Preferred Apartment Communities (APTS) 10-Q 7 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2017	Jul. 27, 2017
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-Q
document period end date	Jun. 30, 2017
document fiscal year focus	2,017
entity filer category	Accelerated Filer
document fiscal period focus	Q2
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
amendment flag	false
entity common stock, shares outstanding		32,668,731

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Real estate
Land	$ 311,350,832	$ 299,547,501
Building and improvements	1,621,575,150	1,513,293,760
Tenant Improvements	33,544,458	23,642,361
Furniture, fixtures, and equipment	149,377,900	126,357,742
Construction in progress	13,045,259	2,645,634
Gross real estate	2,128,893,599	1,965,486,998
Less: accumulated depreciation	(127,310,989)	(103,814,894)
Net real estate	2,001,582,610	1,861,672,104
Real estate loans	234,031,624	201,855,604
Loans and Leases Receivable, Related Parties	159,357,590	130,905,464
Total real estate and real estate loan, net	2,394,971,824	2,194,433,172
Cash and cash equivalents	13,055,897	12,321,787
Restricted cash	47,905,398	55,392,984
Financing Receivable, Net	17,296,399	15,499,699
Note receivable	51,915,000
Due from Related Parties, Current	22,620,235	22,115,976
Interest Receivable	24,871,043	21,894,549
Intangible Assets, Net (Excluding Goodwill)	81,455,656	79,156,400
Deferred offering costs	5,351,680	2,677,023
tenants capitalized lease inducements	7,408,163	261,492
Other assets	22,860,026	15,310,741
Total assets	2,639,532,522	2,420,832,602
Liabilities
Mortgage notes payable	1,400,670,042	1,305,870,471
Accounts payable and accrued expenses	25,525,913	20,814,910
Line of Credit Facility, Amount Outstanding	38,500,000	127,500,000
Bank Loans	11,000,000	11,000,000
Short-term Bank Loans and Notes Payable	10,994,410	10,959,905
Participating Mortgage Loans, Participation Liabilities, Amount	18,598,928	20,761,819
Interest Payable, Current	3,443,723	3,541,640
Dividends payable	12,731,472	10,159,629
Below Market Lease, Net	29,065,548	29,774,033
Security deposits and prepaid rents	6,571,096	6,189,033
Deferred income	16,029,840	0
Total liabilities	1,562,130,972	1,535,571,440
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	324,204	264,982
Additional paid in capital	1,065,382,200	906,737,470
Accumulated deficit	9,038,150	(23,231,643)
Total stockholders' equity	1,074,755,069	883,779,953
Non-controlling interest	2,646,481	1,481,209
Total equity	1,077,401,550	885,261,162
Total liabilities and equity	2,639,532,522	2,420,832,602
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	10,436	9,144
Series M 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	79	0
Line of Credit [Member]
Real estate
Deferred loan costs, net of amortization of $155,953 and $64,480	$ (1,736,201)	$ (1,768,779)

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets, Accumulated Amortization	$ 56,616,712	$ 46,396,254
sales inducements accumulated amortization	107,375	14,904
Allowance for Doubtful Accounts Receivable	559,873	663,912
Below Market Lease, Accumulated Amortization	$ 5,729,048	$ 3,771,393
Shares outstanding, preferred stock	1,043,551
Common Stock, par value per share	$ 0.01
Common stock, shares outstanding	32,420,391
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	3,050,000
Preferred stock, shares issued	1,064,054	924,855
Shares outstanding, preferred stock	1,043,551	914,422
Series M Preferred Stock [Member]
Series A Redeemable Preferred Stock, par value per share	$ 0.01
Preferred stock, shares authorized	500,000
Preferred stock, shares issued	7,850	0
Shares outstanding, preferred stock	7,850	0
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	32,420,391	26,498,192
Common stock, shares outstanding	32,420,391	26,498,192
Line of Credit [Member]
Deferred loan costs, accumulated amortization	$ 776,614	$ 422,873
Mortgages [Member]
Deferred loan costs, accumulated amortization		22,007,641
Medium-term Notes [Member]
Deferred loan costs, accumulated amortization	$ 5,590	$ 40,095

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental revenues	$ 48,241,306	$ 30,966,738	$ 93,604,827	$ 59,222,337
Other property revenues	8,821,245	4,308,360	17,257,356	8,068,443
Interest income on loan and note receivable	8,490,327	6,847,724	16,438,138	13,789,883
Revenue from Related Parties	5,338,035	3,731,122	10,151,927	6,509,062
Total revenues	70,890,913	45,853,944	137,452,248	87,589,725
Operating expenses:
Property operating and maintenance	7,198,159	4,356,923	13,736,798	8,378,285
property salaries related party	3,218,870	2,516,605	6,247,220	4,880,068
Property management fees	2,060,774	1,356,409	3,962,557	2,584,430
Real estate taxes	7,680,277	5,494,608	15,584,078	10,668,049
General and administrative	1,653,999	1,191,520	3,159,509	2,111,472
Share-based Compensation	871,153	618,867	1,744,255	1,229,292
Depreciation and amortization	28,457,001	17,969,975	53,283,190	33,316,701
Acquisition costs	5,000	2,764,742	14,002	5,528,327
Management fees	4,864,397	2,958,991	9,376,911	5,725,077
Other Expenses	1,376,545	1,571,514	2,667,949	2,878,495
Total operating expenses	57,386,175	40,800,154	109,776,469	77,300,196
manager's fees deferred	(170,838)	(451,684)	(345,920)	(721,285)
Operating Expenses	57,215,337	40,348,470	109,430,549	76,578,911
Operating Income (Loss)	13,675,576	5,505,474	28,021,699	11,010,814
Interest Expense	16,397,895	9,559,501	31,406,598	18,454,331
Gain (Loss) on Extinguishment of Debt	888,428	0	888,428	0
Income (Loss) before Gain (Loss) on Sale of Properties	(3,610,747)	(4,054,027)	(4,273,327)	(7,443,517)
Gains (Losses) on Sales of Investment Real Estate	6,914,949	4,271,506	37,639,009	4,271,506
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	3,304,202	217,479	33,365,682	(3,172,011)
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	3,304,202	217,479	33,365,682	(3,172,011)
net loss attributable to non-controlling interests	(96,823)	(7,961)	(1,095,889)	80,600
Net loss attributable to the Company	3,207,379	209,518	32,269,793	(3,091,411)
Deemed noncash dividend			11,820	0
NetIncomeAllocatedToUnvestedRestrictedShares	(5,736)	(4,824)	(7,441)	(6,275)
Net Income (Loss) Available to Common Stockholders, Basic	$ (12,033,495)	$ (9,239,588)	$ 2,641,167	$ (20,423,703)
Earnings Per Share, Basic	$ (0.40)	$ (0.40)	$ 0.09	$ (0.88)
Dividends, Common Stock, Cash			$ 13,510,034	$ 9,208,076
Common Stock, Dividends, Per Share, Declared	$ 0.235	$ 0.2025	$ 0.455	$ 0.395
Weighted Average Number of Shares Outstanding, Basic and Diluted	29,893,736	23,325,663	28,423,171	23,154,702
Weighted Average Number of Shares Outstanding, Diluted	29,893,736	23,325,663	28,423,171	23,154,702
Series A Preferred Stock [Member]
Operating expenses:
Dividends to preferred stockholders	$ (15,235,138)	$ (9,444,282)	$ (29,621,185)	$ (17,326,017)

Statements of Operations (Paren

Statements of Operations (Parenthetical) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Income Statement Parentheticals [Abstract]
property management fees paid to related party	$ 1,571,448	$ 1,140,603	$ 3,005,919	$ 2,211,691
acquisition fees paid to related party	$ 0	$ 313,398	$ 0	$ 491,409

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities:
Net loss attributable to the Company	$ 32,269,793	$ (3,091,411)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	33,365,682	(3,172,011)
Reconciliation of net loss to net cash provided by (used in) operating activities:
Depreciation expense	39,063,687	23,973,536
Amortization expense	14,219,503	9,343,165
Amortization of above and below Market Leases	(1,561,873)	(593,455)
Deferred fee income amortization	(804,532)	(492,490)
Deferred Sales Inducement Cost, Amortization Expense	92,471	0
Deferred loan cost amortization	2,649,602	1,393,318
deferred interest income	(2,976,494)	543,167
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures	1,744,255	1,256,296
deferred miscellaneous income amortization	189,400	(1,067)
Gain (Loss) on Disposition of Assets	(37,639,009)	(4,271,506)
Gain (Loss) on Extinguishment of Debt	888,428	0
Changes in operating assets and liabilities:
(Increase) in tenant accounts receivable	(3,619,041)	433,419
Payments for (Proceeds from) Tenant Allowance	(7,239,142)	0
(Increase) decrease in other assets	4,136,539	3,374,618
Increase in accounts payable and accrued expenses	(159,833)	1,072,770
Net cash provided by (used in) operating activities	42,349,643	32,859,760
Investing activities:
Investments in real estate loans	(70,319,643)	(75,603,964)
Proceeds from Principal Repayments on Loans and Leases Held-for-investment	9,866,000	27,695,229
Notes receivable issued	1,967,124	9,615,213
Deferred acquisition fee on real estate loans	(14,978,535)	(18,653,990)
Deferred real estate loan income	(3,728,561)	(8,051,980)
Acquisition of properties, net	(191,992,655)	(404,186,508)
Proceeds from Sale of Real Estate Held-for-investment	118,241,692	10,606,386
Additions to real estate assets - improvements	(7,763,257)	(3,990,551)
Increase (Decrease) in Earnest Money Deposits Outstanding	(919,534)	(11,194,950)
Increase in cash held in escrow and restricted cash	7,108,164	(4,291,485)
AcquisitionFeesRelatedPartyCosts	(417,444)	(1,124,226)
Increase (Decrease) in Accounts and Notes Receivable	14,254,008	13,842,681
Net cash (used in) investing activities	(137,847,753)	(463,089,008)
Financing activities:
Proceeds from mortgage notes payable	156,280,000	249,840,000
Extinguishment of Debt, Amount	(116,052,865)	(4,692,524)
Payments for mortgage loan costs	(6,038,969)	(9,616,676)
Payment for Debt Extinguishment or Debt Prepayment Cost	(817,313)	0
loan balance proceeds from real estate loan participants	165,840	135,398
payments received from real estate loan participants	(2,466,500)	0
Payments on revolving lines of credit	(186,000,000)	(201,500,000)
Proceeds from Short-term Debt	0	46,000,000
Repayments of Short-term Debt	0	(5,000,000)
Proceeds from non-revolving lines of credit	97,000,000	195,500,000
Proceeds from sales of Units, net of offering costs	128,699,644	180,446,649
Proceeds from Issuance of Common Stock	56,115,635	0
Proceeds from Warrant Exercises	14,900,868	9,380,346
Dividends declared and paid	(11,711,273)	(8,750,488)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock	(28,990,642)	(16,284,348)
Payments for deferred offering costs, net of non cash items	(4,458,506)	(1,780,973)
Cash beginning of period	12,321,787	2,439,605
Cash end of period	13,055,897	5,717,111
Supplemental cash flow information:
Cash paid for interest	28,811,760	16,231,180
Noncash Investing and Financing Items [Abstract]
Accrued capital expenditures	2,131,921	1,369,091
Deemed noncash dividend	11,820	0
Dividends payable to non controlling interests	211,781	179,449
Payments of Ordinary Dividends, Noncontrolling Interest	(393,699)	(170,630)
Accrued and payable deferred offering costs	431,470	1,172,932
receivable for deferred offering costs	386,825	1,124,625
Payments for Tenant Improvements	16,199,730	0
Reclass of offering costs from deferred asset to equity	$ 1,751,975	$ 3,699,985
Common Unit, Issued	0	6,250,000
Proceeds from Delayed Tax Exempt Exchange	$ 31,288,252	$ 0
Payments for Delayed Tax Exempt Exchange	31,288,252	0
Loans Assumed	57,324,227	0
Net Cash Provided by (Used in) Financing Activities	96,232,220	433,506,754
Cash and Cash Equivalents, Period Increase (Decrease)	734,110	3,277,506
Share-based Compensation	4,088,499	3,134,281
Noncash settlement of loans	220,268	222,206
loan fees received	834,888	2,249,137
mortgage debt refinanced	65,000,000	0
Common Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable	7,539,376	4,772,587
Series A Preferred Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable	5,145,030	3,320,938
Series M Preferred Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable	47,066
Parent [Member]
Operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 32,269,793	$ (3,091,411)

Statements of Equity and Accumu

Statements of Equity and Accumulated Deficit - USD ($)	Total	Series A Preferred Stock [Member]	Series M Preferred Stock [Member]	Common Stock [Member]	Common Stock [Member]Series A Preferred Stock [Member]	Common Stock [Member]Series M Preferred Stock [Member]	Additional Paid-in Capital [Member]	Additional Paid-in Capital [Member]Series A Preferred Stock [Member]	Additional Paid-in Capital [Member]Series M Preferred Stock [Member]	Accumulated Deficit [Member]	Accumulated Deficit [Member]Series A Preferred Stock [Member]	Accumulated Deficit [Member]Series M Preferred Stock [Member]	Total Stockholders' Equity [Member]	Total Stockholders' Equity [Member]Series A Preferred Stock [Member]	Total Stockholders' Equity [Member]Series M Preferred Stock [Member]	Noncontrolling Interest [Member]	Noncontrolling Interest [Member]Series A Preferred Stock [Member]	Noncontrolling Interest [Member]Series M Preferred Stock [Member]	Preferred Stock [Member]Series A Preferred Stock [Member]	Preferred Stock [Member]Series M Preferred Stock [Member]	ClassBUnits [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]	ClassBUnits [Member]Preferred Stock [Member]Series A Preferred Stock [Member]
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 202,458,286			$ 0			$ 202,456,260			$ 0			$ 202,458,286			$ 0			$ 2,026
Balance at Dec. 31, 2015	525,453,790			227,616			536,450,877			(13,698,520)			522,984,803			2,468,987			4,830
Stock Redeemed or Called During Period, Value	(1,854,552)						(1,854,531)						(1,854,552)						(21)
exercise of warrants	8,395,704			8,155			8,387,549			0			8,395,704			0			0
restricted stock vesting	0			151			(151)			0			0			0			0
Stock Issued During Period, Value, Conversion of Units	0			956			647,642			0			648,598			(648,598)			0
amortization of Class A Unit awards																					$ 1,024,298					$ 1,024,298
Syndication and offering costs	(23,857,575)						(23,857,575)						(23,857,575)
Stock Issued During Period, Value, Share-based Compensation, Gross	232,000			44			231,956			0			232,000			0			0
Dividends, Common Stock, Cash	(9,208,076)						(9,208,076)						(9,208,076)
Balance at Jun. 30, 2016	686,921,662			$ 236,922			$ 702,363,652			(16,789,931)			685,817,478			1,104,184			$ 6,835
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (3,172,011)									$ (3,091,411)			$ (3,091,411)			$ (80,600)
Distribution Made to Limited Partner, Unit Distribution	5,072,659			0			0			0			0			5,072,659			0
non-controlling interest equity adjustment							$ 6,435,718						$ 6,435,718			$ (6,435,718)
Payments to Noncontrolling Interests	$ (296,844)			$ 0			0			$ 0			0			(296,844)			$ 0
Dividends, Preferred Stock	(17,326,017)			0			(17,326,017)			0			(17,326,017)			0			0
Proceeds from Issuance of Preferred Stock and Preference Stock	146,847,011						146,845,540						146,847,011						1,471
Balance at Dec. 31, 2016	885,261,162			264,982			906,737,470			(23,231,643)			883,779,953			1,481,209			9,144
Stock Redeemed or Called During Period, Value	(3,908,524)			3,578			(3,912,002)						(3,908,524)						(100)
Stock Issued During Period, Value, New Issues	58,384,218			38,955			58,345,263						58,384,218
exercise of warrants	17,691,426			14,620			17,676,806			0			17,691,426			0			0
restricted stock vesting	0			155			(155)			0			0			0			0
Stock Issued During Period, Value, Conversion of Units	0			1,914			1,676,579			0			1,678,493			(1,678,493)			0
amortization of Class A Unit awards																					$ 1,497,720	$ 0	$ 0	$ 0	$ 0	$ 1,497,720	$ 0
Syndication and offering costs	(18,299,399)			0			(18,299,399)			0			(18,299,399)			0			0
Stock Issued During Period, Value, Share-based Compensation, Gross	246,535			0			246,535			0			246,535			0			0
Dividends, Common Stock, Cash	(13,510,034)						(13,510,034)						(13,510,034)
Balance at Jun. 30, 2017	1,077,401,550			324,204			1,065,382,200			9,038,150			1,074,755,069			2,646,481			10,515
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	33,365,682			0			0			32,269,793			32,269,793			1,095,889			0
non-controlling interest equity adjustment	0			0			(660,678)			0			(660,678)			660,678			0
Payments to Noncontrolling Interests	$ (410,522)			$ 0			$ 0			$ 0			$ 0			$ (410,522)			0
Dividends, Preferred Stock		$ (29,674,234)	$ (89,491)		$ 0	$ 0		$ (29,674,234)	$ (89,491)		$ 0	$ 0		$ (29,674,234)	$ (89,491)		$ 0	$ 0	$ 0	$ 0

Statements of Equity and Accum8

Statements of Equity and Accumulated Deficit Parenthetical - $ / shares	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Common Stock, Dividends, Per Share, Declared	$ 0.455	$ 0.395
Series A Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared	$ 5	$ 5

Organization

Organization	6 Months Ended
	Jun. 30, 2017
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 real estate loan investments 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 loan investments 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 June 30, 2017 , the Company had 32,420,391 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 97.3% owner of the Operating Partnership at that date. The number of partnership units not owned by the Company totaled 901,195 at June 30, 2017 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. The year end condensed balance sheet data was derived from audited financial statements, but does not include all the disclosures required by GAAP. These financial statements should be read in conjunction with the audited financial statements and notes thereto included in the Company's 2016 Annual Report on Form 10-K filed with the Securities and Exchange Commission, or the SEC, on March 1, 2017.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Summary of Significant Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Acquisitions and Impairments of Real Estate Assets When the Company acquires property, it allocates the aggregate purchase price to tangible assets, consisting of land, building, site improvements and furniture, fixtures and equipment, and identifiable intangible assets, consisting of the value of in- place leases and above-market and below-market leases as described further below, using estimated fair values of each component at the time of purchase. The Company follows the guidance as outlined in ASC 805-10, Business Combinations, as amended by ASU-2017-01 . Tangible assets The fair values of land acquired is calculated under the highest and best use model, using formal appraisals and comparable land sales, among other inputs. Building value is determined by valuing the property on a “go-dark” basis as if it were vacant, and also using a replacement cost approach, which two results are then reconciled. Site improvements are valued using replacement cost. Management determines the as-if-vacant fair value of a property using methods similar to those used by independent appraisers. Factors considered by management in performing these analyses include an estimate of carrying costs during the expected lease-up periods considering current market conditions and costs to execute similar leases, including leasing commissions and other related costs. 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. Identifiable intangible assets In-place leases Multifamily communities and student housing properties The fair value of in-place leases are estimated by calculating the estimated time to fill a hypothetically empty apartment complex to its stabilization level (estimated to be 93% 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. Grocery-anchored shopping centers and office buildings The fair value of in-place leases 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 calculated 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. Above-market and below-market lease values Multifamily communities and student housing properties These values are usually not significant or are not applicable for these properties. Grocery-anchored shopping centers and office buildings The values of above-market and below-market leases are developed by comparing the Company's estimate of the average market rents and expense reimbursements to the average contract rent at the property acquisition date. The amount by which contract rent and expense reimbursements exceed estimated market rent are summed for each individual lease and discounted for a singular aggregate above-market lease intangible asset for the property. The amount by which estimated market rent exceeds contract rent and expense reimbursements are summed for each individual lease and discounted for a singular aggregate below-market lease intangible liability. The above-market or below-market lease values are recorded as a reduction or increase, respectively, to rental revenue over the remaining noncancelable term of the respective leases, plus any below-market probable renewal options. Impairment assessment 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. When qualitative factors indicate the possibility of impairment, 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. Revenue Recognition Multifamily communities and student housing properties Rental revenue is recognized when earned from residents of the Company's multifamily communities, which is over the terms of rental agreements, typically of 12 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. Grocery-anchored shopping centers and office buildings Rental revenue from tenants' operating leases in the Company's grocery-anchored shopping centers and office buildings is recognized on a straight-line basis over the term of the lease. 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 and office building 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 rental revenue. 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 rental 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. For our office buildings, if the improvement is deemed to be a “landlord asset,” and the tenant funded the tenant improvements, the cost is amortized over the term of the underlying lease as rental revenues. In order to qualify as a landlord asset, the specifics of the tenant’s assets are reviewed, including the Company's approval of the tenant’s detailed expenditures, whether such assets may be usable by other future tenants, whether the Company has consent to alter or remove the assets from the premises and generally remain the Company's property at the end of the lease. 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 changed the definition of a business. Under this new guidance, most property acquisitions made by the Company will fall within the category of acquired assets rather than acquired businesses. This distinction will cause the Company to capitalize its costs for acquisitions, allocate them to the fair value of acquired assets and liabilities and amortize these costs over the remaining useful lives of those assets and liabilities. 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. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption. The Company anticipates selecting the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and will adopt the new standard effective January 1, 2018, when effective. 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 is continuing to evaluate the impact the adoption of ASU 2014-09 will have on its results of operations and financial condition. 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. 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 standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the impacts this standard will have on its results of operations and financial condition. 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 and does not expect the adoption of ASU 2016-18 to impact 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. The Company adopted ASU 2017-01 as of January 1, 2017. The Company believes its future acquisitions of multifamily communities, office buildings, grocery-anchored shopping centers, and student housing properties will generally qualify as asset acquisitions. To the extent acquisitions are deemed to be asset acquisitions, acquisition costs have been and will be capitalized and amortized rather than expensed as incurred. The impact of the adoption of ASU 2017-01 was a increase of approximately $0.5 million of the Company's reported net loss available to common stockholders for the three-month period ended June 30, 2017 and an decrease of approximately $2.7 million of the Company's reported net income available to common stockholders for the six-month period ended June 30, 2017 than it would have under previous guidance. In February 2017, the FASB issued Accounting Standards Update 2017-05 (“ASU 2017-05”), Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets and for partial sales of nonfinancial assets, and is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2017. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect recognized as of the date of adoption and the Company currently expects to adopt ASU 2017-05 utilizing the prospective method but is continuing to evaluate the impact the adoption of this accounting standard will have on its financial statements.

