Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2018 | May 04, 2018 | |
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-Q | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding (in shares) | 75,298,154 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Real Estate: | ||
Land | $ 106,932,041 | $ 106,932,041 |
Building and improvements | 917,128,392 | 916,068,353 |
Other intangible assets | 2,644,263 | 2,644,263 |
Total real estate held for investment, cost | 1,026,704,696 | 1,025,644,657 |
Less accumulated depreciation and amortization | (192,693,352) | (182,081,988) |
Total real estate held for investment, net | 834,011,344 | 843,562,669 |
Real estate held for sale, net | 0 | 183,152,661 |
Total real estate, net | 834,011,344 | 1,026,715,330 |
Cash and cash equivalents | 217,672,108 | 171,228,485 |
Restricted cash | 65,831,542 | 31,005,231 |
Investment in unconsolidated joint venture | 15,102,763 | 8,133,156 |
Rents and other receivables | 2,825,325 | 2,737,800 |
Assets related to real estate held for sale | 0 | 2,862,292 |
Other assets | 3,748,162 | 3,258,584 |
Total assets | 1,139,191,244 | 1,245,940,878 |
Liabilities: | ||
Accounts payable and accrued liabilities | 21,717,387 | 28,004,830 |
Notes payable: | ||
Mortgage notes payable, net | 632,526,481 | 625,302,105 |
Credit facility, net | 90,282,883 | 90,222,098 |
Notes payable related to real estate held for sale | 0 | 160,261,735 |
Total notes payable, net | 722,809,364 | 875,785,938 |
Distributions payable | 4,584,450 | 4,595,301 |
Due to affiliates | 1,455,517 | 1,967,129 |
Liabilities related to real estate held for sale | 0 | 4,939,907 |
Total liabilities | 750,566,718 | 915,293,105 |
Commitments and contingencies (Note 11) | ||
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 | 662,130,024 | 664,110,915 |
Cumulative distributions and net losses | (274,258,488) | (334,217,946) |
Total stockholders’ equity | 388,624,526 | 330,647,773 |
Total liabilities and stockholders’ equity | 1,139,191,244 | 1,245,940,878 |
Common Stock [Member] | ||
Notes payable: | ||
Distributions payable | 4,584,450 | 4,595,301 |
Stockholders’ Equity: | ||
Common and Convertible Stock | 752,980 | 754,794 |
Convertible Stock [Member] | ||
Stockholders’ Equity: | ||
Common and Convertible Stock | $ 10 | $ 10 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
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) | 75,298,005 | 75,479,409 |
Common stock, shares outstanding (in shares) | 75,298,005 | 75,479,409 |
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 ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Rental income | $ 31,177,928 | $ 48,215,774 |
Tenant reimbursements and other | 4,276,999 | 6,064,491 |
Total revenues | 35,454,927 | 54,280,265 |
Expenses: | ||
Operating, maintenance and management | 9,419,638 | 14,076,201 |
Real estate taxes and insurance | 5,863,322 | 9,812,747 |
Fees to affiliates | 3,932,066 | 5,622,023 |
Depreciation and amortization | 10,890,796 | 17,953,723 |
Interest expense | 7,712,772 | 10,848,036 |
Loss on debt extinguishment | (2,010,457) | 0 |
General and administrative expenses | 1,951,497 | 1,612,410 |
Total expenses | 41,780,548 | 59,925,140 |
Loss before other income (expense) | (6,325,621) | (5,644,875) |
Equity in loss from unconsolidated joint venture | (1,641,405) | 0 |
Gain on sales of real estate, net | 81,247,054 | 0 |
Total other income (expense) | 79,605,649 | 0 |
Net income (loss) | $ 73,280,028 | $ (5,644,875) |
Income (loss) per common share — basic and diluted (in dollars per share) | $ 0.97 | $ (0.07) |
Weighted average number of common shares outstanding — basic (in shares) | 75,343,863 | 76,066,450 |
Weighted average number of common shares outstanding — diluted (in shares) | 75,355,738 | 76,066,450 |
Distributions declared per common share (in dollars per share) | $ 0.177 | $ 0.177 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) | Total | Common Stock [Member] | Common Stock [Member]Common Stock [Member] | Common Stock [Member]Convertible Stock [Member] | Additional Paid-In Capital [Member] | Cumulative Distributions & Net Losses [Member] |
BALANCE, beginning of period (in shares) at Dec. 31, 2016 | 76,202,862 | 1,000 | ||||
BALANCE, beginning of period at Dec. 31, 2016 | $ 320,428,243 | $ 762,029 | $ 10 | $ 672,018,194 | $ (352,351,990) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | 7,500 | |||||
Issuance of common stock | 0 | $ 75 | (75) | |||
Redemption of common stock (in shares) | 730,953 | |||||
Redemption of common stock | (8,000,000) | $ (7,310) | (7,992,690) | |||
Distributions declared | (54,339,823) | (54,339,823) | ||||
Amortization of stock-based compensation | 85,486 | 85,486 | ||||
Net income (loss) | 72,473,867 | 72,473,867 | ||||
BALANCE, end of period (in shares) at Dec. 31, 2017 | 75,479,409 | 1,000 | ||||
BALANCE, end of period at Dec. 31, 2017 | 330,647,773 | $ 754,794 | $ 10 | 664,110,915 | (334,217,946) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock (in shares) | (181,404) | |||||
Issuance of common stock | (1,641,405) | $ (1,814) | ||||
Redemption of common stock | (2,000,000) | (1,998,186) | ||||
Distributions declared | (13,320,570) | $ (13,320,570) | (13,320,570) | |||
Amortization of stock-based compensation | 17,295 | 17,295 | ||||
Net income (loss) | 73,280,028 | 73,280,028 | ||||
BALANCE, end of period (in shares) at Mar. 31, 2018 | 75,298,005 | 1,000 | ||||
BALANCE, end of period at Mar. 31, 2018 | $ 388,624,526 | $ 752,980 | $ 10 | $ 662,130,024 | $ (274,258,488) |
CONSOLIDATED STATEMENT OF CASH
CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash Flows from Operating Activities: | ||
Net income (loss) | $ 73,280,028 | $ (5,644,875) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation and amortization | 10,890,796 | 17,953,723 |
Amortization of deferred financing costs | 280,237 | 470,696 |
Amortization of stock-based compensation | 17,295 | 15,030 |
Amortization of loan premiums and discounts | (125,814) | (308,639) |
Change in fair value of interest rate cap agreements | (127,260) | 319,953 |
Gain on sales of real estate | 81,247,054 | 0 |
Loss on debt extinguishment | 2,010,457 | 0 |
Insurance claim recoveries | 0 | (7,895) |
Loss on disposal of buildings and improvements | 0 | 4,025 |
Unrealized gain on short-term investments | 0 | (84,750) |
Equity in loss from unconsolidated joint venture | 1,641,405 | 0 |
Changes in operating assets and liabilities: | ||
Rents and other receivables | (87,525) | (152,657) |
Other assets | 937,782 | 1,115,767 |
Accounts payable and accrued liabilities | (8,415,737) | (12,504,541) |
Due to affiliates | (512,086) | (892,691) |
Net cash (used in) provided by operating activities | (1,457,476) | 283,146 |
Cash Flows from Investing Activities: | ||
Proceeds from short-term investments | 0 | 169,500 |
Cash contribution to unconsolidated joint venture | 2,491,478 | 0 |
Cash distribution from unconsolidated joint venture | 266,600 | 0 |
Additions to real estate investments | (1,378,986) | (4,519,629) |
Escrow deposits for pending real estate acquisitions | 1,300,100 | 0 |
Proceeds from sales of real estate, net | 177,296,492 | 0 |
Proceeds from insurance claims | 0 | 7,895 |
Net cash provided by (used in) investing activities | 172,392,528 | (4,342,234) |
Cash Flows from Financing Activities: | ||
Proceeds from issuance of mortgage notes payable | 32,250,000 | 303,751 |
Principal payments on mortgage notes payable | (109,246,843) | (2,636,410) |
Payment of deferred financing costs | 199,146 | 0 |
Distributions to common stockholders | (13,331,421) | (13,444,612) |
Redemptions of common stock | (2,000,000) | (2,000,000) |
Net cash used in financing activities | (92,527,410) | (17,777,271) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 78,407,642 | (21,836,359) |
Cash, cash equivalents and restricted cash, beginning of period | 205,096,008 | 93,777,878 |
Cash, cash equivalents and restricted cash, end of period | 283,503,650 | 71,941,519 |
Supplemental Disclosures of Cash Flow Information: | ||
Interest paid | 8,159,773 | 10,262,157 |
Supplemental Disclosure of Noncash Transactions: | ||
(Decrease) increase in distributions payable | (10,851) | 2,510 |
Mortgage notes payable assumed in connection with property sales | (67,140,194) | 0 |
Real estate, net | (98,350,076) | 0 |
Notes payable, net | 76,336,778 | 0 |
Restricted cash | (913,408) | 0 |
Accounts payable and accrued liabilities | 674,912 | 0 |
Decrease in accounts payable and accrued liabilities from additions to investment in unconsolidated joint venture | (398,817) | 0 |
Decrease in accounts payable and accrued liabilities from additions to real estate investments | (125,278) | (437,997) |
Increase (decrease) in due to affiliates from additions to real estate investments | $ (474) | $ 7,293 |
Organization and Business
Organization and Business | 3 Months Ended |
Mar. 31, 2018 | |
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 taxed, 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 7. The Company owns a diverse portfolio of real estate investments, primarily in the multifamily sector, located throughout the United States. As of March 31, 2018 , the Company owned 37 multifamily properties comprising a total of 9,878 apartment homes, an additional 21,130 square feet of rentable commercial space at two properties and a 10% interest in one unconsolidated joint venture that owned 20 multifamily properties comprised of a total of 4,584 apartment homes. 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 (defined and 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 19, 2010, the Company commenced its initial public offering of up to 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 offered 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 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 . On March 10, 2015, the Company’s board of directors determined an estimated value per share of the Company’s common stock of $10.35 as of December 31, 2014. 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. On February 15, 2017, the Company’s board of directors determined an estimated value per share of the Company’s common stock of $11.65 as of December 31, 2016. On March 13, 2018, the Company’s board of directors determined an estimated value per share of the Company’s common stock of $10.84 as of December 31, 2017. The business of the Company is externally managed by the Advisor, pursuant to the Advisory Agreement by and among the Company, Steadfast Income REIT Operating Partnership, L.P., a Delaware limited partnership formed on July 6, 2009 (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, 2018. 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. Stira Capital Markets Group, LLC (formerly known as Steadfast Capital Markets Group, LLC) (the “Dealer Manager”), an affiliate of the Advisor, served as the dealer manager for the Public Offering. The Advisor, along with the Dealer Manager, also provides marketing, investor relations and other administrative services on the Company’s behalf. Substantially all of the Company’s business is conducted through the Operating Partnership. The Company is the sole general partner of the Operating Partnership. The Company and Advisor entered into an Amended and Restated Limited Partnership Agreement of the Operating Partnership (the “Partnership Agreement”) on September 28, 2009. 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 | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2017 , other than Accounting Standards Update (“ASU”) 2014-09, ASU 2016-18 and ASU 2017-05, as further described below. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 29, 2018. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the consolidated variable interest entity (“VIE”) that the Company controls and of which the Company is the primary beneficiary, and the Operating Partnership’s 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 Operating Partnership is a VIE as the limited partner lacks substantive kick-out rights and substantive participating rights. The Company is the primary beneficiary of, and consolidates, the Operating Partnership. The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . 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. 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 other assets 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: March 31, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 178,906 $ — December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 51,646 $ — 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 fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The fair value of the 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 March 31, 2018 and December 31, 2017 , the fair value of the notes payable was $716,993,401 and $878,004,294 , respectively, compared to the carrying value of $722,809,364 and $875,785,938 , respectively. The Company has determined that its notes payable are classified as Level 3 within the fair value hierarchy. Restricted Cash Restricted cash represents those cash accounts for which the use of funds is restricted by loan covenants and cash placed with a qualified intermediary for reinvestment under Section 1031 of the Internal Revenue Code. As of March 31, 2018 and December 31, 2017 , the Company had a restricted cash balance of $65,831,542 and $31,005,231 , respectively, which represents $57,316,500 and $17,197,810 of cash proceeds from property sales that are being held by qualified intermediaries as of March 31, 2018 and December 31, 2017 , respectively, and $8,515,042 and $13,807,421 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 as of March 31, 2018 and December 31, 2017 , respectively. The following table represents the components of the cash, cash equivalents and restricted cash presented on the accompanying consolidated statement of cash flows for the three months ended March 31, 2018 and 2017 : March 31, 2018 2017 Cash and cash equivalents $ 217,672,108 $ 55,200,301 Restricted cash 65,831,542 16,741,218 Total cash, cash equivalents and restricted cash $ 283,503,650 $ 71,941,519 The beginning of period restricted cash balance for the three months ended March 31, 2018 , includes $2,862,292 that is included in assets related to real estate held for sale as of December 31, 2017 , on the accompanying consolidated balance sheet. All such amounts were disposed of in conjunction with the property sales during the three months ended March 31, 2018 . Investments in Unconsolidated Joint Ventures Equity Method The Company accounts for investments in unconsolidated joint venture entities in which it may exercise significant influence over, but does not control, using the equity method of accounting. Under the equity method, the investment is initially recorded at cost and subsequently adjusted to reflect additional contributions or distributions and the Company’s proportionate share of equity in the joint venture’s income (loss). The Company recognizes its proportionate share of the ongoing income or loss of the unconsolidated joint venture as equity in income (loss) of unconsolidated joint venture on the consolidated statements of operations. On a quarterly basis, the Company evaluates its investment in an unconsolidated joint venture for other-than-temporary impairments. The Company has elected the cumulative earnings approach to classify cash receipts from the unconsolidated joint venture on the accompanying consolidated statements of cash flows. Distribution Policy The Company has elected to be taxed, and currently qualifies, as a REIT beginning with its taxable year ending 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 during the three months ended March 31, 2018 and 2017 were based on daily record dates and calculated at a rate of $0.001964 per share per day. Each day during the three months ended March 31, 2018 and 2017 was a distribution record date. 