Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 20, 2017 | Jun. 30, 2016 | |
Document and Entity Information | |||
entity registrant name | PREFERRED APARTMENT COMMUNITIES INC | ||
entity CIK | 1,481,832 | ||
Current fiscal year end date | --12-31 | ||
document type | 10-K | ||
document period end date | Dec. 31, 2016 | ||
document fiscal year focus | 2,016 | ||
entity filer category | Accelerated Filer | ||
document fiscal period focus | FY | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
amendment flag | false | ||
entity common stock, shares outstanding | 27,001,669 | ||
Entity Public Float | $ 338,093,464 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Real estate | ||
Land | $ 299,547,501 | $ 141,729,264 |
Building and improvements | 1,499,129,649 | 733,417,442 |
Tenant Improvements | 37,806,472 | 5,781,199 |
Furniture, fixtures, and equipment | 126,357,742 | 86,092,408 |
Construction in progress | 2,645,634 | 609,400 |
Gross real estate | 1,965,486,998 | 967,629,713 |
Less: accumulated depreciation | (103,814,894) | (48,155,874) |
Net real estate | 1,861,672,104 | 919,473,839 |
Real estate loans | 201,855,604 | 180,688,293 |
Loans and Leases Receivable, Related Parties | 130,905,464 | 57,313,465 |
Total real estate and real estate loan, net | 2,194,433,172 | 1,191,292,678 |
Cash and cash equivalents | 12,321,787 | 2,439,605 |
Restricted cash | 55,392,984 | 12,539,440 |
Financing Receivable, Net | 15,499,699 | 18,489,247 |
Note receivable | 52,015,000 | |
Due from Related Parties, Current | 22,115,976 | 19,454,486 |
Interest Receivable | 21,894,549 | 14,294,648 |
Intangible Assets, Net (Excluding Goodwill) | 79,156,400 | 19,381,473 |
Deferred loan costs, net of amortization of $155,953 and $64,480 | (22,007,641) | (8,099,517) |
Deferred offering costs | 2,677,023 | 5,834,304 |
Other assets | 15,572,233 | 11,314,382 |
Total assets | 2,420,832,602 | 1,295,529,033 |
Liabilities | ||
Long-term Debt, Gross | 1,327,878,112 | 668,836,291 |
Mortgage notes payable | 1,305,870,471 | 660,736,774 |
Accounts payable and accrued expenses | 20,814,910 | 12,644,818 |
Line of Credit Facility, Amount Outstanding | 127,500,000 | 34,500,000 |
Bank Loans | 11,000,000 | 0 |
deferred finance costs on term note | (40,095) | 0 |
Short-term Bank Loans and Notes Payable | 10,959,905 | 0 |
Participating Mortgage Loans, Participation Liabilities, Amount | 20,761,819 | 13,544,160 |
Interest Payable, Current | 3,541,640 | 1,803,389 |
Dividends payable | 10,159,629 | 6,647,507 |
Below Market Lease, Net | 29,774,033 | 9,253,450 |
Security deposits and prepaid rents | 6,189,033 | 2,836,145 |
Deferred income | 1,809,174 | 963,417 |
Total liabilities | 1,535,571,440 | 770,075,243 |
Stockholder's equity | ||
Common Stock, $0.01 par value per share; 400,066,666 shares authorized; 5,179,093 and 5,149,325 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | 264,982 | 227,616 |
Additional paid in capital | 906,737,470 | 536,450,877 |
Accumulated deficit | (23,231,643) | (13,698,520) |
Total stockholders' equity | 883,779,953 | 522,984,803 |
Non-controlling interest | 1,481,209 | 2,468,987 |
Total equity | 885,261,162 | 525,453,790 |
Total liabilities and equity | 2,420,832,602 | 1,295,529,033 |
Series A Preferred Stock [Member] | ||
Stockholder's equity | ||
Series A Redeemable Preferred Stock, $0.01 par value per share; 150,000 shares authorized; 12,178 and 0 shares issued and outstanding at September 30, 2012 and December 31, 2011, respectively | 9,144 | 4,830 |
Total equity | 9,144 | 4,830 |
Line of Credit [Member] | ||
Real estate | ||
Deferred loan costs, net of amortization of $155,953 and $64,480 | (1,768,779) | (488,770) |
Mortgages [Member] | ||
Liabilities | ||
Mortgage notes payable | $ 1,327,878,112 | $ 696,945,291 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 46,396,254 | $ 27,032,157 |
Allowance for Doubtful Accounts, Premiums and Other Receivables | 663,912 | 434,773 |
Below Market Lease, Accumulated Amortization | $ 3,771,393 | $ 1,578,205 |
Shares outstanding, preferred stock | 914,422 | 482,964 |
Common Stock, par value per share | $ 0.01 | |
Common stock, shares outstanding | 26,498,192 | 22,415,578 |
Series A Preferred Stock [Member] | ||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 3,050,000 | 1,050,000 |
Preferred stock, shares issued | 924,855 | 486,182 |
Shares outstanding, preferred stock | 914,422 | 482,964 |
Common Stock [Member] | ||
Common Stock, par value per share | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 400,066,666 | 400,066,666 |
Common stock, shares issued | 26,498,192 | 22,761,551 |
Common stock, shares outstanding | 26,498,192 | 22,761,551 |
Line of Credit [Member] | ||
Deferred loan costs, accumulated amortization | $ 422,873 | $ 791,002 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
Rental revenues | $ 137,330,774 | $ 69,128,280 | $ 30,762,423 |
Other property revenues | 19,302,548 | 9,495,522 | 3,946,222 |
Interest income on loan and note receivable | 28,840,857 | 23,207,610 | 18,531,899 |
Revenue from Related Parties | 14,644,736 | 7,474,100 | 3,295,826 |
Total revenues | 200,118,915 | 109,305,512 | 56,536,370 |
Operating expenses: | |||
Property operating and maintenance | 19,981,640 | 10,878,872 | 4,887,903 |
property salaries related party | 10,398,711 | 5,885,242 | 2,882,283 |
Property management fees | 5,980,735 | 3,014,801 | 1,347,502 |
Real estate taxes | 21,594,369 | 9,934,412 | 3,587,287 |
General and administrative | 4,557,990 | 2,285,789 | 1,051,849 |
Share-based Compensation | 2,524,042 | 2,362,453 | 1,784,349 |
Depreciation and amortization | 78,139,798 | 38,096,334 | 16,328,715 |
Acquisition costs | 7,607,737 | 4,186,092 | 3,518,540 |
acquisition fees paid to related party | 939,806 | 4,967,671 | 3,714,077 |
Management fees | 13,637,458 | 7,041,226 | 3,546,987 |
Other Expenses | 6,172,972 | 3,568,356 | 1,903,833 |
Total operating expenses | 171,535,258 | 92,221,248 | 44,553,325 |
manager's fees deferred | (1,585,567) | (1,805,478) | (332,345) |
Operating Expenses | 169,949,691 | 90,415,770 | 44,220,980 |
Operating Income (Loss) | 30,169,224 | 18,889,742 | 12,315,390 |
Interest Expense | 44,284,144 | 21,315,731 | 10,188,187 |
Income (Loss) before Gain (Loss) on Sale of Properties | (14,114,920) | (2,425,989) | 2,127,203 |
Gains (Losses) on Sales of Investment Real Estate | 4,271,506 | 0 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (9,843,414) | (2,425,989) | 2,127,203 |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (9,843,414) | (2,425,989) | 2,127,203 |
net loss attributable to non-controlling interests | 310,291 | 25,321 | (33,714) |
Net loss attributable to the Company | (9,533,123) | (2,400,668) | 2,093,489 |
Deemed noncash dividend | 5,072,659 | 0 | 0 |
NetIncomeAllocatedToUnvestedRestrictedShares | (15,843) | (19,256) | (24,090) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (50,629,611) | $ (21,171,858) | $ (5,312,921) |
Earnings Per Share, Basic | $ (2.11) | $ (0.95) | $ (0.31) |
Dividends, Common Stock, Cash | $ 19,940,730 | $ 16,196,324 | |
Common Stock, Dividends, Per Share, Declared | $ 0.8175 | $ 0.7275 | $ 0.655 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 23,969,494 | 22,182,971 | 17,399,147 |
Weighted Average Number of Shares Outstanding, Basic | 23,969,494 | 22,182,971 | 17,399,147 |
Scenario, Actual [Member] | |||
Operating expenses: | |||
Earnings Per Share, Basic | $ (2.11) | $ (0.95) | $ (0.31) |
Weighted Average Number of Shares Outstanding, Diluted | 23,969,494 | 22,182,971 | 17,399,147 |
Series A Preferred Stock [Member] | |||
Operating expenses: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | ||
Dividends to preferred stockholders | $ (41,080,645) | $ (18,751,934) | $ (7,382,320) |
Statements of Operations (Paren
Statements of Operations (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement Parentheticals [Abstract] | |||
property management fees paid to related party | $ 4,978,142 | $ 2,608,364 | $ 1,237,387 |
acquisition fees paid to related party | $ 198,024 | $ 189,115 | $ 173,578 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities: | |||
Net loss attributable to the Company | $ (9,533,123) | $ (2,400,668) | $ 2,093,489 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (9,843,414) | (2,425,989) | 2,127,203 |
Reconciliation of net loss to net cash provided by (used in) operating activities: | |||
Depreciation expense | 56,415,608 | 27,672,387 | 12,258,812 |
Amortization expense | 21,724,190 | 10,423,947 | 4,069,903 |
Amortization of above and below Market Leases | (1,653,016) | (816,509) | (242,893) |
Deferred fee income amortization | (994,809) | (868,615) | (904,144) |
Deferred loan cost amortization | 3,595,429 | 1,474,276 | 887,216 |
deferred interest income | (7,599,901) | (6,256,200) | (4,751,788) |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | 2,524,042 | 2,362,453 | 1,784,349 |
deferred miscellaneous income amortization | 48,126 | (19,743) | (16,205) |
Gain (Loss) on Disposition of Assets | (4,271,506) | 0 | 0 |
Changes in operating assets and liabilities: | |||
(Increase) in tenant accounts receivable | (4,331,216) | (2,341,649) | (1,723,648) |
(Increase) decrease in other assets | 3,112,553 | 4,866,996 | 1,124,078 |
Increase in accounts payable and accrued expenses | 1,789,109 | 616,681 | 673,651 |
(Decrease) increase in accrued interest payable | 818,083 | 362,625 | 120,236 |
Increase (decrease) in prepaid rents | 328,191 | 170,763 | 29,292 |
Net cash provided by (used in) operating activities | 61,661,469 | 35,221,423 | 15,436,062 |
Investing activities: | |||
Investments in real estate loans | (151,027,549) | (114,026,945) | (54,939,135) |
Proceeds from Principal Repayments on Loans and Leases Held-for-investment | 36,672,482 | 18,772,024 | 13,857,393 |
Notes receivable issued | 12,895,101 | 15,350,624 | 6,327,396 |
Deferred acquisition fee on real estate loans | (34,206,553) | (18,634,237) | (14,981,065) |
Deferred real estate loan income | (9,887,486) | (19,339,695) | (11,704,662) |
Acquisition of properties, net | (1,010,111,945) | (420,700,550) | (299,506,416) |
Proceeds from Sale of Real Estate Held-for-investment | 10,606,386 | 0 | 0 |
Additions to real estate assets - improvements | (10,263,736) | (4,239,725) | (2,118,349) |
Proceeds from Sale of Productive Assets | 10,000 | 0 | 4,773 |
Increase (Decrease) in Earnest Money Deposits Outstanding | (839,600) | (660,400) | 0 |
Increase in cash held in escrow and restricted cash | (3,344,721) | (3,920,995) | (492,778) |
AcquisitionFeesRelatedPartyCosts | (1,886,105) | (1,349,273) | (555,583) |
Increase (Decrease) in Accounts and Notes Receivable | 31,096,618 | 12,502,579 | 6,680,951 |
Net cash (used in) investing activities | (1,126,583,594) | (533,510,211) | (356,423,742) |
Financing activities: | |||
Proceeds from mortgage notes payable | 622,394,000 | 256,865,500 | 227,556,000 |
Extinguishment of Debt, Amount | (12,035,587) | (4,175,271) | (13,653,331) |
Payments for mortgage loan costs | (19,130,246) | (4,481,004) | (5,291,302) |
loan balance proceeds from real estate loan participants | 6,432,700 | 4,996,680 | 7,908,835 |
Payments on revolving lines of credit | (377,136,020) | (285,800,000) | (101,323,306) |
Proceeds from Short-term Debt | 46,000,000 | 32,000,000 | 44,250,000 |
Repayments of Short-term Debt | (35,000,000) | (32,000,000) | (44,250,000) |
Proceeds from non-revolving lines of credit | 470,136,020 | 295,800,000 | 96,433,305 |
Proceeds from sales of Units, net of offering costs | 390,904,255 | 262,456,354 | 93,651,581 |
Proceeds from Issuance of Common Stock | 22,956,604 | 5,381,848 | 48,995,741 |
Proceeds from Warrant Exercises | 21,503,490 | 1,998,414 | 0 |
Dividends declared and paid | (18,515,113) | (15,578,760) | (10,501,589) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (38,940,901) | (17,373,097) | (6,913,550) |
Payments for deferred offering costs, net of non cash items | (4,685,367) | (2,300,855) | (1,843,485) |
Proceeds from (Payments to) Noncontrolling Interests | 450,000 | 0 | 0 |
Cash beginning of period | 2,439,605 | 3,113,270 | 9,180,431 |
Cash end of period | 12,321,787 | 2,439,605 | 3,113,270 |
Supplemental cash flow information: | |||
Cash paid for interest | 38,950,463 | 19,154,375 | 8,509,477 |
Noncash Investing and Financing Items [Abstract] | |||
Accrued capital expenditures | 353,401 | 226,892 | 38,740 |
Deemed noncash dividend | 5,072,659 | 0 | 0 |
Dividends payable to non controlling interests | 194,957 | 53,238 | 25,379 |
Payments of Ordinary Dividends, Noncontrolling Interest | (529,528) | (174,686) | (98,380) |
Accrued and payable deferred offering costs | 683,612 | 571,786 | 219,001 |
receivable for deferred offering costs | 1,007,202 | 667,514 | 0 |
writeoff of fully amortized liabilities | (31,555) | (100,573) | 0 |
Reclass of offering costs from deferred asset to equity | 8,748,762 | 3,994,184 | 1,180,651 |
amount of bridge loans converted to mezzanine loans | 0 | 49,188,665 | 24,051,084 |
Loans Assumed | 49,033,530 | 0 | 0 |
Net Cash Provided by (Used in) Financing Activities | 1,074,804,307 | 497,615,123 | 334,920,519 |
Cash and Cash Equivalents, Period Increase (Decrease) | 9,882,182 | (673,665) | (6,067,161) |
non cash mezzanine loan settled | 12,500,000 | 10,000,000 | 0 |
Share-based Compensation | 3,188,263 | 2,321,578 | 1,810,301 |
Noncash settlement of loans | 452,853 | 0 | 0 |
loan fees received | 3,703,514 | 2,761,047 | 1,111,131 |
Common Stock [Member] | |||
Noncash Investing and Financing Items [Abstract] | |||
Dividends payable | 5,740,616 | 4,314,999 | 3,697,436 |
Series A Preferred Stock [Member] | |||
Operating activities: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 0 | ||
Noncash Investing and Financing Items [Abstract] | |||
Dividends payable | 4,419,014 | 2,279,270 | 900,433 |
Parent [Member] | |||
Operating activities: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (9,533,123) | (2,400,668) | 2,093,489 |
westport capital partners [Member] | |||
Investing activities: | |||
AcquisitionFeesRelatedPartyCosts | $ 0 | $ (24,665) | $ (107,398) |
Statements of Equity and Accumu
Statements of Equity and Accumulated Deficit - USD ($) | Total | Series A Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Total Stockholders' Equity [Member] | Noncontrolling Interest [Member] | ClassBUnits [Member] | ClassBUnits [Member]Series A Preferred Stock [Member] | ClassBUnits [Member]Common Stock [Member] | ClassBUnits [Member]Additional Paid-in Capital [Member] | ClassBUnits [Member]Accumulated Deficit [Member] | ClassBUnits [Member]Total Stockholders' Equity [Member] | ClassBUnits [Member]Noncontrolling Interest [Member] |
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 103,892,635 | $ 1,039 | $ 0 | $ 103,891,596 | $ 0 | $ 103,892,635 | $ 0 | |||||||
Noncontrolling Interest, Decrease from Redemptions or Purchase of Interests | (105,141) | (4) | 331 | (105,468) | 0 | (105,141) | 0 | |||||||
Stock Issued During Period, Value, Stock Options Exercised | 50,387,933 | 0 | 59,373 | 50,328,560 | 0 | 50,387,933 | 0 | |||||||
Balance at Dec. 31, 2013 | 166,052,719 | 893 | 152,945 | 177,824,720 | (13,391,341) | 164,587,217 | 1,465,502 | |||||||
restricted stock vesting | 0 | 0 | 293 | (293) | 0 | 0 | 0 | |||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 0 | 1,040 | 565,158 | 0 | 566,198 | (566,198) | |||||||
amortization of Class A Unit awards | $ 1,436,085 | $ 1,436,085 | ||||||||||||
Syndication and offering costs | (13,321,535) | (13,321,535) | (13,321,535) | |||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 348,264 | 0 | 57 | 348,207 | 0 | 348,264 | 0 | |||||||
Balance at Dec. 31, 2014 | 291,581,874 | 1,928 | 214,039 | 300,576,349 | (11,297,852) | 289,494,464 | 2,087,410 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 2,127,203 | 2,093,489 | 2,093,489 | 33,714 | ||||||||||
non-controlling interest equity adjustment | 175,052 | 175,052 | (175,052) | |||||||||||
Payments to Noncontrolling Interests | (106,641) | 0 | 0 | 0 | 0 | 0 | (106,641) | |||||||
Dividends, Preferred Stock | (7,382,320) | 0 | 0 | (7,382,320) | 0 | (7,382,320) | 0 | |||||||
Dividends, Common Stock | (11,747,328) | 0 | 0 | (11,747,328) | 0 | (11,747,328) | 0 | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 292,684,309 | 2,929 | 0 | 292,681,380 | 0 | 292,684,309 | 0 | |||||||
Stock Redeemed or Called During Period, Value | (1,899,044) | (27) | 599 | (1,899,616) | (1,899,044) | |||||||||
Stock Issued During Period, Value, New Issues | 5,493,308 | 0 | 5,479 | 5,487,829 | 0 | 5,493,308 | 0 | |||||||
restricted stock vesting | 0 | 0 | 543 | (543) | 0 | 0 | 0 | |||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 0 | 1,080 | 717,582 | 0 | 718,662 | (718,662) | |||||||
amortization of Class A Unit awards | 1,987,877 | 1,987,877 | ||||||||||||
Syndication and offering costs | (33,363,362) | (33,363,362) | (33,363,362) | |||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 374,576 | 0 | 51 | 374,525 | 0 | 374,576 | 0 | |||||||
Dividends, Common Stock, Cash | (16,196,324) | (16,196,324) | (16,196,324) | |||||||||||
Balance at Dec. 31, 2015 | 525,453,790 | 4,830 | 227,616 | 536,450,877 | (13,698,520) | 522,984,803 | 2,468,987 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,425,989) | (2,400,668) | (2,400,668) | (25,321) | ||||||||||
non-controlling interest equity adjustment | 659,772 | 659,772 | (659,772) | |||||||||||
Payments to Noncontrolling Interests | (202,545) | 0 | 0 | 0 | 0 | 0 | (202,545) | |||||||
Dividends, Preferred Stock | (18,751,934) | 0 | 0 | (18,751,934) | 0 | (18,751,934) | 0 | |||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 438,113,630 | 4,387 | 438,109,243 | 438,113,630 | ||||||||||
Stock Redeemed or Called During Period, Value | (3,757,328) | (73) | 2,090 | (3,759,345) | (3,757,328) | |||||||||
Stock Issued During Period, Value, New Issues | 23,366,043 | 16,954 | 23,349,089 | 23,366,043 | ||||||||||
exercise of warrants | 18,167,609 | 0 | 16,977 | 18,150,632 | 0 | 18,167,609 | 0 | |||||||
restricted stock vesting | 0 | 0 | 306 | (306) | 0 | 0 | 0 | |||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 0 | 956 | 647,642 | 0 | 648,598 | (648,598) | |||||||
amortization of Class A Unit awards | 2,060,066 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | 2,060,066 | |||||||
Syndication and offering costs | (52,620,248) | 0 | 0 | (52,620,248) | 0 | (52,620,248) | 0 | |||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 490,980 | 0 | 83 | 490,897 | 0 | 490,980 | 0 | |||||||
Dividends, Common Stock, Cash | (19,940,730) | (19,940,730) | (19,940,730) | |||||||||||
Balance at Dec. 31, 2016 | 885,261,162 | 9,144 | 264,982 | 906,737,470 | (23,231,643) | 883,779,953 | 1,481,209 | |||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (9,843,414) | 0 | 0 | 0 | (9,533,123) | (9,533,123) | (310,291) | |||||||
Stock Issued During Period, Value, Acquisitions | 5,072,659 | 0 | 0 | 0 | 0 | 0 | 5,072,659 | |||||||
Payments to Acquire Interest in Joint Venture | $ 450,000 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 450,000 | |||||||
non-controlling interest equity adjustment | 0 | 0 | 0 | 6,940,364 | 0 | 6,940,364 | (6,940,364) | |||||||
Payments to Noncontrolling Interests | (671,250) | 0 | 0 | 0 | 0 | 0 | (671,250) | |||||||
Dividends, Preferred Stock | $ (41,080,645) | $ 0 | $ 0 | $ (41,080,645) | $ 0 | $ (41,080,645) | $ 0 |
Statements of Equity and Accum8
Statements of Equity and Accumulated Deficit Parenthetical - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock, Dividends, Per Share, Declared | $ 0.8175 | $ 0.7275 | $ 0.655 |
Series A Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | $ 5 | $ 5 | $ 5 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | Organization and Basis of Presentation Preferred Apartment Communities, Inc. was formed as a Maryland corporation on September 18, 2009, and elected to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended, or the Code, effective with its tax year ended December 31, 2011. Unless the context otherwise requires, references to the "Company", "we", "us", or "our" refer to Preferred Apartment Communities, Inc., together with its consolidated subsidiaries, including Preferred Apartment Communities Operating Partnership, L.P., or the Operating Partnership. The Company was formed primarily to acquire and operate multifamily properties in select targeted markets throughout the United States. As part of its business strategy, the Company may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities and other properties. As a secondary strategy, the Company also may acquire or originate senior mortgage loans, subordinate loans or mezzanine debt secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of its assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, or membership or partnership interests in other income-producing property types as determined by its Manager (as defined below) as appropriate for the Company. The Company is externally managed and advised by Preferred Apartment Advisors, LLC, or its Manager, a Delaware limited liability company and related party (see Note 6). As of December 31, 2016 , the Company had 26,498,192 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 96.8% owner of the Operating Partnership at that date. The number of partnership units not owned by the Company totaled 886,168 at December 31, 2016 and represented Class A OP Units of the Operating Partnership, or Class A OP Units. The Class A OP Units are convertible at any time at the option of the holder into the Operating Partnership's choice of either cash or Common Stock. In the case of cash, the value is determined based upon the trailing 20 -day volume weighted average price of the Company's Common Stock. The Company controls the Operating Partnership through its sole general partner interest and conducts substantially all of its business through the Operating Partnership. The Company has determined the Operating Partnership is a variable interest entity, or VIE, of which the Company is the primary beneficiary. New Market Properties, LLC owns and conducts the business of our grocery-anchored shopping centers. Preferred Office Properties owns and conducts the business of our portfolio of office buildings. Preferred Campus Communities was formed to acquire off-campus student housing communities. Each of these entities are wholly-owned subsidiaries of the Operating Partnership. Basis of Presentation These consolidated financial statements include all of the accounts of the Company and the Operating Partnership presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. All significant intercompany transactions have been eliminated in consolidation. Certain adjustments have been made consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair presentation of the Company's financial condition and results of operations. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Summary of Significant Accounting Policies Acquisitions and Impairments of Real Estate Assets The Company generally records its initial investments in income-producing real estate at fair value at the acquisition date in accordance with ASC 805-10, Business Combinations . The aggregate purchase price of acquired properties is apportioned to the tangible and identifiable intangible assets and liabilities acquired at their estimated fair values. The value of acquired land, buildings and improvements is estimated by formal appraisals, observed comparable sales transactions, and information gathered during pre-acquisition due diligence activities and the valuation approach considers the value of the property as if it were vacant. The values of furniture, fixtures, and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives. Intangible assets and liabilities for multifamily communities and office buildings include the values of in-place leases and above-market or below-market leases. Additional intangible assets for retail properties also include costs to initiate leases such as commissions and legal costs. In-place lease values for multifamily communities are estimated by calculating the estimated time to fill a hypothetically empty apartment complex to its stabilization level (estimated to be 92% occupancy) based on historical observed move-in rates for each property, and which approximate market rates. Carrying costs during these hypothetical expected lease-up periods are estimated, considering current market conditions and include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates. The intangible assets are calculated by estimating the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The acquired in-place lease values are amortized to operating expense over the average remaining non-cancelable term of the respective in-place leases. The amounts of above-market or below-market lease values are developed by comparing the Company's estimate of the average market rent to the average contract rent of the leases in place at the property acquisition date. This ratio is applied on a lease by lease basis to derive a total asset or liability amount for the property. The above-market or below-market lease values are recorded as a reduction or increase, respectively, to rental revenue over the remaining average non-cancelable term of the respective leases, plus any below market probable renewal options. The fair values of in-place leases for retail shopping centers and office buildings represent the value of direct costs associated with leasing, including opportunity costs associated with lost rentals that are avoided by acquiring in-place leases. Direct costs associated with obtaining a new tenant include commissions, legal and marketing costs, incentives such as tenant improvement allowances and other direct costs. Such direct costs are estimated based on our consideration of current market costs to execute a similar lease. The value of opportunity costs is estimated using the estimated market lease rates and the estimated absorption period of the space. These direct costs and opportunity costs are included in the accompanying consolidated balance sheets as acquired intangible assets and are amortized to expense over the remaining term of the respective leases. The fair values of above-market and below-market in-place leases for retail shopping centers and office buildings are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market leases and in place leases are included in the acquired intangible assets line of the consolidated balance sheets. Both above-market and below-market lease values are amortized as adjustments to rental revenue over the remaining term of the respective leases for office buildings. The amortization period for retail shopping center leases is the remaining lease term plus any below market probable renewal options. Estimating the fair values of the tangible and intangible assets requires us to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount and capitalization rates, market absorption periods, and the number of years the property is held for investment. The use of inappropriate estimates would result in an incorrect assessment of our purchase price allocations, which would impact the amount of our reported net income. Acquired intangible assets and liabilities have no residual value. The Company evaluates its tangible and identifiable intangible real estate assets for impairment when events such as declines in a property’s operating performance, deteriorating market conditions, or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. The total undiscounted cash flows of the asset group, including proceeds from disposition, are compared to the net book value of the asset group. If this test indicates that impairment exists, an impairment loss is recorded in earnings equal to the shortage of the book value to fair value, calculated as the discounted net cash flows of the asset group. Deferred Leasing Costs Costs incurred to obtain tenant leases are amortized using the straight-line method over the term of the related lease agreement. Such costs include lease incentives, leasing commissions and legal costs. If the lease is terminated early, the remaining unamortized deferred leasing cost is written off. Real Estate Loans and Notes Receivable The Company carries its investments in real estate loans at amortized cost with assessments made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result of the loan is lower than the carrying amount of the loan, a valuation allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. Recoveries of valuation allowances are only recognized in the event of maturity or a sale or disposition in an amount above carrying value. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of deferred loan fee revenue. These loan balances are presented in the asset section of the consolidated balance sheets inclusive of loan balances from third party participant lenders, with the participant amount presented within the liabilities section. See the "Revenue Recognition" section of this Note for other loan-related policy disclosures required by ASC 310-10-50-6. Certain loans have historically contained contingent exit fees, which are deemed to be embedded derivatives. The Company elects the fair value option for these loans and recognizes in earnings any material changes in fair value. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash includes cash restricted by state law or contractual requirement and relates primarily to real estate tax and insurance escrows, capital improvement reserves and resident security deposits. Fair Value Measurements Certain assets and liabilities are required to be carried at fair value, or if they are deemed impaired, to be adjusted to reflect this condition. The Company follows the guidance provided by ASC 820, Fair Value Measurements and Disclosures , in accounting and reporting for real estate assets where appropriate, as well as debt instruments both held for investment and as liabilities. The standard requires disclosure of fair values calculated utilizing each of the following input type within the following hierarchy: • Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Deferred Loan Costs Deferred loan costs are amortized using the straight-line method, which approximates the effective interest rate method, over the terms of the related indebtedness. Non-controlling Interest Non-controlling interest represents the equity interest of the Operating Partnership that is not owned by the Company. Non-controlling interest is adjusted for contributions, distributions and earnings or loss attributable to the non-controlling interest in the consolidated entity in accordance with the Agreement of Limited Partnership of the Operating Partnership, as amended. Redeemable Preferred Stock Shares of the Series A Redeemable Preferred Stock, stated value $1,000 per share, or Preferred Stock, are redeemable at the option of the holder, subject to a declining redemption fee schedule. Redemptions are therefore outside the control of the Company. However, the Company retains the right to fund any redemptions of Preferred Stock in either Common Stock or cash at its option. Therefore, the Company records the Preferred Stock as a component of permanent stockholders’ equity. Deferred Offering Costs Deferred offering costs represent direct costs incurred by the Company related to current equity offerings, excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For issuances of equity that occur on one specific date, associated offering costs are reclassified as a reduction of proceeds raised on the date of issue. Our ongoing offering of up to a maximum of 900,000 units, consisting of one share of Series A Redeemable Preferred Stock, or Preferred Stock, and one warrant, or Warrant, to purchase 20 shares of Common Stock, or Units, generally closes on a bimonthly basis in variable amounts. Such offering is referred to herein as the Follow-on Offering, pursuant to our registration statement on Form S-3 (registration number 333-183355), as may be amended from time to time. Deferred offering costs related to the Follow-on Offering and Shelf Offering (as defined in Note 5) are reclassified to the stockholders’ equity section of the consolidated balance sheet as a reduction of proceeds raised on a pro-rata basis equal to the ratio of total Units or value of shares issued to the maximum number of Units, or the value of shares, as applicable, that are expected to be issued. See note 18. Revenue Recognition Real Estate Rental revenue is recognized when earned from residents of the Company's multifamily communities, which is over the terms of rental agreements, typically of 13 months’ duration. The Company evaluates the collectability of amounts due from residents and maintains an allowance for doubtful accounts for estimated losses resulting from the inability of residents to make required payments then due under lease agreements. The balance of amounts due from residents are generally deemed uncollectible 30 days beyond the due date, at which point they are fully reserved. Rental revenue from tenants' operating leases in the Company's retail shopping centers is recognized on a straight-line basis over the term of the lease regardless of when payments are due. Revenue based on "percentage rent" provisions that provide for additional rents that become due upon achievement of specified sales revenue targets (as specified in each lease agreement) is recognized only after the tenant exceeds its specified sales revenue target. Revenue from reimbursements of the tenants' share of real estate taxes, insurance and common area maintenance, or CAM, costs are recognized in the period in which the related expenses are incurred. Lease termination revenues are recognized ratably over the revised remaining lease term after giving effect to the termination notice or when tenant vacates and the Company has no further obligations under the lease. Rents and tenant reimbursements collected in advance are recorded as prepaid rent within other liabilities in the accompanying consolidated balance sheets. The Company estimates the collectability of the tenant receivable related to rental and reimbursement billings due from tenants and straight-line rent receivables, which represent the cumulative amount of future adjustments necessary to present rental revenue on a straight-line basis, by taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms . The Company may provide retail tenants an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of minimum rent. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. The PAC Rewards program allows residents in the Company's multifamily communities to accumulate reward points on a monthly basis for actions such as resident referrals and making rent payments online. Once a property has been enrolled in the program, a resident must rent an apartment from the Company for at least 14 months before reward points may be redeemed for services or upgrades to a resident’s unit. The Company accrues a liability for the estimated cost of these future point redemptions, net of a 35% breakage fee, which is the Company’s current estimate of rewards points that will not be redeemed. In accordance with Staff Accounting Bulletin 13.A.3c, the Company deems its obligations under PAC Rewards as inconsequential to the delivery of services according to the lease terms. Therefore, the expense related to the PAC Rewards Program is included in property operating and maintenance expense on the consolidated statements of operations. Real Estate Loans Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes using the effective interest rate method. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue over the term of the new loan. Direct loan origination fees applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income. The accrual of interest on all these instruments ceases when there is concern as to the ultimate collection of principal or interest, which is generally a delinquency of 30 days in required payments of interest or principal. Any payments received on such non-accrual loans are recorded as interest income when the payments are received. Real estate loan assets are reclassified as accrual-basis once interest and principal payments become current. Certain real estate loan assets include limited purchase options and either exit fees or additional amounts of accrued interest. Exit fees or accrued interest due will be treated as additional consideration for the acquired project if the Company purchases the subject property. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with guidance provided by ASC 505-50, Equity-Based Payments to Non-Employees and ASC 718, Stock Compensation . We calculate the fair value of Class B Unit grants at the date of grant utilizing a Monte Carlo simulation model based upon estimates of their expected term, the expected volatility of and dividend yield on our Common Stock over this expected term period and the market risk-free rate of return. The compensation expense is accrued on a straight-line basis over the vesting period(s). We record the fair value of restricted stock awards based upon the closing stock price on the trading day immediately preceding the date of grant. Acquisition Costs Through December 31, 2016, the Company expensed property acquisition costs as incurred, which include costs such as due diligence, legal, certain accounting, environmental and consulting, when the acquisition constituted a business combination. As described below in the section entitled New Accounting Pronouncements, Accounting Standards Update 2017-01 was adopted by the Company effective January 1, 2017, which will cause the Company to capitalize certain of these costs for transactions deemed to be asset acquisitions. Capitalization and Depreciation The Company capitalizes tenant improvements, replacements of furniture, fixtures and equipment, as well as carpet, appliances, air conditioning units, certain common area items and other assets. Significant repair and renovation costs that improve the usefulness or extend the useful life of the properties are also capitalized. These assets are then depreciated on a straight-line basis over their estimated useful lives, as follows: • Buildings: 30 - 50 years • Furniture, fixtures & equipment: 5 - 10 years • Improvements to buildings and land: 5 - 20 years • Tenant improvements: shorter of economic life or lease term Operating expenses related to unit turnover costs, such as carpet cleaning, mini-blind replacements and minor repairs are expensed as incurred. Income Taxes The Company has elected to be taxed as a REIT under the Code. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes 100% of the Company's annual REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company's net income and net cash available for distribution to stockholders. The Company intends to operate in such a manner as to maintain its election for treatment as a REIT. The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income or loss available to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Net income or loss attributable to common stockholders is calculated by deducting dividends due to preferred stockholders, including deemed non-cash dividends emanating from beneficial conversion features within convertible preferred stock, as well as nonforfeitable dividends due to holders of unvested restricted stock, which are participating securities under the two-class method of calculating earnings per share. Diluted earnings (loss) per share is computed by dividing net income or net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the effect of dilutive securities such as share grants or warrants. No adjustment is made for potential common stock equivalents that are anti-dilutive during the period. New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017 and may be applied using either a full retrospective or a modified approach upon adoption. The Company is currently evaluating the pending guidance but does not believe the adoption of ASU 2014-09 will have a material impact on its results of operations or financial condition, primarily because most of its revenue is rental operations, to which this standard is not applicable. The Company does provide significant non-rental services to its residents and tenants related to ancillary services and common area reimbursements. The Company does not believe that the adoption of ASU 2014-09 will materially impact the accounting for these revenues; however, we are continuing to evaluate the impact. In August 2014, the FASB issued Accounting Standards Update 2014-15 (“ASU 2014-15”), Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This new guidance requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter and early adoption is permitted. The Company's adoption of this guidance on December 31, 2016 did not have an impact to the consolidated financial statements or material impact on its disclosures. In January 2016, the FASB issued Accounting Standards Update 2016-01 ("ASU 2016-01"), Financial Instruments—Overall (Subtopic 825-10): Recognition and measurement of Financial Assets and Liabilities. The new standard's applicable provisions to the Company include an elimination of the disclosure requirement of the significant inputs and assumptions underlying the fair value calculations of its financial instruments which are carried at amortized cost. The standard is effective on January 1, 2018, and early adoption is not permitted for the applicable provision. The adoption of ASU 2016-01 will not impact the Company's results of operations or financial condition. In February 2016, the FASB issued Accounting Standards Update 2016-02 ("ASU 2016-02"), Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the pending guidance but does not believe the adoption of ASU 2016-02 will have a material impact on its results of operations or financial condition, since the Company does not have a material amount of lease expense. In March 2016, the FASB issued Accounting Standards Update 2016-09 ("ASU 2016-09"), Compensation—Stock Compensation (Topic 178): Improvements to Employee Share-Based Payment Accounting. The new standard's provisions applicable to the Company include allowing the entity to make an accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures of equity compensation awards when they occur. Previous guidance required entities to estimate the number of awards that are expected to vest. The standard is effective on January 1, 2017, and the Company adopted ASU 2016-09 on January 1, 2016 pursuant to the allowed early adoption provision. The Company has concluded the adoption of ASU 2016-09 will not have a material impact on its results of operations or financial condition as its historical forfeiture rates for equity compensation awards have been immaterial. In June 2016, the FASB issued Accounting Standards Update 2016-13 ("ASU 2016-13"), Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard requires financial instruments carried at amortized cost to be presented at the net amount expected to be collected, utilizing a valuation account which reflects the cumulative net adjustments from the gross amortized cost value. Under existing GAAP, entities would not record a valuation allowance until a loss was probable of occurring. The standard is effective for the Company on January 1, 2020. The Company is currently evaluating methods of deriving initial valuation accounts to be applied to its real estate loan portfolio. The Company is continuing to evaluate the pending guidance but does not believe the adoption of ASU 2016-13 will have a material impact on its results of operations or financial condition, since the Company has not yet experienced a credit loss related to any of its financial instruments. In August 2016, the FASB issued Accounting Standards Update 2016-15 ("ASU 2016-15"), Statement of Cash Flows—(Topic 326): Classification of Certain Cash Receipts and Cash Payments. The new standard clarifies or establishes guidance for the presentation of various cash transactions on the statement of cash flows. The portion of the guidance applicable to the Company's business activities include the requirement that cash payments for debt prepayment or debt extinguishment costs be presented as cash out flows for financing activities. The standard is effective for the Company on January 1, 2018. The adoption of ASU 2016-15 will not impact the Company’s consolidated financial statements, since its current policy is to classify such costs as cash out flows for financing activities. In November 2016, the FASB issued Accounting Standards Update 2016-18 ("ASU 2016-18"), Statement of Cash Flows—(Topic 230): Restricted Cash, which requires restricted cash to be presented with cash and cash equivalents when reconciling the beginning and ending amounts in the statements of cash flows. ASU 2016-18 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The Company plans to adopt ASU 2016-18 on January 1, 2018. The Company currently reports changes in restricted cash within the investing activities section of its consolidated statements of cash flows. The Company is continuing to evaluate the impact of the adoption of ASU 2016-18 on its results of operations and financial condition. In January 2017, the FASB issued Accounting Standards Update 2017-01 ("ASU 2017-01"), Business Combinations - (Topic 805) : Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. We adopted ASU 2017-01 as of January 1, 2017. We believe our future acquisitions of multifamily communities, office buildings, grocery-anchored shopping centers, and student housing communities will generally qualify as asset acquisitions. Pursuant to ASU 2017-01, certain qualifying acquisition costs will be capitalized and amortized rather than expensed as incurred. The Company expects improvements, which may be material, to its net income available to common stockholders, as well as Funds From Operations ("FFO") resulting from adoption of ASU 2017-01, versus such results under previously effective guidance. |
Real Estate Assets (Notes)
Real Estate Assets (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Real Estate Assets [Abstract] | |
