Document and Entity Information
Document and Entity Information Document - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 20, 2018 | Jun. 30, 2017 | |
Document and Entity Information [Abstract] | |||
entity registrant name | PREFERRED APARTMENT COMMUNITIES INC | ||
entity CIK | 1,481,832 | ||
Current fiscal year end date | --12-31 | ||
document type | 10-K | ||
document period end date | Dec. 31, 2017 | ||
document fiscal year focus | 2,017 | ||
document fiscal period focus | Q4 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
entity filer category | Accelerated Filer | ||
amendment flag | false | ||
entity common stock, shares outstanding | 39,159,237 | ||
Entity public float | $ 497,645,852 |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Real estate | ||
Land | $ 406,794,429 | $ 299,547,501 |
Building and improvements | 2,043,853,105 | 1,513,293,760 |
Tenant Improvements | 63,424,729 | 23,642,361 |
Furniture, fixtures, and equipment | 210,778,838 | 126,357,742 |
Construction in progress | 10,490,769 | 2,645,634 |
Gross real estate | 2,735,341,870 | 1,965,486,998 |
Less: accumulated depreciation | (172,755,498) | (103,814,894) |
Net real estate | 2,562,586,372 | 1,861,672,104 |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 255,344,584 | 201,855,604 |
Loans and Leases Receivable, Related Parties | 131,451,359 | 130,905,464 |
Total real estate and real estate loan, net | 2,949,382,315 | 2,194,433,172 |
Cash and cash equivalents | 21,042,862 | 12,321,787 |
Restricted cash | 51,968,519 | 55,392,984 |
Financing Receivable, Net | 17,317,743 | 15,499,699 |
Note receivable | 55,415,000 | |
Due from Related Parties, Current | 22,739,022 | 22,115,976 |
Interest Receivable | 26,864,905 | 21,894,549 |
Intangible Assets, Net (Excluding Goodwill) | 102,743,389 | 79,156,400 |
Deferred loan costs, net of amortization of $155,953 and $64,480 | (1,385,208) | (1,768,779) |
Deferred offering costs | 6,544,310 | 2,677,023 |
tenants capitalized lease inducements | 14,424,398 | 261,492 |
Other assets | 37,956,954 | 15,310,741 |
Total assets | 3,252,369,625 | 2,420,832,602 |
Liabilities | ||
Mortgage notes payable | 1,776,652,171 | 1,305,870,471 |
Accounts payable and accrued expenses | 31,252,705 | 20,814,910 |
Line of Credit Facility, Amount Outstanding | 41,800,000 | 127,500,000 |
Short-term Bank Loans and Notes Payable | 10,994,194 | 10,959,905 |
Participating Mortgage Loans, Participation Liabilities, Amount | 13,985,978 | 20,761,819 |
Interest Payable, Current | 5,028,161 | 3,541,640 |
Dividends payable | 15,679,940 | 10,159,629 |
Below Market Lease, Net | 38,856,615 | 29,774,033 |
Security deposits and prepaid rents | 9,406,816 | 6,189,033 |
Deferred income | 27,947,352 | 0 |
Total liabilities | 1,971,603,932 | 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 | 385,647 | 264,982 |
Additional paid in capital | 1,271,039,723 | 906,737,470 |
Accumulated deficit | 4,449,353 | (23,231,643) |
Total stockholders' equity | 1,275,887,096 | 883,779,953 |
Non-controlling interest | 4,878,597 | 1,481,209 |
Total equity | 1,280,765,693 | 885,261,162 |
Total liabilities and equity | 3,252,369,625 | 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 | 12,220 | 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 | $ 153 | $ 0 |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 73,521,456 | $ 46,396,254 |
sales inducements accumulated amortization | 452,284 | 14,904 |
Allowance for Doubtful Accounts Receivable | 714,722 | 663,912 |
Below Market Lease, Accumulated Amortization | $ 8,094,883 | $ 3,771,393 |
Shares outstanding, preferred stock | 1,222,013 | 914,422 |
Common Stock, par value per share | $ 0.01 | |
Common stock, shares outstanding | 38,564,722 | 26,093,707 |
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 | 1,250,279 | 924,855 |
Shares outstanding, preferred stock | 1,222,013 | 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 | 15,275 | 0 |
Shares outstanding, preferred stock | 15,275 | 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 | 38,564,722 | 26,498,192 |
Common stock, shares outstanding | 38,564,722 | 26,498,192 |
Line of Credit [Member] | ||
Deferred loan costs, accumulated amortization | $ 1,153,441 | $ 422,873 |
Mortgages [Member] | ||
Deferred loan costs, accumulated amortization | 35,396,603 | 22,007,641 |
Medium-term Notes [Member] | ||
Deferred loan costs, accumulated amortization | $ 5,806 | $ 40,095 |
Statements of Operations
Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenues: | |||
Rental revenues | $ 200,461,750 | $ 137,330,774 | $ 69,128,280 |
Other property revenues | 36,641,006 | 19,302,548 | 9,495,522 |
Interest income on loan and note receivable | 35,697,982 | 28,840,857 | 23,207,610 |
Revenue from Related Parties | 21,203,877 | 14,644,736 | 7,474,100 |
Total revenues | 294,004,615 | 200,118,915 | 109,305,512 |
Operating expenses: | |||
Property operating and maintenance | 29,903,092 | 19,981,640 | 10,878,872 |
property salaries related party | 13,271,603 | 10,398,711 | 5,885,242 |
Property management fees | 8,329,182 | 5,980,735 | 3,014,801 |
Real estate taxes | 31,281,156 | 21,594,369 | 9,934,412 |
General and administrative | 6,489,736 | 4,557,990 | 2,285,789 |
Share-based Compensation | 3,470,284 | 2,524,042 | 2,362,453 |
Depreciation and amortization | 116,776,809 | 78,139,798 | 38,096,334 |
Acquisition costs | 14,002 | 8,547,543 | 9,153,763 |
Management fees | 20,226,396 | 13,637,458 | 7,041,226 |
Other Expenses | 6,583,918 | 6,172,972 | 3,568,356 |
Total operating expenses | 236,346,178 | 171,535,258 | 92,221,248 |
manager's fees deferred | (1,729,620) | (1,585,567) | (1,805,478) |
Operating Expenses | 234,616,558 | 169,949,691 | 90,415,770 |
Operating Income (Loss) | 59,388,057 | 30,169,224 | 18,889,742 |
Interest Expense | 67,468,042 | 44,284,144 | 21,315,731 |
Gain (Loss) on Extinguishment of Debt | 888,428 | 0 | 0 |
Income (Loss) before Gain (Loss) on Sale of Properties | (8,968,413) | (14,114,920) | (2,425,989) |
Gains (Losses) on Sales of Investment Real Estate | 37,635,014 | 4,271,506 | 0 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 28,666,601 | (9,843,414) | (2,425,989) |
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 28,666,601 | (9,843,414) | (2,425,989) |
net loss attributable to non-controlling interests | (985,605) | 310,291 | 25,321 |
Net loss attributable to the Company | 27,680,996 | (9,533,123) | (2,400,668) |
Dividends to preferred stockholders | (63,651,265) | (41,080,645) | (18,751,934) |
Deemed noncash dividend | 62,878 | 0 | 0 |
NetIncomeAllocatedToUnvestedRestrictedShares | (14,794) | (15,843) | (19,256) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (35,985,063) | $ (50,629,611) | $ (21,171,858) |
Earnings Per Share, Basic | $ (1.13) | $ (2.11) | $ (0.95) |
Dividends, Common Stock, Cash | $ 31,244,265 | $ 19,940,730 | $ 16,196,324 |
Common Stock, Dividends, Per Share, Declared | $ 0.94 | $ 0.8175 | $ 0.7275 |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 31,926,472 | 23,969,494 | 22,182,971 |
Weighted Average Number of Shares Outstanding, Diluted | 31,926,472 | 23,969,494 | 22,182,971 |
Statements of Operations (Paren
Statements of Operations (Parenthetical) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Cost of Reimbursable Expense | $ 12,329,295 | $ 10,398,711 | $ 5,885,242 |
property management fees paid to related party | 6,417,491 | 4,978,142 | 2,608,364 |
acquisition fees paid to related party | $ 7,310 | $ 198,024 | $ 189,115 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 28,666,601 | $ (9,843,414) | $ (2,425,989) |
Reconciliation of net loss to net cash provided by (used in) operating activities: | |||
Depreciation expense | 86,017,560 | 56,415,608 | 27,672,387 |
Amortization expense | 30,759,249 | 21,724,190 | 10,423,947 |
Amortization of above and below Market Leases | (3,335,303) | (1,653,016) | (816,509) |
Deferred fee income amortization | (2,346,579) | (994,809) | (868,615) |
Deferred Sales Inducement Cost, Amortization Expense | 630,503 | 0 | 0 |
Deferred loan cost amortization | 5,084,193 | 3,595,429 | 1,474,276 |
deferred interest income | (4,970,356) | (7,599,901) | (6,256,200) |
Share-based Compensation | 3,470,284 | 2,524,042 | 2,362,453 |
Gain (Loss) on Disposition of Assets | (37,635,014) | (4,271,506) | 0 |
Gain (Loss) on Extinguishment of Debt | 888,428 | 0 | 0 |
deferred miscellaneous income amortization | 189,400 | 48,126 | (19,743) |
Changes in operating assets and liabilities: | |||
(Increase) in tenant accounts receivable | (12,105,325) | (4,331,216) | (2,341,649) |
Payments for (Proceeds from) Tenant Allowance | (14,260,180) | 0 | 0 |
(Increase) decrease in other assets | 2,382,465 | 3,112,553 | 4,866,996 |
Increase in accounts payable and accrued expenses | 2,853,145 | 2,935,383 | 1,150,069 |
Net cash provided by (used in) operating activities | 86,289,071 | 61,661,469 | 35,221,423 |
Investing activities: | |||
Investments in real estate loans | (148,345,526) | (151,027,549) | (114,026,945) |
Proceeds from Principal Repayments on Loans and Leases Held-for-investment | 94,409,668 | 36,672,482 | 18,772,024 |
Deferred real estate loan income | (7,863,998) | (9,887,486) | (19,339,695) |
Notes receivable issued | 6,099,653 | 12,895,101 | 15,350,624 |
Deferred acquisition fee on real estate loans | (35,281,195) | (34,206,553) | (18,634,237) |