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. During the three months ended March 31, 2018 and 2017 , the Company declared distributions of $0.177 and $0.177 per common share, respectively. Per Share Data Basic earnings (loss) per share attributable to common stockholders for all periods presented are computed by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share is 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 assume each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock. In accordance with FASB ASC Topic 260-10-45, Earnings Per Share , the Company uses the two-class method to calculate earnings (loss) per share. Basic earnings (loss) per share is calculated based on dividends declared and the rights of common shares and participating securities in any undistributed earnings, which represents net income (loss) remaining after deduction of dividends declared during the period. The undistributed earnings (loss) are allocated to all outstanding common shares based on the relative percentage of each class of shares. The Company does not have any participating securities outstanding other than the shares of common stock and the unvested restricted common stock during the periods presented. Earnings (loss) attributable to the unvested restricted common stock are deducted from earnings (loss) in the computation of per share amounts where applicable. 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. Reclassifications Certain amounts in the Company’s prior period condensed consolidated unaudited financial statements have been reclassified to conform to the current period presentation. These reclassifications have not changed the results of operations of prior periods. During the three months ended March 31, 2018 , the Company adopt ASU 2016-18, as further described below. As a result, the Company no longer presents transfers between cash and restricted cash in the consolidated statements of cash flows. Instead, restricted cash is included with cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the consolidated statements of cash flows. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers ( Topic 606 ) (“ASU 2014-09”). 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 resulted 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 selected the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and adopted the new standard effective January 1, 2018. The Company identified limited sources of revenues from non-lease components, and the Company did not experience a material impact on its revenue recognition in the consolidated financial statements upon adoption. Additionally, there was no impact to the Company’s recognition of rental revenue, as rental revenue from leasing arrangements was specifically excluded from the standard. In February 2016, the FASB issued ASU 2016-02, Leases , (“ASU 2016-02”) 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. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is evaluating the impact of ASU 2016-02 on its leases both as it relates to the Company acting as a lessor and as a lessee. Based on the preliminary results of its evaluation, as it relates to the former, the Company does not expect any material impact on the recognition of leases in the consolidated financial statements because under this guidance, lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As it relates to the latter, the Company does not expect a material impact on the recognition of leases in the consolidated financial statements because the quantity of leased equipment by the Company is limited. The Company is finalizing its evaluation of ASU 2016-02 and plans to adopt ASU 2016-02 on January 1, 2019. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance January 1, 2018 and applied it retrospectively. As a result of adopting ASU 2016-18, the Company began presenting restricted cash along with cash and cash equivalents in its consolidated statements of cash flows. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of business , that clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. This ASU provides a screen to determine when a set is not a business. If the screen is not met, it (1) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) removes the evaluation of whether a market participant could replace the missing elements. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. Upon adoption of this new guidance during the year ended December 31, 2017, the Company did not experience a material impact. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610-20”): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), that clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017-05 also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. Subtopic 610-20, which was issued in May 2014 as part of ASU 2014-09 (discussed above), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply amendments in ASU 2017-05 at the same time it applies the amendments in ASU 2014-09 (discussed above). ASU 2017-05 requires modified retrospective application and is effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. Early adoption is permitted. The Company adopted this new guidance on January 1, 2018, and experienced an impact on the gain recognized related to the sale of the Second Closing Properties (as defined in Note 3). The sale of the Second Closing Properties is considered a partial sale and the Company no longer controls the Second Closing Properties after the sale. The retained noncontrolling interest was recognized at fair value and a full gain on sale was recognized under the new guidance. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The FASB issued ASU 2017-09 to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation - Stock Compensation , to a change to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU No. 2017-09 requires prospective application and is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Upon adoption of this guidance January 1, 2018, the Company did not experience a material impact. |
Real Estate
Real Estate | 3 Months Ended |
Mar. 31, 2018 | |
Real Estate [Abstract] | |
Real Estate | Real Estate As of March 31, 2018 , the Company owned 37 multifamily properties, encompassing in the aggregate 9,878 apartment homes and an additional 21,130 square feet of rentable commercial space at two properties. The total purchase price of the Company’s real estate portfolio was $996,000,157 . As of March 31, 2018 and December 31, 2017 , the Company’s portfolio was approximately 93.9% and 93.8% occupied and the average monthly rent was $1,025 and $1,037 , respectively. As of March 31, 2018 and December 31, 2017 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: March 31, 2018 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 106,932,041 $ 917,128,392 $ 2,644,263 $ 1,026,704,696 $ — Less: Accumulated depreciation and amortization — (191,955,861 ) (737,491 ) (192,693,352 ) — Net investments in real estate and related lease intangibles $ 106,932,041 $ 725,172,531 $ 1,906,772 $ 834,011,344 $ — December 31, 2017 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 106,932,041 $ 916,068,353 $ 2,644,263 $ 1,025,644,657 $ 222,652,327 Less: Accumulated depreciation and amortization — (181,382,789 ) (699,199 ) (182,081,988 ) (39,499,666 ) Net investments in real estate and related lease intangibles $ 106,932,041 $ 734,685,564 $ 1,945,064 $ 843,562,669 $ 183,152,661 Depreciation and amortization expenses were $10,890,796 and $17,953,723 for the three months ended March 31, 2018 and 2017 , respectively. Depreciation of the Company’s buildings and improvements were $10,852,504 and $17,915,431 for the three months ended March 31, 2018 and 2017 , respectively. Amortization of the Company’s other intangible assets for the three months ended March 31, 2018 and 2017 , were $38,292 and $38,292 , respectively. The future amortization of the Company’s acquired other intangible assets as of March 31, 2018 , and thereafter is as follows: April 1 through December 31, 2018 $ 114,876 2019 153,168 2020 153,168 2021 153,168 2022 153,168 Thereafter 1,179,224 $ 1,906,772 Operating Leases As of March 31, 2018 , the Company’s real estate portfolio comprised 9,878 residential apartment homes and was 95.6% leased by a diverse group of residents. For each of the three months ended March 31, 2018 and 2017 , the Company’s real estate portfolio earned in excess of 99% and less than 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 remaining lease durations varying from 1.17 to 7.01 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 payable and accrued liabilities in the accompanying consolidated balance sheets and totaled $2,727,493 and $3,339,602 as of March 31, 2018 and December 31, 2017 , respectively. The future minimum rental receipts from the Company’s properties under non-cancelable operating leases attributable to commercial office tenants as of March 31, 2018 and thereafter is as follows: April 1 through December 31, 2018 $ 194,573 2019 180,858 2020 74,313 2021 76,535 2022 76,535 Thereafter 185,501 $ 788,315 As of March 31, 2018 and December 31, 2017 , 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. Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. On November 10, 2017, the Company, BREIT Steadfast MF JV LP (the “Joint Venture”), BREIT Steadfast MF Parent LLC (“BREIT LP”) and BREIT Steadfast MF GP LLC (“BREIT GP”, and together with BREIT LP, “BREIT”), executed a Contribution Agreement (the “Contribution Agreement”) whereby the Company agreed to contribute a portfolio of 20 properties owned by the Company to the Joint Venture in exchange for a combination of cash and a 10% ownership interest in the Joint Venture (the “Transaction”). BREIT LP owns a 90% interest in the Joint Venture and BREIT GP serves as the general partner of the Joint Venture. Each of BREIT LP and BREIT GP is a wholly-owned subsidiary of Blackstone Real Estate Income Trust, Inc. SIR LANDS Holdings, LLC, a newly formed wholly-owned subsidiary of the Company, holds the Company’s 10% interest in the Joint Venture. The 20 properties contributed by the Company to the Joint Venture consist of properties located in Austin, Dallas and San Antonio, Texas, Nashville, Tennessee and Louisville, Kentucky (the “LANDS Portfolio”). On November 15, 2017 (the “First Closing Date”), the Company, through certain indirect wholly-owned subsidiaries, contributed 12 apartment communities (the “First Closing Properties”) to indirect, wholly-owned subsidiaries of the Joint Venture. On January 31, 2018 (the “Second Closing Date”), the Company, through certain indirect wholly-owned subsidiaries, contributed eight apartment communities (the “Second Closing Properties”) to indirect, wholly-owned subsidiaries of the Joint Venture. For additional information on the Transaction, see “Note 4 (Investment in Unconsolidated Joint Venture).” Between February 17, 2012 and July 3, 2013 , the Company, through indirect wholly owned subsidiaries, acquired the Second Closing Properties , containing 1,283 apartment homes in the aggregate. The aggregate purchase price of the Second Closing Properties was $117,240,032 , exclusive of closing costs. On January 31, 2018 , the Company sold a 90% interest in the Second Closing Properties for $125,370,000 , resulting in a gain of $38,523,427 , which includes reductions to the net book value of the properties due to historical depreciation and amortization expense. The purchaser of the Second Closing Properties was the Joint Venture. 2018 Property Dispositions The Moorings Apartments On November 30, 2012 , the Company, through an indirect wholly owned subsidiary, acquired The Moorings Apartments , a multifamily property located in Roselle, Illinois , containing 216 apartment homes. The purchase price of The Moorings Apartments was $20,250,000 , exclusive of closing costs. On January 5, 2018 , the Company sold The Moorings Apartments for $28,100,000 , resulting in a gain of $9,658,823 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of The Moorings Apartments was not affiliated with the Company or the Advisor. Arrowhead Apartment Homes On November 30, 2012 , the Company, through an indirect wholly owned subsidiary, acquired Arrowhead Apartment Homes , a multifamily property located in Palatine, Illinois , containing 200 apartment homes. The purchase price of the Arrowhead Apartment Homes was $16,750,000 , exclusive of closing costs. On January 31, 2018 , the Company sold the Arrowhead Apartment Homes for $23,600,000 , resulting in a gain of $8,928,691 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of the Arrowhead Apartment Homes was not affiliated with the Company or the Advisor. Willow Crossing Apartments On November 20, 2013 , the Company, through an indirect wholly owned subsidiary, acquired Willow Crossing Apartments , a multifamily property located in Elk Grove, Illinois , containing 579 apartment homes. The purchase price of the Willow Crossing Apartments was $58,000,000 , exclusive of closing costs. On February 28, 2018 , the Company sold the Willow Crossing Apartments for $79,000,000 , resulting in a gain of $24,136,113 , which includes reductions to the net book value of the property due to historical depreciation and amortization expense. The purchaser of the Willow Crossing Apartments was not affiliated with the Company or the Advisor. The results of operations for the three months ended March 31, 2018 and 2017 , for the disposed properties through the date of sale, including the properties contributed to the Joint Venture, were included in continuing operations on the Company’s consolidated statements of operations and are as follows: For the Three Months Ended March 31, 2018 2017 Revenues: Rental income $ 2,535,397 $ 6,493,842 Tenant reimbursements and other 350,993 853,339 Total revenues 2,886,390 7,347,181 Expenses: Operating, maintenance and management 875,628 1,938,533 Real estate taxes and insurance 433,507 1,188,789 Fees to affiliates 120,065 282,806 Depreciation and amortization 279,432 2,392,076 Interest expense 681,322 1,513,036 Loss on debt extinguishment 2,010,457 — General and administrative expenses 471,712 37,848 Total expenses $ 4,872,123 $ 7,353,088 |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Venture | 3 Months Ended |