Business Combination Disclosure | Real Estate Assets The Company's real estate assets consisted of: As of December 31, 2016 2015 Multifamily communities (1) 25 19 Units 8,268 6,136 Retail shopping centers 31 14 Approximate gross leasable area (2) 3,295,491 1,279,000 Office buildings 3 — Rentable square feet 1,096,834 — (1) The acquired second phases of the Summit Crossing community is managed in combination with the initial phase and so together are considered a single property, as are the three assets that comprise the Lenox Portfolio. Includes one student housing community as of December 31, 2016. (2) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and not included in the totals above. Multifamily communities acquired During the years ended December 31, 2016 and 2015 , the Company completed the acquisition of the following multifamily communities: Acquisition date Property Location Approximate purchase price (millions) (1) Units 1/5/16 Baldwin Park Orlando, Florida $ 110.8 528 1/15/16 Crosstown Walk Tampa, Florida $ 45.8 342 2/1/16 Overton Rise Atlanta, Georgia $ 61.1 294 5/31/16 Avalon Park Orlando, Florida $ 92.5 487 6/1/16 North by Northwest (2) Tallahassee, Florida $ 46.1 219 7/1/16 City Vista Pittsburgh, Pennsylvania (3) 272 8/24/16 Sorrel Jacksonville, Florida $ 48.1 290 2,432 12/21/2015 Lenox Portfolio Nashville, Tennessee $ 77.6 474 11/12/2015 Stone Creek Houston, Texas $ 25.8 246 9/3/2015 Citi Lakes Orlando, Florida $ 63.4 346 7/31/2015 Avenues at Creekside San Antonio, Texas $ 56.2 395 6/30/2015 CityPark View Charlotte, North Carolina $ 32.7 284 6/24/2015 Aster at Lely Naples, Florida $ 52.5 308 5/21/2015 Venue at Lakewood Ranch Sarasota, Florida $ 47.4 237 2/13/2015 Houston Portfolio (4) Houston, Texas $ 76.0 520 2,810 (1) Purchase prices shown are exclusive of acquired escrows, security deposits, prepaids, and other miscellaneous assets and assumed liabilities. (2) A 679 -bed student housing community located adjacent to the campus of Florida State University in Tallahassee, Florida. (3) The Company converted $12,500,000 of its City Vista real estate loan into an approximate 96% ownership interest in a joint venture which owns the underlying property. (4) Avenues at Cypress and Avenues at Northpointe are referred to collectively as the Houston Portfolio. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but are preliminary and are subject to refinement for a period of up to one year from the closing of the acquisitions. 2016 Multifamily Communities acquired Baldwin Park Crosstown Walk Overton Rise Avalon Park North by Northwest (2) City Vista Sorrel Land 17,402,882 $ 5,178,375 $ 8,511,370 $ 7,410,048 $ 8,281,054 $ 4,081,683 $ 4,412,164 Buildings and improvements 87,105,757 33,605,831 44,710,034 80,558,636 34,355,922 36,084,007 35,512,257 Furniture, fixtures and equipment 3,358,589 5,726,583 6,286,105 1,790,256 2,623,916 5,402,228 6,705,040 Lease intangibles 2,882,772 1,323,511 1,611,314 2,741,060 799,109 2,100,866 1,495,539 Prepaids & other assets 229,972 125,706 73,754 99,297 79,626 167,797 — Escrows 2,555,753 291,868 354,640 3,477,157 1,026,419 599,983 623,791 Accrued taxes (17,421 ) (25,983 ) (66,422 ) (394,731 ) (321,437 ) (245,326 ) (437,510 ) Security deposits, prepaid rents, and other liabilities (226,160 ) (53,861 ) (90,213 ) (207,623 ) (159,462 ) (141,238 ) (68,828 ) Net assets acquired $ 113,292,144 $ 46,172,030 $ 61,390,582 $ 95,474,100 $ 46,685,147 $ 48,050,000 $ 48,242,453 Cash paid $ 35,492,144 $ 13,632,030 $ 20,090,582 $ 30,474,100 $ 12,831,872 $ — $ 14,642,453 Real estate loan settled — — — — — 12,500,000 — Contribution by joint venture partner — — — — — (450,000 ) — Mortgage debt (1) 77,800,000 32,540,000 41,300,000 65,000,000 33,853,275 36,000,000 33,600,000 Total consideration $ 113,292,144 $ 46,172,030 $ 61,390,582 $ 95,474,100 $ 46,685,147 $ 48,050,000 $ 48,242,453 Twelve months ended December 31, 2016: Revenue $ 9,349,000 $ 4,886,000 $ 4,968,000 $ 4,684,000 $ 3,389,000 $ 2,341,000 $ 1,670,000 Net income (loss) $ (4,883,000 ) $ (1,614,000 ) $ (1,894,000 ) $ (2,891,000 ) $ (1,041,000 ) $ (1,689,000 ) $ (854,000 ) Cumulative acquisition costs incurred by the Company $ 1,847,000 $ 319,000 $ 115,000 $ 1,315,000 $ 378,000 $ 41,000 $ 536,000 Remaining amortization period of intangible assets and liabilities (months) 0.0 0.0 0.0 4.5 0.0 3.5 7.5 2015 Multifamily Communities acquired Lenox Portfolio Stone Creek Citi Lakes Avenues at Creekside CityPark View Aster at Lely Venue at Lakewood Ranch Houston Portfolio Land $ 7,877,823 $ 2,210,630 $ 5,558,033 $ 5,983,724 $ 3,558,793 $ 7,675,409 $ 3,791,050 $ 7,162,226 Buildings and improvements 61,262,221 20,711,950 49,416,492 42,050,104 23,797,764 37,661,901 37,574,391 54,217,075 Furniture, fixtures and equipment 6,281,010 2,203,724 7,411,367 6,939,014 4,562,148 6,132,384 5,375,690 13,078,872 Lease intangibles 2,193,946 623,696 964,108 1,227,158 737,790 1,030,306 669,369 1,571,827 Prepaids & other assets 171,814 75,074 40,032 89,582 99,124 106,717 80,201 150,326 Escrows 739,340 844,515 280,863 1,058,468 211,428 — 401,294 362,332 Accrued taxes (564,841 ) (375,842 ) (187,792 ) (440,660 ) (105,756 ) (23,413 ) (216,252 ) (212,601 ) Security deposits, prepaid rents, and other liabilities (260,403 ) (37,331 ) (80,629 ) (218,438 ) (40,152 ) (64,689 ) (35,157 ) (99,181 ) Net assets acquired $ 77,700,910 $ 26,256,416 $ 63,402,474 $ 56,688,952 $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 Cash paid $ 27,896,449 $ 9,439,483 $ 18,952,474 $ 15,063,952 $ 10,000,000 $ 18,518,615 $ 16,830,586 $ 25,452,876 Mortgage debt (1) 49,804,461 16,816,933 44,450,000 41,625,000 22,100,000 34,000,000 30,810,000 50,778,000 Total consideration $ 77,700,910 $ 26,256,416 $ 63,402,474 $ 56,688,952 $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 Twelve months ended December 31, 2016: Revenue $ 7,782,000 $ 3,389,000 $ 5,491,000 $ 5,574,000 $ 3,734,000 $ 5,261,000 $ 4,665,000 $ 8,733,000 Net income (loss) $ (2,307,000 ) $ (946,000 ) $ (1,429,000 ) $ (400,000 ) $ 38,000 $ (165,000 ) $ 17,000 $ (1,124,000 ) Twelve months ended December 31, 2015: Revenue $ 194,000 $ 442,000 $ 1,685,000 $ 2,511,000 $ 1,856,000 $ 2,556,000 $ 2,641,000 $ 7,392,000 Net income (loss) $ (81,000 ) $ (116,000 ) $ (511,000 ) $ (1,095,000 ) $ (818,000 ) $ (1,279,000 ) $ (766,000 ) $ (2,588,000 ) Cumulative acquisition costs incurred by the Company $ 1,550,000 $ 727,000 $ 1,620,000 $ 852,000 $ 276,000 $ 438,000 $ 889,000 $ 1,142,000 Remaining amortization period of intangible assets and liabilities (months) 23.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Grocery-anchored shopping centers acquired During the years ended December 31, 2016 and 2015, the Company completed the acquisition of the following grocery-anchored shopping centers: Acquisition date Property Location Approximate purchase price (millions) (2) Gross leasable area (square feet) 2/29/16 Wade Green Village (1) Atlanta, Georgia $ 11.0 74,978 4/29/16 Southeastern Six Portfolio (3) $ 68.7 535,252 5/16/16 The Market at Victory Village Nashville, Tennessee $ 15.6 71,300 7/15/16 Lakeland Plaza Atlanta, Georgia $ 45.3 301,711 8/8/16 Sunbelt Seven Portfolio (4) , (5) $ 159.5 650,360 10/18/16 Champions Village Houston, Texas $ 50.0 383,093 2,016,694 12/22/2015 Overlook at Hamilton Place Chattanooga, Tennessee $ 33.8 213,095 10/30/2015 Summit Point Atlanta, Georgia $ 19.6 111,970 9/4/2015 Royal Lakes Marketplace Atlanta, Georgia $ 16.6 119,493 7/1/2015 Independence Square Dallas, Texas $ 18.0 140,218 584,776 (1) See Note 6 - Related party Transactions. (2) Purchase price shown is exclusive of acquired escrows, security deposits, prepaids, and other miscellaneous assets and assumed liabilities. (3) The six grocery-anchored shopping centers located in Georgia, South Carolina and Alabama are referred to collectively as the Southeastern Six Portfolio. (4) The seven grocery-anchored shopping centers located in Florida, Georgia, Texas, and North Carolina are referred to collectively as the Sunbelt Seven Portfolio. (5) Includes the purchase of an approximate 0.95 acre outparcel for $1.5 million on December 21, 2016. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition. New Market Properties 2016 acquisitions Champions Village Sunbelt Seven Portfolio Lakeland Plaza The Market at Victory Village Southeastern Six Portfolio Wade Green Village Land 12,812,546 $ 37,719,812 $ 7,079,408 $ 2,271,224 $ 14,081,647 $ 1,840,284 Buildings and improvements 30,647,609 109,373,938 32,258,335 11,872,222 48,598,731 8,159,147 Tenant improvements 2,751,796 2,143,404 828,966 402,973 993,530 251,250 In-place leases 4,283,760 11,005,662 2,947,175 847,939 4,906,398 841,785 Above market leases 765,811 458,353 1,349,624 100,216 86,234 107,074 Leasing costs 1,026,347 4,116,560 1,287,825 253,640 992,143 167,541 Below market leases (3,017,960 ) (7,617,485 ) (797,729 ) (198,214 ) (1,069,877 ) — Other assets 2,017,947 3,409,838 — 157,775 600,069 10,525 Other liabilities (1,413,726 ) (1,196,579 ) (180,331 ) (179,546 ) (437,008 ) (59,264 ) Net assets acquired $ 49,874,130 $ 159,413,503 $ 44,773,273 $ 15,528,229 $ 68,751,867 $ 11,318,342 Cash paid $ 22,474,130 $ 61,759,503 $ 14,773,273 $ 6,278,229 $ 43,751,867 $ 6,245,683 (1) Class A OP Units granted — — — — — 5,072,659 (2) Mortgage debt 27,400,000 97,654,000 30,000,000 9,250,000 (3) 25,000,000 — (4) Total consideration $ 49,874,130 $ 159,413,503 $ 44,773,273 $ 15,528,229 $ 68,751,867 $ 11,318,342 Twelve months ended December 31, 2016: Revenue $ 1,228,000 $ 5,001,000 $ 1,601,000 $ 819,000 $ 4,231,000 $ 900,000 Net income (loss) $ (440,000 ) $ (658,000 ) $ (325,000 ) $ (102,000 ) $ (440,000 ) $ (354,000 ) Cumulative acquisition costs incurred by the Company $ 141,000 $ 691,000 $ 234,000 $ 111,000 $ 633,000 $ 297,000 Remaining amortization period of intangible assets and liabilities (years) 5.4 9.2 7.4 7.9 4.2 2.3 (1) The contributor had an outstanding $6.25 million bridge loan secured by the property issued by Madison Wade Green Lending, LLC, an indirect wholly owned entity of the Company. Upon contribution of the property, the Company assumed the loan and concurrently extinguished the obligation. (2) As partial consideration for the property contribution, the Company granted 419,228 Class A OP Units to the contributor, net of contribution adjustments at closing. The value and number of Class A OP Units to be granted at closing was determined during the contract process and remeasured at fair value as of the contribution date of February 29, 2016. Class A OP Units are exchangeable for shares of Common Stock on a one-for-one basis, or cash, at the election of the Operating Partnership. Therefore, the Company determined the fair value of the Units to be equivalent to the price of its common stock on the closing date of the acquisition. (3) The Company assumed the existing mortgage in conjunction with its acquisition of The Market at Victory Village. (4) Subsequent to the closing of the acquisition, the Company closed on a mortgage loan on Wade Green Village in the amount of $8.2 million . New Market Properties 2015 acquisitions Overlook at Hamilton Place Summit Point Royal Lakes Marketplace Independence Square Land $ 6,786,593 $ 7,063,874 $ 4,874,078 $ 4,114,574 Buildings and improvements 24,332,628 10,903,486 9,921,403 13,123,553 Tenant improvements 911,580 526,468 517,191 566,857 In-place leases 2,029,643 1,203,246 957,093 1,567,944 Above market leases 361,433 329,546 198,238 35,127 Leasing costs 527,136 368,221 365,629 392,451 Below market leases (1,402,013 ) (842,682 ) (315,837 ) (1,775,506 ) Other assets 75,304 83,123 88,553 — Security deposits and other liabilities (97,976 ) (139,884 ) (145,581 ) (226,599 ) Net assets acquired $ 33,524,328 $ 19,495,398 $ 16,460,767 $ 17,798,401 Cash paid $ 12,524,328 $ 6,595,398 $ 6,660,767 $ 17,798,401 Mortgage debt 21,000,000 12,900,000 9,800,000 — Total consideration $ 33,524,328 $ 19,495,398 $ 16,460,767 $ 17,798,401 Twelve months ended December 31, 2016: Revenue $ 3,198,000 $ 1,591,000 $ 1,350,000 $ 2,107,000 Net income (loss) $ (391,000 ) $ (297,000 ) $ (68,000 ) $ (393,000 ) Twelve months ended December 31, 2015: Revenue $ 86,000 $ 275,000 $ 432,000 $ 993,000 Net income (loss) $ (43,000 ) $ (48,000 ) $ (13,000 ) $ (162,000 ) Cumulative acquisition costs incurred by the Company $ 557,000 $ 266,000 $ 245,000 $ 573,000 Remaining amortization period of intangible assets and liabilities (years) 5.8 6.1 9.8 6.3 Office buildings acquired During the year ended December 31, 2016, the Company completed the acquisition of the following office buildings: Acquisition date Property Market Approximate purchase price (millions) Leasable square feet 8/29/2016 Brookwood Office Birmingham, Alabama $ 49.8 169,489 11/4/2016 Galleria 75 Atlanta, Georgia 17.6 110,597 12/30/2016 Three Ravinia Atlanta, Georgia 210.1 816,748 $ 277.5 1,096,834 The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities, but is preliminary and is subject to refinement for a period of up to one year from the closing of the acquisition. Office Buildings 2016 acquisitions Brookwood Office Galleria 75 Three Ravinia Land $ 1,744,828 $ 15,156,267 $ 9,784,645 Buildings and improvements 39,099,395 1,285,856 133,323,658 Tenant improvements 3,561,805 225,811 20,698,893 In-place leases 3,728,049 712,718 17,954,978 Above market leases 146,941 47,947 812,879 Leasing costs 2,402,958 309,513 7,468,128 Below market leases (1,737,158 ) (168,179 ) (8,245,122 ) Other assets 1,466,906 454,931 25,281,764 Other liabilities (580,668 ) (218,923 ) (766,335 ) Net assets acquired $ 49,833,056 $ 17,805,941 $ 206,313,488 Cash paid $ 17,433,056 $ 11,875,686 $ 90,813,488 Mortgage debt 32,400,000 5,930,255 115,500,000 Total consideration $ 49,833,056 $ 17,805,941 $ 206,313,488 Twelve months ended December 31, 2016: Revenue $ 2,021,000 $ 237,000 $ 99,000 Net income (loss) $ 269,000 $ 48,000 $ (345,000 ) Cumulative acquisition costs incurred by the Company $ 387,000 $ 655,000 $ 680,000 Remaining amortization period of intangible assets and liabilities (years) 9.4 2.3 10.8 The Company recorded aggregate amortization and depreciation expense of: Year ended December 31, 2016 2015 2014 Depreciation: Buildings and improvements $ 35,426,794 $ 16,653,380 $ 6,896,205 Furniture, fixtures, and equipment 20,988,814 11,019,007 5,362,607 56,415,608 27,672,387 12,258,812 Amortization: Acquired intangible assets 21,416,784 10,401,697 4,065,142 Deferred leasing costs 283,806 12,920 — Website development costs 23,600 9,330 4,761 Total depreciation and amortization $ 78,139,798 $ 38,096,334 $ 16,328,715 At December 31, 2016, the Company had recorded gross intangible assets of $125.6 million , and accumulated amortization of $46.4 million ; gross intangible liabilities of $33.6 million and accumulated amortization of $3.8 million . Net intangible assets and liabilities as of December 31, 2016 will be amortized as follows: Acquired Intangible Assets Below market lease intangible liability In-place leases Above-market leases Lease origination costs For the years ending December 31: 2017 $ 14,855,573 $ 1,117,196 $ 3,278,758 $ (4,175,864 ) 2018 9,695,514 791,753 2,950,213 (3,942,712 ) 2019 6,671,240 555,791 2,449,817 (3,782,260 ) 2020 5,292,818 396,916 2,102,405 (3,555,802 ) 2021 3,007,306 284,015 1,452,940 (2,698,543 ) Thereafter 15,234,038 1,218,608 7,801,499 (11,618,852 ) Total $ 54,756,489 $ 4,364,279 $ 20,035,632 $ (29,774,033 ) Weighted-average amortization period (in years) 7.4 6.9 3.8 9.5 As of December 31, 2016, the weighted average remaining amortization period for all the Company's intangible assets and liabilities was approximately 6.4 years and 9.5 years , respectively. |
Acquired Intangible Assets (Not
Acquired Intangible Assets (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets Disclosure [Text Block] | At December 31, 2016, the Company had recorded gross intangible assets of $125.6 million , and accumulated amortization of $46.4 million ; gross intangible liabilities of $33.6 million and accumulated amortization of $3.8 million . Net intangible assets and liabilities as of December 31, 2016 will be amortized as follows: Acquired Intangible Assets Below market lease intangible liability In-place leases Above-market leases Lease origination costs For the years ending December 31: 2017 $ 14,855,573 $ 1,117,196 $ 3,278,758 $ (4,175,864 ) 2018 9,695,514 791,753 2,950,213 (3,942,712 ) 2019 6,671,240 555,791 2,449,817 (3,782,260 ) 2020 5,292,818 396,916 2,102,405 (3,555,802 ) 2021 3,007,306 284,015 1,452,940 (2,698,543 ) Thereafter 15,234,038 1,218,608 7,801,499 (11,618,852 ) Total $ 54,756,489 $ 4,364,279 $ 20,035,632 $ (29,774,033 ) Weighted-average amortization period (in years) 7.4 6.9 3.8 9.5 As of December 31, 2016, the weighted average remaining amortization period for all the Company's intangible assets and liabilities was approximately 6.4 years and 9.5 years , respectively. |
Real Estate Loans, Notes Receiv
Real Estate Loans, Notes Receivable, and Lines of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | he Palisades, Green Park, Stadium Village, 360 Forsyth and Founders' Village loans are subject to a loan participation agreement with a syndicate of unaffiliated third parties, under which the syndicate is to fund approximately 25% of the loan commitment amount and collectively receive approximately 25% of interest payments and returns of principal. The Company's Encore loan is subject to a loan participation agreement of 49% of the loan commitment amount, interest payments, and return of principal. The aggregate amount of the Company's liability under the loan participation agreements at December 31, 2016 was $20,761,819 . The Company's real estate loans are collateralized by 100% of the membership interests of the underlying project entity, and, where considered necessary, by unconditional joint and several repayment guaranties and performance guaranties by the principal(s) of the borrowers. These guaranties generally remain in effect until the receipt of a final certificate of occupancy. All of the guaranties are subject to the rights held by the senior lender pursuant to a standard intercreditor agreement. The Crescent Avenue, Haven Northgate, and Fort Myers loans are also collateralized by the acquired land or property. The Haven West, 18 Nineteen and Haven South loans are additionally collateralized by an assignment by the developer of security interests in unrelated projects. Prepayment of the real estate loans are permitted in whole, but not in part, without the Company's consent. Management monitors the credit quality of the obligors under each of the Company's real estate loans by tracking the timeliness of scheduled interest and principal payments relative to the due dates as specified in the loan documents, as well as draw requests on the loans relative to the project budgets. In addition, management monitors the actual progress of development and construction relative to the construction plan, as well as local, regional and national economic conditions that may bear on our current and target markets. The credit quality of the Company’s borrowers is primarily based on their payment history on an individual loan basis, and as such, the Company does not assign quantitative credit value measures or categories to its real estate loans and notes receivable in credit quality categories. At December 31, 2016 , none of the Company's real estate loans were delinquent. At December 31, 2016 , our portfolio of notes and lines of credit receivable consisted of: Borrower Date of loan Maturity date Total loan commitments Outstanding balance as of: Interest rate 12/31/2016 12/31/2015 360 Residential, LLC (1) 3/20/2013 6/30/2017 $ 2,000,000 $ 1,472,571 $ 1,304,999 12 % Preferred Capital Marketing Services, LLC (2) 1/24/2013 12/31/2017 1,500,000 1,082,311 1,305,550 10 % Oxford Contracting, LLC (1) 8/27/2013 4/30/2017 1,500,000 1,475,000 1,475,000 8 % Preferred Apartment Advisors, LLC (1,2,3) 8/21/2012 12/31/2018 15,000,000 13,708,761 12,793,440 8 % Haven Campus Communities, LLC (1,2) 6/11/2014 12/31/2017 11,110,000 7,324,904 5,359,904 12 % Oxford Capital Partners, LLC (1,4) 10/5/2015 3/31/2017 10,150,000 7,870,865 10,502,626 12 % Newport Development Partners, LLC (1) 6/17/2014 6/30/2017 3,000,000 — 806,318 12 % 360 Residential, LLC II (1) 12/30/2015 12/31/2017 3,255,000 2,884,845 2,477,952 15 % Hendon Properties, LLC (1) 12/8/2015 3/31/2017 2,000,000 — 2,000,000 12 % Mulberry Development Group, LLC 3/31/2016 5/31/2017 500,000 177,000 — 12 % 360 Capital Company, LLC 5/24/2016 12/31/2017 2,000,000 1,678,999 — 12 % Unamortized loan fees (59,581 ) (82,056 ) $ 52,015,000 $ 37,615,675 $ 37,943,733 (1) The amounts payable under the terms of these revolving credit lines are collateralized by a personal guaranty of repayment by the principals of the borrower. (2) See related party disclosure in Note 6. (3) The amounts payable under this revolving credit line were collateralized by an assignment of the Manager's rights to fees due under the Fifth Amended and Restated Management Agreement between the Company and the Manager. (4) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2,000,000 are collateralized by a personal guaranty of repayment by the principals of the borrower. On June 15, 2016, the loan commitment amount was temporarily raised to $10,650,000 until July 15, 2016, when it reverted back to the previous amount of $10,150,000. The Company recorded interest income and other revenue from these instruments as follows: Year ended December 31, 2016 2015 2014 Real estate loans: Current interest payments $ 23,633,118 $ 16,188,752 $ 10,987,856 Additional accrued interest 14,859,365 10,809,028 6,940,500 Deferred loan fee revenue 872,335 829,969 872,513 Total real estate loan revenue 39,364,818 27,827,749 18,800,869 Interest income on notes and lines of credit 4,120,775 2,853,961 3,026,856 Interest income on loans and notes receivable $ 43,485,593 $ 30,681,710 $ 21,827,725 The Company extends loans for purposes such as to partially finance the development of multifamily residential communities, to acquire land in anticipation of developing and constructing multifamily residential communities, and for other real estate or real estate related projects. Certain of these loans include characteristics such as exclusive options to purchase the project at a fixed price within a specific time window following project completion and stabilization, the rights to incremental exit fees over and above the amount of periodic interest paid during the life of the loans, or both, the combined factors of the sufficiency of the borrowers' investment at risk and the existence of payment and performance guaranties provided by the borrowers. These characteristics can cause the loans to create variable interests to the Company and require further evaluation as to whether the variable interest creates a variable interest entity, or VIE, which would necessitate consolidation of the project. The Company considers the facts and circumstances pertinent to each entity borrowing under the loan, including the relative amount of financing the Company is contributing to the overall project cost, decision making rights or control held by the Company, guarantees provided by third parties, and rights to expected residual gains or obligations to absorb expected residual losses that could be significant from the project. If the Company is deemed to be the primary beneficiary of a VIE, consolidation treatment would be required. The Company has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the senior loans on the projects. The Company has concluded that it is not the primary beneficiary of the borrowing entities and therefore it has not consolidated these entities in its consolidated financial statements. The Company's maximum exposure to loss from these loans is their drawn amount as of December 31, 2016 of approximately $315.6 million . The maximum aggregate amount of loans to be funded as of December 31, 2016 was approximately $391.0 million . The Company has evaluated its real estate loans, where appropriate, for accounting treatment as loans versus real estate development projects, as required by ASC 310. For each loan, the characteristics and the facts and circumstances indicate that loan accounting treatment is appropriate. The Company is also subject to a geographic concentration of risk that could be considered significant with regard to the Haven West, Encore, Encore Capital, Green Park, Stadium Village, Summit Crossing III, Aldridge at Town Village, Bishop Street, Dawsonville Marketplace, Wade Green, Crescent Avenue and 360 Forsyth loans, all of which are partially supporting proposed various real estate projects in or near Atlanta, Georgia. The drawn amount of these loans as of December 31, 2016 totaled approximately $101.5 million (with a total commitment amount of approximately $107.5 million ) and in the event of a total failure to perform by the borrowers and guarantors, would subject the Company to a total possible loss of that amount. |
Redeemable Preferred Stock
Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 2016 | |
Redeemable Stock, Preferred [Abstract] | |
Preferred Stock [Text Block] | Redeemable Preferred Stock and Equity Offerings The Company's Follow-on Offering is being offered by International Assets Advisory, LLC, or the Dealer Manager, on a "reasonable best efforts" basis. Each share of Preferred Stock ranks senior to Common Stock and carries a cumulative annual 6% dividend of the stated per share value of $1,000 , payable monthly as declared by the Company’s board of directors. Dividends begin accruing on the date of issuance. The redemption schedule of the Preferred Stock allows redemptions at the option of the holder from the date of issuance of the Preferred Stock through the first year subject to a 13% redemption fee. After year one, the redemption fee decreases to 10% , after year three it decreases to 5% , after year four it decreases to 3% , and after year five there is no redemption fee. Any redeemed shares of Preferred Stock are entitled to any accrued but unpaid dividends at the time of redemption and any redemptions may be in cash or Common Stock, at the Company’s discretion. The Warrant is exercisable by the holder at an exercise price of 120% of the current market price per share of the Common Stock on the date of issuance of such warrant with a minimum exercise price of $9.00 per share. The current market price per share is determined using the volume weighted average closing market price for the 20 trading days prior to the date of issuance of the Warrant. The Warrants are not exercisable until one year following the date of issuance and expire four years following the date of issuance. As of December 31, 2016 , offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $90.8 million . These costs are reflected as a reduction of stockholders' equity at the time of closing. In addition, the costs related to the offering not related to a specific closing transaction totaled approximately $14.6 million . As of December 31, 2016 , the Company had issued 924,855 Units and collected net proceeds of approximately $833.1 million after commissions. A total of 10,433 shares of Preferred Stock were subsequently redeemed. The number of Units issued was approximately 93.5% of the maximum number of Units anticipated to be issued under the Primary Series A Offering and the Follow-on Offering. Consequently, the Company cumulatively recognized approximately 93.5% of the approximate $14.6 million deferred to date, or approximately $13.6 million as a reduction of stockholders' equity. The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $1.0 million , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at December 31, 2016 . The remainder of current and future deferred offering costs related to the Follow-on Offering will likewise be recognized as a reduction of stockholders' equity in the proportion of the number of Units issued to the maximum number of Units anticipated to be issued. Offering costs not related to a specific closing transaction are subject to an overall cap of 1.5% (discussed further below) of the total gross proceeds raised during the Unit offerings. See Note 18. Aggregate offering expenses, including selling commissions and dealer manager fees, will be capped at 11.5% of the aggregate gross proceeds of the Primary Series A Offering and the Follow-on Offering, of which the Company will reimburse its Manager up to 1.5% of the gross proceeds of these offerings for all organization and offering expenses incurred, excluding selling commissions and dealer manager fees; however, upon approval by the conflicts committee of the board of directors, the Company may reimburse its Manager for any such expenses incurred above the 1.5% amount as permitted by the Financial Industry Regulatory Authority. On May 17, 2013, the Company filed a registration statement on Form S-3 (File No. 333-188677) for an offering up to $200 million of equity or debt securities, or Shelf Registration Statement, which was declared effective by the Securities and Exchange Commission, or the SEC on July 19, 2013. All amounts previously recorded as deferred offering costs related to this Shelf Registration Statement were reflected as a reduction of stockholders' equity as of July 19, 2016, the date the Shelf Registration Statement expired. On February 28, 2014, the Company filed a prospectus supplement to the Shelf Registration Statement to issue and sell up to $100 million of Common Stock from time to time in an "at the market" offering, or the 2014 ATM Offering, through MLV & Co. LLC as sales agent. The Company sold approximately 6.5 million shares of Common Stock through the 2014 ATM Offering and collected net proceeds of approximately $54.4 million until the termination of the offering in connection with the expiration of the Shelf Registration Statement. On May 5, 2016, the Company filed a registration statement on Form S-3 (File No. 333-211178), or the New Shelf Registration Statement, for an offering of up to $300 million of equity or debt securities, or the Shelf Offering, which was declared effective by the SEC on May 17, 2016. Deferred offering costs related to this Shelf Registration Statement totaled approximately $986,000 as of December 31, 2016 , of which $125,000 has been reflected as a reduction of stockholders' equity. The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $861,000 , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at December 31, 2016 . On July 18, 2016, the Company filed a prospectus for its registration statement on Form S-3 (Registration No. 333-211178) to issue and sell up to $150 million of Common Stock from time to time in an "at the market" offering (the "2016 ATM Offering") through JonesTrading Institutional Services LLC, FBR Capital Markets & Co, and Canaccord Genuity Inc, as its sales agents. The Company intends to use any proceeds from the 2016 ATM Offering to repay outstanding amounts under our existing senior secured revolving credit facility and for other general corporate purposes, which includes making investments in accordance with the Company's investment objectives. Through December 31, 2016 , the Company sold 1.7 million shares of common stock through the ATM offering and collected net proceeds of approximately $23.0 million . On December 2, 2016, the Company’s registration statement on Form S-3 (Registration No. 333-214531) (the “mShares Registration Statement”) was declared effective by the SEC. The mShares Registration Statement allows us to offer up to a maximum of 500,000 shares of Series M Redeemable Preferred Stock (“mShares”), par value $0.01 per share (the “mShares Offering”). The mShares are being offered by Preferred Capital Securities, LLC, or PCS, on a "reasonable best efforts" basis. The Company intends to invest substantially all the net proceeds of the mShares Offering in connection with the acquisition of multifamily communities, other real estate-related investments and general working capital purposes. On February 14, 2017, we terminated the Follow-on Offering and on the same day, the Company’s registration statement on Form S-3 (Registration No. 333-211924) (the “$1.5 Billion Follow-on Registration Statement”) was declared effective by the SEC. This $1.5 Billion Follow-on Registration Statement allows us to offer up to a maximum of 1,500,000 Units, with each Unit consisting of one share of Series A Redeemable Preferred Stock and one Warrant to purchase up to 20 shares of Common Stock (the "$1.5 Billion Unit Offering"). The price per Unit is $1,000 . The Units are being offered by PCS on a "reasonable best efforts" basis. The Company intends to invest substantially all the net proceeds of the $1.5 Billion Unit Offering in connection with the acquisition of multifamily communities, other real estate-related investments and general working capital purposes. Except as described in the prospectus, the terms of the $1.5 Billion Unit Offering are substantially similar to those under the Follow-on Offering. Deferred offering costs related to the $1.5 Billion Unit Offering reflected in the asset section of the consolidated balance sheet at December 31, 2016 were approximately $867,000 . |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related Party Transactions John A. Williams, the Company's Chief Executive Officer and Chairman of the Board, and Leonard A. Silverstein, the Company's President and Chief Operating Officer and a member of the Board, are also executive officers and directors of NELL Partners, Inc., which controls the Manager. Mr. Williams, Mr. Silverstein, and Daniel M. DuPree comprise the board of directors of Nell Partners, Inc. Mr. Williams is the Chief Executive Officer and Mr. Silverstein is the President and Chief Operating Officer of the Manager. Mr. DuPree is the Chief Investment Officer of the Manager. Mr. Williams, Mr. Silverstein and Michael J. Cronin, the Company's Executive Vice President, Chief Accounting Officer and Treasurer are executive officers of Williams Realty Advisors, LLC, or WRA, which is the manager of the day-to-day operations of Williams Opportunity Fund, LLC, or WOF, as well as Williams Realty Fund I, LLC, or WRF. The Management Agreement entitles the Manager to receive compensation for various services it performs related to acquiring assets and managing properties on the Company's behalf: Twelve months ended December 31, Type of Compensation Basis of Compensation 2016 2015 2014 Acquisition fees 1% of the gross purchase price of real estate assets acquired prior to January 1, 2016 $ — $ 6,292,280 $ 4,272,586 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 1,886,105 1,349,273 558,509 Loan coordination fees As of January 1, 2016, 1.6% of any assumed, new or supplemental debt incurred in connection with an acquired property (1) 10,560,120 — — Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 8,602,675 3,622,589 2,163,783 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 4,943,899 2,456,968 1,229,319 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 3,483,460 1,764,555 1,058,927 Construction management fees Quarterly fee for property renovation and takeover projects 173,614 59,554 — $ 29,649,873 $ 15,545,219 $ 9,283,124 (1) If an asset is acquired without debt financing, the loan coordination fee is calculated as 1.6% of 63% of the purchase price of the asset. Included in the acquisition fees recognized for the twelve months ended December 31, 2014 were $714,570 paid as a fee to Joel T. Murphy, which was earned prior to his appointment as a director and Chief Executive Officer of New Market Properties, LLC, a related party, related to the acquisition of nine grocery-anchored shopping centers. Mr. Murphy was also paid a fee of $57,268 in connection with one grocery-anchored shopping center acquisition prior to becoming a director of the Company and the Chief Executive Officer of New Market Properties, LLC, which is included in other acquisition costs. The Management Agreement also entitles the Manager to receive construction management fees as compensation for services rendered in connection with the construction, development or landscaping of the properties, including the supervision of any third party vendors engaged by the Manager to provide such services; such fee is an amount equal to the customary and competitive market rates in light of the size, type and location of the property. The Manager may, in its discretion, defer some or all of the asset management, property management, or general and administrative expense fees for properties owned by the Company. Any contingent fees become due and payable to the extent that, in the event of any capital transaction, the net sale proceeds exceed the allocable capital contributions for the asset plus a 7% priority annual return on the asset. A total of approximately $3.7 million of combined asset management and general and administrative expense fees related to the acquired properties as of December 31, 2016 have been deferred by the Manager. The Company will recognize any contingent fees in future periods to the extent, if any, it determines that it is probable that the estimated net sale proceeds would exceed the hurdles listed above. As of December 31, 2016 , the Company determined that there was insufficient evidence to support recognition of these contingent fees; therefore, the Company has not recognized any expense for the contingent amounts deferred. In addition to property management fees, the Company incurred the following reimbursable on-site personnel salary and related benefits expenses at the properties, which are listed on the Consolidated Statements of Operations: Year ended December 31, 2016 2015 2014 $ 10,398,711 $ 5,885,242 $ 2,882,283 The Manager utilizes its own and its affiliates' personnel to accomplish certain tasks related to raising capital that would typically be performed by third parties, including, but not limited to, legal and marketing functions. As permitted under the Management Agreement, the Manager was reimbursed $461,294 , $804,648 and $778,888 for the years ended December 31, 2016 , 2015 and 2014, respectively and Preferred Capital Securities, LLC, or PCS, was reimbursed $1,019,353 and $390,872 for the years ended December 31, 2016 and 2015 , respectively. These costs are recorded as deferred offering costs until such time as additional closings occur on the Unit offerings or the Shelf Offering, at which time they are reclassified on a pro-rata basis as a reduction of offering proceeds within stockholders’ equity. The Company's Haven West, Haven 12, Stadium Village, 18 Nineteen, Haven South, Haven 46, Lubbock II, Haven Northgate and Haven Charlotte real estate loans and the Haven Campus Communities' line of credit are supported in part by guaranties of repayment and performance by John A. Williams, Jr., our Chief Executive Officer's son, a principal of the borrowers and a related party of the Company under GAAP. In addition to the fees described above, the Management Agreement also entitles the Manager to other potential fees, including a disposition fee of 1% of the sale price of a real estate asset. The Manager earned a disposition fee of $390,000 on the sale of the Trail Creek property, which is included net in the Gain on sale of real estate, net of disposition expenses line on the Consolidated Statements of Operations. The Manager also receives leasing commission fees. Retail leasing commission fees (a) for new retail leases are equal to the greater of (i) $4.00 per square foot, and (ii) 4.0% of the aggregate base rental payments to be made by the tenant for the first 10 years of the original lease term; and (b) for lease renewals are equal to the greater of (i) $2.00 per square foot, and (ii) 2.0% of the aggregate base rental payments to be made by the tenant for the first 10 years of the newly renewed lease term. There are no commissions payable on retail lease renewals thereafter. Office leasing commission fees (a) for new office leases are equal to 50.0% of the first month’s gross rent plus 2.0% of the remaining fixed gross rent on the guaranteed lease term, (b) in the event of co-broker participation in a new lease, the leasing commission determined for a new lease are equal to 150.0% of the first month’s gross rent plus 6% of the remaining fixed gross rent of the guaranteed lease term, and (c) for lease renewals, are equal to 2% of the fixed gross rent of the guaranteed lease term or, in the event of a co-broker, 6% of the fixed gross rent of the guaranteed lease term. Office leasing commission fees may not exceed market rates for office leasing services. The Manager earned approximately $75,000 in leasing commission fees for the year ended December 31, 2016 . No leasing commission fees were earned by the Manager for the years ended December 31, 2015 or 2014. On September 4, 2015, the Company acquired Royal Lakes Marketplace, a grocery-anchored shopping center in the Atlanta, Georgia market, from Madison Retail - Royal Lakes, LLC, a Georgia limited liability company. WRF provided an equity investment in support of the development of Royal Lakes Marketplace and received $1.9 million from the sales proceeds. The Company executed a net profits interest agreement on September 4, 2015 with the Seller of Royal Lakes Marketplace, or Net Profits Interest Agreement. The Net Profits Interest Agreement grants the seller a 30.0% profit sharing interest in proceeds net of closing costs for Qualifying Transactions (as defined below) related to the four pads of vacant outparcel land acquired as part of the Royal Lakes Marketplace transaction. Qualifying Transactions, as defined in the agreement, include the sale of the outparcels, entry into a ground lease on the outparcels or a build-to-suit transaction. The profit sharing interest was to expire if no Qualifying Transactions were initiated by September 4, 2020. On December 30, 2016, the Net Profits Interest Agreement was terminated with a payment of $50,000 to Madison Retail - Royal Lakes, LLC. The Company holds a promissory note in the amount of $1,082,311 due from Preferred Capital Marketing Services, LLC, or PCMS, which is a wholly-owned subsidiary of NELL Partners. The Company has extended a revolving line of credit with a maximum borrowing amount of $15.0 million to its Manager. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2016 | |
Dividends [Abstract] | |
Dividends [Text Block] | Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its Preferred Stock in the amount of $5.00 per share per month, prorated for partial months at issuance as necessary. The Company's cash distributions on its Preferred Stock were: 2016 2015 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 30, 2016 482,774 $ 2,481,086 January 30, 2015 192,607 $ 984,217 February 27, 2016 516,017 2,630,601 February 27, 2015 206,007 1,047,189 March 31, 2016 544,129 2,770,048 March 31, 2015 223,699 1,141,491 April 29, 2016 582,720 2,979,196 April 30, 2015 243,570 1,244,249 May 31, 2016 617,994 3,143,567 May 29, 2015 267,273 1,366,207 June 30, 2016 651,439 3,321,519 June 30, 2015 288,392 1,480,101 July 29, 2016 682,392 3,458,513 July 31, 2015 311,944 1,588,310 August 31, 2016 721,143 3,671,020 August 31, 2015 334,013 1,701,019 September 30, 2016 765,185 3,886,173 September 30, 2015 358,687 1,824,796 October 31, 2016 801,455 4,060,141 October 30, 2015 384,085 1,955,840 November 30, 2016 850,246 4,255,788 November 30, 2015 417,895 2,138,764 December 30, 2016 893,245 4,422,993 December 31, 2015 446,165 2,279,751 Total $ 41,080,645 Total $ 18,751,934 The Company's dividend activity on its Common Stock for the twelve -month periods ended December 31, 2016 and 2015 was: 2016 2015 Record date Number of shares Dividend per share Aggregate dividends paid Record date Number of shares Dividend per share Aggregate dividends paid March 15, 2016 23,041,502 $ 0.1925 $ 4,435,489 March 13, 2015 22,004,309 $ 0.175 $ 3,850,754 June 15, 2016 23,568,328 0.2025 4,772,587 June 15, 2015 22,290,677 0.1800 4,012,322 September 15, 2016 24,652,041 0.2025 4,992,038 September 15, 2015 22,323,604 0.1800 4,018,249 December 15, 2016 26,093,707 0.2200 5,740,616 December 15, 2015 22,415,578 0.1925 4,314,999 $ 0.8175 $ 19,940,730 $ 0.7275 $ 16,196,324 |
dividends and distributions [Text Block] | Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its Preferred Stock in the amount of $5.00 per share per month, prorated for partial months at issuance as necessary. The Company's cash distributions on its Preferred Stock were: 2016 2015 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 30, 2016 482,774 $ 2,481,086 January 30, 2015 192,607 $ 984,217 February 27, 2016 516,017 2,630,601 February 27, 2015 206,007 1,047,189 March 31, 2016 544,129 2,770,048 March 31, 2015 223,699 1,141,491 April 29, 2016 582,720 2,979,196 April 30, 2015 243,570 1,244,249 May 31, 2016 617,994 3,143,567 May 29, 2015 267,273 1,366,207 June 30, 2016 651,439 3,321,519 June 30, 2015 288,392 1,480,101 July 29, 2016 682,392 3,458,513 July 31, 2015 311,944 1,588,310 August 31, 2016 721,143 3,671,020 August 31, 2015 334,013 1,701,019 September 30, 2016 765,185 3,886,173 September 30, 2015 358,687 1,824,796 October 31, 2016 801,455 4,060,141 October 30, 2015 384,085 1,955,840 November 30, 2016 850,246 4,255,788 November 30, 2015 417,895 2,138,764 December 30, 2016 893,245 4,422,993 December 31, 2015 446,165 2,279,751 Total $ 41,080,645 Total $ 18,751,934 The Company's dividend activity on its Common Stock for the twelve -month periods ended December 31, 2016 and 2015 was: 2016 2015 Record date Number of shares Dividend per share Aggregate dividends paid Record date Number of shares Dividend per share Aggregate dividends paid March 15, 2016 23,041,502 $ 0.1925 $ 4,435,489 March 13, 2015 22,004,309 $ 0.175 $ 3,850,754 June 15, 2016 23,568,328 0.2025 4,772,587 June 15, 2015 22,290,677 0.1800 4,012,322 September 15, 2016 24,652,041 0.2025 4,992,038 September 15, 2015 22,323,604 0.1800 4,018,249 December 15, 2016 26,093,707 0.2200 5,740,616 December 15, 2015 22,415,578 0.1925 4,314,999 $ 0.8175 $ 19,940,730 $ 0.7275 $ 16,196,324 The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At December 31, 2016 , the Company had 886,168 Class A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock or the equivalent amount of cash. Distribution activity by the Operating Partnership was: 2016 2015 Declaration date Payment date Aggregate distributions Declaration date Payment date Aggregate distributions February 4, 2016 April 15, 2016 $ 117,395 February 5, 2015 April 22, 2015 $ 49,063 May 5, 2016 July 15, 2016 179,449 April 29, 2015 July 15, 2015 50,465 August 4, 2016 October 14, 2016 179,449 August 6, 2015 October 21, 2015 49,779 December 15, 2016 January 17, 2017 194,957 November 5, 2015 January 15, 2016 53,238 $ 671,250 $ 202,545 The income tax characterization of the Company's dividend distributions were as follows: 2016 2015 2014 Preferred Stock: Ordinary income 88.1 % 100 % 100 % Return of capital 10.5 % — — Capital gains 1.4 % — — Common Stock: Ordinary income — 33 % 100 % Return of Capital 100 % 67 % — |
Equity Compensation