Real Estate Assets (Notes)

Real Estate Assets (Notes)	6 Months Ended
	Jun. 30, 2017
Real Estate Assets [Abstract]
Business Combination Disclosure	Real Estate Assets The Company's real estate assets consisted of: As of: 6/30/17 12/31/16 Multifamily communities: Properties (1) 25 24 Units 8,074 8,049 New Market Properties (2) Properties 33 31 Gross leasable area (square feet) (3) 3,477,941 3,295,491 Student housing properties: Properties 2 1 Units 444 219 Beds 1,319 679 Office buildings: Properties 3 3 Rentable square feet 1,094,000 1,096,834 (1) The acquired second phase 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. (2) See note 12, Segment information. (3) 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. On January 20, 2017, the Company closed on the sale of its 364 -unit multifamily community in Kansas City, Kansas, or Sandstone Creek, to an unrelated third party for a purchase price of $48.1 million , exclusive of closing costs and resulting in a gain of $0.3 million , which is net of disposition expenses including $1.4 million of debt defeasance related costs. Sandstone Creek contributed approximately $1.2 million and $(0.6) million of net income (loss) to the consolidated operating results of the Company for the six-month periods ended June 30, 2017 and 2016 , respectively. On March 7, 2017, the Company closed on the sale of its 408 -unit multifamily community in Atlanta, Georgia, or Ashford Park, to an unrelated third party for a purchase price of $65.5 million , exclusive of closing costs and resulting in a gain of $30.4 million , which is net of disposition expenses including $1.1 million of debt defeasance related costs plus a prepayment premium of approximately $0.4 million . Ashford Park contributed approximately $2.3 million and $0.4 million of net income to the consolidated operating results of the Company for the six-month periods ended June 30, 2017 and 2016 , respectively. On May 25, 2017, the Company closed on the sale of its 300-unit multifamily community in Dallas, Texas, or Enclave at Vista Ridge, to an unrelated third party for a purchase price of $44.0 million , exclusive of closing costs and resulting in a gain of $6.9 million , net of disposition expenses including $2.1 million of debt defeasance related costs. Enclave at Vista Ridge contributed approximately $9.8 million and $(0.1) million of net income (loss) to the consolidated operating results of the Company for the six-month periods ended June 30, 2017 and 2016 , respectively. The carrying amounts of the significant assets and liabilities of the disposed properties at the dates of sale were: Sandstone Creek Ashford Park Enclave at Vista Ridge 1/20/2017 3/7/2017 5/25/2017 Real estate assets: Land $ 2,846,197 $ 10,600,000 $ 4,704,917 Building and improvements 41,859,684 24,075,263 29,915,903 Furniture, fixtures and equipment 5,278,268 4,222,858 2,874,403 Accumulated depreciation (4,808,539 ) (6,816,193 ) (3,556,362 ) Total assets $ 45,175,610 $ 32,081,928 $ 33,938,861 Liabilities: Mortgage note payable $ 30,840,135 $ 25,626,000 $ 24,862,000 Supplemental mortgage note $ — $ 6,373,717 $ — Multifamily communities acquired During the six-month periods ended June 30, 2017 and 2016 , the Company completed the acquisition of the following multifamily communities and student housing property: Acquisition date Property Location Approximate purchase price (millions) (1) Units 2/28/2017 Regents on University (2) Tempe, Arizona $ 53.3 225 3/3/2017 Broadstone at Citrus Village Tampa, Florida $ 47.4 296 3/24/2017 Retreat at Greystone Birmingham, Alabama $ 50.0 312 3/31/2017 Founders Village Williamsburg, Virginia $ 44.4 247 4/26/2017 Claiborne Crossing Louisville, Kentucky $ 45.2 242 1,322 1/5/2016 Baldwin Park Orlando, Florida $ 110.8 528 1/15/2016 Crosstown Walk Tampa, Florida $ 45.8 342 2/1/2016 Overton Rise Atlanta, Georgia $ 61.1 294 5/31/2016 Avalon Park Orlando, Florida $ 92.5 487 6/1/2016 North by Northwest (3) Tallahassee, Florida $ 46.1 219 1,870 (1) Purchase prices shown are exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. (2) A 640 -bed student housing community located adjacent to the campus of Arizona State University in Tempe, Arizona. (3) A 679 -bed student housing community located adjacent to the campus of Florida State University in Tallahassee, Florida. The Company allocated the purchase prices and, for acquisitions that closed subsequent to January 1, 2017, capitalized acquisition costs, 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. 2017 Multifamily Communities acquired Broadstone at Citrus Village Regents on University Retreat at Greystone Founders Village Claiborne Crossing Land $ 4,809,113 $ 7,440,934 $ 4,077,262 $ 5,314,862 $ 2,147,217 Buildings and improvements 34,180,983 40,058,727 35,336,277 32,853,763 30,551,646 Furniture, fixtures and equipment 6,299,645 3,771,432 9,125,302 5,907,345 7,027,257 Lease intangibles 1,624,752 2,344,404 1,844,476 1,421,197 1,268,810 Mark to market debt assumption asset 893,385 — — — 4,447,751 Prepaids & other assets 744,970 808,045 871,684 938,419 1,120,728 Escrows 67,876 — 101,503 — — Accrued taxes (108,286 ) (71,856 ) (139,046 ) — (115,728 ) Security deposits, prepaid rents, and other liabilities (24,887 ) (377,735 ) (108,573 ) (103,204 ) (130,850 ) Net assets acquired $ 48,487,551 $ 53,973,951 $ 51,108,885 $ 46,332,382 $ 46,316,831 Cash paid $ 18,237,551 $ 16,488,951 $ 1,660,888 $ 1,438,320 $ 19,242,604 Use of 1031 proceeds — — 14,237,997 13,289,062 — Mortgage debt 30,250,000 37,485,000 35,210,000 31,605,000 27,074,227 Total consideration $ 48,487,551 $ 53,973,951 $ 51,108,885 $ 46,332,382 (1 ) $ 46,316,831 Three months ended June 30, 2017: Revenue $ 1,087,000 $ 1,422,000 $ 1,209,000 $ 1,003,000 $ 733,000 Net income (loss) $ (719,000 ) $ (1,553,000 ) $ (687,000 ) $ (507,000 ) $ (827,000 ) Six months ended June 30, 2017: Revenue $ 1,460,000 $ 1,894,000 $ 1,298,000 $ 1,003,000 $ 733,000 Net income (loss) $ (793,000 ) $ (1,895,000 ) $ (931,000 ) $ (705,000 ) $ (827,000 ) Capitalized acquisition costs incurred by the Company $ 458,000 $ 290,000 $ 383,000 $ 1,103,000 293,000 Acquisition costs paid to related party (included above) $ 24,000 $ 60,000 $ 56,000 $ 8,000 22,000 Remaining amortization period of intangible assets and liabilities (months) 35.3 1.5 8.5 8.5 90.1 (1) The Company's real estate loan investment in support of Founders Village was repaid in full at the closing of the acquisition of the property. 2016 Multifamily Communities acquired North by Northwest Avalon Park Overton Rise Baldwin Park Crosstown Walk Land $ 8,281,054 $ 7,410,048 $ 8,511,370 $ 17,402,882 $ 5,178,375 Buildings and improvements 34,355,922 80,558,636 44,710,034 87,105,757 33,605,831 Furniture, fixtures and equipment 2,623,916 1,790,256 6,286,105 3,358,589 5,726,583 Lease intangibles 799,109 2,741,060 1,611,314 2,882,772 1,323,511 Prepaids & other assets 79,626 99,297 73,754 229,972 125,706 Escrows 1,026,419 3,477,157 354,640 2,555,753 291,868 Accrued taxes (321,437 ) (394,731 ) (66,422 ) (17,421 ) (25,983 ) Security deposits, prepaid rents, and other liabilities (159,462 ) (207,623 ) (90,213 ) (226,160 ) (53,861 ) Net assets acquired $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 $ 46,172,030 Cash paid $ 12,831,872 $ 30,474,100 $ 20,090,582 $ 35,492,144 $ 13,632,030 Mortgage debt (1) 33,853,275 65,000,000 41,300,000 77,800,000 32,540,000 Total consideration $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 $ 46,172,030 Three months ended June 30, 2017: Revenue $ 1,471,000 $ 2,047,000 $ 1,313,000 $ 2,351,000 $ 1,292,000 Net income (loss) $ (69,000 ) $ (1,047,000 ) $ (121,000 ) $ (686,000 ) $ (88,000 ) Six months ended June 30, 2017: Revenue $ 2,936,000 $ 4,015,000 $ 2,579,000 $ 4,714,000 $ 2,590,000 Net income (loss) $ (202,000 ) $ (2,280,000 ) $ (267,000 ) $ (1,270,000 ) $ (129,000 ) Cumulative acquisition costs incurred by the Company $ 378,000 $ 1,315,000 $ 115,000 $ 1,848,000 $ 319,000 Remaining amortization period of intangible assets and liabilities (months) 0.0 0.0 0.0 0.0 0.0 Grocery-anchored shopping centers acquired During the six months ended June 30, 2017, the Company completed the acquisition of the following grocery-anchored shopping centers: Acquisition date Property Location Approximate purchase price (millions) (1) Gross leasable area (square feet) 4/21/17 Castleberry-Southard Atlanta, Georgia $ 17.6 80,018 6/6/17 Rockbridge Village Atlanta, Georgia $ 20.3 102,432 182,450 (1) Purchase prices shown are exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. 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. New Market Properties 2017 acquisitions Castleberry-Southard Rockbridge Village Land $ 3,023,731 $ 3,141,325 Buildings and improvements 13,471,240 15,666,091 Tenant improvements 670,376 278,340 In-place leases 990,663 1,249,694 Above market leases 123,084 59,267 Leasing costs 464,544 301,761 Below market leases (1,081,145 ) (332,725 ) Other assets 67,899 7,136 Other liabilities (162,499 ) (89,212 ) Net assets acquired $ 17,567,893 $ 20,281,677 Cash paid $ 2,306,703 $ 6,031,677 Use of 1031 proceeds 3,761,190 — Mortgage debt 11,500,000 14,250,000 Total consideration $ 17,567,893 $ 20,281,677 Three months ended June 30, 2017: Revenue $ 246,000 $ 110,000 Net income (loss) $ (88,000 ) $ 8,000 Six months ended June 30, 2017: Revenue $ 246,000 $ 110,000 Net income (loss) $ (88,000 ) $ 8,000 Capitalized acquisition costs incurred by the Company $ 78,000 $ 114,000 Capitalized acquisition costs paid to related party (included above) 19,000 23,000 Remaining amortization period of intangible assets and liabilities (years) 10.0 7.8 During the six months ended June 30, 2016 , the Company completed the acquisition of the following grocery-anchored shopping centers: Acquisition date Property Location Approximate purchase price (millions) (1) Gross leasable area (square feet) 2/29/16 Wade Green Village Atlanta, Georgia $ 11.0 74,978 4/29/16 Southeastern Six Portfolio (2) $ 68.7 535,252 5/16/16 The Market at Victory Village Nashville, Tennessee $ 15.6 71,300 681,530 (1) Purchase price shown is exclusive of acquired escrows, security deposits, prepaids, and other miscellaneous assets and assumed liabilities. (2) The six grocery-anchored shopping centers located in Georgia, South Carolina and Alabama are referred to collectively as the Southeastern Six 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 allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities. New Market Properties 2016 acquisition The Market at Victory Village Southeastern Six Portfolio Wade Green Village Land $ 2,271,224 $ 14,081,647 $ 1,840,284 Buildings and improvements 11,872,222 48,598,731 8,159,147 Tenant improvements 402,973 993,530 251,250 In-place leases 847,939 4,906,398 841,785 Above market leases 100,216 86,234 107,074 Leasing costs 253,640 992,143 167,541 Below market leases (198,214 ) (1,069,877 ) — Other assets 157,775 600,069 10,525 Other liabilities (179,546 ) (437,008 ) (59,264 ) Net assets acquired $ 15,528,229 $ 68,751,867 $ 11,318,342 Cash paid $ 6,278,229 $ 43,751,867 $ 6,245,683 (1) Class A OP Units granted — — 5,072,659 (2) Mortgage debt 9,250,000 (3) 25,000,000 — (4) Total consideration $ 15,528,229 $ 68,751,867 $ 11,318,342 Three months ended June 30, 2017: Revenue $ 337,000 $ 1,593,000 $ 247,000 Net income (loss) $ (31,000 ) $ (84,000 ) $ (77,000 ) Six months ended June 30, 2017: Revenue $ 695,000 $ 3,154,000 $ 521,000 Net income (loss) $ (51,000 ) $ (177,000 ) $ (180,000 ) Cumulative acquisition costs incurred by the Company $ 111,000 $ 633,000 $ 297,000 Remaining amortization period of intangible assets and liabilities (years) 7.9 4.0 1.9 (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 . Office buildings In the Company's Annual Report on Form 10-K for the year ended December 31, 2016, the Company reported a misclassified amount of tenant improvements on its acquisition of the Three Ravinia office building. The impact on the Company's Consolidated Balance Sheet for the year ended December 31, 2016 was an understatement of buildings and improvements of approximately $14.2 million and an overstatement of tenant improvements of the same amount, as shown in the table below. The Company assessed the impact of the error, both quantitatively and qualitatively, in accordance with the SEC’s Staff Accounting Bulletin (SAB) No. 99 and SAB No. 108 and concluded that it was not material to the Company’s previously issued Financial Statements. In order to conform previous financial statements with the current period, the Company elected to revise previously issued financial statements the next time such financial statements are filed. The revision had no impact on the Consolidated Statement of Operations, Consolidated Statement of Stockholder’s Equity, or the Consolidated Statement of Cash Flows. Consolidated balance sheet as of December 31, 2016 As previously reported Adjustment As revised Real estate Building and improvements $ 1,499,129,649 $ 14,164,111 $ 1,513,293,760 Tenant improvements $ 37,806,472 $ (14,164,111 ) $ 23,642,361 Three Ravinia acquisition As previously reported Adjustment As revised Real estate Buildings and improvements $ 133,323,658 $ 14,164,111 $ 147,487,769 Tenant improvements $ 20,698,893 $ (14,164,111 ) $ 6,534,782 The error in the prior year purchase price allocation for the Three Ravinia acquisition was related to the expenditure timing of landlord funded tenant allowances and the related recognition of value at the acquisition date. The Company recorded aggregate amortization and depreciation expense of: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Depreciation: Buildings and improvements $ 13,423,643 $ 7,832,592 $ 25,844,692 $ 14,613,736 Furniture, fixtures, and equipment 7,352,433 4,937,888 13,218,995 9,359,800 20,776,076 12,770,480 39,063,687 23,973,536 Amortization: Acquired intangible assets 7,520,630 5,184,271 14,020,200 9,318,164 Deferred leasing costs 149,371 10,032 181,762 14,889 Website development costs 10,924 5,192 17,541 10,112 Total depreciation and amortization $ 28,457,001 $ 17,969,975 $ 53,283,190 $ 33,316,701 At June 30, 2017 , the Company had recorded gross intangible assets of $138.1 million , and accumulated amortization of $56.6 million ; gross intangible liabilities of $34.8 million and accumulated amortization of $5.7 million . Net intangible assets and liabilities as of June 30, 2017 will be amortized over the weighted average remaining amortization periods of approximately 6.2 years and 9.4 years , respectively.

Real Estate Loans, Notes Receiv

Real Estate Loans, Notes Receivable, and Lines of Credit	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	he Palisades, Green Park, Stadium Village and 360 Forsyth 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, returns of principal and purchase option discount (if applicable). 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 June 30, 2017 was approximately $18.6 million . 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 June 30, 2017 , none of the Company's real estate loans were delinquent. At June 30, 2017 , 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 6/30/2017 12/31/2016 360 Residential, LLC (1) 3/20/2013 12/31/2017 $ 2,000,000 $ 1,830,677 $ 1,472,571 12 % Preferred Capital Marketing Services, LLC (2) 1/24/2013 12/31/2017 1,500,000 1,034,198 1,082,311 10 % Oxford Contracting, LLC (1) 8/27/2013 (3) 1,500,000 — 1,475,000 8 % Preferred Apartment Advisors, LLC (1,2,4) 8/21/2012 12/31/2018 15,000,000 14,261,133 13,708,761 8 % Haven Campus Communities, LLC (1,2) 6/11/2014 12/31/2017 11,110,000 7,324,904 7,324,904 12 % Oxford Capital Partners, LLC (1,5) 10/5/2015 12/31/2017 10,150,000 8,119,446 7,870,865 12 % Newport Development Partners, LLC (1) 6/17/2014 6/30/2018 3,000,000 — — 12 % 360 Residential, LLC II (1) 12/30/2015 12/31/2017 3,255,000 3,109,457 2,884,845 15 % Mulberry Development Group, LLC (1) 3/31/2016 6/30/2018 500,000 385,000 177,000 12 % 360 Capital Company, LLC (1) 5/24/2016 12/31/2017 3,900,000 3,876,137 1,678,999 12 % Unamortized loan fees (24,318 ) (59,581 ) $ 51,915,000 $ 39,916,634 $ 37,615,675 (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) Note was repaid on April 6, 2017 and terminated at its maturity date of April 30, 2017. (4) 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. See note 16. (5) 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. The Company recorded interest income and other revenue from these instruments as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Real estate loans: Current interest payments $ 7,979,350 $ 5,917,452 $ 15,040,923 $ 11,010,122 Additional accrued interest 4,475,333 3,443,642 8,888,473 6,716,297 Deferred origination fee amortization 327,772 196,127 586,946 435,726 Total real estate loan revenue 12,782,455 9,557,221 24,516,342 18,162,145 Interest income on notes and lines of credit 1,045,907 1,021,625 2,073,723 2,136,800 Interest income on loans and notes receivable $ 13,828,362 $ 10,578,846 $ 26,590,065 $ 20,298,945 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 within a specific time window following project completion and stabilization, the sufficiency of the borrowers' investment at risk and the existence of payment and performance guaranties provided by the borrowers, 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 June 30, 2017 of approximately $342.6 million . The maximum aggregate amount of loans to be funded as of June 30, 2017 was approximately $385.5 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, 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 June 30, 2017 totaled approximately $105.1 million (with a total commitment amount of approximately $110.0 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	6 Months Ended
	Jun. 30, 2017
Redeemable Stock, Preferred [Abstract]
Preferred Stock [Text Block]	Redeemable Preferred Stock and Equity Offerings On February 14, 2017, the Company terminated its offering of up to 900,000 Units, or 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 , subject to adjustment if a participating broker-dealer reduces its commission. Each share of Preferred Stock ranks senior to Common Stock with respect to dividend rights 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 $19.50 per share. The current market price per share of the Common Stock is determined using the closing price of the common stock immediately preceding the issuance of such Warrant. The Warrants are not exercisable until one year following the date of issuance and expire four years following the date of issuance. The Units are being offered by Preferred Capital Securities, LLC, or PCS, an affiliate of the Company, 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 $1.5 Billion Follow-on Registration Statement, the terms of the $1.5 Billion Unit Offering are substantially similar to those under the Follow-on Offering. As of February 14, 2017, which was the final closing of the Follow-on Offering, offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $97.2 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 $15.0 million . As of February 14, 2017, the Company had issued all available Units under the Primary Series A Offering and the Follow-on Offering and collected net proceeds of approximately $891.2 million after commissions. Since the maximum number of Units available to be issued under the Primary Series A Offering and the Follow-on Offering were issued, the Company consequently recognized 100.0% of the approximate $15.0 million deferred offering costs as a reduction of stockholders' equity. For the $1.5 Billion Unit Offering, a s of June 30, 2017 , offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $7.5 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 $2.5 million . As of June 30, 2017 , the Company had issued 74,646 Units and collected net proceeds of approximately $67.1 million after commissions under the $1.5 Billion Unit Offering. The number of Units issued was approximately 5.0% of the maximum number of Units anticipated to be issued under the $1.5 Billion Unit Offering. Consequently, the Company cumulatively recognized approximately 5.0% of the approximate $2.5 million deferred to date, or approximately $126,000 as a reduction of stockholders' equity. The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $2.4 million , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at June 30, 2017 . The remainder of current and future deferred offering costs related to the $1.5 Billion Unit 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 approximately 1.5% (discussed further below) of the total gross proceeds raised during the Unit offerings. Cumulatively, a total of 20,503 shares of Preferred Stock have been subsequently redeemed from the Primary Series A Offering, the Follow-on Offering, and the $1.5 Billion Unit Offering. Aggregate offering expenses, including selling commissions and dealer manager fees, will be capped at 11.5% of the aggregate gross proceeds of the $1.5 Billion Unit Offering, of which the Company will reimburse its Manager up to 1.5% of the gross proceeds of such offering 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 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 $1.6 million as of June 30, 2017 , of which $389,000 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 $1,210,000 , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at June 30, 2017 . On May 12, 2017, the Company sold 2,750,000 shares of its Common Stock at a price of $15.25 per share pursuant to an underwritten public offering. On May 30, 2017, the Company sold an additional 412,500 shares of Common Stock at $15.25 per share pursuant to the exercise in full of an option received in connection with the public offering. The combined gross proceeds of the two sales was approximately $48.2 million before deducting underwriting discounts and commissions and other estimated offering expenses. The Company filed a prospectus 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 the sales agents named in the prospectus. 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. As of June 30, 2017 , the Company cumulatively sold 2.4 million shares of common stock through the ATM Offering and collected net proceeds of approximately $32.9 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 PCS on a "reasonable best efforts" basis. The price per mShare is $1,000 . Each mShare ranks senior to Common Stock and on parity with the Series A Preferred Stock with respect to dividend rights and carries a cumulative annual dividend of 5.75% per annum. Beginning one year from the date of original issuance of each mShare, and on each one year anniversary thereafter, the dividend rate increases by 0.25% per annum, up to a maximum of 7.5% per annum. Dividends are payable monthly as declared by the Company’s board of directors and begin accruing on the date of issuance. The redemption schedule of the mShares allows redemptions at the option of the holder from the date of issuance of the Preferred Stock through the first year subject to a 2% redemption fee. After year one, the redemption fee decreases to 1% and after year two there is no redemption fee. Any redeemed mShares 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 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. As of June 30, 2017 , offering costs specifically identifiable to mShares Offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $0.4 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 $1.8 million . As of June 30, 2017 , the Company had issued 7,850 mShares and collected net proceeds of approximately $7.5 million after commissions under the mShares Offering. The number of mShares issued was approximately 1.6% of the maximum number of mShares anticipated to be issued under the mShares Offering. Consequently, the Company cumulatively recognized approximately 1.6% of the approximate $1.8 million deferred to date, or approximately $28,000 as a reduction of stockholders' equity. The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $1.8 million , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at June 30, 2017 . The remainder of current and future deferred offering costs related to the mShares Offering will likewise be recognized as a reduction of stockholders' equity in the proportion of the number of mShares issued to the maximum number of mShares anticipated to be issued. Offering costs not related to a specific closing transaction are subject to an overall cap of approximately 1.5% (discussed further below) of the total gross proceeds raised during the mShares Offering. Aggregate offering expenses, including dealer manager fees, are capped at 11.5% of the aggregate gross proceeds of the mShares Offering, of which the Company will reimburse its Manager up to 1.5% of the gross proceeds of such offering for all organization and offering expenses incurred, excluding 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. The Company's Series A Preferred Stock and mShares are redeemable at the option of the holder in either cash or the Company's Common Stock, at the Company's option. Since the Company controls the form of redemption, it presents its Series A Preferred Stock and mShares as components of permanent rather than temporary or mezzanine equity on its Consolidated Balance Sheets.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2017
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: Three months ended June 30, Six months ended June 30, Type of Compensation Basis of Compensation 2017 2016 2017 2016 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable $ 417,444 $ 422,857 $ 417,444 $ 1,124,226 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) 955,368 2,424,148 3,009,508 4,685,609 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 3,058,859 1,751,501 6,121,942 3,512,505 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 1,559,876 1,128,285 2,985,277 2,190,753 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 1,259,702 768,124 2,543,121 1,512,225 Construction management fees Quarterly fee for property renovation and takeover projects 89,257 32,235 160,409 72,511 $ 7,340,506 $ 6,527,150 $ 15,237,701 $ 13,097,829 (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. The Manager may, in its discretion, forfeit some or all of the asset management, property management, or general and administrative fees for properties owned by the Company. The forfeited fees are converted at the time of forfeiture into contingent fees, which are earned by the Manger only in the event of a sales transaction, and whereby the Company’s capital contributions for the property being sold exceed a 7% annual rate of return. The Company will recognize in future periods to the extent, if any, it determines that the sales transaction is probable, and that the estimated net sale proceeds would exceed the annual rate of return hurdle. On May 25, 2017,we closed on the sale of our Enclave at Vista Ridge multifamily community to an unrelated third party. At such date, the Manager collected a cumulative total of approximately $387,000 of contingent fees. The sales transaction, and the fact that the Company’s capital contributions for the Enclave at Vista Ridge property achieved a greater than 7% annual rate of return. The Company will recognize in future periods to the extent, if any, it determines that the sales transaction is probable, and that the estimated net sale proceeds would exceed the annual rate of return hurdle. A cumulative total of approximately $4.5 million of combined asset management and general and administrative fees related to acquired properties as of June 30, 2017 have been forfeited by the Manager. A total of $3.6 million remains contingent and could possibly be earned by the Manager in the future. 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: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 $ 3,018,284 $ 2,516,605 $ 5,795,251 $ 4,880,068 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 $220,182 and $252,210 for the six-month periods ended June 30, 2017 and 2016 , respectively and PCS was reimbursed $511,390 and $508,204 for the six-month periods ended June 30, 2017 and 2016 , respectively. These costs are recorded as deferred offering costs until such time as additional closings occur on the $1.5 Billion Unit Offering, mShares Offering 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 disposition fees totaling $1,576,000 on the sale of the Ashford Park, Sandstone Creek and Enclave at Vista Ridge properties, which are included 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 Company holds a promissory note in the amount of $1,034,198 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. See note 16.

