acquired during the year ended December 31, 2014 for the respective period prior to acquisition by the Company. Net loss has been adjusted as follows: (1) interest expense has been adjusted to reflect the additional interest expense that would have been charged had the Company acquired the properties on January 1, 2013 under the same financing arrangements as existed as of the acquisition date; (2) depreciation and amortization has been adjusted based on the Company’s basis in the properties; and (3) transaction costs have been adjusted for the acquisition of the properties. |
Selected Quarterly Results (una
Selected Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Results (unaudited) | Selected Quarterly Results (unaudited) Presented below is a summary of the Company’s unaudited quarterly financial information for the year ended December 31, 2015 and 2014 : First Quarter Second Quarter Third Quarter Fourth Quarter Total 2015 Revenues $ 51,051,301 $ 52,243,802 $ 53,166,421 $ 52,929,134 $ 209,390,658 Net loss (3,830,646 ) (2,904,429 ) (3,603,728 ) (2,685,555 ) (13,024,358 ) Loss per common share, basic and diluted (0.05 ) (0.04 ) (0.05 ) (0.04 ) (0.18 ) Distributions declared per common share 0.177 0.179 0.181 0.181 0.718 2014 Revenues $ 45,679,704 $ 49,224,059 $ 50,217,617 $ 50,808,476 $ 195,929,856 Net loss (14,082,911 ) (3,653,679 ) (3,337,573 ) (4,668,129 ) (25,742,292 ) Loss per common share, basic and diluted (0.19 ) (0.05 ) (0.05 ) (0.05 ) (0.34 ) Distributions declared per common share 0.177 0.179 0.181 0.181 0.718 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions Paid On January 4, 2016 , the Company paid distributions of $4,668,261 , which related to distributions declared for each day in the period from December 1, 2015 through December 31, 2015 . All such distributions were paid in cash. On February 1, 2016 , the Company paid distributions of $4,653,399 , which related to distributions declared for each day in the period from January 1, 2016 through January 31, 2016 . All such distributions were paid in cash. On March 1, 2016 , the Company paid distributions of $4,348,005 , which related to distributions declared for each day in the period from February 1, 2016 through February 29, 2016 . All such distributions were paid in cash. Redemption On January 29, 2016 , the Company redeemed 99,243 shares of its common stock for a total redemption value of $1,000,000 , or $10.08 per share, pursuant to the Company’s share repurchase program. Estimated Value per Share On February 25, 2016 , the Company’s board of directors determined an estimated value per share of the Company’s common stock of $11.44 as of December 31, 2015 . |
REAL ESTATE AND ACCUMULATED DEP
REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION | 12 Months Ended |
Dec. 31, 2015 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate Assets and Accumulated Depreciation and Amortization | Description Location Owner-ship Percent Encumbrances (2) Initial Cost of Company Cost Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Original Date of Construction Date Acquired Land Building and Improvements (1) Total Land Building and Improvements (1) Total (3) Park Place Condominiums Des Moines, IA 100% $ 4,790,845 $ 500,000 $ 7,823,400 $ 8,323,400 $ 1,207,294 $ 410,000 $ 8,306,314 $ 8,716,314 $ (1,793,310 ) 1986 12/22/10 Clarion Park Apartments Olathe, KS 100% 8,318,957 1,470,991 9,744,009 11,215,000 495,117 1,470,991 9,957,211 11,428,202 (1,860,519 ) 1994 6/28/11 Cooper Creek Village Louisville, KY 100% 6,372,075 593,610 9,826,390 10,420,000 468,364 593,610 10,110,544 10,704,154 (1,803,120 ) 1997 8/24/11 Truman Farm Villas Grandview, MO 100% 5,596,526 842,987 8,257,013 9,100,000 757,135 842,987 8,773,519 9,616,506 (1,598,999 ) 2008 12/22/11 EBT Lofts Kansas City, MO 100% 5,291,125 460,362 8,114,638 8,575,000 573,436 460,362 8,345,756 8,806,118 (1,291,911 ) 1899 12/30/11 Windsor on the River Cedar Rapids, IA 100% 23,281,658 3,381,946 29,618,054 33,000,000 1,540,719 3,381,946 29,965,844 33,347,790 (4,747,552 ) 1982 1/26/12 Renaissance St. Andrews Louisville, KY 100% 8,772,529 838,685 11,661,315 12,500,000 782,445 838,685 12,201,356 13,040,041 (1,998,030 ) 2001 2/17/12 Spring Creek of Edmond Edmond, OK 100% 13,231,253 2,346,503 17,602,343 19,948,846 561,085 2,346,503 17,758,036 20,104,539 (2,849,936 ) 1974 3/9/12 Montclair Parc Apartments Oklahoma City, OK 100% 23,330,135 3,325,556 32,424,444 35,750,000 1,049,395 3,325,556 32,288,244 35,613,800 (4,664,864 ) 1999 4/26/12 Sonoma Grande Apartments Tulsa, OK 100% 21,881,052 2,737,794 29,462,206 32,200,000 483,771 2,737,794 29,396,364 32,134,158 (4,316,460 ) 2009 5/24/12 Estancia Apartments Tulsa, OK 100% 21,126,426 2,544,634 27,240,628 29,785,262 477,317 2,544,634 27,196,381 29,741,015 (3,845,519 ) 2006 6/29/12 Montelena Apartments Round Rock, TX 100% 11,957,945 1,860,351 17,375,907 19,236,258 877,405 1,860,351 17,798,152 19,658,503 (2,507,591 ) 1998 7/13/12 Valley Farms Apartments Louisville, KY 100% 9,884,827 724,771 14,375,229 15,100,000 351,667 724,771 14,466,307 15,191,078 (1,913,497 ) 2007 8/30/12 Hilliard Park Apartments Hilliard, OH 100% 13,298,823 1,413,437 18,484,692 19,898,129 593,493 1,413,437 18,672,864 20,086,301 (2,417,578 ) 2000 9/11/12 Sycamore Terrace Apartments Terre Haute, IN 100% 18,000,000 1,321,194 21,852,963 23,174,157 185,683 1,321,194 21,593,062 22,914,256 (2,557,101 ) 2011/2013 9/20/12, 3/5/14 Hilliard Summit Apartments Hilliard, OH 100% 16,112,504 1,536,795 22,639,028 24,175,823 172,918 1,536,795 22,363,294 23,900,089 (2,832,523 ) 2012 9/28/12 Springmarc Apartments San Marcos, TX 100% 14,875,137 1,917,909 20,027,929 21,945,838 131,300 1,917,909 19,727,351 21,645,260 (2,546,561 ) 2008 10/19/12 Renaissance at St. Andrews Condominiums Louisville, KY 100% — 92,255 1,282,745 1,375,000 309,265 92,255 1,565,346 1,657,601 (225,042 ) 2001 10/31/12 Ashley Oaks Apartments San Antonio, TX 100% 20,912,241 3,819,796 26,970,204 30,790,000 2,581,337 3,819,796 28,815,759 32,635,555 (3,949,667 ) 1985 11/29/12 Arrowhead Apartments Palatine, IL 100% 12,073,401 2,094,728 14,655,272 16,750,000 385,163 2,094,728 14,637,836 16,732,564 (1,838,584 ) 1976 11/30/12 The Moorings Apartments Roselle, IL 100% 14,595,262 2,250,208 17,999,792 20,250,000 1,173,603 2,250,208 18,751,929 21,002,137 (2,276,974 ) 1976 11/30/12 Description Location Owner-ship Percent Encumbrances (2) Initial Cost of Company Cost Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Original Date of Construction Date Acquired Land Building and Improvements (1) Total Land Building and Improvements (1) Total (3) Forty-57 Apartments Lexington, KY 100% $ 37,865,818 $ 3,055,614 $ 49,444,386 $ 52,500,000 $ 799,633 $ 3,055,614 $ 49,482,134 $ 52,537,748 $ (5,964,638 ) 2008 12/20/12 Keystone Farms Apartments Nashville, TN 100% 5,987,799 1,052,401 7,347,599 8,400,000 271,048 1,052,401 7,438,788 8,491,189 (946,717 ) 1998 12/28/12 Riverford Crossing Apartments Frankfort, KY 100% 21,542,556 2,595,387 27,404,613 30,000,000 393,693 2,595,387 27,256,272 29,851,659 (3,371,719 ) 2011 12/28/12 Southpointe at Valley Farms Louisville, KY 100% 9,492,498 2,212,402 3,062,598 5,275,000 9,464,818 2,212,402 12,461,380 14,673,782 (522,981 ) 2010 12/28/12 Montecito Apartments Austin, TX 100% 13,727,118 3,081,522 15,918,478 19,000,000 1,399,983 3,081,522 16,884,265 19,965,787 (2,204,709 ) 1984 12/31/12 Hilliard Grand Apartments Dublin, OH 100% 28,601,570 2,657,734 38,012,528 40,670,262 224,649 2,657,734 37,420,510 40,078,244 (4,332,272 ) 2010 12/31/12 The Hills at Fair Oaks Fair Oaks Ranch, TX 100% 24,414,254 3,008,363 31,700,639 34,709,002 125,416 3,008,363 31,200,263 34,208,626 (3,700,418 ) 2012 1/31/13 Library Lofts East Kansas City, MO 100% 8,763,765 1,669,405 11,080,595 12,750,000 114,880 1,669,405 10,989,508 12,658,913 (1,288,053 ) 1906/1923 2/28/13 The Trails at Buda Ranch Buda, TX 100% 16,508,420 2,504,114 20,495,886 23,000,000 394,040 2,504,114 20,383,856 22,887,970 (2,239,580 ) 2009 3/28/13 Deep Deuce at Bricktown Oklahoma City, OK 100% 25,873,142 2,529,318 37,266,648 39,795,966 5,163,389 2,529,318 41,754,961 44,284,279 (5,325,756 ) 2001 3/28/13 Deer Valley Apartments Lake Bluff, IL 100% 20,253,084 2,494,142 26,105,858 28,600,000 1,081,552 2,494,142 26,658,502 29,152,644 (2,963,892 ) 1991 4/30/13 Grayson Ridge North Richland, TX 100% 10,401,837 1,594,099 12,705,901 14,300,000 1,148,205 1,594,099 13,500,332 15,094,431 (1,579,258 ) 1988 5/31/13 Rosemont at Olmos Park San Antonio, TX 100% 14,541,012 2,064,447 19,985,553 22,050,000 290,745 2,064,447 19,853,175 21,917,622 (2,009,858 ) 1995 5/31/13 Retreat at Quail North Oklahoma City, OK 100% 16,861,241 1,700,810 24,025,543 25,726,353 219,427 1,700,810 23,756,327 25,457,137 (2,514,693 ) 2012 6/12/13 The Lodge at Trails Edge Indianapolis, IN 100% 12,401,702 2,389,613 16,128,107 18,517,720 357,404 2,389,613 16,099,891 18,489,504 (1,655,226 ) 1981 6/18/13 Arbors of Carrollton Carrollton, TX 100% 6,135,126 1,424,432 7,560,527 8,984,959 471,361 1,424,432 7,807,698 9,232,130 (891,986 ) 1984 7/3/13 Waterford on the Meadow Plano, TX 100% 16,278,351 2,625,024 20,849,131 23,474,155 1,638,141 2,625,024 21,922,106 24,547,130 (2,247,320 ) 1984 7/3/13 The Belmont Grand Prairie, TX 100% 9,086,666 1,550,028 11,264,510 12,814,538 564,826 1,550,028 11,466,693 13,016,721 (1,145,094 ) 1983 7/26/13 Meritage at Steiner Ranch Austin, TX 100% 53,982,996 7,353,620 73,356,373 80,709,993 6,184,693 7,353,620 78,090,283 85,443,903 (7,717,891 ) 2001 8/6/13 Tapestry Park Apartments Birmingham , AL 100% 34,725,000 3,277,884 47,118,797 50,396,681 110,511 3,277,884 46,590,844 49,868,728 (4,181,655 ) 2012/2014 8/13/13, 12/1/14 Dawntree Apartments Carrollton, TX 100% 15,509,403 3,135,425 21,753,469 24,888,894 1,309,882 3,135,425 22,460,890 25,596,315 (2,306,755 ) 1982 8/15/13 Stuart Hall Lofts Kansas City, MO 100% 12,179,181 1,585,035 15,264,965 16,850,000 114,613 1,585,035 15,094,819 16,679,854 (1,461,323 ) 1910 8/27/13 Description Location Owner-ship Percent Encumbrances (2) Initial Cost of Company Cost Capitalized Subsequent to Acquisition Gross Amount at which Carried at Close of Period Accumulated Depreciation and Amortization Original Date of Construction Date Acquired Land Building and Improvements (1) Total Land Building and Improvements (1) Total (3) BriceGrove Park Apartments Canal Winchester, OH 100% $ 14,610,868 $ 1,596,212 $ 18,503,788 $ 20,100,000 $ 436,137 $ 1,596,212 $ 18,489,105 $ 20,085,317 $ (1,817,763 ) 2002 8/29/13 Retreat at Hamburg Place Lexington, KY 100% 12,225,000 1,605,839 14,694,161 16,300,000 227,203 1,605,839 14,593,449 16,199,288 (1,437,605 ) 2013 9/5/13 Cantare at Indian Lake Village Nashville, TN 100% 18,850,000 2,489,757 26,510,243 29,000,000 131,302 2,489,757 26,180,044 28,669,801 (2,434,969 ) 2013 9/24/13 Landing at Mansfield Mansfield, TX 100% 22,192,784 3,375,831 27,524,169 30,900,000 326,903 3,375,831 27,218,608 30,594,439 (2,499,555 ) 2006 9/27/13 The Heights Apartments Houston, TX 100% 28,292,119 9,869,925 27,130,075 37,000,000 1,966,218 9,869,925 27,734,562 37,604,487 (2,969,403 ) 1977 9/30/13 Villas at Huffmeister Houston, TX 100% 25,371,241 5,858,663 31,741,337 37,600,000 979,026 5,858,663 31,999,947 37,858,610 (3,039,740 ) 2007 10/10/13 Villas at Kingwood Kingwood, TX 100% 27,464,419 6,512,468 33,637,532 40,150,000 1,118,730 6,512,468 33,967,440 40,479,908 (3,232,740 ) 2008 10/10/13 Waterford Place at Riata Ranch Cypress, TX 100% 15,964,971 3,184,857 20,215,143 23,400,000 605,784 3,184,857 20,320,937 23,505,794 (1,955,087 ) 2008 10/10/13 Carrington Place Houston, TX 100% 22,348,765 5,450,417 27,449,583 32,900,000 1,020,280 5,450,417 27,775,702 33,226,119 (2,543,432 ) 2004 11/7/13 Carrington Champion Forest Houston, TX 100% 22,931,041 3,760,329 29,239,671 33,000,000 832,159 3,760,329 29,455,935 33,216,264 (2,706,458 ) 2008 11/7/13 Carrington Park at Huffmeister Houston, TX 100% 17,695,436 3,241,747 21,908,253 25,150,000 698,312 3,241,747 22,082,220 25,323,967 (2,061,599 ) 2008 11/7/13 Willow Crossing Elk Grove Village, IL 100% 58,024,000 8,091,870 49,908,130 58,000,000 4,028,604 8,091,870 52,221,827 60,313,697 (4,905,563 ) 1977-81 11/20/13 Echo at Katy Ranch Katy, TX 100% — 4,402,862 30,419,853 34,822,715 167,881 4,402,862 30,114,014 34,516,876 (2,530,314 ) 2013 12/19/13 Heritage Grand at Sienna Plantation Missouri City, TX 100% 16,541,175 3,776,547 22,762,411 26,538,958 194,055 3,776,547 22,410,325 26,186,872 (1,950,291 ) 2012 12/20/13 Audubon Park Nashville, TN 100% 11,760,000 2,489,428 14,260,572 16,750,000 2,787,425 2,489,428 16,628,904 19,118,332 (1,576,423 ) 1968 12/27/13 Mallard Crossing Loveland, OH 100% 27,313,585 2,383,256 37,416,744 39,800,000 677,041 2,383,256 37,423,212 39,806,468 (2,975,403 ) 1997 12/27/13 Renaissance at Carol Stream Carol Stream, IL 100% 20,061,706 4,605,682 24,544,318 29,150,000 775,867 4,605,682 24,746,257 29,351,939 (2,045,101 ) 1972 12/31/13 Reserve at Creekside Chattanooga, TN 100% 14,400,000 1,344,233 17,530,767 18,875,000 206,813 1,344,233 17,385,556 18,729,789 (1,286,383 ) 2004 3/28/14 Mapleshade Park Dallas, TX 100% 15,161,000 3,585,171 19,739,829 23,325,000 1,235,064 3,585,171 20,366,294 23,951,465 (1,510,437 ) 1995 3/31/14 Richland Falls Murfreesboro, TN 100% 13,800,000 1,306,794 19,693,206 21,000,000 2,272,268 1,306,794 21,694,829 23,001,623 (1,261,118 ) 2012-13 5/16/14 Oak Crossing Fort Wayne, IN 100% 15,762,000 2,005,491 22,224,509 24,230,000 100,817 2,005,491 21,908,855 23,914,346 (1,408,612 ) 2012-13 6/3/14 Park Shore St. Charles, IL 100% 12,845,000 1,619,712 16,730,288 18,350,000 593,960 1,619,712 16,815,677 18,435,389 (890,863 ) 1965 9/12/14 $ 1,122,450,371 $ 174,192,422 $ 1,459,075,487 $ 1,633,267,909 $ 68,382,666 $ 174,102,422 $ 1,492,798,660 $ 1,666,901,082 $ (163,445,987 ) ________________ (1) Building and improvements include tenant origination and absorption costs and other intangible assets. (2) Encumbrances include the unamortized portion of loan premiums (discounts) on assumed debt allocated to individual assets in the aggregate amount of $3.5 million as of December 31, 2015 . (3) The aggregate cost of real estate for federal income tax purposes was $1.72 billion as of December 31, 2015 . A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2015 , 2014 and 2013 : 2015 2014 2013 Real estate: Balance at the beginning of the year $ 1,636,953,413 $ 1,519,883,478 $ 578,045,449 Acquisitions — 130,339,157 950,409,834 Improvements 30,484,330 26,806,872 9,125,416 Cost of real estate sold — (22,738,038 ) (90,000 ) Write-off of fully depreciated and fully amortized assets (536,661 ) (17,338,056 ) (17,607,221 ) Balance at the end of the year $ 1,666,901,082 $ 1,636,953,413 $ 1,519,883,478 Accumulated depreciation: Balance at the beginning of the year $ 98,342,452 $ 48,920,319 $ 18,073,362 Depreciation expense 65,640,196 69,681,177 48,454,178 Write-off of accumulated depreciation and amortization of real estate assets sold — (2,920,988 ) — Write-off of fully depreciated and fully amortized assets (536,661 ) (17,338,056 ) (17,607,221 ) Balance at the end of the year $ 163,445,987 $ 98,342,452 $ 48,920,319 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. |
Basis of Presentation | The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC. |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. |
Real Estate Assets | Real Estate Assets Depreciation and Amortization Real estate costs related to the development, construction and improvement of properties are capitalized. Acquisition costs related to business combinations are expensed as incurred. Acquisition costs related to asset acquisitions are capitalized. Repair and maintenance and tenant turnover costs are charged to expense as incurred and significant replacements and betterments are capitalized. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 27.5 years Building improvements 5-25 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related lease Furniture, fixtures, and equipment 5-10 years Real Estate Purchase Price Allocation The Company records the acquisition of income-producing real estate or real estate that will be used for the production of income as a business combination. All assets acquired and liabilities assumed in a business combination are measured at their acquisition-date fair values. Acquisition costs are expensed as incurred. The Company assesses the acquisition-date fair values of all tangible assets, identifiable intangible assets and assumed liabilities using methods similar to those used by independent appraisers (e.g., discounted cash flow analysis) and that utilize appropriate discount and/or capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, and market and economic conditions. The fair value of tangible assets of an acquired property considers the value of the property as if it was vacant. Intangible assets include the value of in-place leases, which represents the estimated value of the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company estimates the value of tenant origination and absorption costs by considering the estimated carrying costs during hypothetical expected lease-up periods, considering current market conditions. In estimating carrying costs, the Company estimates the amount of lost rentals using market rates during the expected lease-up periods. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases. Should a tenant terminate its lease, the unamortized portion of the in-place lease value and customer relationship intangibles would be charged to expense in that period. 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 (1) the contractual amounts to be paid pursuant to the in-place leases and (2) the Company’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 a reduction or increase to rental income over the remaining non-cancelable terms of the respective leases. The total amount of other lease-related intangible assets acquired will be further allocated to in-place lease values and customer relationship intangible values based on the Company’s evaluation of the specific characteristics of each tenant’s lease and its overall relationship with that respective tenant. Characteristics that the Company considers in allocating these values include the nature and extent of existing business relationships with the tenant, growth prospects for developing new business with the tenant, and the tenant’s credit quality and expectations of lease renewals (including those existing under the terms of the lease agreement), among other factors. The total amount of non-lease-related intangible assets, including amenity access agreements, tax abatement agreements or other contract rights assumed as part of the acquisition of certain properties, will be allocated to other intangible assets based on the present value of the difference between contractual amounts to be paid pursuant to the contracts assumed and the Company’s estimate of the fair market contract rates for corresponding contracts measured over a period equal to the remaining non-cancelable term of the contracts assumed. Other intangible assets are amortized using the straight-line method over the remaining non-cancelable term of the related contracts. Estimates of the fair values of the tangible assets, identifiable intangible assets and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property-operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Sale of Real Estate Assets Property sales or dispositions are recorded when title transfers to unrelated third parties, contingencies have been removed and sufficient cash consideration has been received by the Company. Upon disposition, the related costs and accumulated depreciation are removed from the respective accounts. Any gain or loss on sale is recognized in accordance with GAAP. The Company classifies real estate assets as real estate held for sale once the criteria, as defined by GAAP, have been met. Impairment of Real Estate Assets The Company will continually monitor events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets and liabilities may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company records an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets and liabilities. If any assumptions, projections or estimates regarding an asset changes in the future, the Company may have to record an impairment to reduce the net book value of such individual asset. |