Equity Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Equity Compensation [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Equity Compensation Stock Incentive Plan On February 25, 2011, the Company’s board of directors adopted, and the Company’s stockholders approved, the Preferred Apartment Communities, Inc. 2011 Stock Incentive Plan to incentivize, compensate and retain eligible officers, consultants, and non-employee directors. On May 7, 2015, the Company's stockholders approved the third amendment to the Preferred Apartment Communities, Inc. 2011 Stock Incentive Plan, or, as amended, the 2011 Plan, which amendment increased the aggregate number of shares of Common Stock authorized for issuance under the 2011 Plan from 1,317,500 to 2,617,500 and extended the expiration date of the 2011 Plan to December 31, 2019. Equity compensation expense by award type for the Company was: Year ended December 31, Unamortized expense as of December 31, 2016 2015 2014 2016 Quarterly board member committee fee grants $ 83,973 $ 53,926 $ 47,864 $ — Class B Unit awards: Executive officers - 2013 — — 2,318 — Executive officers - 2014 — 3,825 1,433,767 — Executive officers - 2015 5,236 1,984,052 — — Executive officers - 2016 2,054,830 — — 612,458 Restricted stock grants: 2013 — — 85,812 — 2014 — 107,321 214,588 — 2015 106,670 213,329 — — 2016 273,333 — — 136,666 Total $ 2,524,042 $ 2,362,453 $ 1,784,349 $ 749,124 Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The total compensation cost for the restricted stock grant for the 2014 service year was recognized on a straight-line basis over the one-year period ending on May 7, 2015, at which time all shares vested. The restricted stock grants for the 2015 and 2016 service years vested (or are scheduled to vest) on the four consecutive 90-day periods following the date of grant. The shares granted vested or are scheduled to vest on a pro-rata basis over these same four periods. Service year Shares Fair value per share Total compensation cost 2014 39,216 $ 8.21 $ 321,963 2015 30,133 $ 10.62 $ 320,012 2016 30,990 $ 13.23 $ 409,998 Directors’ Stock Grants The Company grants shares of Common Stock to its independent board members in payment of their meeting fees. The total compensation cost of these immediate-vesting awards was recorded in full at the grant dates and the fair values were based upon the closing prices of the Common Stock on the trading days immediately preceding the dates of grant. Year Number of shares Fair value per share Total fair value 2014 5,693 $ 8.41 $ 47,864 2015 5,067 $ 10.64 53,926 2016 6,444 $ 13.03 83,973 Total 17,204 $ 185,763 Class B OP Units On January 2, 2014, pursuant to the limited partnership agreement of the Operating Partnership, the Company caused the Operating Partnership to grant 239,556 Class B Units of the Operating Partnership, or Class B OP Units, to certain of its executive officers as compensation for service to be rendered during 2014. On January 2, 2015, the Company caused the Operating Partnership to grant 285,997 Class B OP Units for service to be rendered during 2015. On January 4, 2016, the Company caused the Operating Partnership to grant 265,931 Class B OP Units for service to be rendered during 2016, 2017 and 2018. Prior to January 4, 2016, the Class B Units became Vested Class B Units at the Initial Valuation Date, which was generally one year from the date of grant. Beginning with the 2016 grant, certain Class B Units vest in three equal consecutive one-year tranches from the date of grant. For each grant, on the Initial Valuation Date, the market capitalization of the number of shares of Common Stock at the date of grant is compared to the market capitalization of the same number of shares of Common Stock at the Initial Valuation Date. If the market capitalization measure results in an increase which exceeds the target market threshold, the Vested Class B Units become earned Class B Units and automatically convert into Class A Units of the Operating Partnership (as long as the capital accounts have achieved economic equivalence), which are henceforth entitled to distributions from the Operating Partnership and become exchangeable for Common Stock on a one-to-one basis at the option of the holder. Vested Class B Units may become Earned Class B Units on a pro-rata basis should the result of the market capitalization test be an increase of less than the target market threshold. Any Vested Class B Units that do not become Earned Class B Units on the Initial Valuation Date are subsequently remeasured on a quarterly basis until such time as all Vested Class B Units become Earned Class B Units or are forfeited due to termination of continuous service as an officer of the Company due to an event other than as a result of a qualified event, which is generally the death or disability of the holder. Continuous service through the final valuation date is required for the Vested Class B Units to qualify to become fully Earned Class B Units. Because of the market condition vesting requirement that determines the transition of the Vested Class B Units to Earned Class B Units, a Monte Carlo simulation was utilized to calculate the total fair values, which will be amortized as compensation expense over the one-year periods beginning on the grant dates through the Initial Valuation Dates. On January 2, 2015, the 239,556 outstanding Class B Units for 2014 became fully vested and earned and automatically converted to Class A Units of the Operating Partnership. On January 2, 2016, the 285,997 outstanding Class B Units for 2015 became fully vested and earned and automatically converted to Class A Units of the Operating Partnership. See Note 18. The underlying valuation assumptions and results for the Class B OP Unit awards were: Grant dates 1/2/2014 1/2/2015 1/4/2016 Stock price $ 8.05 $ 9.21 $ 12.88 Dividend yield 8.12 % 7.60 % 5.98 % Expected volatility 32.72 % 30.13 % 26.10 % Risk-free interest rate 3.80 % 2.55 % 2.81 % Number of Units granted: One year vesting period 239,556 285,997 176,835 Three year vesting period — — 89,096 239,556 285,997 265,931 Calculated fair value per Unit $ 5.94 $ 6.81 $ 10.03 Total fair value of Units $ 1,422,963 $ 1,947,640 $ 2,667,288 Target market threshold increase $ 1,959,000 $ 2,629,000 $ 3,549,000 The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock on the grant dates and the projected future quarterly dividend payments per share of $0.16 for the 2014 awards, $0.1925 for the 2015 awards and $0.1925 for the 2016 awards. Since the Company had a limited amount of operating history in the public equity market, the expected volatility assumptions for the 2014 and 2015 awards were derived from the observed historical volatility of the common stock prices of a select group of peer companies within the REIT industry that most closely approximated the Company’s size, capitalization, leverage, line of business and geographic focus markets. For the 2016 awards, the Company's own stock price volatility was utilized as the basis for deriving this assumption. The risk-free rate assumptions were obtained from the Federal Reserve yield table and were calculated as the interpolated rate between the 20 and 30 year yield percentages on U. S. Treasury securities on the grant dates. Since the Class B OP Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Debt Disclosure [Text Block] | Indebtedness Mortgage Notes Payable The following table shows certain details regarding our mortgage notes payable: Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) Multifamily communities: Trail Creek 6/25/2013 $ — $ 28,109,000 7/1/2020 4.22 % 7/1/2020 Stone Rise 7/3/2014 24,485,726 25,014,250 8/1/2019 2.89 % 8/31/2015 Summit Crossing 4/21/2011 20,034,920 20,366,748 5/1/2018 4.71 % 5/1/2014 Summit Crossing secondary financing 8/28/2014 5,057,941 5,145,250 9/1/2019 4.39 % N/A Summit II 3/20/2014 13,357,000 13,357,000 4/1/2021 4.49 % 4/30/2019 Table continued from previous page Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) Ashford Park 1/24/2013 25,626,000 25,626,000 2/1/2020 3.13 % 2/28/2018 Ashford Park secondary financing 8/28/2014 6,404,575 6,520,564 2/1/2020 4.13 % N/A McNeil Ranch 1/24/2013 13,646,000 13,646,000 2/1/2020 3.13 % 2/28/2018 Lake Cameron 1/24/2013 19,773,000 19,773,000 2/1/2020 3.13 % 2/28/2018 Enclave 9/26/2014 24,862,000 24,862,000 10/1/2021 3.68 % 10/31/2017 Sandstone 9/26/2014 30,894,890 31,556,664 10/1/2019 3.18 % N/A Stoneridge 9/26/2014 26,729,985 27,302,546 10/1/2019 3.18 % N/A Vineyards 9/26/2014 34,775,000 34,775,000 10/1/2021 3.68 % 10/31/2017 Avenues at Cypress 2/13/2015 22,135,938 22,578,863 9/1/2022 3.43 % N/A Avenues at Northpointe 2/13/2015 27,878,000 27,878,000 3/1/2022 3.16 % 3/31/2017 Lakewood Ranch 5/21/2015 29,950,413 30,528,618 12/1/2022 3.55 % N/A Aster Lely 6/24/2015 33,120,899 33,746,379 7/5/2022 3.84 % N/A CityPark View 6/30/2015 21,489,269 21,924,060 7/1/2022 3.27 % N/A Avenues at Creekside 7/31/2015 41,349,590 41,625,000 8/1/2024 2.37 % (3) 8/31/2016 Citi Lakes 9/3/2015 43,309,606 44,282,826 4/1/2023 2.94 % (4) N/A Stone Creek 11/12/2015 16,497,919 16,792,850 10/1/2046 3.75 % N/A Lenox Village Town Center 12/21/2015 30,717,024 31,394,460 5/1/2019 3.82 % N/A Lenox Village III 12/21/2015 18,125,780 18,410,000 1/1/2023 4.04 % N/A Overton Rise 2/1/2016 40,712,134 — 8/1/2026 3.98 % N/A Baldwin Park 1/5/2016 73,910,000 — 1/5/2019 2.67 % (6) 1/5/2019 Baldwin Park (second) 1/5/2016 3,890,000 — 1/5/2019 10.67 % (7) 1/5/2019 Crosstown Walk 1/15/2016 32,069,832 — 2/1/2023 3.90 % N/A Avalon Park 5/31/2016 61,750,000 — 6/5/2019 2.77 % (8) N/A Avalon Park B Note 5/31/2016 3,250,000 — 6/5/2019 11.77 % (9) N/A City Vista 7/1/2016 35,734,946 — 7/1/2026 3.68 % N/A Sorrel 8/24/2016 33,442,303 — 9/1/2023 3.44 % N/A Retail: Spring Hill Plaza 9/5/2014 9,672,371 9,868,025 10/1/2019 3.36 % 10/31/2015 Parkway Town Centre 9/5/2014 7,034,452 7,176,745 10/1/2019 3.36 % 10/31/2015 Woodstock Crossing 8/8/2014 3,041,620 3,090,953 9/1/2021 4.71 % N/A Deltona Landings 9/30/2014 6,928,913 7,074,722 10/1/2019 3.48 % N/A Powder Springs 9/30/2014 7,311,197 7,465,051 10/1/2019 3.48 % N/A Kingwood Glen 9/30/2014 11,592,787 11,836,741 10/1/2019 3.48 % N/A Barclay Crossing 9/30/2014 6,517,956 6,655,117 10/1/2019 3.48 % N/A Sweetgrass Corner 9/30/2014 7,900,135 8,063,653 10/1/2019 3.58 % N/A Parkway Centre 9/30/2014 4,539,632 4,635,162 10/1/2019 3.48 % N/A Salem Cove 10/6/2014 9,586,678 9,600,000 11/1/2024 4.21 % 11/30/2016 Independence Square 8/27/2015 12,208,524 12,617,500 9/1/2022 3.93 % 9/30/2016 Royal Lakes Marketplace 9/4/2015 9,800,000 9,800,000 9/4/2020 3.12 % (5) 4/3/2017 The Overlook at Hamilton Place 12/22/2015 20,672,618 21,000,000 1/1/2026 4.19 % N/A Summit Point 10/30/2015 12,546,792 12,846,544 11/1/2022 3.57 % N/A East Gate Shopping Center 4/29/2016 5,719,897 — 5/1/2026 3.97 % N/A Fury's Ferry 4/29/2016 6,607,467 — 5/1/2026 3.97 % N/A Rosewood Shopping Center 4/29/2016 4,437,851 — 5/1/2026 3.97 % N/A Southgate Village 4/29/2016 7,889,513 — 5/1/2026 3.97 % N/A The Market at Victory Village 5/16/2016 9,250,000 — 9/11/2024 4.40 % 10/10/2017 Wade Green Village 4/7/2016 8,116,465 — 5/1/2026 4.00 % N/A Lakeland Plaza 7/15/2016 29,760,342 — 8/1/2026 3.85 % N/A University Palms 8/8/2016 13,513,891 — 9/1/2026 3.45 % N/A Cherokee Plaza 8/8/2016 26,017,293 — 9/1/2021 3.02 % (10) N/A Sandy Plains Exchange 8/8/2016 9,439,850 — 9/1/2026 3.45 % N/A Thompson Bridge Commons 8/8/2016 12,619,589 — 9/1/2026 3.45 % N/A Table continued from previous page Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) Heritage Station 8/8/2016 9,340,483 — 9/1/2026 3.45 % N/A Oak Park Village 8/8/2016 9,638,584 — 9/1/2026 3.45 % N/A Shoppes of Parkland 8/8/2016 16,492,503 — 9/1/2023 4.67 % N/A Champions Village 10/18/2016 27,400,000 — 11/1/2021 3.78 % (11) 11/1/2021 Student housing community: North by Northwest 6/1/2016 33,499,754 — 9/1/2022 4.02 % N/A Office: Brookwood Office 8/29/2016 32,400,000 — 9/10/2031 3.52 % 9/10/17 Galleria 75 11/4/2016 5,900,265 — 7/1/2022 4.25 % N/A Three Ravinia 12/30/2016 115,500,000 — 1/1/2042 4.46 % 2/1/2022 $ 1,327,878,112 $ 696,945,291 Footnotes to Mortgage Notes Table (1) Interest rates are fixed, except as indicated. (2) Following the indicated interest only period (where applicable), monthly payments of accrued interest and principal are based on a 25 to 30-year amortization period through the maturity date. (3) The mortgage instrument was assumed as part of the sales transaction; It accrues interest at a variable rate which consists of the one-month London Interbank Offered Rate, or 1 Month LIBOR, plus 160 basis points. The 1 Month LIBOR index is capped at 5.0%. (4) Variable rate which consists of 1 Month LIBOR plus 217 basis points. The 1 Month LIBOR index is capped at 4.33%. (5) Variable rate which consisted of 1 Month LIBOR plus 250 basis points. (6) Variable rate which consisted of 1 Month LIBOR plus 190 basis points. (7) Variable rate which consisted of 1 Month LIBOR plus 990 basis points. (8) Variable rate which consisted of 1 Month LIBOR plus 200 basis points. (9) Variable rate which consisted of 1 Month LIBOR plus 1100 basis points. (10) Variable rate which consisted of 1 Month LIBOR plus 225 basis points. The interest rate has a floor of 2.7%. (11) Variable rate which consisted of 1 Month LIBOR plus 300 basis points. The interest rate has a floor of 3.25%. The mortgage note secured by our Independence Square property is a seven year term with an anticipated repayment date of September 1, 2022. If the Company elects not to pay its principal balance at the anticipated repayment date, the term will be extended for an additional five years, maturing on September 1, 2027. The interest rate from September 1, 2022 to September 1, 2027 will be the greater of (i) the Initial Interest Rate of 3.93% plus 200 basis points or (ii) the yield on the seven year U.S. treasury security rate plus approximately 400 basis points. The mortgage note secured by our Royal Lakes Marketplace property has a maximum commitment of $11,050,000 . As of December 31, 2016 , the Company has an outstanding principal balance of $9.8 million million on this loan. Additional advances of the mortgage commitment will be drawn as the Company achieves incremental leasing benchmarks specified under the loan agreement. This mortgage has a variable interest of 1 Month LIBOR plus 250 basis points, which was 3.12% as of December 31, 2016 . The mortgage note secured by our Champions Village property has a maximum commitment of $34.16 million . As of December 31, 2016 , the Company has an outstanding principal balance of $27.4 million . Additional advances of the mortgage commitment will be drawn as the Company achieves leasing activity. Additional advances are available through October 2019. This mortgage note has a variable interest of the greater of (i) 3.25% and (ii) the sum of the 3.00% plus the LIBOR Rate, which was 3.78% as of December 31, 2016 . As of December 31, 2016 , the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 8.1 years. Credit Facility The Company has a credit facility, or Credit Facility, with Key Bank National Association, or Key Bank, which defines a revolving line of credit, or Revolving Line of Credit, which is used to fund investments, capital expenditures, dividends (with consent of Key Bank), working capital and other general corporate purposes on an as needed basis. The maximum borrowing capacity on the Revolving Line of Credit was increased to $150,000,000 pursuant to the Fourth Amended and Restated Credit Agreement, as amended effective December 27, 2016. The Revolving Line of Credit accrues interest at a variable rate of one month LIBOR plus 3.25% per annum and matures on August 5, 2019, with an option to extend the maturity date to August 5, 2020, subject to certain conditions described therein. On February 12, 2015, we entered into a $32.0 million term loan with Key Bank under the Credit Facility, or the 2015 Term Loan, to partially finance the acquisition of two multifamily communities in Houston, Texas. The Term Loan accrued interest at a rate of LIBOR plus 4.0% per annum until it was repaid in full on May 12, 2015. On January 5, 2016, we entered into a $35.0 million term loan with Key Bank under the Credit Facility, or the 2016 Term Loan, to partially finance the acquisition of the Baldwin Park multifamily community. The Term Loan accrued interest at a rate of LIBOR plus 3.75% per annum. On August 5, 2016, the Company repaid the 2016 Term Loan in full. On May 26, 2016, the Company entered into a $11.0 million interim term loan with Key Bank, or the Interim Term Loan, to partially finance the acquisition of Anderson Central, a retail shopping center located in Anderson, South Carolina. The Interim Term Loan accrues interest at a rate of LIBOR plus 2.5% per annum and the maturity date is May 25, 2017. The Amended and Restated Credit Agreement contains certain affirmative and negative covenants, including negative covenants that limit or restrict secured and unsecured indebtedness, mergers and fundamental changes, investments and acquisitions, liens and encumbrances, dividends, transactions with affiliates, burdensome agreements, changes in fiscal year and other matters customarily restricted in such agreements. The amount of dividends that may be paid out by the Company is restricted to a maximum of 95% of AFFO for the trailing rolling four quarters without the lender's consent; solely for purposes of this covenant, AFFO is calculated as earnings before interest, taxes, depreciation and amortization expense, plus reserves for capital expenditures, less normally recurring capital expenditures, less consolidated interest expense. As of December 31, 2016 , the Company was in compliance with all covenants related to the Revolving Line of Credit, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $840,200,000 (2) $885,261,162 Debt yield Minimum 8.0% 8.64% Payout ratio Maximum 95% (3) 85.6% Total leverage ratio Maximum 65.0% 60.5% Debt service coverage ratio Minimum 1.50x 2.12x (1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) Minimum $687 million plus 75% of the net proceeds of any equity offering, which totaled approximately $840 million as of December 31, 2016 . (3) Calculated on a trailing four-quarter basis. For the year ended December 31, 2015, the maximum dividends and distributions allowed under this covenant was approximately $68,500,000 . Loan fees and closing costs for the establishment and subsequent amendments of the Credit Facility, as well as the mortgage debt on the Company's multifamily communities and grocery-anchored shopping centers, are amortized utilizing the effective interest rate method over the lives of the loans. At December 31, 2016 , aggregate unamortized loan costs were approximately $1.7 million , which will be amortized over a weighted average remaining loan life of approximately 2.5 years. The weighted average interest rate for the Credit Facility was 3.96% for the twelve -month period ended December 31, 2016 . The Revolving Line of Credit also bears a commitment fee on the average daily unused portion of the Revolving Credit Facility of 0.35% per annum. Interest Expense Interest expense, including amortization of deferred loan costs was: Year ended December 31, 2016 2015 2014 Multifamily communities $ 28,135,936 $ 14,994,053 $ 7,109,292 New Market Properties 8,870,094 3,479,879 854,097 Office buildings 474,402 — — Student housing community 894,277 — — Interest paid to real estate loan participants 2,008,741 1,496,566 219,587 40,383,450 19,970,498 8,182,976 Revolving Credit Facility and Term Note 3,900,694 1,345,233 2,005,211 Interest Expense $ 44,284,144 $ 21,315,731 $ 10,188,187 Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of December 31, 2016 were: Period Future principal payments 2017 $ 157,110,067 (1) 2018 41,352,234 2019 332,726,142 2020 89,858,023 2021 138,241,835 thereafter 707,089,811 Total $ 1,466,378,112 (1) Includes the principal amount due of the Company's Revolving Line of Credit of $127.5 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Taxes [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes The Company elected to be taxed as a REIT effective with its tax year ended December 31, 2011, and therefore, the Company will not be subject to federal and state income taxes after this effective date, so long as it distributes 100% of the Company's annual REIT taxable income (which does not equal net income as calculated in accordance with GAAP and determined without regard for the deduction for dividends paid and excluding net capital gains) to its shareholders. For the period preceding this election date, the Company's operations resulted in a tax loss. As of December 31, 2010, the Company had deferred federal and state tax assets totaling approximately $298,100 , none of which were based upon tax positions deemed to be uncertain. These deferred tax assets will most likely not be used since the Company elected REIT status; therefore, management has determined that a 100% valuation allowance is appropriate for the years ended December 31, 2016 , 2015 and 2014. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies On March 28, 2014, the Company entered into a payment guaranty in support of its Manager's new eleven -year office lease, which began on October 9, 2014. As of December 31, 2016 , the amount guarantied by the Company was $5.97 million and is reduced by $555,000 per lease year over the term of the lease. Certain officers and employees of the Manager have been assigned company credit cards. As of December 31, 2016 , the Company guarantied up to $405,000 on these credit cards. The Company is otherwise currently subject to neither any known material commitments or contingencies from its business operations, nor any material known or threatened litigation. A total of approximately $3.7 million of combined asset management and general and administrative expense fees related to the acquired properties as of December 31, 2016 have been deferred by the Manager. The Company will recognize any contingent fees in future periods to the extent, if any, it determines that it is probable that the estimated net sale proceeds would exceed the hurdles listed above. At December 31, 2016 , the Company had unfunded balances on its real estate loan portfolio of approximately $76.5 million . |
Operating Leases (Notes)
Operating Leases (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Operating Leases of Lessor Disclosure [Text Block] | Operating Leases The Company’s grocery-anchored shopping centers and office properties are leased to tenants under operating leases for which the terms vary. The future minimum rental income due under the remaining non-cancelable terms of the Company's operating leases in place, excluding tenant reimbursements of operating expenses and real estate taxes and additional percentage rent based on tenants’ sales volumes, as of December 31, 2016 , is presented below, assuming that all leases which expire are not renewed and tenant renewal options are not exercised: For the years ending December 31: Future Minimum Rents New Market Properties Office buildings Total 2017 $ 35,514,141 $ 19,954,746 $ 55,468,887 2018 32,284,111 21,232,719 53,516,830 2019 25,818,913 22,097,943 47,916,856 2020 21,589,847 22,383,499 43,973,346 2021 16,517,832 18,116,847 34,634,679 Thereafter 65,382,207 146,790,026 212,172,233 $ 197,107,051 $ 250,575,780 $ 447,682,831 The Company’s grocery-anchored shopping centers are geographically concentrated within the Sunbelt region of the United States. The Company’s retail tenant base primarily consists of national and regional supermarkets, consumer services, healthcare providers, and restaurants. Our grocery anchor tenants comprise approximately 52.1% of our gross leasable area. Our credit risk, therefore, is concentrated in the retail/grocery real estate sector. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, with the exception of our grocer anchor tenants, who generally are not required to provide security deposits. Exposure to credit risk is limited to the extent that tenant receivables exceed security deposits. Security deposits related to tenant leases are included in security deposits and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2016 the Company’s approximately 1.1 million square foot office portfolio was 98% leased to a predominantly investment grade credit (or investment grade equivalent) tenant roster. For non-credit tenants, our leases typically require a security deposit or letter of credit, which limits worst case collection exposure to amounts in excess of those protections. Additionally, some credit tenant leases will include credit enhancement provisions that require a security deposit or letter of credit in the event of a rating downgrade. We conduct thorough credit analyses not only for leasing activities within our existing portfolio but also for major tenants in properties we are considering acquiring. As of December 31, 2016 credit tenants represented approximately 77% of the Company’s total office rentable area. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Information [Abstract] | |
Segment Reporting Disclosure [Text Block] | Segment Information The Company's Chief Operating Decision Maker, or CODM, evaluates the performance of the Company's business operations and allocates financial and other resources by assessing the financial results and outlook for future performance across four distinct segments: multifamily communities, real estate related financing, New Market Properties and office buildings. Multifamily Communities - consists of the Company's portfolio of owned residential multifamily communities. Financing - consists of the Company's portfolio of real estate loans, bridge loans, and other instruments deployed by the Company to partially finance the development, construction, and prestabilization carrying costs of new multifamily communities and other real estate and real estate related assets. Excluded from the financing segment are financial results of the Company's Dawson Marketplace retail real estate loan. New Market Properties - consists of the Company's portfolio of grocery-anchored shopping centers, which are owned by New Market Properties, LLC, a wholly-owned subsidiary of the Company, as well as the financial results from the Company's retail real estate loans. Office Buildings - consists of the Company's portfolio of office buildings. The CODM monitors net operating income (“NOI”) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level. The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. December 31, 2016 December 31, 2015 Assets: Multifamily communities $ 1,166,766,664 $ 781,224,019 Financing 379,070,918 272,454,610 New Market Properties 579,738,707 229,461,573 Office buildings 285,229,700 — Other 10,026,613 12,388,831 Consolidated assets $ 2,420,832,602 $ 1,295,529,033 Total capitalized expenditures of $8,400,801 and $3,579,457 (excluding the purchase price of acquisitions) were recorded for the twelve months ended December 31, 2016 and 2015 , respectively, attributable to the Company’s multifamily communities segment. Total capitalized expenditures of $1,640,036 and $1,088,585 (excluding the purchase price of acquisitions) were recorded for the twelve months ended December 31, 2016 and 2015 , respectively, attributable to the Company’s retail segment. Total capitalized expenditures of $11,193 (excluding the purchase price of acquisitions) were recorded for the twelve months ended December 31, 2016 attributable to the Company’s office buildings segment. Twelve months ended December 31, 2016 2015 2014 Revenues Multifamily communities $ 120,553,674 $ 65,232,087 $ 31,234,822 Financing 41,717,650 30,000,654 21,827,725 New Market Properties 35,490,552 14,072,771 3,473,823 Office buildings 2,357,039 — — Consolidated revenues $ 200,118,915 $ 109,305,512 $ 56,536,370 Segment net operating income (Segment NOI) Multifamily communities $ 66,553,559 $ 36,339,603 $ 18,209,645 Financing 41,717,650 30,000,654 21,827,725 New Market Properties 25,934,359 10,180,531 2,526,122 Office buildings 1,675,886 — — Consolidated segment net operating income 135,881,454 76,520,788 42,563,492 Interest and loss on early debt extinguishment: Multifamily communities 29,030,213 14,994,054 7,109,292 New Market Properties 8,870,094 3,479,879 854,097 Office buildings 474,402 — — Financing 5,909,435 2,841,799 2,224,798 Depreciation and amortization: Multifamily communities 57,664,568 30,970,345 14,199,048 New Market Properties 19,245,688 7,125,989 2,129,667 Office buildings 1,229,542 — — Professional fees 3,134,432 1,880,232 1,261,667 Management fees, net of deferrals 12,051,891 5,235,748 3,214,642 Acquisition costs: Multifamily communities 4,723,480 7,496,798 3,109,252 New Market Properties 2,103,112 1,656,965 4,123,365 Office buildings 1,720,951 — — Equity compensation to directors and executives 2,524,042 2,362,453 1,784,349 Gain on sale of real estate (4,271,506 ) — — Other 1,314,524 902,515 426,112 Net income (loss) $ (9,843,414 ) $ (2,425,989 ) $ 2,127,203 |
Loss per Share
Loss per Share | 12 Months Ended |
Dec. 31, 2016 | |
Loss per share [Abstract] | |
Earnings Per Share [Text Block] | The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock: Year ended December 31, 2016 2015 2014 Numerator: Net (loss) income before gain on sale of real estate $ (14,114,920 ) $ (2,425,989 ) $ 2,127,203 Gain on sale of real estate, net of disposition expenses 4,271,506 — — Net (loss) income (9,843,414 ) (2,425,989 ) 2,127,203 Consolidated net loss (income) attributable to non-controlling interests 310,291 25,321 (33,714 ) Net (loss) income attributable to the Company (9,533,123 ) (2,400,668 ) 2,093,489 Dividends declared to Series A preferred stockholders (A) (41,080,645 ) (18,751,934 ) (7,382,320 ) Earnings attributable to unvested restricted stock (B) (15,843 ) (19,256 ) (24,090 ) Net loss attributable to common stockholders $ (50,629,611 ) $ (21,171,858 ) $ (5,312,921 ) Denominator: Weighted average number of shares of Common Stock - basic 23,969,494 22,182,971 17,399,147 Effect of dilutive securities: (C) Warrants — — — Class B Units — — — Unvested restricted stock — — — Weighted average number of shares of Common Stock - diluted 23,969,494 22,182,971 17,399,147 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (2.11 ) $ (0.95 ) $ (0.31 ) (A) The Company’s shares of Series A Preferred Stock outstanding accrue dividends at an annual rate of 6% of the stated value of $1,000 per share, payable monthly. The Company had 914,422 , 482,964 and 192,846 outstanding shares of Series A Preferred Stock at December 31, 2016, 2015, and 2014, respectively. (B) The Company's outstanding unvested restricted share awards ( 15,498 , 15,067 and 39,216 shares of Common Stock at December 31, 2016 , 2015, and 2014, respectively) contain non-forfeitable rights to distributions or distribution equivalents. The impact of the unvested restricted share awards on earnings per share has been calculated using the two-class method whereby earnings are allocated to the unvested restricted share awards based on dividends declared and the unvested restricted shares' participation rights in undistributed earnings. Given the Company incurred a net loss attributable to common stockholders for the years ended December 31, 2016 , 2015 and 2014, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock since the unvested restricted share awards are defined as participating securities. (C) Potential dilution from 150,000 shares of Common Stock that would have been outstanding for the first quarter of 2015 due to the hypothetical exercise of a warrant issued by the Company to International Assets Advisory LLC, or IAA, on March 31, 2011, which expired on March 31, 2015, and warrants outstanding from issuances of Units from our Primary Series A Offering that are potentially exercisable into 16,148,760 shares of Common Stock, are excluded from the diluted shares calculations because the effect was antidilutive. Class A Units were excluded from the denominator because earnings were allocated to non-controlling interests in the calculation of the numerator. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data (Notes) | 12 Months Ended |
Dec. 31, 2016 | |
Statement of Financial Position [Abstract] | |
Quarterly Financial Information [Text Block] | Selected Quarterly Financial Data (unaudited) Quarterly financial information was as follows: Three months ended: 3/31/2016 6/30/2016 9/30/2016 12/31/2016 Revenues $ 41,735,781 $ 45,853,944 $ 53,537,337 $ 58,991,853 Operating (loss) income $ 5,505,340 $ 5,505,474 $ 9,545,554 $ 9,612,856 Net (loss) income $ (3,389,490 ) $ 217,479 $ (2,688,620 ) $ (3,982,783 ) Net (loss) income attributable to common stockholders $ (11,184,115 ) $ (9,239,588 ) $ (13,624,001 ) $ (16,589,868 ) Net (loss) income per share of Common Stock available to Common Stockholders: Basic $ (0.49 ) $ (0.40 ) $ (0.56 ) $ (0.66 ) Diluted $ (0.49 ) $ (0.40 ) $ (0.56 ) $ (0.66 ) Weighted average shares outstanding: Basic 22,983,741 23,325,663 24,340,791 25,210,069 Diluted 22,983,741 23,325,663 24,340,791 25,210,069 Three months ended: 3/31/2015 6/30/2015 9/30/2015 12/31/2015 Revenues (1) $ 21,344,515 $ 24,088,827 $ 29,955,693 $ 33,916,477 Operating (loss) income (1) $ 3,612,186 $ 5,109,304 $ 4,120,993 $ 6,047,259 Net (loss) income $ (764,929 ) $ 420,836 $ (1,697,767 ) $ (384,129 ) Net (loss) income attributable to common stockholders $ (3,934,990 ) $ (3,679,421 ) $ (6,800,672 ) $ (6,756,775 ) Net (loss) income per share of Common Stock available to Common Stockholders: Basic $ (0.18 ) $ (0.17 ) $ (0.31 ) $ (0.30 ) Diluted $ (0.18 ) $ (0.17 ) $ 0.31 $ (0.30 ) Weighted average shares outstanding: Basic 21,813,974 22,215,663 22,292,217 22,402,366 Diluted 21,813,974 22,215,663 22,922,217 22,402,366 |
Pro Forma Financial Information
Pro Forma Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Pro Forma Financial Information [Abstract] | |
Subsequent Event, Pro Forma Business Combinations [Text Block] | Pro Forma Financial Information (unaudited) The Company’s condensed pro forma financial results assume the following acquisitions were hypothetically completed on January 1 of the previous year, as shown below: Hypothetical acquisition date 1/1/2015 1/1/2014 1/1/2013 Baldwin Park Lenox Portfolio Dunbar Portfolio Crosstown Walk Stone Creek Salem Cove Overton Rise Citi Lakes Sunbelt Portfolio Avalon Park Avenues at Creekside Spring Hill Plaza North by Northwest CityPark View Parkway Town Centre City Vista Aster at Lely Sorrel Venue at Lakewood Ranch Wade Green Village Houston Portfolio Southeastern Six Portfolio Overlook at Hamilton Place The Market at Victory Village Summit Point Lakeland Plaza Royal Lakes Marketplace Sunbelt Seven Portfolio Independence Square Champions Village Brookwood Office Galleria 75 Three Ravinia The Company’s condensed pro forma financial results were: Twelve months ended December 31, 2016 2015 2014 Pro forma: Revenues $ 253,909,996 $ 228,020,379 $ 106,896,527 Net income (loss) $ (1,082,540 ) $ (49,338,846 ) $ (24,386,460 ) Net income (loss) attributable to the Company $ (1,061,358 ) $ (47,765,401 ) $ (24,171,219 ) Net loss attributable to common stockholders $ (42,157,846 ) $ (66,536,591 ) $ (31,577,629 ) Net income loss per share of Common Stock attributable to common stockholders, Basic and diluted $ (1.76 ) $ (3.00 ) $ (1.68 ) Weighted average number of shares of Common Stock outstanding, Basic and diluted 23,969,494 22,182,971 18,850,410 Material nonrecurring pro forma adjustments which were directly attributable to these business combinations included the pro forma removal of all acquisition costs incurred from the actual historical periods of recognition of approximately $(8.4) million , $(8.1) million and $(2.1) million for the years ended December 31, 2016 , 2015, and 2014, respectively. These pro forma results are not necessarily indicative of what historical performance would have been had these business combinations been effective as of the hypothetical acquisition dates listed above, nor should they be interpreted as expectations of future results. |
Fair Values of Financial Instru
Fair Values of Financial Instruments | 12 Months Ended |
Dec. 31, 2016 | |
Fair Values of Financial Instruments [Abstract] | |
Fair Value Disclosures [Text Block] | Fair Values of Financial Instruments Fair value is defined as the price at which an asset or liability is exchanged between market participants in an orderly transaction at the reporting date. The Company’s cash equivalents, notes receivable, accounts receivable and payables and accrued expenses all approximate fair value due to their short term nature. The following tables provide estimated fair values of the Company’s financial instruments. The carrying values of the Company's real estate loans include accrued interest receivable from additional interest or exit fee provisions and are presented net of deferred loan fee revenue, where applicable. As of December 31, 2016 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 332,761,068 $ 374,856,749 $ — $ — $ 374,856,749 Notes receivable and line of credit receivable 37,615,675 37,615,675 — — 37,615,675 $ 370,376,743 $ 412,472,424 $ — $ — $ 412,472,424 Financial Liabilities: Mortgage notes payable (2) $ 1,327,878,112 $ 1,314,966,652 $ — $ — $ 1,314,966,652 Revolving credit facility 127,500,000 127,500,000 — — 127,500,000 Term loan 11,000,000 11,000,000 — — 11,000,000 Loan participation obligations 20,761,819 21,500,448 — — 21,500,448 $ 1,487,139,931 $ 1,474,967,100 $ — $ — $ 1,474,967,100 As of December 31, 2015 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 252,296,406 $ 267,383,427 $ — $ — $ 267,383,427 Notes receivable and line of credit receivable 37,943,733 37,943,733 — — 37,943,733 $ 290,240,139 $ 305,327,160 $ — $ — $ 305,327,160 Financial Liabilities: Mortgage notes payable (2) $ 696,945,291 692,008,640 $ — $ — $ 692,008,640 Revolving credit facility 34,500,000 34,500,000 — — 34,500,000 Loan participation obligations 13,544,160 14,061,190 — — 14,061,190 $ 744,989,451 $ 740,569,830 $ — $ — $ 740,569,830 (1) The carrying value of real estate assets includes the Company's balance of the Palisades, Green Park, Founders' Village, Encore and Stadium Village real estate loans, which includes the amounts funded by unrelated participants. The loan participation obligations are the amounts due the participants under these arrangements. Accrued interest included in the carrying values of the Company's real estate loans was approximately $21.9 million and $14.3 million at December 31, 2016 and 2015 , respectively. (2) The carrying value of mortgage notes payable consists of the principal amounts due reduced by any unamortized deferred loan issuance costs. The fair value of the real estate loans within the level 3 hierarchy are comprised of estimates of the fair value of the notes, which were developed utilizing a discounted cash flow model over the remaining terms of the notes until their maturity dates and utilizing discount rates believed to approximate the market risk factor for notes of similar type and duration. The fair values also contain a separately-calculated estimate of any applicable exit fee or additional interest payment due the Company at the maturity date of the loan, based on the outstanding loan balances at December 31, 2016 , discounted to the reporting date utilizing a discount rate believed to be appropriate for multifamily development projects. The fair values of the fixed rate mortgages on the Company’s properties were developed using market quotes of the fixed rate yield index and spread for four, five, seven, ten and 35 year notes as of the reporting date. The present values of the cash flows were calculated using the original interest rate in place on the fixed rate mortgages and again at the current market rate. The difference between the two results was applied as a fair market adjustment to the carrying value of the mortgages. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events On January 20, 2017, we sold our 364-unit Sandstone Creek multifamily community to an unrelated third party for $48.1 million , exclusive of disposition-related transaction costs and realized a gain on the sale of approximately $0.6 million . Between January 1, 2017 and February 14, 2017, the Company issued the final 64,553 Units and collected net proceeds of approximately $58.1 million after commissions and fees under its Follow-on Offering. On February 14, 2017, our $1.5 Billion Unit Offering was declared effective by the SEC. On February 2, 2017, the Company declared a quarterly dividend on its Common Stock of $0.22 per share, payable on April 14, 2017 to stockholders of record on March 15, 2017. On January 4, 2017, the Company had exceeded the benchmark market capitalization goal set as the vesting hurdle for its Class B Unit grants made to certain members of senior management for service provided during 2016. All of the 265,931 Class B Units granted on January 4, 2016 became earned and 206,528 automatically vested and converted to Class A Units. Of the remaining earned Class B Units, 29,699 will vest and automatically convert to Class A Units on January 4, 2018 and the final 29,704 earned Class B Units will vest and automatically convert to Class A Units on January 4, 2019, assuming each grantee fulfills the requisite service requirement. On January 3, 2017, the Company awarded 286,392 Class B Units to its executive officers and other key personnel for service to be provided during 2017, 2018 and 2019. The total compensation cost was calculated to be $3,413,793 . The 2017 award carries vesting terms and features substantially similar to the Class B Units awarded for previous years, except the fair value of 227,576 of the Class B Units will be recognized over the one year period ending on the vesting date of January 3, 2018, the fair value of 29,401 of the Class B Units will be recognized over the one year period ending on the vesting date of January 3, 2019 and the remaining compensation cost pertaining to 29,415 Class B Units will be recognized over the one year period ending on the vesting date of January 3, 2020. On February 28, 2017, we acquired a 225 -unit, 640 -bed student housing community located near Arizona State University in Tempe, Arizona. We financed the acquisition using our newly closed Revolving Credit Facility with Freddie Mac and KeyBank National Association, or the Facility. The Facility provides for aggregate borrowings of up to a maximum amount of $200 million , subject to increase to $300 million in KeyBank's sole discretion, has a five year term, and a floating interest rate that is dependent on the type of property in the Facility and the leverage level of each individual asset. |
Significant Accounting Polici28
Significant Accounting Policies Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income or loss available to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Net income or loss attributable to common stockholders is calculated by deducting dividends due to preferred stockholders, including deemed non-cash dividends emanating from beneficial conversion features within convertible preferred stock, as well as nonforfeitable dividends due to holders of unvested restricted stock, which are participating securities under the two-class method of calculating earnings per share. Diluted earnings (loss) per share is computed by dividing net income or net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the effect of dilutive securities such as share grants or warrants. No adjustment is made for potential common stock equivalents that are anti-dilutive during the period. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company has elected to be taxed as a REIT under the Code. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes 100% of the Company's annual REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could materially adversely affect the Company's net income and net cash available for distribution to stockholders. The Company intends to operate in such a manner as to maintain its election for treatment as a REIT. The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. |
Discontinued Operations, Policy [Policy Text Block] | Acquisition Costs Through December 31, 2016, the Company expensed property acquisition costs as incurred, which include costs such as due diligence, legal, certain accounting, environmental and consulting, when the acquisition constituted a business combination. As described below in the section entitled New Accounting Pronouncements, Accounting Standards Update 2017-01 was adopted by the Company effective January 1, 2017, which will cause the Company to capitalize certain of these costs for transactions deemed to be asset acquisitions. |
Finance, Loan and Lease Receivables, Held-for-investment, Policy [Policy Text Block] | Loans and Notes Receivable The Company carries its investments in real estate loans at amortized cost with assessments made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result of the loan is lower than the carrying amount of the loan, a valuation allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. Recoveries of valuation allowances are only recognized in the event of maturity or a sale or disposition in an amount above carrying value. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of deferred loan fee revenue. These loan balances are presented in the asset section of the consolidated balance sheets inclusive of loan balances from third party participant lenders, with the participant amount presented within the liabilities section. See the "Revenue Recognition" section of this Note for other loan-related policy disclosures required by ASC 310-10-50-6. Certain loans have historically contained contingent exit fees, which are deemed to be embedded derivatives. The Company elects the fair value option for these loans and recognizes in earnings any material changes in fair value. |
Deferred Charges, Policy [Policy Text Block] | Deferred Loan Costs Deferred loan costs are amortized using the straight-line method, which approximates the effective interest rate method, over the terms of the related indebtedness. |
Non-controlling interests [Policy Text Block] | Non-controlling Interest Non-controlling interest represents the equity interest of the Operating Partnership that is not owned by the Company. Non-controlling interest is adjusted for contributions, distributions and earnings or loss attributable to the non-controlling interest in the consolidated entity in accordance with the Agreement of Limited Partnership of the Operating Partnership, as amended. |
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block] | Redeemable Preferred Stock Shares of the Series A Redeemable Preferred Stock, stated value $1,000 per share, or Preferred Stock, are redeemable at the option of the holder, subject to a declining redemption fee schedule. Redemptions are therefore outside the control of the Company. However, the Company retains the right to fund any redemptions of Preferred Stock in either Common Stock or cash at its option. Therefore, the Company records the Preferred Stock as a component of permanent stockholders’ equity. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Acquisitions and Impairments of Real Estate Assets The Company generally records its initial investments in income-producing real estate at fair value at the acquisition date in accordance with ASC 805-10, Business Combinations . The aggregate purchase price of acquired properties is apportioned to the tangible and identifiable intangible assets and liabilities acquired at their estimated fair values. The value of acquired land, buildings and improvements is estimated by formal appraisals, observed comparable sales transactions, and information gathered during pre-acquisition due diligence activities and the valuation approach considers the value of the property as if it were vacant. The values of furniture, fixtures, and equipment are estimated by calculating their replacement cost and reducing that value by factors based upon estimates of their remaining useful lives. Intangible assets and liabilities for multifamily communities and office buildings include the values of in-place leases and above-market or below-market leases. Additional intangible assets for retail properties also include costs to initiate leases such as commissions and legal costs. In-place lease values for multifamily communities are estimated by calculating the estimated time to fill a hypothetically empty apartment complex to its stabilization level (estimated to be 92% occupancy) based on historical observed move-in rates for each property, and which approximate market rates. Carrying costs during these hypothetical expected lease-up periods are estimated, considering current market conditions and include real estate taxes, insurance and other operating expenses and estimates of lost rentals at market rates. The intangible assets are calculated by estimating the net cash flows of the in-place leases to be realized, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The acquired in-place lease values are amortized to operating expense over the average remaining non-cancelable term of the respective in-place leases. The amounts of above-market or below-market lease values are developed by comparing the Company's estimate of the average market rent to the average contract rent of the leases in place at the property acquisition date. This ratio is applied on a lease by lease basis to derive a total asset or liability amount for the property. The above-market or below-market lease values are recorded as a reduction or increase, respectively, to rental revenue over the remaining average non-cancelable term of the respective leases, plus any below market probable renewal options. The fair values of in-place leases for retail shopping centers and office buildings represent the value of direct costs associated with leasing, including opportunity costs associated with lost rentals that are avoided by acquiring in-place leases. Direct costs associated with obtaining a new tenant include commissions, legal and marketing costs, incentives such as tenant improvement allowances and other direct costs. Such direct costs are estimated based on our consideration of current market costs to execute a similar lease. The value of opportunity costs is estimated using the estimated market lease rates and the estimated absorption period of the space. These direct costs and opportunity costs are included in the accompanying consolidated balance sheets as acquired intangible assets and are amortized to expense over the remaining term of the respective leases. The fair values of above-market and below-market in-place leases for retail shopping centers and office buildings are recorded based on the present value (using an interest rate which reflects the risks associated with the leases acquired) of the difference between (i) the contractual amounts to be paid pursuant to the in-place leases and (ii) our estimate of fair market lease rates for the corresponding in-place leases, measured over a period equal to the remaining term of the leases, taking into consideration the probability of renewals for any below-market leases. The capitalized above-market leases and in place leases are included in the acquired intangible assets line of the consolidated balance sheets. Both above-market and below-market lease values are amortized as adjustments to rental revenue over the remaining term of the respective leases for office buildings. The amortization period for retail shopping center leases is the remaining lease term plus any below market probable renewal options. Estimating the fair values of the tangible and intangible assets requires us to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount and capitalization rates, market absorption periods, and the number of years the property is held for investment. The use of inappropriate estimates would result in an incorrect assessment of our purchase price allocations, which would impact the amount of our reported net income. Acquired intangible assets and liabilities have no residual value. The Company evaluates its tangible and identifiable intangible real estate assets for impairment when events such as declines in a property’s operating performance, deteriorating market conditions, or environmental or legal concerns bring recoverability of the carrying value of one or more assets into question. The total undiscounted cash flows of the asset group, including proceeds from disposition, are compared to the net book value of the asset group. If this test indicates that impairment exists, an impairment loss is recorded in earnings equal to the shortage of the book value to fair value, calculated as the discounted net cash flows of the asset group. |