Dividends

Dividends	6 Months Ended
	Jun. 30, 2017
Dividends [Abstract]
Dividends [Text Block]	Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its Series A Preferred Stock and, beginning in March 2017, on its Series M 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: 2017 2016 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 31, 2017 932,413 $ 4,641,149 January 30, 2016 482,774 $ 2,481,086 February 28, 2017 977,267 4,849,032 February 27, 2016 516,017 2,630,601 March 31, 2017 979,309 4,893,598 March 31, 2016 544,129 2,770,048 April 28, 2017 992,774 4,962,210 April 29, 2016 582,720 2,979,196 May 31, 2017 1,019,046 5,072,564 May 31, 2016 617,994 3,143,567 June 30, 2017 1,041,187 5,190,812 June 30, 2016 651,439 3,321,519 Total $ 29,609,365 Total $ 17,326,017 The Company's dividend activity on its Common Stock for the six -month periods ended June 30, 2017 and 2016 was: 2017 2016 Record date Number of shares Dividend per share Aggregate dividends paid Record date Number of shares Dividend per share Aggregate dividends paid March 15, 2017 27,139,354 $ 0.22 $ 5,970,658 March 15, 2016 23,041,502 $ 0.1925 $ 4,435,489 June 15, 2017 32,082,451 0.235 7,539,376 June 15, 2016 23,568,328 0.2025 4,772,587 $ 0.455 $ 13,510,034 $ 0.395 $ 9,208,076
dividends and distributions [Text Block]	Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its Series A Preferred Stock and, beginning in March 2017, on its Series M 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: 2017 2016 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 31, 2017 932,413 $ 4,641,149 January 30, 2016 482,774 $ 2,481,086 February 28, 2017 977,267 4,849,032 February 27, 2016 516,017 2,630,601 March 31, 2017 979,309 4,893,598 March 31, 2016 544,129 2,770,048 April 28, 2017 992,774 4,962,210 April 29, 2016 582,720 2,979,196 May 31, 2017 1,019,046 5,072,564 May 31, 2016 617,994 3,143,567 June 30, 2017 1,041,187 5,190,812 June 30, 2016 651,439 3,321,519 Total $ 29,609,365 Total $ 17,326,017 The Company's dividend activity on its Common Stock for the six -month periods ended June 30, 2017 and 2016 was: 2017 2016 Record date Number of shares Dividend per share Aggregate dividends paid Record date Number of shares Dividend per share Aggregate dividends paid March 15, 2017 27,139,354 $ 0.22 $ 5,970,658 March 15, 2016 23,041,502 $ 0.1925 $ 4,435,489 June 15, 2017 32,082,451 0.235 7,539,376 June 15, 2016 23,568,328 0.2025 4,772,587 $ 0.455 $ 13,510,034 $ 0.395 $ 9,208,076 The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At June 30, 2017 , the Company had 901,195 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: 2017 2016 Record date Payment date Aggregate distributions Record date Payment date Aggregate distributions March 15, 2017 April 14, 2017 $ 198,742 March 15, 2016 April 15, 2016 $ 117,395 June 15, 2017 July 14, 2017 211,781 May 5, 2016 July 15, 2016 179,449 $ 410,523 $ 296,844

Equity Compensation

Equity Compensation	6 Months Ended
	Jun. 30, 2017
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: Three months ended June 30, Six months ended June 30, Unamortized expense as of June 30, 2017 2016 2017 2016 2017 Quarterly board member committee fee grants $ — $ 5,982 $ — $ 29,991 $ — Class B Unit awards: Executive officers - 2015 — — — 5,236 — Executive officers - 2016 74,470 517,884 163,244 1,019,062 449,224 Executive officers - 2017 678,176 — 1,334,476 — 2,079,316 Restricted stock grants: 2015 — 26,668 — 106,670 — 2016 34,167 68,333 136,667 68,333 — 2017 60,003 — 60,003 — 300,015 Restricted stock units 24,337 — 49,865 — 255,287 Total $ 871,153 $ 618,867 $ 1,744,255 $ 1,229,292 $ 3,083,842 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 restricted stock grants for the 2015 and 2016 service years vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. Service year Shares Fair value per share Total compensation cost 2015 30,133 10.62 320,012 2016 30,990 13.23 409,998 2017 24,408 14.75 360,018 Class B OP Units On January 2, 2015, the Company caused the Operating Partnership to grant 176,835 Class B Units of the Operating Partnership, or 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. On January 3, 2017, the Company caused the Operating Partnership to grant 286,392 Class B OP Units for service to be rendered during 2017, 2018 and 2019. 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 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, 2016, the 176,835 outstanding Class B Units for 2015 became fully vested and earned and automatically converted to Class A Units of the Operating Partnership. On January 4, 2017, all of the 265,931 Class B Units granted on January 4, 2016 became earned and 206,534 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 29,698 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. The underlying valuation assumptions and results for the Class B OP Unit awards were: Grant dates 1/3/2017 1/4/2016 Stock price $ 14.79 $ 12.88 Dividend yield 5.95 % 5.98 % Expected volatility 26.4 % 26.10 % Risk-free interest rate 2.91 % 2.81 % Number of Units granted: One year vesting period 198,184 176,835 Three year vesting period 88,208 89,096 286,392 265,931 Calculated fair value per Unit $ 11.92 $ 10.03 Total fair value of Units $ 3,413,793 $ 2,667,288 Target market threshold increase $ 4,598,624 $ 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 $0.22 for the 2017 awards and $0.1925 for the 2016 awards. For the 2017 and 2016 awards, the Company's own stock price history was utilized as the basis for deriving the expected volatility 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. Restricted Stock Units On January 3, 2017, the Company caused the Operating Partnership to grant 26,900 restricted stock units, or RSUs, for service to be rendered during 2017, 2018 and 2019. The RSUs 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 RSUs become earned RSUs and automatically convert into Common Stock on a one-to-one basis. Vested RSUs may become Earned RSUs 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 RSUs that do not become Earned RSUs on the Initial Valuation Date are subsequently remeasured on a quarterly basis until such time as all Vested RSUs become Earned RSUs or are forfeited due to termination of continuous service 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 RSUs to qualify to become fully Earned RSUs. As of June 30, 2017, a total of 1,800 RSUs had been forfeited. Because RSUs are valued using the identical market condition vesting requirement that determines the transition of the Vested Class B Units to Earned Class B Units, the same valuation assumptions and Monte Carlo result of $11.92 per RSU were utilized to calculate the total fair value of the RSUs of $320,648 , which will be amortized as compensation expense over the three one-year periods ending on each of January 2, 2018, 2019 and 2020.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt Disclosure [Text Block]	Indebtedness Mortgage Notes Payable Mortgage Financing of Property Acquisitions The Company partially financed the real estate properties acquired during the six-month period ended June 30, 2017 with mortgage debt as shown in the following table: Property Date Initial principal amount Fixed/Variable rate Rate / spread over 1 month LIBOR Maturity date Interest only through date Regents on University 2/28/2017 $ 37,485,000 Variable 200 BPS 3/1/2022 3/1/2022 Citrus Village 3/3/2017 30,250,000 Fixed 3.65 % 6/10/2023 6/9/2017 Retreat at Greystone 3/24/2017 35,210,000 Variable 185 BPS 3/1/2022 2/28/2022 Founders Village 3/31/2017 31,605,000 Fixed 4.31 % 4/1/2027 N/A Claiborne Crossing 4/26/2017 28,179,500 Fixed 2.89 % 6/1/2054 N/A Castleberry-Southard 4/21/2017 11,500,000 Fixed 3.99 % 5/1/2027 N/A Rockbridge Village 6/6/2017 14,250,000 Fixed 3.73 % 7/5/2027 N/A $ 188,479,500 Repayments and Refinancings In conjunction with the sale of the Enclave at Vista Ridge multifamily community, the Company recorded a defeasance fee of approximately $2.06 million, the effect of which is recorded as an offset against the gain on sale of real estate line of the Consolidated Statements of operations for the three-month and six-month periods ended June 30, 2017. In doing so, the Company extinguished the existing mortgage debt with a principal amount due of $24.86 million. On June 22, 2017, the Company refinanced the existing $16.3 million mortgage on its Stone Creek multifamily community which bore interest at a fixed 3.75% rate per annum into a mortgage of $20.6 million, which bears interest at a fixed rate of 3.22% per annum. In doing so, the Company recorded a prepayment penalty of approximately $817,000, which is included on the Loss on extinguishment of debt on the Consolidated Statements of operations. On June 15, 2017, the Company refinanced the existing $61.75 million mortgage on its 525 Avalon multifamily community which bore interest at a variable rate of 1 Month LIBOR plus 200 basis points per annum and the secondary financing note of $3.25 million which bore interest at a variable rate of 1 Month LIBOR plus 1100 basis points per annum into a single mortgage of $67.38 million, which bears interest at a fixed rate of 3.98% per annum. Fees paid of approximately $170,000 in conjunction with this debt modification were recorded as debt origination costs and will be amortized into interest expense over the life of the new mortgage. The following table summarizes our mortgage notes payable at June 30, 2017 : Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life Multifamily communities $ 656,178,566 3.66 % 7.6 years Grocery-anchored shopping centers 285,309,654 3.81 % 7.0 years Office buildings 153,709,013 4.25 % 21.6 years Student housing projects 33,135,181 4.02 % 5.2 years Total fixed rate mortgage debt $ 1,128,332,414 3.79 % 9.3 years Variable rate mortgage debt: Multifamily communities $ 196,786,310 3.26 % 4.1 years Grocery-anchored shopping centers 62,825,750 3.85 % 4.0 years Office buildings — — — Student housing projects 37,485,000 3.23 % 4.7 years Total variable rate mortgage debt $ 297,097,060 3.38 % 4.2 years Total mortgage debt: Multifamily communities $ 852,964,876 3.57 % 6.8 years Grocery-anchored shopping centers 348,135,404 3.81 % 6.5 years Office buildings 153,709,013 4.25 % 21.6 years Student housing projects 70,620,181 3.60 % 4.9 years Total mortgage debt $ 1,425,429,474 3.70 % 8.2 years The Company has placed interest rate caps on the variable rate mortgages on its Avenues at Creekside and Citi Lakes multifamily communities. Under guidance provided by ASC 815-10, these interest rate caps fall under the definition of derivatives, which are embedded in their debt hosts. Because these interest rate caps are deemed to be clearly and closely related to their debt hosts, bifurcation and fair value accounting treatment is not required. 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 June 30, 2017 , 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 3.72% as of June 30, 2017 . The mortgage note secured by our Champions Village property has a maximum commitment of $34.16 million . As of June 30, 2017 , 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% or (ii) the sum of the 3.00% plus the LIBOR Rate, which was 4.23% as of June 30, 2017 . As of June 30, 2017 , the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 9.0 years. Credit Facility The Company has a credit facility, or Credit Facility, with KeyBank National Association, or KeyBank, which defines a revolving line of credit, or Revolving Line of Credit, which is used to fund investments, capital expenditures, dividends (with consent of KeyBank), 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, or the Amended and Restated Credit Agreement. 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. The weighted average interest rate for the Revolving Line of Credit was 4.42% for the six -month period ended June 30, 2017 . The Revolving Line of Credit also bears a commitment fee on the average daily unused portion of the Revolving Line of Credit of 0.35% per annum. On January 5, 2016, we entered into a $35.0 million term loan with KeyBank 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 KeyBank, or the Interim Term Loan, to partially finance the acquisition of Anderson Central, a grocery-anchored 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 was extended to August 23, 2017 during the second quarter 2017. The weighted average interest rate for the Interim Term Loan was 3.44% for the six-month period ended June 30, 2017 . The Fourth 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 June 30, 2017 , 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 $995,194,798 (2) $1,077,401,550 Debt yield Minimum 8.0% 9.25% Payout ratio Maximum 95% (3) 92.3% Total leverage ratio Maximum 65.0% 58.7% Debt service coverage ratio Minimum 1.50x 2.03x (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 $995 million as of June 30, 2017 . (3) Calculated on a trailing four-quarter basis. For the six-month period ended June 30, 2017 , the maximum dividends and distributions allowed under this covenant was approximately $80.7 million . Loan fees and closing costs for the establishment and subsequent amendments of the Credit Facility are amortized utilizing the straight line method over the life of the Credit Facility. At June 30, 2017 , unamortized loan fees and closing costs for the Credit Facility were approximately $1.4 million , which will be amortized over a remaining loan life of approximately 2.1 years. Loan fees and closing costs for the mortgage debt on the Company's properties are amortized utilizing the effective interest rate method over the lives of the loans. Acquisition Facility On February 28, 2017, the Company entered into a credit agreement, or Acquisition Credit Agreement, with Freddie Mac through KeyBank to obtain an acquisition revolving credit facility, or Acquisition Facility, with a maximum borrowing capacity of $200 million . The purpose of the Acquisition Facility is to finance acquisitions of multifamily communities and student housing communities. The maximum borrowing capacity on the Acquisition Facility may be increased at the Company's request up to $300 million at any time prior to March 1, 2021. The Acquisition Facility accrues interest at a variable rate of one month LIBOR plus a margin of between 1.75% per annum and 2.20% per annum, depending on the type of assets acquired and the resulting property debt service coverage ratio. The Acquisition Facility has a maturity date of March 1, 2022 and has two one-year extension options, subject to certain conditions described therein. At June 30, 2017 , unamortized loan fees and closing costs for the establishment of the Acquisition Facility were approximately $0.4 million , which will be amortized over a remaining loan life of approximately 4.7 years. Interest Expense Interest expense, including amortization of deferred loan costs was: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Multifamily communities $ 8,501,497 $ 6,665,222 $ 15,909,267 $ 13,034,047 New Market Properties 3,510,202 1,645,824 6,840,455 2,973,022 Office buildings 1,676,852 — 3,353,627 — Student housing communities 719,202 120,294 1,195,836 120,294 Interest paid to real estate loan participants 585,465 430,507 1,256,329 858,859 Total 14,993,218 8,861,847 28,555,514 16,986,222 Credit Facility and Acquisition Facility 1,404,677 697,654 2,851,084 1,468,109 Interest Expense $ 16,397,895 $ 9,559,501 $ 31,406,598 $ 18,454,331 Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of June 30, 2017 were: Period Future principal payments 2017 $ 59,781,560 (1) 2018 42,390,967 2019 239,968,069 2020 61,651,487 2021 118,152,940 thereafter 952,984,451 Total $ 1,474,929,474 (1) Includes the principal amount due of the Company's Revolving Line of Credit of $38.5 million and Term Note of $11.0 million.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2017
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 as of June 30, 2017 and December 31, 2016.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 , the amount guarantied by the Company was $6.7 million and is reduced by $619,304 per lease year over the term of the lease. Certain officers and employees of the Manager have been assigned company credit cards. As of June 30, 2017 , the Company guarantied up to $640,000 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 $4.5 million of asset management and general and administrative fees related to acquired properties as of June 30, 2017 have been forfeited by the Manager. The forfeited fees are converted at the time of forfeiture into contingent fees, which are earned by the Manger only in the event of a sales transaction, and whereby the Company’s capital contributions for the property being sold exceed a 7% annual rate of return. The Company will recognize in future periods to the extent, if any, it determines that the sales transaction is probable, and that the estimated net sale proceeds would exceed the annual rate of return hurdle. As of June 30, 2017, a total of $3.6 million remains contingent and could possibly be earned by the Manager in the future. At June 30, 2017 , the Company had unfunded balances on its real estate loan portfolio of approximately $47.0 million .