Rents and Other Receivables | Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Due to the short-term nature of the operating leases, the Company does not maintain a deferred rent receivable related to the straight-lining of rents. |
Revenue Recognition | Revenue Recognition The Company leases apartment and condominium units under operating leases with terms generally of one year or less. Generally, credit investigations are performed for prospective residents and security deposits are obtained. The Company will recognize minimum rent, including rental abatements, concessions and contractual fixed increases attributable to operating leases, on a straight-line basis over the term of the related lease and amounts expected to be received in later years will be recorded as deferred rents. The Company records property operating expense reimbursements due from tenants for common area maintenance, real estate taxes, and other recoverable costs in the period the related expenses are incurred. The Company recognizes gains on sales of real estate either in total or deferred for a period of time, depending on whether a sale has been consummated, the extent of the buyer’s investment in the property being sold, whether the receivable is subject to future subordination, and the degree of the Company’s continuing involvement with the property after the sale. If the criteria for profit recognition under the full-accrual method are not met, the Company will defer gain recognition and account for the continued operations of the property by applying the percentage-of-completion, reduced profit, deposit, installment or cost recovery method, as appropriate, until the appropriate criteria are met. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. As of December 31, 2015 and 2014 , the Company had amounts in excess of federally insured limits in deposit accounts with a financial institution. The Company limits such deposits to financial institutions with high credit standing. Restricted Cash Restricted cash represents those cash accounts for which the use of funds is restricted by loan covenants. |
Deferred Financing Costs | Deferred Financing Costs The Company capitalizes deferred financing costs such as commitment fees, legal fees and other third party costs associated with obtaining commitments for financing that result in a closing of such financing. The Company amortizes these costs over the terms of the respective financing agreements using the effective interest method. The Company expenses unamortized deferred financing costs when the associated debt is refinanced or repaid before maturity unless specific rules are met that would allow for the carryover of such costs to the refinanced debt. Costs incurred in seeking financing transactions that do not close are expensed in the period in which it is determined that the financing will not close. |
Derivative Financial Instruments | Derivative Financial Instruments The Company’s objective in using derivatives is to add stability to interest expense and to manage the Company’s exposure to interest rate movements or other identified risks. To accomplish these objectives, the Company may use various types of derivative instruments to manage fluctuations in cash flows resulting from interest rate risk attributable to changes in the benchmark interest rate of LIBOR or other applicable benchmark rates. The Company measures its derivative instruments and hedging activities at fair value and records them as an asset or liability, depending on its rights or obligations under the applicable derivative contract. For derivatives designated as fair value hedges, the changes in the fair value of both the derivative instrument and the hedged items are recorded in earnings. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges. For derivatives designated as cash flow hedges, the effective portions of changes in fair value of the derivatives are reported in other comprehensive income (loss) and are subsequently reclassified into earnings when the hedged item affects earnings. Changes in fair value of derivative instruments not designated as hedges and ineffective portions of hedges are recognized in earnings in the affected period. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. |
Fair Value Measurements | Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Interest rate cap agreements - The Company has entered into certain interest rate cap agreements. These derivatives did not qualify as fair value hedges. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in deferred financing costs and other assets, net in the accompanying consolidated balance sheets. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, distributions payable, due to affiliates and notes payable. The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities and distributions payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The Company considers the carrying value of the revolving line of credit to approximate fair value based on time to maturity. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The fair value of the mortgage notes payable is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation The Company amortizes the fair value of stock-based compensation awards to expense over the vesting period and records any dividend equivalents earned as dividends for financial reporting purposes. Stock-based compensation awards to independent directors are valued at the fair value on the date of grant and amortized as an expense over the vesting period. Awards to non-employees are remeasured at fair value each reporting period and amortized as an expense over the vesting period. |
Distribution Policy | Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. Distribution Policy The Company has elected to be taxed as a REIT and to operate as a REIT beginning with its taxable year ended December 31, 2010. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). |
Organization and Offering Costs | Organization and Offering Costs Organization and offering expenses include all expenses (other than sales commissions and related dealer manager fees) to be paid by the Company in connection with the Public Offering and the Private Offering, including legal, accounting, printing, mailing and filing fees, charges of the Company’s transfer agent, expenses of organizing the Company, data processing fees, advertising and sales literature costs, transfer agent costs, bona fide out-of-pocket due diligence costs and amounts to reimburse the Advisor or its affiliates for the salaries of its employees and other costs in connection with preparing supplemental sales materials and providing other administrative services. The Company may also reimburse costs of bona fide training and education meetings held by the Company (primarily travel, meal and lodging costs of registered representatives of broker-dealers), attendance and sponsorship fees and cost reimbursement of employees of the Company’s affiliates to attend seminars conducted by broker-dealers and, in certain cases, reimbursement to participating broker-dealers for technology costs associated with the Public Offering, costs and expenses related to such technology costs, and costs and expenses associated with the facilitation of the marketing of the Company’s shares of common stock and the ownership of the Company’s shares of common stock by such broker-dealers’ customers; provided, however, that the Company will not pay any of the foregoing costs to the extent that such payment would cause total underwriting compensation for the Public Offering to exceed 10% of the gross proceeds of the Public Offering, as required by the rules of the Financial Industry Regulatory Authority, Inc. (“FINRA”). Pursuant to the Advisory Agreement and the dealer manager agreement by and among the Company, the Operating Partnership and the Dealer Manager (the “Dealer Manager Agreement”), the Company was obligated to reimburse the Advisor, the Dealer Manager, or their affiliates, as applicable, for organization and offering costs paid by them on behalf of the Company, provided that, within 60 days of the end of the month in which the Public Offering terminated, the Advisor was obligated to reimburse the Company to the extent selling commissions, dealer manager fees and organization and offering costs incurred by the Company in the completed Public Offering exceeded 15% of gross offering proceeds of the completed Public Offering. Any reimbursement of expenses paid to the Advisor will not exceed actual expenses incurred by the Advisor. |
Operating Expenses | Operating Expenses Pursuant to the Advisory Agreement, the Company is limited in the amount of certain operating expenses it may record on a rolling four-quarter basis to the greater of 2% of average invested assets and 25% of net income. Operating expenses include all costs and expenses incurred by the Company, as determined under GAAP, that in any way are related to the operation of the Company, excluding expenses of raising capital, interest payments, taxes, property operating expenses, non-cash expenditures, incentive fees, acquisition fees and expenses and investment management fees. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the Internal Revenue Code beginning with the tax year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including the requirement to distribute at least 90% of the Company’s annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. If the Company fails to qualify as a REIT in any taxable year after the taxable year in which the Company initially elects to be taxed as a REIT, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income and net cash available for distribution to stockholders. However, the Company believes it is organized and operates in such a manner as to qualify for treatment as a REIT. The Company follows the Income Taxes Topic of the ASC to recognize, measure, present and disclose in its accompanying consolidated financial statements uncertain tax positions that the Company has taken or expects to take on a tax return. |
Per Share Data | Per Share Data Basic earnings (loss) per share attributable for all periods presented are computed by dividing net income (loss) attributable to controlling interest by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share are computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assumes each share was issued and outstanding each day during the period. The Company’s unvested shares of restricted common stock contain non-forfeitable rights to dividends and are considered to be participating securities in accordance with GAAP and, therefore, are included in the computation of earnings (loss) per share under the two-class method. Under the two-class method, net losses are not allocated to participating securities unless the holder of the security has a contractual obligation to share in the losses. The unvested shares of restricted common stock are not allocated losses as the awards do not have a contractual obligation to share in the losses of the Company. The two-class method is an earnings (loss) allocation formula that determines earnings (loss) per share for each class of common shares and participating securities according to dividends declared and participation rights in undistributed earnings. |
Segment Disclosure | Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued Accounting Standard Updates (“ASU”) 2014-09, Revenue from Contracts with Customers ( Topic 606 ). The new guidance requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. The new guidance supersedes the revenue requirements in Revenue Recognition ( Topic 605 ) and most industry-specific guidance throughout the Industry Topics of the Codification. The new guidance does not apply to lease contracts within the scope of Leases ( Topic 840 ). In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , which delayed the effective date of the new guidance by one year, which will result in the new guidance being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is still evaluating the impact of adopting the new guidance on its financial statements, but does not expect the adoption to have a material impact on its financial statements. In August 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern , that requires management to evaluate whether there are conditions and events that raise substantial doubt about an entity’s ability to continue as a going concern. Until now, the requirement to perform a going concern evaluation existed only in auditing standards. The new guidance requires management to evaluate relevant conditions, events and certain management plans that are known or reasonably knowable as of the evaluation date when determining whether substantial doubt about an entity’s ability to continue as a going concern exists. Management will be required to make this evaluation for both annual and interim reporting periods. The standard states substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued. The guidance is effective for annual periods ending after December 15, 2016 and for annual periods and interim periods thereafter. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items , that eliminates the concept of the extraordinary items from GAAP. The objective of the new guidance is to simplify the income statement presentation requirements of GAAP by altogether removing the concept of extraordinary items from consideration. The guidance is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In February 2015, the FASB issued ASU 2015-02, Consolidation , that provides amendments to the consolidation analysis. The amendments in this new guidance affect reporting entities that are required to evaluate whether they should consolidate certain legal entities. All legal entities are subject to reevaluation under the revised consolidation model. The guidance is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. The Company does not expect there to be a material impact from adopting this new guidance. In April 2015, the FASB issued ASU 2015-03, Simplifying the Presentation of Debt Issuance Costs , as amended in August 2015 by ASU 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements, that will require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of debt liability, consistent with debt discounts or premiums. The FASB will permit debt issuance costs related to line-of-credit arrangements to be deferred and presented as an asset and subsequently amortized over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement.The recognition and measurement guidance for debt issuance costs will not be affected by the new guidance. The guidance requires retrospective application and is effective for annual periods, including interim periods within that period, beginning after December 15, 2015. Early adoption is permitted. Upon adoption, the Company will reclassify debt issuance costs from deferred financing costs and other assets, net to mortgage notes payable on the consolidated balance sheet. In February 2016, the FASB issued ASU 2016-02, Leases , amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. The new standard requires a modified retrospective transition approach for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is assessing whether the new standard will have a material effect on its financial position or results of operations. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Useful Lives of Assets by Class | The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 27.5 years Building improvements 5-25 years Tenant improvements Shorter of lease term or expected useful life Tenant origination and absorption costs Remaining term of related lease Furniture, fixtures, and equipment 5-10 years |
Summary of Assets Required to be Measured at Fair Value on a Recurring Basis | The following table reflects the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: December 31, 2015 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 298,143 $ — December 31, 2014 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 1,978,939 $ — |
Real Estate (Tables)
Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate [Abstract] | |