deferred equity offering costs policy [Policy Text Block] | Deferred Offering Costs Deferred offering costs represent direct costs incurred by the Company related to current equity offerings, excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For issuances of equity that occur on one specific date, associated offering costs are reclassified as a reduction of proceeds raised on the date of issue. Our ongoing offering of up to a maximum of 900,000 units, consisting of one share of Series A Redeemable Preferred Stock, or Preferred Stock, and one warrant, or Warrant, to purchase 20 shares of Common Stock, or Units, generally closes on a bimonthly basis in variable amounts. Such offering is referred to herein as the Follow-on Offering, pursuant to our registration statement on Form S-3 (registration number 333-183355), as may be amended from time to time. Deferred offering costs related to the Follow-on Offering and Shelf Offering (as defined in Note 5) are reclassified to the stockholders’ equity section of the consolidated balance sheet as a reduction of proceeds raised on a pro-rata basis equal to the ratio of total Units or value of shares issued to the maximum number of Units, or the value of shares, as applicable, that are expected to be issued. |
Revenue Recognition Leases, Operating [Policy Text Block] | Revenue Recognition Real Estate Rental revenue is recognized when earned from residents of the Company's multifamily communities, which is over the terms of rental agreements, typically of 13 months’ duration. The Company evaluates the collectability of amounts due from residents and maintains an allowance for doubtful accounts for estimated losses resulting from the inability of residents to make required payments then due under lease agreements. The balance of amounts due from residents are generally deemed uncollectible 30 days beyond the due date, at which point they are fully reserved. Rental revenue from tenants' operating leases in the Company's retail shopping centers is recognized on a straight-line basis over the term of the lease regardless of when payments are due. Revenue based on "percentage rent" provisions that provide for additional rents that become due upon achievement of specified sales revenue targets (as specified in each lease agreement) is recognized only after the tenant exceeds its specified sales revenue target. Revenue from reimbursements of the tenants' share of real estate taxes, insurance and common area maintenance, or CAM, costs are recognized in the period in which the related expenses are incurred. Lease termination revenues are recognized ratably over the revised remaining lease term after giving effect to the termination notice or when tenant vacates and the Company has no further obligations under the lease. Rents and tenant reimbursements collected in advance are recorded as prepaid rent within other liabilities in the accompanying consolidated balance sheets. The Company estimates the collectability of the tenant receivable related to rental and reimbursement billings due from tenants and straight-line rent receivables, which represent the cumulative amount of future adjustments necessary to present rental revenue on a straight-line basis, by taking into consideration the Company's historical write-off experience, tenant credit-worthiness, current economic trends, and remaining lease terms . The Company may provide retail tenants an allowance for the construction of leasehold improvements. These leasehold improvements are capitalized and depreciated over the shorter of the useful life of the improvements or the remaining lease term. If the allowance represents a payment for a purpose other than funding leasehold improvements, or in the event the Company is not considered the owner of the improvements, the allowance is considered to be a lease incentive and is recognized over the lease term as a reduction of minimum rent. Determination of the appropriate accounting for the payment of a tenant allowance is made on a lease-by-lease basis, considering the facts and circumstances of the individual tenant lease. When the Company is the owner of the leasehold improvements, recognition of lease revenue commences when the lessee is given possession of the leased space upon completion of tenant improvements. However, when the leasehold improvements are owned by the tenant, the lease inception date is the date the tenant obtains possession of the leased space for purposes of constructing its leasehold improvements. The PAC Rewards program allows residents in the Company's multifamily communities to accumulate reward points on a monthly basis for actions such as resident referrals and making rent payments online. Once a property has been enrolled in the program, a resident must rent an apartment from the Company for at least 14 months before reward points may be redeemed for services or upgrades to a resident’s unit. The Company accrues a liability for the estimated cost of these future point redemptions, net of a 35% breakage fee, which is the Company’s current estimate of rewards points that will not be redeemed. In accordance with Staff Accounting Bulletin 13.A.3c, the Company deems its obligations under PAC Rewards as inconsequential to the delivery of services according to the lease terms. Therefore, the expense related to the PAC Rewards Program is included in property operating and maintenance expense on the consolidated statements of operations. |
Revenue Recognition, Interest [Policy Text Block] | Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes using the effective interest rate method. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue over the term of the new loan. Direct loan origination fees applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income. The accrual of interest on all these instruments ceases when there is concern as to the ultimate collection of principal or interest, which is generally a delinquency of 30 days in required payments of interest or principal. Any payments received on such non-accrual loans are recorded as interest income when the payments are received. Real estate loan assets are reclassified as accrual-basis once interest and principal payments become current. Certain real estate loan assets include limited purchase options and either exit fees or additional amounts of accrued interest. Exit fees or accrued interest due will be treated as additional consideration for the acquired project if the Company purchases the subject property. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan. |
Compensation Related Costs, Policy [Policy Text Block] | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with guidance provided by ASC 505-50, Equity-Based Payments to Non-Employees and ASC 718, Stock Compensation . We calculate the fair value of Class B Unit grants at the date of grant utilizing a Monte Carlo simulation model based upon estimates of their expected term, the expected volatility of and dividend yield on our Common Stock over this expected term period and the market risk-free rate of return. The compensation expense is accrued on a straight-line basis over the vesting period(s). We record the fair value of restricted stock awards based upon the closing stock price on the trading day immediately preceding the date of grant. |
Depreciation, Depletion, and Amortization [Policy Text Block] | Capitalization and Depreciation The Company capitalizes tenant improvements, replacements of furniture, fixtures and equipment, as well as carpet, appliances, air conditioning units, certain common area items and other assets. Significant repair and renovation costs that improve the usefulness or extend the useful life of the properties are also capitalized. These assets are then depreciated on a straight-line basis over their estimated useful lives, as follows: • Buildings: 30 - 50 years • Furniture, fixtures & equipment: 5 - 10 years • Improvements to buildings and land: 5 - 20 years • Tenant improvements: shorter of economic life or lease term Operating expenses related to unit turnover costs, such as carpet cleaning, mini-blind replacements and minor repairs are expensed as incurred. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. ASU 2014-09 is effective for interim and annual periods beginning after December 15, 2017 and may be applied using either a full retrospective or a modified approach upon adoption. The Company is currently evaluating the pending guidance but does not believe the adoption of ASU 2014-09 will have a material impact on its results of operations or financial condition, primarily because most of its revenue is rental operations, to which this standard is not applicable. The Company does provide significant non-rental services to its residents and tenants related to ancillary services and common area reimbursements. The Company does not believe that the adoption of ASU 2014-09 will materially impact the accounting for these revenues; however, we are continuing to evaluate the impact. In August 2014, the FASB issued Accounting Standards Update 2014-15 (“ASU 2014-15”), Presentation of Financial Statements - Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. This new guidance requires management to evaluate, at each annual and interim reporting period, whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date the financial statements are issued and provide related disclosures. ASU 2014-15 is effective for annual periods ending after December 15, 2016 and interim periods thereafter and early adoption is permitted. The Company's adoption of this guidance on December 31, 2016 did not have an impact to the consolidated financial statements or material impact on its disclosures. In January 2016, the FASB issued Accounting Standards Update 2016-01 ("ASU 2016-01"), Financial Instruments—Overall (Subtopic 825-10): Recognition and measurement of Financial Assets and Liabilities. The new standard's applicable provisions to the Company include an elimination of the disclosure requirement of the significant inputs and assumptions underlying the fair value calculations of its financial instruments which are carried at amortized cost. The standard is effective on January 1, 2018, and early adoption is not permitted for the applicable provision. The adoption of ASU 2016-01 will not impact the Company's results of operations or financial condition. In February 2016, the FASB issued Accounting Standards Update 2016-02 ("ASU 2016-02"), Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the pending guidance but does not believe the adoption of ASU 2016-02 will have a material impact on its results of operations or financial condition, since the Company does not have a material amount of lease expense. In March 2016, the FASB issued Accounting Standards Update 2016-09 ("ASU 2016-09"), Compensation—Stock Compensation (Topic 178): Improvements to Employee Share-Based Payment Accounting. The new standard's provisions applicable to the Company include allowing the entity to make an accounting policy election to either estimate the number of awards that are expected to vest or account for forfeitures of equity compensation awards when they occur. Previous guidance required entities to estimate the number of awards that are expected to vest. The standard is effective on January 1, 2017, and the Company adopted ASU 2016-09 on January 1, 2016 pursuant to the allowed early adoption provision. The Company has concluded the adoption of ASU 2016-09 will not have a material impact on its results of operations or financial condition as its historical forfeiture rates for equity compensation awards have been immaterial. In June 2016, the FASB issued Accounting Standards Update 2016-13 ("ASU 2016-13"), Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. The new standard requires financial instruments carried at amortized cost to be presented at the net amount expected to be collected, utilizing a valuation account which reflects the cumulative net adjustments from the gross amortized cost value. Under existing GAAP, entities would not record a valuation allowance until a loss was probable of occurring. The standard is effective for the Company on January 1, 2020. The Company is currently evaluating methods of deriving initial valuation accounts to be applied to its real estate loan portfolio. The Company is continuing to evaluate the pending guidance but does not believe the adoption of ASU 2016-13 will have a material impact on its results of operations or financial condition, since the Company has not yet experienced a credit loss related to any of its financial instruments. In August 2016, the FASB issued Accounting Standards Update 2016-15 ("ASU 2016-15"), Statement of Cash Flows—(Topic 326): Classification of Certain Cash Receipts and Cash Payments. The new standard clarifies or establishes guidance for the presentation of various cash transactions on the statement of cash flows. The portion of the guidance applicable to the Company's business activities include the requirement that cash payments for debt prepayment or debt extinguishment costs be presented as cash out flows for financing activities. The standard is effective for the Company on January 1, 2018. The adoption of ASU 2016-15 will not impact the Company’s consolidated financial statements, since its current policy is to classify such costs as cash out flows for financing activities. In November 2016, the FASB issued Accounting Standards Update 2016-18 ("ASU 2016-18"), Statement of Cash Flows—(Topic 230): Restricted Cash, which requires restricted cash to be presented with cash and cash equivalents when reconciling the beginning and ending amounts in the statements of cash flows. ASU 2016-18 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. The Company plans to adopt ASU 2016-18 on January 1, 2018. The Company currently reports changes in restricted cash within the investing activities section of its consolidated statements of cash flows. The Company is continuing to evaluate the impact of the adoption of ASU 2016-18 on its results of operations and financial condition. In January 2017, the FASB issued Accounting Standards Update 2017-01 ("ASU 2017-01"), Business Combinations - (Topic 805) : Clarifying the Definition of a Business. ASU 2017-01 clarifies the definition of a business and provides further guidance for evaluating whether a transaction will be accounted for as an acquisition of an asset or a business. ASU 2017-01 is effective for interim and annual periods beginning after December 15, 2017, and early adoption is permitted. We adopted ASU 2017-01 as of January 1, 2017. We believe our future acquisitions of multifamily communities, office buildings, grocery-anchored shopping centers, and student housing communities will generally qualify as asset acquisitions. Pursuant to ASU 2017-01, certain qualifying acquisition costs will be capitalized and amortized rather than expensed as incurred. The Company expects improvements, which may be material, to its net income available to common stockholders, as well as Funds From Operations ("FFO") resulting from adoption of ASU 2017-01, versus such results under previously effective guidance. |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Business Acquisition | |
real estate owned [Table Text Block] | The Company's real estate assets consisted of: As of December 31, 2016 2015 Multifamily communities (1) 25 19 Units 8,268 6,136 Retail shopping centers 31 14 Approximate gross leasable area (2) 3,295,491 1,279,000 Office buildings 3 — Rentable square feet 1,096,834 — (1) The acquired second phases of the Summit Crossing community is managed in combination with the initial phase and so together are considered a single property, as are the three assets that comprise the Lenox Portfolio. Includes one student housing community as of December 31, 2016. (2) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and not included in the totals above. |
Table of Properties Acquired | Acquisition date Property Location Approximate purchase price (millions) (1) Units 1/5/16 Baldwin Park Orlando, Florida $ 110.8 528 1/15/16 Crosstown Walk Tampa, Florida $ 45.8 342 2/1/16 Overton Rise Atlanta, Georgia $ 61.1 294 5/31/16 Avalon Park Orlando, Florida $ 92.5 487 6/1/16 North by Northwest (2) Tallahassee, Florida $ 46.1 219 7/1/16 City Vista Pittsburgh, Pennsylvania (3) 272 8/24/16 Sorrel Jacksonville, Florida $ 48.1 290 2,432 12/21/2015 Lenox Portfolio Nashville, Tennessee $ 77.6 474 11/12/2015 Stone Creek Houston, Texas $ 25.8 246 9/3/2015 Citi Lakes Orlando, Florida $ 63.4 346 7/31/2015 Avenues at Creekside San Antonio, Texas $ 56.2 395 6/30/2015 CityPark View Charlotte, North Carolina $ 32.7 284 6/24/2015 Aster at Lely Naples, Florida $ 52.5 308 5/21/2015 Venue at Lakewood Ranch Sarasota, Florida $ 47.4 237 2/13/2015 Houston Portfolio (4) Houston, Texas $ 76.0 520 2,810 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | 2016 Multifamily Communities acquired Baldwin Park Crosstown Walk Overton Rise Avalon Park North by Northwest (2) City Vista Sorrel Land 17,402,882 $ 5,178,375 $ 8,511,370 $ 7,410,048 $ 8,281,054 $ 4,081,683 $ 4,412,164 Buildings and improvements 87,105,757 33,605,831 44,710,034 80,558,636 34,355,922 36,084,007 35,512,257 Furniture, fixtures and equipment 3,358,589 5,726,583 6,286,105 1,790,256 2,623,916 5,402,228 6,705,040 Lease intangibles 2,882,772 1,323,511 1,611,314 2,741,060 799,109 2,100,866 1,495,539 Prepaids & other assets 229,972 125,706 73,754 99,297 79,626 167,797 — Escrows 2,555,753 291,868 354,640 3,477,157 1,026,419 599,983 623,791 Accrued taxes (17,421 ) (25,983 ) (66,422 ) (394,731 ) (321,437 ) (245,326 ) (437,510 ) Security deposits, prepaid rents, and other liabilities (226,160 ) (53,861 ) (90,213 ) (207,623 ) (159,462 ) (141,238 ) (68,828 ) Net assets acquired $ 113,292,144 $ 46,172,030 $ 61,390,582 $ 95,474,100 $ 46,685,147 $ 48,050,000 $ 48,242,453 Cash paid $ 35,492,144 $ 13,632,030 $ 20,090,582 $ 30,474,100 $ 12,831,872 $ — $ 14,642,453 Real estate loan settled — — — — — 12,500,000 — Contribution by joint venture partner — — — — — (450,000 ) — Mortgage debt (1) 77,800,000 32,540,000 41,300,000 65,000,000 33,853,275 36,000,000 33,600,000 Total consideration $ 113,292,144 $ 46,172,030 $ 61,390,582 $ 95,474,100 $ 46,685,147 $ 48,050,000 $ 48,242,453 Twelve months ended December 31, 2016: Revenue $ 9,349,000 $ 4,886,000 $ 4,968,000 $ 4,684,000 $ 3,389,000 $ 2,341,000 $ 1,670,000 Net income (loss) $ (4,883,000 ) $ (1,614,000 ) $ (1,894,000 ) $ (2,891,000 ) $ (1,041,000 ) $ (1,689,000 ) $ (854,000 ) Cumulative acquisition costs incurred by the Company $ 1,847,000 $ 319,000 $ 115,000 $ 1,315,000 $ 378,000 $ 41,000 $ 536,000 Remaining amortization period of intangible assets and liabilities (months) 0.0 0.0 0.0 4.5 0.0 3.5 7.5 2015 Multifamily Communities acquired Lenox Portfolio Stone Creek Citi Lakes Avenues at Creekside CityPark View Aster at Lely Venue at Lakewood Ranch Houston Portfolio Land $ 7,877,823 $ 2,210,630 $ 5,558,033 $ 5,983,724 $ 3,558,793 $ 7,675,409 $ 3,791,050 $ 7,162,226 Buildings and improvements 61,262,221 20,711,950 49,416,492 42,050,104 23,797,764 37,661,901 37,574,391 54,217,075 Furniture, fixtures and equipment 6,281,010 2,203,724 7,411,367 6,939,014 4,562,148 6,132,384 5,375,690 13,078,872 Lease intangibles 2,193,946 623,696 964,108 1,227,158 737,790 1,030,306 669,369 1,571,827 Prepaids & other assets 171,814 75,074 40,032 89,582 99,124 106,717 80,201 150,326 Escrows 739,340 844,515 280,863 1,058,468 211,428 — 401,294 362,332 Accrued taxes (564,841 ) (375,842 ) (187,792 ) (440,660 ) (105,756 ) (23,413 ) (216,252 ) (212,601 ) Security deposits, prepaid rents, and other liabilities (260,403 ) (37,331 ) (80,629 ) (218,438 ) (40,152 ) (64,689 ) (35,157 ) (99,181 ) Net assets acquired $ 77,700,910 $ 26,256,416 $ 63,402,474 $ 56,688,952 $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 Cash paid $ 27,896,449 $ 9,439,483 $ 18,952,474 $ 15,063,952 $ 10,000,000 $ 18,518,615 $ 16,830,586 $ 25,452,876 Mortgage debt (1) 49,804,461 16,816,933 44,450,000 41,625,000 22,100,000 34,000,000 30,810,000 50,778,000 Total consideration $ 77,700,910 $ 26,256,416 $ 63,402,474 $ 56,688,952 $ 32,821,139 $ 52,518,615 $ 47,640,586 $ 76,230,876 Twelve months ended December 31, 2016: Revenue $ 7,782,000 $ 3,389,000 $ 5,491,000 $ 5,574,000 $ 3,734,000 $ 5,261,000 $ 4,665,000 $ 8,733,000 Net income (loss) $ (2,307,000 ) $ (946,000 ) $ (1,429,000 ) $ (400,000 ) $ 38,000 $ (165,000 ) $ 17,000 $ (1,124,000 ) Twelve months ended December 31, 2015: Revenue $ 194,000 $ 442,000 $ 1,685,000 $ 2,511,000 $ 1,856,000 $ 2,556,000 $ 2,641,000 $ 7,392,000 Net income (loss) $ (81,000 ) $ (116,000 ) $ (511,000 ) $ (1,095,000 ) $ (818,000 ) $ (1,279,000 ) $ (766,000 ) $ (2,588,000 ) Cumulative acquisition costs incurred by the Company $ 1,550,000 $ 727,000 $ 1,620,000 $ 852,000 $ 276,000 $ 438,000 $ 889,000 $ 1,142,000 Remaining amortization period of intangible assets and liabilities (months) 23.4 0.0 0.0 0.0 0.0 0.0 0.0 0.0 |
Depreciation and Amortization Expense | The Company recorded aggregate amortization and depreciation expense of: Year ended December 31, 2016 2015 2014 Depreciation: Buildings and improvements $ 35,426,794 $ 16,653,380 $ 6,896,205 Furniture, fixtures, and equipment 20,988,814 11,019,007 5,362,607 56,415,608 27,672,387 12,258,812 Amortization: Acquired intangible assets 21,416,784 10,401,697 4,065,142 Deferred leasing costs 283,806 12,920 — Website development costs 23,600 9,330 4,761 Total depreciation and amortization $ 78,139,798 $ 38,096,334 $ 16,328,715 |
Schedule of Finite-Lived Intangible Assets | At December 31, 2016, the Company had recorded gross intangible assets of $125.6 million , and accumulated amortization of $46.4 million ; gross intangible liabilities of $33.6 million and accumulated amortization of $3.8 million . Net intangible assets and liabilities as of December 31, 2016 will be amortized as follows: Acquired Intangible Assets Below market lease intangible liability In-place leases Above-market leases Lease origination costs For the years ending December 31: 2017 $ 14,855,573 $ 1,117,196 $ 3,278,758 $ (4,175,864 ) 2018 9,695,514 791,753 2,950,213 (3,942,712 ) 2019 6,671,240 555,791 2,449,817 (3,782,260 ) 2020 5,292,818 396,916 2,102,405 (3,555,802 ) 2021 3,007,306 284,015 1,452,940 (2,698,543 ) Thereafter 15,234,038 1,218,608 7,801,499 (11,618,852 ) Total $ 54,756,489 $ 4,364,279 $ 20,035,632 $ (29,774,033 ) Weighted-average amortization period (in years) 7.4 6.9 3.8 9.5 As of December 31, 2016, the weighted average remaining amortization period for all the Company's intangible assets and liabilities was approximately 6.4 years and 9.5 years , respectively. |
Retail Segment [Member] | |
Business Acquisition | |
Table of Properties Acquired | Acquisition date Property Location Approximate purchase price (millions) (2) Gross leasable area (square feet) 2/29/16 Wade Green Village (1) Atlanta, Georgia $ 11.0 74,978 4/29/16 Southeastern Six Portfolio (3) $ 68.7 535,252 5/16/16 The Market at Victory Village Nashville, Tennessee $ 15.6 71,300 7/15/16 Lakeland Plaza Atlanta, Georgia $ 45.3 301,711 8/8/16 Sunbelt Seven Portfolio (4) , (5) $ 159.5 650,360 10/18/16 Champions Village Houston, Texas $ 50.0 383,093 2,016,694 12/22/2015 Overlook at Hamilton Place Chattanooga, Tennessee $ 33.8 213,095 10/30/2015 Summit Point Atlanta, Georgia $ 19.6 111,970 9/4/2015 Royal Lakes Marketplace Atlanta, Georgia $ 16.6 119,493 7/1/2015 Independence Square Dallas, Texas $ 18.0 140,218 584,776 (1) See Note 6 - Related party Transactions. (2) Purchase price shown is exclusive of acquired escrows, security deposits, prepaids, and other miscellaneous assets and assumed liabilities. (3) The six grocery-anchored shopping centers located in Georgia, South Carolina and Alabama are referred to collectively as the Southeastern Six Portfolio. (4) The seven grocery-anchored shopping centers located in Florida, Georgia, Texas, and North Carolina are referred to collectively as the Sunbelt Seven Portfolio. (5) Includes the purchase of an approximate 0.95 acre outparcel for $1.5 million on December 21, 2016. |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | New Market Properties 2016 acquisitions Champions Village Sunbelt Seven Portfolio Lakeland Plaza The Market at Victory Village Southeastern Six Portfolio Wade Green Village Land 12,812,546 $ 37,719,812 $ 7,079,408 $ 2,271,224 $ 14,081,647 $ 1,840,284 Buildings and improvements 30,647,609 109,373,938 32,258,335 11,872,222 48,598,731 8,159,147 Tenant improvements 2,751,796 2,143,404 828,966 402,973 993,530 251,250 In-place leases 4,283,760 11,005,662 2,947,175 847,939 4,906,398 841,785 Above market leases 765,811 458,353 1,349,624 100,216 86,234 107,074 Leasing costs 1,026,347 4,116,560 1,287,825 253,640 992,143 167,541 Below market leases (3,017,960 ) (7,617,485 ) (797,729 ) (198,214 ) (1,069,877 ) — Other assets 2,017,947 3,409,838 — 157,775 600,069 10,525 Other liabilities (1,413,726 ) (1,196,579 ) (180,331 ) (179,546 ) (437,008 ) (59,264 ) Net assets acquired $ 49,874,130 $ 159,413,503 $ 44,773,273 $ 15,528,229 $ 68,751,867 $ 11,318,342 Cash paid $ 22,474,130 $ 61,759,503 $ 14,773,273 $ 6,278,229 $ 43,751,867 $ 6,245,683 (1) Class A OP Units granted — — — — — 5,072,659 (2) Mortgage debt 27,400,000 97,654,000 30,000,000 9,250,000 (3) 25,000,000 — (4) Total consideration $ 49,874,130 $ 159,413,503 $ 44,773,273 $ 15,528,229 $ 68,751,867 $ 11,318,342 Twelve months ended December 31, 2016: Revenue $ 1,228,000 $ 5,001,000 $ 1,601,000 $ 819,000 $ 4,231,000 $ 900,000 Net income (loss) $ (440,000 ) $ (658,000 ) $ (325,000 ) $ (102,000 ) $ (440,000 ) $ (354,000 ) Cumulative acquisition costs incurred by the Company $ 141,000 $ 691,000 $ 234,000 $ 111,000 $ 633,000 $ 297,000 Remaining amortization period of intangible assets and liabilities (years) 5.4 9.2 7.4 7.9 4.2 2.3 (1) The contributor had an outstanding $6.25 million bridge loan secured by the property issued by Madison Wade Green Lending, LLC, an indirect wholly owned entity of the Company. Upon contribution of the property, the Company assumed the loan and concurrently extinguished the obligation. (2) As partial consideration for the property contribution, the Company granted 419,228 Class A OP Units to the contributor, net of contribution adjustments at closing. The value and number of Class A OP Units to be granted at closing was determined during the contract process and remeasured at fair value as of the contribution date of February 29, 2016. Class A OP Units are exchangeable for shares of Common Stock on a one-for-one basis, or cash, at the election of the Operating Partnership. Therefore, the Company determined the fair value of the Units to be equivalent to the price of its common stock on the closing date of the acquisition. (3) The Company assumed the existing mortgage in conjunction with its acquisition of The Market at Victory Village. (4) Subsequent to the closing of the acquisition, the Company closed on a mortgage loan on Wade Green Village in the amount of $8.2 million . New Market Properties 2015 acquisitions Overlook at Hamilton Place Summit Point Royal Lakes Marketplace Independence Square Land $ 6,786,593 $ 7,063,874 $ 4,874,078 $ 4,114,574 Buildings and improvements 24,332,628 10,903,486 9,921,403 13,123,553 Tenant improvements 911,580 526,468 517,191 566,857 In-place leases 2,029,643 1,203,246 957,093 1,567,944 Above market leases 361,433 329,546 198,238 35,127 Leasing costs 527,136 368,221 365,629 392,451 Below market leases (1,402,013 ) (842,682 ) (315,837 ) (1,775,506 ) Other assets 75,304 83,123 88,553 — Security deposits and other liabilities (97,976 ) (139,884 ) (145,581 ) (226,599 ) Net assets acquired $ 33,524,328 $ 19,495,398 $ 16,460,767 $ 17,798,401 Cash paid $ 12,524,328 $ 6,595,398 $ 6,660,767 $ 17,798,401 Mortgage debt 21,000,000 12,900,000 9,800,000 — Total consideration $ 33,524,328 $ 19,495,398 $ 16,460,767 $ 17,798,401 Twelve months ended December 31, 2016: Revenue $ 3,198,000 $ 1,591,000 $ 1,350,000 $ 2,107,000 Net income (loss) $ (391,000 ) $ (297,000 ) $ (68,000 ) $ (393,000 ) Twelve months ended December 31, 2015: Revenue $ 86,000 $ 275,000 $ 432,000 $ 993,000 Net income (loss) $ (43,000 ) $ (48,000 ) $ (13,000 ) $ (162,000 ) Cumulative acquisition costs incurred by the Company $ 557,000 $ 266,000 $ 245,000 $ 573,000 Remaining amortization period of intangible assets and liabilities (years) 5.8 6.1 9.8 6.3 |
Retail Segment [Member] | |
Business Acquisition | |
Table of Properties Acquired | During the year ended December 31, 2016, the Company completed the acquisition of the following office buildings: Acquisition date Property Market Approximate purchase price (millions) Leasable square feet 8/29/2016 Brookwood Office Birmingham, Alabama $ 49.8 169,489 11/4/2016 Galleria 75 Atlanta, Georgia 17.6 110,597 12/30/2016 Three Ravinia Atlanta, Georgia 210.1 816,748 $ 277.5 1,096,834 |
Schedule of Business Acquisitions, by Acquisition [Table Text Block] | Office Buildings 2016 acquisitions Brookwood Office Galleria 75 Three Ravinia Land $ 1,744,828 $ 15,156,267 $ 9,784,645 Buildings and improvements 39,099,395 1,285,856 133,323,658 Tenant improvements 3,561,805 225,811 20,698,893 In-place leases 3,728,049 712,718 17,954,978 Above market leases 146,941 47,947 812,879 Leasing costs 2,402,958 309,513 7,468,128 Below market leases (1,737,158 ) (168,179 ) (8,245,122 ) Other assets 1,466,906 454,931 25,281,764 Other liabilities (580,668 ) (218,923 ) (766,335 ) Net assets acquired $ 49,833,056 $ 17,805,941 $ 206,313,488 Cash paid $ 17,433,056 $ 11,875,686 $ 90,813,488 Mortgage debt 32,400,000 5,930,255 115,500,000 Total consideration $ 49,833,056 $ 17,805,941 $ 206,313,488 Twelve months ended December 31, 2016: Revenue $ 2,021,000 $ 237,000 $ 99,000 Net income (loss) $ 269,000 $ 48,000 $ (345,000 ) Cumulative acquisition costs incurred by the Company $ 387,000 $ 655,000 $ 680,000 Remaining amortization period of intangible assets and liabilities (years) 9.4 2.3 10.8 |
Real Estate Loans, Notes Rece30
Real Estate Loans, Notes Receivable, and Lines of Credit Real estate loans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables [Abstract] | |
Real Estate Owned [Text Block] | As of December 31, 2016 2015 Multifamily communities (1) 25 19 Units 8,268 6,136 Retail shopping centers 31 14 Approximate gross leasable area (2) 3,295,491 1,279,000 Office buildings 3 — Rentable square feet 1,096,834 — (1) The acquired second phases of the Summit Crossing community is managed in combination with the initial phase and so together are considered a single property, as are the three assets that comprise the Lenox Portfolio. Includes one student housing community as of December 31, 2016. (2) The Company also owns approximately 47,600 square feet of gross leasable area of ground floor retail space which is embedded within the Lenox Portfolio and not included in the totals above. |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | Project/Property Location Maturity date Optional extension date Total loan commitments Carrying amount (1) as of Current / deferred interest % per annum December 31, 2016 December 31, 2015 Multifamily communities: Crosstown Walk Tampa, FL 11/1/2016 5/1/2018 (2) $ — $ 10,962,000 — City Vista Pittsburgh, PA 6/1/2016 7/1/2017 (2) — 16,107,735 — Overton Rise Atlanta, GA 11/1/2016 5/1/2018 (2) — 16,603,935 — Founders' Village Williamsburg, VA 8/29/2018 N/A $ 10,346,000 9,866,000 9,866,000 8 / 7.5 Encore Atlanta, GA 4/8/2019 10/8/2020 10,958,200 10,958,200 10,958,200 8.5 / 5 Encore Capital Atlanta, GA 4/8/2019 10/8/2020 9,758,200 6,748,380 6,036,465 8.5 / 5 Palisades Northern VA 2/18/2018 8/18/2019 17,270,000 16,214,545 16,070,000 8 / 5 Fusion Irvine, CA 5/31/2018 5/31/2020 59,052,583 49,456,067 37,332,837 8.5 / 7.5 Green Park Atlanta, GA 12/1/2017 12/1/2019 13,464,372 13,464,372 12,356,189 8.5 / 5.83 Summit Crossing III Atlanta, GA 2/26/2018 2/26/2020 7,246,400 7,246,400 7,246,400 8.5 / 7.5 Overture Tampa, FL 7/21/2018 7/21/2020 6,920,000 6,123,739 4,519,495 8.5 / 7.5 Aldridge at Town Village Atlanta, GA 12/27/2017 12/27/2019 10,975,000 10,656,171 9,776,455 8.5 / 6 Bishop Street Atlanta, GA 2/18/2020 N/A 12,693,457 11,145,302 3,107,012 8.5 / 6.5 Hidden River Tampa, FL 12/3/2018 12/3/2020 4,734,960 4,734,960 — 8.5 / 6.5 Hidden River Capital Tampa, FL 12/4/2018 12/4/2020 5,380,000 4,626,238 2,671,870 8.5 / 6.5 CityPark II Charlotte, NC 1/7/2019 1/7/2021 3,364,800 3,364,800 — 8.5 / 6.5 CityPark II Capital Charlotte, NC 1/8/2019 1/31/2021 3,916,000 3,325,668 — 8.5 / 6.5 Park 35 on Clairmont Birmingham, AL 6/26/2018 6/26/2020 21,060,160 19,795,886 — 8.5 / 2 Fort Myers Fort Myers, FL 9/25/2017 N/A 4,000,000 3,654,621 — 12 / 0 Wiregrass Tampa, FL 5/15/2020 5/15/2023 14,975,853 1,862,548 — 8.5 / 6.5 Wiregrass Capital Tampa, FL 5/15/2020 5/15/2023 3,744,147 3,268,114 — 8.5 / 6.5 360 Forsyth Atlanta, GA 12/1/2017 N/A 3,225,000 2,520,420 — 12 / 0 Student housing communities: Haven West Atlanta, GA 6/2/2018 N/A 6,940,795 6,784,167 6,784,167 8 / 6 Haven 12 Starkville, MS 6/16/2017 11/30/2020 6,116,384 5,815,849 5,815,849 8.5 / 6.5 Stadium Village Atlanta, GA 6/27/2017 N/A 13,424,995 13,329,868 13,329,868 8.5 / 5.83 18 Nineteen Lubbock, TX 4/9/2018 4/9/2020 15,598,352 15,584,017 14,496,563 8.5 / 6 Haven South Waco, TX 5/1/2018 5/1/2019 15,455,668 15,301,876 14,200,703 8.5 / 6 Haven46 Tampa, FL 3/29/2019 9/29/2020 9,819,662 9,136,847 2,900,000 8.5 / 5 Haven Northgate College Station, TX 6/20/2019 6/20/2020 64,678,549 46,419,194 — 6.6 / 1.5 Lubbock II Lubbock, TX 4/20/2019 N/A 9,357,171 8,770,838 — 8.5 / 5 Haven Charlotte Charlotte, NC 12/22/2019 12/22/2021 19,581,593 5,781,295 — 8.5 / 6.5 Haven Charlotte Member Charlotte, NC 12/22/2019 12/22/2021 8,201,170 — — 8.5 / 6.5 New Market Properties: Dawson Marketplace Atlanta, GA 11/15/2018 11/15/2020 12,857,005 12,613,860 11,573,432 8.5 / 5 Wade Green Atlanta, GA 2/5/2016 8/5/2016 (2) — 6,250,000 — Other: Crescent Avenue Atlanta, GA 7/13/2017 N/A 6,000,000 6,000,000 — 9 / 3 $ 411,116,476 334,570,242 238,965,175 Unamortized loan origination fees (1,809,174 ) (963,417 ) Carrying amount $ 332,761,068 $ 238,001,758 (1) Carrying amounts presented per loan are amounts drawn, exclusive of deferred fee revenue. (2) Loans extended to Crosstown Walk, City Vista, Overton Rise, and Wade Green with total commitments of $11.0 million, $16.1 million, $16.7 million and $6.3 million, respectively, were paid off during 2016. As a result, the total carrying amounts associated with these loans are shown as $0 as of December, 31 2016. |
Notes receivable [Table Text Block] | At December 31, 2016 , our portfolio of notes and lines of credit receivable consisted of: Borrower Date of loan Maturity date Total loan commitments Outstanding balance as of: Interest rate 12/31/2016 12/31/2015 360 Residential, LLC (1) 3/20/2013 6/30/2017 $ 2,000,000 $ 1,472,571 $ 1,304,999 12 % Preferred Capital Marketing Services, LLC (2) 1/24/2013 12/31/2017 1,500,000 1,082,311 1,305,550 10 % Oxford Contracting, LLC (1) 8/27/2013 4/30/2017 1,500,000 1,475,000 1,475,000 8 % Preferred Apartment Advisors, LLC (1,2,3) 8/21/2012 12/31/2018 15,000,000 13,708,761 12,793,440 8 % Haven Campus Communities, LLC (1,2) 6/11/2014 12/31/2017 11,110,000 7,324,904 5,359,904 12 % Oxford Capital Partners, LLC (1,4) 10/5/2015 3/31/2017 10,150,000 7,870,865 10,502,626 12 % Newport Development Partners, LLC (1) 6/17/2014 6/30/2017 3,000,000 — 806,318 12 % 360 Residential, LLC II (1) 12/30/2015 12/31/2017 3,255,000 2,884,845 2,477,952 15 % Hendon Properties, LLC (1) 12/8/2015 3/31/2017 2,000,000 — 2,000,000 12 % Mulberry Development Group, LLC 3/31/2016 5/31/2017 500,000 177,000 — 12 % 360 Capital Company, LLC 5/24/2016 12/31/2017 2,000,000 1,678,999 — 12 % Unamortized loan fees (59,581 ) (82,056 ) $ 52,015,000 $ 37,615,675 $ 37,943,733 (1) The amounts payable under the terms of these revolving credit lines are collateralized by a personal guaranty of repayment by the principals of the borrower. (2) See related party disclosure in Note 6. (3) The amounts payable under this revolving credit line were collateralized by an assignment of the Manager's rights to fees due under the Fifth Amended and Restated Management Agreement between the Company and the Manager. (4) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2,000,000 are collateralized by a personal guaranty of repayment by the principals of the borrower. On June 15, 2016, the loan commitment amount was temporarily raised to $10,650,000 until July 15, 2016, when it reverted back to the previous amount of $10,150,000. |
interest income [Table Text Block] | The Company recorded interest income and other revenue from these instruments as follows: Year ended December 31, 2016 2015 2014 Real estate loans: Current interest payments $ 23,633,118 $ 16,188,752 $ 10,987,856 Additional accrued interest 14,859,365 10,809,028 6,940,500 Deferred loan fee revenue 872,335 829,969 872,513 Total real estate loan revenue 39,364,818 27,827,749 18,800,869 Interest income on notes and lines of credit 4,120,775 2,853,961 3,026,856 Interest income on loans and notes receivable $ 43,485,593 $ 30,681,710 $ 21,827,725 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Year ended December 31, 2016 2015 2014 $ 10,398,711 $ 5,885,242 $ 2,882,283 Twelve months ended December 31, Type of Compensation Basis of Compensation 2016 2015 2014 Acquisition fees 1% of the gross purchase price of real estate assets acquired prior to January 1, 2016 $ — $ 6,292,280 $ 4,272,586 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 1,886,105 1,349,273 558,509 Loan coordination fees As of January 1, 2016, 1.6% of any assumed, new or supplemental debt incurred in connection with an acquired property (1) 10,560,120 — — Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 8,602,675 3,622,589 2,163,783 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 4,943,899 2,456,968 1,229,319 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 3,483,460 1,764,555 1,058,927 Construction management fees Quarterly fee for property renovation and takeover projects 173,614 59,554 — $ 29,649,873 $ 15,545,219 $ 9,283,124 (1) If an asset is acquired without debt financing, the loan coordination fee is calculated as 1.6% of 63% of the purchase price of the asset. |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Dividends Payable [Line Items] | |
dividend activity [Table Text Block] | The Company's cash distributions on its Preferred Stock were: 2016 2015 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 30, 2016 482,774 $ 2,481,086 January 30, 2015 192,607 $ 984,217 February 27, 2016 516,017 2,630,601 February 27, 2015 206,007 1,047,189 March 31, 2016 544,129 2,770,048 March 31, 2015 223,699 1,141,491 April 29, 2016 582,720 2,979,196 April 30, 2015 243,570 1,244,249 May 31, 2016 617,994 3,143,567 May 29, 2015 267,273 1,366,207 June 30, 2016 651,439 3,321,519 June 30, 2015 288,392 1,480,101 July 29, 2016 682,392 3,458,513 July 31, 2015 311,944 1,588,310 August 31, 2016 721,143 3,671,020 August 31, 2015 334,013 1,701,019 September 30, 2016 765,185 3,886,173 September 30, 2015 358,687 1,824,796 October 31, 2016 801,455 4,060,141 October 30, 2015 384,085 1,955,840 November 30, 2016 850,246 4,255,788 November 30, 2015 417,895 2,138,764 December 30, 2016 893,245 4,422,993 December 31, 2015 446,165 2,279,751 Total $ 41,080,645 Total $ 18,751,934 |
Dividends Series A Preferred St
Dividends Series A Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Series A Preferred Stock [Abstract] | |
dividend activity [Table Text Block] | The Company's cash distributions on its Preferred Stock were: 2016 2015 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 30, 2016 482,774 $ 2,481,086 January 30, 2015 192,607 $ 984,217 February 27, 2016 516,017 2,630,601 February 27, 2015 206,007 1,047,189 March 31, 2016 544,129 2,770,048 March 31, 2015 223,699 1,141,491 April 29, 2016 582,720 2,979,196 April 30, 2015 243,570 1,244,249 May 31, 2016 617,994 3,143,567 May 29, 2015 267,273 1,366,207 June 30, 2016 651,439 3,321,519 June 30, 2015 288,392 1,480,101 July 29, 2016 682,392 3,458,513 July 31, 2015 311,944 1,588,310 August 31, 2016 721,143 3,671,020 August 31, 2015 334,013 1,701,019 September 30, 2016 765,185 3,886,173 September 30, 2015 358,687 1,824,796 October 31, 2016 801,455 4,060,141 October 30, 2015 384,085 1,955,840 November 30, 2016 850,246 4,255,788 November 30, 2015 417,895 2,138,764 December 30, 2016 893,245 4,422,993 December 31, 2015 446,165 2,279,751 Total $ 41,080,645 Total $ 18,751,934 |
Dividends Class A Distributions
Dividends Class A Distributions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Noncontrolling Interest [Abstract] | |
partnership unit distributions [Table Text Block] | The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At December 31, 2016 , the Company had 886,168 Class A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock or the equivalent amount of cash. Distribution activity by the Operating Partnership was: 2016 2015 Declaration date Payment date Aggregate distributions Declaration date Payment date Aggregate distributions February 4, 2016 April 15, 2016 $ 117,395 February 5, 2015 April 22, 2015 $ 49,063 May 5, 2016 July 15, 2016 179,449 April 29, 2015 July 15, 2015 50,465 August 4, 2016 October 14, 2016 179,449 August 6, 2015 October 21, 2015 49,779 December 15, 2016 January 17, 2017 194,957 November 5, 2015 January 15, 2016 53,238 $ 671,250 $ 202,545 |
Dividends Dividend characteriza
Dividends Dividend characterization (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Dividend characterization [Abstract] | |
dividends and distributions [Text Block] | Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its Preferred Stock in the amount of $5.00 per share per month, prorated for partial months at issuance as necessary. The Company's cash distributions on its Preferred Stock were: 2016 2015 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 30, 2016 482,774 $ 2,481,086 January 30, 2015 192,607 $ 984,217 February 27, 2016 516,017 2,630,601 February 27, 2015 206,007 1,047,189 March 31, 2016 544,129 2,770,048 March 31, 2015 223,699 1,141,491 April 29, 2016 582,720 2,979,196 April 30, 2015 243,570 1,244,249 May 31, 2016 617,994 3,143,567 May 29, 2015 267,273 1,366,207 June 30, 2016 651,439 3,321,519 June 30, 2015 288,392 1,480,101 July 29, 2016 682,392 3,458,513 July 31, 2015 311,944 1,588,310 August 31, 2016 721,143 3,671,020 August 31, 2015 334,013 1,701,019 September 30, 2016 765,185 3,886,173 September 30, 2015 358,687 1,824,796 October 31, 2016 801,455 4,060,141 October 30, 2015 384,085 1,955,840 November 30, 2016 850,246 4,255,788 November 30, 2015 417,895 2,138,764 December 30, 2016 893,245 4,422,993 December 31, 2015 446,165 2,279,751 Total $ 41,080,645 Total $ 18,751,934 The Company's dividend activity on its Common Stock for the twelve -month periods ended December 31, 2016 and 2015 was: 2016 2015 Record date Number of shares Dividend per share Aggregate dividends paid Record date Number of shares Dividend per share Aggregate dividends paid March 15, 2016 23,041,502 $ 0.1925 $ 4,435,489 March 13, 2015 22,004,309 $ 0.175 $ 3,850,754 June 15, 2016 23,568,328 0.2025 4,772,587 June 15, 2015 22,290,677 0.1800 4,012,322 September 15, 2016 24,652,041 0.2025 4,992,038 September 15, 2015 22,323,604 0.1800 4,018,249 December 15, 2016 26,093,707 0.2200 5,740,616 December 15, 2015 22,415,578 0.1925 4,314,999 $ 0.8175 $ 19,940,730 $ 0.7275 $ 16,196,324 The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At December 31, 2016 , the Company had 886,168 Class A OP Units outstanding, which are exchangeable on a one-for-one basis for shares of Common Stock or the equivalent amount of cash. Distribution activity by the Operating Partnership was: 2016 2015 Declaration date Payment date Aggregate distributions Declaration date Payment date Aggregate distributions February 4, 2016 April 15, 2016 $ 117,395 February 5, 2015 April 22, 2015 $ 49,063 May 5, 2016 July 15, 2016 179,449 April 29, 2015 July 15, 2015 50,465 August 4, 2016 October 14, 2016 179,449 August 6, 2015 October 21, 2015 49,779 December 15, 2016 January 17, 2017 194,957 November 5, 2015 January 15, 2016 53,238 $ 671,250 $ 202,545 The income tax characterization of the Company's dividend distributions were as follows: 2016 2015 2014 Preferred Stock: Ordinary income 88.1 % 100 % 100 % Return of capital 10.5 % — — Capital gains 1.4 % — — Common Stock: Ordinary income — 33 % 100 % Return of Capital 100 % 67 % — |
Equity Compensation (Tables)
Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity Compensation [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The underlying valuation assumptions and results for the Class B OP Unit awards were: Grant dates 1/2/2014 1/2/2015 1/4/2016 Stock price $ 8.05 $ 9.21 $ 12.88 Dividend yield 8.12 % 7.60 % 5.98 % Expected volatility 32.72 % 30.13 % 26.10 % Risk-free interest rate 3.80 % 2.55 % 2.81 % Number of Units granted: One year vesting period 239,556 285,997 176,835 Three year vesting period — — 89,096 239,556 285,997 265,931 Calculated fair value per Unit $ 5.94 $ 6.81 $ 10.03 Total fair value of Units $ 1,422,963 $ 1,947,640 $ 2,667,288 Target market threshold increase $ 1,959,000 $ 2,629,000 $ 3,549,000 The expected dividend yield assumptions were derived from the Company’s closing prices of the Common Stock on the grant dates and the projected future quarterly dividend payments per share of $0.16 for the 2014 awards, $0.1925 for the 2015 awards and $0.1925 for the 2016 awards. Since the Company had a limited amount of operating history in the public equity market, the expected volatility assumptions for the 2014 and 2015 awards were derived from the observed historical volatility of the common stock prices of a select group of peer companies within the REIT industry that most closely approximated the Company’s size, capitalization, leverage, line of business and geographic focus markets. For the 2016 awards, the Company's own stock price volatility was utilized as the basis for deriving this assumption. The risk-free rate assumptions were obtained from the Federal Reserve yield table and were calculated as the interpolated rate between the 20 and 30 year yield percentages on U. S. Treasury securities on the grant dates. Since the Class B OP Units have no expiration date, a derived service period of one year was utilized, which equals the period of time from the grant date to the initial valuation date. |
equity compensation expense [Table Text Block] | Year ended December 31, Unamortized expense as of December 31, 2016 2015 2014 2016 Quarterly board member committee fee grants $ 83,973 $ 53,926 $ 47,864 $ — Class B Unit awards: Executive officers - 2013 — — 2,318 — Executive officers - 2014 — 3,825 1,433,767 — Executive officers - 2015 5,236 1,984,052 — — Executive officers - 2016 2,054,830 — — 612,458 Restricted stock grants: 2013 — — 85,812 — 2014 — 107,321 214,588 — 2015 106,670 213,329 — — 2016 273,333 — — 136,666 Total $ 2,524,042 $ 2,362,453 $ 1,784,349 $ 749,124 |
ClassBUnitGrantsvaluationassumptions [Table Text Block] | Grant dates 1/2/2014 1/2/2015 1/4/2016 Stock price $ 8.05 $ 9.21 $ 12.88 Dividend yield 8.12 % 7.60 % 5.98 % Expected volatility 32.72 % 30.13 % 26.10 % Risk-free interest rate 3.80 % 2.55 % 2.81 % Number of Units granted: One year vesting period 239,556 285,997 176,835 Three year vesting period — — 89,096 239,556 285,997 265,931 Calculated fair value per Unit $ 5.94 $ 6.81 $ 10.03 Total fair value of Units $ 1,422,963 $ 1,947,640 $ 2,667,288 Target market threshold increase $ 1,959,000 $ 2,629,000 $ 3,549,000 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The total compensation cost for the restricted stock grant for the 2014 service year was recognized on a straight-line basis over the one-year period ending on May 7, 2015, at which time all shares vested. The restricted stock grants for the 2015 and 2016 service years vested (or are scheduled to vest) on the four consecutive 90-day periods following the date of grant. The shares granted vested or are scheduled to vest on a pro-rata basis over these same four periods. Service year Shares Fair value per share Total compensation cost 2014 39,216 $ 8.21 $ 321,963 2015 30,133 $ 10.62 $ 320,012 2016 30,990 $ 13.23 $ 409,998 |