Increase (Decrease) in Accounts and Notes Receivable | 34,228,970 | 31,096,618 | 12,502,579 |
loan fees received | 2,633,592 | 3,703,514 | 2,761,047 |
AcquisitionFeesRelatedPartyCosts | (1,319,399) | (1,886,105) | (1,349,273) |
Origination fees paid to real estate loan participants | 0 | 0 | (24,665) |
Acquisition of properties, net | (781,828,497) | (1,010,111,945) | (420,700,550) |
Proceeds from Sale of Real Estate Held-for-investment | 118,237,697 | 10,616,386 | 0 |
Receipt of insurance proceeds for capital improvements | 4,719,009 | 0 | 0 |
Additions to real estate assets - improvements | (17,787,037) | (10,263,736) | (4,239,725) |
Increase (Decrease) in Earnest Money Deposits Outstanding | (2,034,398) | (839,600) | (660,400) |
Increase in cash held in escrow and restricted cash | 10,378,557 | (3,344,721) | (3,920,995) |
Net cash (used in) investing activities | (723,752,904) | (1,126,583,594) | (533,510,211) |
Financing activities: | |||
Proceeds from mortgage notes payable | 517,488,647 | 622,394,000 | 256,865,500 |
Extinguishment of Debt, Amount | (124,039,890) | (12,035,587) | (4,175,271) |
Payments for mortgage loan costs | (14,772,295) | (19,130,246) | (4,481,004) |
Payment for Debt Extinguishment or Debt Prepayment Cost | (817,313) | 0 | 0 |
loan balance proceeds from real estate loan participants | 224,188 | 6,432,700 | 4,996,680 |
payments received from real estate loan participants | (7,882,643) | 0 | 0 |
Proceeds from non-revolving lines of credit | 275,000,000 | 470,136,020 | 295,800,000 |
Payments on revolving lines of credit | (360,700,000) | (377,136,020) | (285,800,000) |
Proceeds from Short-term Debt | 0 | 46,000,000 | 32,000,000 |
Repayments of Short-term Debt | 0 | (35,000,000) | (32,000,000) |
Proceeds from sales of Units, net of offering costs | 302,467,332 | 390,904,255 | 262,456,354 |
Proceeds from Issuance of Common Stock | 74,213,118 | 22,956,604 | 5,381,848 |
Proceeds from Warrant Exercises | 80,970,365 | 21,503,490 | 1,998,414 |
Dividends declared and paid | (27,408,905) | (18,515,113) | (15,578,760) |
Payments of Ordinary Dividends, Preferred Stock and Preference Stock | (61,966,313) | (38,940,901) | (17,373,097) |
Payments of Ordinary Dividends, Noncontrolling Interest | (817,260) | (529,528) | (174,686) |
Payments for deferred offering costs, net of non cash items | (6,314,123) | (4,685,367) | (2,300,855) |
Contribution from non-controlling interests | 540,000 | 450,000 | 0 |
Net Cash Provided by (Used in) Financing Activities | 646,184,908 | 1,074,804,307 | 497,615,123 |
Cash and Cash Equivalents, Period Increase (Decrease) | 8,721,075 | 9,882,182 | (673,665) |
Cash beginning of period | 12,321,787 | 2,439,605 | 3,113,270 |
Cash end of period | 21,042,862 | 12,321,787 | 2,439,605 |
Supplemental cash flow information: | |||
Cash paid for interest | 59,851,062 | 38,950,463 | 19,154,375 |
Noncash Investing and Financing Items [Abstract] | |||
Accrued capital expenditures | 2,305,034 | 353,401 | 226,892 |
receivable for deferred offering costs | 836,014 | 975,647 | 566,941 |
Writeoff of fully amortized deferred loan costs | 411,348 | 0 | 0 |
Writeoff of assets due to hurricane damages | 6,879,368 | 0 | 0 |
Payments for Tenant Improvements | 28,802,675 | 0 | 0 |
Deemed noncash dividend | 62,878 | 0 | 0 |
Dividends payable to non controlling interests | 221,184 | 194,957 | 53,238 |
Accrued and payable deferred offering costs | 322,711 | 683,612 | 571,786 |
Noncash settlement of loans | 1,512,254 | 452,853 | 0 |
Reclass of offering costs from deferred asset to equity | 2,515,115 | 8,748,762 | 3,994,184 |
Bridge and land acquisition loans converted to real estate loans | $ 0 | $ 0 | $ 49,188,665 |
Common Unit, Issued | 0 | 6,250,000 | 0 |
Proceeds from Delayed Tax Exempt Exchange | $ 31,288,252 | $ 0 | $ 0 |
Payments for Delayed Tax Exempt Exchange | 31,288,252 | 0 | 0 |
Share-based Compensation | 4,088,499 | 3,188,263 | 2,321,578 |
Loans Assumed | 90,721,905 | 49,033,530 | 0 |
mortgage debt refinanced | 0 | 12,500,000 | 10,000,000 |
Common Stock [Member] | |||
Noncash Investing and Financing Items [Abstract] | |||
Dividends payable | 9,575,975 | 5,740,616 | 4,314,999 |
Series A Preferred Stock [Member] | |||
Noncash Investing and Financing Items [Abstract] | |||
Dividends payable | 5,971,214 | 4,419,014 | 2,279,270 |
Series M Preferred Stock [Member] | |||
Noncash Investing and Financing Items [Abstract] | |||
Dividends payable | 69,873 | ||
Wade Green Village | |||
Operating activities: | |||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (332,000) | ||
Noncash Investing and Financing Items [Abstract] | |||
business combination cash consideration transferred | $ 0 | $ 5,072,659 | $ 0 |
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 | $ 292,684,309 | $ 292,681,380 | $ 292,684,309 | $ 2,929 | |||||||||||||||||||||||
Balance at Dec. 31, 2014 | 291,581,874 | $ 214,039 | 300,576,349 | $ (11,297,852) | 289,494,464 | $ 2,087,410 | 1,928 | ||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (1,899,044) | 599 | (1,899,616) | (1,899,044) | (27) | ||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 5,493,308 | 5,479 | 5,487,829 | 5,493,308 | |||||||||||||||||||||||
exercise of warrants | 6,171,044 | 5,825 | 6,165,219 | 0 | 6,171,044 | 0 | 0 | ||||||||||||||||||||
restricted stock vesting | 0 | 543 | (543) | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 1,080 | 717,582 | 0 | 718,662 | (718,662) | 0 | ||||||||||||||||||||
amortization of Class A Unit awards | $ 1,987,877 | $ 0 | $ 0 | $ 0 | $ 0 | $ 1,987,877 | $ 0 | ||||||||||||||||||||
Syndication and offering costs | (33,363,362) | 0 | (33,363,362) | 0 | (33,363,362) | 0 | 0 | ||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 374,576 | 51 | 374,525 | 0 | 374,576 | 0 | 0 | ||||||||||||||||||||
Dividends, Common Stock, Cash | (16,196,324) | (16,196,324) | (16,196,324) | ||||||||||||||||||||||||
Balance at Dec. 31, 2015 | 525,453,790 | 227,616 | 536,450,877 | (13,698,520) | 522,984,803 | 2,468,987 | 4,830 | ||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (2,425,989) | 0 | 0 | (2,400,668) | (2,400,668) | (25,321) | 0 | ||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | 659,772 | 0 | 659,772 | (659,772) | 0 | ||||||||||||||||||||
Payments to Noncontrolling Interests | (202,545) | 0 | 0 | 0 | 0 | (202,545) | 0 | ||||||||||||||||||||
Dividends, Preferred Stock | $ (18,751,934) | $ 0 | $ (18,751,934) | $ 0 | $ (18,751,934) | $ 0 | 0 | ||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 438,113,630 | 438,109,243 | 438,113,630 | 4,387 | |||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (3,757,328) | 2,090 | (3,759,345) | (3,757,328) | (73) | ||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 23,366,043 | 16,954 | 23,349,089 | 23,366,043 | |||||||||||||||||||||||
exercise of warrants | 18,167,609 | 16,977 | 18,150,632 | 0 | 18,167,609 | 0 | 0 | ||||||||||||||||||||
restricted stock vesting | 0 | 306 | (306) | 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 | 2,060,066 | 0 | 0 | 0 | 0 | 2,060,066 | 0 | ||||||||||||||||||||
Syndication and offering costs | (52,620,248) | 0 | (52,620,248) | 0 | (52,620,248) | 0 | 0 | ||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 490,980 | 83 | 490,897 | 0 | 490,980 | 0 | 0 | ||||||||||||||||||||
Dividends, Common Stock, Cash | (19,940,730) | (19,940,730) | (19,940,730) | ||||||||||||||||||||||||
Balance at Dec. 31, 2016 | 885,261,162 | 264,982 | 906,737,470 | (23,231,643) | 883,779,953 | 1,481,209 | 9,144 | ||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (9,843,414) | 0 | 0 | (9,533,123) | (9,533,123) | (310,291) | 0 | ||||||||||||||||||||
Contribution from joint venture partner | 5,072,659 | 0 | 0 | 0 | 0 | 5,072,659 | 0 | ||||||||||||||||||||
Noncontrolling Interest in Net Income (Loss) Joint Venture Partners, Redeemable | (450,000) | 0 | 0 | 0 | 0 | (450,000) | 0 | ||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | 6,940,364 | 0 | 6,940,364 | (6,940,364) | 0 | ||||||||||||||||||||
Payments to Noncontrolling Interests | (671,250) | 0 | 0 | 0 | 0 | (671,250) | 0 | ||||||||||||||||||||
Dividends, Preferred Stock | (41,080,645) | 0 | (41,080,645) | 0 | (41,080,645) | 0 | 0 | ||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | 339,316,285 | 339,312,878 | 339,316,285 | 3,407 | |||||||||||||||||||||||
Stock Redeemed or Called During Period, Value | (4,499,837) | 7,111 | (4,506,770) | (4,499,837) | (178) | ||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | 76,804,479 | 49,067 | 76,755,412 | 76,804,479 | |||||||||||||||||||||||
exercise of warrants | 84,450,750 | 62,130 | 84,388,620 | 0 | 84,450,750 | 0 | 0 | ||||||||||||||||||||
restricted stock vesting | 0 | 277 | (277) | 0 | 0 | 0 | 0 | ||||||||||||||||||||
Stock Issued During Period, Value, Conversion of Units | 0 | 2,080 | 1,750,237 | 0 | 1,752,317 | (1,752,317) | 0 | ||||||||||||||||||||
amortization of Class A Unit awards | $ 3,003,014 | $ 0 | $ 0 | $ 0 | $ 0 | $ 3,003,014 | $ 0 | ||||||||||||||||||||
Syndication and offering costs | (37,505,014) | 0 | (37,505,014) | 0 | (37,505,014) | 0 | 0 | ||||||||||||||||||||
Stock Issued During Period, Value, Share-based Compensation, Gross | 467,270 | 0 | 467,270 | 0 | 467,270 | 0 | 0 | ||||||||||||||||||||
Dividends, Common Stock, Cash | (31,244,265) | (31,244,265) | (31,244,265) | ||||||||||||||||||||||||