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles | As of December 31, 2015 and 2014 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: December 31, 2015 Assets Land Building and Improvements Tenant Origination and Absorption Other Intangible Assets Construction-in-Progress Total Real Estate Investments in real estate $ 174,102,422 $ 1,487,961,762 $ — $ 2,644,263 $ 2,192,635 $ 1,666,901,082 Less: Accumulated depreciation and amortization — (163,053,124 ) — (392,863 ) — (163,445,987 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,324,908,638 $ — $ 2,251,400 $ 2,192,635 $ 1,503,455,095 December 31, 2014 Assets Land Building and Improvements Tenant Origination and Absorption Other Intangible Assets Construction-in-Progress Total Real Estate Investments in real estate $ 174,102,422 $ 1,457,633,918 $ 524,712 $ 2,644,263 $ 2,048,098 $ 1,636,953,413 Less: Accumulated depreciation and amortization — (97,793,830 ) (308,926 ) (239,696 ) — (98,342,452 ) Net investments in real estate and related lease intangibles $ 174,102,422 $ 1,359,840,088 $ 215,786 $ 2,404,567 $ 2,048,098 $ 1,538,610,961 |
Schedule of Future Amortization of Acquired Other Intangible Assets | The future amortization of the Company’s acquired other intangible assets as of December 31, 2015 and thereafter is as follows: 2016 $ 153,168 2017 153,168 2018 153,168 2019 153,168 2020 153,168 Thereafter 1,485,560 $ 2,251,400 |
Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants | The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of December 31, 2015 and thereafter is as follows: 2016 $ 96,448 2017 67,120 2018 69,136 2019 58,760 $ 291,464 |
Deferred Financing Costs and 26
Deferred Financing Costs and Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization | As of December 31, 2015 and 2014 , deferred financing costs and other assets, net of accumulated amortization, consisted of: December 31, 2015 2014 Deferred financing costs $ 10,800,682 $ 9,743,277 Less: accumulated amortization (3,990,027 ) (2,510,317 ) 6,810,655 7,232,960 Prepaid expenses 2,648,238 2,900,609 Interest rate cap agreements (Note 11) 298,143 1,978,939 Other deposits 1,269,287 1,343,098 $ 11,026,323 $ 13,455,606 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Notes Payable Secured by Real Property | The following is a summary of mortgage notes payable secured by real property as of December 31, 2015 and 2014 : December 31, 2015 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed (1) 37 10/1/2017 - 1/1/2053 3.31 % 5.94 % 4.32 % $ 480,591,006 Mortgage notes payable - variable (2) 30 5/16/2017 - 1/1/2026 1-Mo LIBOR + 1.62% 1-Mo LIBOR + 2.75% 2.77 % 641,859,365 Total mortgage notes payable 67 3.44 % $ 1,122,450,371 December 31, 2014 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed (1) 37 10/1/2017 - 1/1/2053 3.31 % 5.94 % 4.30 % $ 481,090,989 Mortgage notes payable - variable (2) 27 5/16/2017 - 8/1/2024 1-Mo LIBOR + 1.62% 1-Mo LIBOR + 2.75% 2.53 % 589,666,036 Total mortgage notes payable 64 3.33 % $ 1,070,757,025 _______________ (1) The following table summarizes the debt premiums and discounts as of December 31, 2015 , including the unamortized portion included in the principal balance as well as amounts amortized as an offset to interest expense in the accompanying consolidated statements of operations: Unamortized Portion of Net Debt Premium as of December 31, 2015 Amortization of Net Debt Premium During the Years Ended December 31, 2015 2014 2013 $ 3,452,005 $ 1,234,793 $ 1,234,793 $ 987,970 (2) See Note 11 for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company’s variable rate loans. |
Summary of Debt Premiums and Discounts | The following table summarizes the debt premiums and discounts as of December 31, 2015 , including the unamortized portion included in the principal balance as well as amounts amortized as an offset to interest expense in the accompanying consolidated statements of operations: Unamortized Portion of Net Debt Premium as of December 31, 2015 Amortization of Net Debt Premium During the Years Ended December 31, 2015 2014 2013 $ 3,452,005 $ 1,234,793 $ 1,234,793 $ 987,970 |
Summary of Aggregate Maturities | The following is a summary of the Company’s aggregate maturities as of December 31, 2015 : Maturities During the Years Ending December 31, Contractual Obligation Total 2016 2017 2018 2019 2020 Thereafter Principal payments on outstanding debt obligations (1) $ 1,118,998,366 $ 16,717,956 $ 52,817,542 $ 84,381,374 $ 94,061,993 $ 291,331,359 $ 579,688,142 ________________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the debt premiums associated with certain notes payable. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Restricted Stock Issued to Independent Directors as Compensation | The activity for the years ended December 31, 2015 , 2014 and 2013 for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their initial election or re-election to the board of directors at the Company’s annual meeting, upon their departure from the board of directors, or in appreciation of their service and commitment to the Company is as follows: 2015 2014 2013 Nonvested shares at the beginning of the year 16,875 18,750 20,625 Granted shares 14,000 10,000 10,000 Vested shares (19,625 ) (11,875 ) (11,875 ) Nonvested shares at the end of the year 11,250 16,875 18,750 Additionally, the weighted average fair value of restricted stock issued to the Company’s independent directors for the years ended December 31, 2015 , 2014 and 2013 is as follows: Grant Year Weighted Average Fair Value 2013 $ 10.24 2014 10.24 2015 10.35 |
Schedule of Repurchase Prices Under Share Repurchase Plan | The purchase price for shares repurchased under the Company’s share repurchase program is as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Estimated Value per Share (2) 2 years 95.0% of Estimated Value per Share (2) 3 years 97.5% of Estimated Value per Share (2) 4 years 100.0% of Estimated Value per Share (2) In the event of a stockholder’s death or disability (3) Average Issue Price for Shares (4) ________________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. (2) For purposes of the share repurchase program, the “Estimated Value per Share” will equal the most recently determined Estimated Value per Share. (3) The required one year holding period to be eligible to redeem shares under the Company’s share repurchase program does not apply in the event of death or disability of a stockholder. (4) The purchase price per share for shares redeemed upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Reconciliation of Net Loss Attributable to Common Stockholders and Shares used in Calculating Basic and Diluted Earnings (Loss) Per Share | The following table presents a reconciliation of net loss attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share, or EPS, for the years ended December 31, 2015 , 2014 and 2013 : Years Ended December 31, 2015 2014 2013 Net loss attributable to the Company $ (13,024,358 ) $ (25,742,292 ) $ (55,879,857 ) Less: dividends declared on participating securities 360,446 203,990 — Net loss attributable to common stockholders (13,384,804 ) (25,946,282 ) (55,879,857 ) Weighted average common shares outstanding - basic and diluted 76,335,114 75,450,215 40,169,940 Loss per common share - basic and diluted $ (0.18 ) $ (0.34 ) $ (1.39 ) |
Related Party Arrangements (Tab
Related Party Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Attributable to the Advisor and its Affiliates | Amounts attributable to the Advisor and its affiliates incurred for the years ended December 31, 2015 , 2014 and 2013 are as follows: Incurred For the Year Ended December 31, 2015 2014 2013 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 13,854,825 $ 13,252,309 $ 7,409,393 Acquisition fees (1) 187,735 3,251,400 19,148,107 Acquisition expenses (2) 7,145 587,513 4,433,861 Property management Fees (1) 6,188,525 5,802,772 3,226,878 Reimbursement of onsite personnel (3) 18,760,621 17,841,495 9,343,021 Other fees (1) 1,696,828 1,617,440 929,359 Other operating expenses (4) 1,346,002 980,195 3,561,399 Disposition fees (5) — 463,688 — Consolidated Balance Sheets: Capitalized to building and improvements Construction management Fees 1,618,438 1,391,360 421,776 Reimbursement of labor costs 233,748 88,781 124,815 Additional paid-in-capital Other offering costs reimbursement — — 13,271,892 Selling commissions — — 31,187,852 Dealer management fees — — 17,826,407 $ 43,893,867 $ 45,276,953 $ 110,884,760 ________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in acquisition costs in the accompanying consolidated statements of operations. (3) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (4) Included in general and administrative expenses in the accompanying consolidated statements of operations. (5) Included in gain on sales of real estate, net in the accompanying consolidated statements of operations. Amounts attributable to the Advisor and its affiliates incurred and paid for the years ended December 31, 2015 , 2014 and 2013 are as follows: Paid For the Year Ended December 31, 2015 2014 2013 Consolidated Statements of Operations: Expensed Investment management fees $ 13,840,067 $ 16,627,339 $ 4,630,082 Acquisition fees 791,135 3,296,422 19,436,769 Acquisition expenses 11,147 583,511 4,577,909 Property management Fees 6,169,938 5,717,813 2,960,930 Reimbursement of onsite personnel 18,639,991 17,827,185 8,976,013 Other fees 1,721,504 1,585,747 899,579 Other operating expenses 1,367,226 915,618 3,712,827 Disposition fees — 463,688 — Consolidated Balance Sheets: Capitalized to building and improvements Construction management Fees 1,590,514 1,348,151 421,776 Reimbursement of labor costs 119,626 88,781 124,815 Additional paid-in-capital Other offering costs reimbursement — 3,105,246 10,279,559 Selling commissions — — 31,187,852 Dealer management fees — — 17,826,407 $ 44,251,148 $ 51,559,501 $ 105,034,518 Amounts attributable to the Advisor and its affiliates that are payable as of December 31, 2015 and 2014 are as follows: Payable as of December 31, 2015 2014 Consolidated Statements of Operations: Expensed Investment management fees $ 1,169,770 $ 1,155,012 Acquisition fees — 603,400 Acquisition expenses — 4,002 Property management Fees 520,127 501,540 Reimbursement of onsite personnel 703,791 583,161 Other fees 52,237 76,913 Other operating expenses 51,029 72,253 Disposition fees — — Consolidated Balance Sheets: Capitalized to building and improvements Construction management Fees 71,133 43,209 Reimbursement of labor costs 114,122 — Additional paid-in-capital Other offering costs reimbursement — — Selling commissions — — Dealer management fees — — $ 2,682,209 $ 3,039,490 |
Schedule of Reimbursable Organization and Offering Costs Related to the Public Offering | The amount of reimbursable organization and offering (“O&O”) costs related to the Public Offering that have been paid or recognized from inception through December 31, 2015 is as follows: Amount Percentage of Gross Public Offering Proceeds Gross offering proceeds from Public Offering (excluding DRP): $ 729,992,516 100.00 % O&O limitation 15 % Total O&O costs available to be paid/reimbursed $ 109,498,877 15.00 % O&O expenses recorded Sales commissions paid 44,413,086 6.08 % Broker dealer fees paid 25,428,455 3.48 % Public offering cost reimbursements 20,596,961 2.82 % Public offering cost reimbursements accrual 3,105,247 0.43 % Organizational cost reimbursements 100,738 0.01 % Total O&O costs reimbursements recorded by the company $ 93,644,487 12.83 % |
Derivative Financial Instrume31
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivative Instruments | The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at December 31, 2015 and 2014 : December 31, 2015 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 11/1/2016 - 10/1/2019 One-Month LIBOR 30 $ 637,110,000 0.43 % 2.68 % $ 298,143 December 31, 2014 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 11/1/2016 - 1/1/2019 One-Month LIBOR 27 $ 577,961,000 0.17 % 2.47 % $ 1,978,939 |
Pro Forma Information (unaudi32
Pro Forma Information (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Schedule of Unaudited Pro Forma Information | This pro forma information does not purport to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods. Year Ended December 31, 2014 2013 Revenues $ 202,656,889 $ 125,027,746 Net loss $ (20,960,767 ) $ (55,852,848 ) Basic and diluted net loss per common share $ (0.27 ) $ (0.73 ) Weighted average common shares outstanding, basic and diluted 76,858,483 76,858,483 |
Selected Quarterly Results (u33
Selected Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Unaudited Quarterly Financial Information | Presented below is a summary of the Company’s unaudited quarterly financial information for the year ended December 31, 2015 and 2014 : First Quarter Second Quarter Third Quarter Fourth Quarter Total 2015 Revenues $ 51,051,301 $ 52,243,802 $ 53,166,421 $ 52,929,134 $ 209,390,658 Net loss (3,830,646 ) (2,904,429 ) (3,603,728 ) (2,685,555 ) (13,024,358 ) Loss per common share, basic and diluted (0.05 ) (0.04 ) (0.05 ) (0.04 ) (0.18 ) Distributions declared per common share 0.177 0.179 0.181 0.181 0.718 2014 Revenues $ 45,679,704 $ 49,224,059 $ 50,217,617 $ 50,808,476 $ 195,929,856 Net loss (14,082,911 ) (3,653,679 ) (3,337,573 ) (4,668,129 ) (25,742,292 ) Loss per common share, basic and diluted (0.19 ) (0.05 ) (0.05 ) (0.05 ) (0.34 ) Distributions declared per common share 0.177 0.179 0.181 0.181 0.718 |
Organization and Business - Nar
Organization and Business - Narrative (Details) | Jul. 10, 2009USD ($)shares | Jun. 12, 2009USD ($)$ / sharesshares | Dec. 31, 2015USD ($)ft²apartmentproperty$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Dec. 31, 2009shares |
Class of Stock [Line Items] | ||||||
Proceeds from issuance of common stock | $ | $ 0 | $ 26,561,229 | $ 485,786,997 | |||
Residential Real Estate [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of multifamily real estate properties owned | property | 65 | |||||
Number of units in real estate property (in number of units or apartments) | apartment | 16,622 | |||||
Commercial Real Estate [Member] | ||||||
Class of Stock [Line Items] | ||||||
Net rentable area (in square feet) | ft² | 25,973 | |||||
Advisor [Member] | ||||||
Class of Stock [Line Items] | ||||||
Investment from advisor | $ | $ 1,000 | |||||
Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share price (in dollars per share) | $ / shares | $ 10.24 | |||||
Stock issued to advisor (in shares) | 76,674,502 | 76,858,483 | ||||
Common Stock [Member] | Sponsor [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (in shares) | 22,223 | 22,223 | ||||
Share price (in dollars per share) | $ / shares | $ 9 | |||||
Proceeds from issuance of common stock | $ | $ 200,007 | |||||
Convertible Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Stock issued to advisor (in shares) | 1,000 | 1,000 | ||||
Convertible Stock [Member] | Advisor [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (in shares) | 1,000 | |||||
Stock issued to advisor (in shares) | 1,000 |
Organization and Business - N35
Organization and Business - Narrative - Private Offering (Details) - USD ($) | 9 Months Ended | 12 Months Ended | |||
Jul. 09, 2010 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 13, 2009 | |
Class of Stock [Line Items] | |||||
Proceeds from issuance of common stock | $ 0 | $ 26,561,229 | $ 485,786,997 | ||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Share price (in dollars per share) | $ 10.24 | ||||
Private Offering [Member] | |||||
Class of Stock [Line Items] | |||||
Proceeds from issuance of common stock | $ 2,000,000 | ||||
Private Offering [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Values of shares in private offering, up to | $ 94,000,000 | ||||
Share price (in dollars per share) | $ 9.4 | ||||
Issuance of common stock (in shares) | 637,279 | ||||
Proceeds from issuance of common stock | $ 5,844,325 |
Organization and Business - N36
Organization and Business - Narrative - Public Offering (Details) - USD ($) | Sep. 10, 2012 | Sep. 09, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 20, 2013 | Dec. 31, 2015 | Mar. 10, 2015 | Jul. 12, 2012 | Jul. 23, 2009 |
Class of Stock [Line Items] | ||||||||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.001964 | |||||||||
Proceeds from issuance of common stock | $ 0 | $ 26,561,229 | $ 485,786,997 | |||||||
Stock issued during period, dividend reinvestment plan (in shares) | 4,073,759 | |||||||||
Proceeds from issuance of common stock, dividend reinvestment plan | $ 39,580,847 | |||||||||
Distribution Reinvestment Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share price (in dollars per share) | $ 9.73 | $ 9.5 | ||||||||
Common Stock [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Share price (in dollars per share) | $ 10.24 | $ 10.24 | ||||||||
Common stock, estimated value, per share (in dollars per share) | $ 10.35 | $ 10.24 | ||||||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.001964 | $ 0.001917 | $ 0.001964 | |||||||
Common stock, distribution rate, percentage | 7.00% | 7.00% | ||||||||
Stock issued during period, dividend reinvestment plan (in shares) | 8 | 2,485,476 | ||||||||
Proceeds from issuance of common stock, dividend reinvestment plan | $ 78 | $ 24,183,672 | ||||||||
Common Stock [Member] | Primary Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, capital shares reserved for future issuance, maximum (in shares) | 150,000,000 | |||||||||
Share price (in dollars per share) | $ 10.24 | $ 10 | ||||||||
Distributions reinvested, percentage of share price, distribution reinvestment plan | 95.00% | |||||||||
Common Stock [Member] | Public Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, capital shares reserved for future issuance, distribution reinvestment plan, up to (in shares) | 15,789,474 | |||||||||
Share price, distribution reinvestment plan (in dollars per share) | $ 9.73 | $ 9.5 | ||||||||
Stock issued during period, shares, new issues (in shares) | 73,608,337 | |||||||||
Proceeds from issuance of common stock | $ 745,389,748 | |||||||||
Common Stock [Member] | Distribution Reinvestment Plan [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Stock issued during period, dividend reinvestment plan (in shares) | 1,588,289 | |||||||||