Schedule of Share-based Compensation, Nonemployee Director Stock Award Plan, Activity [Table Text Block] | Directors’ Stock Grants The Company grants shares of Common Stock to its independent board members in payment of their meeting fees. The total compensation cost of these immediate-vesting awards was recorded in full at the grant dates and the fair values were based upon the closing prices of the Common Stock on the trading days immediately preceding the dates of grant. Year Number of shares Fair value per share Total fair value 2014 5,693 $ 8.41 $ 47,864 2015 5,067 $ 10.64 53,926 2016 6,444 $ 13.03 83,973 Total 17,204 $ 185,763 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Instrument [Line Items] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table shows certain details regarding our mortgage notes payable: Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) Multifamily communities: Trail Creek 6/25/2013 $ — $ 28,109,000 7/1/2020 4.22 % 7/1/2020 Stone Rise 7/3/2014 24,485,726 25,014,250 8/1/2019 2.89 % 8/31/2015 Summit Crossing 4/21/2011 20,034,920 20,366,748 5/1/2018 4.71 % 5/1/2014 Summit Crossing secondary financing 8/28/2014 5,057,941 5,145,250 9/1/2019 4.39 % N/A Summit II 3/20/2014 13,357,000 13,357,000 4/1/2021 4.49 % 4/30/2019 Table continued from previous page Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) Ashford Park 1/24/2013 25,626,000 25,626,000 2/1/2020 3.13 % 2/28/2018 Ashford Park secondary financing 8/28/2014 6,404,575 6,520,564 2/1/2020 4.13 % N/A McNeil Ranch 1/24/2013 13,646,000 13,646,000 2/1/2020 3.13 % 2/28/2018 Lake Cameron 1/24/2013 19,773,000 19,773,000 2/1/2020 3.13 % 2/28/2018 Enclave 9/26/2014 24,862,000 24,862,000 10/1/2021 3.68 % 10/31/2017 Sandstone 9/26/2014 30,894,890 31,556,664 10/1/2019 3.18 % N/A Stoneridge 9/26/2014 26,729,985 27,302,546 10/1/2019 3.18 % N/A Vineyards 9/26/2014 34,775,000 34,775,000 10/1/2021 3.68 % 10/31/2017 Avenues at Cypress 2/13/2015 22,135,938 22,578,863 9/1/2022 3.43 % N/A Avenues at Northpointe 2/13/2015 27,878,000 27,878,000 3/1/2022 3.16 % 3/31/2017 Lakewood Ranch 5/21/2015 29,950,413 30,528,618 12/1/2022 3.55 % N/A Aster Lely 6/24/2015 33,120,899 33,746,379 7/5/2022 3.84 % N/A CityPark View 6/30/2015 21,489,269 21,924,060 7/1/2022 3.27 % N/A Avenues at Creekside 7/31/2015 41,349,590 41,625,000 8/1/2024 2.37 % (3) 8/31/2016 Citi Lakes 9/3/2015 43,309,606 44,282,826 4/1/2023 2.94 % (4) N/A Stone Creek 11/12/2015 16,497,919 16,792,850 10/1/2046 3.75 % N/A Lenox Village Town Center 12/21/2015 30,717,024 31,394,460 5/1/2019 3.82 % N/A Lenox Village III 12/21/2015 18,125,780 18,410,000 1/1/2023 4.04 % N/A Overton Rise 2/1/2016 40,712,134 — 8/1/2026 3.98 % N/A Baldwin Park 1/5/2016 73,910,000 — 1/5/2019 2.67 % (6) 1/5/2019 Baldwin Park (second) 1/5/2016 3,890,000 — 1/5/2019 10.67 % (7) 1/5/2019 Crosstown Walk 1/15/2016 32,069,832 — 2/1/2023 3.90 % N/A Avalon Park 5/31/2016 61,750,000 — 6/5/2019 2.77 % (8) N/A Avalon Park B Note 5/31/2016 3,250,000 — 6/5/2019 11.77 % (9) N/A City Vista 7/1/2016 35,734,946 — 7/1/2026 3.68 % N/A Sorrel 8/24/2016 33,442,303 — 9/1/2023 3.44 % N/A Retail: Spring Hill Plaza 9/5/2014 9,672,371 9,868,025 10/1/2019 3.36 % 10/31/2015 Parkway Town Centre 9/5/2014 7,034,452 7,176,745 10/1/2019 3.36 % 10/31/2015 Woodstock Crossing 8/8/2014 3,041,620 3,090,953 9/1/2021 4.71 % N/A Deltona Landings 9/30/2014 6,928,913 7,074,722 10/1/2019 3.48 % N/A Powder Springs 9/30/2014 7,311,197 7,465,051 10/1/2019 3.48 % N/A Kingwood Glen 9/30/2014 11,592,787 11,836,741 10/1/2019 3.48 % N/A Barclay Crossing 9/30/2014 6,517,956 6,655,117 10/1/2019 3.48 % N/A Sweetgrass Corner 9/30/2014 7,900,135 8,063,653 10/1/2019 3.58 % N/A Parkway Centre 9/30/2014 4,539,632 4,635,162 10/1/2019 3.48 % N/A Salem Cove 10/6/2014 9,586,678 9,600,000 11/1/2024 4.21 % 11/30/2016 Independence Square 8/27/2015 12,208,524 12,617,500 9/1/2022 3.93 % 9/30/2016 Royal Lakes Marketplace 9/4/2015 9,800,000 9,800,000 9/4/2020 3.12 % (5) 4/3/2017 The Overlook at Hamilton Place 12/22/2015 20,672,618 21,000,000 1/1/2026 4.19 % N/A Summit Point 10/30/2015 12,546,792 12,846,544 11/1/2022 3.57 % N/A East Gate Shopping Center 4/29/2016 5,719,897 — 5/1/2026 3.97 % N/A Fury's Ferry 4/29/2016 6,607,467 — 5/1/2026 3.97 % N/A Rosewood Shopping Center 4/29/2016 4,437,851 — 5/1/2026 3.97 % N/A Southgate Village 4/29/2016 7,889,513 — 5/1/2026 3.97 % N/A The Market at Victory Village 5/16/2016 9,250,000 — 9/11/2024 4.40 % 10/10/2017 Wade Green Village 4/7/2016 8,116,465 — 5/1/2026 4.00 % N/A Lakeland Plaza 7/15/2016 29,760,342 — 8/1/2026 3.85 % N/A University Palms 8/8/2016 13,513,891 — 9/1/2026 3.45 % N/A Cherokee Plaza 8/8/2016 26,017,293 — 9/1/2021 3.02 % (10) N/A Sandy Plains Exchange 8/8/2016 9,439,850 — 9/1/2026 3.45 % N/A Thompson Bridge Commons 8/8/2016 12,619,589 — 9/1/2026 3.45 % N/A Table continued from previous page Principal balance as of Interest only through date (2) Acquisition/ refinancing date December 31, 2016 December 31, 2015 Maturity date Interest rate (1) Heritage Station 8/8/2016 9,340,483 — 9/1/2026 3.45 % N/A Oak Park Village 8/8/2016 9,638,584 — 9/1/2026 3.45 % N/A Shoppes of Parkland 8/8/2016 16,492,503 — 9/1/2023 4.67 % N/A Champions Village 10/18/2016 27,400,000 — 11/1/2021 3.78 % (11) 11/1/2021 Student housing community: North by Northwest 6/1/2016 33,499,754 — 9/1/2022 4.02 % N/A Office: Brookwood Office 8/29/2016 32,400,000 — 9/10/2031 3.52 % 9/10/17 Galleria 75 11/4/2016 5,900,265 — 7/1/2022 4.25 % N/A Three Ravinia 12/30/2016 115,500,000 — 1/1/2042 4.46 % 2/1/2022 $ 1,327,878,112 $ 696,945,291 |
Indebtedness debt principal rep
Indebtedness debt principal repayments (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt [Abstract] | |
Schedule of Maturities of Long-term Debt [Table Text Block] | Period Future principal payments 2017 $ 157,110,067 (1) 2018 41,352,234 2019 332,726,142 2020 89,858,023 2021 138,241,835 thereafter 707,089,811 Total $ 1,466,378,112 (1) Includes the principal amount due of the Company's Revolving Line of Credit of $127.5 million. |
Indebtedness LOC debt covenants
Indebtedness LOC debt covenants (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | |
debt covenant [Table Text Block] | As of December 31, 2016 , the Company was in compliance with all covenants related to the Revolving Line of Credit, as shown in the following table: Covenant (1) Requirement Result Net worth Minimum $840,200,000 (2) $885,261,162 Debt yield Minimum 8.0% 8.64% Payout ratio Maximum 95% (3) 85.6% Total leverage ratio Maximum 65.0% 60.5% Debt service coverage ratio Minimum 1.50x 2.12x (1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) Minimum $687 million plus 75% of the net proceeds of any equity offering, which totaled approximately $840 million as of December 31, 2016 . (3) Calculated on a trailing four-quarter basis. For the year ended December 31, 2015, the maximum dividends and distributions allowed under this covenant was approximately $68,500,000 . |
Schedule of Debt [Table Text Block] | Period Future principal payments 2017 $ 157,110,067 (1) 2018 41,352,234 2019 332,726,142 2020 89,858,023 2021 138,241,835 thereafter 707,089,811 Total $ 1,466,378,112 (1) Includes the principal amount due of the Company's Revolving Line of Credit of $127.5 million. |
Indebtedness Mortgage interest
Indebtedness Mortgage interest (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
mortgage interest [Table Text Block] | Year ended December 31, 2016 2015 2014 Multifamily communities $ 28,135,936 $ 14,994,053 $ 7,109,292 New Market Properties 8,870,094 3,479,879 854,097 Office buildings 474,402 — — Student housing community 894,277 — — Interest paid to real estate loan participants 2,008,741 1,496,566 219,587 40,383,450 19,970,498 8,182,976 Revolving Credit Facility and Term Note 3,900,694 1,345,233 2,005,211 Interest Expense $ 44,284,144 $ 21,315,731 $ 10,188,187 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | For the years ending December 31: Future Minimum Rents New Market Properties Office buildings Total 2017 $ 35,514,141 $ 19,954,746 $ 55,468,887 2018 32,284,111 21,232,719 53,516,830 2019 25,818,913 22,097,943 47,916,856 2020 21,589,847 22,383,499 43,973,346 2021 16,517,832 18,116,847 34,634,679 Thereafter 65,382,207 146,790,026 212,172,233 $ 197,107,051 $ 250,575,780 $ 447,682,831 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |
segment assets [Table Text Block] | December 31, 2016 December 31, 2015 Assets: Multifamily communities $ 1,166,766,664 $ 781,224,019 Financing 379,070,918 272,454,610 New Market Properties 579,738,707 229,461,573 Office buildings 285,229,700 — Other 10,026,613 12,388,831 Consolidated assets $ 2,420,832,602 $ 1,295,529,033 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Twelve months ended December 31, 2016 2015 2014 Revenues Multifamily communities $ 120,553,674 $ 65,232,087 $ 31,234,822 Financing 41,717,650 30,000,654 21,827,725 New Market Properties 35,490,552 14,072,771 3,473,823 Office buildings 2,357,039 — — Consolidated revenues $ 200,118,915 $ 109,305,512 $ 56,536,370 Segment net operating income (Segment NOI) Multifamily communities $ 66,553,559 $ 36,339,603 $ 18,209,645 Financing 41,717,650 30,000,654 21,827,725 New Market Properties 25,934,359 10,180,531 2,526,122 Office buildings 1,675,886 — — Consolidated segment net operating income 135,881,454 76,520,788 42,563,492 Interest and loss on early debt extinguishment: Multifamily communities 29,030,213 14,994,054 7,109,292 New Market Properties 8,870,094 3,479,879 854,097 Office buildings 474,402 — — Financing 5,909,435 2,841,799 2,224,798 Depreciation and amortization: Multifamily communities 57,664,568 30,970,345 14,199,048 New Market Properties 19,245,688 7,125,989 2,129,667 Office buildings 1,229,542 — — Professional fees 3,134,432 1,880,232 1,261,667 Management fees, net of deferrals 12,051,891 5,235,748 3,214,642 Acquisition costs: Multifamily communities 4,723,480 7,496,798 3,109,252 New Market Properties 2,103,112 1,656,965 4,123,365 Office buildings 1,720,951 — — Equity compensation to directors and executives 2,524,042 2,362,453 1,784,349 Gain on sale of real estate (4,271,506 ) — — Other 1,314,524 902,515 426,112 Net income (loss) $ (9,843,414 ) $ (2,425,989 ) $ 2,127,203 |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
earnings loss per share [Table Text Block] | Year ended December 31, 2016 2015 2014 Numerator: Net (loss) income before gain on sale of real estate $ (14,114,920 ) $ (2,425,989 ) $ 2,127,203 Gain on sale of real estate, net of disposition expenses 4,271,506 — — Net (loss) income (9,843,414 ) (2,425,989 ) 2,127,203 Consolidated net loss (income) attributable to non-controlling interests 310,291 25,321 (33,714 ) Net (loss) income attributable to the Company (9,533,123 ) (2,400,668 ) 2,093,489 Dividends declared to Series A preferred stockholders (A) (41,080,645 ) (18,751,934 ) (7,382,320 ) Earnings attributable to unvested restricted stock (B) (15,843 ) (19,256 ) (24,090 ) Net loss attributable to common stockholders $ (50,629,611 ) $ (21,171,858 ) $ (5,312,921 ) Denominator: Weighted average number of shares of Common Stock - basic 23,969,494 22,182,971 17,399,147 Effect of dilutive securities: (C) Warrants — — — Class B Units — — — Unvested restricted stock — — — Weighted average number of shares of Common Stock - diluted 23,969,494 22,182,971 17,399,147 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (2.11 ) $ (0.95 ) $ (0.31 ) |
Selected Quarterly Financial 44
Selected Quarterly Financial Data (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Financial Position [Abstract] | ||
Schedule of Quarterly Financial Information [Table Text Block] | Quarterly financial information was as follows: Three months ended: 3/31/2016 6/30/2016 9/30/2016 12/31/2016 Revenues $ 41,735,781 $ 45,853,944 $ 53,537,337 $ 58,991,853 Operating (loss) income $ 5,505,340 $ 5,505,474 $ 9,545,554 $ 9,612,856 Net (loss) income $ (3,389,490 ) $ 217,479 $ (2,688,620 ) $ (3,982,783 ) Net (loss) income attributable to common stockholders $ (11,184,115 ) $ (9,239,588 ) $ (13,624,001 ) $ (16,589,868 ) Net (loss) income per share of Common Stock available to Common Stockholders: Basic $ (0.49 ) $ (0.40 ) $ (0.56 ) $ (0.66 ) Diluted $ (0.49 ) $ (0.40 ) $ (0.56 ) $ (0.66 ) Weighted average shares outstanding: Basic 22,983,741 23,325,663 24,340,791 25,210,069 Diluted 22,983,741 23,325,663 24,340,791 25,210,069 | Three months ended: 3/31/2015 6/30/2015 9/30/2015 12/31/2015 Revenues (1) $ 21,344,515 $ 24,088,827 $ 29,955,693 $ 33,916,477 Operating (loss) income (1) $ 3,612,186 $ 5,109,304 $ 4,120,993 $ 6,047,259 Net (loss) income $ (764,929 ) $ 420,836 $ (1,697,767 ) $ (384,129 ) Net (loss) income attributable to common stockholders $ (3,934,990 ) $ (3,679,421 ) $ (6,800,672 ) $ (6,756,775 ) Net (loss) income per share of Common Stock available to Common Stockholders: Basic $ (0.18 ) $ (0.17 ) $ (0.31 ) $ (0.30 ) Diluted $ (0.18 ) $ (0.17 ) $ 0.31 $ (0.30 ) Weighted average shares outstanding: Basic 21,813,974 22,215,663 22,292,217 22,402,366 Diluted 21,813,974 22,215,663 22,922,217 22,402,366 |
Pro Forma Financial Informati45
Pro Forma Financial Information pro forma (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Pro Forma Financial Information [Abstract] | |
segment operating results [Table Text Block] | Twelve months ended December 31, 2016 2015 2014 Pro forma: Revenues $ 253,909,996 $ 228,020,379 $ 106,896,527 Net income (loss) $ (1,082,540 ) $ (49,338,846 ) $ (24,386,460 ) Net income (loss) attributable to the Company $ (1,061,358 ) $ (47,765,401 ) $ (24,171,219 ) Net loss attributable to common stockholders $ (42,157,846 ) $ (66,536,591 ) $ (31,577,629 ) Net income loss per share of Common Stock attributable to common stockholders, Basic and diluted $ (1.76 ) $ (3.00 ) $ (1.68 ) Weighted average number of shares of Common Stock outstanding, Basic and diluted 23,969,494 22,182,971 18,850,410 |
Fair Values of Financial Inst46
Fair Values of Financial Instruments (Tables) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Fair Values of Financial Instruments [Abstract] | ||
Fair Value Measurements, Nonrecurring [Table Text Block] | As of December 31, 2016 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 332,761,068 $ 374,856,749 $ — $ — $ 374,856,749 Notes receivable and line of credit receivable 37,615,675 37,615,675 — — 37,615,675 $ 370,376,743 $ 412,472,424 $ — $ — $ 412,472,424 Financial Liabilities: Mortgage notes payable (2) $ 1,327,878,112 $ 1,314,966,652 $ — $ — $ 1,314,966,652 Revolving credit facility 127,500,000 127,500,000 — — 127,500,000 Term loan 11,000,000 11,000,000 — — 11,000,000 Loan participation obligations 20,761,819 21,500,448 — — 21,500,448 $ 1,487,139,931 $ 1,474,967,100 $ — $ — $ 1,474,967,100 | As of December 31, 2015 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 252,296,406 $ 267,383,427 $ — $ — $ 267,383,427 Notes receivable and line of credit receivable 37,943,733 37,943,733 — — 37,943,733 $ 290,240,139 $ 305,327,160 $ — $ — $ 305,327,160 Financial Liabilities: Mortgage notes payable (2) $ 696,945,291 692,008,640 $ — $ — $ 692,008,640 Revolving credit facility 34,500,000 34,500,000 — — 34,500,000 Loan participation obligations 13,544,160 14,061,190 — — 14,061,190 $ 744,989,451 $ 740,569,830 $ — $ — $ 740,569,830 |
Organization (Details)
Organization (Details) | Dec. 31, 2016$ / sharesshares | Dec. 31, 2015$ / sharesshares | Sep. 30, 2015shares | Jun. 30, 2015shares | Mar. 31, 2015shares |
Class of Stock [Line Items] | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | ||||
Common Stock, Shares, Outstanding | 26,498,192 | 22,415,578 | 22,323,604 | 22,290,677 | 22,004,309 |
Noncontrolling Interest, Ownership Percentage by Parent | 96.80% | ||||
minority interest partnership units outstanding | 886,168 | ||||
daycountvolweightedavgcalcformarketvalue | 20 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | |||
Common Stock, Shares, Outstanding | 26,498,192 | 22,761,551 |
Significant Accounting Polici48
Significant Accounting Policies (Details) | 3 Months Ended | 12 Months Ended |
Dec. 31, 2016shares | Dec. 31, 2016shares | |
Real Estate Properties [Line Items] | ||
MinimummonthsPACrewardseligibility | 14 | 14 |
AverageLeaseterm | 13 | |
stabilization level | 92.00% | |
days receivables delinquent nonaccrual status | 30 | 30 |
rewardsbreakagepercentage | 35.00% | 35.00% |
Series A Preferred Stock [Member] | ||
Real Estate Properties [Line Items] | ||
series a redeemable preferred stock | 1 | 1 |
Common Stock [Member] | ||
Real Estate Properties [Line Items] | ||
unitswarrants | 20 | 20 |
Minimum [Member] | ||
Real Estate Properties [Line Items] | ||
percent REIT taxable income distributed | 90.00% | |
Maximum | ||
Real Estate Properties [Line Items] | ||
percent REIT taxable income distributed | 100.00% | |
Building [Member] | Minimum [Member] | ||
Real Estate Properties [Line Items] | ||
Property, Plant and Equipment, Useful Life | 30 years | |
Building [Member] | Maximum | ||
Real Estate Properties [Line Items] | ||
Property, Plant and Equipment, Useful Life | 50 years | |
Furniture and Fixtures [Member] | ||
Real Estate Properties [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Furniture and Fixtures [Member] | Maximum | ||
Real Estate Properties [Line Items] | ||
Property, Plant and Equipment, Useful Life | 10 years | |
Leasehold Improvements [Member] | Minimum [Member] | ||
Real Estate Properties [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Leasehold Improvements [Member] | Maximum | ||
Real Estate Properties [Line Items] | ||
Property, Plant and Equipment, Useful Life | 20 years |
Significant Accounting Polici49
Significant Accounting Policies deferred offering costs (Details) | Dec. 31, 2016shares |
Statutory Accounting Practices [Line Items] | |
maximum shares available to be issued | 900,000 |
Warrant [Member] | |
Statutory Accounting Practices [Line Items] | |
series a redeemable preferred stock | 1 |
Real Estate Assets - Narrative
Real Estate Assets - Narrative (Details) | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016 | Dec. 31, 2016ft² | Dec. 21, 2016USD ($)a | Dec. 31, 2015ft² | |
Business Acquisition | |||||||||||||||
Number of units in real estate property | 6,136 | 6,136 | 8,268 | 2,432 | 2,810 | ||||||||||
Net assets acquired | $ 2,000,000 | $ 600,000 | |||||||||||||
Area of Real Estate Property | ft² | 3,295,491 | 1,279,000 | |||||||||||||
Revenues | $ 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | $ 33,916,477 | $ 29,955,693 | $ 24,088,827 | $ 21,344,515 | 200,118,915 | 109,305,512 | $ 56,536,370 | ||||
Net Income contributed to consolidated results | (3,982,783) | $ (2,688,620) | $ 217,479 | $ (3,389,490) | $ (384,129) | $ (1,697,767) | $ 420,836 | $ (764,929) | (9,843,414) | (2,425,989) | 2,127,203 | ||||
Membership interests business acquisition percentage related parties | 100.00% | ||||||||||||||
non cash mezzanine loan settled | 12,500,000 | $ 10,000,000 | $ 0 | ||||||||||||
outparcel purchase price | $ 1,500,000 | ||||||||||||||
Retail Site [Member] | |||||||||||||||
Business Acquisition | |||||||||||||||
Number of Real Estate Properties | 14 | 14 | 31 | ||||||||||||
sunbelt 7 portfolio [Member] | |||||||||||||||
Business Acquisition | |||||||||||||||
Net assets acquired | 159,500,000 | ||||||||||||||
Area of Real Estate Property | a | 0.95 | ||||||||||||||
Revenues | 5,001,000 | ||||||||||||||
Net Income contributed to consolidated results | (658,000) | ||||||||||||||
Acquisition costs | $ 691,000 | 691,000 | |||||||||||||
Business Combination, Consideration Transferred | $ 159,413,503 |
Real Estate Assets - Table of P
Real Estate Assets - Table of Properties Acquired (Details) | 12 Months Ended | ||||||||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2016 | Dec. 31, 2016bed | Dec. 31, 2016ft² | Dec. 21, 2016a | Dec. 31, 2015 | Dec. 31, 2015ft² | |
Business Acquisition | |||||||||
Number of units in real estate property | 8,268 | 2,432 | 6,136 | 2,810 | |||||
Area of Real Estate Property | ft² | 3,295,491 | 1,279,000 | |||||||
business combination purchase price | $ 2,000,000 | $ 600,000 | |||||||
Restricted Cash and Cash Equivalents | 55,392,984 | 12,539,440 | |||||||
Below-market leases | (33,600,000) | ||||||||
non cash mezzanine loan settled | 12,500,000 | 10,000,000 | $ 0 | ||||||
Noncash or Part Noncash Acquisition, Debt Assumed | $ 73,000,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 5 months | ||||||||
brookwood office [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 1,744,828 | ||||||||
Buildings and improvements | 39,099,395 | ||||||||
Tenant improvements | 3,561,805 | ||||||||
Other liabilities | (580,668) | ||||||||
Business Combination, Consideration Transferred | 49,833,056 | ||||||||
In-place leases | 3,728,049 | ||||||||
Above-market leases | $ 146,941 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 5 months | ||||||||
Galleria 75 [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 15,156,267 | ||||||||
Buildings and improvements | 1,285,856 | ||||||||
Tenant improvements | 225,811 | ||||||||
Other liabilities | (218,923) | ||||||||
Business Combination, Consideration Transferred | 17,805,941 | ||||||||
In-place leases | 712,718 | ||||||||
Above-market leases | $ 47,947 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 3 months | ||||||||
Three ravinia [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 9,784,645 | ||||||||
Buildings and improvements | 133,323,658 | ||||||||
Tenant improvements | 20,698,893 | ||||||||
Other liabilities | (766,335) | ||||||||
Business Combination, Consideration Transferred | 206,313,488 | ||||||||
In-place leases | 17,954,978 | ||||||||
Above-market leases | $ 812,879 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 10 months | ||||||||
wade green [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 1,840,284 | ||||||||
Buildings and improvements | 8,159,147 | ||||||||
Tenant improvements | 251,250 | ||||||||
business combination debt financing | 0 | ||||||||
Other liabilities | (59,264) | ||||||||
Business Combination, Consideration Transferred | 11,318,342 | ||||||||
business combination purchase price | 11,000,000 | ||||||||
Net Rentable Area | ft² | 74,978 | ||||||||
In-place leases | 841,785 | ||||||||
non cash mezzanine loan settled | 6,250,000 | ||||||||
Above-market leases | $ 107,074 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 4 months | ||||||||
Southeastern Six Pack [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 14,081,647 | ||||||||
Buildings and improvements | 48,598,731 | ||||||||
Tenant improvements | 993,530 | ||||||||
business combination debt financing | 25,000,000 | ||||||||
Other liabilities | (437,008) | ||||||||
Business Combination, Consideration Transferred | 68,751,867 | ||||||||
business combination purchase price | 68,700,000 | ||||||||
Net Rentable Area | ft² | 535,252 | ||||||||
In-place leases | 4,906,398 | ||||||||
Above-market leases | $ 86,234 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 4 years 2 months 18 days | ||||||||
victory village [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 2,271,224 | ||||||||
Buildings and improvements | 11,872,222 | ||||||||
Tenant improvements | 402,973 | ||||||||
business combination debt financing | 9,250,000 | ||||||||
Other liabilities | (179,546) | ||||||||
Business Combination, Consideration Transferred | 15,528,229 | ||||||||
business combination purchase price | 15,600,000 | ||||||||
Net Rentable Area | ft² | 71,300 | ||||||||
In-place leases | 847,939 | ||||||||
Above-market leases | $ 100,216 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 11 months | ||||||||
lakeland plaza [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 7,079,408 | ||||||||
Buildings and improvements | 32,258,335 | ||||||||
Tenant improvements | 828,966 | ||||||||
business combination debt financing | 30,000,000 | ||||||||
Other liabilities | (180,331) | ||||||||
Business Combination, Consideration Transferred | 44,773,273 | ||||||||
business combination purchase price | 45,300,000 | ||||||||
Net Rentable Area | ft² | 301,711 | ||||||||
In-place leases | 2,947,175 | ||||||||
Above-market leases | $ 1,349,624 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 4 months 18 days | ||||||||
sunbelt 7 portfolio [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 37,719,812 | ||||||||
Buildings and improvements | 109,373,938 | ||||||||
Tenant improvements | 2,143,404 | ||||||||
business combination debt financing | 97,654,000 | ||||||||
Other liabilities | (1,196,579) | ||||||||
Business Combination, Consideration Transferred | 159,413,503 | ||||||||
Area of Real Estate Property | a | 0.95 | ||||||||
business combination purchase price | 159,500,000 | ||||||||
Net Rentable Area | ft² | 650,360 | ||||||||
In-place leases | 11,005,662 | ||||||||
Above-market leases | $ 458,353 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 2 months 12 days | ||||||||
Champions Village [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 12,812,546 | ||||||||
Buildings and improvements | 30,647,609 | ||||||||
Tenant improvements | 2,751,796 | ||||||||
business combination debt financing | 27,400,000 | ||||||||
Other liabilities | (1,413,726) | ||||||||
Business Combination, Consideration Transferred | 49,874,130 | ||||||||
business combination purchase price | 50,000,000 | ||||||||
Net Rentable Area | ft² | 383,093 | ||||||||
In-place leases | 4,283,760 | ||||||||
Above-market leases | $ 765,811 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 4 months 24 days | ||||||||
baldwin park [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 17,402,882 | ||||||||
Buildings and improvements | 87,105,757 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,358,589 | ||||||||
Finite-lived Intangible Assets Acquired | 2,882,772 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 229,972 | ||||||||
business combinations, escrow fund asset recognized | 2,555,753 | ||||||||
business combinations, accrued property tax liability | 17,421 | ||||||||
Other liabilities | (226,160) | ||||||||
Business Combination, Consideration Transferred | 113,292,144 | ||||||||
Cash paid | 35,492,144 | ||||||||
Number of units in real estate property | ft² | 528 | ||||||||
business combination purchase price | 110,800,000 | ||||||||
Mortgage debt | $ 77,800,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||
crosstown walk [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 5,178,375 | ||||||||
Buildings and improvements | 33,605,831 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,726,583 | ||||||||
Finite-lived Intangible Assets Acquired | 1,323,511 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 125,706 | ||||||||
business combinations, escrow fund asset recognized | 291,868 | ||||||||
business combinations, accrued property tax liability | 25,983 | ||||||||
Other liabilities | (53,861) | ||||||||
Business Combination, Consideration Transferred | 46,172,030 | ||||||||
Cash paid | 13,632,030 | ||||||||
Number of units in real estate property | ft² | 342 | ||||||||
business combination purchase price | 45,800,000 | ||||||||
Mortgage debt | $ 32,540,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||
newport overton [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 8,511,370 | ||||||||
Buildings and improvements | 44,710,034 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,286,105 | ||||||||
Finite-lived Intangible Assets Acquired | 1,611,314 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 73,754 | ||||||||
business combinations, escrow fund asset recognized | 354,640 | ||||||||
business combinations, accrued property tax liability | 66,422 | ||||||||
Other liabilities | (90,213) | ||||||||
Business Combination, Consideration Transferred | 61,390,582 | ||||||||
Cash paid | 20,090,582 | ||||||||
Number of units in real estate property | ft² | 294 | ||||||||
business combination purchase price | 61,100,000 | ||||||||
Mortgage debt | $ 41,300,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||
Avalon Park [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 7,410,048 | ||||||||
Buildings and improvements | 80,558,636 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 1,790,256 | ||||||||
Finite-lived Intangible Assets Acquired | 2,741,060 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 99,297 | ||||||||
business combinations, escrow fund asset recognized | 3,477,157 | ||||||||
business combinations, accrued property tax liability | 394,731 | ||||||||
Other liabilities | (207,623) | ||||||||
Business Combination, Consideration Transferred | 95,474,100 | ||||||||
Cash paid | 30,474,100 | ||||||||
Number of units in real estate property | ft² | 487 | ||||||||
business combination purchase price | 92,500,000 | ||||||||
Mortgage debt | $ 65,000,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 4 years 6 months | ||||||||
North by northwest FSU [Member] | |||||||||
Business Acquisition | |||||||||
Number of beds, student housing | bed | 679 | ||||||||
Land | $ 8,281,054 | ||||||||
Buildings and improvements | 34,355,922 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,623,916 | ||||||||
Finite-lived Intangible Assets Acquired | 799,109 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 79,626 | ||||||||
business combinations, escrow fund asset recognized | 1,026,419 | ||||||||
business combinations, accrued property tax liability | 321,437 | ||||||||
Other liabilities | (159,462) | ||||||||
Business Combination, Consideration Transferred | 46,685,147 | ||||||||
Cash paid | 12,831,872 | ||||||||
Number of units in real estate property | ft² | 219 | ||||||||
business combination purchase price | 46,100,000 | ||||||||
Mortgage debt | $ 33,853,275 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||
City Vista [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 4,081,683 | ||||||||
Buildings and improvements | 36,084,007 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,402,228 | ||||||||
Finite-lived Intangible Assets Acquired | 2,100,866 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 167,797 | ||||||||
business combinations, escrow fund asset recognized | 599,983 | ||||||||
business combinations, accrued property tax liability | 245,326 | ||||||||
Other liabilities | (141,238) | ||||||||
Business Combination, Consideration Transferred | 48,050,000 | ||||||||
Cash paid | 0 | ||||||||
Number of units in real estate property | ft² | 272 | ||||||||
Mortgage debt | 36,000,000 | ||||||||
non cash mezzanine loan settled | $ 12,500,000 | ||||||||
equity ownership percentage joint venture | 96.00% | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 6 months | ||||||||
Sorrel [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 4,412,164 | ||||||||
Buildings and improvements | 35,512,257 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,705,040 | ||||||||
Finite-lived Intangible Assets Acquired | 1,495,539 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 0 | ||||||||
business combinations, escrow fund asset recognized | 623,791 | ||||||||
business combinations, accrued property tax liability | 437,510 | ||||||||
Other liabilities | (68,828) | ||||||||
Business Combination, Consideration Transferred | 48,242,453 | ||||||||
Cash paid | 14,642,453 | ||||||||
Number of units in real estate property | ft² | 290 | ||||||||
business combination purchase price | 48,100,000 | ||||||||
Mortgage debt | $ 33,600,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 6 months | ||||||||
Overlook at Hamilton Place [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 6,786,593 | ||||||||
Buildings and improvements | 24,332,628 | ||||||||
Tenant improvements | 911,580 | ||||||||
business combination debt financing | 21,000,000 | ||||||||
Other liabilities | (97,976) | ||||||||
Business Combination, Consideration Transferred | 33,524,328 | ||||||||
business combination purchase price | 33,800,000 | ||||||||
Net Rentable Area | ft² | 213,095 | ||||||||
In-place leases | 2,029,643 | ||||||||
Above-market leases | $ 361,433 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 9 months 18 days | ||||||||
Summit Point [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 7,063,874 | ||||||||
Buildings and improvements | 10,903,486 | ||||||||
Tenant improvements | 526,468 | ||||||||
business combination debt financing | 12,900,000 | ||||||||
Other liabilities | (139,884) | ||||||||
Business Combination, Consideration Transferred | 19,495,398 | ||||||||
business combination purchase price | 19,600,000 | ||||||||
Net Rentable Area | ft² | 111,970 | ||||||||
In-place leases | 1,203,246 | ||||||||
Above-market leases | $ 329,546 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 1 month 6 days | ||||||||
Royal Lakes [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 4,874,078 | ||||||||
Buildings and improvements | 9,921,403 | ||||||||
Tenant improvements | 517,191 | ||||||||
business combination debt financing | 9,800,000 | ||||||||
Other liabilities | (145,581) | ||||||||
Business Combination, Consideration Transferred | 16,460,767 | ||||||||
business combination purchase price | 16,600,000 | ||||||||
Net Rentable Area | ft² | 119,493 | ||||||||
In-place leases | 957,093 | ||||||||
Above-market leases | $ 198,238 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 9 months 18 days | ||||||||
Independence Square [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 4,114,574 | ||||||||
Buildings and improvements | 13,123,553 | ||||||||
Tenant improvements | 566,857 | ||||||||
business combination debt financing | 0 | ||||||||
Other liabilities | (226,599) | ||||||||
Business Combination, Consideration Transferred | 17,798,401 | ||||||||
business combination purchase price | 18,000,000 | ||||||||
Net Rentable Area | ft² | 140,218 | ||||||||
In-place leases | 1,567,944 | ||||||||
Above-market leases | $ 35,127 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 3 months 18 days | ||||||||
Lenox Portfolio [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 7,877,823 | ||||||||
Buildings and improvements | 61,262,221 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,281,010 | ||||||||
Finite-lived Intangible Assets Acquired | 2,193,946 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 171,814 | ||||||||
business combinations, escrow fund asset recognized | 739,340 | ||||||||
business combinations, accrued property tax liability | 564,841 | ||||||||
Other liabilities | (260,403) | ||||||||
Business Combination, Consideration Transferred | 77,700,910 | ||||||||
Cash paid | 27,896,449 | ||||||||
Number of units in real estate property | ft² | 474 | ||||||||
business combination purchase price | 77,600,000 | ||||||||
Net Rentable Area | ft² | 47,600 | ||||||||
Mortgage debt | $ 49,804,461 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 24 months 13 days | ||||||||
stone creek [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 2,210,630 | ||||||||
Buildings and improvements | 20,711,950 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 2,203,724 | ||||||||
Finite-lived Intangible Assets Acquired | 623,696 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 75,074 | ||||||||
business combinations, escrow fund asset recognized | 844,515 | ||||||||
business combinations, accrued property tax liability | 375,842 | ||||||||
Other liabilities | (37,331) | ||||||||
Business Combination, Consideration Transferred | 26,256,416 | ||||||||
Cash paid | 9,439,483 | ||||||||
Number of units in real estate property | ft² | 246 | ||||||||
business combination purchase price | 25,800,000 | ||||||||
Mortgage debt | $ 16,816,933 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||
Citilakes [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 5,558,033 | ||||||||
Buildings and improvements | 49,416,492 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,411,367 | ||||||||
Finite-lived Intangible Assets Acquired | 964,108 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 40,032 | ||||||||
business combinations, escrow fund asset recognized | 280,863 | ||||||||
business combinations, accrued property tax liability | 187,792 | ||||||||
Other liabilities | (80,629) | ||||||||
Business Combination, Consideration Transferred | 63,402,474 | ||||||||
Cash paid | 18,952,474 | ||||||||
Number of units in real estate property | ft² | 346 | ||||||||
business combination purchase price | 63,400,000 | ||||||||
Mortgage debt | $ 44,450,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||
Mansions at Creekside [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 5,983,724 | ||||||||
Buildings and improvements | 42,050,104 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,939,014 | ||||||||
Finite-lived Intangible Assets Acquired | 1,227,158 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 89,582 | ||||||||
business combinations, escrow fund asset recognized | 1,058,468 | ||||||||
business combinations, accrued property tax liability | 440,660 | ||||||||
Other liabilities | (218,438) | ||||||||
Business Combination, Consideration Transferred | 56,688,952 | ||||||||
Cash paid | 15,063,952 | ||||||||
Number of units in real estate property | ft² | 395 | ||||||||
business combination purchase price | 56,200,000 | ||||||||
Mortgage debt | $ 41,625,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||
City Park [Member] | |||||||||
Business Acquisition | |||||||||
Number of units in real estate property | ft² | 284 | ||||||||
business combination purchase price | 32,700,000 | ||||||||
Lely [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 7,675,409 | ||||||||
Buildings and improvements | 37,661,901 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,132,384 | ||||||||
Finite-lived Intangible Assets Acquired | 1,030,306 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 106,717 | ||||||||
business combinations, escrow fund asset recognized | 0 | ||||||||
business combinations, accrued property tax liability | 23,413 | ||||||||
Other liabilities | (64,689) | ||||||||
Business Combination, Consideration Transferred | 52,518,615 | ||||||||
Cash paid | 18,518,615 | ||||||||
Number of units in real estate property | ft² | 308 | ||||||||
business combination purchase price | 52,500,000 | ||||||||
Mortgage debt | $ 34,000,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||
Sarasota [Member] | |||||||||
Business Acquisition | |||||||||
Number of units in real estate property | ft² | 237 | ||||||||
business combination purchase price | 47,400,000 | ||||||||
Houston Portfolio [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 7,162,226 | ||||||||
Buildings and improvements | 54,217,075 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 13,078,872 | ||||||||
Finite-lived Intangible Assets Acquired | 1,571,827 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 150,326 | ||||||||
business combinations, escrow fund asset recognized | 362,332 | ||||||||
business combinations, accrued property tax liability | 212,601 | ||||||||
Other liabilities | (99,181) | ||||||||
Business Combination, Consideration Transferred | 76,230,876 | ||||||||
Cash paid | 25,452,876 | ||||||||
business combination purchase price | $ 76,000,000 | ||||||||
Mortgage debt | $ 50,778,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||
Cypress [Member] | |||||||||
Business Acquisition | |||||||||
Number of units in real estate property | ft² | 520 | ||||||||
Office Building [Member] | |||||||||
Business Acquisition | |||||||||
business combination purchase price | $ 277,500,000 | ||||||||
Net Rentable Area | ft² | 1,096,834 | ||||||||
Office Building [Member] | brookwood office [Member] | |||||||||
Business Acquisition | |||||||||
business combination purchase price | 49,800,000 | ||||||||
Net Rentable Area | ft² | 169,489 | ||||||||
Office Building [Member] | Galleria 75 [Member] | |||||||||
Business Acquisition | |||||||||
business combination purchase price | 17,600,000 | ||||||||
Net Rentable Area | ft² | 110,597 | ||||||||
Office Building [Member] | Three ravinia [Member] | |||||||||
Business Acquisition | |||||||||
business combination purchase price | $ 210,100,000 | ||||||||
Net Rentable Area | ft² | 816,748 |
Real Estate Assets - Purchase P
Real Estate Assets - Purchase Price Allocation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition | |||||||||||
non cash mezzanine loan settled | $ 12,500,000 | $ 10,000,000 | $ 0 | ||||||||
Tenant Improvements | $ 37,806,472 | $ 5,781,199 | 37,806,472 | 5,781,199 | |||||||
Below-market leases | (33,600,000) | (33,600,000) | |||||||||
Revenues | 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | 33,916,477 | $ 29,955,693 | $ 24,088,827 | $ 21,344,515 | 200,118,915 | 109,305,512 | 56,536,370 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (3,982,783) | $ (2,688,620) | $ 217,479 | $ (3,389,490) | $ (384,129) | $ (1,697,767) | $ 420,836 | $ (764,929) | $ (9,843,414) | (2,425,989) | $ 2,127,203 |
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 5 months | ||||||||||
brookwood office [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 1,744,828 | $ 1,744,828 | |||||||||
Buildings and improvements | 39,099,395 | 39,099,395 | |||||||||
Tenant improvements | 3,561,805 | 3,561,805 | |||||||||
In-place leases | 3,728,049 | 3,728,049 | |||||||||
Above-market leases | 146,941 | 146,941 | |||||||||
Prepaids & other assets | (1,737,158) | (1,737,158) | |||||||||
Other liabilities | (580,668) | (580,668) | |||||||||
Business Combination, Consideration Transferred | 49,833,056 | ||||||||||
Revenues | 2,021,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 269,000 | ||||||||||
Acquisition costs | 387,000 | $ 387,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 5 months | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 2,402,958 | $ 2,402,958 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 1,466,906 | 1,466,906 | |||||||||
business combination cash consideration transferred | 17,433,056 | 17,433,056 | |||||||||
OP units granted aggregate fair value | 32,400,000 | ||||||||||
Three ravinia [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 9,784,645 | 9,784,645 | |||||||||
Buildings and improvements | 133,323,658 | 133,323,658 | |||||||||
Tenant improvements | 20,698,893 | 20,698,893 | |||||||||
In-place leases | 17,954,978 | 17,954,978 | |||||||||
Above-market leases | 812,879 | 812,879 | |||||||||
Prepaids & other assets | (8,245,122) | (8,245,122) | |||||||||
Other liabilities | (766,335) | (766,335) | |||||||||
Business Combination, Consideration Transferred | 206,313,488 | ||||||||||
Revenues | 99,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (345,000) | ||||||||||
Acquisition costs | 680,000 | $ 680,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 10 months | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 7,468,128 | $ 7,468,128 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 25,281,764 | 25,281,764 | |||||||||
business combination cash consideration transferred | 90,813,488 | 90,813,488 | |||||||||
OP units granted aggregate fair value | 115,500,000 | ||||||||||
Galleria 75 [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 15,156,267 | 15,156,267 | |||||||||
Buildings and improvements | 1,285,856 | 1,285,856 | |||||||||
Tenant improvements | 225,811 | 225,811 | |||||||||
In-place leases | 712,718 | 712,718 | |||||||||
Above-market leases | 47,947 | 47,947 | |||||||||
Prepaids & other assets | (168,179) | (168,179) | |||||||||
Other liabilities | (218,923) | (218,923) | |||||||||
Business Combination, Consideration Transferred | 17,805,941 | ||||||||||
Revenues | 237,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 48,000 | ||||||||||
Acquisition costs | 655,000 | $ 655,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 3 months | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 309,513 | $ 309,513 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 454,931 | 454,931 | |||||||||
business combination cash consideration transferred | 11,875,686 | 11,875,686 | |||||||||
OP units granted aggregate fair value | 5,930,255 | ||||||||||
wade green [Member] | |||||||||||
Business Acquisition | |||||||||||
non cash mezzanine loan settled | 6,250,000 | ||||||||||
Land | 1,840,284 | 1,840,284 | |||||||||
Buildings and improvements | 8,159,147 | 8,159,147 | |||||||||
Tenant improvements | 251,250 | 251,250 | |||||||||
In-place leases | 841,785 | 841,785 | |||||||||
Above-market leases | 107,074 | 107,074 | |||||||||
Prepaids & other assets | 0 | 0 | |||||||||
Other liabilities | (59,264) | (59,264) | |||||||||
Business Combination, Consideration Transferred | 11,318,342 | ||||||||||
Revenues | 900,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (354,000) | ||||||||||
Acquisition costs | 297,000 | $ 297,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 4 months | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 167,541 | $ 167,541 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 10,525 | 10,525 | |||||||||
business combination cash consideration transferred | 6,245,683 | 6,245,683 | |||||||||
OP units granted aggregate fair value | 5,072,659 | ||||||||||
business combination debt financing | $ 0 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 419,228 | ||||||||||
Extinguishment of Debt, Amount | $ 8,200,000 | ||||||||||
Southeastern Six Pack [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 14,081,647 | 14,081,647 | |||||||||
Buildings and improvements | 48,598,731 | 48,598,731 | |||||||||
Tenant improvements | 993,530 | 993,530 | |||||||||
In-place leases | 4,906,398 | 4,906,398 | |||||||||
Above-market leases | 86,234 | 86,234 | |||||||||
Prepaids & other assets | (1,069,877) | (1,069,877) | |||||||||
Other liabilities | (437,008) | (437,008) | |||||||||
Business Combination, Consideration Transferred | 68,751,867 | ||||||||||
Revenues | 4,231,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (440,000) | ||||||||||
Acquisition costs | 633,000 | $ 633,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 4 years 2 months 18 days | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 992,143 | $ 992,143 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 600,069 | 600,069 | |||||||||
business combination cash consideration transferred | 43,751,867 | 43,751,867 | |||||||||
OP units granted aggregate fair value | 0 | ||||||||||
business combination debt financing | 25,000,000 | ||||||||||
lakeland plaza [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 7,079,408 | 7,079,408 | |||||||||
Buildings and improvements | 32,258,335 | 32,258,335 | |||||||||
Tenant improvements | 828,966 | 828,966 | |||||||||
In-place leases | 2,947,175 | 2,947,175 | |||||||||
Above-market leases | 1,349,624 | 1,349,624 | |||||||||
Prepaids & other assets | (797,729) | (797,729) | |||||||||
Other liabilities | (180,331) | (180,331) | |||||||||
Business Combination, Consideration Transferred | 44,773,273 | ||||||||||
Revenues | 1,601,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (325,000) | ||||||||||
Acquisition costs | 234,000 | $ 234,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 4 months 18 days | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 1,287,825 | $ 1,287,825 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 0 | 0 | |||||||||
business combination cash consideration transferred | 14,773,273 | 14,773,273 | |||||||||
OP units granted aggregate fair value | 0 | ||||||||||
business combination debt financing | 30,000,000 | ||||||||||
victory village [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 2,271,224 | 2,271,224 | |||||||||
Buildings and improvements | 11,872,222 | 11,872,222 | |||||||||
Tenant improvements | 402,973 | 402,973 | |||||||||
In-place leases | 847,939 | 847,939 | |||||||||
Above-market leases | 100,216 | 100,216 | |||||||||
Prepaids & other assets | (198,214) | (198,214) | |||||||||
Other liabilities | (179,546) | (179,546) | |||||||||
Business Combination, Consideration Transferred | 15,528,229 | ||||||||||
Revenues | 819,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (102,000) | ||||||||||
Acquisition costs | 111,000 | $ 111,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 11 months | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 253,640 | $ 253,640 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 157,775 | 157,775 | |||||||||
business combination cash consideration transferred | 6,278,229 | 6,278,229 | |||||||||
OP units granted aggregate fair value | 0 | ||||||||||
business combination debt financing | 9,250,000 | ||||||||||
Champions Village [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 12,812,546 | 12,812,546 | |||||||||
Buildings and improvements | 30,647,609 | 30,647,609 | |||||||||
Tenant improvements | 2,751,796 | 2,751,796 | |||||||||
In-place leases | 4,283,760 | 4,283,760 | |||||||||
Above-market leases | 765,811 | 765,811 | |||||||||
Prepaids & other assets | (3,017,960) | (3,017,960) | |||||||||
Other liabilities | (1,413,726) | (1,413,726) | |||||||||
Business Combination, Consideration Transferred | 49,874,130 | ||||||||||
Revenues | 1,228,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (440,000) | ||||||||||
Acquisition costs | 141,000 | $ 141,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 4 months 24 days | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 1,026,347 | $ 1,026,347 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 2,017,947 | 2,017,947 | |||||||||
business combination cash consideration transferred | 22,474,130 | 22,474,130 | |||||||||
OP units granted aggregate fair value | 0 | ||||||||||
business combination debt financing | 27,400,000 | ||||||||||
sunbelt 7 portfolio [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 37,719,812 | 37,719,812 | |||||||||
Buildings and improvements | 109,373,938 | 109,373,938 | |||||||||
Tenant improvements | 2,143,404 | 2,143,404 | |||||||||
In-place leases | 11,005,662 | 11,005,662 | |||||||||
Above-market leases | 458,353 | 458,353 | |||||||||
Prepaids & other assets | (7,617,485) | (7,617,485) | |||||||||
Other liabilities | (1,196,579) | (1,196,579) | |||||||||
Business Combination, Consideration Transferred | 159,413,503 | ||||||||||
Revenues | 5,001,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (658,000) | ||||||||||