Segment information

Segment information	6 Months Ended
	Jun. 30, 2017
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 and student housing properties. 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 grocery-anchored shopping center 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 grocery-anchored shopping center 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. June 30, 2017 December 31, 2016 Assets: Multifamily communities $ 1,271,621,536 $ 1,166,766,664 Financing 444,571,394 379,070,918 New Market Properties 607,722,562 579,738,707 Office buildings 300,037,214 285,229,700 Other 15,579,816 10,026,613 Consolidated assets $ 2,639,532,522 $ 2,420,832,602 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the three months and six months ended June 30, 2017 and 2016 were as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Capitalized expenditures: Multifamily communities $ 3,734,956 $ 2,794,400 $ 6,108,436 $ 4,087,907 New Market Properties 1,216,650 437,873 1,538,575 1,114,756 Office buildings 7,798,552 — 17,528,870 — Total $ 12,750,158 $ 3,232,273 $ 25,175,881 $ 5,202,663 Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Revenues Rental revenues: Multifamily communities $ 31,505,951 $ 25,888,895 $ 60,581,490 $ 50,270,688 New Market Properties 10,133,381 5,077,843 19,915,716 8,951,649 Office buildings (1) 6,601,974 — 13,107,621 — Total rental revenues $ 48,241,306 $ 30,966,738 $ 93,604,827 $ 59,222,337 Other revenues: Multifamily communities $ 3,504,915 $ 2,815,650 $ 6,549,457 $ 5,415,899 New Market Properties 3,632,327 1,899,960 7,284,997 3,569,967 Office buildings 2,123,608 — 4,292,159 — Total other revenues 9,260,850 4,715,610 18,126,613 8,985,866 Financing 13,388,757 10,171,596 25,720,808 19,381,522 Consolidated revenues $ 70,890,913 $ 45,853,944 $ 137,452,248 $ 87,589,725 (1) Included in rental revenues for our office buildings segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia office building. As of June 30, 2017, the Company has deferred a total of $16.2 million of such improvements, which is included in the deferred revenues line on the consolidated balance sheets. These total costs will be amortized over the lesser of the useful lives of the improvements or the individual lease terms. The Company recorded noncash revenue of $169,890 for the three-month and six-month periods ended June 30, 2017. Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Property operating and maintenance expense Multifamily communities $ 4,839,066 $ 3,683,959 $ 9,035,683 $ 7,205,034 New Market Properties 1,456,493 672,964 2,777,814 1,173,251 Office buildings 902,600 — 1,923,301 — Total $ 7,198,159 $ 4,356,923 $ 13,736,798 $ 8,378,285 Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Salary and benefits reimbursement Multifamily communities $ 3,018,284 $ 2,516,605 $ 5,795,251 $ 4,880,068 New Market Properties — — — — Office buildings 200,586 — 451,969 — Total $ 3,218,870 $ 2,516,605 $ 6,247,220 $ 4,880,068 Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Property management fees Multifamily communities $ 1,431,633 $ 1,115,976 $ 2,741,215 $ 2,173,877 New Market Properties 471,431 240,433 921,520 410,553 Office buildings 157,710 — 299,822 — Total $ 2,060,774 $ 1,356,409 $ 3,962,557 $ 2,584,430 Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Real estate taxes Multifamily communities $ 4,968,993 $ 4,666,138 $ 10,064,339 $ 9,242,394 New Market Properties 1,891,676 828,470 3,855,790 1,425,655 Office buildings 819,608 — 1,663,949 — Total $ 7,680,277 $ 5,494,608 $ 15,584,078 $ 10,668,049 Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Segment net operating income (Segment NOI) Multifamily communities $ 19,256,359 $ 15,467,692 $ 36,585,159 $ 29,755,444 Financing 13,388,757 10,171,596 25,720,808 19,385,758 New Market Properties 9,563,689 5,094,755 18,934,531 9,249,003 Office buildings 6,285,486 — 12,503,860 — Consolidated segment net operating income 48,494,291 30,734,043 93,744,358 58,390,205 Interest and loss on early debt extinguishment: Multifamily communities 9,220,699 6,785,216 17,105,103 13,154,341 New Market Properties 3,510,202 1,645,824 6,840,455 2,973,022 Office buildings 1,676,852 — 3,353,627 — Financing 1,990,142 1,128,461 4,107,413 2,326,968 Depreciation and amortization: Multifamily communities 18,147,967 14,116,337 32,831,899 26,771,521 New Market Properties 7,061,552 3,853,638 14,102,474 6,545,180 Office buildings 3,247,482 — 6,348,817 — Professional fees 499,323 900,302 1,025,654 1,582,887 Management fees, net of forfeitures 4,693,559 2,507,307 9,030,991 5,003,792 Acquisition costs: Multifamily communities — 1,703,647 (20,559 ) 4,044,497 New Market Properties — 1,037,518 25,402 1,460,254 Office buildings 5,000 23,576 9,159 23,576 Equity compensation to directors and executives 871,153 618,867 1,744,255 1,229,292 Gain on sale of real estate 6,914,949 4,271,506 37,639,009 4,271,506 Loss on extinguishment of debt (888,428 ) — (888,428 ) — Other 292,679 467,377 624,567 718,392 Net income (loss) $ 3,304,202 $ 217,479 $ 33,365,682 $ (3,172,011 )

Loss per Share

Loss per Share	6 Months Ended
	Jun. 30, 2017
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: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Numerator: Net loss before gain on sale of real estate $ (3,610,747 ) $ (4,054,027 ) $ (4,273,327 ) $ (7,443,517 ) Gain on sale of real estate, net of disposition expenses 6,914,949 4,271,506 37,639,009 4,271,506 Net income (loss) 3,304,202 217,479 33,365,682 (3,172,011 ) Consolidated net (income) loss attributable to non-controlling interests (A) (96,823 ) (7,961 ) (1,095,889 ) 80,600 Net income (loss) attributable to the Company 3,207,379 209,518 32,269,793 (3,091,411 ) Dividends declared to Series A preferred stockholders (B) (15,235,138 ) (9,444,282 ) (29,621,185 ) (17,326,017 ) Earnings attributable to unvested restricted stock (C) (5,736 ) (4,824 ) (7,441 ) (6,275 ) Net income (loss) attributable to common stockholders $ (12,033,495 ) $ (9,239,588 ) $ 2,641,167 $ (20,423,703 ) Denominator: Weighted average number of shares of Common Stock - basic 29,893,736 23,325,663 28,423,171 23,154,702 Effect of dilutive securities: (D) Warrants — — — — Class B Units — — — — Unvested restricted stock — — — — Restricted Stock Units — — — — Weighted average number of shares of Common Stock, basic and diluted 29,893,736 23,325,663 28,423,171 23,154,702 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (0.40 ) $ (0.40 ) $ 0.09 $ (0.88 ) (A) The Company's outstanding Class A Units of the Operating Partnership ( 901,195 and 886,168 Units at June 30, 2017 and 2016, respectively) contain rights to distributions in the same amount per unit as for dividends declared on the Company's Common Stock. The impact of the Class A Unit distributions on earnings per share has been calculated using the two-class method whereby earnings are allocated to the Class A Units based on dividends declared and the Class A Units' participation rights in undistributed earnings. (B) 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 1,043,551 and 683,545 outstanding shares of Series A Preferred Stock at June 30, 2017 and 2016, respectively. (C) The Company's outstanding unvested restricted share awards ( 24,408 and 30,990 shares of Common Stock at June 30, 2017 and 2016, 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 from continuing operations for the three-month and six-month periods ended June 30, 2017 and 2016, 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. (D) Potential dilution from (i) warrants outstanding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 17,350,900 shares of Common Stock; (ii) 345,789 Class B Units; (iii) 24,408 shares of unvested restricted common stock; and (iv) 25,100 outstanding Restricted Stock Units 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.

Pro Forma Financial Information

Pro Forma Financial Information	6 Months Ended
	Jun. 30, 2017
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, 2015: Baldwin Park City Vista Crosstown Walk Sorrel Overton Rise Lakeland Plaza 525 Avalon Park Sunbelt Seven Portfolio North by Northwest Champions Village Wade Green Village Brookwood Office Southeastern Six Portfolio Galleria 75 The Market at Victory Village Three Ravinia The Company’s condensed pro forma financial results were: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Pro forma: Revenues $ 70,753,432 $ 62,161,528 $ 137,571,448 $ 125,740,567 Net income (loss) $ 4,613,783 $ (1,061,542 ) $ 37,273,592 $ (5,701,605 ) Net income (loss) attributable to the Company $ 4,497,456 $ (1,050,529 ) $ 36,071,758 $ (5,558,598 ) Net income (loss) attributable to common stockholders $ (10,743,418 ) $ (10,499,635 ) $ 6,443,132 $ (22,943,213 ) Net income (loss) per share of Common Stock attributable to common stockholders, Basic and diluted $ (0.36 ) $ (0.45 ) $ 0.23 $ (0.99 ) Weighted average number of shares of Common Stock outstanding, basic and diluted 29,893,736 23,325,663 28,423,171 23,154,702 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 $2.7 million and $5.5 million for the three-month and six-month periods ended June 30, 2016. Effective January 1, 2017, we adopted Accounting Standard Update 2017-01, which requires acquisition costs for asset acquisitions to be capitalized and and amortized rather than expensed as incurred. 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	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 393,389,214 $ 436,913,424 $ — $ — $ 436,913,424 Notes receivable and line of credit receivable 39,916,635 39,916,635 — — 39,916,635 $ 433,305,849 $ 476,830,059 $ — $ — $ 476,830,059 Financial Liabilities: Mortgage notes payable (2) $ 1,425,429,474 $ 1,421,044,786 $ — $ — $ 1,421,044,786 Revolving credit facility 38,500,000 38,500,000 — — 38,500,000 Term loan 11,000,000 11,000,000 — — 11,000,000 Loan participation obligations 18,598,928 18,561,522 — — 18,561,522 $ 1,493,528,402 $ 1,489,106,308 $ — $ — $ 1,489,106,308 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 (1) The carrying value of real estate assets includes the Company's balance of the Palisades, Green Park, 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 $24.9 million and $21.9 million at June 30, 2017 and December 31, 2016 , 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 additional interest payment due the Company at the maturity date of the loan, based on the outstanding loan balances at June 30, 2017 , 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	6 Months Ended
	Jun. 30, 2017
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events Between July 1, 2017 and July 31, 2017, the Company issued 21,940 Units and collected net proceeds of approximately $19.7 million after commissions and fees under its $1.5 Billion Unit Offering. Between July 1, 2017 and July 31, 2017, the Company issued 907 shares of Series M Preferred Stock and collected net proceeds of approximately $0.9 million after commissions and fees under the mShares offering. On July 11, 2017, the Company closed on a loan investment of up to approximately $22.4 million in support of the construction of a 356 -unit multifamily community to be located in Atlanta, Georgia. On July 12, 2017, the Company increased the borrowing capacity on its revolving line of credit to its Manager to $18.0 million . On July 26, 2017, the Company closed on the acquisition of a 280 -unit multifamily community located in Sarasota, Florida. The allocation of this transaction to the fair value of individual assets and liabilities is not presented as the calculations of the allocation were not complete at the date of filing of this Quarterly Report on Form 10-Q. On July 26, 2017, the Company closed on the acquisition of a 99,384 -square foot grocery-anchored shopping center located in the Columbia, South Carolina market. The allocation of this transaction to the fair value of individual assets and liabilities is not presented as the calculations of the allocation were not complete at the date of filing of this Quarterly Report on Form 10-Q. On July 31, 2017, the Company closed on two loan investments of up to an aggregate of approximately $17.9 million in support of the construction of a 258 -unit multifamily community to be located in Atlanta, Georgia. On August 3, 2017, the Company declared a quarterly dividend on its Common Stock of $0.235 per share, payable on October 16, 2017 to stockholders of record on September 15, 2017. On August 3, 2017, the Company closed on two loan investments of up to an aggregate of approximately $15.6 million in support of the construction of a 224 -unit multifamily community to be located in Fort Myers, Florida.

Significant Accounting Polici25

Significant Accounting Policies Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2017
Summary of Significant Accounting Policies [Abstract]
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment assessment 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. When qualitative factors indicate the possibility of impairment, 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.
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 changed the definition of a business. Under this new guidance, most property acquisitions made by the Company will fall within the category of acquired assets rather than acquired businesses. This distinction will cause the Company to capitalize its costs for acquisitions, allocate them to the fair value of acquired assets and liabilities and amortize these costs over the remaining useful lives of those assets and liabilities.
Goodwill and Intangible Assets, Policy [Policy Text Block]	Identifiable intangible assets In-place leases Multifamily communities and student housing properties The fair value of in-place leases are estimated by calculating the estimated time to fill a hypothetically empty apartment complex to its stabilization level (estimated to be 93% 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. Grocery-anchored shopping centers and office buildings The fair value of in-place leases 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 calculated 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. Above-market and below-market lease values Multifamily communities and student housing properties These values are usually not significant or are not applicable for these properties. Grocery-anchored shopping centers and office buildings The values of above-market and below-market leases are developed by comparing the Company's estimate of the average market rents and expense reimbursements to the average contract rent at the property acquisition date. The amount by which contract rent and expense reimbursements exceed estimated market rent are summed for each individual lease and discounted for a singular aggregate above-market lease intangible asset for the property. The amount by which estimated market rent exceeds contract rent and expense reimbursements are summed for each individual lease and discounted for a singular aggregate below-market lease intangible liability. The above-market or below-market lease values are recorded as a reduction or increase, respectively, to rental revenue over the remaining noncancelable term of the respective leases, plus any below-market probable renewal options.
Revenue Recognition Leases, Operating [Policy Text Block]	Revenue Recognition Multifamily communities and student housing properties Rental revenue is recognized when earned from residents of the Company's multifamily communities, which is over the terms of rental agreements, typically of 12 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. Grocery-anchored shopping centers and office buildings Rental revenue from tenants' operating leases in the Company's grocery-anchored shopping centers and office buildings is recognized on a straight-line basis over the term of the lease. 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 and office building 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 rental revenue. 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 rental 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. For our office buildings, if the improvement is deemed to be a “landlord asset,” and the tenant funded the tenant improvements, the cost is amortized over the term of the underlying lease as rental revenues. In order to qualify as a landlord asset, the specifics of the tenant’s assets are reviewed, including the Company's approval of the tenant’s detailed expenditures, whether such assets may be usable by other future tenants, whether the Company has consent to alter or remove the assets from the premises and generally remain the Company's property at the end of the lease.
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. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect, if any, recognized as of the date of adoption. The Company anticipates selecting the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and will adopt the new standard effective January 1, 2018, when effective. 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 is continuing to evaluate the impact the adoption of ASU 2014-09 will have on its results of operations and financial condition. 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. 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 standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the impacts this standard will have on its results of operations and financial condition. 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 and does not expect the adoption of ASU 2016-18 to impact 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. The Company adopted ASU 2017-01 as of January 1, 2017. The Company believes its future acquisitions of multifamily communities, office buildings, grocery-anchored shopping centers, and student housing properties will generally qualify as asset acquisitions. To the extent acquisitions are deemed to be asset acquisitions, acquisition costs have been and will be capitalized and amortized rather than expensed as incurred. The impact of the adoption of ASU 2017-01 was a increase of approximately $0.5 million of the Company's reported net loss available to common stockholders for the three-month period ended June 30, 2017 and an decrease of approximately $2.7 million of the Company's reported net income available to common stockholders for the six-month period ended June 30, 2017 than it would have under previous guidance. In February 2017, the FASB issued Accounting Standards Update 2017-05 (“ASU 2017-05”), Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (Subtopic 610-20): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets, which provides guidance for recognizing gains and losses from the transfer of nonfinancial assets and for partial sales of nonfinancial assets, and is effective for financial statements issued for fiscal years and interim periods beginning after December 15, 2017. The new standard may be applied retrospectively to each prior period presented or prospectively with the cumulative effect recognized as of the date of adoption and the Company currently expects to adopt ASU 2017-05 utilizing the prospective method but is continuing to evaluate the impact the adoption of this accounting standard will have on its financial statements.

Real Estate Assets (Tables)

Real Estate Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Business Acquisition
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block]	In the Company's Annual Report on Form 10-K for the year ended December 31, 2016, the Company reported a misclassified amount of tenant improvements on its acquisition of the Three Ravinia office building. The impact on the Company's Consolidated Balance Sheet for the year ended December 31, 2016 was an understatement of buildings and improvements of approximately $14.2 million and an overstatement of tenant improvements of the same amount, as shown in the table below. The Company assessed the impact of the error, both quantitatively and qualitatively, in accordance with the SEC’s Staff Accounting Bulletin (SAB) No. 99 and SAB No. 108 and concluded that it was not material to the Company’s previously issued Financial Statements. In order to conform previous financial statements with the current period, the Company elected to revise previously issued financial statements the next time such financial statements are filed. The revision had no impact on the Consolidated Statement of Operations, Consolidated Statement of Stockholder’s Equity, or the Consolidated Statement of Cash Flows. Consolidated balance sheet as of December 31, 2016 As previously reported Adjustment As revised Real estate Building and improvements $ 1,499,129,649 $ 14,164,111 $ 1,513,293,760 Tenant improvements $ 37,806,472 $ (14,164,111 ) $ 23,642,361 Three Ravinia acquisition As previously reported Adjustment As revised Real estate Buildings and improvements $ 133,323,658 $ 14,164,111 $ 147,487,769 Tenant improvements $ 20,698,893 $ (14,164,111 ) $ 6,534,782 The error in the prior year purchase price allocation for the Three Ravinia acquisition was related to the expenditure timing of landlord funded tenant allowances and the related recognition of value at the acquisition date.
real estate sold [Table Text Block]	The carrying amounts of the significant assets and liabilities of the disposed properties at the dates of sale were: Sandstone Creek Ashford Park Enclave at Vista Ridge 1/20/2017 3/7/2017 5/25/2017 Real estate assets: Land $ 2,846,197 $ 10,600,000 $ 4,704,917 Building and improvements 41,859,684 24,075,263 29,915,903 Furniture, fixtures and equipment 5,278,268 4,222,858 2,874,403 Accumulated depreciation (4,808,539 ) (6,816,193 ) (3,556,362 ) Total assets $ 45,175,610 $ 32,081,928 $ 33,938,861 Liabilities: Mortgage note payable $ 30,840,135 $ 25,626,000 $ 24,862,000 Supplemental mortgage note $ — $ 6,373,717 $ —
real estate owned [Table Text Block]	The Company's real estate assets consisted of: As of: 6/30/17 12/31/16 Multifamily communities: Properties (1) 25 24 Units 8,074 8,049 New Market Properties (2) Properties 33 31 Gross leasable area (square feet) (3) 3,477,941 3,295,491 Student housing properties: Properties 2 1 Units 444 219 Beds 1,319 679 Office buildings: Properties 3 3 Rentable square feet 1,094,000 1,096,834 (1) The acquired second phase 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. (2) See note 12, Segment information. (3) 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	During the six-month periods ended June 30, 2017 and 2016 , the Company completed the acquisition of the following multifamily communities and student housing property: Acquisition date Property Location Approximate purchase price (millions) (1) Units 2/28/2017 Regents on University (2) Tempe, Arizona $ 53.3 225 3/3/2017 Broadstone at Citrus Village Tampa, Florida $ 47.4 296 3/24/2017 Retreat at Greystone Birmingham, Alabama $ 50.0 312 3/31/2017 Founders Village Williamsburg, Virginia $ 44.4 247 4/26/2017 Claiborne Crossing Louisville, Kentucky $ 45.2 242 1,322 1/5/2016 Baldwin Park Orlando, Florida $ 110.8 528 1/15/2016 Crosstown Walk Tampa, Florida $ 45.8 342 2/1/2016 Overton Rise Atlanta, Georgia $ 61.1 294 5/31/2016 Avalon Park Orlando, Florida $ 92.5 487 6/1/2016 North by Northwest (3) Tallahassee, Florida $ 46.1 219 1,870 (1) Purchase prices shown are exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. (2) A 640 -bed student housing community located adjacent to the campus of Arizona State University in Tempe, Arizona. (3) A 679 -bed student housing community located adjacent to the campus of Florida State University in Tallahassee, Florida. The Company allocated the purchase prices and, for acquisitions that closed subsequent to January 1, 2017, capitalized acquisition costs, 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. 2017 Multifamily Communities acquired Broadstone at Citrus Village Regents on University Retreat at Greystone Founders Village Claiborne Crossing Land $ 4,809,113 $ 7,440,934 $ 4,077,262 $ 5,314,862 $ 2,147,217 Buildings and improvements 34,180,983 40,058,727 35,336,277 32,853,763 30,551,646 Furniture, fixtures and equipment 6,299,645 3,771,432 9,125,302 5,907,345 7,027,257 Lease intangibles 1,624,752 2,344,404 1,844,476 1,421,197 1,268,810 Mark to market debt assumption asset 893,385 — — — 4,447,751 Prepaids & other assets 744,970 808,045 871,684 938,419 1,120,728 Escrows 67,876 — 101,503 — — Accrued taxes (108,286 ) (71,856 ) (139,046 ) — (115,728 ) Security deposits, prepaid rents, and other liabilities (24,887 ) (377,735 ) (108,573 ) (103,204 ) (130,850 ) Net assets acquired $ 48,487,551 $ 53,973,951 $ 51,108,885 $ 46,332,382 $ 46,316,831 Cash paid $ 18,237,551 $ 16,488,951 $ 1,660,888 $ 1,438,320 $ 19,242,604 Use of 1031 proceeds — — 14,237,997 13,289,062 — Mortgage debt 30,250,000 37,485,000 35,210,000 31,605,000 27,074,227 Total consideration $ 48,487,551 $ 53,973,951 $ 51,108,885 $ 46,332,382 (1 ) $ 46,316,831 Three months ended June 30, 2017: Revenue $ 1,087,000 $ 1,422,000 $ 1,209,000 $ 1,003,000 $ 733,000 Net income (loss) $ (719,000 ) $ (1,553,000 ) $ (687,000 ) $ (507,000 ) $ (827,000 ) Six months ended June 30, 2017: Revenue $ 1,460,000 $ 1,894,000 $ 1,298,000 $ 1,003,000 $ 733,000 Net income (loss) $ (793,000 ) $ (1,895,000 ) $ (931,000 ) $ (705,000 ) $ (827,000 ) Capitalized acquisition costs incurred by the Company $ 458,000 $ 290,000 $ 383,000 $ 1,103,000 293,000 Acquisition costs paid to related party (included above) $ 24,000 $ 60,000 $ 56,000 $ 8,000 22,000 Remaining amortization period of intangible assets and liabilities (months) 35.3 1.5 8.5 8.5 90.1 (1) The Company's real estate loan investment in support of Founders Village was repaid in full at the closing of the acquisition of the property. 2016 Multifamily Communities acquired North by Northwest Avalon Park Overton Rise Baldwin Park Crosstown Walk Land $ 8,281,054 $ 7,410,048 $ 8,511,370 $ 17,402,882 $ 5,178,375 Buildings and improvements 34,355,922 80,558,636 44,710,034 87,105,757 33,605,831 Furniture, fixtures and equipment 2,623,916 1,790,256 6,286,105 3,358,589 5,726,583 Lease intangibles 799,109 2,741,060 1,611,314 2,882,772 1,323,511 Prepaids & other assets 79,626 99,297 73,754 229,972 125,706 Escrows 1,026,419 3,477,157 354,640 2,555,753 291,868 Accrued taxes (321,437 ) (394,731 ) (66,422 ) (17,421 ) (25,983 ) Security deposits, prepaid rents, and other liabilities (159,462 ) (207,623 ) (90,213 ) (226,160 ) (53,861 ) Net assets acquired $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 $ 46,172,030 Cash paid $ 12,831,872 $ 30,474,100 $ 20,090,582 $ 35,492,144 $ 13,632,030 Mortgage debt (1) 33,853,275 65,000,000 41,300,000 77,800,000 32,540,000 Total consideration $ 46,685,147 $ 95,474,100 $ 61,390,582 $ 113,292,144 $ 46,172,030 Three months ended June 30, 2017: Revenue $ 1,471,000 $ 2,047,000 $ 1,313,000 $ 2,351,000 $ 1,292,000 Net income (loss) $ (69,000 ) $ (1,047,000 ) $ (121,000 ) $ (686,000 ) $ (88,000 ) Six months ended June 30, 2017: Revenue $ 2,936,000 $ 4,015,000 $ 2,579,000 $ 4,714,000 $ 2,590,000 Net income (loss) $ (202,000 ) $ (2,280,000 ) $ (267,000 ) $ (1,270,000 ) $ (129,000 ) Cumulative acquisition costs incurred by the Company $ 378,000 $ 1,315,000 $ 115,000 $ 1,848,000 $ 319,000 Remaining amortization period of intangible assets and liabilities (months) 0.0 0.0 0.0 0.0 0.0
Retail Segment [Member]
Business Acquisition
Table of Properties Acquired	Acquisition date Property Location Approximate purchase price (millions) (1) Gross leasable area (square feet) 2/29/16 Wade Green Village Atlanta, Georgia $ 11.0 74,978 4/29/16 Southeastern Six Portfolio (2) $ 68.7 535,252 5/16/16 The Market at Victory Village Nashville, Tennessee $ 15.6 71,300 681,530 (1) Purchase price shown is exclusive of acquired escrows, security deposits, prepaids, and other miscellaneous assets and assumed liabilities. (2) The six grocery-anchored shopping centers located in Georgia, South Carolina and Alabama are referred to collectively as the Southeastern Six Portfolio.