Mar. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Investment in Unconsolidated Joint Venture | Investment in Unconsolidated Joint Venture On November 10, 2017 , the Company, the Joint Venture, BREIT LP and BREIT GP executed the Contribution Agreement whereby the Company agreed to contribute the LANDS Portfolio to the Joint Venture in exchange for a combination of cash and a 10% ownership interest in the Joint Venture. BREIT LP owns a 90% interest in the Joint Venture and BREIT GP serves as the general partner of the Joint Venture. Each of BREIT LP and BREIT GP is a wholly-owned subsidiary of Blackstone Real Estate Income Trust, Inc. SIR LANDS Holdings, LLC, a newly formed wholly-owned subsidiary of the Company, holds the Company’s 10% interest in the Joint Venture. The Company exercises significant influence, but does not control the Joint Venture. Accordingly, as of the First Closing Date and Second Closing Date, the Company deconsolidated the First Closing Properties and Second Closing Properties and has accounted for its investment in the Joint Venture under the equity method of accounting. Income, losses, contributions and distributions are generally allocated based on the members’ respective equity interests. As of March 31, 2018 and December 31, 2017 , the book value of the Company’s investment in the Joint Venture was $15,102,763 and $8,133,156 , respectively, which includes $7,640,166 and $5,515,754 of outside basis difference. The outside basis difference represents the Company’s transaction costs related to entering into the Joint Venture. During the three months ended March 31, 2018 , $258,256 of amortization of this basis difference was included in equity in loss from unconsolidated joint venture on the accompanying consolidated statements of operations. There was no amortization of the outside basis difference during the three months ended March 31, 2017 . During the three months ended March 31, 2018 , the Company received distributions of $266,600 related to its investment in the Joint Venture. No distributions were received during the three months ended March 31, 2017 . Summarized unaudited financial information for the Joint Venture is: March 31, 2018 December 31, 2017 Assets: Real estate assets, net $ 498,734,503 $ 374,277,205 Other assets 21,545,933 15,328,440 Total assets $ 520,280,436 $ 389,605,645 Liabilities and equity: Notes payable, net $ 341,100,751 $ 264,558,057 Other liabilities 13,735,049 11,525,292 Company’s capital 16,544,464 11,352,230 Other partner’s capital 148,900,172 102,170,066 Total liabilities and equity $ 520,280,436 $ 389,605,645 For the Three Months Ended March 31, 2018 Revenues $ 13,669,728 Expenses 27,501,219 Net loss $ (13,831,491 ) Company’s proportional net loss $ (1,383,149 ) Amortization of outside basis (258,256 ) Equity in loss of unconsolidated joint venture $ (1,641,405 ) |
Other Assets
Other Assets | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets As of March 31, 2018 and December 31, 2017 , other assets consisted of: March 31, 2018 December 31, 2017 Prepaid expenses $ 1,440,515 $ 2,132,212 Interest rate cap agreements (Note 12) 178,906 51,646 Escrow deposits for pending real estate acquisitions 1,300,100 — Other deposits 828,641 1,074,726 Other assets $ 3,748,162 $ 3,258,584 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Mortgage Notes Payable The following is a summary of mortgage notes payable secured by real property as of March 31, 2018 and December 31, 2017 : March 31, 2018 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 21 7/1/2018 - 10/1/2056 3.19 % 5.75 % 3.82 % $ 321,107,307 Mortgage notes payable - variable (1) 13 10/1/2018 - 1/1/2026 1-Mo LIBOR + 2.02% 1-Mo LIBOR + 2.50% 4.19 % 314,457,000 Total mortgage notes payable, gross 34 4.01 % 635,564,307 Premium, net (2) 477,181 Deferred financing costs, net (3) (3,515,007 ) Total mortgage notes payable, net $ 632,526,481 December 31, 2017 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 32 4/1/2018 - 10/1/2056 3.19 % 5.75 % 3.89 % $ 416,673,854 Mortgage notes payable - variable (1) 14 10/1/2018 - 1/1/2026 1-Mo LIBOR + 2.02% 1-Mo LIBOR + 2.50% 3.86 % 372,481,000 Total mortgage notes payable, gross 46 3.87 % 789,154,854 Premium, net (2) 673,653 Deferred financing costs, net (3) (4,264,667 ) Total mortgage notes payable, net $ 785,563,840 _______________ (1) See Note 12 (Derivative Financial Instruments) 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. (2) Accumulated amortization related to debt premiums as of March 31, 2018 and December 31, 2017 was $903,588 and $2,468,041 , respectively. (3) Accumulated amortization related to deferred financing costs as of March 31, 2018 and December 31, 2017 was $2,770,986 and $3,951,049 , respectively. Credit Facility On July 29, 2016, nine wholly-owned subsidiaries of the Company entered into a Credit Agreement and a multifamily note with PNC Bank, National Association (“PNC Bank”) (the Credit Agreement, multifamily note, loan and security agreements, mortgages and guaranty are collectively referred to herein as the “Loan Documents”) that provide for a new credit facility in an amount not to exceed $350,000,000 to refinance certain of the Company’s then existing mortgage loans. The credit facility has a maturity date of August 1, 2021 , subject to extension, as further described in the Credit Agreement. Advances made under the credit facility are secured by the properties set out in the table below (the “Collateral Pool Property”), pursuant to a mortgage deed of trust with the nine wholly-owned subsidiaries of the Company in favor of PNC Bank. The credit facility accrues interest at the one-month London Inter-bank Offered Rate plus (1) the servicing spread of 0.05% and (2) the net spread, based on the debt service coverage ratio, of between 1.73% and 1.93% , as further described in the Credit Agreement. Interest only payments on the credit facility are payable monthly in arrears and are due and payable on the first day of each month, commencing September 1, 2016. The entire outstanding principal balance and any accrued and unpaid interest on the credit facility are due on the maturity date. The Company’s nine wholly-owned subsidiaries may voluntarily prepay all or a portion of the amounts advanced under the Loan Documents. Notwithstanding the foregoing, in the event a Collateral Pool Property is released or the Credit Agreement is terminated, a termination fee is due and payable by the Company’s nine wholly-owned subsidiaries. In certain instances of a breach of the Credit Agreement, the Company guarantees to PNC Bank the full and prompt payment and performance when due of all amounts for which the Company’s nine wholly-owned subsidiaries are personally liable under the Loan Documents, in addition to all costs and expenses incurred by PNC Bank in enforcing such guaranty. As of March 31, 2018 and December 31, 2017 , the advances obtained under the credit facility on July 29, 2016 are summarized in the following table: Amount of Advance as of Collateralized Property (1) March 31, 2018 December 31, 2017 Carrington Park at Huffmeister $ 20,430,500 $ 20,430,500 Carrington Place 27,535,500 27,535,500 Carrington at Champion Forest 25,121,250 25,121,250 Oak Crossing 17,980,000 17,980,000 91,067,250 91,067,250 Deferred financing costs, net on credit facility (2) (784,367 ) (845,152 ) Credit facility, net $ 90,282,883 $ 90,222,098 ___________ (1) Each property is pledged as collateral for repayment of all amounts advanced under the credit facility. (2) Accumulated amortization related to deferred financing costs for the credit facility as of March 31, 2018 and December 31, 2017 , was $451,026 and $390,241 , respectively. Maturity and Interest The following is a summary of the Company’s aggregate maturities as of March 31, 2018 : Maturities During the Years Ending December 31, Contractual Obligation Total Remainder of 2018 2019 2020 2021 2022 Thereafter Principal payments on outstanding debt obligations (1) $ 726,631,557 $ 33,173,074 $ 59,468,322 $ 54,269,243 $ 112,482,345 $ 32,353,269 $ 434,885,304 ________________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the deferred financing costs and debt premiums associated with certain notes payable. The Company’s notes payable contain customary financial and non-financial debt covenants. As of March 31, 2018 and December 31, 2017 , the Company was in compliance with all financial and non-financial debt covenants. For the three months ended March 31, 2018 and 2017 , the Company incurred interest expense of $7,712,772 and $10,848,036 . Interest expense for the three months ended March 31, 2018 and 2017 includes amortization of deferred financing costs of $280,237 and $470,696 , amortization of loan premiums of $125,814 and $308,639 and net unrealized ( gain ) loss from the change in fair value of interest rate cap agreements of $(127,260) and $319,953 , respectively. Interest expense of $2,291,872 and $2,766,036 was payable as of March 31, 2018 and December 31, 2017 , respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
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 to March 31, 2018 , 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 issuance and vesting activity for the three months ended March 31, 2018 , and for the year ended December 31, 2017 , for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their re-election to the board of directors at the Company’s annual meeting is as follows: For the Three Months Ended March 31, 2018 For the Year Ended December 31, 2017 Nonvested shares at the beginning of the period 11,875 11,875 Granted shares — 7,500 Vested shares — (7,500 ) Nonvested shares at the end of the period 11,875 11,875 The weighted average fair value of restricted stock issued to the Company’s independent directors for the three months ended March 31, 2018 , and for the year ended December 31, 2017 , is as follows: Grant Year Weighted Average Fair Value 2017 $ 11.65 2018 n/a 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 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 $17,295 and $15,030 for the three months ended March 31, 2018 and 2017 , respectively, for compensation expense related to the issuance of restricted common stock. The weighted average remaining term of the restricted common stock is 1.26 years as of March 31, 2018 . As of March 31, 2018 , the compensation expense related to the issuance of the restricted common stock not vested was $89,710 . Convertible Stock During 2009, 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 March 31, 2018 and December 31, 2017 , 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 are 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, and change the DRP 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 does 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” equals the most recently determined estimated value per share determined by the Company’s board of directors. (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 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 end of the applicable quarter. During the three months ended March 31, 2018 , the Company redeemed a total of 181,404 shares with a total redemption value of $2,000,000 and received net requests for the redemption of 616,361 shares with a total net redemption value of $5,592,135 . During the three months ended March 31, 2017 , the Company redeemed a total of 183,955 shares with a total redemption value of $2,000,000 , and received net requests for the repurchase of 519,696 shares with a total net repurchase value of $5,967,020 . As of March 31, 2018 and 2017 , the Company’s total outstanding redemption requests received that were subject to the Company’s limitations on redemptions (discussed below) were 3,535,677 shares and 1,646,078 shares, respectively, with a total net redemption value of $33,484,695 and $19,009,693 , respectively. 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. To the extent that redemption requests exceed the Company’s limitations on redemptions 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 is 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 are 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 or the $2,000,000 limit for any quarter put in place by the Company’s board of directors. There is no fee in connection with a repurchase of shares of the Company’s common stock. As of March 31, 2018 , the Company has recognized redemptions payable of $2,000,000 , which is included in accounts payable and accrued liabilities on the accompanying consolidated balance sheets. 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. The Company suspended the Company’s share repurchase program, effective April 28, 2018. See Note 13 (Subsequent Events) regarding the reinstatement and amendment of the share repurchase program. Distributions Declared Distributions declared (1) accrued daily to stockholders of record as of the close of business on each day, (2) were payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month and (3) were calculated at a rate of $0.001964 per share per day during the three months ended March 31, 2018 and 2017 . Distributions declared for the three months ended March 31, 2018 and 2017 , were $13,320,570 and $13,447,122 , all of which were attributable to cash distributions. As of March 31, 2018 and December 31, 2017 , $4,584,450 and $4,595,301 of distributions declared were payable. Distributions Paid For the three months ended March 31, 2018 and 2017 , the Company paid cash distributions of $13,331,421 and $13,444,612 , which related to distributions declared for each day in the period from December 1, 2017 through February 28, 2018 and December 1, 2016 through February 28, 2017 , respectively. All such distributions were paid in cash. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share The following table presents a reconciliation of net income (loss) attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share (“EPS”) for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 Net income (loss) attributable to the Company $ 73,280,028 $ (5,644,875 ) Less: dividends declared on participating securities 2,099 2,099 Net income (loss) attributable to common stockholders 73,277,929 (5,646,974 ) Weighted average common shares outstanding — basic 75,343,863 76,066,450 Weighted average common shares outstanding — diluted 75,355,738 76,066,450 Earnings (loss) per common share — basic and diluted $ 0.97 $ (0.07 ) For the three months ended March 31, 2017 , 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 | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | Related Party Arrangements The Company has entered into the Advisory Agreement with the Advisor. Pursuant to the Advisory 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 three months ended March 31, 2018 and 2017 , and amounts that are payable (prepaid) to the Advisor and its affiliates as of March 31, 2018 and December 31, 2017 , are as follows: Incurred For the Three Months Ended March 31, Payable (Prepaid) as of 2018 2017 March 31, 2018 December 31, 2017 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 2,423,011 $ 3,581,155 $ (895 ) $ — Acquisition expenses (2) 197,879 — 89,514 — Property management Fees (1) 1,024,732 1,606,536 308,659 402,315 Reimbursement of onsite personnel (3) 3,116,910 4,678,730 736,843 772,584 Other fees (1) 323,073 434,332 32,022 44,981 Other fees - property operations (3) 23,979 46,836 — — Other fees - G&A (2) 21,288 40,581 — — Other operating expenses (2) 384,513 434,878 280,335 87,221 Disposition fees (4) 3,841,050 — — 566,625 Disposition transaction costs (4) 67,464 — — — Loan coordination fees (1) 161,250 — — 86,675 Property Insurance (5) 314,104 62,092 (161,879 ) (160,942 ) Consolidated Balance Sheets: Capitalized Construction management Fees (6) 6,145 197,879 8,871 6,431 Reimbursement of labor costs (6) 16,350 65,471 168 297 Capital expenditures (6) 27,002 7,881 — — Capitalized costs on investment in unconsolidated joint venture (7) 58,386 — — — Acquisition expenses (8) 9,201 — — — $ 12,016,337 $ 11,156,371 $ 1,293,638 $ 1,806,187 ________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in general and administrative expenses in the accompanying consolidated statements of operations. (3) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (4) Included in gain on sales of real estate, net in the accompanying consolidated statements of operations. (5) Property related insurance expense and the amortization of the prepaid insurance deductible account are included in general and administrative expenses in the accompanying consolidated statements of operations. The amortization of the prepaid property insurance is included in operating, maintenance and management expenses in the accompanying consolidated statements of operations. The prepaid insurance is included in other assets in the accompanying consolidated balance sheets upon payment. (6) Included in building and improvements in the accompanying consolidated balance sheets. (7) Included in investment in unconsolidated joint venture in the accompanying consolidated balance sheets. (8) Included in total real estate, cost in the accompanying consolidated balance sheets. 