Balance at Dec. 31, 2017 | 1,280,765,693 | 385,647 | 1,271,039,723 | 4,449,353 | 1,275,887,096 | 4,878,597 | 12,373 | ||||||||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 28,666,601 | 0 | 0 | 27,680,996 | 27,680,996 | 985,605 | 0 | ||||||||||||||||||||
non-controlling interest equity adjustment | 0 | 0 | (1,464,573) | 0 | (1,464,573) | 1,464,573 | 0 | ||||||||||||||||||||
Payments to Noncontrolling Interests | $ (843,487) | $ 0 | $ 0 | $ 0 | $ 0 | $ (843,487) | 0 | ||||||||||||||||||||
Dividends, Preferred Stock | $ (63,176,252) | $ (475,013) | $ 0 | $ 0 | $ (63,176,252) | $ (475,013) | $ 0 | $ 0 | $ (63,176,252) | $ (475,013) | $ 0 | $ 0 | $ 0 | $ 0 |
Statements of Equity and Accum8
Statements of Equity and Accumulated Deficit Parenthetical - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Common Stock, Dividends, Per Share, Declared | $ 0.94 | $ 0.8175 | $ 0.7275 |
Series A Preferred Stock [Member] | |||
Preferred Stock, Dividends Per Share, Declared | $ 5 | $ 5 | $ 5 |
Quarterly Financial Data Statem
Quarterly Financial Data Statement - USD ($) | 3 Months Ended | |||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||||||||
Revenues | $ 81,652,168 | $ 74,900,199 | $ 70,890,913 | $ 66,561,335 | $ 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 |
Operating Income (Loss) | 14,641,166 | 16,721,197 | 13,675,576 | 14,346,123 | 9,612,856 | 9,545,554 | 5,505,474 | 5,505,340 |
Net Income (Loss) Attributable to Parent | (4,741,860) | 42,779 | 3,304,202 | 30,061,480 | (3,982,783) | (2,688,620) | 217,479 | (3,389,490) |
Net Income (Loss) Available to Common Stockholders, Basic | $ (22,242,592) | $ (16,383,638) | $ (12,033,495) | $ 14,674,662 | $ (16,589,868) | $ (13,624,001) | $ (9,239,588) | $ (11,184,115) |
Earnings Per Share, Basic | $ (0.60) | $ (0.49) | $ (0.40) | $ 0.54 | $ (0.66) | $ (0.56) | $ (0.40) | $ (0.49) |
Earnings Per Share, Diluted | $ (0.60) | $ (0.49) | $ (0.40) | $ 0.54 | $ (0.66) | $ (0.56) | $ (0.40) | $ (0.49) |
Weighted Average Number of Shares Outstanding, Basic | 37,205,390 | 33,539,920 | 29,893,736 | 26,936,266 | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 |
Weighted Average Number of Shares Outstanding, Diluted | 37,205,390 | 33,539,920 | 29,893,736 | 26,936,266 | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 |
Organization
Organization | 12 Months Ended |
Dec. 31, 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 December 31, 2017 , the Company had 38,564,722 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 97.8% owner of the Operating Partnership at that date. The number of partnership units not owned by the Company totaled 884,735 at December 31, 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 portfolio of grocery-anchored shopping centers. Preferred Office Properties, LLC owns and conducts the business of our portfolio of office buildings. Preferred Campus Communities, LLC owns and conducts the business of our portfolio of off-campus student housing communities. Each of these entities are wholly-owned subsidiaries of the Operating Partnership. Basis of Presentation These consolidated financial statements include all of the accounts of the Company and the Operating Partnership presented in accordance with accounting principles generally accepted in the United States of America, or GAAP. All significant intercompany transactions have been eliminated in consolidation. Certain adjustments have been made consisting of normal recurring accruals, which, in the opinion of management, are necessary for a fair presentation of the Company's financial condition and results of operations. The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 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 a 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. 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 (including, effective July 1, 2017, a 1% acquisition fee), 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. Should the Company complete any acquisitions in the future which qualify as acquisitions of businesses, associated acquisition costs would be expensed as incurred. 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 over the average remaining non-cancelable term of the respective in-place leases in the depreciation and amortization line of the statements of operations. Grocery-anchored shopping centers and office properties 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 over the remaining term of the respective leases in the depreciation and amortization line of the statements of operations. 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 properties 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 property. Deferred Leasing Costs Costs incurred to obtain tenant leases are amortized using the straight-line method over the term of the related lease agreement. Such costs include lease incentives, leasing commissions and legal costs. If the lease is terminated early, the remaining unamortized deferred leasing cost is written off. Real Estate Loans and Notes Receivable The Company carries its investments in real estate loans at amortized cost with assessments made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result of the loan is lower than the carrying amount of the loan, a valuation allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. Recoveries of valuation allowances are only recognized in the event of maturity or a sale or disposition in an amount above carrying value. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of unamortized deferred loan origination fees. These loan balances are presented in the asset section of the consolidated balance sheets inclusive of loan balances from third party participant lenders, with the participant amount presented within the liabilities section. See the "Revenue Recognition" section of this Note for other loan-related policy disclosures required by ASC 310-10-50-6. Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash includes cash restricted by state law or contractual requirement and relates primarily to real estate tax and insurance escrows, capital improvement reserves and resident security deposits. Fair Value Measurements Certain assets and liabilities are required to be carried at fair value, or if they are deemed impaired, to be adjusted to reflect this condition. The Company follows the guidance provided by ASC 820, Fair Value Measurements and Disclosures , in accounting and reporting for real estate assets where appropriate, as well as debt instruments both held for investment and as liabilities. The standard requires disclosure of fair values calculated utilizing each of the following input type within the following hierarchy: • Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. Deferred Loan Costs Deferred loan costs are amortized using the straight-line method, which approximates the effective interest rate method, over the terms of the related indebtedness. Non-controlling Interest Non-controlling interest represents the equity interest of the Operating Partnership that is not owned by the Company. Non-controlling interest is adjusted for contributions, distributions and earnings or loss attributable to the non-controlling interest in the consolidated entity in accordance with the Agreement of Limited Partnership of the Operating Partnership, as amended. Redeemable Preferred Stock Shares of the Series A Redeemable Preferred Stock, stated value $1,000 per share, or Series A Preferred Stock, and Series M Redeemable Preferred Stock, stated value $1,000 per share, or mShares, are both redeemable at the option of the holder, subject to a declining redemption fee schedule. Redemptions are therefore outside the control of the Company. However, the Company retains the right to fund any redemptions of Series A Preferred Stock or mShares in either Common Stock or cash at its option. Therefore, the Company records the Series A Preferred Stock and mShares as components of permanent stockholders’ equity. Deferred Offering Costs Deferred offering costs represent direct costs incurred by the Company related to current equity offerings, excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For issuances of equity that occur on one specific date, associated offering costs are reclassified as a reduction of proceeds raised on the date of issue. Our ongoing offering of up to a maximum of 1,500,000 Units, consisting of one share of Series A Redeemable Preferred Stock and one warrant, or Warrant, to purchase 20 shares of Common Stock, or Units, generally closes on a bimonthly basis in variable amounts. Such offering is referred to herein as the $ 1.5 Billion Unit Offering, pursuant to our registration statement on Form S-3 (registration number 333-211924), as may be amended from time to time. Deferred offering costs related to the $ 1.5 Billion Unit Offering, Shelf Offering and mShares Offering (the latter two as defined in Note 5) are reclassified to the stockholders’ equity section of the consolidated balance sheet as a reduction of proceeds raised on a pro-rata basis equal to the ratio of total Units or value of shares issued to the maximum number of Units, or the value of shares, as applicable, that are expected to be issued. Revenue Recognition 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 properties Rental revenue from tenants' operating leases in the Company's grocery-anchored shopping centers and office properties 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 grocery-anchored shopping center 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 properties, 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 with a corresponding recognition of 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. Real Estate Loans Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes using the effective interest rate method. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue at the date of refinancing. Direct loan origination fees applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income. The accrual of interest on all these instruments ceases when there is concern as to the ultimate collection of principal or interest, which is generally a delinquency of 30 days in required payments of interest or principal. Any payments received on such non-accrual loans are recorded as interest income when the payments are received. Real estate loan assets are reclassified as accrual-basis once interest and principal payments become current. Certain real estate loan assets include limited purchase options and either exit fees or additional amounts of accrued interest. Exit fees or accrued interest due will be treated as additional consideration for the acquired project if the Company purchases the subject property. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan. Stock-Based Compensation The Company accounts for stock-based compensation in accordance with guidance provided by ASC 505-50, Equity-Based Payments to Non-Employees and ASC 718, Stock Compensation . We calculate the fair value of Class B Unit grants at the date of grant utilizing a Monte Carlo simulation model based upon estimates of their expected term, the expected volatility of and dividend yield on our Common Stock over this expected term period and the market risk-free rate of return. The compensation expense is accrued on a straight-line basis over the vesting period(s). We record the fair value of restricted stock awards based upon the closing stock price on the trading day immediately preceding the date of grant. Acquisition Costs Through December 31, 2016, the Company expensed property acquisition costs as incurred, which include costs such as due diligence, legal, certain accounting, environmental and consulting, when the acquisitions constituted business combinations. 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 (including, effective July 1, 2017, a 1% acquisition fee), 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. Should the Company complete any acquisitions in the future which qualify as acquisitions of businesses, associated acquisition costs would be expensed as incurred. Capitalization and Depreciation The Company capitalizes tenant improvements, replacements of furniture, fixtures and equipment, as well as carpet, appliances, air conditioning units, certain common area items and other assets. Significant repair and renovation costs that improve the usefulness or extend the useful life of the properties are also capitalized. These assets are then depreciated on a straight-line basis over their estimated useful lives, as follows: • Buildings: 30 - 50 years • Furniture, fixtures & equipment: 5 - 10 years • Improvements to buildings and land: 5 - 20 years • Tenant improvements: shorter of economic life or lease term Operating expenses related to unit turnover costs, such as carpet cleaning, mini-blind replacements and minor repairs are expensed as incurred. Income Taxes The Company has elected to be taxed as a REIT under the Code. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes 100% of the Company's annual REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could have a material adverse affect on the Company's net income and net cash available for distribution to stockholders. The Company intends to operate in such a manner as to maintain its election for treatment as a REIT. The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income or loss available to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Net income or loss attributable to common stockholders is calculated by deducting dividends due to preferred stockholders, including deemed non-cash dividends emanating from beneficial conversion features within convertible preferred stock, as well as nonforfeitable dividends due to holders of unvested restricted stock, which are participating securities under the two-class method of calculating earnings per share. Diluted earnings (loss) per share is computed by dividing net income or net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the effect of dilutive securities such as share grants or warrants. No adjustment is made for potential common stock equivalents that are anti-dilutive during the period. New Accounting Pronouncements In May 2014, the FASB issued Accounting Standards Update 2014-09 ("ASU 2014-09"), Revenue from Contracts with Customers (Topic 606). ASU 2014-09 provides a single comprehensive revenue recognition model for contracts with customers (excluding certain contracts, such as lease contracts) to improve comparability within industries. ASU 2014-09 requires an entity to recognize revenue to reflect the transfer of goods or services to customers at an amount the entity expects to be paid in exchange for those goods and services and provide enhanced disclosures, all to provide more comprehensive guidance for transactions such as service revenue and contract modifications. 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 will adopt the new standard on January 1, 2018,when effective, utilizing the modified retrospective transition method with a cumulative effect recognized as of the date of adoption. In addition, the evaluation of non-lease components under ASU 2014-09 will not be effective until Accounting Standards Update No. 2016-02, Leases (Topic 842), ("ASU 2016-02") becomes effective (see further discussion below), which will be January 1, 2019 for the Company. The Company has determined that approximately 90% of its consolidated revenues are derived from either long-term leases with its tenants and reimbursement of related property tax and insurance expenses (considered executory costs of leases) or its mezzanine loan interest income, which are excluded from the scope of the ASU 2014-09. Of the remaining approximately 10% of the Company’s revenues, the majority is comprised of common area maintenance (“CAM”) reimbursements and utility reimbursements, which are non-lease components under ASU 2014-09 and therefore within its scope of adoption. The Company has concluded that the adoption of ASU 2014-09 will have no material effect upon the timing of the recognition of reimbursement revenue and other miscellaneous income. The Company also evaluated its amenity and ancillary services to its multifamily and student housing residents and does not expect the timing and recognition of revenue to change as a result of implementing ASU 2014-09. Additional required disclosures regarding the nature and timing of the Company's revenue transactions will be provided upon adoption of the new standard. 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, but will reduce the content of required disclosure concerning the fair value of its financial instruments. 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 and supersedes the previous standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The new lease guidance requires an entity to separate lease components from non-lease components, such as maintenance services or other activities that transfer a good or service to our residents and tenants in a contract; it also considers the reimbursement of real estate taxes and insurance as executory costs of the lease and requires that such amounts be consolidated with the base rent revenue. For lessors, the consideration in the contract is allocated to the lease and non-lease components on a relative standalone price basis in accordance with the allocation guidance in the new revenue standard. The Company concluded that adoption of ASU 2016-02 does not change the timing of revenue recognition over the lease component, which remains over a straight line method, though the reimbursement of property tax and insurance, considered executory costs of leasing, will be combined with the base rent revenue and presented within rental income instead of other income within the Company’s income statement. Non-lease components are evaluated under ASU 2014-09, Revenue from Contracts with Customers (Topic 606), discussed above. On January 5, 2018, the FASB issued an Exposure Draft on ASC 842. The amendments in this proposed update would address stakeholders’ concerns about the requirement for lessors to separate components of a contract by providing lessors with a practical expedient, by class of underlying assets, to not separate non-lease components from the related lease components, similar to that provided for lessees. However, the lessor practical expedient would be limited to circumstances in which both (1) the timing and pattern of revenue recognition are the same for the non-lease component(s) and related lease component and (2) the combined single lease component would be classified as an operating lease. If the Exposure Draft is approved, the Company anticipates adopting ASC 842 utilizing the practical expedient. 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 will adopt ASU 2016-18 on January 1, 2018 utilizing the retrospective transition method. 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 for the year ended December 31, 2017 was a decrease of approximately $10.0 million of acquisition costs which were capitalized but which would have been expensed in full as incurred 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 g |