Real Estate Loans, Notes Rece27

Real Estate Loans, Notes Receivable, and Lines of Credit Real estate loans (Tables)	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Real Estate Owned [Text Block]	As of: 6/30/17 12/31/16 Multifamily communities: Properties (1) 25 24 Units 8,074 8,049 New Market Properties (2) Properties 33 31 Gross leasable area (square feet) (3) 3,477,941 3,295,491 Student housing properties: Properties 2 1 Units 444 219 Beds 1,319 679 Office buildings: Properties 3 3 Rentable square feet 1,094,000 1,096,834 (1) The acquired second phase 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. (2) See note 12, Segment information. (3) 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]	June 30, 2017 December 31, 2016 Number of loans 27 26 Drawn amount $ 395,023,885 $ 334,570,242 Deferred loan origination fees (1,634,671 ) (1,809,174 ) Carrying value $ 393,389,214 $ 332,761,068 Unfunded loan commitments $ 46,990,969 $ 76,546,234 Weighted average current interest, per annum (paid monthly) 8.50 % 8.26 % Deferred interest, per annum 5.15 % 5.26 % Principal balance Deferred loan origination fees Carrying value December 31, 2016 $ 334,570,242 $ (1,809,174 ) $ 332,761,068 Loan fundings 70,319,643 — 70,319,643 Loan repayments (9,866,000 ) — (9,866,000 ) Commitment fees collected — 586,947 586,947 Amortization of commitment fees — (412,444 ) (412,444 ) Balances as of June 30, 2017 $ 395,023,885 $ (1,634,671 ) $ 393,389,214 Property type Number of loans Carrying value Commitment amount Percentage of portfolio Multifamily communities 17 $ 235,634,091 $ 259,983,510 60 % Student housing properties 9 144,903,432 169,174,339 37 % Grocery-anchored shopping centers 1 12,851,691 12,857,005 3 % Balances as of June 30, 2017 27 $ 393,389,214 $ 442,014,854
Notes receivable [Table Text Block]	At June 30, 2017 , 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 6/30/2017 12/31/2016 360 Residential, LLC (1) 3/20/2013 12/31/2017 $ 2,000,000 $ 1,830,677 $ 1,472,571 12 % Preferred Capital Marketing Services, LLC (2) 1/24/2013 12/31/2017 1,500,000 1,034,198 1,082,311 10 % Oxford Contracting, LLC (1) 8/27/2013 (3) 1,500,000 — 1,475,000 8 % Preferred Apartment Advisors, LLC (1,2,4) 8/21/2012 12/31/2018 15,000,000 14,261,133 13,708,761 8 % Haven Campus Communities, LLC (1,2) 6/11/2014 12/31/2017 11,110,000 7,324,904 7,324,904 12 % Oxford Capital Partners, LLC (1,5) 10/5/2015 12/31/2017 10,150,000 8,119,446 7,870,865 12 % Newport Development Partners, LLC (1) 6/17/2014 6/30/2018 3,000,000 — — 12 % 360 Residential, LLC II (1) 12/30/2015 12/31/2017 3,255,000 3,109,457 2,884,845 15 % Mulberry Development Group, LLC (1) 3/31/2016 6/30/2018 500,000 385,000 177,000 12 % 360 Capital Company, LLC (1) 5/24/2016 12/31/2017 3,900,000 3,876,137 1,678,999 12 % Unamortized loan fees (24,318 ) (59,581 ) $ 51,915,000 $ 39,916,634 $ 37,615,675 (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) Note was repaid on April 6, 2017 and terminated at its maturity date of April 30, 2017. (4) 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. See note 16. (5) 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.
interest income [Table Text Block]	The Company recorded interest income and other revenue from these instruments as follows: Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Real estate loans: Current interest payments $ 7,979,350 $ 5,917,452 $ 15,040,923 $ 11,010,122 Additional accrued interest 4,475,333 3,443,642 8,888,473 6,716,297 Deferred origination fee amortization 327,772 196,127 586,946 435,726 Total real estate loan revenue 12,782,455 9,557,221 24,516,342 18,162,145 Interest income on notes and lines of credit 1,045,907 1,021,625 2,073,723 2,136,800 Interest income on loans and notes receivable $ 13,828,362 $ 10,578,846 $ 26,590,065 $ 20,298,945

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	Three months ended June 30, Six months ended June 30, Type of Compensation Basis of Compensation 2017 2016 2017 2016 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable $ 417,444 $ 422,857 $ 417,444 $ 1,124,226 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) 955,368 2,424,148 3,009,508 4,685,609 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 3,058,859 1,751,501 6,121,942 3,512,505 Property management fees Monthly fee equal to 4% of the monthly gross revenues of the properties managed 1,559,876 1,128,285 2,985,277 2,190,753 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 1,259,702 768,124 2,543,121 1,512,225 Construction management fees Quarterly fee for property renovation and takeover projects 89,257 32,235 160,409 72,511 $ 7,340,506 $ 6,527,150 $ 15,237,701 $ 13,097,829 (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. Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 $ 3,018,284 $ 2,516,605 $ 5,795,251 $ 4,880,068

Dividends (Tables)

Dividends (Tables)	6 Months Ended
	Jun. 30, 2017
Dividends Payable [Line Items]
dividend activity [Table Text Block]	The Company's cash distributions on its Preferred Stock were: 2017 2016 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 31, 2017 932,413 $ 4,641,149 January 30, 2016 482,774 $ 2,481,086 February 28, 2017 977,267 4,849,032 February 27, 2016 516,017 2,630,601 March 31, 2017 979,309 4,893,598 March 31, 2016 544,129 2,770,048 April 28, 2017 992,774 4,962,210 April 29, 2016 582,720 2,979,196 May 31, 2017 1,019,046 5,072,564 May 31, 2016 617,994 3,143,567 June 30, 2017 1,041,187 5,190,812 June 30, 2016 651,439 3,321,519 Total $ 29,609,365 Total $ 17,326,017

Dividends Series A Preferred St

Dividends Series A Preferred Stock (Tables)	6 Months Ended
	Jun. 30, 2017
Series A Preferred Stock [Abstract]
dividend activity [Table Text Block]	The Company's cash distributions on its Preferred Stock were: 2017 2016 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 31, 2017 932,413 $ 4,641,149 January 30, 2016 482,774 $ 2,481,086 February 28, 2017 977,267 4,849,032 February 27, 2016 516,017 2,630,601 March 31, 2017 979,309 4,893,598 March 31, 2016 544,129 2,770,048 April 28, 2017 992,774 4,962,210 April 29, 2016 582,720 2,979,196 May 31, 2017 1,019,046 5,072,564 May 31, 2016 617,994 3,143,567 June 30, 2017 1,041,187 5,190,812 June 30, 2016 651,439 3,321,519 Total $ 29,609,365 Total $ 17,326,017

Dividends Class A Distributions

Dividends Class A Distributions (Tables)	6 Months Ended
	Jun. 30, 2017
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 June 30, 2017 , the Company had 901,195 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: 2017 2016 Record date Payment date Aggregate distributions Record date Payment date Aggregate distributions March 15, 2017 April 14, 2017 $ 198,742 March 15, 2016 April 15, 2016 $ 117,395 June 15, 2017 July 14, 2017 211,781 May 5, 2016 July 15, 2016 179,449 $ 410,523 $ 296,844

Dividends Dividend characteriza

Dividends Dividend characterization (Tables)	6 Months Ended
	Jun. 30, 2017
Dividend characterization [Abstract]
dividends and distributions [Text Block]	Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its Series A Preferred Stock and, beginning in March 2017, on its Series M 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: 2017 2016 Record date Number of shares Aggregate dividends declared Record date Number of shares Aggregate dividends declared January 31, 2017 932,413 $ 4,641,149 January 30, 2016 482,774 $ 2,481,086 February 28, 2017 977,267 4,849,032 February 27, 2016 516,017 2,630,601 March 31, 2017 979,309 4,893,598 March 31, 2016 544,129 2,770,048 April 28, 2017 992,774 4,962,210 April 29, 2016 582,720 2,979,196 May 31, 2017 1,019,046 5,072,564 May 31, 2016 617,994 3,143,567 June 30, 2017 1,041,187 5,190,812 June 30, 2016 651,439 3,321,519 Total $ 29,609,365 Total $ 17,326,017 The Company's dividend activity on its Common Stock for the six -month periods ended June 30, 2017 and 2016 was: 2017 2016 Record date Number of shares Dividend per share Aggregate dividends paid Record date Number of shares Dividend per share Aggregate dividends paid March 15, 2017 27,139,354 $ 0.22 $ 5,970,658 March 15, 2016 23,041,502 $ 0.1925 $ 4,435,489 June 15, 2017 32,082,451 0.235 7,539,376 June 15, 2016 23,568,328 0.2025 4,772,587 $ 0.455 $ 13,510,034 $ 0.395 $ 9,208,076 The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At June 30, 2017 , the Company had 901,195 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: 2017 2016 Record date Payment date Aggregate distributions Record date Payment date Aggregate distributions March 15, 2017 April 14, 2017 $ 198,742 March 15, 2016 April 15, 2016 $ 117,395 June 15, 2017 July 14, 2017 211,781 May 5, 2016 July 15, 2016 179,449 $ 410,523 $ 296,844

Equity Compensation (Tables)

Equity Compensation (Tables)	6 Months Ended
	Jun. 30, 2017
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 1/3/2017 1/4/2016 Stock price $ 14.79 $ 12.88 Dividend yield 5.95 % 5.98 % Expected volatility 26.4 % 26.10 % Risk-free interest rate 2.91 % 2.81 % Number of Units granted: One year vesting period 198,184 176,835 Three year vesting period 88,208 89,096 286,392 265,931 Calculated fair value per Unit $ 11.92 $ 10.03 Total fair value of Units $ 3,413,793 $ 2,667,288 Target market threshold increase $ 4,598,624 $ 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 $0.22 for the 2017 awards and $0.1925 for the 2016 awards. For the 2017 and 2016 awards, the Company's own stock price history was utilized as the basis for deriving the expected volatility 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. Restricted Stock Units On January 3, 2017, the Company caused the Operating Partnership to grant 26,900 restricted stock units, or RSUs, for service to be rendered during 2017, 2018 and 2019. The RSUs 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 RSUs become earned RSUs and automatically convert into Common Stock on a one-to-one basis. Vested RSUs may become Earned RSUs 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 RSUs that do not become Earned RSUs on the Initial Valuation Date are subsequently remeasured on a quarterly basis until such time as all Vested RSUs become Earned RSUs or are forfeited due to termination of continuous service 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 RSUs to qualify to become fully Earned RSUs. As of June 30, 2017, a total of 1,800 RSUs had been forfeited. Because RSUs are valued using the identical market condition vesting requirement that determines the transition of the Vested Class B Units to Earned Class B Units, the same valuation assumptions and Monte Carlo result of $11.92 per RSU were utilized to calculate the total fair value of the RSUs of $320,648 , which will be amortized as compensation expense over the three one-year periods ending on each of January 2, 2018, 2019 and 2020.
equity compensation expense [Table Text Block]	Three months ended June 30, Six months ended June 30, Unamortized expense as of June 30, 2017 2016 2017 2016 2017 Quarterly board member committee fee grants $ — $ 5,982 $ — $ 29,991 $ — Class B Unit awards: Executive officers - 2015 — — — 5,236 — Executive officers - 2016 74,470 517,884 163,244 1,019,062 449,224 Executive officers - 2017 678,176 — 1,334,476 — 2,079,316 Restricted stock grants: 2015 — 26,668 — 106,670 — 2016 34,167 68,333 136,667 68,333 — 2017 60,003 — 60,003 — 300,015 Restricted stock units 24,337 — 49,865 — 255,287 Total $ 871,153 $ 618,867 $ 1,744,255 $ 1,229,292 $ 3,083,842
ClassBUnitGrantsvaluationassumptions [Table Text Block]	Grant dates 1/3/2017 1/4/2016 Stock price $ 14.79 $ 12.88 Dividend yield 5.95 % 5.98 % Expected volatility 26.4 % 26.10 % Risk-free interest rate 2.91 % 2.81 % Number of Units granted: One year vesting period 198,184 176,835 Three year vesting period 88,208 89,096 286,392 265,931 Calculated fair value per Unit $ 11.92 $ 10.03 Total fair value of Units $ 3,413,793 $ 2,667,288 Target market threshold increase $ 4,598,624 $ 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 restricted stock grants for the 2015 and 2016 service years vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. Service year Shares Fair value per share Total compensation cost 2015 30,133 10.62 320,012 2016 30,990 13.23 409,998 2017 24,408 14.75 360,018

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	The following table summarizes our mortgage notes payable at June 30, 2017 : Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life Multifamily communities $ 656,178,566 3.66 % 7.6 years Grocery-anchored shopping centers 285,309,654 3.81 % 7.0 years Office buildings 153,709,013 4.25 % 21.6 years Student housing projects 33,135,181 4.02 % 5.2 years Total fixed rate mortgage debt $ 1,128,332,414 3.79 % 9.3 years Variable rate mortgage debt: Multifamily communities $ 196,786,310 3.26 % 4.1 years Grocery-anchored shopping centers 62,825,750 3.85 % 4.0 years Office buildings — — — Student housing projects 37,485,000 3.23 % 4.7 years Total variable rate mortgage debt $ 297,097,060 3.38 % 4.2 years Total mortgage debt: Multifamily communities $ 852,964,876 3.57 % 6.8 years Grocery-anchored shopping centers 348,135,404 3.81 % 6.5 years Office buildings 153,709,013 4.25 % 21.6 years Student housing projects 70,620,181 3.60 % 4.9 years Total mortgage debt $ 1,425,429,474 3.70 % 8.2 years
mortgage debt summary by segment [Table Text Block]	Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life Multifamily communities $ 656,178,566 3.66 % 7.6 years Grocery-anchored shopping centers 285,309,654 3.81 % 7.0 years Office buildings 153,709,013 4.25 % 21.6 years Student housing projects 33,135,181 4.02 % 5.2 years Total fixed rate mortgage debt $ 1,128,332,414 3.79 % 9.3 years Variable rate mortgage debt: Multifamily communities $ 196,786,310 3.26 % 4.1 years Grocery-anchored shopping centers 62,825,750 3.85 % 4.0 years Office buildings — — — Student housing projects 37,485,000 3.23 % 4.7 years Total variable rate mortgage debt $ 297,097,060 3.38 % 4.2 years Total mortgage debt: Multifamily communities $ 852,964,876 3.57 % 6.8 years Grocery-anchored shopping centers 348,135,404 3.81 % 6.5 years Office buildings 153,709,013 4.25 % 21.6 years Student housing projects 70,620,181 3.60 % 4.9 years Total mortgage debt $ 1,425,429,474 3.70 % 8.2 years
debt covenant [Table Text Block]	As of June 30, 2017 , 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 $995,194,798 (2) $1,077,401,550 Debt yield Minimum 8.0% 9.25% Payout ratio Maximum 95% (3) 92.3% Total leverage ratio Maximum 65.0% 58.7% Debt service coverage ratio Minimum 1.50x 2.03x (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 $995 million as of June 30, 2017 . (3) Calculated on a trailing four-quarter basis. For the six-month period ended June 30, 2017 , the maximum dividends and distributions allowed under this covenant was approximately $80.7 million .
mortgage interest [Table Text Block]	Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Multifamily communities $ 8,501,497 $ 6,665,222 $ 15,909,267 $ 13,034,047 New Market Properties 3,510,202 1,645,824 6,840,455 2,973,022 Office buildings 1,676,852 — 3,353,627 — Student housing communities 719,202 120,294 1,195,836 120,294 Interest paid to real estate loan participants 585,465 430,507 1,256,329 858,859 Total 14,993,218 8,861,847 28,555,514 16,986,222 Credit Facility and Acquisition Facility 1,404,677 697,654 2,851,084 1,468,109 Interest Expense $ 16,397,895 $ 9,559,501 $ 31,406,598 $ 18,454,331
Schedule of Maturities of Long-term Debt [Table Text Block]	Period Future principal payments 2017 $ 59,781,560 (1) 2018 42,390,967 2019 239,968,069 2020 61,651,487 2021 118,152,940 thereafter 952,984,451 Total $ 1,474,929,474 (1) Includes the principal amount due of the Company's Revolving Line of Credit of $38.5 million and Term Note of $11.0 million.
Schedule of Debt [Table Text Block]	Period Future principal payments 2017 $ 59,781,560 (1) 2018 42,390,967 2019 239,968,069 2020 61,651,487 2021 118,152,940 thereafter 952,984,451 Total $ 1,474,929,474 (1) Includes the principal amount due of the Company's Revolving Line of Credit of $38.5 million and Term Note of $11.0 million.

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting Information [Line Items]
segment assets [Table Text Block]	June 30, 2017 December 31, 2016 Assets: Multifamily communities $ 1,271,621,536 $ 1,166,766,664 Financing 444,571,394 379,070,918 New Market Properties 607,722,562 579,738,707 Office buildings 300,037,214 285,229,700 Other 15,579,816 10,026,613 Consolidated assets $ 2,639,532,522 $ 2,420,832,602
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Segment net operating income (Segment NOI) Multifamily communities $ 19,256,359 $ 15,467,692 $ 36,585,159 $ 29,755,444 Financing 13,388,757 10,171,596 25,720,808 19,385,758 New Market Properties 9,563,689 5,094,755 18,934,531 9,249,003 Office buildings 6,285,486 — 12,503,860 — Consolidated segment net operating income 48,494,291 30,734,043 93,744,358 58,390,205 Interest and loss on early debt extinguishment: Multifamily communities 9,220,699 6,785,216 17,105,103 13,154,341 New Market Properties 3,510,202 1,645,824 6,840,455 2,973,022 Office buildings 1,676,852 — 3,353,627 — Financing 1,990,142 1,128,461 4,107,413 2,326,968 Depreciation and amortization: Multifamily communities 18,147,967 14,116,337 32,831,899 26,771,521 New Market Properties 7,061,552 3,853,638 14,102,474 6,545,180 Office buildings 3,247,482 — 6,348,817 — Professional fees 499,323 900,302 1,025,654 1,582,887 Management fees, net of forfeitures 4,693,559 2,507,307 9,030,991 5,003,792 Acquisition costs: Multifamily communities — 1,703,647 (20,559 ) 4,044,497 New Market Properties — 1,037,518 25,402 1,460,254 Office buildings 5,000 23,576 9,159 23,576 Equity compensation to directors and executives 871,153 618,867 1,744,255 1,229,292 Gain on sale of real estate 6,914,949 4,271,506 37,639,009 4,271,506 Loss on extinguishment of debt (888,428 ) — (888,428 ) — Other 292,679 467,377 624,567 718,392 Net income (loss) $ 3,304,202 $ 217,479 $ 33,365,682 $ (3,172,011 )

Loss per Share (Tables)

Loss per Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
earnings loss per share [Table Text Block]	Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Numerator: Net loss before gain on sale of real estate $ (3,610,747 ) $ (4,054,027 ) $ (4,273,327 ) $ (7,443,517 ) Gain on sale of real estate, net of disposition expenses 6,914,949 4,271,506 37,639,009 4,271,506 Net income (loss) 3,304,202 217,479 33,365,682 (3,172,011 ) Consolidated net (income) loss attributable to non-controlling interests (A) (96,823 ) (7,961 ) (1,095,889 ) 80,600 Net income (loss) attributable to the Company 3,207,379 209,518 32,269,793 (3,091,411 ) Dividends declared to Series A preferred stockholders (B) (15,235,138 ) (9,444,282 ) (29,621,185 ) (17,326,017 ) Earnings attributable to unvested restricted stock (C) (5,736 ) (4,824 ) (7,441 ) (6,275 ) Net income (loss) attributable to common stockholders $ (12,033,495 ) $ (9,239,588 ) $ 2,641,167 $ (20,423,703 ) Denominator: Weighted average number of shares of Common Stock - basic 29,893,736 23,325,663 28,423,171 23,154,702 Effect of dilutive securities: (D) Warrants — — — — Class B Units — — — — Unvested restricted stock — — — — Restricted Stock Units — — — — Weighted average number of shares of Common Stock, basic and diluted 29,893,736 23,325,663 28,423,171 23,154,702 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (0.40 ) $ (0.40 ) $ 0.09 $ (0.88 )