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. The investment management 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 Financial Industry Regulatory Authority (“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”) as of March 31, 2018 , ranges from 2.50% to 3.50% 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 members 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 60 days’ prior notice of its desire to terminate the Property Management Agreement, provided that the Company may terminate the Property Management Agreement at any time upon a determination of gross negligence, willful misconduct or bad acts of the Property Manager or its employees 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, support and training services and capital expenditures. 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”) as of March 31, 2018 , ranged from 8.0% to 12.0% of the costs of the improvements for which the Construction Manager has planning and oversight authority. Generally, each Construction Management Agreement can be terminated by either party with 30 days’ prior written notice to the other party. 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 may also reimburse the Construction Manager for the salaries and related benefits of certain of its employees for time spent working on capital improvements and renovations at its properties. Property Insurance The Company deposits amounts with an affiliate of the Sponsor to fund a prepaid insurance deductible account to cover the cost of required insurance deductibles across all properties of the Company and other affiliated entities. Upon filing a major claim, proceeds from the insurance deductible account may be used by the Company or another affiliate of the Sponsor. In addition, the Company deposits amounts with an affiliate of the Sponsor to cover the cost of property insurance across certain properties of the Company. 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). At March 31, 2018 , the Company’s total operating expenses, as defined above, did not exceed the 2% / 25% Limitation. Disposition Fee The Company pays 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 (a “Final Liquidity Event”), 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 pays 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. Loan Coordination Fee From time to time, upon the approval of a majority of independent directors, the Company pays the Advisor a loan coordination fee in connection with the refinancing of existing mortgage loans equal to 0.50% of the refinancing amount. Contribution, Settlement and Release Agreements Certain of the Company’s subsidiaries and the Property Manager were named as defendants in two Texas class action lawsuits alleging violations of the Texas Water Code (collectively, the “Actions”). The Company’s subsidiaries and the Property Manager disputed plaintiffs’ claims in the Actions; however, to avoid the time and expense associated with defending the Actions, the Company’s subsidiaries and other affiliated Steadfast entities (collectively, the “Steadfast Parties”) entered into Settlement Agreements with the plaintiffs that provided for a settlement payment to the class members and a release of claims by plaintiffs and class members against the Steadfast Parties. In connection with the settlement agreements, on April 17, 2017, the Steadfast Parties entered into a contribution, settlement and release agreement whereby all agreed to an allocation of all costs related to the actions and their settlements and a release of all claims a Steadfast Party may have against any other Steadfast Party. The Company’s proportionate share of the settlements was $378,405 , which consisted of funds used to pay a portion of (1) the settlement payments to the plaintiffs and class members in the actions and (2) legal costs, less insurance proceeds. |
Incentive Award Plan and Indepe
Incentive Award Plan and Independent Director Compensation | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 , 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 then 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 initial board of directors, including 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. Each subsequent independent director that joins the Company’s board of directors would receive 5,000 shares of restricted common stock upon election to the Company’s board of directors. 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 first anniversary of 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. The Company recorded stock-based compensation expense of $17,295 and $15,030 for the three months ended March 31, 2018 and 2017 , respectively. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
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 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, Oklahoma City, Oklahoma and Columbus, Ohio 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 | 3 Months Ended |
Mar. 31, 2018 | |
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. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at March 31, 2018 and December 31, 2017 : March 31, 2018 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 6/1/2018 - 7/1/2019 One-Month LIBOR 16 $ 372,771,000 1.88 % 2.87 % $ 178,906 December 31, 2017 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 1/1/2018 - 10/1/2019 One-Month LIBOR 18 $ 458,655,000 1.56 % 2.89 % $ 51,646 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 three months ended March 31, 2018 and 2017 resulted in an unrealized gain (loss) of $127,260 and $(319,953) , respectively, which is included in interest expense in the accompanying consolidated statements of operations. The fair value of interest rate cap agreements of $178,906 and $51,646 are included in other assets on the accompanying consolidated balance sheets. No interest rate cap agreements were acquired during the three months ended March 31, 2018 and 2017 . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions Paid On April 2, 2018 , the Company paid distributions of $4,584,450 , which related to distributions declared for each day in the period from March 1, 2018 through March 31, 2018 . All such distributions were paid in cash. On May 1, 2018 , the Company paid distributions of $3,801,867 , which related to distributions declared for each day in the period from April 1, 2018 through April 30, 2018 . All such distributions were paid in cash. Special Distribution On April 16, 2018, the Company’s the board of directors authorized and declared a special distribution to the Company’s stockholders of record as of the close of business on April 20, 2018. The special distribution was equal to $1.00 per share of common stock, or $75,298,163 in the aggregate, and was paid on May 2, 2018. Reinstatement and Amendment of Share Repurchase Program In conjunction with authorizing the special distribution in lieu of a previously announced anticipated self tender offer, the Company’s board of directors determined to reinstate and amend the Company’s share repurchase program, as described below, effective April 21, 2018. For the full terms and conditions of the reinstated and amended share repurchase program, see Exhibit 99.1 to the Company’s Current Report on Form 8-K filed with the SEC on April 20, 2018. Pursuant to the reinstated and amended share repurchase program, shares will be repurchased by the Company at a price equal to 93% of the most recently determined estimated value per share publicly disclosed by the Company. The share repurchase price will be further reduced based on how long a stockholder has held the shares of the Company’s common stock, except for in the instance of stockholder’s death or disability. The purchase price per share 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 a sale of one or more of the Company’s assets that constitutes a return of capital distribution as a result of such sales. The amended share repurchase program will be effective upon 30 days’ notice to stockholders of the amendment, which is expected to occur prior to the May 2018 repurchase date described below. Once effective, the new share repurchase price will be $9.15 per share, which represents 93% of $9.84 , the estimated value per share of $10.84 as of December 31, 2017, less the $1.00 per share special distribution to be paid to stockholders on or about May 1, 2018. For death and disability the share repurchase price will be the average issue price per share for all of the stockholder’s shares less $1.00 . Due to the suspension and subsequent reinstatement and amendment of the share repurchase program, the next repurchase date will be on or about May 31, 2018. Stockholders that have previously submitted a repurchase request, including valid redemption requests received during the three months ended March 31, 2018, may withdraw their repurchase request at any time up to May 21, 2018. Thereafter, stockholders may withdraw their repurchase request at any time up to three business days prior to the end of the applicable fiscal quarter. If a stockholder has previously submitted a share repurchase request and does not wish to withdraw such request, no action needs to be taken and the Company will redeem all pending requests in the order they were received pursuant to the terms of the reinstated and amended share repurchase program. Acquisition of Double Creek Flats On May 7, 2018, the Company acquired a fee simple interest in Double Creek Flats (the “Double Creek Flats Property”) located in Plainfield, Indiana, for a purchase price of $31,500,000 , exclusive of closing costs. The Company financed the acquisition of the Double Creek Flats Property with (1) cash proceeds from property sales that were being held by qualified intermediaries for purposes of facilitating a reinvestment under Section 1031 of the Internal Revenue Code and (2) the proceeds of a secured loan in the aggregate principal amount of $22,050,000 from a financial institution. The Double Creek Flats Property consists of 15 three-story apartment buildings, a leasing office, clubhouse and two detached garage buildings. The Double Creek Flats Property contains 240 apartment homes consisting of 90 one-bedroom apartments, 134 two-bedroom apartments and 16 three-bedroom apartments that average 1,020 square feet. The Company has not yet measured the fair value of the tangible and identified intangible assets and liabilities of the acquisition. Distributions Declared On May 9, 2018, the Company’s board of directors approved and authorized a daily distribution to stockholders of record as of the close of business on each day of the period commencing on July 1, 2018 and ending on September 30, 2018. The distributions will be equal to $0.001519 per share of the Company’s common stock, which if paid over a 365-day period represents a 6.0% annual return based on $9.24 per share of common stock, which represents a purchase price per share of $10.24 , less the $1.00 per share special distribution paid to stockholders on May 2, 2018. The distributions for each record date in July 2018, August 2018 and September 2018 will be paid in August 2018, September 2018 and October 2018, respectively. The distributions will be payable to stockholders from legally available funds therefor. Estimated Value Per Share On May 9, 2018, the Company’s board of directors approved an estimated value per share of the Company’s common stock of $9.84 , which represents the estimated value per share of the Company’s common stock of $10.84 as of December 31, 2017, less the special distribution of $1.00 per share of common stock that was paid on May 2, 2018. |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the consolidated variable interest entity (“VIE”) that the Company controls and of which the Company is the primary beneficiary, and the Operating Partnership’s 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 unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . |
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. |
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 other assets 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 fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The fair value of the 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. |
Distribution Policy | Distribution Policy The Company has elected to be taxed, and currently qualifies, as a REIT beginning with its taxable year ending 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 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. |
Per Share Data | Per Share Data Basic earnings (loss) per share attributable to common stockholders for all periods presented are computed by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (loss) per share is 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 assume each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock give rise to potentially dilutive shares of the Company’s common stock. In accordance with FASB ASC Topic 260-10-45, Earnings Per Share , the Company uses the two-class method to calculate earnings (loss) per share. Basic earnings (loss) per share is calculated based on dividends declared and the rights of common shares and participating securities in any undistributed earnings, which represents net income (loss) remaining after deduction of dividends declared during the period. The undistributed earnings (loss) are allocated to all outstanding common shares based on the relative percentage of each class of shares. The Company does not have any participating securities outstanding other than the shares of common stock and the unvested restricted common stock during the periods presented. Earnings (loss) attributable to the unvested restricted common stock are deducted from earnings (loss) in the computation of per share amounts where applicable. |