Proceeds from issuance of common stock, dividend reinvestment plan | $ 15,397,232 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Summary of Useful Lives of Assets by Class (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Buildings [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 27 years 6 months |
Building Improvements [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Building Improvements [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 25 years |
Furniture, Fixtures and Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Furniture, Fixtures and Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, plant and equipment, useful life | 10 years |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Narrative - Real Estate Assets (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Impairment of real estate assets | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Narrative - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Maximum [Member] | |
Operating Leased Assets [Line Items] | |
Operating lease term | 1 year |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Narrative - Restricted Cash (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Restricted cash and cash equivalents | $ 27,700,811 | $ 25,478,939 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Summary of Assets Required to be Measured at Fair Value on a Recurring Basis (Details) - Interest Rate Cap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate cap agreements | $ 0 | $ 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate cap agreements | 298,143 | 1,978,939 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate cap agreements | $ 0 | $ 0 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net | $ 1,122,450,371 | $ 1,070,757,025 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable at fair value | 1,118,126,231 | 1,082,414,832 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net | $ 1,122,450,371 | $ 1,070,757,025 |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Accounting Policies [Abstract] | |
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.001964 |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Narrative - Organization and Offering Costs (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||
Underwriting compensation threshold, percentage of gross proceeds of public offering | 10.00% | |
Contractual obligation, threshold days | 60 days | |
Organization and offering costs threshold, percentage of gross proceeds of public offering | 15.00% | |
Advisor [Member] | ||
Related Party Transaction [Line Items] | ||
Due from advisor | $ 0 | |
Advisor [Member] | Private Offering Costs [Member] | ||
Related Party Transaction [Line Items] | ||
Reimbursement to advisor of previously deferred organization and offering costs | $ 1,425,070 |
Summary of Significant Accoun45
Summary of Significant Accounting Policies - Narrative - Operating Expenses (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Other operating expense reimbursement, percentage of average invested assets, threshold | 2.00% | |
Other operating expense reimbursement, percentage of net income, threshold | 25.00% | |
Due to affiliates, net | $ 2,682,209 | $ 3,039,490 |
Advisor [Member] | ||
Related Party Transaction [Line Items] | ||
Due to affiliates, net | 51,029 | |
Advisor [Member] | General and Administrative Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Related party transaction, expenses from transactions with related party | $ 1,346,002 |
Summary of Significant Accoun46
Summary of Significant Accounting Policies - Narrative - Income Taxes (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Accounting Policies [Abstract] | ||
Liability for uncertain tax positions | $ 0 | $ 0 |
Summary of Significant Accoun47
Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details) | 12 Months Ended |
Dec. 31, 2015Segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Real Estate - Narrative (Detail
Real Estate - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)ft²apartmentpropertycustomer | Dec. 31, 2014USD ($)customer | Dec. 31, 2013USD ($) | |
Real Estate Properties [Line Items] | |||
Purchase price | $ 1,634,288,702 | ||
Average percentage of real estate portfolio occupied | 94.00% | 94.10% | |
Average monthly collected rent | $ 999 | $ 966 | |
Depreciation and amortization | $ 65,640,196 | $ 69,681,177 | $ 48,454,178 |
Customer Concentration Risk [Member] | Tenant [Member] | |||
Real Estate Properties [Line Items] | |||
Number of tenant representing over 10% of Company's annualized base rent | customer | 0 | 0 | |
Accounts Payable and Accrued Liabilities [Member] | |||
Real Estate Properties [Line Items] | |||
Security deposit liability | $ 4,672,961 | $ 4,156,797 | |
Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Operating lease term | 1 year | ||
Residential Real Estate [Member] | |||
Real Estate Properties [Line Items] | |||
Number of multifamily real estate properties owned | property | 65 | ||
Number of units in real estate property (in number of units or apartments) | apartment | 16,622 | ||
Percentage of units leased | 95.40% | ||
Operating leases, revenue, percentage | 99.00% | 99.00% | |
Residential Real Estate [Member] | Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Operating lease term | 12 months | ||
Commercial Real Estate [Member] | |||
Real Estate Properties [Line Items] | |||
Net rentable area (in square feet) | ft² | 25,973 | ||
Operating leases, revenue, percentage | 1.00% | 1.00% | |
Commercial Real Estate [Member] | Minimum [Member] | |||
Real Estate Properties [Line Items] | |||
Operating lease term | 1 month 28 days | ||
Commercial Real Estate [Member] | Maximum [Member] | |||
Real Estate Properties [Line Items] | |||
Operating lease term | 3 years 10 months | ||
Building and Improvements [Member] | |||
Real Estate Properties [Line Items] | |||
Depreciation | $ 65,271,243 | $ 59,014,085 | 32,103,974 |
Tenant Origination and Absorption Cost [Member] | |||
Real Estate Properties [Line Items] | |||
Amortization | $ 215,786 | 10,513,924 | 16,263,676 |
Weighted-average amortization period | 1 year | ||
Other Intangible Assets [Member] | |||
Real Estate Properties [Line Items] | |||
Amortization | $ 153,167 | 153,168 | 86,528 |
Weighted-average amortization period | 18 years 2 months 1 day | ||
Below - Market Leases [Member] | |||
Real Estate Properties [Line Items] | |||
Weighted-average amortization period | 1 year | ||
Increase in rental income | $ 0 | $ 163,237 | $ 1,108,789 |
Real Estate - Schedule of Accum
Real Estate - Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Real Estate Properties [Line Items] | ||
Investments in real estate | $ 1,666,901,082 | $ 1,636,953,413 |
Less: Accumulated depreciation and amortization | (163,445,987) | (98,342,452) |
Net investments in real estate and related lease intangibles | 1,503,455,095 | 1,538,610,961 |
Land [Member] | ||
Real Estate Properties [Line Items] | ||
Investments in real estate | 174,102,422 | 174,102,422 |
Less: Accumulated depreciation and amortization | 0 | 0 |
Net investments in real estate and related lease intangibles | 174,102,422 | 174,102,422 |
Building and Improvements [Member] | ||
Real Estate Properties [Line Items] | ||
Investments in real estate | 1,487,961,762 | 1,457,633,918 |
Less: Accumulated depreciation and amortization | (163,053,124) | (97,793,830) |
Net investments in real estate and related lease intangibles | 1,324,908,638 | 1,359,840,088 |
Tenant Origination and Absorption [Member] | ||
Real Estate Properties [Line Items] | ||
Investments in real estate | 0 | 524,712 |
Less: Accumulated depreciation and amortization | 0 | (308,926) |
Net investments in real estate and related lease intangibles | 0 | 215,786 |
Other Intangible Assets [Member] | ||
Real Estate Properties [Line Items] | ||
Investments in real estate | 2,644,263 | 2,644,263 |
Less: Accumulated depreciation and amortization | (392,863) | (239,696) |
Net investments in real estate and related lease intangibles | 2,251,400 | 2,404,567 |
Construction-in-Progress [Member] | ||
Real Estate Properties [Line Items] | ||
Investments in real estate | 2,192,635 | 2,048,098 |
Less: Accumulated depreciation and amortization | 0 | 0 |
Net investments in real estate and related lease intangibles | $ 2,192,635 | $ 2,048,098 |
Real Estate - Schedule of Futur
Real Estate - Schedule of Future Amortization of Acquired Other Intangible Assets (Details) - Other Intangible Assets [Member] | Dec. 31, 2015USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
2,016 | $ 153,168 |
2,017 | 153,168 |
2,018 | 153,168 |
2,019 | 153,168 |
2,020 | 153,168 |
Thereafter | 1,485,560 |
Future amortization of acquired other intangible assets | $ 2,251,400 |
Real Estate - Schedule of Fut51
Real Estate - Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants (Details) | Dec. 31, 2015USD ($) |
Real Estate [Abstract] | |
2,016 | $ 96,448 |
2,017 | 67,120 |
2,018 | 69,136 |
2,019 | 58,760 |
Total future minimum rental receipts | $ 291,464 |
Deferred Financing Costs and 52
Deferred Financing Costs and Other Assets - Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization (Details) - USD ($) | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Deferred financing costs | $ 10,800,682 | $ 9,743,277 |
Less: accumulated amortization | (3,990,027) | (2,510,317) |
Deferred financing costs, net | 6,810,655 | 7,232,960 |
Prepaid expenses | 2,648,238 | 2,900,609 |
Interest rate cap agreements | 298,143 | 1,978,939 |
Other deposits | 1,269,287 | 1,343,098 |
Deferred financing costs and other assets, net | $ 11,026,323 | $ 13,455,606 |
Debt - Summary of Notes Payable
Debt - Summary of Notes Payable Secured by Real Property (Details) | 12 Months Ended | |
Dec. 31, 2015USD ($)instrument | Dec. 31, 2014USD ($)instrument | |
Debt Instrument [Line Items] | ||
Principal Outstanding | $ 1,122,450,371 | $ 1,070,757,025 |
Notes Payable to Banks [Member] | ||
Debt Instrument [Line Items] | ||
Number of Instruments | instrument | 67 | 64 |
Weighted Average Interest Rate | 3.44% | 3.33% |
Principal Outstanding | $ 1,122,450,371 | $ 1,070,757,025 |
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | ||
Debt Instrument [Line Items] | ||
Number of Instruments | instrument | 37 | 37 |
Interest Rate Range, Minimum | 3.31% | 3.31% |
Interest Rate Range, Maximum | 5.94% | 5.94% |
Weighted Average Interest Rate | 4.32% | 4.30% |
Principal Outstanding | $ 480,591,006 | $ 481,090,989 |
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | ||
Debt Instrument [Line Items] | ||
Number of Instruments | instrument | 30 | 27 |
Weighted Average Interest Rate | 2.77% | 2.53% |
Principal Outstanding | $ 641,859,365 | $ 589,666,036 |
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | LIBOR [Member] | Minimum [Member] | ||
Debt Instrument [Line Items] | ||
Variable Rate | 1.62% | 1.62% |
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | LIBOR [Member] | Maximum [Member] | ||
Debt Instrument [Line Items] | ||
Variable Rate | 2.75% | 2.75% |
Debt - Summary of Debt Premiums
Debt - Summary of Debt Premiums and Discounts (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Amortization of Net Debt Premium | $ 1,234,793 | $ 1,234,793 | $ 987,970 |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized Portion of Net Debt Premium | 3,452,005 | ||
Amortization of Net Debt Premium | $ 1,234,793 | $ 1,234,793 | $ 987,970 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Jul. 17, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 18, 2014 |
Debt Instrument [Line Items] | |||||
Revolving credit facility | $ 0 | $ 14,000,000 | |||
Interest expense | 39,302,938 | 40,412,744 | $ 24,308,402 | ||
Amortization of deferred financing costs | 1,553,718 | 1,489,834 | 976,198 | ||
Amortization of debt premium (discount) | 1,234,793 | 1,234,793 | 987,970 | ||
Unrealized loss on derivatives | 2,032,746 | 4,353,301 | 448,984 | ||
Interest capitalized | 153,920 | 41,898 | 0 | ||
Accounts Payable and Accrued Liabilities [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest payable | 2,932,922 | 2,870,380 | |||
Interest Rate Cap [Member] | |||||
Debt Instrument [Line Items] | |||||
Unrealized loss on derivatives | 2,032,746 | 4,353,301 | 448,984 | ||
Notes Payable to Banks [Member] | |||||
Debt Instrument [Line Items] | |||||
Amortization of debt premium (discount) | 1,234,793 | 1,234,793 | $ 987,970 | ||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility | $ 0 | $ 14,000,000 | |||
Revolving Credit Facility [Member] | Line of Credit [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, borrowing capacity | $ 20,000,000 | $ 35,000,000 | |||
Line of credit facility, repayment term | 180 days | ||||
Line of credit facility, commitment fee | 0.25% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Interest Rate Option One [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, interest rate, base rate | 2.00% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Interest Rate Option One [Member] | Federal Funds Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.50% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Interest Rate Option One [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.00% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Interest Rate Option Two [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.00% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche A [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, borrowing capacity | 20,000,000 | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche A [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.60% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche A [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 0.75% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche B [Member] | |||||
Debt Instrument [Line Items] | |||||
Line of credit facility, borrowing capacity | $ 15,000,000 | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche B [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 3.00% | ||||
Revolving Credit Facility [Member] | Line of Credit [Member] | Revolving Credit Facility, Tranche B [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 2.00% | ||||
Letter of Credit [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt instrument, basis spread on variable rate | 1.84% |
Debt - Summary of Aggregate Mat
Debt - Summary of Aggregate Maturities (Details) | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
Total | $ 1,118,998,366 |
2,016 | 16,717,956 |
2,017 | 52,817,542 |
2,018 | 84,381,374 |
2,019 | 94,061,993 |
2,020 | 291,331,359 |
Thereafter | $ 579,688,142 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative - General (Details) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||
Common and preferred stock, shares authorized (in shares) | 1,100,000,000 | |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 999,999,000 | 999,999,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Convertible Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 1,000 | 1,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Stockholders' Equity - Narrat58
Stockholders' Equity - Narrative - Common Stock (Details) | Jun. 11, 2014USD ($)$ / sharesshares | Nov. 15, 2012USD ($)$ / sharesshares | Jun. 12, 2009USD ($)$ / sharesshares | Dec. 31, 2015USD ($)installmentsvote / shares$ / sharesshares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($) | Dec. 31, 2009USD ($)shares | Dec. 31, 2015USD ($)$ / sharesshares |
Class of Stock [Line Items] | ||||||||
Common stock, votes per share | vote / shares | 1 | |||||||
Proceeds from issuance of common stock | $ 0 | $ 26,561,229 | $ 485,786,997 | |||||
Stock issued during period, dividend reinvestment plan (in shares) | shares | 4,073,759 | |||||||
Proceeds from issuance of common stock, dividend reinvestment plan | $ 39,580,847 | |||||||
Share-based compensation | 184,350 | 118,145 | 105,210 | |||||
Change in value of restricted common stock to Advisor | $ 300,440 | 0 | 0 | |||||
President [Member] | Stock Purchase Plan [Member] | Ella Shaw Neyland [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock purchase plan, grants in period, amount | $ 5,530 | |||||||
Stock purchase plan, grants in period (in shares) | shares | 600 | |||||||
Stock purchase plan, price per share (in dollars per share) | $ / shares | $ 9.22 | |||||||
Stock purchase plan, exercises in period (in shares) | shares | 2,400 | |||||||
Stock purchase plan, exercises in period, amount | $ 22,118 | |||||||
Advisor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of restricted common stock to Advisor | $ 5,000,000 | |||||||
Advisor [Member] | Advisor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock | 729,992,516 | |||||||
Fair value of shares of common stock (in shares) | $ 5,493,164 | 5,000,000 | 5,493,164 | |||||
Advisor [Member] | Restricted Stock Agreement [Member] | Advisor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of restricted common stock to advisor (in shares) | shares | 488,281.25 | |||||||
Issuance of restricted common stock to Advisor | $ 5,000,000 | |||||||
Restricted Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Weighted-average remaining term | 1 year 10 months 8 days | |||||||
Compensation expense related to issuance of restricted common stock not vested | $ 95,607 | 95,607 | ||||||
Restricted Stock [Member] | Advisor [Member] | Advisor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Fair value of shares of common stock (in shares) | $ 2,746,582 | $ 2,746,582 | ||||||
Number of shares vested (in shares) | shares | 244,141 | 244,141 | ||||||
Restricted Stock [Member] | Advisor [Member] | Tranche One [Member] | Advisor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares of restricted stock vesting percentage | 50.00% | |||||||
Restricted Stock [Member] | Advisor [Member] | Tranche Two [Member] | Advisor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares of restricted stock vesting percentage | 50.00% | |||||||
Restricted Stock [Member] | Advisor [Member] | Restricted Stock Agreement [Member] | Advisor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share price (in dollars per share) | $ / shares | $ 10.24 | |||||||
Common stock, basis of conversion, percentage of annual return on stockholders' invested capital | 7.00% | 7.00% | ||||||