Real Estate Assets (Notes)
Real Estate Assets (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Real Estate Assets [Abstract] | |
Business Combination Disclosure | Real Estate Assets The Company's real estate assets consisted of: As of December 31, 2017 2016 (Unaudited) Multifamily communities: Properties (1) 30 24 Units 9,521 8,049 New Market Properties (2) Properties 39 31 Gross leasable area (square feet) (3) 4,055,461 3,295,491 Student housing properties: Properties 4 1 Units 891 219 Beds 2,950 679 Preferred Office Properties: Properties 4 3 Rentable square feet 1,352,000 1,096,834 (1) The acquired second and third phases of the Summit Crossing community are 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 13, 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. Storm-related costs Hurricane Harvey caused property damage at our Stone Creek multifamily community located in Port Arthur, Texas which required us to write off real estate assets with a net book value of approximately $6.9 million . Property damage and lost rental income for this asset are covered under the National Flood Insurance Program (NFIP) and, residually, under various provisions of our master policy. Therefore, we simultaneously recorded an insurance receivable of the same amount, resulting in no loss being recorded in the Consolidated Statement of Operations from the write-off. At December 31, 2017, we had received approximately $4.7 million of insurance proceeds and expect to receive the remainder during the first quarter 2018. Remediation and restoration is progressing very well, and we anticipate full completion by May of 2018. Together with Hurricane Irma, we sustained other smaller property damages, lost revenues and higher miscellaneous operating expenses at certain of our other multifamily communities and grocery-anchored shopping centers in Texas and Florida. For the three-month period and year ended December 31, 2017, rental revenues decreased $283,000 and $387,000 , respectively due to lost rents. We expect to record a full recovery of these lost revenues upon settlement with our insurance carrier and receipt of funds in 2018. In addition to lost rents, our Consolidated Statement of Operations reflects other related costs such as insurance deductibles, smaller property damages that did not exceed our property insurance deductibles, and other storm remediation expenses from the two storms. These costs combined totaled $408,000 and $511,000 for the three-month and twelve-month periods ended December 31, 2017, respectively. Multifamily communities sold 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 approximately $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 $(0.9) million of net income (loss) to the consolidated operating results of the Company for the years ended December 31, 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 $0.6 million of net income to the consolidated operating results of the Company for the years ended December 31, 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 $(0.2) million of net income (loss) to the consolidated operating results of the Company for the years ended December 31, 2017 and 2016 , respectively. Had ASU 2014-09, Revenue from Contracts with Customers (Topic 606), been effective during 2017, none of these sales of multifamily communities would have been subject to the accounting and disclosure requirements of the new standard since the transactions did not meet the definition of a contract with a customer, as defined by the new guidance. 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 — Total liabilities $ 30,840,135 $ 31,999,717 $ 24,862,000 Multifamily communities and student housing properties acquired During the years ended December 31, 2017 , and 2016, the Company completed the acquisition of the multifamily communities and student housing properties in the table below. The multifamily communities acquired during 2016, prior to the Company's adoption of ASU 2017-01, were accounted for as acquisitions of businesses, which required acquisition costs to be expensed when incurred. Beginning January 1, 2017, the Company's acquisitions qualified as acquired assets and the associated acquisition costs were capitalized, allocated to the fair values of the acquired assets and liabilities on the balance sheet and amortized over the remaining expected useful lives. Acquisition date Property Location Approximate purchase price (millions) (1) Units 2/28/2017 SoL (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 7/26/2017 Luxe at Lakewood Ranch Sarasota, Florida $ 56.1 280 9/27/2017 Adara Overland Park Kansas City, Kansas $ 45.5 260 9/29/2017 Aldridge at Town Village Atlanta, Georgia $ 54.2 300 9/29/2017 The Reserve at Summit Crossing Atlanta, Georgia $ 30.9 172 10/27/2017 Stadium Village (3) (4) Atlanta, Georgia $ 72.6 198 11/21/2017 Overlook at Crosstown Walk Tampa, Florida $ 31.4 180 12/18/2017 Ursa (4) (5) Waco, Texas $ 58.2 250 12/20/2017 Colony at Centerpointe Richmond, Virginia $ 45.8 255 3,217 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 (7) Tallahassee, Florida $ 46.1 219 7/1/2016 City Vista Pittsburgh, Pennsylvania (6) 272 8/24/2016 Sorrel Jacksonville, Florida $ 48.1 290 2,432 (1) Purchase prices shown are exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and liabilities. (2) A 640 -bed student housing community located adjacent to the campus of Arizona State University in Tempe, Arizona. (3) A 792 -bed student housing community located adjacent to the campus of Kennesaw State University in Atlanta, Georgia. (4) The Company acquired and owns an approximate 99% equity interest in a joint venture which owns both Stadium Village and Ursa. (5) A 840 -bed student housing community located adjacent to the campus of Baylor University in Waco, Texas. (6) The Company converted $12,500,000 of its City Vista real estate loan into an approximate 96% ownership interest in a joint venture which owns the underlying property. (7) A 679-bed student housing community located adjacent to the campus of Florida State University in Tallahassee, Florida. Grocery-anchored shopping centers acquired During the years ended December 31, 2017 , and 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) 4/21/2017 Castleberry-Southard Atlanta, Georgia $ 17.6 80,018 6/6/2017 Rockbridge Village Atlanta, Georgia $ 20.3 102,432 7/26/2017 Irmo Station Columbia, South Carolina $ 16.0 99,384 8/25/2017 Maynard Crossing Raleigh, North Carolina $ 29.9 122,781 9/8/2017 Woodmont Village Atlanta, Georgia $ 13.5 85,639 9/22/2017 West Town Market Charlotte, North Carolina $ 14.3 67,883 11/30/2017 Roswell Wieuca Shopping Center Atlanta, Georgia $ 32.5 74,370 12/5/2017 Crossroads Market Naples, Florida $ 29.3 126,895 759,402 2/29/16 Wade Green Village (2) Atlanta, Georgia $ 11.0 74,978 4/29/16 Southeastern Six Portfolio (3) $ 68.7 535,252 5/16/16 The Market at Victory Village Nashville, Tennessee $ 15.6 71,300 7/15/16 Lakeland Plaza Atlanta, Georgia $ 45.3 301,711 8/8/16 Sunbelt Seven Portfolio (4) , (5) $ 159.5 650,360 10/18/16 Champions Village Houston, Texas $ 50.0 383,093 2,016,694 (1) Purchase prices shown are exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. (2) See Note 6 - Related party Transactions. (3) The six grocery-anchored shopping centers located in Georgia, South Carolina and Alabama are referred to collectively as the Southeastern Six Portfolio. (4) The seven grocery-anchored shopping centers located in Florida, Georgia, Texas, and North Carolina are referred to collectively as the Sunbelt Seven Portfolio. (5) Includes the purchase of an approximate 0.95 acre outparcel for $1.5 million on December 21, 2016. The Company allocated the purchase prices to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocation was based upon the Company's best estimates of the fair values of the acquired assets and liabilities. |
Real Estate Loans, Notes Receiv