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 ASU 2014-09, Revenue from Contracts with Customers ( Topic 606 ) (“ASU 2014-09”). 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 resulted 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 selected the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and adopted the new standard effective January 1, 2018. The Company identified limited sources of revenues from non-lease components, and the Company did not experience a material impact on its revenue recognition in the consolidated financial statements upon adoption. Additionally, there was no impact to the Company’s recognition of rental revenue, as rental revenue from leasing arrangements was specifically excluded from the standard. In February 2016, the FASB issued ASU 2016-02, Leases , (“ASU 2016-02”) 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. The guidance will be effective in the first quarter of 2019 and allows for early adoption. The Company is evaluating the impact of ASU 2016-02 on its leases both as it relates to the Company acting as a lessor and as a lessee. Based on the preliminary results of its evaluation, as it relates to the former, the Company does not expect any material impact on the recognition of leases in the consolidated financial statements because under this guidance, lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As it relates to the latter, the Company does not expect a material impact on the recognition of leases in the consolidated financial statements because the quantity of leased equipment by the Company is limited. The Company is finalizing its evaluation of ASU 2016-02 and plans to adopt ASU 2016-02 on January 1, 2019. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”). ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. The Company adopted this guidance January 1, 2018 and applied it retrospectively. As a result of adopting ASU 2016-18, the Company began presenting restricted cash along with cash and cash equivalents in its consolidated statements of cash flows. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the definition of business , that clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions (or disposals) of businesses. This ASU provides a screen to determine when a set is not a business. If the screen is not met, it (1) requires that to be considered a business, a set must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create output and (2) removes the evaluation of whether a market participant could replace the missing elements. The guidance is effective for annual reporting periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. Upon adoption of this new guidance during the year ended December 31, 2017, the Company did not experience a material impact. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610-20”): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), that clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017-05 also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. Subtopic 610-20, which was issued in May 2014 as part of ASU 2014-09 (discussed above), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply amendments in ASU 2017-05 at the same time it applies the amendments in ASU 2014-09 (discussed above). ASU 2017-05 requires modified retrospective application and is effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. Early adoption is permitted. The Company adopted this new guidance on January 1, 2018, and experienced an impact on the gain recognized related to the sale of the Second Closing Properties (as defined in Note 3). The sale of the Second Closing Properties is considered a partial sale and the Company no longer controls the Second Closing Properties after the sale. The retained noncontrolling interest was recognized at fair value and a full gain on sale was recognized under the new guidance. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The FASB issued ASU 2017-09 to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation - Stock Compensation , to a change to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU No. 2017-09 requires prospective application and is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. Early adoption is permitted. Upon adoption of this guidance January 1, 2018, the Company did not experience a material impact. |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Restrictions on Cash and Cash Equivalents | The following table represents the components of the cash, cash equivalents and restricted cash presented on the accompanying consolidated statement of cash flows for the three months ended March 31, 2018 and 2017 : March 31, 2018 2017 Cash and cash equivalents $ 217,672,108 $ 55,200,301 Restricted cash 65,831,542 16,741,218 Total cash, cash equivalents and restricted cash $ 283,503,650 $ 71,941,519 |
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: March 31, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 178,906 $ — December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 51,646 $ — |
Real Estate (Tables)
Real Estate (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Real Estate [Abstract] | |
Schedule of Accumulated Depreciation and Amortization Related to the Consolidated Real Estate Properties and Related Intangibles | As of March 31, 2018 and December 31, 2017 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties and related intangibles were as follows: March 31, 2018 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 106,932,041 $ 917,128,392 $ 2,644,263 $ 1,026,704,696 $ — Less: Accumulated depreciation and amortization — (191,955,861 ) (737,491 ) (192,693,352 ) — Net investments in real estate and related lease intangibles $ 106,932,041 $ 725,172,531 $ 1,906,772 $ 834,011,344 $ — December 31, 2017 Assets Land Building and Improvements Other Intangible Assets Total Real Estate Held for Investment Real Estate Held for Sale Investments in real estate $ 106,932,041 $ 916,068,353 $ 2,644,263 $ 1,025,644,657 $ 222,652,327 Less: Accumulated depreciation and amortization — (181,382,789 ) (699,199 ) (182,081,988 ) (39,499,666 ) Net investments in real estate and related lease intangibles $ 106,932,041 $ 734,685,564 $ 1,945,064 $ 843,562,669 $ 183,152,661 |
Schedule of Future Amortization of Acquired Other Intangible Assets | The future amortization of the Company’s acquired other intangible assets as of March 31, 2018 , and thereafter is as follows: April 1 through December 31, 2018 $ 114,876 2019 153,168 2020 153,168 2021 153,168 2022 153,168 Thereafter 1,179,224 $ 1,906,772 |
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 March 31, 2018 and thereafter is as follows: April 1 through December 31, 2018 $ 194,573 2019 180,858 2020 74,313 2021 76,535 2022 76,535 Thereafter 185,501 $ 788,315 |
Disposal Groups, Including Discontinued Operations | The results of operations for the three months ended March 31, 2018 and 2017 , for the disposed properties through the date of sale, including the properties contributed to the Joint Venture, were included in continuing operations on the Company’s consolidated statements of operations and are as follows: For the Three Months Ended March 31, 2018 2017 Revenues: Rental income $ 2,535,397 $ 6,493,842 Tenant reimbursements and other 350,993 853,339 Total revenues 2,886,390 7,347,181 Expenses: Operating, maintenance and management 875,628 1,938,533 Real estate taxes and insurance 433,507 1,188,789 Fees to affiliates 120,065 282,806 Depreciation and amortization 279,432 2,392,076 Interest expense 681,322 1,513,036 Loss on debt extinguishment 2,010,457 — General and administrative expenses 471,712 37,848 Total expenses $ 4,872,123 $ 7,353,088 |
Investment in Unconsolidated 23
Investment in Unconsolidated Joint Venture (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Summarized Financial Information of Joint Venture | Summarized unaudited financial information for the Joint Venture is: March 31, 2018 December 31, 2017 Assets: Real estate assets, net $ 498,734,503 $ 374,277,205 Other assets 21,545,933 15,328,440 Total assets $ 520,280,436 $ 389,605,645 Liabilities and equity: Notes payable, net $ 341,100,751 $ 264,558,057 Other liabilities 13,735,049 11,525,292 Company’s capital 16,544,464 11,352,230 Other partner’s capital 148,900,172 102,170,066 Total liabilities and equity $ 520,280,436 $ 389,605,645 For the Three Months Ended March 31, 2018 Revenues $ 13,669,728 Expenses 27,501,219 Net loss $ (13,831,491 ) Company’s proportional net loss $ (1,383,149 ) Amortization of outside basis (258,256 ) Equity in loss of unconsolidated joint venture $ (1,641,405 ) |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization | As of March 31, 2018 and December 31, 2017 , other assets consisted of: March 31, 2018 December 31, 2017 Prepaid expenses $ 1,440,515 $ 2,132,212 Interest rate cap agreements (Note 12) 178,906 51,646 Escrow deposits for pending real estate acquisitions 1,300,100 — Other deposits 828,641 1,074,726 Other assets $ 3,748,162 $ 3,258,584 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 : March 31, 2018 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 21 7/1/2018 - 10/1/2056 3.19 % 5.75 % 3.82 % $ 321,107,307 Mortgage notes payable - variable (1) 13 10/1/2018 - 1/1/2026 1-Mo LIBOR + 2.02% 1-Mo LIBOR + 2.50% 4.19 % 314,457,000 Total mortgage notes payable, gross 34 4.01 % 635,564,307 Premium, net (2) 477,181 Deferred financing costs, net (3) (3,515,007 ) Total mortgage notes payable, net $ 632,526,481 December 31, 2017 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Mortgage notes payable - fixed 32 4/1/2018 - 10/1/2056 3.19 % 5.75 % 3.89 % $ 416,673,854 Mortgage notes payable - variable (1) 14 10/1/2018 - 1/1/2026 1-Mo LIBOR + 2.02% 1-Mo LIBOR + 2.50% 3.86 % 372,481,000 Total mortgage notes payable, gross 46 3.87 % 789,154,854 Premium, net (2) 673,653 Deferred financing costs, net (3) (4,264,667 ) Total mortgage notes payable, net $ 785,563,840 _______________ (1) See Note 12 (Derivative Financial Instruments) 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. (2) Accumulated amortization related to debt premiums as of March 31, 2018 and December 31, 2017 was $903,588 and $2,468,041 , respectively. (3) Accumulated amortization related to deferred financing costs as of March 31, 2018 and December 31, 2017 was $2,770,986 and $3,951,049 , respectively. |
Schedule of Collateralized Property | As of March 31, 2018 and December 31, 2017 , the advances obtained under the credit facility on July 29, 2016 are summarized in the following table: Amount of Advance as of Collateralized Property (1) March 31, 2018 December 31, 2017 Carrington Park at Huffmeister $ 20,430,500 $ 20,430,500 Carrington Place 27,535,500 27,535,500 Carrington at Champion Forest 25,121,250 25,121,250 Oak Crossing 17,980,000 17,980,000 91,067,250 91,067,250 Deferred financing costs, net on credit facility (2) (784,367 ) (845,152 ) Credit facility, net $ 90,282,883 $ 90,222,098 ___________ (1) Each property is pledged as collateral for repayment of all amounts advanced under the credit facility. (2) Accumulated amortization related to deferred financing costs for the credit facility as of March 31, 2018 and December 31, 2017 , was $451,026 and $390,241 , respectively. |
Summary of Aggregate Maturities | The following is a summary of the Company’s aggregate maturities as of March 31, 2018 : Maturities During the Years Ending December 31, Contractual Obligation Total Remainder of 2018 2019 2020 2021 2022 Thereafter Principal payments on outstanding debt obligations (1) $ 726,631,557 $ 33,173,074 $ 59,468,322 $ 54,269,243 $ 112,482,345 $ 32,353,269 $ 434,885,304 ________________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of the deferred financing costs and debt premiums associated with certain notes payable. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of Restricted Stock Issued to Independent Directors as Compensation | The issuance and vesting activity for the three months ended March 31, 2018 , and for the year ended December 31, 2017 , for the restricted stock issued to the Company’s independent directors as compensation for services in connection with their re-election to the board of directors at the Company’s annual meeting is as follows: For the Three Months Ended March 31, 2018 For the Year Ended December 31, 2017 Nonvested shares at the beginning of the period 11,875 11,875 Granted shares — 7,500 Vested shares — (7,500 ) Nonvested shares at the end of the period 11,875 11,875 The weighted average fair value of restricted stock issued to the Company’s independent directors for the three months ended March 31, 2018 , and for the year ended December 31, 2017 , is as follows: Grant Year Weighted Average Fair Value 2017 $ 11.65 2018 n/a |
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” equals the most recently determined estimated value per share determined by the Company’s board of directors. (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) | 3 Months Ended |
Mar. 31, 2018 | |
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 income (loss) attributable to common stockholders and shares used in calculating basic and diluted earnings (loss) per share (“EPS”) for the three months ended March 31, 2018 and 2017 : Three Months Ended March 31, 2018 2017 Net income (loss) attributable to the Company $ 73,280,028 $ (5,644,875 ) Less: dividends declared on participating securities 2,099 2,099 Net income (loss) attributable to common stockholders 73,277,929 (5,646,974 ) Weighted average common shares outstanding — basic 75,343,863 76,066,450 Weighted average common shares outstanding — diluted 75,355,738 76,066,450 Earnings (loss) per common share — basic and diluted $ 0.97 $ (0.07 ) |
Related Party Arrangements (Tab
Related Party Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 three months ended March 31, 2018 and 2017 , and amounts that are payable (prepaid) to the Advisor and its affiliates as of March 31, 2018 and December 31, 2017 , are as follows: Incurred For the Three Months Ended March 31, Payable (Prepaid) as of 2018 2017 March 31, 2018 December 31, 2017 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 2,423,011 $ 3,581,155 $ (895 ) $ — Acquisition expenses (2) 197,879 — 89,514 — Property management Fees (1) 1,024,732 1,606,536 308,659 402,315 Reimbursement of onsite personnel (3) 3,116,910 4,678,730 736,843 772,584 Other fees (1) 323,073 434,332 32,022 44,981 Other fees - property operations (3) 23,979 46,836 — — Other fees - G&A (2) 21,288 40,581 — — Other operating expenses (2) 384,513 434,878 280,335 87,221 Disposition fees (4) 3,841,050 — — 566,625 Disposition transaction costs (4) 67,464 — — — Loan coordination fees (1) 161,250 — — 86,675 Property Insurance (5) 314,104 62,092 (161,879 ) (160,942 ) Consolidated Balance Sheets: Capitalized Construction management Fees (6) 6,145 197,879 8,871 6,431 Reimbursement of labor costs (6) 16,350 65,471 168 297 Capital expenditures (6) 27,002 7,881 — — Capitalized costs on investment in unconsolidated joint venture (7) 58,386 — — — Acquisition expenses (8) 9,201 — — — $ 12,016,337 $ 11,156,371 $ 1,293,638 $ 1,806,187 ________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in general and administrative expenses in the accompanying consolidated statements of operations. (3) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (4) Included in gain on sales of real estate, net in the accompanying consolidated statements of operations. (5) Property related insurance expense and the amortization of the prepaid insurance deductible account are included in general and administrative expenses in the accompanying consolidated statements of operations. The amortization of the prepaid property insurance is included in operating, maintenance and management expenses in the accompanying consolidated statements of operations. The prepaid insurance is included in other assets in the accompanying consolidated balance sheets upon payment. (6) Included in building and improvements in the accompanying consolidated balance sheets. (7) Included in investment in unconsolidated joint venture in the accompanying consolidated balance sheets. (8) Included in total real estate, cost in the accompanying consolidated balance sheets. |