Acquisition costs | 691,000 | $ 691,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 2 months 12 days | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 4,116,560 | $ 4,116,560 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 3,409,838 | 3,409,838 | |||||||||
business combination cash consideration transferred | 61,759,503 | 61,759,503 | |||||||||
OP units granted aggregate fair value | 0 | ||||||||||
business combination debt financing | 97,654,000 | ||||||||||
baldwin park [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 17,402,882 | 17,402,882 | |||||||||
Buildings and improvements | 87,105,757 | 87,105,757 | |||||||||
Furniture, fixtures and equipment | 3,358,589 | 3,358,589 | |||||||||
Escrows | (2,555,753) | (2,555,753) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 229,972 | 229,972 | |||||||||
Other liabilities | (226,160) | (226,160) | |||||||||
Cash paid | 35,492,144 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | 0 | |||||||||
business combinations cash received real estate joint venture | 0 | 0 | |||||||||
Mortgage debt | 77,800,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 2,882,772 | ||||||||||
business combinations, accrued property tax liability | (17,421) | (17,421) | |||||||||
Business Combination, Consideration Transferred | 113,292,144 | ||||||||||
Revenues | 9,349,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (4,883,000) | ||||||||||
Acquisition costs | 1,847,000 | $ 1,847,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
crosstown walk [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 5,178,375 | $ 5,178,375 | |||||||||
Buildings and improvements | 33,605,831 | 33,605,831 | |||||||||
Furniture, fixtures and equipment | 5,726,583 | 5,726,583 | |||||||||
Escrows | (291,868) | (291,868) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 125,706 | 125,706 | |||||||||
Other liabilities | (53,861) | (53,861) | |||||||||
Cash paid | 13,632,030 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | 0 | |||||||||
business combinations cash received real estate joint venture | 0 | 0 | |||||||||
Mortgage debt | 32,540,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 1,323,511 | ||||||||||
business combinations, accrued property tax liability | (25,983) | (25,983) | |||||||||
Business Combination, Consideration Transferred | 46,172,030 | ||||||||||
Revenues | 4,886,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,614,000) | ||||||||||
Acquisition costs | 319,000 | $ 319,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
newport overton [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 8,511,370 | $ 8,511,370 | |||||||||
Buildings and improvements | 44,710,034 | 44,710,034 | |||||||||
Furniture, fixtures and equipment | 6,286,105 | 6,286,105 | |||||||||
Escrows | (354,640) | (354,640) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 73,754 | 73,754 | |||||||||
Other liabilities | (90,213) | (90,213) | |||||||||
Cash paid | 20,090,582 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | 0 | |||||||||
business combinations cash received real estate joint venture | 0 | 0 | |||||||||
Mortgage debt | 41,300,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 1,611,314 | ||||||||||
business combinations, accrued property tax liability | (66,422) | (66,422) | |||||||||
Business Combination, Consideration Transferred | 61,390,582 | ||||||||||
Revenues | 4,968,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,894,000) | ||||||||||
Acquisition costs | 115,000 | $ 115,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
Avalon Park [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 7,410,048 | $ 7,410,048 | |||||||||
Buildings and improvements | 80,558,636 | 80,558,636 | |||||||||
Furniture, fixtures and equipment | 1,790,256 | 1,790,256 | |||||||||
Escrows | (3,477,157) | (3,477,157) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 99,297 | 99,297 | |||||||||
Other liabilities | (207,623) | (207,623) | |||||||||
Cash paid | 30,474,100 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | 0 | |||||||||
business combinations cash received real estate joint venture | 0 | 0 | |||||||||
Mortgage debt | 65,000,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 2,741,060 | ||||||||||
business combinations, accrued property tax liability | (394,731) | (394,731) | |||||||||
Business Combination, Consideration Transferred | 95,474,100 | ||||||||||
Revenues | 4,684,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,891,000) | ||||||||||
Acquisition costs | 1,315,000 | $ 1,315,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 4 years 6 months | ||||||||||
North by northwest FSU [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 8,281,054 | $ 8,281,054 | |||||||||
Buildings and improvements | 34,355,922 | 34,355,922 | |||||||||
Furniture, fixtures and equipment | 2,623,916 | 2,623,916 | |||||||||
Escrows | (1,026,419) | (1,026,419) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 79,626 | 79,626 | |||||||||
Other liabilities | (159,462) | (159,462) | |||||||||
Cash paid | 12,831,872 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | 0 | |||||||||
business combinations cash received real estate joint venture | 0 | 0 | |||||||||
Mortgage debt | 33,853,275 | ||||||||||
Finite-lived Intangible Assets Acquired | 799,109 | ||||||||||
business combinations, accrued property tax liability | (321,437) | (321,437) | |||||||||
Business Combination, Consideration Transferred | 46,685,147 | ||||||||||
Revenues | 3,389,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,041,000) | ||||||||||
Acquisition costs | 378,000 | $ 378,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
City Vista [Member] | |||||||||||
Business Acquisition | |||||||||||
non cash mezzanine loan settled | $ 12,500,000 | ||||||||||
Land | 4,081,683 | 4,081,683 | |||||||||
Buildings and improvements | 36,084,007 | 36,084,007 | |||||||||
Furniture, fixtures and equipment | 5,402,228 | 5,402,228 | |||||||||
Escrows | (599,983) | (599,983) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 167,797 | 167,797 | |||||||||
Other liabilities | (141,238) | (141,238) | |||||||||
Cash paid | 0 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 12,500,000 | 12,500,000 | |||||||||
business combinations cash received real estate joint venture | (450,000) | (450,000) | |||||||||
Mortgage debt | 36,000,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 2,100,866 | ||||||||||
business combinations, accrued property tax liability | (245,326) | (245,326) | |||||||||
Business Combination, Consideration Transferred | 48,050,000 | ||||||||||
Revenues | 2,341,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,689,000) | ||||||||||
Acquisition costs | 41,000 | $ 41,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 6 months | ||||||||||
Sorrel [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 4,412,164 | $ 4,412,164 | |||||||||
Buildings and improvements | 35,512,257 | 35,512,257 | |||||||||
Furniture, fixtures and equipment | 6,705,040 | 6,705,040 | |||||||||
Escrows | (623,791) | (623,791) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 0 | 0 | |||||||||
Other liabilities | (68,828) | (68,828) | |||||||||
Cash paid | 14,642,453 | ||||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt | 0 | 0 | |||||||||
business combinations cash received real estate joint venture | 0 | 0 | |||||||||
Mortgage debt | 33,600,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 1,495,539 | ||||||||||
business combinations, accrued property tax liability | (437,510) | (437,510) | |||||||||
Business Combination, Consideration Transferred | 48,242,453 | ||||||||||
Revenues | 1,670,000 | ||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (854,000) | ||||||||||
Acquisition costs | 536,000 | $ 536,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 6 months | ||||||||||
Lenox Portfolio [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 7,877,823 | $ 7,877,823 | |||||||||
Buildings and improvements | 61,262,221 | 61,262,221 | |||||||||
Furniture, fixtures and equipment | 6,281,010 | 6,281,010 | |||||||||
Escrows | (739,340) | (739,340) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 171,814 | 171,814 | |||||||||
Other liabilities | (260,403) | (260,403) | |||||||||
Cash paid | 27,896,449 | ||||||||||
Mortgage debt | 49,804,461 | ||||||||||
Finite-lived Intangible Assets Acquired | 2,193,946 | ||||||||||
business combinations, accrued property tax liability | (564,841) | (564,841) | |||||||||
Business Combination, Consideration Transferred | 77,700,910 | ||||||||||
Revenues | 7,782,000 | 194,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,307,000) | (81,000) | |||||||||
Acquisition costs | 1,550,000 | $ 1,550,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 24 months 13 days | ||||||||||
Houston Portfolio [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 7,162,226 | $ 7,162,226 | |||||||||
Buildings and improvements | 54,217,075 | 54,217,075 | |||||||||
Furniture, fixtures and equipment | 13,078,872 | 13,078,872 | |||||||||
Escrows | (362,332) | (362,332) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 150,326 | 150,326 | |||||||||
Other liabilities | (99,181) | (99,181) | |||||||||
Cash paid | 25,452,876 | ||||||||||
Mortgage debt | 50,778,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 1,571,827 | ||||||||||
business combinations, accrued property tax liability | (212,601) | (212,601) | |||||||||
Business Combination, Consideration Transferred | 76,230,876 | ||||||||||
Revenues | 8,733,000 | 7,392,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,124,000) | (2,588,000) | |||||||||
Acquisition costs | 1,142,000 | $ 1,142,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
lakewood ranch [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 3,791,050 | $ 3,791,050 | |||||||||
Buildings and improvements | 37,574,391 | 37,574,391 | |||||||||
Furniture, fixtures and equipment | 5,375,690 | 5,375,690 | |||||||||
Escrows | (401,294) | (401,294) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 80,201 | 80,201 | |||||||||
Other liabilities | (35,157) | (35,157) | |||||||||
Cash paid | 16,830,586 | ||||||||||
Mortgage debt | 30,810,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 669,369 | ||||||||||
business combinations, accrued property tax liability | (216,252) | (216,252) | |||||||||
Business Combination, Consideration Transferred | 47,640,586 | ||||||||||
Revenues | 4,665,000 | 2,641,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 17,000 | (766,000) | |||||||||
Acquisition costs | 889,000 | $ 889,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
Lely [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 7,675,409 | $ 7,675,409 | |||||||||
Buildings and improvements | 37,661,901 | 37,661,901 | |||||||||
Furniture, fixtures and equipment | 6,132,384 | 6,132,384 | |||||||||
Escrows | 0 | 0 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 106,717 | 106,717 | |||||||||
Other liabilities | (64,689) | (64,689) | |||||||||
Cash paid | 18,518,615 | ||||||||||
Mortgage debt | 34,000,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 1,030,306 | ||||||||||
business combinations, accrued property tax liability | (23,413) | (23,413) | |||||||||
Business Combination, Consideration Transferred | 52,518,615 | ||||||||||
Revenues | 5,261,000 | 2,556,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (165,000) | (1,279,000) | |||||||||
Acquisition costs | 438,000 | $ 438,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
stone creek [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 2,210,630 | $ 2,210,630 | |||||||||
Buildings and improvements | 20,711,950 | 20,711,950 | |||||||||
Furniture, fixtures and equipment | 2,203,724 | 2,203,724 | |||||||||
Escrows | (844,515) | (844,515) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 75,074 | 75,074 | |||||||||
Other liabilities | (37,331) | (37,331) | |||||||||
Cash paid | 9,439,483 | ||||||||||
Mortgage debt | 16,816,933 | ||||||||||
Finite-lived Intangible Assets Acquired | 623,696 | ||||||||||
business combinations, accrued property tax liability | (375,842) | (375,842) | |||||||||
Business Combination, Consideration Transferred | 26,256,416 | ||||||||||
Revenues | 3,389,000 | 442,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (946,000) | (116,000) | |||||||||
Acquisition costs | 727,000 | $ 727,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
citypark view II [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 3,558,793 | $ 3,558,793 | |||||||||
Buildings and improvements | 23,797,764 | 23,797,764 | |||||||||
Furniture, fixtures and equipment | 4,562,148 | 4,562,148 | |||||||||
Escrows | (211,428) | (211,428) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 99,124 | 99,124 | |||||||||
Other liabilities | (40,152) | (40,152) | |||||||||
Cash paid | 10,000,000 | ||||||||||
Mortgage debt | 22,100,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 737,790 | ||||||||||
business combinations, accrued property tax liability | (105,756) | (105,756) | |||||||||
Business Combination, Consideration Transferred | 32,821,139 | ||||||||||
Revenues | 3,734,000 | 1,856,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 38,000 | (818,000) | |||||||||
Acquisition costs | 276,000 | $ 276,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
Citilakes [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 5,558,033 | $ 5,558,033 | |||||||||
Buildings and improvements | 49,416,492 | 49,416,492 | |||||||||
Furniture, fixtures and equipment | 7,411,367 | 7,411,367 | |||||||||
Escrows | (280,863) | (280,863) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 40,032 | 40,032 | |||||||||
Other liabilities | (80,629) | (80,629) | |||||||||
Cash paid | 18,952,474 | ||||||||||
Mortgage debt | 44,450,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 964,108 | ||||||||||
business combinations, accrued property tax liability | (187,792) | (187,792) | |||||||||
Business Combination, Consideration Transferred | 63,402,474 | ||||||||||
Revenues | 5,491,000 | 1,685,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,429,000) | (511,000) | |||||||||
Acquisition costs | 1,620,000 | $ 1,620,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
Mansions at Creekside [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 5,983,724 | $ 5,983,724 | |||||||||
Buildings and improvements | 42,050,104 | 42,050,104 | |||||||||
Furniture, fixtures and equipment | 6,939,014 | 6,939,014 | |||||||||
Escrows | (1,058,468) | (1,058,468) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other | 89,582 | 89,582 | |||||||||
Other liabilities | (218,438) | (218,438) | |||||||||
Cash paid | 15,063,952 | ||||||||||
Mortgage debt | 41,625,000 | ||||||||||
Finite-lived Intangible Assets Acquired | 1,227,158 | ||||||||||
business combinations, accrued property tax liability | (440,660) | (440,660) | |||||||||
Business Combination, Consideration Transferred | 56,688,952 | ||||||||||
Revenues | 5,574,000 | 2,511,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (400,000) | (1,095,000) | |||||||||
Acquisition costs | 852,000 | $ 852,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
Independence Square [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 4,114,574 | $ 4,114,574 | |||||||||
Buildings and improvements | 13,123,553 | 13,123,553 | |||||||||
Tenant improvements | 566,857 | 566,857 | |||||||||
In-place leases | 1,567,944 | 1,567,944 | |||||||||
Above-market leases | 35,127 | 35,127 | |||||||||
Prepaids & other assets | (1,775,506) | (1,775,506) | |||||||||
Other liabilities | (226,599) | (226,599) | |||||||||
Business Combination, Consideration Transferred | 17,798,401 | ||||||||||
Revenues | 2,107,000 | 993,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (393,000) | (162,000) | |||||||||
Acquisition costs | 573,000 | $ 573,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 3 months 18 days | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 392,451 | $ 392,451 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 0 | 0 | |||||||||
business combination cash consideration transferred | 17,798,401 | 17,798,401 | |||||||||
business combination debt financing | 0 | ||||||||||
Overlook at Hamilton Place [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 6,786,593 | 6,786,593 | |||||||||
Buildings and improvements | 24,332,628 | 24,332,628 | |||||||||
Tenant improvements | 911,580 | 911,580 | |||||||||
In-place leases | 2,029,643 | 2,029,643 | |||||||||
Above-market leases | 361,433 | 361,433 | |||||||||
Prepaids & other assets | (1,402,013) | (1,402,013) | |||||||||
Other liabilities | (97,976) | (97,976) | |||||||||
Business Combination, Consideration Transferred | 33,524,328 | ||||||||||
Revenues | 3,198,000 | 86,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (391,000) | (43,000) | |||||||||
Acquisition costs | 557,000 | $ 557,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 9 months 18 days | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 527,136 | $ 527,136 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 75,304 | 75,304 | |||||||||
business combination cash consideration transferred | 12,524,328 | 12,524,328 | |||||||||
business combination debt financing | 21,000,000 | ||||||||||
Summit Point [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 7,063,874 | 7,063,874 | |||||||||
Buildings and improvements | 10,903,486 | 10,903,486 | |||||||||
Tenant improvements | 526,468 | 526,468 | |||||||||
In-place leases | 1,203,246 | 1,203,246 | |||||||||
Above-market leases | 329,546 | 329,546 | |||||||||
Prepaids & other assets | (842,682) | (842,682) | |||||||||
Other liabilities | (139,884) | (139,884) | |||||||||
Business Combination, Consideration Transferred | 19,495,398 | ||||||||||
Revenues | 1,591,000 | 275,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (297,000) | (48,000) | |||||||||
Acquisition costs | 266,000 | $ 266,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 1 month 6 days | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 368,221 | $ 368,221 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 83,123 | 83,123 | |||||||||
business combination cash consideration transferred | 6,595,398 | 6,595,398 | |||||||||
business combination debt financing | 12,900,000 | ||||||||||
Royal Lakes [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 4,874,078 | 4,874,078 | |||||||||
Buildings and improvements | 9,921,403 | 9,921,403 | |||||||||
Tenant improvements | 517,191 | 517,191 | |||||||||
In-place leases | 957,093 | 957,093 | |||||||||
Above-market leases | 198,238 | 198,238 | |||||||||
Prepaids & other assets | (315,837) | (315,837) | |||||||||
Other liabilities | (145,581) | (145,581) | |||||||||
Business Combination, Consideration Transferred | 16,460,767 | ||||||||||
Revenues | 1,350,000 | 432,000 | |||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (68,000) | $ (13,000) | |||||||||
Acquisition costs | 245,000 | $ 245,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 9 months 18 days | ||||||||||
Other Finite-Lived Intangible Assets, Gross | 365,629 | $ 365,629 | |||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets | 88,553 | 88,553 | |||||||||
business combination cash consideration transferred | $ 6,660,767 | 6,660,767 | |||||||||
business combination debt financing | $ 9,800,000 |
Real Estate Assets - Depreciati
Real Estate Assets - Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition | |||
Finite-Lived Intangible Assets, Gross | $ 125,600,000 | ||
accumulated amortization finite lived intangible assets other | 46,400,000 | ||
Below Market Lease, Gross | 33,600,000 | ||
Depreciation: | |||
Depreciation | 56,415,608 | $ 27,672,387 | $ 12,258,812 |
Amortization: | |||
Depreciation and amortization | 78,139,798 | 38,096,334 | 16,328,715 |
Below Market Lease, Accumulated Amortization | $ 3,771,393 | 1,578,205 | |
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 5 months | ||
Finite-Lived Intangible Liabilities, Remaining Amortization Period | 9 years 6 months | ||
Leases, Acquired-in-Place [Member] | |||
Business Acquisition | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 14,855,573 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 9,695,514 | ||
Depreciation: | |||
Amortization of Intangible Assets | 54,756,489 | ||
Amortization: | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,292,818 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6,671,240 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,007,306 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 15,234,038 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 4 months 24 days | ||
Off-Market Favorable Lease [Member] | |||
Business Acquisition | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 1,117,196 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 791,753 | ||
Depreciation: | |||
Amortization of Intangible Assets | 4,364,279 | ||
Amortization: | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 396,916 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 555,791 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 284,015 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 1,218,608 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 10 months 24 days | ||
lease origination costs [Member] | |||
Business Acquisition | |||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 3,278,758 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2,950,213 | ||
Depreciation: | |||
Amortization of Intangible Assets | 20,035,632 | ||
Amortization: | |||
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2,102,405 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2,449,817 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 1,452,940 | ||
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | $ 7,801,499 | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 9 months 18 days | ||
Acquired Intangible Assets | |||
Depreciation: | |||
Amortization of Intangible Assets | $ 21,416,784 | 10,401,697 | 4,065,142 |
Lease Agreements [Member] | |||
Amortization: | |||
Deferred Costs, Leasing, Gross | 283,806 | 12,920 | 0 |
Website Development | |||
Amortization: | |||
amortization website development costs | 23,600 | 9,330 | 4,761 |
off market unfavorable leases [Member] | |||
Business Acquisition | |||
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Next Twelve Months | (4,175,864) | ||
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Two | (3,942,712) | ||
Depreciation: | |||
Finite-Lived Intangible Liabilities | (29,774,033) | ||
Amortization: | |||
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Four | (3,555,802) | ||
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Three | (3,782,260) | ||
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Five | (2,698,543) | ||
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, After year Five | $ (11,618,852) | ||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 6 months | ||
Building and Improvements | |||
Depreciation: | |||
Depreciation | $ 35,426,794 | 16,653,380 | 6,896,205 |
Furniture, Fixtures, and Equipment | |||
Depreciation: | |||
Depreciation | $ 20,988,814 | $ 11,019,007 | $ 5,362,607 |
Real Estate Assets Contribution
Real Estate Assets Contributions to revenue and net income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Revenues | $ 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | $ 33,916,477 | $ 29,955,693 | $ 24,088,827 | $ 21,344,515 | $ 200,118,915 | $ 109,305,512 | $ 56,536,370 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (3,982,783) | $ (2,688,620) | $ 217,479 | $ (3,389,490) | $ (384,129) | $ (1,697,767) | $ 420,836 | $ (764,929) | $ (9,843,414) | $ (2,425,989) | $ 2,127,203 |
Real Estate Assets Real estate
Real Estate Assets Real estate assets owned (Details) | Dec. 31, 2016 | Dec. 31, 2016ft² | Dec. 31, 2015 | Dec. 31, 2015ft² |
Business Combination Segment Allocation [Line Items] | ||||
Number of units in real estate property | 8,268 | 2,432 | 6,136 | 2,810 |
Area of Real Estate Property | 3,295,491 | 1,279,000 | ||
Area of Real Estate Property, Excluded from Floor Retail Space | 1,096,834 | 0 | ||
Office Building [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Number of Real Estate Properties | 3 | 0 | ||
Multifamily [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Number of Real Estate Properties | 25 | 19 | ||
Retail Site [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Number of Real Estate Properties | 31 | 14 | ||
Lenox Portfolio [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Number of units in real estate property | 474 | |||
Net Rentable Area | 47,600 |
Acquired Intangible Assets amor
Acquired Intangible Assets amortization (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Gross | $ 125,600,000 |
accumulated amortization finite lived intangible assets other | (46,400,000) |
Off-Market Favorable Lease [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 1,117,196 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 791,753 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 555,791 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 396,916 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 284,015 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 1,218,608 |
Amortization of Intangible Assets | 4,364,279 |
Leases, Acquired-in-Place [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 14,855,573 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 9,695,514 |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 6,671,240 |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 5,292,818 |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 3,007,306 |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 15,234,038 |
Amortization of Intangible Assets | $ 54,756,489 |
Real Estate Loans, Notes Rece57
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |||
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 315,600,000 | ||
variable interest entity loans amount to be funded | 391,000,000 | ||
loans to be funded | $ 411,116,476 | ||
membership interests business acquisition percentage related parties | 100.00% | ||
amount drawn under loan agreement | $ 334,570,242 | $ 238,965,175 | |
Deferred Revenue | (1,809,174) | (963,417) | |
Loans and Leases Receivable, Net Amount | 37,615,675 | 37,943,733 | |
interest revenue current pay | 23,633,118 | 16,188,752 | $ 10,987,856 |
Loans and Leases Receivable, Deferred Income | 59,581 | 82,056 | |
Amount drawn under loan agreement, Net | 332,761,068 | 238,001,758 | |
City Park [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 3,364,800 | ||
amount drawn under loan agreement | 3,364,800 | 0 | |
crosstown walk [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 11,000,000 | ||
amount drawn under loan agreement | 0 | 10,962,000 | |
City Vista [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 16,100,000 | ||
amount drawn under loan agreement | 0 | 16,107,735 | |
newport overton [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 16,700,000 | ||
amount drawn under loan agreement | 0 | 16,603,935 | |
haven west [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 6,940,795 | ||
amount drawn under loan agreement | $ 6,784,167 | 6,784,167 | |
Beds | 568 | ||
starkville [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | $ 6,116,384 | ||
amount drawn under loan agreement | $ 5,815,849 | 5,815,849 | |
Beds | 536 | ||
Newtown [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | $ 10,346,000 | ||
amount drawn under loan agreement | 9,866,000 | 9,866,000 | |
Encore [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 10,958,200 | ||
amount drawn under loan agreement | 10,958,200 | 10,958,200 | |
Manassas [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 17,270,000 | ||
amount drawn under loan agreement | 16,214,545 | 16,070,000 | |
Irvine [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 59,052,583 | ||
amount drawn under loan agreement | 37,332,837 | ||
Weems Road [Domain] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 13,464,372 | ||
amount drawn under loan agreement | 13,464,372 | 12,356,189 | |
Kennesaw [Domain] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 13,424,995 | ||
amount drawn under loan agreement | $ 13,329,868 | 13,329,868 | |
Beds | 792 | ||
city park II capital [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | $ 3,916,000 | ||
amount drawn under loan agreement | 3,325,668 | 0 | |
Summit III [Domain] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 7,246,400 | ||
amount drawn under loan agreement | 7,246,400 | 7,246,400 | |
park 35 on clairmont [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 21,060,160 | ||
amount drawn under loan agreement | 19,795,886 | 0 | |
crosstown walk II [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 6,920,000 | ||
amount drawn under loan agreement | 6,123,739 | 4,519,495 | |
fort myers [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 4,000,000 | ||
amount drawn under loan agreement | 3,654,621 | 0 | |
Haven South Florida [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 10,975,000 | ||
amount drawn under loan agreement | 10,656,171 | 9,776,455 | |
Wiregrass [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 14,975,853 | ||
amount drawn under loan agreement | 1,862,548 | 0 | |
bishop street [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 15,598,352 | ||
amount drawn under loan agreement | 15,584,017 | 14,496,563 | |
Wiregrass capital [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 3,744,147 | ||
amount drawn under loan agreement | 3,268,114 | 0 | |
Haven Waco [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 15,455,668 | ||
amount drawn under loan agreement | 15,301,876 | 14,200,703 | |
360 forsyth [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 3,225,000 | ||
amount drawn under loan agreement | 2,520,420 | 0 | |
Haven South Florida [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 9,819,662 | ||
amount drawn under loan agreement | 9,136,847 | 2,900,000 | |
haven northgate [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 64,678,549 | ||
amount drawn under loan agreement | 46,419,194 | 0 | |
Lubbock II [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 9,357,171 | ||
amount drawn under loan agreement | 8,770,838 | 0 | |
haven charlotte [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 19,581,593 | ||
amount drawn under loan agreement | 5,781,295 | 0 | |
haven charlotte member [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 8,201,170 | ||
amount drawn under loan agreement | 0 | 0 | |
hidden river [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 12,693,457 | ||
amount drawn under loan agreement | 11,145,302 | 3,107,012 | |
dawsonville [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 12,857,005 | ||
amount drawn under loan agreement | 12,613,860 | 11,573,432 | |
hidden river [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 6,300,000 | ||
amount drawn under loan agreement | 0 | 6,250,000 | |
hidden river [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 4,734,960 | ||
amount drawn under loan agreement | 4,734,960 | 0 | |
Encore Lending [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 9,758,200 | ||
amount drawn under loan agreement | 6,748,380 | 6,036,465 | |
crosstown walk II [Member] [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 5,380,000 | ||
amount drawn under loan agreement | 4,626,238 | 2,671,870 | |
crescent avenue [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | 6,000,000 | ||
amount drawn under loan agreement | 6,000,000 | $ 0 | |
Irvine [Member] | Irvine [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
amount drawn under loan agreement | $ 49,456,067 |
Real Estate Loans, Notes Rece58
Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Revenues | $ 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | $ 33,916,477 | $ 29,955,693 | $ 24,088,827 | $ 21,344,515 | $ 200,118,915 | $ 109,305,512 | $ 56,536,370 |
Financing Receivable, Gross | 52,015,000 | 52,015,000 | |||||||||
Loans and Leases Receivable, Net Amount | 37,615,675 | 37,943,733 | 37,615,675 | 37,943,733 | |||||||
Loans and Leases Receivable, Deferred Income | (59,581) | (82,056) | (59,581) | (82,056) | |||||||
guaranty cap amount | 6,000,000 | 6,000,000 | |||||||||
360 Residential [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
line of credit receivable | 2,000,000 | 2,000,000 | |||||||||
Loans and Leases Receivable, Net Amount | $ 1,472,571 | 1,304,999 | $ 1,472,571 | 1,304,999 | |||||||
interest rate note receivable | 12.00% | 12.00% | |||||||||
PCMS [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Financing Receivable, Gross | $ 1,500,000 | $ 1,500,000 | |||||||||
Loans and Leases Receivable, Net Amount | $ 1,082,311 | 1,305,550 | $ 1,082,311 | 1,305,550 | |||||||
interest rate note receivable | 10.00% | 10.00% | |||||||||
Oxford Contracting LLC [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
line of credit receivable | $ 1,500,000 | $ 1,500,000 | |||||||||
Loans and Leases Receivable, Net Amount | $ 1,475,000 | 1,475,000 | $ 1,475,000 | 1,475,000 | |||||||
interest rate note receivable | 8.00% | 8.00% | |||||||||
PAA [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
line of credit receivable | $ 15,000,000 | $ 15,000,000 | |||||||||
Loans and Leases Receivable, Net Amount | $ 13,708,761 | 12,793,440 | $ 13,708,761 | 12,793,440 | |||||||
interest rate note receivable | 8.00% | 8.00% | |||||||||
HCC [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
line of credit receivable | $ 11,110,000 | $ 11,110,000 | |||||||||
Loans and Leases Receivable, Net Amount | $ 7,324,904 | 5,359,904 | $ 7,324,904 | 5,359,904 | |||||||
interest rate note receivable | 12.00% | 12.00% | |||||||||
Oxford Capital Partners LLC [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
line of credit receivable | $ 10,150,000 | $ 10,150,000 | $ 10,650,000 | $ 10,150,000 | |||||||
Loans and Leases Receivable, Net Amount | $ 7,870,865 | 10,502,626 | $ 7,870,865 | 10,502,626 | |||||||
interest rate note receivable | 12.00% | 12.00% | |||||||||
newport development partners [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
line of credit receivable | $ 3,000,000 | $ 3,000,000 | |||||||||
Loans and Leases Receivable, Net Amount | $ 0 | 806,318 | $ 0 | 806,318 | |||||||
interest rate note receivable | 12.00% | 12.00% | |||||||||
360 Residential, LLC II [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
line of credit receivable | $ 3,255,000 | $ 3,255,000 | |||||||||
Loans and Leases Receivable, Net Amount | $ 2,884,845 | 2,477,952 | $ 2,884,845 | 2,477,952 | |||||||
interest rate note receivable | 15.00% | 15.00% | |||||||||
Hendon Properties, LLC [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
line of credit receivable | $ 2,000,000 | $ 2,000,000 | |||||||||
Loans and Leases Receivable, Net Amount | $ 0 | 2,000,000 | $ 0 | 2,000,000 | |||||||
interest rate note receivable | 12.00% | 12.00% | |||||||||
Mulberry Development Group LLC [Member] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
line of credit receivable | $ 500,000 | $ 500,000 | |||||||||
Loans and Leases Receivable, Net Amount | $ 177,000 | 0 | $ 177,000 | 0 | |||||||
interest rate note receivable | 12.00% | 12.00% | |||||||||
360 Capital Company [Domain] | |||||||||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
line of credit receivable | $ 2,000,000 | $ 2,000,000 | |||||||||
Loans and Leases Receivable, Net Amount | $ 1,678,999 | $ 0 | $ 1,678,999 | $ 0 | |||||||
interest rate note receivable | 12.00% | 12.00% |
Real Estate Loans, Notes Rece59
Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income [Abstract] | |||
interest revenue current pay | $ 23,633,118 | $ 16,188,752 | $ 10,987,856 |
Accrued exit fee revenue | 14,859,365 | 10,809,028 | 6,940,500 |
Deferred Revenue, Revenue Recognized | 872,335 | 829,969 | 872,513 |
Net loan fee revenue | 39,364,818 | 27,827,749 | 18,800,869 |
interest revenue notes receivable | 4,120,775 | 2,853,961 | 3,026,856 |
Interest revenue on real estate loans | $ 43,485,593 | $ 30,681,710 | $ 21,827,725 |
Real Estate Loans, Notes Rece60
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Mortgage Loans on Real Estate [Line Items] | |||||||||||
real estate loan participation percentage | 25.00% | 25.00% | |||||||||
amount drawn under loan agreement | $ 334,570,242 | $ 238,965,175 | $ 334,570,242 | $ 238,965,175 | |||||||
loans to be funded | 411,116,476 | 411,116,476 | |||||||||
Revenues | 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | 33,916,477 | $ 29,955,693 | $ 24,088,827 | $ 21,344,515 | 200,118,915 | 109,305,512 | $ 56,536,370 |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 315,600,000 | 315,600,000 | |||||||||
variable interest entity loans amount to be funded | 391,000,000 | 391,000,000 | |||||||||
Participating Mortgage Loans, Participation Liabilities, Amount | $ 20,761,819 | 13,544,160 | $ 20,761,819 | 13,544,160 | |||||||
membership interests business acquisition percentage related parties | 100.00% | 100.00% | |||||||||
Encore [Member] | |||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||
real estate loan participation percentage | 49.00% | 49.00% | |||||||||
amount drawn under loan agreement | $ 10,958,200 | $ 10,958,200 | $ 10,958,200 | $ 10,958,200 | |||||||
loans to be funded | 10,958,200 | 10,958,200 | |||||||||
Geographic Concentration Risk [Member] | Oxford [Member] | |||||||||||
Mortgage Loans on Real Estate [Line Items] | |||||||||||
amount drawn under loan agreement | 101,500,000 | 101,500,000 | |||||||||
loan commitment amount | $ 107,500,000 | $ 107,500,000 |
Real Estate Loans, Notes Rece61
Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |||
loan commitment guaranty limit amount | $ 2,000,000 | ||
loans to be funded | $ 411,116,476 | ||
loan commitment guaranty percent | 25.00% | ||
Oxford Capital Partners LLC [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
line of credit receivable | $ 10,150,000 | $ 10,150,000 | $ 10,650,000 |
interest rate note receivable | 12.00% | ||
haven west [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.00% | ||
current interest rate | 8.00% | ||
Unit count | 160 | ||
Beds | 568 | ||
loans to be funded | $ 6,940,795 | ||
Manassas [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 5.00% | ||
current interest rate | 8.00% | ||
Unit count | 304 | ||
loan commitment amount | $ 10.9 | ||
loans to be funded | $ 17,270,000 | ||
Irvine [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 7.50% | ||
current interest rate | 8.50% | ||
Unit count | 280 | ||
loan commitment amount | $ 21 | ||
loans to be funded | $ 59,052,583 | ||
Weems Road [Domain] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 5.83% | ||
current interest rate | 8.50% | ||
Unit count | 310 | ||
loan commitment amount | $ 5.7 | ||
loans to be funded | $ 13,464,372 | ||
Kennesaw [Domain] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 5.83% | ||
current interest rate | 8.50% | ||
Unit count | 198 | ||
loan commitment amount | $ 13.4 | ||
Beds | 792 | ||
Cap rate discount | 50 | ||
loans to be funded | $ 13,424,995 | ||
starkville [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.50% | ||
current interest rate | 8.50% | ||
Unit count | 152 | ||
Beds | 536 | ||
Cap rate discount | 50 | ||
loans to be funded | $ 6,116,384 | ||
newport overton [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loan commitment amount | 16,000,000 | ||
loans to be funded | 16,700,000 | ||
crosstown walk [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | $ 11,000,000 | ||
Newtown [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 8.00% | ||
current interest rate | 8.00% | ||
loans to be funded | $ 10,346,000 | ||
encore capital [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 5.00% | ||
current interest rate | 8.50% | ||
Summit III [Domain] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 8.00% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 7,246,400 | ||
crosstown walk II [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 8.00% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 6,920,000 | ||
Haven South Florida [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.00% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 10,975,000 | ||
City Vista [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.00% | ||
current interest rate | 8.00% | ||
loans to be funded | $ 16,100,000 | ||
haven lubbock [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.00% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 15,598,352 | ||
Haven Waco [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.00% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 15,455,668 | ||
Haven South Florida [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 5.00% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 9,819,662 | ||
hidden river [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.50% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 12,693,457 | ||
dawsonville [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 5.00% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 12,857,005 | ||
hidden river [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
loans to be funded | $ 6,300,000 | ||
hidden river [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.50% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 4,734,960 | ||
crosstown walk II [Member] [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.50% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 5,380,000 | ||
citypark view II [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.50% | ||
current interest rate | 8.50% | ||
city park II capital [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.50% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 3,916,000 | ||
crescent avenue [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 3.00% | ||
current interest rate | 9.00% | ||
loans to be funded | $ 6,000,000 | ||
haven northgate [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 1.50% | ||
current interest rate | 6.60% | ||
loans to be funded | $ 64,678,549 | ||
park 35 on clairmont [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 2.00% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 21,060,160 | ||
fort myers [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 0.00% | ||
current interest rate | 12.00% | ||
loans to be funded | $ 4,000,000 | ||
Wiregrass [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.50% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 14,975,853 | ||
Wiregrass capital [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.50% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 3,744,147 | ||
360 forsyth [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 0.00% | ||
current interest rate | 12.00% | ||
loans to be funded | $ 3,225,000 | ||
haven charlotte [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.50% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 19,581,593 | ||
haven charlotte member [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Deferred interest rate | 6.50% | ||
current interest rate | 8.50% | ||
loans to be funded | $ 8,201,170 |
Redeemable Preferred Stock (Det
Redeemable Preferred Stock (Details) | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2016USD ($)shares$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2015USD ($)$ / sharesshares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2016USD ($)shares$ / shares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / shares | Dec. 02, 2016shares | |
Class of Stock [Line Items] | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.1925 | $ 0.18 | $ 0.18 | $ 0.175 | $ 0.8175 | $ 0.7275 | $ 0.655 | |
Unitsyearcounttoredemptionthree | 3 | 3 | ||||||||||
Stock Redeemed or Called During Period, Shares | shares | 10,433 | |||||||||||
Proceeds from Issuance of Common Stock | $ 22,956,604 | $ 5,381,848 | $ 48,995,741 | |||||||||
warrant exercise price as percent of gross ipo price | 120.00% | 120.00% | ||||||||||
warrant minimum exercise price | $ / shares | $ 9 | $ 9 | ||||||||||
daycountvolweightedavgcalcformarketvalue | 20 | 20 | ||||||||||
warrantexercisewindowminyrsfromissue | 1 | |||||||||||
warrantexercisewindowmaxyrsfromissue | 4 | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||||||||
Units stated value per share | $ / shares | $ 1,000 | $ 1,000 | ||||||||||
Unitsredemptionfeepercentoneyear | 13.00% | 13.00% | ||||||||||
Unitsredemptionfeepercenttwoyear | 10.00% | 10.00% | ||||||||||
Unitsissuedpercentageofmaximum | 0.00% | |||||||||||
max proceeds equity sales | $ 100,000,000 | |||||||||||
aggregate offering costs | $ 14,600,000 | 14,600,000 | ||||||||||
prorataamountofferingcostsreclassed | 13,600,000 | |||||||||||
deferred offering costs not yet reclassified | $ 1,000,000 | $ 1,000,000 | ||||||||||
maximum shares available to be issued | shares | 900,000 | 900,000 | ||||||||||
shares common stock from warrant exercises | shares | 20 | |||||||||||
Deferred offering costs | $ 2,677,023 | $ 5,834,304 | $ 2,677,023 | 5,834,304 | ||||||||
Deferred Offering Costs | $ 90,800,000 | 90,800,000 | ||||||||||
Dividends, Common Stock, Cash | $ 19,940,730 | $ 16,196,324 | ||||||||||
mShares [Domain] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | ||||||||||
Series A Preferred Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
preferred stock | shares | 924,855 | 486,182 | 924,855 | 486,182 | ||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||
Preferred Stock, Value, Issued | $ 9,144 | $ 4,830 | $ 9,144 | $ 4,830 | ||||||||
Common Stock [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
unitswarrants | shares | 20 | 20 | ||||||||||
Unitsredemptionfee [Domain] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Unitsredemptionfeespercentfouryears | 3.00% | 3.00% | ||||||||||
Unitsredemptionfeespercentthreeyears | 5.00% | 5.00% | ||||||||||
Unitsyearcounttoredemptionfive | 5 | 5 | ||||||||||
Unitsredemptionfeepercentfiveyears | 0.00% | |||||||||||
Unitsyearcounttoredemptionfour | 4 | 4 | ||||||||||
Unitsissued [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds from Other Equity | $ 833,100,000 | |||||||||||
Unitsissuedcumulative | shares | 924,855 | |||||||||||
$1.5 billion unit [Domain] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
maximum shares available to be issued | shares | 1,500,000 | 1,500,000 | ||||||||||
Unit Offering [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Deferred offering costs | $ 867,000 | $ 867,000 | ||||||||||
ceiling deferred offering costs | 11.50% | |||||||||||
offering costs reimbursable to the Manager | 0.015 | |||||||||||
2013 Shelf offering [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds from Issuance of Common Stock | $ 200,000,000 | |||||||||||
2016 Shelf Offering [Member] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
max proceeds equity sales | 300,000,000 | |||||||||||
aggregate offering costs | 1,000,000 | 1,000,000 | ||||||||||
prorataamountofferingcostsreclassed | 100,000 | |||||||||||
deferred offering costs not yet reclassified | $ 900,000 | 900,000 | ||||||||||
mShares [Domain] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
maximum shares available to be issued | shares | 500,000 | |||||||||||
at the market [Domain] | ||||||||||||
Class of Stock [Line Items] | ||||||||||||
Proceeds from Other Equity | $ 54,400,000 | |||||||||||
Common Stock, Shares, Issued | shares | 6,500,000 | 6,500,000 |
Related Party Transactions (Det
Related Party Transactions (Details) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2016USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($) | Sep. 30, 2015shares | Jun. 30, 2015shares | Mar. 31, 2015shares | |
Related Party Transaction [Line Items] | |||||||
loan coordination fees | $ 10,560,120 | $ 0 | $ 0 | ||||
Cost of Reimbursable Expense | 10,398,711 | 5,885,242 | 2,882,283 | ||||
capital marketing and professional | 461,294 | 804,648 | 778,888 | ||||
acquisition fees paid to related party | $ 939,806 | $ 4,967,671 | 3,714,077 | ||||
Common Stock, Shares, Outstanding | shares | 26,498,192 | 26,498,192 | 22,415,578 | 22,323,604 | 22,290,677 | 22,004,309 | |
Construction Management Fee | $ 173,614 | $ 59,554 | 0 | ||||
Related Party Transaction, Expenses from Transactions with Related Party | 29,649,873 | 15,545,219 | 9,283,124 | ||||
Property management fees | 5,980,735 | 3,014,801 | 1,347,502 | ||||
AcquisitionFeesRelatedPartyCosts | (1,886,105) | (1,349,273) | (555,583) | ||||
loan origination fees | 1,886,105 | 1,349,273 | 558,509 | ||||
manager's fees deferred | $ 3,700,000 | 1,585,567 | 1,805,478 | 332,345 | |||
Financing Receivable, Gross | 52,015,000 | 52,015,000 | |||||
Loans and Leases Receivable, Net Amount | $ 37,615,675 | 37,615,675 | 37,943,733 | ||||
disposition fee to manager | 390,000 | ||||||
leasing commission fees | 75,000 | ||||||
equity return on construction project | $ 1,900,000 | ||||||
Profit Sharing Interest | 30.00% | ||||||
net profits interest termination payment | $ 50,000 | ||||||