Real Estate Loans, Notes Receivable, and Lines of Credit | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | he Palisades and Green Park 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 December 31, 2017 was approximately $14.0 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, Brentwood, and Berryessa loans are also collateralized by the acquired land or property. Prepayment of the real estate loans are permitted in whole, but not in part, without the Company's consent. Management monitors the credit quality of the obligors under each of the Company's real estate loans by tracking the timeliness of scheduled interest and principal payments relative to the due dates as specified in the loan documents, as well as draw requests on the loans relative to the project budgets. In addition, management monitors the actual progress of development and construction relative to the construction plan, as well as local, regional and national economic conditions that may bear on our current and target markets. The credit quality of the Company’s borrowers is primarily based on their payment history on an individual loan basis, and as such, the Company does not assign quantitative credit value measures or categories to its real estate loans and notes receivable in credit quality categories. At December 31, 2017 , none of the Company's real estate loans were delinquent and no allowances for uncollectibility had been recorded. Our portfolio of notes and lines of credit receivable consisted of: Borrower Date of loan Maturity date Total loan commitments Outstanding balance as of: Interest rate 12/31/2017 12/31/2016 360 Residential, LLC (1) 3/20/2013 3/31/2018 $ 2,000,000 $ 2,000,000 $ 1,472,571 12 % Preferred Capital Marketing Services, LLC (2) 1/24/2013 12/31/2018 1,500,000 926,422 1,082,311 10 % Oxford Contracting, LLC (1) 8/27/2013 (3 ) — — 1,475,000 8 % Preferred Apartment Advisors, LLC (1,2,4) 8/21/2012 12/31/2018 18,000,000 14,487,695 13,708,761 8 % Haven Campus Communities, LLC (1,2) 6/11/2014 12/31/2018 11,110,000 7,324,904 7,324,904 12 % Oxford Capital Partners, LLC (1,5) 10/5/2015 6/30/2018 10,150,000 6,628,082 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 3/31/2018 3,255,000 3,255,000 2,884,845 15 % Mulberry Development Group, LLC (1) 3/31/2016 6/30/2018 500,000 478,835 177,000 12 % Mulberry Development Group, LLC 7/31/2017 6/30/2018 2,000,000 1,920,746 — 12 % 360 Capital Company, LLC (1) 5/24/2016 12/31/2019 3,900,000 3,040,962 1,678,999 12 % Unamortized loan fees (5,881 ) (59,581 ) $ 55,415,000 $ 40,056,765 $ 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 Sixth Amended and Restated Management Agreement between the Company and the Manager. (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: Year Ended December 31, 2017 2016 2015 Real estate loans: Current interest payments $ 32,570,425 $ 23,633,118 $ 16,188,752 Additional accrued interest 18,669,448 14,859,365 10,809,028 Deferred origination fee amortization 1,375,754 872,335 829,969 Total real estate loan revenue 52,615,627 39,364,818 27,827,749 Interest income on notes and lines of credit 4,286,232 4,120,775 2,853,961 Interest income on loans and notes receivable $ 56,901,859 $ 43,485,593 $ 30,681,710 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. Loans with these characteristics are variable interests, and management assesses whether such interest is in a variable interest entity or VIE, and, if so, must assess to determine if it is the primary beneficiary. The Company considers the facts and circumstances pertinent to each entity borrowing under the loan, including the relative amount of financing the Company is contributing to the overall project cost, decision making rights or control held by the Company, guarantees provided by third parties, and rights to expected residual gains or obligations to absorb expected residual losses that could be significant from the project. If the Company is deemed to be the primary beneficiary of a VIE, consolidation treatment would be required. The Company has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the senior loans on the projects. The Company has concluded that it is not the primary beneficiary of the borrowing entities and therefore it has not consolidated these entities in its consolidated financial statements. The Company's maximum exposure to loss from these loans is their drawn amount as of December 31, 2017 of approximately $347.2 million . The maximum aggregate amount of loans to be funded as of December 31, 2017 was approximately $413.2 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 Encore, Encore Capital, Green Park, Bishop Street, Dawsonville Marketplace, Crescent Avenue, 360 Forsyth, Morosgo and TP Kennesaw loans, all of which are partially supporting proposed various real estate projects in or near Atlanta, Georgia. The drawn amount of these loans as of December 31, 2017 totaled approximately $95.3 million (with a total commitment amount of approximately $129.3 million ) and in the event of a total failure to perform by the borrowers and guarantors, would subject the Company to a total possible loss of that amount. |
Redeemable Preferred Stock
Redeemable Preferred Stock | 12 Months Ended |
Dec. 31, 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. Units issued under the $1.5 Billion Unit Offering are offered at a price of $1,000 per Unit, subject to adjustment if a participating broker-dealer reduces its commission. Each share of Series A 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 Series A 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 Series A 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 December 31, 2017 , offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $25.2 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 $3.5 million . As of December 31, 2017 , the Company had issued 260,871 Units and collected net proceeds of approximately $234.4 million after commissions under the $1.5 Billion Unit Offering. The number of Units issued was approximately 17.4% of the maximum number of Units anticipated to be issued under the $1.5 Billion Unit Offering. Consequently, the Company cumulatively recognized approximately 17.4% of the approximate $3.5 million deferred to date, or approximately $603,000 as a reduction of stockholders' equity. The remaining balance of offering costs not yet reflected as a reduction of stockholder's equity, approximately $2.9 million , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at December 31, 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 28,760 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 Compa ny filed a registration statement on Form S-3 (File No. 333-211178), or the 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 $1.9 million as of December 31, 2017 , of which $626,000 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 $1.3 million , are reflected in the asset section of the consolidated balance sheet as deferred offering costs at December 31, 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. Since the inception of the 2016 ATM Offering, December 31, 2017 , the Company cumulatively sold 3.4 million shares of common stock through the ATM Offering and collected net proceeds of approximately $51.0 million . On December 2, 2016, the Company’s registration statement on Form S-3 (Registration No. 333-214531) (the “mShares Registration Statement”) was declared effective by the SEC. The mShares Registration Statement allows us to offer up to a maximum of 500,000 shares of mShares (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 December 31, 2017 , offering costs specifically identifiable to mShares Offering closing transactions, such as commissions, dealer manager fees, and other registration fees, totaled approximately $0.8 million . These costs are reflected as a reduction of stockholders' equity at the time of closing. In addition, the costs related to the offering not related to a specific closing transaction totaled approximately $2.5 million . As of December 31, 2017 , the Company had issued 15,275 mShares and collected net proceeds of approximately $14.5 million after commissions under the mShares Offering. The number of mShares issued was approximately 3.1% of the maximum number of mShares anticipated to be issued under the mShares Offering. Consequently, the Company cumulatively recognized approximately 3.1% of the approximate $2.5 million deferred to date, or approximately $77,000 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 December 31, 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 | 12 Months Ended |
Dec. 31, 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. 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: Year Ended December 31, Type of Compensation Basis of Compensation 2017 2016 2015 Acquisition fees As of July 1, 2017, 1.0% of the gross purchase price of real estate assets (see following discussion) $ 6,131,221 $ — $ 6,292,280 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 1,330,796 1,886,105 1,349,273 Loan coordination fees As of January 1, 2016, 1.6% of any assumed, new or supplemental debt incurred in connection with an acquired property. Effective July 1, 2017, the fee was reduced to 0.6% of any such debt. 5,559,615 10,560,120 — Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 12,908,371 8,602,675 3,622,589 Property management fees Monthly fee equal to 4% of the monthly revenues collected from the properties managed 6,381,708 4,943,899 2,456,968 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 5,237,618 3,483,460 1,764,555 Construction management fees Quarterly fee for property renovation and takeover projects 331,767 173,614 59,554 $ 37,881,096 $ 29,649,873 $ 15,545,219 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. As of July 1, 2017, the Manager reduced the loan coordination fee from 1.6% to 0.6% of the amount of assumed, new or incremental debt which leverages acquired real estate assets. In addition, the Manager reinstated a 1% acquisition fee charged on the cost of acquired real estate assets, which had historically been charged prior to its replacement effective January 1, 2016 by the 1.6% loan coordination fee. These changes were put in place to reflect a shift in the efforts of the Manager in property acquisitions. 