Derivative Financial Instrume29
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 and December 31, 2017 : March 31, 2018 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 6/1/2018 - 7/1/2019 One-Month LIBOR 16 $ 372,771,000 1.88 % 2.87 % $ 178,906 December 31, 2017 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest rate cap 1/1/2018 - 10/1/2019 One-Month LIBOR 18 $ 458,655,000 1.56 % 2.89 % $ 51,646 |
Organization and Business - Nar
Organization and Business - Narrative (Details) | Jul. 10, 2009USD ($)shares | Jun. 12, 2009USD ($)$ / sharesshares | Mar. 31, 2018ft²Investmentapartmentpropertyshares | Dec. 31, 2009shares | Dec. 31, 2017$ / sharesshares |
Class of Stock [Line Items] | |||||
Share price (in dollars per share) | $ / shares | $ 10.84 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock issued to advisor (in shares) | 75,298,005 | 75,479,409 | |||
Convertible Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Stock issued to advisor (in shares) | 1,000 | 1,000 | |||
Residential Real Estate [Member] | |||||
Class of Stock [Line Items] | |||||
Number of multifamily real estate properties owned | property | 37 | ||||
Number of units in real estate property (in number of units or apartments) | apartment | 9,878 | ||||
Commercial Real Estate [Member] | |||||
Class of Stock [Line Items] | |||||
Net rentable area (in square feet) | ft² | 21,130 | ||||
Steadfast REIT Investments, LLC [Member] | Common Stock [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 | ||||
Steadfast Income Advisor, LLC [Member] | |||||
Class of Stock [Line Items] | |||||
Investment from advisor | $ | $ 1,000 | ||||
Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Issuance of common stock (in shares) | 1,000 | 1,000 | |||
Stock issued to advisor (in shares) | 1,000 | ||||
BREIT Steadfast MF JV LP [Member] | |||||
Class of Stock [Line Items] | |||||
Ownership percentage | 10.00% | ||||
BREIT Steadfast MF JV LP [Member] | Residential Real Estate [Member] | |||||
Class of Stock [Line Items] | |||||
Number of multifamily real estate properties owned | property | 20 | ||||
Number of units in real estate property (in number of units or apartments) | apartment | 4,584 | ||||
Number of Joint Ventures | Investment | 1 |
Organization and Business - N31
Organization and Business - Narrative - Private Offering (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2018 | Jul. 09, 2010 | Dec. 31, 2017 | Oct. 13, 2009 | |
Class of Stock [Line Items] | ||||
Share price (in dollars per share) | $ 10.84 | |||
Private Offering [Member] | ||||
Class of Stock [Line Items] | ||||
Value of shares in private offering | $ 94,000,000 | |||
Share price (in dollars per share) | $ 9.40 | |||
Issuance of common stock (in shares) | 637,279 | |||
Proceeds from issuance of common stock | $ 2,000,000 | $ 5,844,325 |
Organization and Business - N32
Organization and Business - Narrative - Public Offering (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 41 Months Ended | 108 Months Ended | ||||||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 20, 2013 | Dec. 31, 2017 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 10, 2012 | Jul. 19, 2010 | Jul. 23, 2009 | |
Class of Stock [Line Items] | ||||||||||
Share price (in dollars per share) | $ 10.84 | |||||||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.001964 | $ 0.001964 | ||||||||
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] | ||||||||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.001964 | $ 0.001964 | ||||||||
Common stock, estimated value, per share (in dollars per share) | $ 11.65 | $ 10.84 | $ 11.44 | $ 10.35 | ||||||
Common Stock [Member] | Primary Offering [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, capital shares reserved for future issuance (in shares) | 150,000,000 | |||||||||
Share price (in dollars per share) | $ 10 | |||||||||
Common Stock [Member] | IPO [Member] | ||||||||||
Class of Stock [Line Items] | ||||||||||
Common stock, capital shares reserved for future issuance, distribution reinvestment plan (in shares) | 15,789,474 | |||||||||
Share price, distribution reinvestment plan (in dollars per share) | $ 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 Accoun33
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 ($) | Mar. 31, 2018 | Dec. 31, 2017 |
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 | 178,906 | 51,646 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate cap agreements | $ 0 | $ 0 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Narrative - Short-term Investments (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Investment [Line Items] | |||
Tenant reimbursements and other | $ 4,276,999 | $ 6,064,491 | |
Certificates of Deposit [Member] | |||
Investment [Line Items] | |||
Short-term investments | $ 30,000,000 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net | $ 632,526,481 | $ 625,302,105 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable at fair value | 716,993,401 | 878,004,294 |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable, net | $ 722,809,364 | $ 875,785,938 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Narrative - Restricted Cash (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Restricted cash | $ 65,831,542 | $ 31,005,231 | $ 16,741,218 | |
Restricted cash held in qualified intermediaries | 57,316,500 | 17,197,810 | ||
Restricted cash impounds set aside for future property taxes, property insurance payments, and tenant improvements as required by lenders | 8,515,042 | 13,807,421 | ||
Restricted held in real estate assets held for sale | 2,862,292 | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | 217,672,108 | 171,228,485 | 55,200,301 | |
Restricted cash | 65,831,542 | 31,005,231 | 16,741,218 | |
Total cash, cash equivalents and restricted cash | $ 283,503,650 | $ 205,096,008 | $ 71,941,519 | $ 93,777,878 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accounting Policies [Abstract] | ||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.001964 | $ 0.001964 |
Distributions declared per common share (in dollars per share) | $ 0.177 | $ 0.177 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details) | 3 Months Ended |
Mar. 31, 2018segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Real Estate - Narrative (Detail
Real Estate - Narrative (Details) | Jan. 31, 2018apartment_community | Nov. 15, 2017USD ($)apartment_community | Nov. 10, 2017apartment_community | Mar. 31, 2018USD ($)ft²apartmentproperty | Mar. 31, 2017USD ($) | Jul. 03, 2013USD ($)apartment | Dec. 31, 2017USD ($) |
Real Estate Properties [Line Items] | |||||||
Contract purchase price | $ 996,000,157 | ||||||
Average percentage of real estate portfolio occupied | 93.90% | 93.80% | |||||
Average monthly collected rent | $ 1,025 | $ 1,037 | |||||
Depreciation and amortization | 10,890,796 | 17,953,723 | |||||
Number of Real Estate Properties Acquired | apartment | 1,283 | ||||||
Payments to Acquire Real Estate | 1,378,986 | $ 4,519,629 | $ 117,240,032 | ||||
Accounts Payable and Accrued Liabilities [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Security deposit liability | $ 2,727,493 | $ 3,339,602 | |||||
Residential Real Estate [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of multifamily real estate properties owned | property | 37 | ||||||
Number of units in real estate property (in number of units or apartments) | apartment | 9,878 | ||||||
Percentage leased | 95.60% | ||||||
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 | 21,130 | ||||||
Operating leases, revenue, percentage | 1.00% | 1.00% | |||||
Commercial Real Estate [Member] | Minimum [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Operating lease term | 1 year 2 months | ||||||
Commercial Real Estate [Member] | Maximum [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Operating lease term | 7 years 2 days | ||||||
Building and Improvements [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Depreciation | $ 10,852,504 | $ 17,915,431 | |||||
Other Intangible Assets [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Amortization | $ 38,292 | $ 38,292 | |||||
Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Equity Method Investment, Ownership Percent Divested | 90.00% | ||||||
Proceeds from Sale of Real Estate | $ 125,370,000 | ||||||
Gain (Loss) on Disposition of Assets | $ 38,523,427 | ||||||
Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member] | SIR Land Holdings, LLC [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Number of properties contributed | apartment_community | 8 | 12 | 20 | ||||
Ownership percentage | 10.00% | ||||||
Joint Venture Arrangement with Blackstone Real Estate Income Trust, Inc. [Member] | BREIT LP [Member] | |||||||
Real Estate Properties [Line Items] | |||||||
Ownership percentage | 90.00% |
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 ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Total real estate held for investment, cost | $ 1,026,704,696 | $ 1,025,644,657 |
Less: Accumulated depreciation and amortization | (192,693,352) | (182,081,988) |
Total real estate held for investment, net | 834,011,344 | 843,562,669 |
Land [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Total real estate held for investment, cost | 106,932,041 | 106,932,041 |
Less: Accumulated depreciation and amortization | 0 | 0 |
Total real estate held for investment, net | 106,932,041 | 106,932,041 |
Building and Improvements [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Total real estate held for investment, cost | 917,128,392 | 916,068,353 |
Less: Accumulated depreciation and amortization | (191,955,861) | (181,382,789) |
Total real estate held for investment, net | 725,172,531 | 734,685,564 |
Other Intangible Assets [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Total real estate held for investment, cost | 2,644,263 | 2,644,263 |
Less: Accumulated depreciation and amortization | (737,491) | (699,199) |
Total real estate held for investment, net | 1,906,772 | 1,945,064 |
Real Estate Investment [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Total real estate held for investment, cost | 1,026,704,696 | 1,025,644,657 |
Less: Accumulated depreciation and amortization | (192,693,352) | (182,081,988) |
Total real estate held for investment, net | 834,011,344 | 843,562,669 |
Disposal Group, Held-for-sale, Not Discontinued Operations [Member] | Real Estate Investment [Member] | ||
Real Estate Investment Property and Accumulated Depreciation and Amortization [Line Items] | ||
Total real estate held for investment, cost | 0 | 222,652,327 |
Less: Accumulated depreciation and amortization | 0 | (39,499,666) |
Total real estate held for investment, net | $ 0 | $ 183,152,661 |
Real Estate - Schedule of Futur
Real Estate - Schedule of Future Amortization of Acquired Other Intangible Assets (Details) - Other Intangible Assets [Member] | Mar. 31, 2018USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
April 1 through December 31, 2018 | $ 114,876 |
2,019 | 153,168 |
2,020 | 153,168 |
2,021 | 153,168 |
2,022 | 153,168 |
Thereafter | 1,179,224 |
Future amortization of acquired other intangible assets | $ 1,906,772 |
Real Estate - Schedule of Fut42
Real Estate - Schedule of Future Minimum Rental Receipts from Properties under Non-cancelable Operating Leases Attributable to Commercial Office Tenants (Details) | Mar. 31, 2018USD ($) |
Real Estate [Abstract] | |
April 1 through December 31, 2018 | $ 194,573 |
2,019 | 180,858 |
2,020 | 74,313 |
2,021 | 76,535 |
2,022 | 76,535 |
Thereafter | 185,501 |
Total future minimum rental receipts | $ 788,315 |
Real Estate Real Estate - Prope
Real Estate Real Estate - Property Dispositions (Details) | Feb. 28, 2018USD ($) | Jan. 31, 2018USD ($) | Jan. 05, 2018USD ($) | Nov. 20, 2013USD ($)apartment | Nov. 30, 2012USD ($)apartment | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Rental income | $ 31,177,928 | $ 48,215,774 | |||||
Tenant reimbursements and other | 4,276,999 | 6,064,491 | |||||
Total revenues | 35,454,927 | 54,280,265 | |||||
Operating, maintenance and management | 9,419,638 | 14,076,201 | |||||
Real estate taxes and insurance | 5,863,322 | 9,812,747 | |||||
Fees to affiliates | 3,932,066 | 5,622,023 | |||||
Depreciation and amortization | 10,890,796 | 17,953,723 | |||||
Interest expense | 7,712,772 | 10,848,036 | |||||
Loss on debt extinguishment | 2,010,457 | 0 | |||||
General and administrative expenses | 1,951,497 | 1,612,410 | |||||
Total expenses | 41,780,548 | 59,925,140 | |||||
Discontinued Operations, Disposed of by Sale [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Rental income | 2,535,397 | 6,493,842 | |||||
Tenant reimbursements and other | 350,993 | 853,339 | |||||
Total revenues | 2,886,390 | 7,347,181 | |||||
Operating, maintenance and management | 875,628 | 1,938,533 | |||||
Real estate taxes and insurance | 433,507 | 1,188,789 | |||||
Fees to affiliates | 120,065 | 282,806 | |||||
Depreciation and amortization | 279,432 | 2,392,076 | |||||
Interest expense | 681,322 | 1,513,036 | |||||
Loss on debt extinguishment | 2,010,457 | 0 | |||||
General and administrative expenses | 471,712 | 37,848 | |||||
Total expenses | $ 4,872,123 | $ 7,353,088 | |||||
The Moorings Property [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of units in real estate property (in number of units or apartments) | apartment | 216 | ||||||
Payments to acquire business | $ 20,250,000 | ||||||
Consideration | $ 28,100,000 | ||||||
Gross profit (loss) | $ 9,658,823 | ||||||
Arrowhead Property [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of units in real estate property (in number of units or apartments) | apartment | 200 | ||||||
Payments to acquire business | $ 16,750,000 | ||||||
Consideration | $ 23,600,000 | ||||||
Gross profit (loss) | $ 8,928,691 | ||||||
Willow Crossing [Member] | Discontinued Operations, Disposed of by Sale [Member] | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Number of units in real estate property (in number of units or apartments) | apartment | 579 | ||||||
Payments to acquire business | $ 58,000,000 | ||||||
Consideration | $ 79,000,000 | ||||||
Gross profit (loss) | $ 24,136,113 |
Investment in Unconsolidated 44
Investment in Unconsolidated Joint Venture - Narrative (Details) - USD ($) | Nov. 10, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Schedule of Equity Method Investments [Line Items] | ||||
Cash distribution from unconsolidated joint venture | $ 266,600 | $ 0 | ||
BREIT Steadfast MF JV LP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Noncash or Part Noncash Acquisition, Interest Acquired | 10.00% | |||
Book value of joint venture | 15,102,763 | $ 8,133,156 | ||