Pro Forma Financial Informati37

Pro Forma Financial Information pro forma (Tables)	6 Months Ended
	Jun. 30, 2017
Pro Forma Financial Information [Abstract]
segment operating results [Table Text Block]	Three months ended June 30, Six months ended June 30, 2017 2016 2017 2016 Pro forma: Revenues $ 70,753,432 $ 62,161,528 $ 137,571,448 $ 125,740,567 Net income (loss) $ 4,613,783 $ (1,061,542 ) $ 37,273,592 $ (5,701,605 ) Net income (loss) attributable to the Company $ 4,497,456 $ (1,050,529 ) $ 36,071,758 $ (5,558,598 ) Net income (loss) attributable to common stockholders $ (10,743,418 ) $ (10,499,635 ) $ 6,443,132 $ (22,943,213 ) Net income (loss) per share of Common Stock attributable to common stockholders, Basic and diluted $ (0.36 ) $ (0.45 ) $ 0.23 $ (0.99 ) Weighted average number of shares of Common Stock outstanding, basic and diluted 29,893,736 23,325,663 28,423,171 23,154,702

Fair Values of Financial Inst38

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Fair Values of Financial Instruments [Abstract]
Fair Value Measurements, Nonrecurring [Table Text Block]	As of June 30, 2017 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 393,389,214 $ 436,913,424 $ — $ — $ 436,913,424 Notes receivable and line of credit receivable 39,916,635 39,916,635 — — 39,916,635 $ 433,305,849 $ 476,830,059 $ — $ — $ 476,830,059 Financial Liabilities: Mortgage notes payable (2) $ 1,425,429,474 $ 1,421,044,786 $ — $ — $ 1,421,044,786 Revolving credit facility 38,500,000 38,500,000 — — 38,500,000 Term loan 11,000,000 11,000,000 — — 11,000,000 Loan participation obligations 18,598,928 18,561,522 — — 18,561,522 $ 1,493,528,402 $ 1,489,106,308 $ — $ — $ 1,489,106,308	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

Organization (Details)

Organization (Details)	Jun. 30, 2017$ / sharesshares	Dec. 31, 2016$ / sharesshares	Jun. 30, 2016shares	Mar. 15, 2016shares
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01
Common Stock, Shares, Outstanding	32,420,391		23,568,328	23,041,502
Noncontrolling Interest, Ownership Percentage by Parent	97.30%
minority interest partnership units outstanding	901,195		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	32,420,391	26,498,192

Significant Accounting Polici40

Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2017USD ($)
Real Estate Properties [Line Items]
contingent fees	$ 387,000
stabilization level	93.00%

Real Estate Assets - Narrative

Real Estate Assets - Narrative (Details)	May 25, 2017USD ($)	Mar. 07, 2017USD ($)	Jun. 30, 2017USD ($)ft²	Jun. 30, 2016USD ($)ft²	Jun. 30, 2017USD ($)ft²	Jun. 30, 2016USD ($)ft²	Jun. 30, 2017	Jun. 30, 2017USD ($)	Dec. 31, 2016ft²
Business Acquisition
Number of units in real estate property			1,322	1,870	1,322	1,870	8,074		8,049
Area of Real Estate Property | ft²			3,477,941		3,477,941				3,295,491
Revenues			$ 70,890,913	$ 45,853,944	$ 137,452,248	$ 87,589,725
Net Income contributed to consolidated results			3,304,202	217,479	33,365,682	(3,172,011)
Acquisition costs								$ 297,000
Gains (Losses) on Sales of Investment Real Estate			6,914,949	4,271,506	37,639,009	4,271,506
Income (Loss) before Gain (Loss) on Sale of Properties			$ (3,610,747)	$ (4,054,027)	(4,273,327)	(7,443,517)
Retail Site [Member]
Business Acquisition
Number of Real Estate Properties							33		31
Sandstone Creek Apartments
Business Acquisition
Number of units in real estate property							364
Net assets acquired					48,100,000
Gains (Losses) on Sales of Investment Real Estate					300,000
Income (Loss) before Gain (Loss) on Sale of Properties					1,200,000	(600,000)
Ashford Park
Business Acquisition
Number of units in real estate property							0
Net assets acquired		$ 65,500,000
Gains (Losses) on Sales of Investment Real Estate					30,400,000
Income (Loss) before Gain (Loss) on Sale of Properties					$ 2,300,000	$ 400,000
Enclave
Business Acquisition
Net assets acquired	$ 44,000,000

Real Estate Assets - Table of P

Real Estate Assets - Table of Properties Acquired (Details)	3 Months Ended	6 Months Ended
	Jun. 30, 2016USD ($)ft²	Jun. 30, 2017USD ($)ft²	Jun. 30, 2016USD ($)ft²	Jun. 30, 2017bed	Jun. 30, 2017	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)ft²
Business Acquisition
Number of units in real estate property	1,870	1,322	1,870		8,074		8,049
Area of Real Estate Property | ft²		3,477,941					3,295,491
Net Rentable Area | ft²	681,530	182,450	681,530
Restricted Cash and Cash Equivalents						$ 47,905,398	$ 55,392,984
Noncash or Part Noncash Acquisition, Debt Assumed		$ 73,000,000
Finite-Lived Intangible Assets, Remaining Amortization Period		1 year 9 months 50 days
Castleberry [Domain]
Business Acquisition
Land						3,023,731
Buildings and improvements						13,471,240
Tenant improvements						670,376
Business Combination, Consideration Transferred		$ 17,567,893
Cash paid		2,306,703
business combination purchase price		$ 17,600,000
Net Rentable Area | ft²		80,018
In-place leases						990,663
Above-market leases						123,084
Finite-Lived Intangible Assets, Remaining Amortization Period		10 years
regents on university [Member]
Business Acquisition
Number of beds, student housing | bed				640
Land						7,440,934
Buildings and improvements						40,058,727
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment						3,771,432
Finite-lived Intangible Assets Acquired		$ 2,344,404
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other						808,045
business combinations, escrow fund asset recognized						0
business combinations, accrued property tax liability						71,856
Other liabilities						(377,735)
Business Combination, Consideration Transferred		53,973,951
Cash paid		$ 16,488,951
Number of units in real estate property | ft²		225
business combination purchase price		$ 53,300,000
Mortgage debt		$ 37,485,000
Finite-Lived Intangible Assets, Remaining Amortization Period		1 year 6 months
citrus village [Member]
Business Acquisition
Land						4,809,113
Buildings and improvements						34,180,983
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment						6,299,645
Finite-lived Intangible Assets Acquired		$ 1,624,752
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other						744,970
business combinations, escrow fund asset recognized						67,876
business combinations, accrued property tax liability						108,286
Other liabilities						(24,887)
Business Combination, Consideration Transferred		48,487,551
Cash paid		$ 18,237,551
Number of units in real estate property | ft²		296
business combination purchase price		$ 47,400,000
Mortgage debt		$ 30,250,000
Finite-Lived Intangible Assets, Remaining Amortization Period		35 years 4 months
Rockbridge Village [Member]
Business Acquisition
Land						3,141,325
Buildings and improvements						15,666,091
Tenant improvements						278,340
Business Combination, Consideration Transferred		$ 20,281,677
Cash paid		6,031,677
business combination purchase price		$ 20,300,000
Net Rentable Area | ft²		102,432
In-place leases						1,249,694
Above-market leases						59,267
Finite-Lived Intangible Assets, Remaining Amortization Period		7 years 9 months
Southeastern Six Pack [Member]
Business Acquisition
Land						14,081,647
Buildings and improvements						48,598,731
Tenant improvements						993,530
Business Combination, Consideration Transferred		$ 68,751,867
Cash paid		$ 43,751,867
business combination purchase price			$ 68,700,000
Net Rentable Area | ft²	535,252		535,252
In-place leases						4,906,398
Above-market leases						86,234
Finite-Lived Intangible Assets, Remaining Amortization Period		4 years
victory village [Member]
Business Acquisition
Land						2,271,224
Buildings and improvements						11,872,222
Tenant improvements						402,973
Business Combination, Consideration Transferred		$ 15,528,229
Cash paid		$ 6,278,229
business combination purchase price			$ 15,600,000
Net Rentable Area | ft²	71,300		71,300
In-place leases						847,939
Above-market leases						100,216
Finite-Lived Intangible Assets, Remaining Amortization Period		7 years 11 months
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		528
business combination purchase price	$ 110,800,000
Mortgage debt		$ 77,800,000
Finite-Lived Intangible Assets, Remaining Amortization Period		0 months
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		342
business combination purchase price	$ 45,800,000
Mortgage debt		$ 32,540,000
Finite-Lived Intangible Assets, Remaining Amortization Period		0 months
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		0 years
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
Lenox Portfolio [Member]
Business Acquisition
Net Rentable Area | ft²		47,600
Finite-Lived Intangible Assets, Remaining Amortization Period		24 months 13 days
retreat at greystone [Member]
Business Acquisition
Land						4,077,262
Buildings and improvements						35,336,277
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment						9,125,302
Finite-lived Intangible Assets Acquired		$ 1,844,476
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other						871,684
business combinations, escrow fund asset recognized						101,503
business combinations, accrued property tax liability						139,046
Other liabilities						(108,573)
Business Combination, Consideration Transferred		51,108,885
Cash paid		$ 1,660,888
Number of units in real estate property | ft²		312
business combination purchase price		$ 50,000,000
Mortgage debt		$ 35,210,000
Finite-Lived Intangible Assets, Remaining Amortization Period		8 years 6 months
founders village [Member]
Business Acquisition
Land						5,314,862
Buildings and improvements						32,853,763
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment						5,907,345
Finite-lived Intangible Assets Acquired		$ 1,421,197
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other						938,419
business combinations, escrow fund asset recognized						0
business combinations, accrued property tax liability						0
Other liabilities						(103,204)
Business Combination, Consideration Transferred		46,332,382
Cash paid		$ 1,438,320
Number of units in real estate property | ft²		247
business combination purchase price		$ 44,400,000
Mortgage debt		$ 31,605,000
Finite-Lived Intangible Assets, Remaining Amortization Period		8 years 6 months
claiborne crossing [Domain]
Business Acquisition
Land						2,147,217
Buildings and improvements						30,551,646
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment						7,027,257
Finite-lived Intangible Assets Acquired		$ 1,268,810
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other						1,120,728
business combinations, escrow fund asset recognized						0
business combinations, accrued property tax liability						115,728
Other liabilities						(130,850)
Business Combination, Consideration Transferred		46,316,831
Cash paid		$ 19,242,604
Number of units in real estate property | ft²		242
business combination purchase price		$ 45,200,000
Mortgage debt		$ 27,074,227
Finite-Lived Intangible Assets, Remaining Amortization Period		90 years 1 month
overton rise [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		294
business combination purchase price	$ 61,100,000
Mortgage debt		$ 41,300,000
Finite-Lived Intangible Assets, Remaining Amortization Period		0 months

Real Estate Assets - Purchase P

Real Estate Assets - Purchase Price Allocation (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Business Acquisition
Land	$ 311,350,832		$ 311,350,832		$ 299,547,501
Less: accumulated depreciation	(127,310,989)		(127,310,989)		(103,814,894)
Building and improvements	1,621,575,150		1,621,575,150		1,513,293,760
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period					(14,164,111)
Furniture, fixtures, and equipment	149,377,900		149,377,900		126,357,742
Construction in progress	13,045,259		13,045,259		2,645,634
Real Estate Investment Property, at Cost	2,128,893,599		2,128,893,599		1,965,486,998
Tenant Improvements	33,544,458		33,544,458		23,642,361
Payments for Leasing Costs, Commissions, and Tenant Improvements					14,164,111
Revenues	70,890,913	$ 45,853,944	137,452,248	$ 87,589,725
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	3,304,202	217,479	33,365,682	(3,172,011)
Acquisition costs	297,000		$ 297,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			26,900
acquisition fees paid to related party for woodstock	0	$ 313,398	$ 0	491,409
Finite-Lived Intangible Assets, Remaining Amortization Period			1 year 9 months 50 days
Castleberry [Domain]
Business Acquisition
Land	3,023,731		$ 3,023,731
Buildings and improvements	13,471,240		13,471,240
Tenant improvements	670,376		670,376
In-place leases	990,663		990,663
Above-market leases	123,084		123,084
Prepaids & other assets	67,899		67,899
Mortgage debt			2,306,703
Business Combination, Consideration Transferred			17,567,893
Revenues	246,000		246,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(88,000)		(88,000)
Acquisition costs	78,000		78,000
Other Finite-Lived Intangible Assets, Gross	464,544		464,544
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(162,499)		(162,499)
OP units granted aggregate fair value			$ 11,500,000
Finite-Lived Intangible Assets, Remaining Amortization Period			10 years
Rockbridge Village [Member]
Business Acquisition
Land	3,141,325		$ 3,141,325
Buildings and improvements	15,666,091		15,666,091
Tenant improvements	278,340		278,340
In-place leases	1,249,694		1,249,694
Above-market leases	59,267		59,267
Prepaids & other assets	7,136		7,136
Mortgage debt			6,031,677
Business Combination, Consideration Transferred			20,281,677
Revenues	110,000		110,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	8,000		8,000
Acquisition costs	114,000		114,000
Other Finite-Lived Intangible Assets, Gross	301,761		301,761
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(89,212)		(89,212)
OP units granted aggregate fair value			$ 14,250,000
Finite-Lived Intangible Assets, Remaining Amortization Period			7 years 9 months
Three ravinia [Member]
Business Acquisition
Building and improvements					147,487,769
Tenant Improvements					6,534,782
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	10,525		10,525
Mortgage debt			6,245,683
business combination cash consideration transferred	5,072,659		5,072,659
Business Combination, Consideration Transferred			11,318,342
Revenues			521,000	247,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest			(180,000)	(77,000)
Other Finite-Lived Intangible Assets, Gross	167,541		167,541
Off-market Lease, Unfavorable	0		0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(59,264)		(59,264)
OP units granted aggregate fair value			$ 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
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	157,775		157,775
Mortgage debt			6,278,229
business combination cash consideration transferred	0		0
Business Combination, Consideration Transferred			15,528,229
Revenues			695,000	337,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest			(51,000)	(31,000)
Acquisition costs	111,000		111,000
Other Finite-Lived Intangible Assets, Gross	253,640		253,640
Off-market Lease, Unfavorable	(198,214)		(198,214)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(179,546)		(179,546)
OP units granted aggregate fair value			$ 9,250,000
Finite-Lived Intangible Assets, Remaining Amortization Period			7 years 11 months
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	600,069		600,069
Mortgage debt			43,751,867
business combination cash consideration transferred	0		0
Business Combination, Consideration Transferred			68,751,867
Revenues			3,154,000	1,593,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest			(177,000)	$ (84,000)
Acquisition costs	633,000		633,000
Other Finite-Lived Intangible Assets, Gross	992,143		992,143
Off-market Lease, Unfavorable	(1,069,877)		(1,069,877)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets	(437,008)		(437,008)
OP units granted aggregate fair value			$ 25,000,000
Finite-Lived Intangible Assets, Remaining Amortization Period			4 years
crosstown walk [Member]
Business Acquisition
Land	5,178,375		$ 5,178,375
Buildings and improvements	33,605,831		33,605,831
Mortgage debt			13,632,030
Mortgage debt			32,540,000
business combinations, accrued property tax liability	(25,983)		(25,983)
Business Combination, Consideration Transferred			46,172,030
Revenues	1,292,000		2,590,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(88,000)		(129,000)
Acquisition costs	319,000		319,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	53,861		$ 53,861
Finite-Lived Intangible Assets, Remaining Amortization Period			0 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	5,726,583		$ 5,726,583
Amortization			1,323,511
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	125,706		125,706
business combinations, escrow fund asset recognized	291,868		291,868
North by northwest FSU [Member]
Business Acquisition
Land	8,281,054		8,281,054
Buildings and improvements	34,355,922		34,355,922
Mortgage debt			12,831,872
Mortgage debt			33,853,275
business combinations, accrued property tax liability	(321,437)		(321,437)
Business Combination, Consideration Transferred			46,685,147
Revenues	1,471,000		2,936,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(69,000)		(202,000)
Acquisition costs	378,000		378,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	159,462		$ 159,462
Finite-Lived Intangible Assets, Remaining Amortization Period			0 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	2,623,916		$ 2,623,916
Amortization			799,109
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	79,626		79,626
business combinations, escrow fund asset recognized	1,026,419		1,026,419
regents on university [Member]
Business Acquisition
Land	7,440,934		7,440,934
Buildings and improvements	40,058,727		40,058,727
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	0		0
Mortgage debt			16,488,951
Payments for (Proceeds from) Delayed Tax Exempt Exchange			0
Mortgage debt			37,485,000
business combinations, accrued property tax liability	(71,856)		(71,856)
Business Combination, Consideration Transferred			53,973,951
Revenues	1,422,000		1,894,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(1,553,000)		(1,895,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	377,735		377,735
capitalized acquisition costs asset acquisition			290,000
acquisition fees paid to related party for woodstock			$ 60,000
Finite-Lived Intangible Assets, Remaining Amortization Period			1 year 6 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	3,771,432		$ 3,771,432
Amortization			2,344,404
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	808,045		808,045
business combinations, escrow fund asset recognized	0		0
citrus village [Member]
Business Acquisition
Land	4,809,113		4,809,113
Buildings and improvements	34,180,983		34,180,983
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	893,385		893,385
Mortgage debt			18,237,551
Payments for (Proceeds from) Delayed Tax Exempt Exchange			0
Mortgage debt			30,250,000
business combinations, accrued property tax liability	(108,286)		(108,286)
Business Combination, Consideration Transferred			48,487,551
Revenues	1,087,000		1,460,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(719,000)		(793,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	24,887		24,887
capitalized acquisition costs asset acquisition			458,000
acquisition fees paid to related party for woodstock			$ 24,000
Finite-Lived Intangible Assets, Remaining Amortization Period			35 years 4 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	6,299,645		$ 6,299,645
Amortization			1,624,752
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	744,970		744,970
business combinations, escrow fund asset recognized	67,876		67,876
founders village [Member]
Business Acquisition
Land	5,314,862		5,314,862
Buildings and improvements	32,853,763		32,853,763
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	0		0
Mortgage debt			1,438,320
Payments for (Proceeds from) Delayed Tax Exempt Exchange			13,289,062
Mortgage debt			31,605,000
business combinations, accrued property tax liability	0		0
Business Combination, Consideration Transferred			46,332,382
Revenues	1,003,000		1,003,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(507,000)		(705,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	103,204		103,204
capitalized acquisition costs asset acquisition			1,103,000
acquisition fees paid to related party for woodstock			$ 8,000
Finite-Lived Intangible Assets, Remaining Amortization Period			8 years 6 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	5,907,345		$ 5,907,345
Amortization			1,421,197
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	938,419		938,419
business combinations, escrow fund asset recognized	0		0
claiborne crossing [Domain]
Business Acquisition
Land	2,147,217		2,147,217
Buildings and improvements	30,551,646		30,551,646
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	4,447,751		4,447,751
Mortgage debt			19,242,604
Payments for (Proceeds from) Delayed Tax Exempt Exchange			0
Mortgage debt			27,074,227
business combinations, accrued property tax liability	(115,728)		(115,728)
Business Combination, Consideration Transferred			46,316,831
Revenues	733,000		733,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(827,000)		(827,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	130,850		130,850
capitalized acquisition costs asset acquisition			293,000
acquisition fees paid to related party for woodstock			$ 22,000
Finite-Lived Intangible Assets, Remaining Amortization Period			90 years 1 month
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	7,027,257		$ 7,027,257
Amortization			1,268,810
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	1,120,728		1,120,728
business combinations, escrow fund asset recognized	0		0
retreat at greystone [Member]
Business Acquisition
Land	4,077,262		4,077,262
Buildings and improvements	35,336,277		35,336,277
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt	0		0
Mortgage debt			1,660,888
Payments for (Proceeds from) Delayed Tax Exempt Exchange			14,237,997
Mortgage debt			35,210,000
business combinations, accrued property tax liability	(139,046)		(139,046)
Business Combination, Consideration Transferred			51,108,885
Revenues	1,209,000		1,298,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(687,000)		(931,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	108,573		108,573
capitalized acquisition costs asset acquisition			383,000
acquisition fees paid to related party for woodstock			$ 56,000
Finite-Lived Intangible Assets, Remaining Amortization Period			8 years 6 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	9,125,302		$ 9,125,302
Amortization			1,844,476
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	871,684		871,684
business combinations, escrow fund asset recognized	101,503		101,503
newport overton [Member]
Business Acquisition
Land	8,511,370		8,511,370
Buildings and improvements	44,710,034		44,710,034
Mortgage debt			20,090,582
Mortgage debt			41,300,000
business combinations, accrued property tax liability	(66,422)		(66,422)
Business Combination, Consideration Transferred			61,390,582
Revenues	1,313,000		2,579,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(121,000)		(267,000)
Acquisition costs	115,000		115,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	90,213		$ 90,213
Finite-Lived Intangible Assets, Remaining Amortization Period			0 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	6,286,105		$ 6,286,105
Amortization			1,611,314
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	73,754		73,754
business combinations, escrow fund asset recognized	354,640		354,640
Avalon Park [Member]
Business Acquisition
Land	7,410,048		7,410,048
Buildings and improvements	80,558,636		80,558,636
Mortgage debt			30,474,100
Mortgage debt			65,000,000
business combinations, accrued property tax liability	(394,731)		(394,731)
Business Combination, Consideration Transferred			95,474,100
Revenues	2,047,000		4,015,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(1,047,000)		(2,280,000)
Acquisition costs	1,315,000		1,315,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	207,623		$ 207,623
Finite-Lived Intangible Assets, Remaining Amortization Period			0 years
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	1,790,256		$ 1,790,256
Amortization			2,741,060
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	99,297		99,297
business combinations, escrow fund asset recognized	3,477,157		3,477,157
baldwin park [Member]
Business Acquisition
Land	17,402,882		17,402,882
Buildings and improvements	87,105,757		87,105,757
Mortgage debt			35,492,144
Mortgage debt			77,800,000
business combinations, accrued property tax liability	(17,421)		(17,421)
Business Combination, Consideration Transferred			113,292,144
Revenues	2,351,000		4,714,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(686,000)		(1,270,000)
Acquisition costs	1,848,000		1,848,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities, Other	226,160		$ 226,160
Finite-Lived Intangible Assets, Remaining Amortization Period			0 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	3,358,589		$ 3,358,589
Amortization			2,882,772
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Other	229,972		229,972
business combinations, escrow fund asset recognized	$ 2,555,753		$ 2,555,753
Scenario, Previously Reported [Member]
Business Acquisition
Building and improvements					1,499,129,649
Tenant Improvements					37,806,472
Scenario, Previously Reported [Member] | Three ravinia [Member]
Business Acquisition
Building and improvements					133,323,658
Tenant Improvements					$ 20,698,893