Restricted Stock [Member] | Advisor [Member] | Restricted Stock Agreement [Member] | Tranche One [Member] | Advisor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares of restricted stock vesting percentage | 50.00% | |||||||
Restricted Stock [Member] | Advisor [Member] | Restricted Stock Agreement [Member] | Tranche Two [Member] | Advisor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Shares of restricted stock vesting percentage | 50.00% | |||||||
Restricted Stock [Member] | General and Administrative Expense [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share-based compensation | $ 184,350 | 118,145 | 105,210 | |||||
Restricted Stock [Member] | General and Administrative Expense [Member] | Advisor [Member] | Advisor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Change in value of restricted common stock to Advisor | $ 300,440 | $ 0 | $ 0 | |||||
Restricted Stock [Member] | Director [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Restricted common stock, vesting installments | installments | 4 | |||||||
Shares of restricted stock vesting percentage | 25.00% | |||||||
Private Offering and Public Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Commissions on sales of common stock and related dealer manager fees to affiliates | $ 95,845,468 | |||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock issued during period, dividend reinvestment plan (in shares) | shares | 8 | 2,485,476 | ||||||
Proceeds from issuance of common stock, dividend reinvestment plan | $ 78 | $ 24,183,672 | ||||||
Share price (in dollars per share) | $ / shares | $ 10.24 | $ 10.24 | ||||||
Common Stock [Member] | Sponsor [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock (in shares) | shares | 22,223 | 22,223 | ||||||
Issuance of common stock | $ 200,007 | |||||||
Proceeds from issuance of common stock | $ 200,007 | |||||||
Share price (in dollars per share) | $ / shares | $ 9 | |||||||
Common Stock [Member] | Private Offering and Public Offering [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Issuance of common stock (in shares) | shares | 76,732,395 | |||||||
Proceeds from issuance of common stock | $ 679,572,220 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Nonvested shares at the beginning of the year (in shares) | 16,875 | 18,750 | 20,625 |
Granted shares (in shares) | 14,000 | 10,000 | 10,000 |
Vested shares (in shares) | (19,625) | (11,875) | (11,875) |
Nonvested shares at the end of the year (in shares) | 11,250 | 16,875 | 18,750 |
Director [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Weighted Average Fair Value (in dollars per share) | $ 10.35 | $ 10.24 | $ 10.24 |
Stockholders' Equity - Narrat60
Stockholders' Equity - Narrative - Convertible Stock (Details) - Advisor [Member] - Convertible Stock [Member] | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Class of Stock [Line Items] | |
Issuance of common stock (in shares) | shares | 1,000 |
Issuance of common stock | $ 1,000 |
Aggregate percentage of cumulative, non-compounded, annual return on the original issue price added to total distributions qualifying for conversion of stock | 8.00% |
Convertible stock, conversion basis, multiplier | 0.001 |
Convertible stock, percentage applied to the excess of enterprise value, including distributions to date | 10.00% |
Convertible stock, redemption amount | $ 1 |
Stockholders' Equity - Narrat61
Stockholders' Equity - Narrative - Preferred Stock (Details) | 12 Months Ended | |
Dec. 31, 2015classshares | Dec. 31, 2014shares | |
Equity [Abstract] | ||
Preferred stock, number of classes or series the Board of Directors is authorized to classify or reclassify | class | 1 | |
Preferred stock, number of classes or series the Board of Directors is authorized to issue | class | 1 | |
Preferred stock, shares issued (in shares) | shares | 0 | 0 |
Preferred stock, shares outstanding (in shares) | shares | 0 | 0 |
Stockholders' Equity - Narrat62
Stockholders' Equity - Narrative - Distribution Reinvestment Plan (Details) - Distribution Reinvestment Plan [Member] - USD ($) | Dec. 31, 2015 | Sep. 10, 2012 | Jul. 23, 2009 |
Class of Stock [Line Items] | |||
Share price (in dollars per share) | $ 9.73 | $ 9.5 | |
Sales commissions and dealer manager fees payable | $ 0 |
Stockholders' Equity - Narrat63
Stockholders' Equity - Narrative - Share Repurchase Plan and Redeemable Common Stock (Details) - Share Repurchase Plan [Member] | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($) | Dec. 31, 2015USD ($)assetshares | Dec. 31, 2014USD ($)shares | |
Class of Stock [Line Items] | ||||
Number of company assets sold that constitute a return of capital as a result of such sale. | asset | 1 | |||
Maximum value of shares allowed to be repurchased per quarter | $ 1,000,000 | $ 2,000,000 | ||
Notice period for amendment, suspension, or termination of stock repurchase plan. | 30 days | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Number of shares that can be repurchased before the first anniversary of date of purchase | shares | 0 | 0 | ||
Share repurchase plan, disability or death holding period exemption period, maximum | 2 years | |||
Stock repurchase plan, minimum redemption notice period | 15 days | |||
Stock repurchase plan, settlement period | 30 days | |||
Minimum number of days prior to repurchase date a repurchase request may be withdrawn | 3 days | |||
Shares redeemed (in shares) | shares | 197,989 | 280,185 | ||
Stock repurchase plan, stock redeemed, value | $ 2,000,000 | $ 2,723,948 | ||
Stock requested for redemption (in shares) | shares | 652,066 | 215,685 | ||
Stock requested for redemption, value | $ 6,562,585 | $ 2,110,525 | ||
Maximum percentage of weighted average shares outstanding in prior calendar period that may be repurchased in current calendar period | 5.00% | |||
Transfers to redeemable common stock | $ 0 | $ (13,393,647) | ||
Common Stock [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||
Class of Stock [Line Items] | ||||
Stock requested for redemption, redemptions payable | $ 1,000,000 | $ 1,000,000 |
Stockholders' Equity - Schedu64
Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Less than 1 year | 0.00% |
1 year | 92.50% |
2 years | 95.00% |
3 years | 97.50% |
4 years | 100.00% |
Stockholders' Equity - Schedu65
Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Footnote) (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Share Repurchase Plan [Member] | Common Stock [Member] | |
Class of Stock [Line Items] | |
Required holding period to be eligible to redeem shares under share repurchase plan | 1 year |
Stockholders' Equity - Narrat66
Stockholders' Equity - Narrative - Distributions (Details) - USD ($) | Jun. 11, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |||
Deferred costs | $ 0 | $ 0 | |
Advisor [Member] | |||
Related Party Transaction [Line Items] | |||
Fee due to related party, maximum deferred amount | $ 5,000,000 | ||
Issuance of restricted common stock to Advisor | $ 5,000,000 |
Stockholders' Equity - Narrat67
Stockholders' Equity - Narrative - Distributions Declared (Details) - USD ($) | Sep. 10, 2012 | Sep. 09, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | |||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.001964 | ||||
Distributions declared | $ 360,446 | $ 203,990 | $ 0 | ||
Distributions payable | $ 4,668,261 | 4,679,455 | |||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.001964 | $ 0.001917 | $ 0.001964 | ||
Common stock, distribution rate, percentage | 7.00% | 7.00% | |||
Share price (in dollars per share) | $ 10.24 | ||||
Distributions declared | $ 55,076,217 | 54,296,664 | |||
Common stock, distributions declared pursuant to DRP | $ 78 | $ 22,220,101 | |||
Common stock, distributions declared pursuant to DRP (in shares) | 8 | 2,283,669 | |||
Distributions payable | $ 4,668,261 | $ 4,679,455 |
Stockholders' Equity - Narrat68
Stockholders' Equity - Narrative - Distributions Paid (Details) - USD ($) | 12 Months Ended | 80 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||
Payments of ordinary dividends, common stock | $ 55,087,333 | $ 29,491,989 | $ 14,302,663 | |
Stock issued during period, dividend reinvestment plan (in shares) | 4,073,759 | |||
Proceeds from issuance of common stock, dividend reinvestment plan | $ 39,580,847 | |||
Distributions paid, common stock, including distribution reinvestment plan | $ 55,087,411 | $ 53,675,661 | ||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period, dividend reinvestment plan (in shares) | 8 | 2,485,476 | ||
Proceeds from issuance of common stock, dividend reinvestment plan | $ 78 | $ 24,183,672 |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Reconciliation of Net Loss Attributable to Common Stockholders and Shares used in Calculating Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net loss attributable to the Company | $ (2,685,555) | $ (3,603,728) | $ (2,904,429) | $ (3,830,646) | $ (4,668,129) | $ (3,337,573) | $ (3,653,679) | $ (14,082,911) | $ (13,024,358) | $ (25,742,292) | $ (55,879,857) |
Less: dividends declared on participating securities | 360,446 | 203,990 | 0 | ||||||||
Net loss attributable to common stockholders | $ (13,384,804) | $ (25,946,282) | $ (55,879,857) | ||||||||
Weighted average common shares outstanding - basic and diluted (in shares) | 76,335,114 | 75,450,215 | 40,169,940 | ||||||||
Loss per common share - basic and diluted (in dollars per share) | $ (0.04) | $ (0.05) | $ (0.04) | $ (0.05) | $ (0.05) | $ (0.05) | $ (0.05) | $ (0.19) | $ (0.18) | $ (0.34) | $ (1.39) |
Related Party Arrangements - Sc
Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred, Paid, and Payable (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Payable at end of period | $ 2,682,209 | $ 3,039,490 | |
Advisor [Member] | Advisor and its Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 43,893,867 | 45,276,953 | $ 110,884,760 |
Paid in the period | 44,251,148 | 51,559,501 | 105,034,518 |
Payable at end of period | 2,682,209 | 3,039,490 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Investment Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Paid in the period | 13,840,067 | 16,627,339 | 4,630,082 |
Payable at end of period | 1,169,770 | 1,155,012 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Acquisition Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Paid in the period | 791,135 | 3,296,422 | 19,436,769 |
Payable at end of period | 0 | 603,400 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Acquisition Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Paid in the period | 11,147 | 583,511 | 4,577,909 |
Payable at end of period | 0 | 4,002 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Property Management, Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Paid in the period | 6,169,938 | 5,717,813 | 2,960,930 |
Payable at end of period | 520,127 | 501,540 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Property Management, Reimbursement of Onsite Personnel [Member] | |||
Related Party Transaction [Line Items] | |||
Paid in the period | 18,639,991 | 17,827,185 | 8,976,013 |
Payable at end of period | 703,791 | 583,161 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Property Management, Other Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Paid in the period | 1,721,504 | 1,585,747 | 899,579 |
Payable at end of period | 52,237 | 76,913 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Other Operating Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Paid in the period | 1,367,226 | 915,618 | 3,712,827 |
Payable at end of period | 51,029 | 72,253 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Disposition Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Paid in the period | 0 | 463,688 | 0 |
Payable at end of period | 0 | 0 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Construction Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 1,618,438 | 1,391,360 | 421,776 |
Paid in the period | 1,590,514 | 1,348,151 | 421,776 |
Payable at end of period | 71,133 | 43,209 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Construction Management Reimbursement of Labor Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 233,748 | 88,781 | 124,815 |
Paid in the period | 119,626 | 88,781 | 124,815 |
Payable at end of period | 114,122 | 0 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Other Offering Costs Reimbursement [Member] | Additional Paid-In Capital [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 0 | 0 | 13,271,892 |
Paid in the period | 0 | 3,105,246 | 10,279,559 |
Payable at end of period | 0 | 0 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Selling Commissions [Member] | Additional Paid-In Capital [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 0 | 0 | 31,187,852 |
Paid in the period | 0 | 0 | 31,187,852 |
Payable at end of period | 0 | 0 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Dealer Manager Fees [Member] | Additional Paid-In Capital [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 0 | 0 | 17,826,407 |
Paid in the period | 0 | 0 | 17,826,407 |
Payable at end of period | 0 | 0 | |
Advisor [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Investment Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 13,854,825 | 13,252,309 | 7,409,393 |
Advisor [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Acquisition Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 187,735 | 3,251,400 | 19,148,107 |
Advisor [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 6,188,525 | 5,802,772 | 3,226,878 |
Advisor [Member] | Advisor and its Affiliates [Member] | Fees to Affiliates [Member] | Property Management, Other Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 1,696,828 | 1,617,440 | 929,359 |
Advisor [Member] | Advisor and its Affiliates [Member] | Acquisition Costs [Member] | Acquisition Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 7,145 | 587,513 | 4,433,861 |
Advisor [Member] | Advisor and its Affiliates [Member] | Operating, Maintenance and Management [Member] | Property Management, Reimbursement of Onsite Personnel [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 18,760,621 | 17,841,495 | 9,343,021 |
Advisor [Member] | Advisor and its Affiliates [Member] | General and Administrative Expense [Member] | Other Operating Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | 1,346,002 | 980,195 | 3,561,399 |
Advisor [Member] | Advisor and its Affiliates [Member] | Sales of Real Estate [Member] | Disposition Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Incurred in the period | $ 0 | $ 463,688 | $ 0 |
Related Party Arrangements - Na
Related Party Arrangements - Narrative - Organization and Offering Costs (Details) - USD ($) | 3 Months Ended | 12 Months Ended | 80 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||||
Organization and offering costs threshold, percentage of gross proceeds of public offering | 15.00% | ||||
Underwriting compensation threshold, percentage of gross proceeds of public offering | 10.00% | ||||
Due to affiliates, net | $ 2,682,209 | $ 3,039,490 | $ 2,682,209 | ||
Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Due from advisor | 0 | 0 | |||
Due to affiliates, net | 51,029 | $ 51,029 | |||
Advisor [Member] | Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Organization and offering costs threshold, percentage of gross proceeds of public offering | 15.00% | ||||
Advisor [Member] | Advisor and its Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | 43,893,867 | 45,276,953 | $ 110,884,760 | ||
Due to affiliates, net | $ 2,682,209 | 3,039,490 | $ 2,682,209 | ||
Advisor [Member] | Organization and Offering Costs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Organization and offering costs threshold, percentage of gross proceeds of public offering | 15.00% | ||||
Underwriting compensation threshold, percentage of gross proceeds of public offering | 10.00% | ||||
Advisor [Member] | Organization and Offering Costs [Member] | Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | 1,425,070 | 95,946,206 | |||
Related party transaction, expenses from transactions with related party | 93,644,487 | ||||
Advisor [Member] | Offering Costs [Member] | Advisor and its Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | 2,301,719 | ||||
Advisor [Member] | Organizational Costs Reimbursements [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | $ 0 | 0 | 0 | ||
Advisor [Member] | Organizational Costs Reimbursements [Member] | Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related party transaction, expenses from transactions with related party | 100,738 | ||||
Advisor [Member] | Organization Cost [Member] | Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | 100,738 | ||||
Related party transaction, expenses from transactions with related party | 100,738 | ||||
Advisor [Member] | Private Offering [Member] | Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Organization and offering costs | 2,301,719 | ||||
Advisor [Member] | Private Offering [Member] | Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | $ 1,425,070 | ||||
Organization and offering costs | 0 | 0 | 0 | ||
Advisor [Member] | Public Offering Costs [Member] | Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | 0 | 0 | 60,861,080 | 93,543,749 | |
Due to affiliates, net | $ 0 | $ 0 | 0 | ||
Advisor [Member] | Private Offering Costs [Member] | Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | $ 2,301,719 | ||||
Crossroads Capital Advisors [Member] | Public Offering Costs [Member] | Advisor [Member] | |||||
Related Party Transaction [Line Items] | |||||
Reimbursement to advisor | $ 3,203,872 |
Related Party Arrangements - 72
Related Party Arrangements - Schedule of Reimbursable Organization and Offering Costs Related to the Public Offering (Details) - USD ($) | 12 Months Ended | 80 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||
O&O limitation | 15.00% | |||
Advisor [Member] | Organization and Offering Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
O&O limitation | 15.00% | |||
Advisor [Member] | Organizational Costs Reimbursements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Incurred in the period | $ 0 | $ 0 | $ 0 | |
Advisor [Member] | Advisor [Member] | ||||
Related Party Transaction [Line Items] | ||||
Gross offering proceeds from Public Offering (excluding DRP): | $ 729,992,516 | |||
O&O limitation | 15.00% | |||
Percentage of Gross Public Offering Proceeds | 100.00% | |||