Outside difference | 7,640,166 | $ 5,515,754 | ||
Amortization of the basis difference | $ 258,256 | |||
BREIT LP [Member] | BREIT Steadfast MF JV LP [Member] | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Noncash or Part Noncash Acquisition, Interest Acquired | 90.00% |
Other Assets - Schedule of Defe
Other Assets - Schedule of Deferred Financing Costs and Other Assets, Net of Accumulated Amortization (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 1,440,515 | $ 2,132,212 |
Interest rate caps agreements | 178,906 | 51,646 |
Escrow deposits for pending real estate acquisitions | 1,300,100 | 0 |
Other deposits | 828,641 | 1,074,726 |
Other assets | $ 3,748,162 | $ 3,258,584 |
Investment in Unconsolidated 46
Investment in Unconsolidated Joint Venture - Schedule of Financial Information of Joint Venture (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Company's Proportional Share: | |||
Equity in loss of unconsolidated joint venture | $ (1,641,405) | $ 0 | |
BREIT Steadfast MF JV LP [Member] | |||
Assets: | |||
Real estate assets, net | 498,734,503 | $ 374,277,205 | |
Other assets | 21,545,933 | 15,328,440 | |
Total assets | 520,280,436 | 389,605,645 | |
Liabilities and equity: | |||
Notes payable, net | 341,100,751 | 264,558,057 | |
Other liabilities | 13,735,049 | 11,525,292 | |
Company’s capital | 16,544,464 | 11,352,230 | |
Other partner’s capital | 148,900,172 | 102,170,066 | |
Total liabilities and equity | 520,280,436 | $ 389,605,645 | |
Income Statement: | |||
Revenues | 13,669,728 | ||
Expenses | 27,501,219 | ||
Net loss | (13,831,491) | ||
Company's Proportional Share: | |||
Company’s proportional net loss | (1,383,149) | ||
Amortization of outside basis | (258,256) | ||
Equity in loss of unconsolidated joint venture | $ (1,641,405) |
Debt - Summary of Notes Payable
Debt - Summary of Notes Payable Secured by Real Property (Details) | 3 Months Ended | ||
Mar. 31, 2018USD ($)instrument | Mar. 31, 2017 | Dec. 31, 2017USD ($)instrument | |
Debt Instrument [Line Items] | |||
Mortgage notes payable | $ 632,526,481 | $ 625,302,105 | |
Total notes payable, net | $ 722,809,364 | $ 875,785,938 | |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Number of Instruments | instrument | 34 | 46 | |
Weighted Average Interest Rate | 4.01% | 3.87% | |
Mortgage notes payable | $ 635,564,307 | $ 789,154,854 | |
Premium/discount, net | 477,181 | 673,653 | |
Deferred financing costs, net | (3,515,007) | (4,264,667) | |
Total notes payable, net | $ 632,526,481 | $ 785,563,840 | |
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | |||
Debt Instrument [Line Items] | |||
Number of Instruments | instrument | 21 | 32 | |
Weighted Average Interest Rate | 3.82% | 3.89% | |
Mortgage notes payable | $ 321,107,307 | $ 416,673,854 | |
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate Range | 3.19% | 3.19% | |
Notes Payable to Banks [Member] | Mortgage Notes Payable, Fixed Interest [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Interest Rate Range | 5.75% | 5.75% | |
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | |||
Debt Instrument [Line Items] | |||
Number of Instruments | instrument | 13 | 14 | |
Weighted Average Interest Rate | 4.19% | 3.86% | |
Mortgage notes payable | $ 314,457,000 | $ 372,481,000 | |
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | Minimum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.02% | 2.02% | |
Notes Payable to Banks [Member] | Mortgage Notes Payable, Variable Interest [Member] | Maximum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.50% | 2.50% |
Debt - Summary of Debt Premiums
Debt - Summary of Debt Premiums and Discounts (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | |||
Amortization of Debt Discount (Premium) | $ (125,814) | $ (308,639) | |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Accumulated Amortization, Debt Premiums | 903,588 | $ 2,468,041 | |
Accumulated amortization of deferred financing costs | (2,770,986) | $ (3,951,049) | |
Amortization of Debt Discount (Premium) | $ (125,814) | $ (308,639) |
Debt - Summary of Deferred Fina
Debt - Summary of Deferred Financing Costs (Details) - Notes Payable to Banks [Member] - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Less: accumulated amortization | $ (2,770,986) | $ (3,951,049) |
Deferred financing costs, net | $ 3,515,007 | $ 4,264,667 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) | Jul. 29, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||||
Interest expense | $ 7,712,772 | $ 10,848,036 | ||
Amortization of deferred financing costs | 280,237 | 470,696 | ||
Amortization of debt premium (discount) | 125,814 | 308,639 | ||
Unrealized loss on derivatives | (127,260) | 319,953 | ||
Accounts Payable and Accrued Liabilities [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest payable | 2,291,872 | $ 2,766,036 | ||
Interest Rate Cap [Member] | ||||
Debt Instrument [Line Items] | ||||
Unrealized loss on derivatives | (127,260) | 319,953 | ||
Notes Payable to Banks [Member] | ||||
Debt Instrument [Line Items] | ||||
Amortization of debt premium (discount) | $ 125,814 | $ 308,639 | ||
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 350,000,000 | |||
Basis spread on variable rate | 0.05% | |||
Minimum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.73% | |||
Maximum [Member] | Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 1.93% |
Debt - Advances Obtained Under
Debt - Advances Obtained Under Credit Facility (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Total notes payable, net | $ 726,631,557 | |
Total notes payable, net | 722,809,364 | $ 875,785,938 |
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Total notes payable, net | 91,067,250 | 91,067,250 |
Deferred financing costs, net on credit facility | (784,367) | (845,152) |
Total notes payable, net | 90,282,883 | 90,222,098 |
Accumulated amortization of deferred financing costs | (451,026) | (390,241) |
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Carrington Park at Huffmeister [Member] | ||
Debt Instrument [Line Items] | ||
Total notes payable, net | 20,430,500 | 20,430,500 |
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Carrington Place [Member] | ||
Debt Instrument [Line Items] | ||
Total notes payable, net | 27,535,500 | 27,535,500 |
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Carrington at Champion Forest [Member] | ||
Debt Instrument [Line Items] | ||
Total notes payable, net | 25,121,250 | 25,121,250 |
Revolving Credit Facility [Member] | Refinanced PNC Bank Credit Facility [Member] | Oak Crossing [Member] | ||
Debt Instrument [Line Items] | ||
Total notes payable, net | $ 17,980,000 | $ 17,980,000 |
Debt - Summary of Aggregate Mat
Debt - Summary of Aggregate Maturities (Details) | Mar. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
Total | $ 726,631,557 |
Remainder of 2018 | 33,173,074 |
2,019 | 59,468,322 |
2,020 | 54,269,243 |
2,021 | 112,482,345 |
2,022 | 32,353,269 |
Thereafter | $ 434,885,304 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative - General (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2009 | Dec. 31, 2017 | |
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 | |
Convertible Stock [Member] | Steadfast Income Advisor, LLC [Member] | |||
Class of Stock [Line Items] | |||
Stock issued during period, shares, new issues (in shares) | 1,000 | 1,000 |
Stockholders' Equity - Narrat54
Stockholders' Equity - Narrative - Common Stock (Details) | Jun. 12, 2009$ / sharesshares | Mar. 31, 2018USD ($)installmentsvote / shares | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($)$ / shares | Dec. 31, 2009USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares |
Class of Stock [Line Items] | ||||||
Vote per share | vote / shares | 1 | |||||
Issuance of common stock | $ (1,641,405) | $ 0 | $ 0 | |||
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 | $ 17,295 | 15,030 | ||||
Share price (in dollars per share) | $ / shares | $ 10.84 | $ 10.84 | ||||
Restricted Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Restricted common stock, weighted average remaining vesting terms | 1 year 3 months 4 days | |||||
Compensation expense related to issuance of restricted stock, not vested | $ 89,710 | |||||
Restricted Stock [Member] | Director [Member] | ||||||
Class of Stock [Line Items] | ||||||
Restricted common stock, vesting installments | installments | 4 | |||||
Restricted Stock [Member] | General and Administrative Expense [Member] | ||||||
Class of Stock [Line Items] | ||||||
Share-based compensation | $ 17,295 | $ 15,030 | ||||
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 | |||||
Private Offering and Public Offering [Member] | Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (in shares) | shares | 76,732,395 | |||||
Proceeds from issuance of stock, net | $ 679,572,220 | |||||
Steadfast REIT Investments, LLC [Member] | Common Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock (in shares) | shares | 22,223 | 22,223 | ||||
Issuance of common stock | $ 200,007 | |||||
Share price (in dollars per share) | $ / shares | $ 9 | |||||
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | ||||||
Class of Stock [Line Items] | ||||||
Fair value of shares of restricted stock (in shares) | $ 5,637,207 | $ 5,637,207 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation (Details) - Restricted Stock [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
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) | 11,875 | 11,875 |
Granted shares (in shares) | 0 | 7,500 |
Vested shares (in shares) | 0 | (7,500) |
Nonvested shares at the end of the year (in shares) | 11,875 | |
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) | $ 11.65 |
Stockholders' Equity - Narrat56
Stockholders' Equity - Narrative - Convertible Stock (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2009 | |
Class of Stock [Line Items] | ||
Common stock, basis of conversion, percentage of annual return on original issue price of shares | 8.00% | |
Common stock, conversion basis, percent enterprise value | 10.00% | |
Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member] | ||
Class of Stock [Line Items] | ||
Stock issued during period, shares, new issues (in shares) | 1,000 | 1,000 |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Convertible Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, basis of conversion, percentage of annual return on original issue price of shares | 8.00% | |
Convertible common stock, redemption amount | $ 1 | |
Conversion basis multiplier | 0.001 |
Stockholders' Equity - Narrat57
Stockholders' Equity - Narrative - Preferred Stock (Details) | 3 Months Ended | |
Mar. 31, 2018classshares | Dec. 31, 2017shares | |
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 outstanding (in shares) | shares | 0 | 0 |
Preferred stock, shares issued (in shares) | shares | 0 | 0 |
Stockholders' Equity - Narrat58
Stockholders' Equity - Narrative - Distribution Reinvestment Plan (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 10, 2012 | Jul. 23, 2009 |
Class of Stock [Line Items] | ||||
Share price (in dollars per share) | $ 10.84 | |||
Distribution Reinvestment Plan [Member] | ||||
Class of Stock [Line Items] | ||||
Share price (in dollars per share) | $ 9.73 | $ 9.5 | ||
Sales commissions or dealer manager fees payable | $ 0 |
Stockholders' Equity - Narrat59
Stockholders' Equity - Narrative - Share Repurchase Plan and Redeemable Common Stock (Details) - Share Repurchase Plan [Member] - USD ($) | Jul. 01, 2015 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||||
Termination notice period | 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 | 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 | |||
Business days | 3 days | |||
Redemption of common stock (in shares) | 181,404 | 183,955 | ||
Redemption of common stock | $ 2,000,000 | $ 2,000,000 | ||
Stock requested for redemption, (in shares) | 616,361 | 519,696 | ||
Stock requested for redemption, value | $ 5,592,135 | $ 5,967,020 | ||
Redemption requests outstanding (in shares) | 3,535,677 | 1,646,078 | ||
Total net redemption value | $ 33,484,695 | $ 19,009,693 | ||
Stock repurchase plan, percentage of weighted-average number of shares outstanding, limit on repurchase | 5.00% | |||
Fee charged to repurchase shares | $ 0 | |||
Common Stock [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||
Class of Stock [Line Items] | ||||
Total net redemption value | $ 2,000,000 | |||
Maximum [Member] | ||||
Class of Stock [Line Items] | ||||
Share repurchase program, authorized amount | $ 2,000,000 |
Stockholders' Equity - Schedu60
Stockholders' Equity - Schedule of Repurchase Prices Under Share Repurchase Plan (Details) - Share Repurchase Plan [Member] - Common Stock [Member] | 3 Months Ended |
Mar. 31, 2018 | |
Class of Stock [Line Items] | |
Stock repurchase plan, repurchase price percentage, after primary offering, less than 1 year | 0.00% |
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 1 | 92.50% |
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 2 | 95.00% |
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 3 | 97.50% |
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 4 | 100.00% |
Required holding period to be eligible to redeem shares under share repurchase plan | 1 year |
Stockholders' Equity - Narrat61
Stockholders' Equity - Narrative - Distributions Declared (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | |
Class of Stock [Line Items] | ||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.001964 | $ 0.001964 | ||
Less: dividends declared on participating securities | $ 13,320,570 | $ 54,339,823 | ||
Distributions payable | $ 4,584,450 | 4,595,301 | ||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.001964 | $ 0.001964 | ||
Less: dividends declared on participating securities | $ 13,320,570 | $ 13,447,122 | ||
Distributions payable | $ 4,584,450 | $ 4,595,301 |
Stockholders' Equity - Narrat62
Stockholders' Equity - Narrative - Distributions Paid (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Class of Stock [Line Items] | ||
Distributions to common stockholders | $ 13,331,421 | $ 13,444,612 |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||
Net loss attributable to the Company | $ 73,280,028 | $ (5,644,875) | $ 72,473,867 |
Less: dividends declared on participating securities | 2,099 | 2,099 | |
Net loss attributable to common stockholders | $ 73,277,929 | $ (5,646,974) | |
Weighted average number of common shares outstanding — basic (in shares) | 75,343,863 | 76,066,450 | |
Weighted average number of common shares outstanding — diluted (in shares) | 75,355,738 | 76,066,450 | |
Income (loss) per common share — basic and diluted (in dollars per share) | $ 0.97 | $ (0.07) |
Related Party Arrangements - Sc
Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred and Payable (Details) - Steadfast Income Advisor, LLC [Member] - Advisor and its Affiliates [Member] - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | $ 12,016,337 | $ 11,156,371 | |
Related Party Transaction, Due from (to) Related Party | 1,293,638 | $ 1,806,187 | |
Investment Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | (895) | 0 | |
Investment Management Fees [Member] | Fees to Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 2,423,011 | 3,581,155 | |
Acquisition Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | 89,514 | 0 | |