Real Estate Assets - Depreciati

Real Estate Assets - Depreciation and Amortization (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Depreciation:
Depreciation	$ 20,776,076	$ 12,770,480	$ 39,063,687	$ 23,973,536
Amortization:
Depreciation and amortization	28,457,001	17,969,975	53,283,190	33,316,701
Below Market Lease, Accumulated Amortization	5,729,048		$ 5,729,048		$ 3,771,393
Finite-Lived Intangible Assets, Remaining Amortization Period			1 year 9 months 50 days
Acquired Intangible Assets
Depreciation:
Amortization of Intangible Assets	7,520,630	5,184,271	$ 14,020,200	9,318,164
Lease Agreements [Member]
Amortization:
Deferred Costs, Leasing, Gross	149,371	10,032	181,762	14,889
Website Development
Amortization:
amortization website development costs	10,924	5,192	17,541	10,112
Building and Improvements
Depreciation:
Depreciation	13,423,643	7,832,592	25,844,692	14,613,736
Furniture, Fixtures, and Equipment
Depreciation:
Depreciation	$ 7,352,433	$ 4,937,888	$ 13,218,995	$ 9,359,800

Real Estate Assets Contribution

Real Estate Assets Contributions to revenue and net income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Business Combination, Separately Recognized Transactions [Line Items]
Revenues	$ 70,890,913	$ 45,853,944	$ 137,452,248	$ 87,589,725
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 3,304,202	$ 217,479	$ 33,365,682	$ (3,172,011)

Real Estate Assets Real estate

Real Estate Assets Real estate assets owned (Details)	Jun. 30, 2017ft²	Jun. 30, 2017	Dec. 31, 2016ft²	Jun. 30, 2016ft²
Business Combination Segment Allocation [Line Items]
Number of units in real estate property	1,322	8,074	8,049	1,870
Area of Real Estate Property	3,477,941		3,295,491
Net Rentable Area	182,450			681,530
Area of Real Estate Property, Excluded from Floor Retail Space	1,094,000		1,096,834
Office Building [Member]
Business Combination Segment Allocation [Line Items]
Number of Real Estate Properties		3	3
Multifamily [Member]
Business Combination Segment Allocation [Line Items]
Number of Real Estate Properties		25	24
Retail Site [Member]
Business Combination Segment Allocation [Line Items]
Number of Real Estate Properties		33	31
student housing [Member]
Business Combination Segment Allocation [Line Items]
Number of Real Estate Properties		2	1
Number of units in real estate property		444	219
Number of beds, student housing		1,319	679
Lenox Portfolio [Member]
Business Combination Segment Allocation [Line Items]
Net Rentable Area	47,600

Real Estate Assets Real estat47

Real Estate Assets Real estate sold (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost	$ 817,313	$ 0
Land	311,350,832		$ 299,547,501
Investment Building and Building Improvements	1,621,575,150		1,513,293,760
Furniture, fixtures, and equipment	149,377,900		126,357,742
Real Estate Investment Property, Accumulated Depreciation	(127,310,989)		(103,814,894)
Assets	2,639,532,522		$ 2,420,832,602
Sandstone Creek Apartments [Member]
Property, Plant and Equipment [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost	1,400,000
second mortgage	0
Land	2,846,197
Investment Building and Building Improvements	41,859,684
Furniture, fixtures, and equipment	5,278,268
Real Estate Investment Property, Accumulated Depreciation	(4,808,539)
Assets	45,175,610
Long-term Debt, Gross	30,840,135
Ashford Park [Member]
Property, Plant and Equipment [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost	1,100,000
second mortgage	6,373,717
debt prepayment premium	400,000
Land	10,600,000
Investment Building and Building Improvements	24,075,263
Furniture, fixtures, and equipment	4,222,858
Real Estate Investment Property, Accumulated Depreciation	(6,816,193)
Assets	32,081,928
Long-term Debt, Gross	25,626,000
Enclave
Property, Plant and Equipment [Line Items]
second mortgage	0
Land	4,704,917
Investment Building and Building Improvements	29,915,903
Furniture, fixtures, and equipment	2,874,403
Real Estate Investment Property, Accumulated Depreciation	(3,556,362)
Assets	33,938,861
Long-term Debt, Gross	$ 24,862,000

Real Estate Assets Real estat48

Real Estate Assets Real estate assets correction (Details) - USD ($)	12 Months Ended
	Dec. 31, 2016	Jun. 30, 2017
Property, Plant and Equipment [Line Items]
Investment Building and Building Improvements	$ 1,513,293,760	$ 1,621,575,150
Tenant Improvements	23,642,361	$ 33,544,458
business combination adjustment building and improvements	14,164,111
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period	(14,164,111)
Scenario, Previously Reported [Member]
Property, Plant and Equipment [Line Items]
Investment Building and Building Improvements	1,499,129,649
Tenant Improvements	$ 37,806,472

Acquired Intangible Assets amor

Acquired Intangible Assets amortization (Details)	6 Months Ended
	Jun. 30, 2017
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Assets, Remaining Amortization Period	1 year 9 months 50 days

Real Estate Loans, Notes Rece50

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Mortgage Loans on Real Estate [Line Items]
number of loans receivable	27		27		26
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 393,389,214		$ 393,389,214
real estate loans commitment amount			442,014,854
Participating Mortgage Loans, Participation Liabilities, Amount	18,598,928		18,598,928		$ 20,761,819
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	342,600,000		342,600,000
variable interest entity loans amount to be funded	385,500,000		385,500,000
Deferred Revenue	(16,029,840)		(16,029,840)		0
interest revenue current pay	7,979,350	$ 5,917,452	15,040,923	$ 11,010,122
Loans and Leases Receivable, Deferred Income	24,318		24,318		59,581
Loans Receivable, Gross, Commercial, Real Estate	395,023,885		395,023,885		334,570,242
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums	(1,634,671)		(1,634,671)		(1,809,174)
Mortgage Loans on Real Estate, Commercial and Consumer, Net	393,389,214		393,389,214		332,761,068
real estate loans amount funded			70,319,643
real estate loans repaid			(9,866,000)
real estate loan origination fees collected			586,947
real estate loan fees amortized			(412,444)
Loans and Leases Receivable, Impaired, Commitment to Lend	$ 46,990,969		$ 46,990,969		$ 76,546,234
current interest rate			8.50%		8.26%
Deferred interest rate			5.15%		5.26%
multifamily community [Domain]
Mortgage Loans on Real Estate [Line Items]
number of loans receivable	17		17
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 235,634,091		$ 235,634,091
real estate loans commitment amount			$ 259,983,510
real estate loans percent of portfolio	60.00%		60.00%
student housing community [Domain]
Mortgage Loans on Real Estate [Line Items]
number of loans receivable	9		9
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 144,903,432		$ 144,903,432
real estate loans commitment amount			$ 169,174,339
real estate loans percent of portfolio	37.00%		37.00%
Retail Segment [Member]
Mortgage Loans on Real Estate [Line Items]
number of loans receivable	1		1
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 12,851,691		$ 12,851,691
real estate loans commitment amount			$ 12,857,005
real estate loans percent of portfolio	3.00%		3.00%

Real Estate Loans, Notes Rece51

Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Sep. 30, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Revenues	$ 70,890,913	$ 45,853,944	$ 137,452,248	$ 87,589,725
Financing Receivable, Gross	51,915,000		51,915,000
Loans and Leases Receivable, Net Amount	39,916,634		39,916,634		$ 37,615,675
Loans and Leases Receivable, Deferred Income	(24,318)		(24,318)		(59,581)
guaranty cap amount	6,700,000		6,700,000
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	$ 1,830,677		$ 1,830,677		1,472,571
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	$ 1,034,198		$ 1,034,198		1,082,311
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	$ 0		$ 0		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	$ 14,261,133		$ 14,261,133		13,708,761
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		$ 7,324,904		7,324,904
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	$ 10,650,000	$ 10,150,000	$ 10,650,000		$ 10,150,000
Loans and Leases Receivable, Net Amount	$ 8,119,446		$ 8,119,446		7,870,865
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		$ 0		0
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	$ 3,109,457		$ 3,109,457		2,884,845
interest rate note receivable	15.00%		15.00%
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	$ 385,000		$ 385,000		177,000
interest rate note receivable	12.00%		12.00%
360 Capital Company [Domain]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 3,900,000		$ 3,900,000
Loans and Leases Receivable, Net Amount	$ 3,876,137		$ 3,876,137		$ 1,678,999
interest rate note receivable	12.00%		12.00%

Real Estate Loans, Notes Rece52

Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest income [Abstract]
interest revenue current pay	$ 7,979,350	$ 5,917,452	$ 15,040,923	$ 11,010,122
Accrued exit fee revenue	4,475,333	3,443,642	8,888,473	6,716,297
Deferred Revenue, Revenue Recognized	327,772	196,127	586,946	435,726
Net loan fee revenue	12,782,455	9,557,221	24,516,342	18,162,145
interest revenue notes receivable	1,045,907	1,021,625	2,073,723	2,136,800
Interest revenue on real estate loans	$ 13,828,362	$ 10,578,846	$ 26,590,065	$ 20,298,945

Real Estate Loans, Notes Rece53

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Mortgage Loans on Real Estate [Line Items]
real estate loan participation percentage	25.00%		25.00%
Revenues	$ 70,890,913	$ 45,853,944	$ 137,452,248	$ 87,589,725
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	342,600,000		342,600,000
variable interest entity loans amount to be funded	385,500,000		385,500,000
Participating Mortgage Loans, Participation Liabilities, Amount	$ 18,598,928		$ 18,598,928		$ 20,761,819
Encore [Member]
Mortgage Loans on Real Estate [Line Items]
real estate loan participation percentage	49.00%		49.00%
Geographic Concentration Risk [Member] | Oxford [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement	$ 105,100,000		$ 105,100,000
loan commitment amount	$ 110,000,000		$ 110,000,000

Real Estate Loans, Notes Rece54

Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016
Mortgage Loans on Real Estate [Line Items]
loan commitment guaranty limit amount	$ 2,000,000
Deferred interest rate	5.15%	5.26%
current interest rate	8.50%	8.26%
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%

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Details)	Mar. 15, 2017$ / shares	Mar. 15, 2016$ / shares	Jun. 30, 2017USD ($)$ / sharesshares	Mar. 31, 2017$ / shares	Jun. 30, 2016$ / shares	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / shares	Dec. 31, 2016USD ($)$ / sharesshares	Dec. 02, 2016shares
Class of Stock [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.22	$ 0.1925	$ 0.235	$ 0.22	$ 0.2025	$ 0.455	$ 0.395
Unitsyearcounttoredemptionthree			3			3
Proceeds from Issuance of Common Stock						$ 56,115,635	$ 0
warrant exercise price as percent of gross ipo price			120.00%			120.00%
warrant minimum exercise price | $ / shares			$ 19.50			$ 19.50
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%
prorataamountofferingcostsreclassed						$ 0
shares common stock from warrant exercises | shares						20
Deferred offering costs			$ 5,351,680			$ 5,351,680		$ 2,677,023
Deferred Offering Costs			$ 400,000			400,000
Dividends, Common Stock, Cash						$ 13,510,034	$ 9,208,076
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			1,064,054			1,064,054		924,855
Preferred Stock, Par or Stated Value Per Share | $ / shares			$ 0.01			$ 0.01		$ 0.01
Preferred Stock, Value, Issued			$ 10,436			$ 10,436		$ 9,144
Unitsredemptionfee [Domain]
Class of Stock [Line Items]
Unitsredemptionfeespercentfouryears			3.00%			3.00%
Unitsredemptionfeespercentthreeyears			5.00%			5.00%
Unitsyearcounttoredemptionfive			5			5
Unitsyearcounttoredemptionfour			4			4
Unitsissued [Member]
Class of Stock [Line Items]
Proceeds from Other Equity						$ 7,500,000
Unitsissuedcumulative | shares						7,850
$1.5 billion unit [Domain]
Class of Stock [Line Items]
aggregate offering costs			$ 1,800,000			$ 1,800,000
maximum shares available to be issued | shares			1,500,000			1,500,000
Unit Offering [Member]
Class of Stock [Line Items]
Unitsissuedcumulative | shares						74,646
Unitsissuedpercentageofmaximum						0.00%
aggregate offering costs			$ 2,500,000			$ 2,500,000
prorataamountofferingcostsreclassed						126,000
deferred offering costs not yet reclassified			2,400,000			2,400,000
Deferred Offering Costs			7,500,000			$ 7,500,000
ceiling deferred offering costs						11.50%
offering costs reimbursable to the Manager						0.015
2016 Shelf Offering [Member]
Class of Stock [Line Items]
max proceeds equity sales						$ 300,000,000
aggregate offering costs			1,600,000			1,600,000
prorataamountofferingcostsreclassed						389,000
deferred offering costs not yet reclassified			$ 1,210,000			1,210,000
mShares [Domain]
Class of Stock [Line Items]
Proceeds from Other Equity						$ 67,100,000
maximum shares available to be issued | shares									500,000
2016 ATM Offering [Member]
Class of Stock [Line Items]
maximum shares common stock under offering | shares			150,000,000			150,000,000
Common Stock, Shares, Issued | shares			2,400,000			2,400,000
proceeds from equity offering			$ 32,900,000			$ 32,900,000

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)shares	Jun. 30, 2017USD ($)shares	Jun. 30, 2016USD ($)shares	Dec. 31, 2016USD ($)	Mar. 15, 2016shares
Related Party Transaction [Line Items]
loan coordination fee percentage	1.60%		1.60%
loan coordination fees	$ 955,368	$ 2,424,148	$ 3,009,508	$ 4,685,609
Cost of Reimbursable Expense	$ 3,018,284	$ 2,516,605	5,795,251	4,880,068
capital marketing and professional			$ 220,182	$ 252,210
Common Stock, Shares, Outstanding | shares	32,420,391	23,568,328	32,420,391	23,568,328		23,041,502
Construction Management Fee	$ 89,257	$ 32,235	$ 160,409	$ 72,511
Related Party Transaction, Expenses from Transactions with Related Party	7,340,506	6,527,150	15,237,701	13,097,829
Property management fees	2,060,774	1,356,409	3,962,557	2,584,430
AcquisitionFeesRelatedPartyCosts			(417,444)	(1,124,226)
loan origination fees	417,444	422,857	417,444	1,124,226
manager's fees deferred			3,600,000
Financing Receivable, Gross	51,915,000		51,915,000
Loans and Leases Receivable, Net Amount	$ 39,916,634		39,916,634		$ 37,615,675
disposition fee to manager			$ 1,576,000
percent of asset value for loan coordination fee	63.00%		63.00%
Acquisition-related Costs [Member]
Related Party Transaction [Line Items]
Percentageusedtocalculateacquisitionfees	0.00%		0.00%
AssetmanagementFees [Member]
Related Party Transaction [Line Items]
Asset Management Costs	$ 3,058,859	1,751,501	$ 6,121,942	3,512,505
Propertymanagementfees [Member]
Related Party Transaction [Line Items]
Property management fees	1,559,876	1,128,285	2,985,277	2,190,753
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 1,259,702	$ 768,124	$ 2,543,121	1,512,225
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			$ 511,390	$ 508,204
Retail Site [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties	33		33		31
PCMS [Member]
Related Party Transaction [Line Items]
Financing Receivable, Gross	$ 1,500,000		$ 1,500,000
Loans and Leases Receivable, Net Amount	1,034,198		1,034,198		$ 1,082,311
PCMS [Member] | PCMS [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	1,034,198		1,034,198
PAA [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	14,261,133		14,261,133		$ 13,708,761
line of credit receivable	$ 15,000,000		$ 15,000,000

Dividends (Details)

Dividends (Details) - USD ($)	Mar. 15, 2017	Mar. 15, 2016	May 31, 2017	Apr. 30, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Jun. 30, 2016	May 31, 2016	Apr. 30, 2016	Mar. 31, 2016	Feb. 28, 2016	Jan. 31, 2016	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Dividends Payable [Line Items]
minority interest partnership units outstanding								886,168						901,195			886,168	901,195	886,168
Common Stock, Dividends, Per Share, Declared	$ 0.22	$ 0.1925												$ 0.235	$ 0.22		$ 0.2025	$ 0.455	$ 0.395
dividends common stock declared	$ 5,970,658	$ 4,435,489												$ 7,539,376			$ 4,772,587	$ 13,510,034
common stock shares entitled to dividends	27,139,354													32,082,451				32,082,451
Dividends, Preferred Stock, Cash			$ 5,072,564	$ 4,962,210	$ 4,893,598	$ 4,849,032	$ 4,641,149	$ 3,321,519	$ 3,143,567	$ 2,979,196	$ 2,770,048	$ 2,630,601	$ 2,481,086	$ 5,190,812				$ 29,609,365
Common Stock, Shares, Outstanding		23,041,502						23,568,328						32,420,391			23,568,328	32,420,391	23,568,328
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											3 Months Ended	6 Months Ended
	May 31, 2017	Apr. 30, 2017	Mar. 31, 2017	Feb. 28, 2017	Jan. 31, 2017	Jun. 30, 2016	May 31, 2016	Apr. 30, 2016	Mar. 31, 2016	Feb. 28, 2016	Jan. 31, 2016	Jun. 30, 2017	Jun. 30, 2017	Apr. 28, 2017	Feb. 27, 2016	Jan. 30, 2016
Dividends Payable [Line Items]
Dividends, Preferred Stock, Cash	$ 5,072,564	$ 4,962,210	$ 4,893,598	$ 4,849,032	$ 4,641,149	$ 3,321,519	$ 3,143,567	$ 2,979,196	$ 2,770,048	$ 2,630,601	$ 2,481,086	$ 5,190,812	$ 29,609,365
Preferred Stock entitled to dividend payments	1,019,046		979,309	977,267	932,413	651,439	617,994	582,720	544,129			1,041,187	1,041,187	992,774	516,017	482,774

Dividends NCI (Details)

Dividends NCI (Details) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
Equity [Abstract]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 211,781	$ 198,742	$ 179,449	$ 117,395	$ 410,523	$ 296,844

Equity Compensation (Details)

Equity Compensation (Details) - USD ($)	3 Months Ended			6 Months Ended			12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2014	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2014	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			2,617,500		1,317,500
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				26,900
Share-based Compensation	$ 871,153	$ 618,867		$ 1,744,255	$ 1,229,292
market vesting condition capital increase threshhold		3,549,000	$ 4,598,624
warrant exercise price as percent of gross ipo price	120.00%			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				24,408	30,990	30,133
Share-based Compensation				$ 24,408
ClassBUnits [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
common stock fair value per share								$ 12.88	$ 14.79
Class B Units valuation assumption dividend yield								5.98%	5.95%
ClassBUnit valuation assumption expected volatility								26.10%	26.40%
Class B Unit valuation assumptions risk free rate								2.81%	2.91%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				286,392	265,931		286,392
Share-based Compensation				$ 345,789
2014 [Member] | ClassBUnits [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation	$ 0	$ 0		$ 0	$ 5,236

Equity Compensation Restricted

Equity Compensation Restricted Stock (Details) - USD ($)	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2014	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		2,617,500		1,317,500
Share-based Compensation	$ 871,153	$ 618,867	$ 1,744,255	$ 1,229,292
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			26,900
ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
common stock fair value per share							$ 12.88	$ 14.79
Share-based Compensation			$ 345,789
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			286,392	265,931		286,392
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			24,408	30,990	30,133
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share			$ 14.75	$ 13.23	$ 10.62
Stock Granted, Value, Share-based Compensation, Gross			$ 360,018	$ 409,998	$ 320,012
Share-based Compensation			$ 24,408

Equity Compensation Committee F

Equity Compensation Committee Fee Grants (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures			$ (1,744,255)	$ (1,256,296)
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			26,900
Share-based Compensation	$ 871,153	$ 618,867	$ 1,744,255	$ 1,229,292
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			24,408	30,990	30,133
Share-based Compensation			$ 24,408
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share			$ 14.75	$ 13.23	$ 10.62
Stock Granted, Value, Share-based Compensation, Gross			$ 360,018	$ 409,998	$ 320,012