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 $390,000 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 $5.8 million of combined asset management and general and administrative fees related to acquired properties as of December 31, 2017 have been forfeited by the Manager. A total of $5.0 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: Year Ended December 31, 2017 2016 2015 $ 12,329,295 $ 10,398,711 $ 5,885,242 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 $429,094 , $461,294 and $804,648 for the years ended December 31, 2017 , 2016 and 2015 , respectively and PCS was reimbursed $1,083,160 , $1,019,353 and $390,872 for the years ended December 31, 2017 , 2016 and 2015 , 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. On October 27, 2017, the Company acquired an approximate 98% ownership interest in a joint venture that controls the Stadium Village student housing property. On December 18, 2017, the Company increased its ownership to 99% in connection with obtaining control of the Ursa student housing property in Waco, Texas. John A. Williams, Jr., our Chief Executive Officer's son, a principal of the sellers and a related party of the Company under GAAP. The Company's Haven 46, 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 for the year ended December 31, 2017 on the sale of the Ashford Park, Sandstone Creek and Enclave at Vista Ridge properties, and $390,000 for the year ended December 31, 2016 on the sale of the Trail Creek property. These fees 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 4.0% of gross rent less free rent of the guaranteed lease term, (b) in the event of co-broker participation in a new lease, the leasing commission determined for a new lease is 6.0% of the gross rent less free rent of the guaranteed lease term and (c) for lease renewals, are equal to 2% of gross rent less free rent of the guaranteed lease term or, in the event of a co-broker, 4.0% of the gross rent less free rent of the guaranteed lease term. A procurement fee is also paid for new leases within the Atlanta, Georgia market. Office leasing commission fees may not exceed market rates for office leasing services. The Company paid office leasing commission fees of approximately $350,000 for the year ended December 31, 2017. The Company holds a promissory note in the amount of $926,422 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 $18.0 million to its Manager. |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2017 | |
Dividends [Abstract] | |
Dividends [Text Block] | Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its Series A Preferred Stock in the amount of $5.00 per share per month and beginning in March 2017, on its Series M Preferred Stock, on an escalating scale of $4.79 per month in year one, increasing to $6.25 per month in year eight and beyond. All preferred stock dividends are 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 4,938,098 March 31, 2016 544,129 2,770,048 April 28, 2017 992,774 5,000,060 April 29, 2016 582,720 2,979,196 May 31, 2017 1,019,046 5,085,694 May 31, 2016 617,994 3,143,567 June 30, 2017 1,041,187 5,237,872 June 30, 2016 651,439 3,321,519 July 31, 2017 1,061,179 5,299,654 July 29, 2016 682,392 3,458,513 August 31, 2017 1,086,714 5,412,511 August 31, 2016 721,143 3,671,020 September 29, 2017 1,113,896 5,545,017 September 30, 2016 765,185 3,886,173 October 31, 2017 1,143,239 5,692,370 October 31, 2016 801,455 4,060,141 November 30, 2017 1,177,588 5,845,619 November 30, 2016 850,246 4,255,788 December 29, 2017 1,219,062 6,041,311 December 30, 2016 893,245 4,422,993 Total $ 63,588,387 Total $ 41,080,645 In addition to the cash distributions in the table above, the Consolidated Statement of Operations for the year ended December 31, 2017 includes $62,878 of accrued dividends related to our mShares Preferred Stock. The Company's dividend activity on its Common Stock for the years ended December 31, 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 September 15, 2017 34,715,982 0.235 8,158,256 September 15, 2016 24,652,041 0.2025 4,992,038 December 15, 2017 38,303,900 0.25 9,575,975 December 15, 2016 26,093,707 0.22 5,740,616 $ 0.94 $ 31,244,265 $ 0.8175 $ 19,940,730 |
dividends and distributions [Text Block] | Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its Series A Preferred Stock in the amount of $5.00 per share per month and beginning in March 2017, on its Series M Preferred Stock, on an escalating scale of $4.79 per month in year one, increasing to $6.25 per month in year eight and beyond. All preferred stock dividends are 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 4,938,098 March 31, 2016 544,129 2,770,048 April 28, 2017 992,774 5,000,060 April 29, 2016 582,720 2,979,196 May 31, 2017 1,019,046 5,085,694 May 31, 2016 617,994 3,143,567 June 30, 2017 1,041,187 5,237,872 June 30, 2016 651,439 3,321,519 July 31, 2017 1,061,179 5,299,654 July 29, 2016 682,392 3,458,513 August 31, 2017 1,086,714 5,412,511 August 31, 2016 721,143 3,671,020 September 29, 2017 1,113,896 5,545,017 September 30, 2016 765,185 3,886,173 October 31, 2017 1,143,239 5,692,370 October 31, 2016 801,455 4,060,141 November 30, 2017 1,177,588 5,845,619 November 30, 2016 850,246 4,255,788 December 29, 2017 1,219,062 6,041,311 December 30, 2016 893,245 4,422,993 Total $ 63,588,387 Total $ 41,080,645 In addition to the cash distributions in the table above, the Consolidated Statement of Operations for the year ended December 31, 2017 includes $62,878 of accrued dividends related to our mShares Preferred Stock. The Company's dividend activity on its Common Stock for the years ended December 31, 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 September 15, 2017 34,715,982 0.235 8,158,256 September 15, 2016 24,652,041 0.2025 4,992,038 December 15, 2017 38,303,900 0.25 9,575,975 December 15, 2016 26,093,707 0.22 5,740,616 $ 0.94 $ 31,244,265 $ 0.8175 $ 19,940,730 The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At December 31, 2017 , the Company had 884,735 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 June 15, 2016 July 15, 2016 179,449 September 15, 2017 October 16, 2017 211,781 September 15, 2016 October 14, 2016 179,449 December 15, 2017 January 16, 2018 221,184 December 15, 2016 January 17, 2017 194,957 $ 843,488 $ 671,250 |
Equity Compensation
Equity Compensation | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, Unamortized expense as of December 31, 2017 2016 2015 2017 Quarterly board member committee fee grants $ — $ 83,973 $ 53,926 $ — Class B Unit awards: Executive officers - 2014 — — 3,825 — Executive officers - 2015 — 5,236 1,984,052 — Executive officers - 2016 312,185 2,054,830 — 300,273 Executive officers - 2017 2,690,829 — — 722,964 Restricted stock grants: 2014 — — 107,321 — 2015 — 106,670 213,329 — 2016 136,667 273,333 — — 2017 240,011 — — 120,007 Restricted stock units 90,592 — — 181,184 Total $ 3,470,284 $ 2,524,042 $ 2,362,453 $ 1,324,428 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 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 26.40 % 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. 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 . Grants of RSUs, net of forfeitures, are amortized as compensation expense over the three one-year periods ending on each of January 2, 2018, 2019 and 2020. As of December 31, 2017, a total of 4,100 RSUs had been forfeited. |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 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 year ended December 31, 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 SoL 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 Fixed 4.31 % 3/1/2022 3/1/2022 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 Luxe at Lakewood Ranch 7/26/2017 39,287,500 Fixed 3.93 % 8/1/2027 N/A Irmo Station 7/26/2017 10,650,000 Fixed 3.94 % 8/1/2030 N/A Maynard Crossing 8/25/2017 18,500,000 Fixed 3.74 % 9/1/2032 N/A Woodmont Village 9/8/2017 8,775,000 Fixed 4.13 % 10/1/2027 N/A West Town Market 9/22/2017 9,000,000 Fixed 3.65 % 10/1/2025 N/A Adara Overland Park 9/27/2017 31,850,000 Fixed 3.90 % 4/1/2028 N/A Aldridge at Town Village 9/29/2017 38,010,000 Fixed 4.19 % 3/1/2022 (1 ) The Reserve at Summit Crossing 9/29/2017 20,075,000 Fixed 3.87 % 10/1/2024 N/A Overlook at Crosstown Walk 11/21/2017 22,231,000 Fixed 3.95 % 12/1/2024 N/A Colony at Centerpointe 12/20/2017 33,346,281 Fixed 3.68 % 10/1/2026 N/A Crossroads Market 12/5/2017 19,000,000 Fixed 3.95 % 1/1/2030 N/A Stadium Village 10/27/2017 46,929,833 Fixed 3.80 % 11/1/2024 N/A Ursa 12/18/2017 28,260,000 Variable 205 BPS 1/5/2020 1/5/2020 Ursa secondary 12/18/2017 3,140,000 Variable 1155 BPS 1/5/2020 1/5/2020 Westridge at La Cantera 11/13/2017 54,440,000 Fixed 4.10 % 12/10/2028 N/A $ 571,974,114 (1) The property was temporarily financed at acquisition through a credit facility sponsored by the Federal Home Loan Mortgage Corporation with terms as shown; the Company subsequently obtained permanent mortgage financing. 