Acquisition Expenses [Member] | Business Combination, Acquisition Related Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 197,879 | 0 | |
Property Management, Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | 308,659 | 402,315 | |
Property Management, Fees [Member] | Fees to Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 1,024,732 | 1,606,536 | |
Property Management, Labor and Related Benefits [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | 736,843 | 772,584 | |
Property Management, Labor and Related Benefits [Member] | Operating, Maintenance and Management [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 3,116,910 | 4,678,730 | |
Property Management, Other Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | 32,022 | 44,981 | |
Property Management, Other Fees [Member] | Fees to Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 323,073 | 434,332 | |
Property Management, Other Fees, Property Operations [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | 0 | 0 | |
Property Management, Other Fees, Property Operations [Member] | Fees to Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 23,979 | 46,836 | |
Property Management, Other Fees, General and Administrative [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | 0 | 0 | |
Property Management, Other Fees, General and Administrative [Member] | Fees to Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 21,288 | 40,581 | |
Other Operating Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | 280,335 | 87,221 | |
Other Operating Expenses [Member] | General and Administrative Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 384,513 | 434,878 | |
Disposition Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | 0 | 566,625 | |
Disposition Fees [Member] | Sales of Real Estate [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 3,841,050 | 0 | |
Disposition Transaction Costs [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | 0 | 0 | |
Disposition Transaction Costs [Member] | Fees to Affiliates [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 67,464 | 0 | |
Refinancing Fee [Member] | |||
Related Party Transaction [Line Items] | |||
Related Party Transaction, Due from (to) Related Party | 0 | 86,675 | |
Refinancing Fee [Member] | General and Administrative Expense [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 161,250 | 0 | |
Prepaid Insurance [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 314,104 | 62,092 | |
Related Party Transaction, Due from (to) Related Party | (161,879) | (160,942) | |
Construction Management Fees [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 6,145 | 197,879 | |
Related Party Transaction, Due from (to) Related Party | 8,871 | 6,431 | |
Construction Management Reimbursement [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 16,350 | 65,471 | |
Related Party Transaction, Due from (to) Related Party | 168 | 297 | |
Capital Expenditures [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 27,002 | 7,881 | |
Related Party Transaction, Due from (to) Related Party | 0 | 0 | |
Capitalized Costs on Investment in Unconsolidated Joint Venture [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 58,386 | 0 | |
Related Party Transaction, Due from (to) Related Party | 0 | 0 | |
Capitalized Acquisition Expenses [Member] | |||
Related Party Transaction [Line Items] | |||
Related party transaction, expenses from transactions with related party | 9,201 | $ 0 | |
Related Party Transaction, Due from (to) Related Party | $ 0 | $ 0 |
Related Party Arrangements - Na
Related Party Arrangements - Narrative - Acquisition Fees and Expenses (Details) - Steadfast Income Advisor, LLC [Member] - Steadfast Income Advisor, LLC [Member] | 3 Months Ended |
Mar. 31, 2018 | |
Investment Management Fees [Member] | |
Related Party Transaction [Line Items] | |
Investment management fee, percentage | 0.06667% |
Acquisition Fees and Expenses [Member] | |
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 - 66
Related Party Arrangements - Narrative - Property Management Fees and Expenses (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Property Manager [Member] | |
Related Party Transaction [Line Items] | |
Property management, oversight fee, percent | 1.00% |
Steadfast Management Company, Inc. [Member] | Property Management Agreement [Member] | |
Related Party Transaction [Line Items] | |
Property management agreement, notice of termination breach | 30 days |
Steadfast Management Company, Inc. [Member] | Property Manager [Member] | Property Management Agreement [Member] | |
Related Party Transaction [Line Items] | |
Property management agreement, initial term | 1 year |
Property management agreement, notice of termination option | 60 days |
Steadfast Management Company, Inc. [Member] | Minimum [Member] | Property Manager [Member] | Property Management Agreement [Member] | |
Related Party Transaction [Line Items] | |
Property management fee, percent | 2.50% |
Steadfast Management Company, Inc. [Member] | Maximum [Member] | Property Manager [Member] | Property Management Agreement [Member] | |
Related Party Transaction [Line Items] | |
Property management fee, percent | 3.50% |
Related Party Arrangements - 67
Related Party Arrangements - Narrative - Construction Management Fees (Details) - Pacific Coast Land & Construction, Inc. [Member] - Affiliated Entity [Member] - Construction Management Agreement [Member] | 3 Months Ended |
Mar. 31, 2018 | |
Related Party Transaction [Line Items] | |
Construction management agreement, termination notification period | 30 days |
Minimum [Member] | |
Related Party Transaction [Line Items] | |
Construction management fee, percent | 8.00% |
Maximum [Member] | |
Related Party Transaction [Line Items] | |
Construction management fee, percent | 12.00% |
Related Party Arrangements - 68
Related Party Arrangements - Narrative - Other Operating Expense Reimbursements (Details) - Steadfast Income Advisor, LLC [Member] | 3 Months Ended |
Mar. 31, 2018quarter | |
Steadfast Income Advisor, LLC [Member] | Other Operating Expense Reimbursement [Member] | |
Related Party Transaction [Line Items] | |
Operating expenses limited, number of quarters | 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 |
General and Administrative Expense [Member] | Advisor and its Affiliates [Member] | Refinancing Fee [Member] | |
Related Party Transaction [Line Items] | |
Refinancing fee, percentage of refinancing amount | 0.50% |
Related Party Arrangements - 69
Related Party Arrangements - Narrative - Disposition Fee (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | ||
Share price (in dollars per share) | $ 10.84 | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees [Member] | ||
Related Party Transaction [Line Items] | ||
Disposition fee, percent of sales price | 1.50% | |
Disposition fee, maximum brokerage commission paid threshold, percent | 50.00% | |
Disposition fee, maximum, percentage of sales price | 3.00% | |
Acquisition fees and expenses, maximum, percentage of contract purchase price | 6.00% | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [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% | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees Range 1 [Member] | ||
Related Party Transaction [Line Items] | ||
Disposition fee, percent of sales price | 0.50% | |
Share price (in dollars per share) | $ 9 | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees Range 2 [Member] | ||
Related Party Transaction [Line Items] | ||
Disposition fee, percent of sales price | 0.75% | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees Range 3 [Member] | ||
Related Party Transaction [Line Items] | ||
Disposition fee, percent of sales price | 1.00% | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees Range 4 [Member] | ||
Related Party Transaction [Line Items] | ||
Disposition fee, percent of sales price | 1.25% | |
Steadfast Income Advisor, LLC [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees Range 5 [Member] | ||
Related Party Transaction [Line Items] | ||
Disposition fee, percent of sales price | 1.50% | |
Share price (in dollars per share) | $ 12.01 | |
Steadfast Income Advisor, LLC [Member] | Minimum [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees Range 2 [Member] | ||
Related Party Transaction [Line Items] | ||
Share price (in dollars per share) | 9.01 | |
Steadfast Income Advisor, LLC [Member] | Minimum [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees Range 3 [Member] | ||
Related Party Transaction [Line Items] | ||
Share price (in dollars per share) | 10.25 | |
Steadfast Income Advisor, LLC [Member] | Minimum [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees Range 4 [Member] | ||
Related Party Transaction [Line Items] | ||
Share price (in dollars per share) | 11.25 | |
Steadfast Income Advisor, LLC [Member] | Maximum [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees Range 2 [Member] | ||
Related Party Transaction [Line Items] | ||
Share price (in dollars per share) | 10.24 | |
Steadfast Income Advisor, LLC [Member] | Maximum [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees Range 3 [Member] | ||
Related Party Transaction [Line Items] | ||
Share price (in dollars per share) | 11.24 | |
Steadfast Income Advisor, LLC [Member] | Maximum [Member] | Steadfast Income Advisor, LLC [Member] | Disposition Fees Range 4 [Member] | ||
Related Party Transaction [Line Items] | ||
Share price (in dollars per share) | $ 12 |
Related Party Arrangements - 70
Related Party Arrangements - Narrative - Restricted Stock Agreement (Details) | Dec. 31, 2017$ / shares |
Related Party Transaction [Line Items] | |
Share price (in dollars per share) | $ 10.84 |
Related Party Arrangements Rela
Related Party Arrangements Related Party Arrangements - Narrative - Contribution, Settlement and Release Agreements (Details) - Company Subsidiaries and Property Manager [Member] - Texas Water Code [Member] | 12 Months Ended |
Dec. 31, 2017USD ($)lawsuit | |
Loss Contingencies [Line Items] | |
Number of class action lawsuits | lawsuit | 2 |
Litigation settlement amount | $ | $ 378,405 |
Incentive Award Plan and Inde72
Incentive Award Plan and Independent Director Compensation - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Jul. 09, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based compensation | $ 17,295 | $ 15,030 | |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted shares (in shares) | 0 | 7,500 | |
Independent Directors Compensation Plan [Member] | Director [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted stock vesting percentage | 25.00% | ||
Restricted common stock, award vesting period | 3 years | ||
Initial Election [Member] | Independent Directors Compensation Plan [Member] | Director [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted shares (in shares) | 5,000 | ||
Re-Election [Member] | Director [Member] | Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Granted shares (in shares) | 2,500 | ||
Private Offering [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Proceeds from issuance of common stock | $ 2,000,000 | $ 5,844,325 |
Derivative Financial Instrume73
Derivative Financial Instruments - Schedule of Interest Rate Derivative Instruments (Details) - Cash Flow Hedging [Member] - Not Designated as Hedging Instrument [Member] - Interest Rate Cap [Member] | Mar. 31, 2018USD ($)instrument | Dec. 31, 2017USD ($)instrument |
Derivative [Line Items] | ||
Number of Instruments | instrument | 16 | 18 |
Notional Amount | $ 372,771,000 | $ 458,655,000 |
Weighted Average Rate Cap | 2.87% | 2.89% |
Interest rate derivative assets, fair value | $ 178,906 | $ 51,646 |
LIBOR [Member] | ||
Derivative [Line Items] | ||
Variable Rate | 1.88% | 1.56% |
Derivative Financial Instrume74
Derivative Financial Instruments - Narrative (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Derivative [Line Items] | |||
Unrealized loss on derivatives | $ 127,260 | $ (319,953) | |
Interest Rate Cap [Member] | |||
Derivative [Line Items] | |||
Unrealized loss on derivatives | 127,260 | (319,953) | |
Interest rate cap agreements acquired during the period | 0 | 0 | |
Interest Rate Cap [Member] | Deferred Financing Costs and Other Assets, Net [Member] | |||
Derivative [Line Items] | |||
Interest rate derivative assets, fair value | 178,906 | $ 51,646 | |
Interest Expense [Member] | Interest Rate Cap [Member] | |||
Derivative [Line Items] | |||
Unrealized loss on derivatives | $ 127,260 | $ (319,953) |
Subsequent Events - Narrative (
Subsequent Events - Narrative (Details) | May 09, 2018$ / shares | May 07, 2018USD ($)ft²apartment | May 02, 2018USD ($)$ / shares | May 01, 2018USD ($)$ / shares | Apr. 16, 2018$ / shares | Apr. 02, 2018USD ($) | Mar. 31, 2018USD ($)$ / sharesshares | Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017$ / shares |
Subsequent Event [Line Items] | |||||||||
Distributions declared per common share (in dollars per share) | $ 0.177 | $ 0.177 | |||||||
Share price (in dollars per share) | $ 10.84 | ||||||||
Share Repurchase Plan [Member] | Common Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock repurchase plan, repurchase price percentage, after primary offering, anniversary year 1 | 93.00% | ||||||||
Redemption of common stock (in shares) | shares | 181,404 | 183,955 | |||||||
Redemption of common stock | $ | $ 2,000,000 | $ 2,000,000 | |||||||
Share price (in dollars per share) | $ 10.84 | ||||||||
Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Distributions declared per common share (in dollars per share) | $ 0.001519 | ||||||||
Share price (in dollars per share) | $ 9.84 | ||||||||
Subsequent Event [Member] | Common Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Common stock, distribution rate, percentage | 6.00% | ||||||||
Share price (in dollars per share) | $ 9.24 | ||||||||
Subsequent Event [Member] | Share Repurchase Plan [Member] | Common Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Stock Repurchase Plan, Repurchase Price Estimate, Fair Value | $ 9.84 | ||||||||
Share price (in dollars per share) | $ 10.24 | $ 9.15 | |||||||
Subsequent Event [Member] | Dividend Paid [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Distributions paid, common stock, including distribution reinvestment plan | $ | $ 75,298,163 | $ 3,801,867 | $ 4,584,450 | ||||||
Distributions declared per common share (in dollars per share) | $ 1 | ||||||||
Subsequent Event [Member] | Dividend Paid [Member] | Share Repurchase Plan [Member] | Common Stock [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Distributions declared per common share (in dollars per share) | $ 1 | $ 1 | |||||||
Double Creek Flats Property [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Payments to acquire business | $ | $ 31,500,000 | ||||||||
Secured loan [Member] | Double Creek Flats Property [Member] | Subsequent Event [Member] | |||||||||
Subsequent Event [Line Items] | |||||||||
Debt Instrument, Face Amount | $ | $ 22,050,000 | ||||||||
Number of Three Story Apartment Buildings Acquired | apartment | 15 | ||||||||
Number of Apartment Homes Acquired | apartment | 240 | ||||||||
Number of Apartment Homes Acquired, One Bedroom | apartment | 90 | ||||||||
Number of Apartment Homes Acquired, Two Bedroom | apartment | 134 | ||||||||
Number of Apartment Homes Acquired, Three Bedroom | apartment | 16 | ||||||||
Number of Apartment Homes Acquired, Three Bedroom, Average Square Feet | ft² | 1,020 |