Equity Compensation Class B Uni

Equity Compensation Class B Units (Details) - USD ($)	Mar. 15, 2017	Mar. 15, 2016	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Mar. 31, 2015	Mar. 31, 2014	Jun. 30, 2017	Jun. 30, 2016	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	$ 0.1925		$ 0.235	$ 0.22	$ 0.2025			$ 0.455	$ 0.395
Share-based Compensation				$ 871,153		$ 618,867			$ 1,744,255	$ 1,229,292
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period									26,900
market vesting condition capital increase threshhold						$ 3,549,000		$ 4,598,624
ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
common stock fair value per share												$ 12.88	$ 14.79
Common Stock, Dividends, Per Share, Declared									$ 0.1925
Share-based Compensation									$ 345,789
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									286,392	265,931	286,392
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%	5.95%
ClassBUnit valuation assumption expected volatility												26.10%	26.40%
Class B Unit valuation assumptions risk free rate												2.81%	2.91%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number												2,667,288	3,413,793
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	$ 11.92
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			265,931	198,184
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		88,208
2016 [Domain] | 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									265,931
2016 [Domain] | Share-based Compensation Award, Tranche Three [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									29,698
2016 [Domain] | Share-based Compensation Award, Tranche One [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									206,534
2016 [Domain] | Share-based Compensation Award, Tranche Two [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									29,699
Subsequent Event [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.235

Equity Compensation Warrant (De

Equity Compensation Warrant (Details) - $ / shares	Mar. 15, 2017	Mar. 15, 2016	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.22	$ 0.1925	$ 0.235	$ 0.22	$ 0.2025	$ 0.455	$ 0.395
warrant exercise price as percent of gross ipo price			120.00%			120.00%

Equity Compensation Equity comp

Equity Compensation Equity compensation expense by grant (Details) - USD ($)	Mar. 15, 2017	Mar. 15, 2016	Jun. 30, 2017	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.22	$ 0.1925	$ 0.235	$ 0.22	$ 0.2025	$ 0.455	$ 0.395
Share-based Compensation			$ 871,153		$ 618,867	$ 1,744,255	$ 1,229,292
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			3,083,842			3,083,842
stock grants for quarterly board committee fees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			0		5,982	0	29,991
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						$ 0.1925
Share-based Compensation						$ 345,789
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation						24,408
2015 Year [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			74,470		517,884	163,244	1,019,062
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			449,224			449,224
2015 Year [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			0		26,668	0	106,670
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			678,176		0	1,334,476	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			2,079,316			2,079,316
2016 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			34,167		68,333	136,667	68,333
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			0			0
2016 [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			24,337		0	49,865	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			255,287			255,287
2014 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			0		$ 0	0	$ 5,236
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized			$ 0			$ 0

Equity Compensation Restricte66

Equity Compensation Restricted Stock Units (Details) - $ / shares	6 Months Ended
	Jun. 30, 2017	Jan. 03, 2013
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	26,900
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share	$ 11.92
Restricted Stock Units (RSUs) [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, Number		320,648

Indebtedness (Details)

Indebtedness (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Debt Instrument [Line Items]
Initial Interest Rate	3.93%		3.93%
Unamortized Debt Issuance Expense	$ 1,400,000		$ 1,400,000
Interest Expense, Long-term Debt	14,993,218	$ 8,861,847	28,555,514	$ 16,986,222
interest expense to loan participant	585,465	430,507	1,256,329	858,859
Long-term Debt, Current Maturities	59,781,560		59,781,560
Long-term Debt	1,400,670,042		$ 1,400,670,042		$ 1,305,870,471
variable interest rate minimum			3.25%
Long-term Debt, Maturities, Repayments of Principal in Year Two	42,390,967		$ 42,390,967
Long-term Debt, Maturities, Repayments of Principal in Year Three	239,968,069		239,968,069
Long-term Debt, Maturities, Repayments of Principal in Year Four	61,651,487		61,651,487
Long-term Debt, Maturities, Repayments of Principal after Year Five	118,152,940		118,152,940
Long-term Debt, Maturities, Repayments of Principal after Year Five	952,984,451		952,984,451
Long-term Debt	1,474,929,474		1,474,929,474
Interest Expense	16,397,895	9,559,501	31,406,598	18,454,331
Line of Credit Facility, Amount Outstanding	38,500,000		38,500,000		$ 127,500,000
Amortization of Financing Costs			2,649,602	1,393,318
interest expense credit facility	$ 1,404,677	697,654	$ 2,851,084	1,468,109
Spread over Initial Interest Rate option 1	200		200
Spread over Initial Interest Rate option 2	400		400
Indebtedness Weighted Average Remaining Maturity			9 years
Payment for Debt Extinguishment or Debt Prepayment Cost			$ 817,313	0
Royal Lakes [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 9,800,000		$ 9,800,000
Debt Instrument, Interest Rate, Stated Percentage	3.72%		3.72%
Debt Instrument, Basis Spread on Variable Rate			25000.00%
Champions Village [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 27,400,000		$ 27,400,000
Debt Instrument, Interest Rate, Stated Percentage	4.23%		4.23%
Debt Instrument, Basis Spread on Variable Rate			3.00%
Multifamily [Member]
Debt Instrument [Line Items]
Interest Expense, Long-term Debt	$ 8,501,497	6,665,222	$ 15,909,267	13,034,047
Retail Segment [Member]
Debt Instrument [Line Items]
Interest Expense, Long-term Debt	3,510,202	1,645,824	6,840,455	2,973,022
Office Building [Member]
Debt Instrument [Line Items]
Interest Expense	1,676,852	0	3,353,627	0
Nashville Portfolio [Member] | student housing [Member]
Debt Instrument [Line Items]
Interest Expense, Long-term Debt	719,202	120,294	1,195,836	120,294
Sunbelt Portfolio [Member] | Office Building [Member]
Debt Instrument [Line Items]
Interest Expense, Long-term Debt	1,676,852	$ 0	3,353,627	$ 0
Ashford Park [Member]
Debt Instrument [Line Items]
Payment for Debt Extinguishment or Debt Prepayment Cost			1,100,000
debt prepayment premium			400,000
Royal Lakes [Member]
Debt Instrument [Line Items]
loan commitment amount	11,050,000		11,050,000
Champions Village [Member]
Debt Instrument [Line Items]
loan commitment amount	$ 34,160,000		$ 34,160,000

Indebtedness debt covenants (De

Indebtedness debt covenants (Details) - USD ($)	3 Months Ended	6 Months Ended
	Dec. 31, 2016	Jun. 30, 2017	Jun. 30, 2016
debt covenants [Line Items]
dividend restriction AFFO		95.00%
Line of Credit Facility, Maximum Borrowing Capacity			$ 150,000,000
minimum equity debt covenants		$ 687,000,000
equity raise above min equity required		75.00%
total debt covenant min equity		$ 995,000,000
maximum dividends debt covenant	$ 80,700,000
Minimum Net Worth Required for Compliance		$ 1,077,401,550
debt yield		9.25%
payout ratio		92.30%
Total leverage ratio		58.70%

Indebtedness Credit Facility (D

Indebtedness Credit Facility (Details) - USD ($)	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	May 26, 2016
Line of Credit Facility [Line Items]
Short-term Debt			$ 11,000,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time	4.42%
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.35%
Line of Credit Facility, Maximum Borrowing Capacity		$ 150,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	3.25%
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	3.72%

Indebtedness Acquisition Credit

Indebtedness Acquisition Credit Facility (Details) - USD ($)	Sep. 30, 2017	Jun. 30, 2017	Jun. 30, 2016
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 150,000,000
February 2017 facility [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000,000	$ 200,000,000

Indebtedness Mortgage debt summ

Indebtedness Mortgage debt summary by segment (Details)	6 Months Ended
	Jun. 30, 2017USD ($)
Debt Instrument [Line Items]
Secured Debt	$ 1,425,429,474
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.70%
average maturity mortgage debt	8 years 2 months
Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 1,128,332,414
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.79%
average maturity mortgage debt	9 years 4 months
Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 297,097,060
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.38%
average maturity mortgage debt	4 years 2 months
multifamily community [Domain]
Debt Instrument [Line Items]
Secured Debt	$ 852,964,876
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.57%
average maturity mortgage debt	6 years 9 months
multifamily community [Domain] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 656,178,566
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.66%
average maturity mortgage debt	7 years 7 months
multifamily community [Domain] | Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 196,786,310
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.26%
average maturity mortgage debt	4 years 1 month
Retail Segment [Member]
Debt Instrument [Line Items]
Secured Debt	$ 348,135,404
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.81%
average maturity mortgage debt	6 years 6 months
Retail Segment [Member] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 285,309,654
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.81%
average maturity mortgage debt	7 years
Retail Segment [Member] | Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 62,825,750
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.85%
average maturity mortgage debt	4 years
Office Building [Member]
Debt Instrument [Line Items]
Secured Debt	$ 153,709,013
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.25%
average maturity mortgage debt	21 years 7 months
Office Building [Member] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 153,709,013
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.25%
average maturity mortgage debt	21 years 7 months
Office Building [Member] | Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 0
Long-term Debt, Weighted Average Interest Rate, at Point in Time	0.00%
student housing community [Domain]
Debt Instrument [Line Items]
Secured Debt	$ 70,620,181
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.60%
average maturity mortgage debt	4 years 11 months
student housing community [Domain] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 33,135,181
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.02%
average maturity mortgage debt	5 years 2 months
student housing community [Domain] | Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 37,485,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.23%
average maturity mortgage debt	4 years 8 months

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Jun. 30, 2017	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) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
lease term			11 years
guaranty cap amount	$ 6,700,000		$ 6,700,000
Annual reduction in guaranty cap	619,304		619,304
guaranty cap amount credit cards			640,000
manager's fees deferred	170,838	$ 451,684	345,920	$ 721,285
cumulative manager's fees deferred			3,600,000
real estate loan balances unfunded	$ 47,000,000		$ 47,000,000

Segment information (Details)

Segment information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	$ 12,750,158	$ 3,232,273	$ 25,175,881	$ 5,202,663
Assets	2,639,532,522		2,639,532,522		$ 2,420,832,602
Operating Leases, Income Statement, Lease Revenue	48,241,306	30,966,738	93,604,827	59,222,337
adjusted funds from operations	48,494,291	30,734,043	93,744,358	58,390,205
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	3,304,202	217,479	33,365,682	(3,172,011)
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	3,304,202	217,479	33,365,682	(3,172,011)
Interest Expense	16,397,895	9,559,501	31,406,598	18,454,331
Depreciation	20,776,076	12,770,480	39,063,687	23,973,536
Business Combination, Acquisition Related Costs	(5,000)	(2,764,742)	(14,002)	(5,528,327)
Share-based Compensation	(871,153)	(618,867)	(1,744,255)	(1,229,292)
Gains (Losses) on Sales of Investment Real Estate	6,914,949	4,271,506	37,639,009	(4,271,506)
loan fees received			834,888	2,249,137
noncash loan interest income	499,323	900,302	1,025,654	1,582,887
Management fees net of deferrals	4,693,559	2,507,307	9,030,991	5,003,792
Multifamily [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	3,734,956	2,794,400	6,108,436	4,087,907
Multifamily Communities
Segment Reporting Information [Line Items]
Assets	1,271,621,536		1,271,621,536		1,166,766,664
adjusted funds from operations	19,256,359	15,467,692	36,585,159	29,755,444
Acquisition Costs, Period Cost	0	1,703,647	(20,559)	4,044,497
Retail Site [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	1,216,650	437,873	1,538,575	1,114,756
Acquisition Costs, Period Cost	0	1,037,518	25,402	1,460,254
financingsegment [Member]
Segment Reporting Information [Line Items]
Assets	444,571,394		444,571,394		379,070,918
adjusted funds from operations	13,388,757	10,171,596	25,720,808	19,385,758
Interest Expense	1,990,142	1,128,461	4,107,413	2,326,968
Retail Segment [Member]
Segment Reporting Information [Line Items]
Assets	607,722,562		607,722,562		579,738,707
woodstock retail [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	9,563,689	5,094,755	18,934,531	9,249,003
Interest Expense	3,510,202	1,645,824	6,840,455	2,973,022
Depreciation	7,061,552	3,853,638	14,102,474	6,545,180
Office Building [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	7,798,552	0	17,528,870	0
Assets	300,037,214		300,037,214		285,229,700
adjusted funds from operations	6,285,486	0	12,503,860	0
Interest Expense	1,676,852	0	3,353,627	0
Depreciation	3,247,482	0	6,348,817	0
Acquisition Costs, Period Cost	5,000	23,576	9,159	23,576
Other Assets [Member]
Segment Reporting Information [Line Items]
Assets	15,579,816		15,579,816		$ 10,026,613
All Other Segments [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	292,679	467,377	624,567	718,392
real estate assets [Member]
Segment Reporting Information [Line Items]
Interest Expense	9,220,699	6,785,216	17,105,103	13,154,341
Depreciation	$ 18,147,967	$ 14,116,337	$ 32,831,899	$ 26,771,521

Loss per Share (Details)

Loss per Share (Details) - USD ($)	3 Months Ended		6 Months Ended			12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2014	Dec. 31, 2016	Jan. 02, 2014	Jan. 03, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income (Loss) before Gain (Loss) on Sale of Properties	$ (3,610,747)	$ (4,054,027)	$ (4,273,327)	$ (7,443,517)
minority interest partnership units outstanding	901,195	886,168	901,195	886,168
Restricted Stock Units outstanding			25,100
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ 3,304,202	$ 217,479	$ 33,365,682	$ (3,172,011)
Gains (Losses) on Sales of Investment Real Estate	$ 6,914,949	$ 4,271,506	$ 37,639,009	$ 4,271,506
Preferred Stock, Shares Outstanding	1,043,551	683,545	1,043,551	683,545
Net Income (Loss) Attributable to Parent	$ 3,207,379	$ 209,518	$ 32,269,793	$ (3,091,411)
Deemed noncash dividend			(11,820)	0
NetIncomeAllocatedToUnvestedRestrictedShares	5,736	4,824	7,441	6,275
Income (Loss) Attributable to Noncontrolling Interest, before Tax	(96,823)	(7,961)	(1,095,889)	80,600
Net Income (Loss) Available to Common Stockholders, Basic	$ (12,033,495)	$ (9,239,588)	$ 2,641,167	$ (20,423,703)
Weighted Average Number of Shares Outstanding, Basic and Diluted	29,893,736	23,325,663	28,423,171	23,154,702
Restricted Stock Units outstanding	0	0	0	0
Weighted Average Number of Shares Outstanding, Diluted	29,893,736	23,325,663	28,423,171	23,154,702
Preferred Stock, Dividend Rate, Percentage			6.00%
Units stated value per share	$ 1,000		$ 1,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			26,900
Incremental Common Shares from conversion of outstanding units	17,350,900		17,350,900
Share-based Compensation	$ 871,153	$ 618,867	$ 1,744,255	$ 1,229,292
Earnings Per Share, Basic	$ (0.40)	$ (0.40)	$ 0.09	$ (0.88)
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	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	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	0
Unitsissued [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Unitsissuedcumulative			7,850
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	3,413,793
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period			286,392	265,931		286,392
Share-based Compensation			$ 345,789
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	24,408	30,990	24,408	30,990
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			24,408	30,990	30,133
Share-based Compensation			$ 24,408
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred Stock, Shares Outstanding	1,043,551		1,043,551				914,422
Dividends, Preferred Stock	$ (15,235,138)	$ (9,444,282)	$ (29,621,185)	$ (17,326,017)

Pro Forma Financial Informati76

Pro Forma Financial Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
pro forma acquisition cost adjustment			$ 5,500,000	$ 2,700,000
Revenues	$ 70,890,913	$ 45,853,944	137,452,248	87,589,725
pro forma net income common stockholders	$ (10,743,418)	$ (10,499,635)	$ 6,443,132	$ (22,943,213)
Weighted average number of shares of Common Stock outstanding, basic and diluted	29,893,736	23,325,663	28,423,171	23,154,702
Weighted Average Number of Shares Outstanding, Diluted	29,893,736	23,325,663	28,423,171	23,154,702
Pro Forma [Member]
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 70,753,432	$ 62,161,528	$ 137,571,448	$ 125,740,567
Business Acquisition, Pro Forma Net Income (Loss)	4,613,783	(1,061,542)	37,273,592	(5,701,605)
pro forma net income company	$ 4,497,456	$ (1,050,529)	$ 36,071,758	$ (5,558,598)
Business Acquisition, Pro Forma Earnings Per Share, Basic	$ (0.36)	$ (0.45)	$ 0.23	$ (0.99)
Weighted Average Number of Shares Outstanding, Basic	29,893,736	23,325,663	28,423,171	23,154,702

Fair Values of Financial Inst77

Fair Values of Financial Instruments (Details) - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accrued Investment Income Receivable	$ 24,900,000	$ 21,900,000
Financing Receivable, Net	17,296,399	15,499,699
Mortgage notes payable	1,400,670,042	1,305,870,471
Line of Credit Facility, Amount Outstanding	38,500,000	127,500,000
Bank Loans	11,000,000	11,000,000
Debt, Long-term and Short-term, Combined Amount		1,487,139,931
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Bank Loans	0	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	11,000,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure		1,474,967,100
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
line of credit receivable		37,615,675
financial assets carrying value		370,376,743
Participating Mortgage Loans, Mortgage Obligations, Amount		20,761,819
Real estate loans carrying value including accrued interest		332,761,068
Reported Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable		1,327,878,112
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
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
line of credit receivable		37,615,675
Participating Mortgage Loans, Mortgage Obligations, Amount		21,500,448
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
Long-term Debt, Fair Value		0
Line of Credit Facility, Amount Outstanding		0
Participating Mortgage Loans, Mortgage Obligations, Amount		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
real estate related loans fair value		374,856,749
Long-term Debt, Fair Value		1,314,966,652
Line of Credit Facility, Amount Outstanding		127,500,000
Participating Mortgage Loans, Mortgage Obligations, Amount		21,500,448
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure		0
Long-term Debt, Fair Value		0
Line of Credit Facility, Amount Outstanding		0
Bank Loans		0
Participating Mortgage Loans, Mortgage Obligations, Amount		0
Financial and Nonfinancial Liabilities, Fair Value Disclosure		0
Estimate of Fair Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure		$ 374,856,749
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
line of credit receivable	39,916,635
financial assets carrying value	433,305,849
Line of Credit Facility, Amount Outstanding	38,500,000
Participating Mortgage Loans, Mortgage Obligations, Amount	18,561,522
Debt, Long-term and Short-term, Combined Amount	1,493,528,402
Real estate loans carrying value including accrued interest	393,389,214
Reported Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	1,425,429,474
Reported Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	0
real estate related loans fair value	0
Long-term Debt, Fair Value	0
Line of Credit Facility, Amount Outstanding	0
Participating Mortgage Loans, Mortgage Obligations, Amount	0
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	476,830,059
real estate related loans fair value	436,913,424
Long-term Debt, Fair Value	1,421,044,786
Line of Credit Facility, Amount Outstanding	38,500,000
Participating Mortgage Loans, Mortgage Obligations, Amount	18,561,522
Financial and Nonfinancial Liabilities, Fair Value Disclosure	1,489,106,308
Reported 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
Participating Mortgage Loans, Mortgage Obligations, Amount	0
Reported Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure	1,489,106,308
real estate related loans fair value	436,913,424
Portion at Other than Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Participating Mortgage Loans, Mortgage Obligations, Amount	$ 18,598,928

Subsequent Events sub events (D

Subsequent Events sub events (Details)	Mar. 15, 2017$ / shares	Mar. 15, 2016$ / shares	Sep. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2017USD ($)ft²$ / shares	Mar. 31, 2017$ / shares	Jun. 30, 2016USD ($)ft²$ / shares	Jun. 30, 2017USD ($)ft²$ / sharesshares	Jun. 30, 2016USD ($)ft²$ / sharesshares	Jun. 30, 2015USD ($)shares	Dec. 31, 2016ft²	Dec. 31, 2014shares	Jun. 30, 2017	Jun. 30, 2017USD ($)	May 26, 2016USD ($)
Subsequent Event [Line Items]
Number of units in real estate property				1,322		1,870	1,322	1,870		8,049		8,074
Net Rentable Area | ft²				182,450		681,530	182,450	681,530
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares							26,900
interest revenue current pay				$ 7,979,350		$ 5,917,452	$ 15,040,923	$ 11,010,122
Financing Receivable, Gross													$ 51,915,000
Proceeds from Issuance of Common Stock							56,115,635	0
deferred interest income							$ 2,976,494	$ (543,167)
Short-term Debt														$ 11,000,000
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.22	$ 0.1925		$ 0.235	$ 0.22	$ 0.2025	$ 0.455	$ 0.395
Proceeds from Issuance of Preferred Stock and Preference Stock							$ 146,847,011	$ 202,458,286
Proceeds from Issuance or Sale of Equity							$ 128,699,644	180,446,649
Area of Real Estate Property | ft²				3,477,941			3,477,941			3,295,491
current interest rate							8.50%			8.26%
Deferred interest rate							5.15%			5.26%
Line of Credit Facility, Maximum Borrowing Capacity						$ 150,000,000		150,000,000
claiborne crossing [Domain]
Subsequent Event [Line Items]
business combination purchase price							$ 45,200,000
Number of units in real estate property | ft²				242			242
wade green [Member]
Subsequent Event [Line Items]
business combination purchase price								$ 11,000,000
Net Rentable Area | ft²						74,978		74,978
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares							419,228
PAA [Member]
Subsequent Event [Line Items]
line of credit receivable													15,000,000
interest rate note receivable												8.00%
Unitsissued [Member]
Subsequent Event [Line Items]
Proceeds from Other Equity							$ 7,500,000
Unitsissuedcumulative | shares							7,850
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	265,931			286,392
Common Stock, Dividends, Per Share, Declared | $ / shares							$ 0.1925
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							24,408	30,990	30,133
Stock Granted, Value, Share-based Compensation, Gross							$ 360,018	$ 409,998	$ 320,012
Subsequent Event [Member]
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares			$ 0.235
Subsequent Event [Member] | Unitsissued [Member]
Subsequent Event [Line Items]
Unitsissuedcumulative | shares			21,940
Proceeds from Issuance of Preferred Stock and Preference Stock			$ 19,700,000
2016 [Domain] | 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] | ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares							206,534
2016 [Domain] | Share-based Compensation Award, Tranche Two [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] | ClassBUnits [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares							29,698
February 2017 facility [Member]
Subsequent Event [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 300,000,000										$ 200,000,000