Advisor [Member] | Advisor [Member] | Organization and Offering Costs [Member] | ||||
Related Party Transaction [Line Items] | ||||
Total O&O costs available to be paid/reimbursed | $ 109,498,877 | |||
Incurred in the period | $ 93,644,487 | |||
Percentage of Gross Public Offering Proceeds | 12.83% | |||
Advisor [Member] | Advisor [Member] | Sales Commissions Paid [Member] | ||||
Related Party Transaction [Line Items] | ||||
Incurred in the period | $ 44,413,086 | |||
Percentage of Gross Public Offering Proceeds | 6.08% | |||
Advisor [Member] | Advisor [Member] | Broker Dealer Fees Paid [Member] | ||||
Related Party Transaction [Line Items] | ||||
Incurred in the period | $ 25,428,455 | |||
Percentage of Gross Public Offering Proceeds | 3.48% | |||
Advisor [Member] | Advisor [Member] | Public Offering Costs Reimbursements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Incurred in the period | $ 20,596,961 | |||
Percentage of Gross Public Offering Proceeds | 2.82% | |||
Advisor [Member] | Advisor [Member] | Offering Cost Reimbursements Accrual [Member] | ||||
Related Party Transaction [Line Items] | ||||
Incurred in the period | $ 3,105,247 | |||
Percentage of Gross Public Offering Proceeds | 0.43% | |||
Advisor [Member] | Advisor [Member] | Organizational Costs Reimbursements [Member] | ||||
Related Party Transaction [Line Items] | ||||
Incurred in the period | $ 100,738 | |||
Percentage of Gross Public Offering Proceeds | 0.01% |
Related Party Arrangements - 73
Related Party Arrangements - Narrative - Investment Management Fee (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Advisor [Member] | Advisor [Member] | Investment Management Fees [Member] | |
Related Party Transaction [Line Items] | |
Monthly investment management fee, percentage | 0.0667% |
Related Party Arrangements - 74
Related Party Arrangements - Narrative - Acquisition Fees and Expenses (Details) - Advisor [Member] - Advisor [Member] - Acquisition Fees and Expenses [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Acquisition fee, percentage of purchase price of real property or related asset | 2.00% |
Acquisition fees and expenses, maximum, percentage of contract purchase price | 6.00% |
Related Party Arrangements - 75
Related Party Arrangements - Narrative - Property Management Fees and Expenses (Details) - Steadfast Management Company, Inc. [Member] - Property Management Agreement [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Property management agreement, notice of termination breach | 30 days |
Property Manager [Member] | |
Related Party Transaction [Line Items] | |
Property management, oversight fee, percent | 1.00% |
Property management agreement, initial term | 1 year |
Property management agreement, notice of termination option | 60 days |
Property Manager [Member] | Minimum [Member] | |
Related Party Transaction [Line Items] | |
Property management fee, percent | 2.50% |
Property Manager [Member] | Maximum [Member] | |
Related Party Transaction [Line Items] | |
Property management fee, percent | 3.75% |
Related Party Arrangements - 76
Related Party Arrangements - Narrative - Construction Management (Details) - Pacific Coast Land & Construction, Inc. [Member] - Affiliated Entity [Member] - Construction Management Agreement [Member] | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |
Construction management agreement, termination notification period | 30 days |
Minimum [Member] | |
Related Party Transaction [Line Items] | |
Construction management fee, percent | 5.00% |
Maximum [Member] | |
Related Party Transaction [Line Items] | |
Construction management fee, percent | 12.00% |
Related Party Arrangements - 77
Related Party Arrangements - Narrative - Other Operating Expense Reimbursements (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)quarter | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Related Party Transaction [Line Items] | |||
Other operating expense reimbursement, percentage of average invested assets, threshold | 2.00% | ||
Other operating expense reimbursement, percentage of net income, threshold | 25.00% | ||
Operating expenses | $ 222,415,016 | $ 231,616,282 | $ 164,960,373 |
Other Operating Expense Reimbursement [Member] | |||
Related Party Transaction [Line Items] | |||
General and administrative expenses | $ 5,949,993 | 6,896,519 | 7,106,568 |
Operating expenses, percent of average invested assets | 0.10% | ||
Operating expenses, percent of net loss | 10.30% | ||
Deferred operating expenses | 2,571,910 | ||
Other Operating Expense Reimbursement [Member] | Advisor and its Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Operating expenses | $ 1,346,002 | 980,192 | 3,561,399 |
Overhead expenses | 1,346,002 | 980,192 | 3,561,399 |
Related party transaction, expenses from transactions with related party | $ 0 | $ 0 | $ 0 |
Advisor [Member] | Advisor [Member] | Other Operating Expense Reimbursement [Member] | |||
Related Party Transaction [Line Items] | |||
Operating expenses limited, number of quarters | quarter | 4 | ||
Other operating expense reimbursement, percentage of average invested assets, threshold | 2.00% | ||
Other operating expense reimbursement, percentage of net income, threshold | 25.00% | ||
Average invested assets, calculation period | 12 months |
Related Party Arrangements - 78
Related Party Arrangements - Narrative - Disposition Fee (Details) | 12 Months Ended |
Dec. 31, 2015$ / shares | |
Related Party Transaction [Line Items] | |
Other operating expense reimbursement, percentage of average invested assets, threshold | 2.00% |
Other operating expense reimbursement, percentage of net income, threshold | 25.00% |
Advisor [Member] | Advisor [Member] | Disposition Fee [Member] | |
Related Party Transaction [Line Items] | |
Disposition fee, percent of sales price | 1.50% |
Disposition fee, maximum, brokerage commission paid | 50.00% |
Disposition fee, maximum, percentage of sales price | 3.00% |
Acquisition fees and expenses, maximum, percentage of contract purchase price | 6.00% |
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 1 [Member] | |
Related Party Transaction [Line Items] | |
Disposition fee, percent of sales price | 0.50% |
Share price (in dollars per share) | $ 9 |
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 2 [Member] | |
Related Party Transaction [Line Items] | |
Disposition fee, percent of sales price | 0.75% |
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 2 [Member] | Minimum [Member] | |
Related Party Transaction [Line Items] | |
Share price (in dollars per share) | $ 9.01 |
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 2 [Member] | Maximum [Member] | |
Related Party Transaction [Line Items] | |
Share price (in dollars per share) | $ 10.24 |
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 3 [Member] | |
Related Party Transaction [Line Items] | |
Disposition fee, percent of sales price | 1.00% |
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 3 [Member] | Minimum [Member] | |
Related Party Transaction [Line Items] | |
Share price (in dollars per share) | $ 10.25 |
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 3 [Member] | Maximum [Member] | |
Related Party Transaction [Line Items] | |
Share price (in dollars per share) | $ 11.24 |
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 4 [Member] | |
Related Party Transaction [Line Items] | |
Disposition fee, percent of sales price | 1.25% |
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 4 [Member] | Minimum [Member] | |
Related Party Transaction [Line Items] | |
Share price (in dollars per share) | $ 11.25 |
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 4 [Member] | Maximum [Member] | |
Related Party Transaction [Line Items] | |
Share price (in dollars per share) | $ 12 |
Advisor [Member] | Advisor [Member] | Disposition Fee, Range 5 [Member] | |
Related Party Transaction [Line Items] | |
Disposition fee, percent of sales price | 1.50% |
Share price (in dollars per share) | $ 12.01 |
Advisor [Member] | Advisor [Member] | Other Operating Expenses [Member] | |
Related Party Transaction [Line Items] | |
Other operating expense reimbursement, percentage of average invested assets, threshold | 2.00% |
Other operating expense reimbursement, percentage of net income, threshold | 25.00% |
Related Party Arrangements - 79
Related Party Arrangements - Narrative - Selling Commissions and Dealer Manager Fees (Details) - Steadfast Capital Markets Group, LLC [Member] - Dealer Manager [Member] | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Sales Commissions and Dealer Manager Fees [Member] | |
Related Party Transaction [Line Items] | |
Sales commissions or dealer manager fees paid | $ 0 |
Primary Offering [Member] | Sales Commissions [Member] | |
Related Party Transaction [Line Items] | |
Sales commission, percentage of gross offering proceeds, up to | 6.50% |
Primary Offering [Member] | Dealer Manager Fees [Member] | |
Related Party Transaction [Line Items] | |
Dealer manager fees, percentage of gross offering proceeds, up to | 3.50% |
Distribution Reinvestment Plan [Member] | Sales Commissions and Dealer Manager Fees [Member] | |
Related Party Transaction [Line Items] | |
Sales commissions or dealer manager fees paid | $ 0 |
Related Party Arrangements - 80
Related Party Arrangements - Narrative - Restricted Stock Agreement (Details) - Advisor [Member] - USD ($) | Jun. 11, 2014 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Issuance of restricted common stock to Advisor | $ 5,000,000 | |
Advisor [Member] | Restricted Stock [Member] | Tranche One [Member] | ||
Related Party Transaction [Line Items] | ||
Shares of restricted stock vesting percentage | 50.00% | |
Advisor [Member] | Restricted Stock [Member] | Tranche Two [Member] | ||
Related Party Transaction [Line Items] | ||
Shares of restricted stock vesting percentage | 50.00% | |
Advisor [Member] | Restricted Stock Agreement [Member] | ||
Related Party Transaction [Line Items] | ||
Issuance of restricted common stock to advisor (in shares) | 488,281.25 | |
Issuance of restricted common stock to Advisor | $ 5,000,000 | |
Advisor [Member] | Restricted Stock Agreement [Member] | Restricted Stock [Member] | ||
Related Party Transaction [Line Items] | ||
Share price (in dollars per share) | $ 10.24 | |
Common stock, basis of conversion, percentage of annual return on stockholders' invested capital | 7.00% | 7.00% |
Advisor [Member] | Restricted Stock Agreement [Member] | Restricted Stock [Member] | Tranche One [Member] | ||
Related Party Transaction [Line Items] | ||
Shares of restricted stock vesting percentage | 50.00% | |
Advisor [Member] | Restricted Stock Agreement [Member] | Restricted Stock [Member] | Tranche Two [Member] | ||
Related Party Transaction [Line Items] | ||
Shares of restricted stock vesting percentage | 50.00% |
Incentive Award Plan and Inde81
Incentive Award Plan and Independent Director Compensation - Narrative (Details) | Aug. 11, 2015directorshares | Aug. 10, 2015shares | Aug. 05, 2014directorshares | Aug. 07, 2013directorshares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Proceeds from issuance of common stock | $ | $ 0 | $ 26,561,229 | $ 485,786,997 | ||||
Number of board of directors members | director | 2 | 4 | 4 | ||||
Share-based compensation | $ | 184,350 | $ 118,145 | $ 105,210 | ||||
Private Offering [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Proceeds from issuance of common stock | $ | $ 2,000,000 | ||||||
Incentive Award Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted shares (in shares) | 0 | 0 | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted shares (in shares) | 14,000 | 10,000 | 10,000 | ||||
Restricted Stock [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock vesting percentage | 25.00% | ||||||
Restricted Stock [Member] | Director [Member] | Initial Election [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted shares (in shares) | 5,000 | ||||||
Restricted Stock [Member] | Director [Member] | Re-Election [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted shares (in shares) | 2,500 | 2,500 | 2,500 | 2,500 | |||
Restricted Stock [Member] | Independent Directors Compensation Plan [Member] | Director [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted common stock, award vesting period | 3 years | ||||||
Restricted Stock [Member] | Independent Directors Compensation Plan [Member] | Director [Member] | Initial Election [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted shares (in shares) | 5,000 | ||||||
Restricted Stock [Member] | Incentive Award Plan [Member] | Director [Member] | Larry H. Dale [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted shares (in shares) | 2,000 | ||||||
Restricted Stock [Member] | Incentive Award Plan [Member] | Director [Member] | Kerry D. Vandell [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Granted shares (in shares) | 2,000 |
Derivative Financial Instrume82
Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) - Interest Rate Cap [Member] | Dec. 31, 2015USD ($)instrumentderivative | Dec. 31, 2014USD ($)instrument |
Derivative [Line Items] | ||
Number of Instruments | derivative | 30 | |
Notional Amount | $ 637,110,000 | |
Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Number of Instruments | instrument | 30 | 27 |
Notional Amount | $ 637,110,000 | $ 577,961,000 |
Weighted Average Rate Cap | 2.68% | 2.47% |
Fair Value | $ 298,143 | $ 1,978,939 |
Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member] | LIBOR [Member] | ||
Derivative [Line Items] | ||
Variable Rate | 0.43% | 0.17% |
Derivative Financial Instrume83
Derivative Financial Instruments - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)derivative | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Derivative [Line Items] | |||
Unrealized loss on derivatives | $ 2,032,746 | $ 4,353,301 | $ 448,984 |
Interest Rate Cap [Member] | |||
Derivative [Line Items] | |||
Number of instruments | derivative | 30 | ||
Notional amount | $ 637,110,000 | ||
Unrealized loss on derivatives | 2,032,746 | 4,353,301 | 448,984 |
Interest Rate Cap [Member] | Deferred Financing Costs and Other Assets, Net [Member] | |||
Derivative [Line Items] | |||
Fair value of interest rate cap agreements | 298,143 | 1,978,939 | |
Interest Rate Cap [Member] | Interest Expense [Member] | |||
Derivative [Line Items] | |||
Unrealized loss on derivatives | $ 2,032,746 | $ 4,353,301 | $ 448,984 |
Pro Forma Information (unaudi84
Pro Forma Information (unaudited) - Narrative (Details) | 12 Months Ended | |
Dec. 31, 2015property | Dec. 31, 2014USD ($)property | |
Business Combinations [Abstract] | ||
Number of properties acquired | property | 0 | 7 |
Revenues contributed | $ 7,043,199 | |
Contributed net loss | 2,128,011 | |
Contributed depreciation and amortization | $ 4,279,615 |
Pro Forma Information (unaudi85
Pro Forma Information (unaudited) - Schedule of Unaudited Pro Forma Information (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Business Combinations [Abstract] | ||
Revenues | $ 202,656,889 | $ 125,027,746 |
Net loss | $ (20,960,767) | $ (55,852,848) |
Basic and diluted net loss per common share (in dollars per share) | $ (0.27) | $ (0.73) |
Weighted-average number of common shares outstanding, basic and diluted (in shares) | 76,858,483 | 76,858,483 |
Selected Quarterly Results (u86
Selected Quarterly Results (unaudited) - Schedule of Unaudited Quarterly Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 52,929,134 | $ 53,166,421 | $ 52,243,802 | $ 51,051,301 | $ 50,808,476 | $ 50,217,617 | $ 49,224,059 | $ 45,679,704 | $ 209,390,658 | $ 195,929,856 | $ 109,101,517 |
Net loss | $ (2,685,555) | $ (3,603,728) | $ (2,904,429) | $ (3,830,646) | $ (4,668,129) | $ (3,337,573) | $ (3,653,679) | $ (14,082,911) | $ (13,024,358) | $ (25,742,292) | $ (55,879,857) |
Loss per common share - basic and diluted (in dollars per share) | $ (0.04) | $ (0.05) | $ (0.04) | $ (0.05) | $ (0.05) | $ (0.05) | $ (0.05) | $ (0.19) | $ (0.18) | $ (0.34) | $ (1.39) |
Distributions declared per common share (in dollars per share) | $ 0.181 | $ 0.181 | $ 0.179 | $ 0.177 | $ 0.181 | $ 0.181 | $ 0.179 | $ 0.177 | $ 0.718 | $ 0.718 |
Subsequent Events - Narrative -
Subsequent Events - Narrative - Distributions Paid (Details) - USD ($) | Mar. 01, 2016 | Feb. 01, 2016 | Jan. 04, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||||
Distributions paid, common stock, including distribution reinvestment plan | $ 55,087,411 | $ 53,675,661 | |||
Dividend Paid [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Distributions paid, common stock, including distribution reinvestment plan | $ 4,348,005 | $ 4,653,399 | $ 4,668,261 |
Subsequent Events - Narrative88
Subsequent Events - Narrative - Redemption (Details) - Share Repurchase Plan [Member] - Common Stock [Member] - USD ($) | Jan. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Subsequent Event [Line Items] | |||
Redemption of common stock (in shares) | 197,989 | 280,185 | |
Stock repurchase plan, stock redeemed, value | $ 2,000,000 | $ 2,723,948 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Redemption of common stock (in shares) | 99,243 | ||
Stock repurchase plan, stock redeemed, value | $ 1,000,000 | ||
Redemption price per share (in dollars per share) | $ 10.08 |
Subsequent Events - Narrative89
Subsequent Events - Narrative - Estimated Value per Share (Details) | Feb. 25, 2016$ / shares |
Subsequent Event [Member] | |
Subsequent Event [Line Items] | |
Estimated value per share (in dollars per share) | $ 11.44 |
REAL ESTATE AND ACCUMULATED D90
REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION - Real Estate Assets and Accumulated Depreciation (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | |
Real Estate and Accumulated Depreciation [Line Items] | ||||
Encumbrances | $ 1,122,450,371 | |||
Initial Cost of Company | ||||
Land | 174,192,422 | |||
Buildings and Improvements | 1,459,075,487 | |||
Total | 1,633,267,909 | |||
Cost Capitalized Subsequent to Acquisition | 68,382,666 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 174,102,422 | |||
Buildings and Improvements | 1,492,798,660 | |||
Total | $ 1,636,953,413 | $ 1,519,883,478 | $ 578,045,449 | 1,666,901,082 |
Accumulated Depreciation and Amortization | $ (163,445,987) | |||
Real Estate [Roll Forward] | ||||