Acquisition-related Costs [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Percentageusedtocalculateacquisitionfees | 0.00% | 0.00% | |||||
AcquisitionFeesRelatedPartyCosts | $ 0 | 6,292,280 | 4,272,586 | ||||
AssetmanagementFees [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Asset Management Costs | 8,602,675 | 3,622,589 | 2,163,783 | ||||
Propertymanagementfees [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Property management fees | 4,943,899 | 2,456,968 | 1,229,319 | ||||
General and Administrative Expense [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 3,483,460 | 1,764,555 | $ 1,058,927 | ||||
Cash Distribution [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
priorityannualreturnoncapitalandexpensesassetsales | 0.00% | ||||||
preferred capital securities [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
marketing and legal cost reimbursements | $ 1,019,353 | $ 390,872 | |||||
Retail Site [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
AcquisitionFeesRelatedPartyCosts | $ 714,570 | ||||||
Number of Real Estate Properties | 31 | 31 | 14 | ||||
woodstock retail [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
AcquisitionFeesRelatedPartyCosts | $ 57,268 | ||||||
PCMS [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Financing Receivable, Gross | 1,500,000 | $ 1,500,000 | |||||
Loans and Leases Receivable, Net Amount | 1,082,311 | 1,082,311 | $ 1,305,550 | ||||
PCMS [Member] | PCMS [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Loans and Leases Receivable, Net Amount | 1,082,311 | 1,082,311 | |||||
PAA [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Loans and Leases Receivable, Net Amount | 13,708,761 | 13,708,761 | $ 12,793,440 | ||||
line of credit receivable | $ 15,000,000 | $ 15,000,000 |
Dividends (Details)
Dividends (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2015 | Nov. 30, 2015 | Oct. 31, 2015 | Sep. 30, 2015 | Aug. 31, 2015 | Jul. 31, 2015 | Jun. 30, 2015 | May 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | May 31, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Dividends Payable [Line Items] | |||||||||||||||||||||||||||||||||||
minority interest partnership units outstanding | 886,168 | 886,168 | |||||||||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.1925 | $ 0.18 | $ 0.18 | $ 0.175 | $ 0.8175 | $ 0.7275 | $ 0.655 | ||||||||||||||||||||||||
dividends common stock declared | $ 5,740,616 | $ 4,992,038 | $ 4,772,587 | $ 4,435,489 | $ 4,314,999 | $ 4,018,249 | $ 4,012,322 | $ 3,850,754 | $ 19,940,730 | $ 16,196,324 | |||||||||||||||||||||||||
common stock shares entitled to dividends | 26,093,707 | 24,652,041 | 23,568,328 | 23,041,502 | 26,093,707 | ||||||||||||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 4,422,993 | $ 4,255,788 | $ 4,060,141 | $ 3,886,173 | $ 3,671,020 | $ 3,458,513 | $ 3,321,519 | $ 3,143,567 | $ 2,979,196 | $ 2,770,048 | $ 2,630,601 | $ 2,481,086 | $ 2,279,751 | $ 2,138,764 | $ 1,955,840 | $ 1,824,796 | $ 1,701,019 | $ 1,588,310 | $ 1,480,101 | $ 1,366,207 | $ 1,244,249 | $ 1,141,491 | $ 1,047,189 | $ 984,217 | $ 41,080,645 | $ 18,751,934 | |||||||||
Common Stock, Shares, Outstanding | 22,415,578 | 22,323,604 | 22,290,677 | 22,004,309 | 26,498,192 | 22,415,578 | 22,323,604 | 22,290,677 | 22,004,309 | 26,498,192 | 22,415,578 | ||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 5 |
Dividends Series A Preferred Di
Dividends Series A Preferred Dividends (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Dec. 31, 2015 | Nov. 30, 2015 | Oct. 31, 2015 | Sep. 30, 2015 | Aug. 31, 2015 | Jul. 31, 2015 | Jun. 30, 2015 | May 31, 2015 | Apr. 30, 2015 | Mar. 31, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | Nov. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Jul. 31, 2014 | Jun. 30, 2014 | May 31, 2014 | Apr. 30, 2014 | Mar. 31, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Feb. 27, 2015 | Jan. 30, 2015 | |
Dividends Payable [Line Items] | |||||||||||||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 4,422,993 | $ 4,255,788 | $ 4,060,141 | $ 3,886,173 | $ 3,671,020 | $ 3,458,513 | $ 3,321,519 | $ 3,143,567 | $ 2,979,196 | $ 2,770,048 | $ 2,630,601 | $ 2,481,086 | $ 2,279,751 | $ 2,138,764 | $ 1,955,840 | $ 1,824,796 | $ 1,701,019 | $ 1,588,310 | $ 1,480,101 | $ 1,366,207 | $ 1,244,249 | $ 1,141,491 | $ 1,047,189 | $ 984,217 | $ 41,080,645 | $ 18,751,934 | |||||
Preferred Stock entitled to dividend payments | 446,165 | 850,246 | 801,455 | 358,687 | 721,143 | 682,392 | 288,392 | 617,994 | 582,720 | 223,699 | 417,895 | 384,085 | 334,013 | 311,944 | 267,273 | 243,570 | 206,007 | 192,607 | 893,245 | 446,165 | 765,185 | 651,439 | 544,129 | 516,017 | 482,774 |
Dividends NCI (Details)
Dividends NCI (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equity [Abstract] | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 194,957 | $ 179,449 | $ 179,449 | $ 117,395 | $ 53,238 | $ 49,779 | $ 50,465 | $ 49,063 | $ 671,250 | $ 202,545 |
Dividends tax characterization
Dividends tax characterization (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class of Stock [Line Items] | |||
tax characterization capital gain | 0.00% | 0.00% | 0.00% |
Series A Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
tax characterization ordinary income | 88.00% | 100.00% | 100.00% |
Tax characterization return of capital | 11.00% | 0.00% | 0.00% |
Common Stock [Member] | |||
Class of Stock [Line Items] | |||
tax characterization ordinary income | 0.00% | 33.00% | 100.00% |
Tax characterization return of capital | 100.00% | 67.00% | 0.00% |
Equity Compensation (Details)
Equity Compensation (Details) - USD ($) | Jan. 02, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Jun. 30, 2015 | Jan. 02, 2014 | Jan. 03, 2013 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,617,500 | 1,317,500 | |||||||||
Share-based Compensation | $ 2,524,042 | $ 2,362,453 | $ 1,784,349 | ||||||||
market vesting condition capital increase threshhold | $ 2,629,000 | $ 3,549,000 | $ 1,959,000 | ||||||||
warrant exercise price as percent of gross ipo price | 120.00% | ||||||||||
Restricted Stock [Member] | |||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 30,990 | 30,133 | 39,216 | ||||||||
Directorscommitteefees [Member] | |||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 17,204,000,000 | ||||||||||
ClassBUnits [Member] | |||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||||||||
common stock fair value per share | $ 12.88 | $ 9.21 | $ 8.05 | ||||||||
Class B Units valuation assumption dividend yield | 5.98% | 7.60% | 8.12% | ||||||||
ClassBUnit valuation assumption expected volatility | 26.10% | 30.13% | 32.70% | ||||||||
Class B Unit valuation assumptions risk free rate | 2.81% | 2.55% | 3.80% | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 285,997 | 265,931 | |||||||||
2014 [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||||||||
Share-based Compensation | $ 0 | $ 107,321 | $ 214,588 | ||||||||
2014 [Member] | ClassBUnits [Member] | |||||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 239,556 | ||||||||||
Share-based Compensation | $ 0 | $ 3,825 | $ 1,433,767 |
Equity Compensation Restricted
Equity Compensation Restricted Stock (Details) - USD ($) | Jan. 02, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2016 | Jun. 30, 2015 | Jan. 02, 2014 | Jan. 03, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,617,500 | 1,317,500 | ||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 185,763,000,000 | |||||||
Share-based Compensation | $ 2,524,042 | $ 2,362,453 | $ 1,784,349 | |||||
ClassBUnits [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
common stock fair value per share | $ 12.88 | $ 9.21 | $ 8.05 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 285,997 | 265,931 | ||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 30,990 | 30,133 | 39,216 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 13.23 | $ 10.62 | $ 8.21 | |||||
Stock Granted, Value, Share-based Compensation, Gross | $ 409,998 | $ 320,012 | $ 321,963 |
Equity Compensation Committee F
Equity Compensation Committee Fee Grants (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures | $ (2,524,042) | $ (2,362,453) | $ (1,784,349) |
Share-based Compensation | 2,524,042 | $ 2,362,453 | $ 1,784,349 |
Stock Granted, Value, Share-based Compensation, Gross | $ 185,763,000,000 | ||
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 30,990 | 30,133 | 39,216 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 13.23 | $ 10.62 | $ 8.21 |
Stock Granted, Value, Share-based Compensation, Gross | $ 409,998 | $ 320,012 | $ 321,963 |
Directorscommitteefees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 17,204,000,000 | ||
Award Year 2014 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 8.41 | ||
Stock Granted, Value, Share-based Compensation, Gross | $ 47,864 | ||
Award Year 2014 [Member] | Directorscommitteefees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,693 | ||
Award Year 2015 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 10.64 | ||
Stock Granted, Value, Share-based Compensation, Gross | $ 53,926 | ||
Award Year 2015 [Member] | Directorscommitteefees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 5,067 | ||
Award Year 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 13.03 | ||
Stock Granted, Value, Share-based Compensation, Gross | $ 83,973,000,000 | ||
Award Year 2016 [Member] | Directorscommitteefees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 6,444,000,000 |
Equity Compensation Class B Uni
Equity Compensation Class B Units (Details) - USD ($) | Jan. 02, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 02, 2014 | Jan. 03, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.1925 | $ 0.18 | $ 0.18 | $ 0.175 | $ 0.8175 | $ 0.7275 | $ 0.655 | ||||
Share-based Compensation | $ 2,524,042 | $ 2,362,453 | $ 1,784,349 | ||||||||||||
market vesting condition capital increase threshhold | $ 2,629,000 | $ 3,549,000 | $ 1,959,000 | ||||||||||||
ClassBUnits [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
common stock fair value per share | $ 12.88 | $ 9.21 | $ 8.05 | ||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.19 | $ 0.19 | $ 0.16 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Minimum | 20 years | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 285,997 | 265,931 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum | 30 years | ||||||||||||||
Class B Units valuation assumption dividend yield | 5.98% | 7.60% | 8.12% | ||||||||||||
ClassBUnit valuation assumption expected volatility | 26.10% | 30.13% | 32.70% | ||||||||||||
Class B Unit valuation assumptions risk free rate | 2.81% | 2.55% | 3.80% | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,667,288 | 1,947,640 | 1,422,963 | ||||||||||||
100percentvestinglevel [Member] | ClassBUnits [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value | $ 10.03 | $ 6.81 | $ 5.94 | ||||||||||||
one year [Member] | ClassBUnits [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 176,835 | 285,997 | 239,556 | ||||||||||||
three year [Member] | ClassBUnits [Member] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 89,096 | 0 | 0 |
Equity Compensation Warrant (De
Equity Compensation Warrant (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.1925 | $ 0.18 | $ 0.18 | $ 0.175 | $ 0.8175 | $ 0.7275 | $ 0.655 |
warrant exercise price as percent of gross ipo price | 120.00% | 120.00% | |||||||||
Warrant [Member] | Maximum | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Class of Warrant or Right, Outstanding | 150,000 | 150,000 |
Equity Compensation Equity comp
Equity Compensation Equity compensation expense by grant (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.1925 | $ 0.18 | $ 0.18 | $ 0.175 | $ 0.8175 | $ 0.7275 | $ 0.655 |
Share-based Compensation | $ 2,524,042 | $ 2,362,453 | $ 1,784,349 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 749,124 | 749,124 | |||||||||
stock grants for quarterly board committee fees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 83,973 | $ 53,926 | $ 47,864 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | $ 0 | |||||||||
ClassBUnits [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.19 | $ 0.19 | $ 0.16 | ||||||||
2013 [Member] | ClassBUnits [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | $ 0 | $ 0 | $ 2,318 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||||||||
2013 [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 0 | 0 | 85,812 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||||||||
2015 Year [Member] | ClassBUnits [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 5,236 | 1,984,052 | 0 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||||||||
2015 Year [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 106,670 | 213,329 | 0 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||||||||
2016 [Member] | ClassBUnits [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 2,054,830 | 0 | 0 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 612,458 | 612,458 | |||||||||
2016 [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 273,333 | 0 | 0 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 136,666 | 136,666 | |||||||||
2014 [Member] | ClassBUnits [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 0 | 3,825 | 1,433,767 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||||||||
2014 [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 0 | $ 107,321 | $ 214,588 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 0 | $ 0 |
Indebtedness (Details)
Indebtedness (Details) | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Debt Instrument [Line Items] | |||
Initial Interest Rate | 3.93% | ||
Unamortized Debt Issuance Expense | $ 1,700,000 | ||
Interest Expense, Long-term Debt | 40,383,450 | $ 19,970,498 | $ 8,182,976 |
interest expense to loan participant | 2,008,741 | 1,496,566 | 219,587 |
Long-term Debt, Current Maturities | 157,110,067 | ||
Long-term Debt | $ 1,305,870,471 | 660,736,774 | |
variable interest rate minimum | 3.00% | ||
Long-term Debt, Maturities, Repayments of Principal in Year Two | $ 41,352,234 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 332,726,142 | ||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 89,858,023 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 138,241,835 | ||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 707,089,811 | ||
Long-term Debt | 1,466,378,112 | ||
Interest Expense | 44,284,144 | 21,315,731 | 10,188,187 |
Line of Credit Facility, Amount Outstanding | $ 127,500,000 | 34,500,000 | |
total debt covenant min equity | 2.120 | ||
Amortization of Financing Costs | $ 3,595,429 | 1,474,276 | 887,216 |
interest expense credit facility | $ 3,900,694 | 1,345,233 | 2,005,211 |
Spread over Initial Interest Rate option 1 | 200 | ||
Spread over Initial Interest Rate option 2 | 400 | ||
Indebtedness Weighted Average Remaining Maturity | 8 years 1 month 6 days | ||
Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 1,327,878,112 | 696,945,291 | |
Enclave | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 24,862,000 | 24,862,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.68% | ||
ashfordpark second mtg [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 6,404,575 | 6,520,564 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.13% | ||
Summit Crossing Second mtg [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 5,057,941 | 5,145,250 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.39% | ||
Summit II [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 13,357,000 | 13,357,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.49% | ||
Trail Creek [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 0 | 28,109,000 | |
Stone Rise Apartments [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 24,485,726 | 25,014,250 | |
Debt Instrument, Basis Spread on Variable Rate | 2.89% | ||
Summit Crossing [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 20,034,920 | 20,366,748 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.71% | ||
Ashford Park | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 25,626,000 | 25,626,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.13% | ||
Trail II [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Basis Spread on Variable Rate | 4.22% | ||
McNeil Ranch | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 13,646,000 | 13,646,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.13% | ||
Lake Cameron | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 19,773,000 | 19,773,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.13% | ||
Sandstone Creek Apartments | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 30,894,890 | 31,556,664 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.18% | ||
Stoneridge Farms at Hunt Club | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 26,729,985 | 27,302,546 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.18% | ||
Vineyards Apartments | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 34,775,000 | 34,775,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.68% | ||
springhill [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 9,672,371 | 9,868,025 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.36% | ||
Parkway Town Centre | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 7,034,452 | 7,176,745 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.36% | ||
Parkway Centre | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 4,539,632 | 4,635,162 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.48% | ||
woodstock retail [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,041,620 | 3,090,953 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.71% | ||
Deltona Landing | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 6,928,913 | 7,074,722 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.48% | ||
Powder Springs | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 7,311,197 | 7,465,051 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.48% | ||
Kingwood Glen | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 11,592,787 | 11,836,741 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.48% | ||
Barclay Crossing | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 6,517,956 | 6,655,117 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.48% | ||
Sweetgrass Corner | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 7,900,135 | 8,063,653 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.58% | ||
salem cove [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 9,586,678 | 9,600,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.21% | ||
Cypress [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 22,135,938 | 22,578,863 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.43% | ||
Northpointe [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 27,878,000 | 27,878,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.16% | ||
lakewood ranch [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 29,950,413 | 30,528,618 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.55% | ||
Lely [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 33,120,899 | 33,746,379 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.84% | ||
City Park [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 21,489,269 | 21,924,060 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.27% | ||
Mansions at Creekside [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 41,349,590 | 41,625,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.37% | ||
Citilakes [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 43,309,606 | 44,282,826 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.94% | ||
Independence Square [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 12,208,524 | 12,617,500 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.93% | ||
Royal Lakes [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 9,800,000 | 9,800,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.12% | ||
Debt Instrument, Basis Spread on Variable Rate | 25000.00% | ||
stone creek [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 16,497,919 | 16,792,850 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | ||
lenox village town center [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 30,717,024 | 31,394,460 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.82% | ||
Lenox Village III [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 18,125,780 | 18,410,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.04% | ||
newport overton [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 40,712,134 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.98% | ||
baldwin park [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 73,910,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.67% | ||
Baldwin Park 2 [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,890,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 10.67% | ||
crosstown walk [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 32,069,832 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.90% | ||
Avalon Park [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 61,750,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 2.77% | ||
Avalon Park 2 [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 3,250,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 11.77% | ||
City Vista [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 35,734,946 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.68% | ||
Sorrel [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 33,442,303 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.44% | ||
Overlook at Hamilton Place [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 20,672,618 | 21,000,000 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.19% | ||
Summit Point [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 12,546,792 | 12,846,544 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.57% | ||
wade green [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 8,116,465 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.00% | ||
lakeland plaza [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 29,760,342 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.85% | ||
University Palms [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 13,513,891 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | ||
Cherokee Plaza [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 26,017,293 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.02% | ||
Sandy Plains Exchange [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 9,439,850 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | ||
Thompson Bridge Commons [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 12,619,589 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | ||
Heritage Station [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 9,340,483 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | ||
Oak Park Village [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 9,638,584 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.45% | ||
North by northwest FSU [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 33,499,754 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.02% | ||
brookwood office [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 32,400,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.52% | ||
Galleria 75 [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 5,900,265 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.25% | ||
victory village [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 9,250,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.40% | ||
Southgate retail [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 7,889,513 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.97% | ||
Rosewood retail [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 4,437,851 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.97% | ||
Furys ferry retail [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 6,607,467 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.97% | ||
East Gate retail [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 5,719,897 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 3.97% | ||
Champions Village [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 27,400,000 | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.78% | ||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||
Three ravinia [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 115,500,000 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.46% | ||
Shoppes of Parkland [Member] | Mortgages [Member] | |||
Debt Instrument [Line Items] | |||
Long-term Debt | $ 16,492,503 | 0 | |
Debt Instrument, Interest Rate, Stated Percentage | 4.67% | ||
Multifamily [Member] | |||
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | $ 28,135,936 | 14,994,053 | 7,109,292 |
Retail Segment [Member] | |||
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | 8,870,094 | 3,479,879 | 854,097 |
Office Building [Member] | |||
Debt Instrument [Line Items] | |||
Interest Expense | 474,402 | 0 | 0 |
Nashville Portfolio [Member] | student housing [Member] | |||
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | 894,277 | 0 | 0 |
Sunbelt Portfolio [Member] | Office Building [Member] | |||
Debt Instrument [Line Items] | |||
Interest Expense, Long-term Debt | $ 474,402 | $ 0 | $ 0 |
Cherokee Plaza [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR spread | 225 | ||
Derivative, Cap Interest Rate | 2.70% | ||
Avalon Park 2 [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR spread | 1,100 | ||
Avalon Park [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR spread | 200 | ||
Baldwin Park 2 [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR spread | 990 | ||
baldwin park [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR spread | 190 | ||
Citilakes [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR spread | 217 | ||
Derivative, Cap Interest Rate | 4.30% | ||
Mansions at Creekside [Member] | |||
Debt Instrument [Line Items] | |||
LIBOR spread | 160 | ||
Derivative, Cap Interest Rate | 5.00% | ||
Royal Lakes [Member] | |||
Debt Instrument [Line Items] | |||
loan commitment amount | $ 11,050,000 | ||
LIBOR spread | 250 | ||
Champions Village [Member] | |||
Debt Instrument [Line Items] | |||
loan commitment amount | $ 34,160,000 | ||
LIBOR spread | 300 | ||
Derivative, Cap Interest Rate | 3.30% |
Indebtedness debt covenants (De
Indebtedness debt covenants (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2016 | Jun. 30, 2016 | |
debt covenants [Line Items] | |||
dividend restriction AFFO | 100.00% | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | ||
minimum equity debt covenants | $ 687,000,000 | $ 687,000,000 | |
equity raise above min equity required | 75.00% | 75.00% | |
total debt covenant min equity | $ 840,200,000 | $ 840,200,000 | |
maximum dividends debt covenant | 68,500,000 | ||
Minimum Net Worth Required for Compliance | $ 885,261,162 | $ 885,261,162 | |
debt yield | 8.64% | 8.64% | |
payout ratio | 85.60% | 85.60% | |
Total leverage ratio | 60.50% | 60.50% |
Indebtedness Credit Facility (D
Indebtedness Credit Facility (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Jun. 30, 2016 | May 26, 2016 | Jan. 05, 2016 | |
Line of Credit Facility [Line Items] | ||||
Short-term Debt | $ 32,000,000 | $ 11,000,000 | $ 35,000,000 | |
Short-term Debt, Weighted Average Interest Rate | 4.00% | |||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | |||
term loan [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 4.00% | 3.80% | ||
term loan [Member] [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 2.50% | |||
Royal Lakes [Member] | Mortgages [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.12% |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2010 |
Operating Loss Carryforwards [Line Items] | ||
Deferred Tax Assets, Net of Valuation Allowance | $ 298,100 | |
DeferredTaxAssetsValuationAllowancePercentage | 100.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
lease term | 11 years |
guaranty cap amount | $ 6,000,000 |
Annual reduction in guaranty cap | 555,000 |
guaranty cap amount credit cards | 405,000 |
real estate loan balances unfunded | $ 76,500,000 |
Operating Leases (Details)
Operating Leases (Details) | Dec. 31, 2016USD ($)ft² |
Operating Leased Assets [Line Items] | |
anchor tenants percent of ABR | 52.10% |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | $ 55,468,887 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 53,516,830 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 47,916,856 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 43,973,346 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 34,634,679 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 212,172,233 |
Operating Leases, Future Minimum Payments Receivable | $ 447,682,831 |
office space leasable square feet | ft² | 1,100,000 |
percent of space leased to credit tenant | 98.00% |
percent of space leased to major tenants | 77.00% |
Office Building [Member] | |
Operating Leased Assets [Line Items] | |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | $ 19,954,746 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 21,232,719 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 22,097,943 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 22,383,499 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 18,116,847 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 146,790,026 |
Operating Leases, Future Minimum Payments Receivable | 250,575,780 |
new market properties [Member] | |
Operating Leased Assets [Line Items] | |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | 35,514,141 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 32,284,111 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 25,818,913 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 21,589,847 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 16,517,832 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 65,382,207 |
Operating Leases, Future Minimum Payments Receivable | $ 197,107,051 |
Segment information (Details)
Segment information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Segment Reporting Information [Line Items] | |||||||||||
Assets | $ 2,420,832,602 | $ 1,295,529,033 | $ 2,420,832,602 | $ 1,295,529,033 | |||||||
Operating Leases, Income Statement, Lease Revenue | 137,330,774 | 69,128,280 | $ 30,762,423 | ||||||||
rental and other property revenues | 200,118,915 | 109,305,512 | 56,536,370 | ||||||||
adjusted funds from operations | 135,881,454 | 76,520,788 | 42,563,492 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | (9,843,414) | (2,425,989) | 2,127,203 | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (3,982,783) | $ (2,688,620) | $ 217,479 | $ (3,389,490) | (384,129) | $ (1,697,767) | $ 420,836 | $ (764,929) | (9,843,414) | (2,425,989) | 2,127,203 |
Interest Expense | 44,284,144 | 21,315,731 | 10,188,187 | ||||||||
Depreciation | 56,415,608 | 27,672,387 | 12,258,812 | ||||||||
Business Combination, Acquisition Related Costs | (7,607,737) | (4,186,092) | (3,518,540) | ||||||||
Share-based Compensation | (2,524,042) | (2,362,453) | (1,784,349) | ||||||||
Gains (Losses) on Sales of Investment Real Estate | (4,271,506) | 0 | 0 | ||||||||
loan fees received | 3,703,514 | 2,761,047 | 1,111,131 | ||||||||
noncash loan interest income | 3,134,432 | 1,880,232 | 1,261,667 | ||||||||
Management fees net of deferrals | 12,051,891 | 5,235,748 | 3,214,642 | ||||||||
Multifamily [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
capitalized expenditures for long lived assets | 8,400,801 | 3,579,457 | |||||||||
Multifamily Communities | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 1,166,766,664 | 781,224,019 | 1,166,766,664 | 781,224,019 | |||||||
Operating Leases, Income Statement, Lease Revenue | 120,553,674 | 65,232,087 | 31,234,822 | ||||||||
adjusted funds from operations | 66,553,559 | 36,339,603 | 18,209,645 | ||||||||
Acquisition Costs, Period Cost | 4,723,480 | 7,496,798 | 3,109,252 | ||||||||
Retail Site [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
capitalized expenditures for long lived assets | 1,640,036 | 1,088,585 | |||||||||
Acquisition Costs, Period Cost | 2,103,112 | 1,656,965 | 4,123,365 | ||||||||
financingsegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 379,070,918 | 272,454,610 | 379,070,918 | 272,454,610 | |||||||
adjusted funds from operations | 41,717,650 | 30,000,654 | 21,827,725 | ||||||||
Interest Expense | 5,909,435 | 2,841,799 | 2,224,798 | ||||||||
Interest and Other Income | 41,717,650 | 30,000,654 | 21,827,725 | ||||||||
Retail Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 579,738,707 | 229,461,573 | 579,738,707 | 229,461,573 | |||||||
woodstock retail [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
adjusted funds from operations | 25,934,359 | 10,180,531 | 2,526,122 | ||||||||
Interest Expense | 8,870,094 | 3,479,879 | 854,097 | ||||||||
Depreciation | 19,245,688 | 7,125,989 | 2,129,667 | ||||||||
Interest and Other Income | 35,490,552 | 14,072,771 | 3,473,823 | ||||||||
Office Building [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
capitalized expenditures for long lived assets | 11,193 | ||||||||||
Assets | 285,229,700 | 0 | 285,229,700 | 0 | |||||||
adjusted funds from operations | 1,675,886 | 0 | 0 | ||||||||
Interest Expense | 474,402 | 0 | 0 | ||||||||
Depreciation | 1,229,542 | 0 | 0 | ||||||||
Interest and Other Income | 2,357,039 | 0 | 0 | ||||||||
Acquisition Costs, Period Cost | 1,720,951 | 0 | 0 | ||||||||
Other Assets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | $ 10,026,613 | $ 12,388,831 | 10,026,613 | 12,388,831 | |||||||
All Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
adjusted funds from operations | 1,314,524 | 902,515 | 426,112 | ||||||||
real estate assets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Expense | 29,030,213 | 14,994,054 | 7,109,292 | ||||||||
Depreciation | $ 57,664,568 | $ 30,970,345 | $ 14,199,048 |
Loss per Share (Details)
Loss per Share (Details) - USD ($) | Jan. 02, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 02, 2014 | Jan. 03, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (3,982,783) | $ (2,688,620) | $ 217,479 | $ (3,389,490) | $ (384,129) | $ (1,697,767) | $ 420,836 | $ (764,929) | $ (9,843,414) | $ (2,425,989) | $ 2,127,203 | |||
Gains (Losses) on Sales of Investment Real Estate | $ 4,271,506 | $ 0 | $ 0 | |||||||||||
Preferred Stock, Shares Outstanding | 914,422 | 482,964 | 914,422 | 482,964 | 192,846 | |||||||||
Net Income (Loss) Attributable to Parent | $ (9,533,123) | $ (2,400,668) | $ 2,093,489 | |||||||||||
Deemed noncash dividend | (5,072,659) | 0 | 0 | |||||||||||
NetIncomeAllocatedToUnvestedRestrictedShares | 15,843 | 19,256 | 24,090 | |||||||||||
Income (Loss) Attributable to Noncontrolling Interest | 310,291 | 25,321 | (33,714) | |||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ (16,589,868) | $ (13,624,001) | $ (9,239,588) | $ (11,184,115) | $ (6,756,775) | $ (6,800,672) | $ (3,679,421) | $ (3,934,990) | $ (50,629,611) | $ (21,171,858) | $ (5,312,921) | |||
Weighted Average Number of Shares Outstanding, Basic | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 | 22,402,366 | 22,292,217 | 22,215,663 | 21,813,974 | 23,969,494 | 22,182,971 | 17,399,147 | |||
Weighted Average Number of Shares Outstanding, Diluted | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 | 22,402,366 | 22,922,217 | 22,215,663 | 21,813,974 | ||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||||||||||
Units stated value per share | $ 1,000 | $ 1,000 | ||||||||||||
Incremental Common Shares from conversion of outstanding units | 16,148,760 | 16,148,760 | ||||||||||||
Earnings Per Share, Basic | $ (0.66) | $ (0.56) | $ (0.40) | $ (0.49) | $ (0.30) | $ (0.31) | $ (0.17) | $ (0.18) | $ (2.11) | $ (0.95) | $ (0.31) | |||
Earnings Per Share, Diluted | $ (0.66) | $ (0.56) | $ (0.40) | $ (0.49) | $ (0.30) | $ 0.31 | $ (0.17) | $ (0.18) | ||||||
Restricted Stock [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 0 | 0 | 0 | |||||||||||
Warrant [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 0 | 0 | 0 | |||||||||||
ClassBUnits [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Incremental Common Shares Attributable to Share-based Payment Arrangements | 0 | 0 | 0 | |||||||||||
Unitsissued [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Unitsissuedcumulative | 924,855 | |||||||||||||
ClassBUnits [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 2,667,288 | 1,947,640 | 1,422,963 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 285,997 | 265,931 | ||||||||||||
Restricted Stock [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 15,498 | 15,067 | 15,498 | 15,067 | 39,216 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 30,990 | 30,133 | 39,216 | |||||||||||
Warrant [Member] | Maximum | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Class of Warrant or Right, Outstanding | 150,000 | 150,000 | ||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 0 | |||||||||||||
Preferred Stock, Shares Outstanding | 914,422 | 482,964 | 914,422 | 482,964 | ||||||||||
Dividends, Preferred Stock | $ (41,080,645) | $ (18,751,934) | $ (7,382,320) | |||||||||||
Scenario, Actual [Member] | ||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 23,969,494 | 22,182,971 | 17,399,147 | |||||||||||
Earnings Per Share, Basic | $ (2.11) | $ (0.95) | $ (0.31) |
Selected Quarterly Financial 82
Selected Quarterly Financial Data (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Income Statement, Lease Revenue | $ 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | $ 33,916,477 | $ 29,955,693 | $ 24,088,827 | $ 21,344,515 | $ 200,118,915 | $ 109,305,512 | $ 56,536,370 |
Operating Income (Loss) | 9,612,856 | 9,545,554 | 5,505,474 | 5,505,340 | 6,047,259 | 4,120,993 | 5,109,304 | 3,612,186 | 30,169,224 | 18,889,742 | 12,315,390 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (3,982,783) | (2,688,620) | 217,479 | (3,389,490) | (384,129) | (1,697,767) | 420,836 | (764,929) | (9,843,414) | (2,425,989) | 2,127,203 |
Net Income (Loss) Available to Common Stockholders, Basic | $ (16,589,868) | $ (13,624,001) | $ (9,239,588) | $ (11,184,115) | $ (6,756,775) | $ (6,800,672) | $ (3,679,421) | $ (3,934,990) | $ (50,629,611) | $ (21,171,858) | $ (5,312,921) |
Earnings Per Share, Basic | $ (0.66) | $ (0.56) | $ (0.40) | $ (0.49) | $ (0.30) | $ (0.31) | $ (0.17) | $ (0.18) | $ (2.11) | $ (0.95) | $ (0.31) |
Earnings Per Share, Diluted | $ (0.66) | $ (0.56) | $ (0.40) | $ (0.49) | $ (0.30) | $ 0.31 | $ (0.17) | $ (0.18) | |||
Weighted Average Number of Shares Outstanding, Basic | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 | 22,402,366 | 22,292,217 | 22,215,663 | 21,813,974 | 23,969,494 | 22,182,971 | 17,399,147 |
Weighted Average Number of Shares Outstanding, Diluted | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 | 22,402,366 | 22,922,217 | 22,215,663 | 21,813,974 |
Pro Forma Financial Informati83
Pro Forma Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
pro forma acquisition cost adjustment | $ (8,400,000) | $ (8,100,000) | $ (2,100,000) | ||||||||
Revenues | $ 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | $ 33,916,477 | $ 29,955,693 | $ 24,088,827 | $ 21,344,515 | 200,118,915 | 109,305,512 | 56,536,370 |
loans to be funded | $ 411,116,476 | 411,116,476 | |||||||||
pro forma net income common stockholders | $ (42,157,846) | $ (66,536,591) | $ (31,577,629) | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 | 22,402,366 | 22,292,217 | 22,215,663 | 21,813,974 | 23,969,494 | 22,182,971 | 17,399,147 |
Weighted average number of shares of Common Stock outstanding, basic and diluted | 23,969,494 | 22,182,971 | 17,399,147 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 | 22,402,366 | 22,922,217 | 22,215,663 | 21,813,974 | |||
Pro Forma [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenues | $ 253,909,996 | $ 228,020,379 | $ 106,896,527 | ||||||||
Business Acquisition, Pro Forma Net Income (Loss) | (1,082,540) | (49,338,846) | (24,386,460) | ||||||||
pro forma net income company | $ (1,061,358) | $ (47,765,401) | $ (24,171,219) | ||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ (1.76) | $ (3) | $ (1.68) | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 23,969,494 | 22,182,971 | 18,850,410 |
Fair Values of Financial Inst84
Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Accrued Investment Income Receivable | $ 21,900,000 | $ 14,300,000 |
Financing Receivable, Net | 15,499,699 | 18,489,247 |
Mortgage notes payable | 1,305,870,471 | 660,736,774 |
Line of Credit Facility, Amount Outstanding | 127,500,000 | 34,500,000 |
Bank Loans | 11,000,000 | 0 |
Debt, Long-term and Short-term, Combined Amount | 744,989,451 | |
Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable | 1,327,878,112 | 696,945,291 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Bank Loans | 0 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Bank Loans | 11,000,000 | |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 740,569,830 | |
Reported Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
line of credit receivable | 37,615,675 | 37,943,733 |
financial assets carrying value | 370,376,743 | 290,240,139 |
Participating Mortgage Loans, Mortgage Obligations, Amount | 20,761,819 | 13,544,160 |
Debt, Long-term and Short-term, Combined Amount | 1,487,139,931 | |
Real estate loans carrying value including accrued interest | 332,761,068 | 252,296,406 |
Reported Value Measurement [Member] | Mortgages [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Mortgage notes payable | 1,327,878,112 | 696,945,291 |
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Line of Credit Facility, Amount Outstanding | 127,500,000 | 34,500,000 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
line of credit receivable | 37,615,675 | 37,943,733 |
Participating Mortgage Loans, Mortgage Obligations, Amount | 21,500,448 | 14,061,190 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 0 | 0 |
real estate related loans fair value | 0 | |
Long-term Debt, Fair Value | 0 | 0 |
Line of Credit Facility, Amount Outstanding | 0 | 0 |
Participating Mortgage Loans, Mortgage Obligations, Amount | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 412,472,424 | 305,327,160 |
real estate related loans fair value | 374,856,749 | 267,383,427 |
Long-term Debt, Fair Value | 1,314,966,652 | 692,008,640 |
Line of Credit Facility, Amount Outstanding | 127,500,000 | 34,500,000 |
Participating Mortgage Loans, Mortgage Obligations, Amount | 21,500,448 | 14,061,190 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,474,967,100 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
real estate related loans fair value | 0 | |
Long-term Debt, Fair Value | 0 | 0 |
Participating Mortgage Loans, Mortgage Obligations, Amount | 0 | 0 |
Mortgages [Member] | Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets, Fair Value Disclosure | 1,474,967,100 | $ 267,383,427 |
real estate related loans fair value | $ 374,856,749 |
Subsequent Events sub events (D
Subsequent Events sub events (Details) | Jan. 02, 2015shares | Mar. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016USD ($)$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2015$ / shares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Jun. 30, 2017USD ($) | Jan. 03, 2017USD ($) | Dec. 31, 2016 | Dec. 31, 2016ft² | May 26, 2016USD ($) | Jan. 05, 2016USD ($) | Dec. 31, 2015ft² |
Subsequent Event [Line Items] | ||||||||||||||||||||
business combination purchase price | $ 2,000,000 | $ 600,000 | ||||||||||||||||||
Number of units in real estate property | 6,136 | 6,136 | 8,268 | 2,432 | 2,810 | |||||||||||||||
interest revenue current pay | 23,633,118 | $ 16,188,752 | $ 10,987,856 | |||||||||||||||||
Financing Receivable, Gross | $ 52,015,000 | 52,015,000 | ||||||||||||||||||
loans to be funded | 411,116,476 | 411,116,476 | ||||||||||||||||||
Proceeds from Issuance of Common Stock | 22,956,604 | 5,381,848 | 48,995,741 | |||||||||||||||||
deferred interest income | 7,599,901 | $ 6,256,200 | $ 4,751,788 | |||||||||||||||||
Short-term Debt | $ 32,000,000 | $ 32,000,000 | $ 11,000,000 | $ 35,000,000 | ||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.1925 | $ 0.18 | $ 0.18 | $ 0.175 | $ 0.8175 | $ 0.7275 | $ 0.655 | |||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 438,113,630 | $ 292,684,309 | $ 103,892,635 | |||||||||||||||||
Proceeds from Issuance or Sale of Equity | 390,904,255 | 262,456,354 | $ 93,651,581 | |||||||||||||||||
Area of Real Estate Property | ft² | 3,295,491 | 1,279,000 | ||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | |||||||||||||||||||
wade green [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
business combination purchase price | $ 11,000,000 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 419,228 | |||||||||||||||||||
Sarasota [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
business combination purchase price | $ 47,400,000 | |||||||||||||||||||
Number of units in real estate property | ft² | 237 | |||||||||||||||||||
citypark view II [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
current interest rate | 8.50% | |||||||||||||||||||
Deferred interest rate | 6.50% | |||||||||||||||||||
crescent avenue [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
loans to be funded | $ 6,000,000 | $ 6,000,000 | ||||||||||||||||||
current interest rate | 9.00% | |||||||||||||||||||
Deferred interest rate | 3.00% | |||||||||||||||||||
PAA [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
line of credit receivable | $ 15,000,000 | $ 15,000,000 | ||||||||||||||||||
interest rate note receivable | 8.00% | |||||||||||||||||||
Unitsissued [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Proceeds from Other Equity | $ 833,100,000 | |||||||||||||||||||
Unitsissuedcumulative | shares | 924,855 | |||||||||||||||||||
ClassBUnits [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 285,997 | 265,931 | ||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.19 | $ 0.19 | $ 0.16 | |||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | shares | 30,990 | 30,133 | 39,216 | |||||||||||||||||
2013 Shelf offering [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Proceeds from Issuance of Common Stock | $ 200,000,000 | |||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.22 | |||||||||||||||||||
Subsequent Event [Member] | Sandstone Creek Apartments | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
business combination purchase price | $ 48,100,000 | |||||||||||||||||||
Undistributed Net Realized Gain (Loss) on Sale of Properties | $ 600,000 | |||||||||||||||||||
Subsequent Event [Member] | Unitsissued [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Unitsissuedcumulative | shares | 64,553 | |||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 58,100,000 | |||||||||||||||||||
2016 [Domain] | Subsequent Event [Member] | ClassBUnits [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 265,931 | |||||||||||||||||||
2016 [Domain] | Share-based Compensation Award, Tranche One [Member] | Subsequent Event [Member] | ClassBUnits [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 206,528 | |||||||||||||||||||
2016 [Domain] | Share-based Compensation Award, Tranche Two [Member] | Subsequent Event [Member] | ClassBUnits [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 29,699 | |||||||||||||||||||
2016 [Domain] | Share-based Compensation Award, Tranche Three [Member] | Subsequent Event [Member] | ClassBUnits [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 29,704 | |||||||||||||||||||
2017 [Domain] | Subsequent Event [Member] | ClassBUnits [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 286,392 | |||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | $ 3,413,793 | |||||||||||||||||||
2017 [Domain] | Share-based Compensation Award, Tranche One [Member] | Subsequent Event [Member] | ClassBUnits [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 227,576 | |||||||||||||||||||
2017 [Domain] | Share-based Compensation Award, Tranche Two [Member] | Subsequent Event [Member] | ClassBUnits [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 29,401 | |||||||||||||||||||
2017 [Domain] | Share-based Compensation Award, Tranche Three [Member] | Subsequent Event [Member] | ClassBUnits [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares | 29,415 | |||||||||||||||||||
ASU [Domain] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Number of units in real estate property | 225 | |||||||||||||||||||
Number of beds, student housing | 640 | |||||||||||||||||||
February 2017 facility [Member] | ||||||||||||||||||||
Subsequent Event [Line Items] | ||||||||||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | $ 300,000,000 |
Schedule III (Details)
Schedule III (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate, Gross | $ 1,965,486,998 | $ 1,007,285,586 | $ 496,475,543 | $ 204,449,160 |