Balance at the beginning of the year | 1,636,953,413 | 1,519,883,478 | 578,045,449 | |
Acquisitions | 0 | 130,339,157 | 950,409,834 | |
Improvements | 30,484,330 | 26,806,872 | 9,125,416 | |
Cost of real estate sold | 0 | (22,738,038) | (90,000) | |
Write-off of fully depreciated and fully amortized assets | (536,661) | (17,338,056) | (17,607,221) | |
Balance at the end of the year | 1,666,901,082 | 1,636,953,413 | 1,519,883,478 | |
Accumulated Depreciation [Roll Forward] | ||||
Balance at the beginning of the year | 98,342,452 | 48,920,319 | 18,073,362 | |
Depreciation expense | 65,640,196 | 69,681,177 | 48,454,178 | |
Write-off of accumulated depreciation and amortization of real estate assets sold | 0 | (2,920,988) | 0 | |
Write-off of fully depreciated and fully amortized assets | (536,661) | (17,338,056) | (17,607,221) | |
Balance at the end of the year | 163,445,987 | $ 98,342,452 | $ 48,920,319 | |
Park Place Condominiums [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 4,790,845 | |||
Initial Cost of Company | ||||
Land | 500,000 | |||
Buildings and Improvements | 7,823,400 | |||
Total | 8,323,400 | |||
Cost Capitalized Subsequent to Acquisition | 1,207,294 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 410,000 | |||
Buildings and Improvements | 8,306,314 | |||
Total | 8,716,314 | 8,716,314 | ||
Accumulated Depreciation and Amortization | $ (1,793,310) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 8,716,314 | |||
Clarion Park Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 8,318,957 | |||
Initial Cost of Company | ||||
Land | 1,470,991 | |||
Buildings and Improvements | 9,744,009 | |||
Total | 11,215,000 | |||
Cost Capitalized Subsequent to Acquisition | 495,117 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,470,991 | |||
Buildings and Improvements | 9,957,211 | |||
Total | 11,428,202 | 11,428,202 | ||
Accumulated Depreciation and Amortization | $ (1,860,519) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 11,428,202 | |||
Cooper Creek [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 6,372,075 | |||
Initial Cost of Company | ||||
Land | 593,610 | |||
Buildings and Improvements | 9,826,390 | |||
Total | 10,420,000 | |||
Cost Capitalized Subsequent to Acquisition | 468,364 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 593,610 | |||
Buildings and Improvements | 10,110,544 | |||
Total | 10,704,154 | 10,704,154 | ||
Accumulated Depreciation and Amortization | $ (1,803,120) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 10,704,154 | |||
Truman Farm Villas [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 5,596,526 | |||
Initial Cost of Company | ||||
Land | 842,987 | |||
Buildings and Improvements | 8,257,013 | |||
Total | 9,100,000 | |||
Cost Capitalized Subsequent to Acquisition | 757,135 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 842,987 | |||
Buildings and Improvements | 8,773,519 | |||
Total | 9,616,506 | 9,616,506 | ||
Accumulated Depreciation and Amortization | $ (1,598,999) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 9,616,506 | |||
EBT Lofts [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 5,291,125 | |||
Initial Cost of Company | ||||
Land | 460,362 | |||
Buildings and Improvements | 8,114,638 | |||
Total | 8,575,000 | |||
Cost Capitalized Subsequent to Acquisition | 573,436 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 460,362 | |||
Buildings and Improvements | 8,345,756 | |||
Total | 8,806,118 | 8,806,118 | ||
Accumulated Depreciation and Amortization | $ (1,291,911) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 8,806,118 | |||
Windsor on the River [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 23,281,658 | |||
Initial Cost of Company | ||||
Land | 3,381,946 | |||
Buildings and Improvements | 29,618,054 | |||
Total | 33,000,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,540,719 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,381,946 | |||
Buildings and Improvements | 29,965,844 | |||
Total | 33,347,790 | 33,347,790 | ||
Accumulated Depreciation and Amortization | $ (4,747,552) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 33,347,790 | |||
Renaissance St. Andrews [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 8,772,529 | |||
Initial Cost of Company | ||||
Land | 838,685 | |||
Buildings and Improvements | 11,661,315 | |||
Total | 12,500,000 | |||
Cost Capitalized Subsequent to Acquisition | 782,445 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 838,685 | |||
Buildings and Improvements | 12,201,356 | |||
Total | 13,040,041 | 13,040,041 | ||
Accumulated Depreciation and Amortization | $ (1,998,030) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 13,040,041 | |||
Spring Creek of Edmond [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 13,231,253 | |||
Initial Cost of Company | ||||
Land | 2,346,503 | |||
Buildings and Improvements | 17,602,343 | |||
Total | 19,948,846 | |||
Cost Capitalized Subsequent to Acquisition | 561,085 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,346,503 | |||
Buildings and Improvements | 17,758,036 | |||
Total | 20,104,539 | 20,104,539 | ||
Accumulated Depreciation and Amortization | $ (2,849,936) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 20,104,539 | |||
Montclair Parc Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 23,330,135 | |||
Initial Cost of Company | ||||
Land | 3,325,556 | |||
Buildings and Improvements | 32,424,444 | |||
Total | 35,750,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,049,395 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,325,556 | |||
Buildings and Improvements | 32,288,244 | |||
Total | 35,613,800 | 35,613,800 | ||
Accumulated Depreciation and Amortization | $ (4,664,864) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 35,613,800 | |||
Sonoma Grande Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 21,881,052 | |||
Initial Cost of Company | ||||
Land | 2,737,794 | |||
Buildings and Improvements | 29,462,206 | |||
Total | 32,200,000 | |||
Cost Capitalized Subsequent to Acquisition | 483,771 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,737,794 | |||
Buildings and Improvements | 29,396,364 | |||
Total | 32,134,158 | 32,134,158 | ||
Accumulated Depreciation and Amortization | $ (4,316,460) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 32,134,158 | |||
Estancia Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 21,126,426 | |||
Initial Cost of Company | ||||
Land | 2,544,634 | |||
Buildings and Improvements | 27,240,628 | |||
Total | 29,785,262 | |||
Cost Capitalized Subsequent to Acquisition | 477,317 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,544,634 | |||
Buildings and Improvements | 27,196,381 | |||
Total | 29,741,015 | 29,741,015 | ||
Accumulated Depreciation and Amortization | $ (3,845,519) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 29,741,015 | |||
Montelena Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 11,957,945 | |||
Initial Cost of Company | ||||
Land | 1,860,351 | |||
Buildings and Improvements | 17,375,907 | |||
Total | 19,236,258 | |||
Cost Capitalized Subsequent to Acquisition | 877,405 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,860,351 | |||
Buildings and Improvements | 17,798,152 | |||
Total | 19,658,503 | 19,658,503 | ||
Accumulated Depreciation and Amortization | $ (2,507,591) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 19,658,503 | |||
Valley Farms Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 9,884,827 | |||
Initial Cost of Company | ||||
Land | 724,771 | |||
Buildings and Improvements | 14,375,229 | |||
Total | 15,100,000 | |||
Cost Capitalized Subsequent to Acquisition | 351,667 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 724,771 | |||
Buildings and Improvements | 14,466,307 | |||
Total | 15,191,078 | 15,191,078 | ||
Accumulated Depreciation and Amortization | $ (1,913,497) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 15,191,078 | |||
Hilliard Park Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 13,298,823 | |||
Initial Cost of Company | ||||
Land | 1,413,437 | |||
Buildings and Improvements | 18,484,692 | |||
Total | 19,898,129 | |||
Cost Capitalized Subsequent to Acquisition | 593,493 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,413,437 | |||
Buildings and Improvements | 18,672,864 | |||
Total | 20,086,301 | 20,086,301 | ||
Accumulated Depreciation and Amortization | $ (2,417,578) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 20,086,301 | |||
Sycamore Terrace Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 18,000,000 | |||
Initial Cost of Company | ||||
Land | 1,321,194 | |||
Buildings and Improvements | 21,852,963 | |||
Total | 23,174,157 | |||
Cost Capitalized Subsequent to Acquisition | 185,683 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,321,194 | |||
Buildings and Improvements | 21,593,062 | |||
Total | 22,914,256 | 22,914,256 | ||
Accumulated Depreciation and Amortization | $ (2,557,101) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 22,914,256 | |||
Hilliard Summit Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 16,112,504 | |||
Initial Cost of Company | ||||
Land | 1,536,795 | |||
Buildings and Improvements | 22,639,028 | |||
Total | 24,175,823 | |||
Cost Capitalized Subsequent to Acquisition | 172,918 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,536,795 | |||
Buildings and Improvements | 22,363,294 | |||
Total | 23,900,089 | 23,900,089 | ||
Accumulated Depreciation and Amortization | $ (2,832,523) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 23,900,089 | |||
Springmarc Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 14,875,137 | |||
Initial Cost of Company | ||||
Land | 1,917,909 | |||
Buildings and Improvements | 20,027,929 | |||
Total | 21,945,838 | |||
Cost Capitalized Subsequent to Acquisition | 131,300 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,917,909 | |||
Buildings and Improvements | 19,727,351 | |||
Total | 21,645,260 | 21,645,260 | ||
Accumulated Depreciation and Amortization | $ (2,546,561) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 21,645,260 | |||
Renaissance at St. Andrews Condominiums [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Cost of Company | ||||
Land | 92,255 | |||
Buildings and Improvements | 1,282,745 | |||
Total | 1,375,000 | |||
Cost Capitalized Subsequent to Acquisition | 309,265 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 92,255 | |||
Buildings and Improvements | 1,565,346 | |||
Total | 1,657,601 | 1,657,601 | ||
Accumulated Depreciation and Amortization | $ (225,042) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 1,657,601 | |||
Ashley Oaks Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 20,912,241 | |||
Initial Cost of Company | ||||
Land | 3,819,796 | |||
Buildings and Improvements | 26,970,204 | |||
Total | 30,790,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,581,337 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,819,796 | |||
Buildings and Improvements | 28,815,759 | |||
Total | 32,635,555 | 32,635,555 | ||
Accumulated Depreciation and Amortization | $ (3,949,667) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 32,635,555 | |||
Arrowhead Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 12,073,401 | |||
Initial Cost of Company | ||||
Land | 2,094,728 | |||
Buildings and Improvements | 14,655,272 | |||
Total | 16,750,000 | |||
Cost Capitalized Subsequent to Acquisition | 385,163 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,094,728 | |||
Buildings and Improvements | 14,637,836 | |||
Total | 16,732,564 | 16,732,564 | ||
Accumulated Depreciation and Amortization | $ (1,838,584) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 16,732,564 | |||
The Moorings Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 14,595,262 | |||
Initial Cost of Company | ||||
Land | 2,250,208 | |||
Buildings and Improvements | 17,999,792 | |||
Total | 20,250,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,173,603 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,250,208 | |||
Buildings and Improvements | 18,751,929 | |||
Total | 21,002,137 | 21,002,137 | ||
Accumulated Depreciation and Amortization | $ (2,276,974) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 21,002,137 | |||
Forty-57 Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 37,865,818 | |||
Initial Cost of Company | ||||
Land | 3,055,614 | |||
Buildings and Improvements | 49,444,386 | |||
Total | 52,500,000 | |||
Cost Capitalized Subsequent to Acquisition | 799,633 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,055,614 | |||
Buildings and Improvements | 49,482,134 | |||
Total | 52,537,748 | 52,537,748 | ||
Accumulated Depreciation and Amortization | $ (5,964,638) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 52,537,748 | |||
Keystone Farms Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 5,987,799 | |||
Initial Cost of Company | ||||
Land | 1,052,401 | |||
Buildings and Improvements | 7,347,599 | |||
Total | 8,400,000 | |||
Cost Capitalized Subsequent to Acquisition | 271,048 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,052,401 | |||
Buildings and Improvements | 7,438,788 | |||
Total | 8,491,189 | 8,491,189 | ||
Accumulated Depreciation and Amortization | $ (946,717) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 8,491,189 | |||
Riverford Crossing Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 21,542,556 | |||
Initial Cost of Company | ||||
Land | 2,595,387 | |||
Buildings and Improvements | 27,404,613 | |||
Total | 30,000,000 | |||
Cost Capitalized Subsequent to Acquisition | 393,693 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,595,387 | |||
Buildings and Improvements | 27,256,272 | |||
Total | 29,851,659 | 29,851,659 | ||
Accumulated Depreciation and Amortization | $ (3,371,719) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 29,851,659 | |||
Southpointe at Valley Farms North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 9,492,498 | |||
Initial Cost of Company | ||||
Land | 2,212,402 | |||
Buildings and Improvements | 3,062,598 | |||
Total | 5,275,000 | |||
Cost Capitalized Subsequent to Acquisition | 9,464,818 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,212,402 | |||
Buildings and Improvements | 12,461,380 | |||
Total | 14,673,782 | 14,673,782 | ||
Accumulated Depreciation and Amortization | $ (522,981) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 14,673,782 | |||
Montecito Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 13,727,118 | |||
Initial Cost of Company | ||||
Land | 3,081,522 | |||
Buildings and Improvements | 15,918,478 | |||
Total | 19,000,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,399,983 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,081,522 | |||
Buildings and Improvements | 16,884,265 | |||
Total | 19,965,787 | 19,965,787 | ||
Accumulated Depreciation and Amortization | $ (2,204,709) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 19,965,787 | |||
Hilliard Grand Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 28,601,570 | |||
Initial Cost of Company | ||||
Land | 2,657,734 | |||
Buildings and Improvements | 38,012,528 | |||
Total | 40,670,262 | |||
Cost Capitalized Subsequent to Acquisition | 224,649 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,657,734 | |||
Buildings and Improvements | 37,420,510 | |||
Total | 40,078,244 | 40,078,244 | ||
Accumulated Depreciation and Amortization | $ (4,332,272) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 40,078,244 | |||
The Hills at Fair Oaks [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 24,414,254 | |||
Initial Cost of Company | ||||
Land | 3,008,363 | |||
Buildings and Improvements | 31,700,639 | |||
Total | 34,709,002 | |||
Cost Capitalized Subsequent to Acquisition | 125,416 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,008,363 | |||
Buildings and Improvements | 31,200,263 | |||
Total | 34,208,626 | 34,208,626 | ||
Accumulated Depreciation and Amortization | $ (3,700,418) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 34,208,626 | |||
Library Lofts East [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 8,763,765 | |||
Initial Cost of Company | ||||
Land | 1,669,405 | |||
Buildings and Improvements | 11,080,595 | |||
Total | 12,750,000 | |||
Cost Capitalized Subsequent to Acquisition | 114,880 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,669,405 | |||
Buildings and Improvements | 10,989,508 | |||
Total | 12,658,913 | 12,658,913 | ||
Accumulated Depreciation and Amortization | $ (1,288,053) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 12,658,913 | |||
The Trails at Buda Ranch [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 16,508,420 | |||
Initial Cost of Company | ||||
Land | 2,504,114 | |||
Buildings and Improvements | 20,495,886 | |||
Total | 23,000,000 | |||
Cost Capitalized Subsequent to Acquisition | 394,040 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,504,114 | |||
Buildings and Improvements | 20,383,856 | |||
Total | 22,887,970 | 22,887,970 | ||
Accumulated Depreciation and Amortization | $ (2,239,580) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 22,887,970 | |||
Deep Deuce at Bricktown [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 25,873,142 | |||
Initial Cost of Company | ||||
Land | 2,529,318 | |||
Buildings and Improvements | 37,266,648 | |||
Total | 39,795,966 | |||
Cost Capitalized Subsequent to Acquisition | 5,163,389 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,529,318 | |||
Buildings and Improvements | 41,754,961 | |||
Total | 44,284,279 | 44,284,279 | ||
Accumulated Depreciation and Amortization | $ (5,325,756) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 44,284,279 | |||
Deer Valley Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 20,253,084 | |||
Initial Cost of Company | ||||
Land | 2,494,142 | |||
Buildings and Improvements | 26,105,858 | |||
Total | 28,600,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,081,552 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,494,142 | |||
Buildings and Improvements | 26,658,502 | |||
Total | 29,152,644 | 29,152,644 | ||
Accumulated Depreciation and Amortization | $ (2,963,892) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 29,152,644 | |||
Grayson Ridge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 10,401,837 | |||
Initial Cost of Company | ||||
Land | 1,594,099 | |||
Buildings and Improvements | 12,705,901 | |||
Total | 14,300,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,148,205 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,594,099 | |||
Buildings and Improvements | 13,500,332 | |||
Total | 15,094,431 | 15,094,431 | ||
Accumulated Depreciation and Amortization | $ (1,579,258) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 15,094,431 | |||
Rosemont at Olmos Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 14,541,012 | |||
Initial Cost of Company | ||||
Land | 2,064,447 | |||
Buildings and Improvements | 19,985,553 | |||
Total | 22,050,000 | |||
Cost Capitalized Subsequent to Acquisition | 290,745 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,064,447 | |||
Buildings and Improvements | 19,853,175 | |||
Total | 21,917,622 | 21,917,622 | ||
Accumulated Depreciation and Amortization | $ (2,009,858) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 21,917,622 | |||
Retreat at Quail North [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 16,861,241 | |||
Initial Cost of Company | ||||
Land | 1,700,810 | |||
Buildings and Improvements | 24,025,543 | |||
Total | 25,726,353 | |||
Cost Capitalized Subsequent to Acquisition | 219,427 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,700,810 | |||
Buildings and Improvements | 23,756,327 | |||
Total | 25,457,137 | 25,457,137 | ||
Accumulated Depreciation and Amortization | $ (2,514,693) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 25,457,137 | |||
The Lodge at Trails Edge [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 12,401,702 | |||
Initial Cost of Company | ||||
Land | 2,389,613 | |||
Buildings and Improvements | 16,128,107 | |||
Total | 18,517,720 | |||
Cost Capitalized Subsequent to Acquisition | 357,404 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,389,613 | |||
Buildings and Improvements | 16,099,891 | |||
Total | 18,489,504 | 18,489,504 | ||
Accumulated Depreciation and Amortization | $ (1,655,226) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 18,489,504 | |||
Arbors At Carrollton [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 6,135,126 | |||
Initial Cost of Company | ||||
Land | 1,424,432 | |||
Buildings and Improvements | 7,560,527 | |||
Total | 8,984,959 | |||
Cost Capitalized Subsequent to Acquisition | 471,361 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,424,432 | |||
Buildings and Improvements | 7,807,698 | |||
Total | 9,232,130 | 9,232,130 | ||
Accumulated Depreciation and Amortization | $ (891,986) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 9,232,130 | |||
Waterford on the Meadow [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 16,278,351 | |||
Initial Cost of Company | ||||
Land | 2,625,024 | |||
Buildings and Improvements | 20,849,131 | |||
Total | 23,474,155 | |||
Cost Capitalized Subsequent to Acquisition | 1,638,141 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,625,024 | |||
Buildings and Improvements | 21,922,106 | |||
Total | 24,547,130 | 24,547,130 | ||
Accumulated Depreciation and Amortization | $ (2,247,320) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 24,547,130 | |||
The Belmont [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 9,086,666 | |||
Initial Cost of Company | ||||
Land | 1,550,028 | |||
Buildings and Improvements | 11,264,510 | |||
Total | 12,814,538 | |||
Cost Capitalized Subsequent to Acquisition | 564,826 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,550,028 | |||
Buildings and Improvements | 11,466,693 | |||
Total | 13,016,721 | 13,016,721 | ||
Accumulated Depreciation and Amortization | $ (1,145,094) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 13,016,721 | |||
Meritage at Steiner Ranch [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 53,982,996 | |||
Initial Cost of Company | ||||
Land | 7,353,620 | |||
Buildings and Improvements | 73,356,373 | |||
Total | 80,709,993 | |||
Cost Capitalized Subsequent to Acquisition | 6,184,693 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 7,353,620 | |||
Buildings and Improvements | 78,090,283 | |||
Total | 85,443,903 | 85,443,903 | ||
Accumulated Depreciation and Amortization | $ (7,717,891) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 85,443,903 | |||
Tapestry Park Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 34,725,000 | |||
Initial Cost of Company | ||||
Land | 3,277,884 | |||
Buildings and Improvements | 47,118,797 | |||
Total | 50,396,681 | |||
Cost Capitalized Subsequent to Acquisition | 110,511 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,277,884 | |||
Buildings and Improvements | 46,590,844 | |||
Total | 49,868,728 | 49,868,728 | ||
Accumulated Depreciation and Amortization | $ (4,181,655) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 49,868,728 | |||
Dawntree Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 15,509,403 | |||
Initial Cost of Company | ||||
Land | 3,135,425 | |||
Buildings and Improvements | 21,753,469 | |||
Total | 24,888,894 | |||
Cost Capitalized Subsequent to Acquisition | 1,309,882 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,135,425 | |||
Buildings and Improvements | 22,460,890 | |||
Total | 25,596,315 | 25,596,315 | ||
Accumulated Depreciation and Amortization | $ (2,306,755) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 25,596,315 | |||
Stuart Hall Lofts [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 12,179,181 | |||
Initial Cost of Company | ||||
Land | 1,585,035 | |||
Buildings and Improvements | 15,264,965 | |||
Total | 16,850,000 | |||
Cost Capitalized Subsequent to Acquisition | 114,613 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,585,035 | |||
Buildings and Improvements | 15,094,819 | |||
Total | 16,679,854 | 16,679,854 | ||
Accumulated Depreciation and Amortization | $ (1,461,323) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 16,679,854 | |||
BriceGrove Park Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 14,610,868 | |||
Initial Cost of Company | ||||
Land | 1,596,212 | |||
Buildings and Improvements | 18,503,788 | |||
Total | 20,100,000 | |||
Cost Capitalized Subsequent to Acquisition | 436,137 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,596,212 | |||
Buildings and Improvements | 18,489,105 | |||
Total | 20,085,317 | 20,085,317 | ||
Accumulated Depreciation and Amortization | $ (1,817,763) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 20,085,317 | |||
Retreat at Hamburg Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 12,225,000 | |||
Initial Cost of Company | ||||
Land | 1,605,839 | |||
Buildings and Improvements | 14,694,161 | |||
Total | 16,300,000 | |||
Cost Capitalized Subsequent to Acquisition | 227,203 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,605,839 | |||
Buildings and Improvements | 14,593,449 | |||
Total | 16,199,288 | 16,199,288 | ||
Accumulated Depreciation and Amortization | $ (1,437,605) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 16,199,288 | |||
Cantare - Indian Lake Village [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 18,850,000 | |||
Initial Cost of Company | ||||
Land | 2,489,757 | |||
Buildings and Improvements | 26,510,243 | |||
Total | 29,000,000 | |||
Cost Capitalized Subsequent to Acquisition | 131,302 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,489,757 | |||
Buildings and Improvements | 26,180,044 | |||
Total | 28,669,801 | 28,669,801 | ||
Accumulated Depreciation and Amortization | $ (2,434,969) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 28,669,801 | |||
Landing at Mansfield [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 22,192,784 | |||
Initial Cost of Company | ||||
Land | 3,375,831 | |||
Buildings and Improvements | 27,524,169 | |||
Total | 30,900,000 | |||
Cost Capitalized Subsequent to Acquisition | 326,903 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,375,831 | |||
Buildings and Improvements | 27,218,608 | |||
Total | 30,594,439 | 30,594,439 | ||
Accumulated Depreciation and Amortization | $ (2,499,555) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 30,594,439 | |||
The Heights Apartments [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 28,292,119 | |||
Initial Cost of Company | ||||
Land | 9,869,925 | |||
Buildings and Improvements | 27,130,075 | |||
Total | 37,000,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,966,218 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 9,869,925 | |||
Buildings and Improvements | 27,734,562 | |||
Total | 37,604,487 | 37,604,487 | ||
Accumulated Depreciation and Amortization | $ (2,969,403) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 37,604,487 | |||
Villas at Huffmeister [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 25,371,241 | |||
Initial Cost of Company | ||||
Land | 5,858,663 | |||
Buildings and Improvements | 31,741,337 | |||
Total | 37,600,000 | |||
Cost Capitalized Subsequent to Acquisition | 979,026 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,858,663 | |||
Buildings and Improvements | 31,999,947 | |||
Total | 37,858,610 | 37,858,610 | ||
Accumulated Depreciation and Amortization | $ (3,039,740) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 37,858,610 | |||
Villas at Kingwood [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 27,464,419 | |||
Initial Cost of Company | ||||
Land | 6,512,468 | |||
Buildings and Improvements | 33,637,532 | |||
Total | 40,150,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,118,730 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 6,512,468 | |||
Buildings and Improvements | 33,967,440 | |||
Total | 40,479,908 | 40,479,908 | ||
Accumulated Depreciation and Amortization | $ (3,232,740) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 40,479,908 | |||
Waterford Place at Riata Ranch [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 15,964,971 | |||
Initial Cost of Company | ||||
Land | 3,184,857 | |||
Buildings and Improvements | 20,215,143 | |||
Total | 23,400,000 | |||
Cost Capitalized Subsequent to Acquisition | 605,784 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,184,857 | |||
Buildings and Improvements | 20,320,937 | |||
Total | 23,505,794 | 23,505,794 | ||
Accumulated Depreciation and Amortization | $ (1,955,087) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 23,505,794 | |||
Carrington Place [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 22,348,765 | |||
Initial Cost of Company | ||||
Land | 5,450,417 | |||
Buildings and Improvements | 27,449,583 | |||
Total | 32,900,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,020,280 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 5,450,417 | |||
Buildings and Improvements | 27,775,702 | |||
Total | 33,226,119 | 33,226,119 | ||
Accumulated Depreciation and Amortization | $ (2,543,432) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 33,226,119 | |||
Carrington Champion Forest [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 22,931,041 | |||
Initial Cost of Company | ||||
Land | 3,760,329 | |||
Buildings and Improvements | 29,239,671 | |||
Total | 33,000,000 | |||
Cost Capitalized Subsequent to Acquisition | 832,159 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,760,329 | |||
Buildings and Improvements | 29,455,935 | |||
Total | 33,216,264 | 33,216,264 | ||
Accumulated Depreciation and Amortization | $ (2,706,458) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 33,216,264 | |||
Carrington Park at Huffmeister [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 17,695,436 | |||
Initial Cost of Company | ||||
Land | 3,241,747 | |||
Buildings and Improvements | 21,908,253 | |||
Total | 25,150,000 | |||
Cost Capitalized Subsequent to Acquisition | 698,312 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,241,747 | |||
Buildings and Improvements | 22,082,220 | |||
Total | 25,323,967 | 25,323,967 | ||
Accumulated Depreciation and Amortization | $ (2,061,599) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 25,323,967 | |||
Willow Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 58,024,000 | |||
Initial Cost of Company | ||||
Land | 8,091,870 | |||
Buildings and Improvements | 49,908,130 | |||
Total | 58,000,000 | |||
Cost Capitalized Subsequent to Acquisition | 4,028,604 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 8,091,870 | |||
Buildings and Improvements | 52,221,827 | |||
Total | 60,313,697 | 60,313,697 | ||
Accumulated Depreciation and Amortization | $ (4,905,563) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 60,313,697 | |||
Echo at Katy Ranch [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 0 | |||
Initial Cost of Company | ||||
Land | 4,402,862 | |||
Buildings and Improvements | 30,419,853 | |||
Total | 34,822,715 | |||
Cost Capitalized Subsequent to Acquisition | 167,881 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,402,862 | |||
Buildings and Improvements | 30,114,014 | |||
Total | 34,516,876 | 34,516,876 | ||
Accumulated Depreciation and Amortization | $ (2,530,314) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 34,516,876 | |||
Heritage Grand at Sienna Plantation [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 16,541,175 | |||
Initial Cost of Company | ||||
Land | 3,776,547 | |||
Buildings and Improvements | 22,762,411 | |||
Total | 26,538,958 | |||
Cost Capitalized Subsequent to Acquisition | 194,055 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,776,547 | |||
Buildings and Improvements | 22,410,325 | |||
Total | 26,186,872 | 26,186,872 | ||
Accumulated Depreciation and Amortization | $ (1,950,291) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 26,186,872 | |||
Audubon Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 11,760,000 | |||
Initial Cost of Company | ||||
Land | 2,489,428 | |||
Buildings and Improvements | 14,260,572 | |||
Total | 16,750,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,787,425 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,489,428 | |||
Buildings and Improvements | 16,628,904 | |||
Total | 19,118,332 | 19,118,332 | ||
Accumulated Depreciation and Amortization | $ (1,576,423) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 19,118,332 | |||
Mallard Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 27,313,585 | |||
Initial Cost of Company | ||||
Land | 2,383,256 | |||
Buildings and Improvements | 37,416,744 | |||
Total | 39,800,000 | |||
Cost Capitalized Subsequent to Acquisition | 677,041 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,383,256 | |||
Buildings and Improvements | 37,423,212 | |||
Total | 39,806,468 | 39,806,468 | ||
Accumulated Depreciation and Amortization | $ (2,975,403) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 39,806,468 | |||
Renaissance at Carol Stream [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 20,061,706 | |||
Initial Cost of Company | ||||
Land | 4,605,682 | |||
Buildings and Improvements | 24,544,318 | |||
Total | 29,150,000 | |||
Cost Capitalized Subsequent to Acquisition | 775,867 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 4,605,682 | |||
Buildings and Improvements | 24,746,257 | |||
Total | 29,351,939 | 29,351,939 | ||
Accumulated Depreciation and Amortization | $ (2,045,101) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 29,351,939 | |||
Reserve at Creekside [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 14,400,000 | |||
Initial Cost of Company | ||||
Land | 1,344,233 | |||
Buildings and Improvements | 17,530,767 | |||
Total | 18,875,000 | |||
Cost Capitalized Subsequent to Acquisition | 206,813 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,344,233 | |||
Buildings and Improvements | 17,385,556 | |||
Total | 18,729,789 | 18,729,789 | ||
Accumulated Depreciation and Amortization | $ (1,286,383) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 18,729,789 | |||
Mapleshade Park [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 15,161,000 | |||
Initial Cost of Company | ||||
Land | 3,585,171 | |||
Buildings and Improvements | 19,739,829 | |||
Total | 23,325,000 | |||
Cost Capitalized Subsequent to Acquisition | 1,235,064 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 3,585,171 | |||
Buildings and Improvements | 20,366,294 | |||
Total | 23,951,465 | 23,951,465 | ||
Accumulated Depreciation and Amortization | $ (1,510,437) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 23,951,465 | |||
Richland Falls [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 13,800,000 | |||
Initial Cost of Company | ||||
Land | 1,306,794 | |||
Buildings and Improvements | 19,693,206 | |||
Total | 21,000,000 | |||
Cost Capitalized Subsequent to Acquisition | 2,272,268 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,306,794 | |||
Buildings and Improvements | 21,694,829 | |||
Total | 23,001,623 | 23,001,623 | ||
Accumulated Depreciation and Amortization | $ (1,261,118) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 23,001,623 | |||
Oak Crossing [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 15,762,000 | |||
Initial Cost of Company | ||||
Land | 2,005,491 | |||
Buildings and Improvements | 22,224,509 | |||
Total | 24,230,000 | |||
Cost Capitalized Subsequent to Acquisition | 100,817 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 2,005,491 | |||
Buildings and Improvements | 21,908,855 | |||
Total | 23,914,346 | 23,914,346 | ||
Accumulated Depreciation and Amortization | $ (1,408,612) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | 23,914,346 | |||
Park Shore [Member] | ||||
Real Estate and Accumulated Depreciation [Line Items] | ||||
Ownership Percent | 100.00% | |||
Encumbrances | $ 12,845,000 | |||
Initial Cost of Company | ||||
Land | 1,619,712 | |||
Buildings and Improvements | 16,730,288 | |||
Total | 18,350,000 | |||
Cost Capitalized Subsequent to Acquisition | 593,960 | |||
Gross Amount at which Carried at Close of Period | ||||
Land | 1,619,712 | |||
Buildings and Improvements | 16,815,677 | |||
Total | 18,435,389 | 18,435,389 | ||
Accumulated Depreciation and Amortization | $ (890,863) | |||
Real Estate [Roll Forward] | ||||
Balance at the end of the year | $ 18,435,389 |
REAL ESTATE AND ACCUMULATED D91
REAL ESTATE AND ACCUMULATED DEPRECIATION AND AMORTIZATION - Real Estate Assets and Accumulated Depreciation (Footnote) (Details) $ in Millions | Dec. 31, 2015USD ($) |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Unamortized portion of loan premiums (discounts) on assumed debt | $ 3.5 |
Aggregate cost of real estate for federal income tax purposes | $ 1,720 |