SEC Schedule III, Real Estate Accumulated Depreciation | (103,814,895) | (53,994,666) | (26,388,066) | $ (14,133,421) |
Long-term Debt | 1,305,870,471 | 660,736,774 | ||
SEC Schedule III, Real Estate, Other Acquisitions | 988,070,717 | 506,207,786 | 289,947,272 | |
SEC Schedule III, Real Estate, Improvements | 7,972,176 | 4,125,290 | 2,024,207 | |
SEC Schedule III, Real Estate, Other Additions | 2,102,882 | 542,752 | 66,647 | |
SEC Schedule III, Real Estate Accumulated Depreciation, Period Increase (Decrease) | (559,888) | (65,785) | (11,743) | |
SEC Schedule III, Real Estate, Cost of Real Estate Sold | (39,384,475) | 0 | 0 | |
SEC Schedule III, Real Estate, Other Deductions | 559,888 | 65,785 | 4,167 | |
SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold | 5,960,197 | 0 | 0 | |
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense | (56,340,314) | (27,672,385) | $ (12,258,812) | |
Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 299,497,501 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,648,354,789 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 17,634,709 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 299,547,501 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,663,293,863 | |||
Construction in Progress, Gross | 2,645,633 | |||
SEC Schedule III, Real Estate, Gross | 1,965,486,998 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | (103,814,894) | |||
Long-term Debt | 1,327,878,112 | 696,945,291 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 1,327,878,112 | |||
Cypress [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,241,595 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,092,664 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 226,449 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,241,595 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 30,312,731 | |||
Construction in Progress, Gross | 6,383 | |||
SEC Schedule III, Real Estate, Gross | 33,560,709 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (2,983,603) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2014 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Feb. 13, 2015 | |||
Long-term Debt | $ 22,135,938 | 22,578,863 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 22,135,938 | |||
Summit Crossing Second mtg [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,450,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,704,648 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 836,341 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,450,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 28,540,989 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 31,990,989 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (7,339,657) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2007 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Apr. 21, 2011 | |||
Long-term Debt | $ 5,057,941 | 5,145,250 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 25,092,861 | |||
Summit II [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,220,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 15,852,100 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 172,222 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,220,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 16,024,322 | |||
SEC Schedule III, Real Estate, Gross | 19,244,322 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (2,468,874) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2013 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Dec. 31, 2013 | |||
Long-term Debt | $ 13,357,000 | 13,357,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 13,357,000 | |||
Trail Creek [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Long-term Debt | 0 | 28,109,000 | ||
Ashford Park | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,600,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 26,293,524 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,992,868 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,600,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 28,286,392 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 38,886,392 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (6,758,554) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1992 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jan. 23, 2013 | |||
Long-term Debt | $ 25,626,000 | 25,626,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 32,030,575 | |||
McNeil Ranch [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,100,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 17,556,219 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 640,030 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,100,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 18,196,249 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 20,296,249 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (3,873,879) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1999 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jan. 23, 2013 | |||
Long-term Debt | $ 13,646,000 | 13,646,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 13,646,000 | |||
Lake Cameron [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,000,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,443,573 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 774,915 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,000,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 25,218,488 | |||
Construction in Progress, Gross | ||||
SEC Schedule III, Real Estate, Gross | 29,218,488 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (6,128,998) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1997 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jan. 23, 2013 | |||
Long-term Debt | $ 19,773,000 | 19,773,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 19,773,000 | |||
Enclave [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,704,917 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 32,173,328 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 514,198 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,704,917 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 32,687,526 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 37,392,443 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (3,092,877) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2003 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 26, 2014 | |||
Long-term Debt | $ 24,862,000 | 24,862,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 24,862,000 | |||
Sandstone Creek Apartments [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,846,197 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 45,194,352 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 1,824,722 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,846,197 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 46,458,193 | |||
Construction in Progress, Gross | 560,881 | |||
SEC Schedule III, Real Estate, Gross | 49,865,271 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (4,732,919) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 26, 2014 | |||
Long-term Debt | $ 30,894,890 | 31,556,664 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 30,894,890 | |||
Stoneridge Farms at Hunt Club [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,026,393 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 38,478,205 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 755,640 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,026,393 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 39,233,845 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 42,260,238 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (3,975,500) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2002 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 26, 2014 | |||
Long-term Debt | $ 26,729,985 | 27,302,546 | ||
Vineyards Apartments [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,455,594 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 46,201,367 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 466,910 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,455,594 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 46,668,277 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 52,123,871 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (4,323,049) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2003 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 26, 2014 | |||
Long-term Debt | $ 34,775,000 | 34,775,000 | ||
baldwin park [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 17,402,882 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 90,464,346 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,245,401 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 17,402,882 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 91,507,458 | |||
Construction in Progress, Gross | 1,202,289 | |||
SEC Schedule III, Real Estate, Gross | 110,112,629 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (3,674,999) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2008 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jan. 5, 2016 | |||
Long-term Debt | $ 73,910,000 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 77,800,000 | |||
crosstown walk [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,178,375 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,332,414 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 62,750 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,178,375 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 39,395,164 | |||
SEC Schedule III, Real Estate, Gross | 44,573,539 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (1,784,672) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2014 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jan. 15, 2016 | |||
Long-term Debt | $ 32,069,832 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 32,069,832 | |||
newport overton [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,511,370 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,996,139 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 110,814 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,511,370 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 51,096,385 | |||
Construction in Progress, Gross | 10,568 | |||
SEC Schedule III, Real Estate, Gross | 59,618,323 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (1,670,533) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2015 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Feb. 1, 2016 | |||
Long-term Debt | $ 40,712,134 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 40,712,134 | |||
stone creek [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,210,630 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 22,915,674 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 321,299 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,210,630 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 23,180,831 | |||
Construction in Progress, Gross | 56,141 | |||
SEC Schedule III, Real Estate, Gross | 25,447,602 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (1,572,817) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2009 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Nov. 12, 2015 | |||
Long-term Debt | $ 16,497,919 | 16,792,850 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,497,919 | |||
Citilakes [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,558,033 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 56,827,859 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 349,928 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,558,033 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 57,170,323 | |||
Construction in Progress, Gross | 7,464 | |||
SEC Schedule III, Real Estate, Gross | 62,735,820 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (3,303,888) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2014 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 3, 2015 | |||
Long-term Debt | $ 43,309,606 | 44,282,826 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 43,309,606 | |||
lenox village town center [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,611,835 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 39,911,439 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 689,026 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,611,835 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 40,419,599 | |||
Construction in Progress, Gross | 180,866 | |||
SEC Schedule III, Real Estate, Gross | 45,212,300 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (1,969,166) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2009 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Dec. 21, 2015 | |||
Long-term Debt | $ 30,717,024 | 31,394,460 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 30,717,024 | |||
Avalon Park [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,410,048 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 82,348,892 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 333,923 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,410,048 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 82,529,500 | |||
Construction in Progress, Gross | 153,315 | |||
SEC Schedule III, Real Estate, Gross | 90,092,863 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (2,474,674) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2008 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | May 31, 2016 | |||
Long-term Debt | $ 61,750,000 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 65,000,000 | |||
City Vista [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,081,682 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,486,235 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,969 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,081,683 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 41,487,264 | |||
Construction in Progress, Gross | 4,939 | |||
SEC Schedule III, Real Estate, Gross | 45,573,886 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (933,313) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2014 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jul. 1, 2016 | |||
Long-term Debt | $ 35,734,946 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 35,734,946 | |||
Sorrel [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,412,164 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,217,297 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 128,843 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,412,163 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 42,256,167 | |||
Construction in Progress, Gross | 89,975 | |||
SEC Schedule III, Real Estate, Gross | 46,758,305 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (763,075) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2015 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Aug. 24, 2016 | |||
Long-term Debt | $ 33,442,303 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 33,442,303 | |||
lenox regent [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 301,455 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,492,892 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 21,238 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 301,455 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 3,514,130 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 3,815,585 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (171,625) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2009 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Dec. 21, 2015 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Lenox Village III [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,964,533 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,210,605 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 90,993 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,964,533 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 24,252,274 | |||
Construction in Progress, Gross | 49,324 | |||
SEC Schedule III, Real Estate, Gross | 27,266,131 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (1,141,956) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2015 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Dec. 21, 2015 | |||
Long-term Debt | $ 18,125,780 | 18,410,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 18,125,780 | |||
Mansions at Creekside [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,983,724 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 48,989,119 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 345,113 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,983,724 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 49,294,238 | |||
Construction in Progress, Gross | 39,994 | |||
SEC Schedule III, Real Estate, Gross | 55,317,956 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (3,376,891) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2013 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jul. 31, 2015 | |||
Long-term Debt | $ 41,349,590 | 41,625,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 41,349,590 | |||
City Park [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,558,793 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 28,359,912 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 37,361 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,558,793 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 28,397,273 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 31,956,066 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (2,282,321) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2014 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jun. 30, 2015 | |||
Long-term Debt | $ 21,489,269 | 21,924,060 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 21,489,269 | |||
Lely [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,675,409 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 43,794,285 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 91,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,675,409 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 43,885,285 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 51,560,694 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (3,141,727) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2015 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jun. 24, 2015 | |||
Long-term Debt | $ 33,120,899 | 33,746,379 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 33,120,899 | |||
lakewood ranch [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,791,050 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,950,081 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 220,739 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,791,050 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 43,170,820 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 46,961,870 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (3,068,574) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2015 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | May 21, 2015 | |||
Long-term Debt | $ 29,950,413 | 30,528,618 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 29,950,413 | |||
Northpointe [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,920,631 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,203,283 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 278,566 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,920,631 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 37,475,466 | |||
Construction in Progress, Gross | 6,383 | |||
SEC Schedule III, Real Estate, Gross | 41,402,480 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (3,559,010) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2013 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Feb. 13, 2015 | |||
Long-term Debt | $ 27,878,000 | 27,878,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 27,878,000 | |||
woodstock retail [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,750,576 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 3,800,101 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 528,349 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,750,576 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,328,450 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 6,079,026 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (543,631) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1994 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Feb. 12, 2014 | |||
Long-term Debt | $ 3,041,620 | 3,090,953 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 3,041,620 | |||
Parkway Town Centre [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,053,816 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 6,694,333 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 374,673 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,053,816 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 7,069,006 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 10,122,822 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (614,721) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2005 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 5, 2014 | |||
Long-term Debt | $ 7,034,452 | 7,176,745 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,034,452 | |||
springhill [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,375,940 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 8,104,053 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 34,640 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,375,940 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 8,138,693 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 12,514,633 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (809,777) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2005 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 5, 2014 | |||
Long-term Debt | $ 9,672,371 | 9,868,025 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,672,371 | |||
Barclay Crossing [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,855,845 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,571,732 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 239,784 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,855,845 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 7,811,516 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 10,667,361 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (683,088) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1998 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2014 | |||
Long-term Debt | $ 6,517,956 | 6,655,117 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,517,956 | |||
Deltona Landing [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,255,891 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 8,344,124 | |||
ScheduleIIICostsCapitalizedSubsequenttoacquisition | (32,668) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,255,891 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 8,311,456 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 10,567,347 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (757,813) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1999 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2014 | |||
Long-term Debt | $ 6,928,913 | 7,074,722 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,928,913 | |||
Kingwood Glen [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,021,327 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,929,578 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 394,409 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,021,327 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 13,323,987 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 18,345,314 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (1,203,789) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1998 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2014 | |||
Long-term Debt | $ 11,592,787 | 11,836,741 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 11,592,787 | |||
Parkway Centre [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,070,712 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 4,515,541 | |||
ScheduleIIICostsCapitalizedSubsequenttoacquisition | 33,427 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,070,712 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 4,548,968 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 6,619,680 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (442,280) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1999 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2014 | |||
Long-term Debt | $ 4,539,632 | 4,635,162 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 4,539,632 | |||
Powder Springs [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,832,455 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 8,245,595 | |||
ScheduleIIICostsCapitalizedSubsequenttoacquisition | 23,216 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,832,455 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 8,268,811 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 10,101,266 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (773,971) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1999 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2014 | |||
Long-term Debt | $ 7,311,197 | 7,465,051 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,311,197 | |||
Sweetgrass Corner [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,075,699 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,670,136 | |||
ScheduleIIICostsCapitalizedSubsequenttoacquisition | (2,187) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,075,699 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 12,667,949 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 15,743,648 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (1,101,841) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1999 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 30, 2014 | |||
Long-term Debt | $ 7,900,135 | 8,063,653 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,900,135 | |||
salem cove [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,427,095 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 10,272,370 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 28,570 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,427,095 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 10,300,940 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 12,728,035 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (763,602) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2010 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Oct. 6, 2014 | |||
Long-term Debt | $ 9,586,678 | 9,600,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,586,678 | |||
Independence Square [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,114,574 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,690,410 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 956,890 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,114,574 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 14,647,300 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 18,761,874 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (980,866) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1977 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jul. 1, 2015 | |||
Long-term Debt | $ 12,208,524 | 12,617,500 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 12,208,524 | |||
Royal Lakes [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,874,078 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 10,438,594 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 55,846 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,924,078 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 10,444,440 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 15,368,518 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (614,845) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2008 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Sep. 4, 2015 | |||
Long-term Debt | $ 9,800,000 | 9,800,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,800,000 | |||
Summit Point [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,063,874 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 11,429,954 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 48,520 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,063,874 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 11,478,474 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 18,542,348 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (660,579) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2004 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Oct. 30, 2015 | |||
Long-term Debt | $ 12,546,792 | 12,846,544 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 12,546,792 | |||
Stone Rise Apartments [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,950,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 21,456,450 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 575,636 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,950,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 22,032,086 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 28,982,086 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (5,447,414) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2008 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Apr. 15, 2011 | |||
Long-term Debt | $ 24,485,726 | 25,014,250 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 24,485,726 | |||
Overlook at Hamilton Place [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 6,786,593 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,244,208 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 6,786,593 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 25,244,208 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 32,030,801 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (1,159,091) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1992 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Dec. 22, 2015 | |||
Long-term Debt | $ 20,672,618 | 21,000,000 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 20,672,618 | |||
wade green [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,840,284 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 8,410,397 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 79,415 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,840,284 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 8,489,812 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 10,330,096 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (377,526) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1993 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Feb. 29, 2016 | |||
Long-term Debt | $ 8,116,465 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 8,116,465 | |||
Anderson central retail [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,059,370 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 13,278,266 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 9,290 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,059,370 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 13,287,556 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 18,346,926 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (534,631) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1999 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Apr. 29, 2016 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
East Gate retail [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,653,219 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 7,390,858 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 5,001 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,653,219 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 7,395,859 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 9,049,078 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (225,371) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1995 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Apr. 29, 2016 | |||
Long-term Debt | $ 5,719,897 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 5,719,897 | |||
Fairview market retail [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,352,712 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,178,954 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,352,712 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 5,178,954 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 6,531,666 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (183,935) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1998 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Apr. 29, 2016 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 0 | |||
Furys ferry retail [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,083,772 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 8,106,864 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 21,500 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,083,772 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 8,128,364 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 10,212,136 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (225,152) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1996 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Apr. 29, 2016 | |||
Long-term Debt | $ 6,607,467 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 6,607,467 | |||
Rosewood retail [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,671,035 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 5,347,314 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,671,035 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 5,347,314 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 7,018,349 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (128,686) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2002 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Apr. 29, 2016 | |||
Long-term Debt | $ 4,437,851 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 4,437,851 | |||
Southgate retail [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,261,539 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 10,290,005 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 36,089 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,261,539 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 10,326,093 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 12,587,632 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (280,597) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1988 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Apr. 29, 2016 | |||
Long-term Debt | $ 7,889,513 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 7,889,513 | |||
victory village [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,271,224 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 12,275,195 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,271,224 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 12,275,195 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 14,546,419 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (288,841) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2007 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | May 16, 2016 | |||
Long-term Debt | $ 9,250,000 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,250,000 | |||
lakeland plaza [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,079,408 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,087,301 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,079,408 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 33,087,301 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 40,166,709 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (638,097) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1990 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jul. 15, 2016 | |||
Long-term Debt | $ 29,760,342 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 29,760,342 | |||
Cherokee Plaza [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,392,128 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 32,249,367 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,392,128 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 32,249,367 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 40,641,495 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (376,385) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1958 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Aug. 8, 2016 | |||
Long-term Debt | $ 26,017,293 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 26,017,293 | |||
Heritage Station [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,683,830 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,882,860 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 23,025 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,683,830 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 9,905,885 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 11,589,715 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (131,321) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2004 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Aug. 8, 2016 | |||
Long-term Debt | $ 9,340,483 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,340,483 | |||
Oak Park Village [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,744,764 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 10,779,268 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,744,764 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 10,779,268 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 16,524,032 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (157,751) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1970 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Aug. 8, 2016 | |||
Long-term Debt | $ 9,638,584 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,638,584 | |||
Sandy Plains Exchange [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,787,902 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 9,309,429 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,787,902 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 9,309,429 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 14,097,331 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (156,431) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1997 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Aug. 8, 2016 | |||
Long-term Debt | $ 9,439,850 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 9,439,850 | |||
Shoppes of Parkland [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,779,274 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,543,059 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,779,274 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 16,543,059 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 27,322,333 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (322,336) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Aug. 8, 2016 | |||
Long-term Debt | $ 16,492,503 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 16,492,503 | |||
Thompson Bridge Commons [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,478,326 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,047,116 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,478,326 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 16,047,116 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 17,525,442 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (196,288) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2001 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Aug. 8, 2016 | |||
Long-term Debt | $ 12,619,589 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 12,619,589 | |||
University Palms [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,853,588 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 16,706,243 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,853,588 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 16,706,243 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 21,559,831 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (233,255) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1993 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Aug. 8, 2016 | |||
Long-term Debt | $ 13,513,891 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 13,513,891 | |||
Champions Village [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 12,812,546 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,399,405 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 12,812,546 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 33,399,404 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 46,211,951 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (386,183) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1973 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Oct. 18, 2016 | |||
Long-term Debt | $ 27,400,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 27,400,000 | |||
brookwood office [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,744,828 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,661,202 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,744,828 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 42,661,202 | |||
SEC Schedule III, Real Estate, Gross | 44,406,030 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (466,449) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2007 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Aug. 24, 2016 | |||
Long-term Debt | $ 32,400,000 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 32,400,000 | |||
Galleria 75 [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 15,156,267 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,511,667 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 15,156,267 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,511,667 | |||
SEC Schedule III, Real Estate, Gross | 16,667,934 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (28,473) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1988 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Nov. 4, 2016 | |||
Long-term Debt | $ 5,900,265 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 5,900,265 | |||
Three ravinia [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,784,645 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 154,022,551 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 11,193 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,784,645 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 154,022,550 | |||
Construction in Progress, Gross | 11,193 | |||
SEC Schedule III, Real Estate, Gross | 163,818,388 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (253,057) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 1991 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Dec. 30, 2016 | |||
Long-term Debt | $ 115,500,000 | 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 115,500,000 | |||
North by northwest FSU [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,281,055 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,979,837 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 652,833 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,281,055 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 37,366,752 | |||
Construction in Progress, Gross | 265,918 | |||
SEC Schedule III, Real Estate, Gross | 45,913,725 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | $ (1,099,670) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date of Construction | Dec. 31, 2012 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Date Acquired | Jun. 1, 2016 | |||
Long-term Debt | $ 33,499,754 | $ 0 | ||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 33,499,754 | |||
Retail Segment [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 127,363,396 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 392,232,630 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 2,857,789 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 127,413,396 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 395,040,417 | |||
Construction in Progress, Gross | 0 | |||
SEC Schedule III, Real Estate, Gross | 522,453,814 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | (15,952,680) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 325,597,403 | |||
Multifamily communities [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 137,167,310 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,020,946,902 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 14,112,894 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 137,167,310 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,032,691,275 | |||
Construction in Progress, Gross | 2,368,522 | |||
SEC Schedule III, Real Estate, Gross | 1,172,227,107 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | (86,014,565) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | 814,980,690 | |||
Office Building [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 26,685,740 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 198,195,420 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Carrying Costs | 11,193 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 26,685,740 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 198,195,419 | |||
Construction in Progress, Gross | 11,193 | |||
SEC Schedule III, Real Estate, Gross | 224,892,352 | |||
SEC Schedule III, Real Estate Accumulated Depreciation | (747,979) | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | $ 153,800,265 | |||
Minimum [Member] | Summit Crossing Second mtg [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Summit II [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Trail Creek [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Trail II [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Ashford Park | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | McNeil Ranch [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Lake Cameron [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Enclave [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Sandstone Creek Apartments [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Stoneridge Farms at Hunt Club [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Vineyards Apartments [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | woodstock retail [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Parkway Town Centre [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | springhill [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Barclay Crossing [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Deltona Landing [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Kingwood Glen [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Parkway Centre [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Powder Springs [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Sweetgrass Corner [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | salem cove [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Minimum [Member] | Stone Rise Apartments [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | |||
Maximum | Summit Crossing Second mtg [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum | Summit II [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum | Trail Creek [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum | Trail II [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum | Ashford Park | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum | McNeil Ranch [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum | Lake Cameron [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum | Enclave [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum | Sandstone Creek Apartments [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum | Stoneridge Farms at Hunt Club [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum | Vineyards Apartments [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 35 years | |||
Maximum | woodstock retail [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum | Parkway Town Centre [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum | springhill [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum | Barclay Crossing [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum | Deltona Landing [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum | Kingwood Glen [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum | Parkway Centre [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum | Powder Springs [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum | Sweetgrass Corner [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | |||
Maximum | salem cove [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | |||
Maximum | Stone Rise Apartments [Member] | Mortgages [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years |