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 year ended December 31, 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 in the loss on extinguishment of debt figure 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. The following table summarizes our mortgage notes payable at December 31, 2017 : Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life Multifamily communities $ 884,591,436 3.73 % 7.54 New Market Properties 347,868,261 3.82 % 7.53 Preferred Office Properties 207,875,179 4.21 % 18.46 Student housing properties 79,696,696 3.89 % 5.95 Total fixed rate mortgage debt $ 1,520,031,572 3.83 % 8.95 Variable rate mortgage debt: Multifamily communities $ 160,719,665 3.65 % 3.54 New Market Properties 62,412,537 3.98 % 3.59 Preferred Office Properties — — 0 Student housing properties 68,885,000 4.02 % 3.19 Total variable rate mortgage debt $ 292,017,202 3.81 % 3.47 Total mortgage debt: Multifamily communities $ 1,045,311,101 3.72 % 6.93 New Market Properties 410,280,798 3.85 % 6.93 Preferred Office Properties 207,875,179 4.21 % 18.46 Student housing properties 148,581,696 3.95 % 4.67 Total principal amount 1,812,048,774 3.82 % 8.07 Deferred loan costs 30,248,587 Mark-to-market debt adjustment 5,148,016 Mortgage notes payable, net $ 1,776,652,171 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 December 31, 2017 , the Company has an outstanding principal balance of $9.7 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 3.86% as of December 31, 2017 . The mortgage note secured by our Champions Village property has a maximum commitment of $34.16 million . As of December 31, 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 4.37% as of December 31, 2017 . As of December 31, 2017 , the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 8.95 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 4.52% for the year ended December 31, 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 May 21, 2018 during the fourth quarter 2018. The weighted average interest rate for the Interim Term Loan was 3.82% for the year ended December 31, 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 December 31, 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 $1,189,948,857 (2) $1,280,765,693 Debt yield Minimum 8.0% 9.36% Payout ratio Maximum 95.0% (3) 90.6% Total leverage ratio Maximum 65.0% 59.4% 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 $686.9 million plus 75% of the net proceeds of any equity offering, which totaled approximately $1.2 billion as of December 31, 2017 . (3) Calculated on a trailing four-quarter basis. For the year ended December 31, 2017 , the maximum dividends and distributions allowed under this covenant was approximately $100.4 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 December 31, 2017 , unamortized loan fees and closing costs for the Credit Facility were approximately $1.1 million , which will be amortized over a remaining loan life of approximately 1.6 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 December 31, 2017 , unamortized loan fees and closing costs for the establishment of the Acquisition Facility were approximately $320,000 , which will be amortized over a remaining loan life of approximately 4.2 years. As of December 31, 2017 , the Acquisition Facility was used to finance the SoL student housing property, for a total outstanding balance of approximately $37.5 million . Interest Expense Interest expense, including amortization of deferred loan costs was: Year Ended December 31, 2017 2016 2015 Multifamily communities $ 38,486,955 $ 29,030,213 $ 14,994,053 New Market Properties 14,895,107 8,870,094 3,479,879 Preferred Office Properties 7,005,819 474,402 — Interest paid to real estate loan participants 2,295,371 2,008,741 1,496,566 Total 62,683,252 40,383,450 19,970,498 Credit Facility and Acquisition Facility 4,784,790 3,900,694 1,345,233 Interest Expense $ 67,468,042 $ 44,284,144 $ 21,315,731 Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of December 31, 2017 were: Period Future principal payments 2018 $ 83,020,908 (1) 2019 243,585,766 2020 101,868,565 2021 127,462,545 2022 239,683,956 Thereafter 1,069,227,034 Total $ 1,864,848,774 (1) Includes the principal amount due on the Company's Revolving Line of Credit of $41.8 million and Term Note of $11.0 million. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 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 December 31, 2017 , December 31, 2016 and December 31, 2015. The income tax characterization of the Company's dividend distributions were as follows: 2017 2016 2015 Preferred Stock: Ordinary income 64.0 % 88.1 % 100.0 % Return of capital 27.5 % 10.5 % — % Capital gains 8.5 % 1.4 % — % Common Stock: Ordinary income — % — % 33.0 % Return of Capital 100.0 % 100.0 % 67.0 % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 December 31, 2017 , the amount guarantied by the Company was $6.3 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 December 31, 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 cumulative total of approximately $5.8 million of asset management and general and administrative fees related to acquired properties as of December 31, 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 December 31, 2017 , a total of $5.0 million remains contingent and could possibly be earned by the Manager in the future. As of December 31, 2017, the Company had unfunded tenant leasing commissions and tenant allowances which totaled approximately $155,000 , excluding any tenant allowances previously funded within restricted escrow accounts. Also, the Company had approximately $6.6 million to be funded for a parking deck construction project. At December 31, 2017 , the Company had unfunded balances on its real estate loan portfolio of approximately $67.1 million . |
operating leases (Notes)
operating leases (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Operating Leases [Text Block] | Operating Leases The Company’s grocery-anchored shopping centers and office properties are leased to tenants under operating leases for which the terms vary. The future minimum rental income due under the remaining non-cancelable terms of the Company's operating leases in place, excluding tenant reimbursements of operating expenses and real estate taxes and additional percentage rent based on tenants’ sales volumes, as of December 31, 2017 , is presented below, assuming that all leases which expire are not renewed and tenant renewal options are not exercised (excludes rental income due from tenants of multifamily communities, which are of lease terms of twelve months or less): For the year ending December 31: Future Minimum Rents New Market Properties Office Buildings Total 2018 $ 47,177,000 $ 27,884,000 $ 75,061,000 2019 40,958,000 29,233,000 70,191,000 2020 35,173,000 29,648,000 64,821,000 2021 28,500,000 25,475,000 53,975,000 2022 22,744,000 25,143,000 47,887,000 Thereafter 74,207,000 158,209,000 232,416,000 Total $ 248,759,000 $ 295,592,000 $ 544,351,000 The Company’s grocery-anchored shopping centers are geographically concentrated within the Sunbelt region of the United States. The Company’s retail tenant base primarily consists of national and regional supermarkets, consumer services, healthcare providers, and restaurants. Our grocery anchor tenants comprise approximately 52.8% of our gross leasable area. Our credit risk, therefore, is concentrated in the retail/grocery real estate sector. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, with the exception of our grocer anchor tenants, who generally are not required to provide security deposits. Exposure to credit risk is limited to the extent that tenant receivables exceed security deposits. Security deposits related to tenant leases are included in security deposits and other liabilities in the accompanying consolidated balance sheets. As of December 31, 2017 the Company’s approximately 1.4 million square foot office portfolio was 98% leased to a predominantly investment grade credit (or investment grade equivalent) tenant roster. For non-credit tenants, our leases typically require a security deposit or letter of credit, which limits worst case collection exposure to amounts in excess of those protections. Additionally, some credit tenant leases will include credit enhancement provisions that require a security deposit or letter of credit in the event of a rating downgrade. We conduct thorough credit analyses not only for leasing activities within our existing portfolio but also for major tenants in properties we are considering acquiring. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2017 | |
Segment Information [Abstract] | |
Segment Reporting Disclosure [Text Block] | Year Ended December 31, 2017 2016 2015 Property operating and maintenance expense Multifamily communities $ 20,056,067 $ 16,081,041 $ 9,182,541 New Market Properties 5,759,448 3,547,255 1,696,331 Preferred Office Properties 4,087,577 353,344 — Total $ 29,903,092 $ 19,981,640 $ 10,878,872 Year Ended December 31, 2017 2016 2015 Salary and benefits reimbursement Multifamily communities $ 12,329,295 $ 10,329,583 $ 5,885,242 New Market Properties — — — Preferred Office Properties 942,308 69,128 — Total $ 13,271,603 $ 10,398,711 $ 5,885,242 Year Ended December 31, 2017 2016 2015 Property management fees Multifamily communities $ 5,769,458 $ 4,775,547 $ 2,608,364 New Market Properties 1,924,792 1,158,832 406,437 Preferred Office Properties 634,932 46,356 — Total $ 8,329,182 $ 5,980,735 $ 3,014,801 Year Ended December 31, 2017 2016 2015 Real estate taxes Multifamily communities $ 19,975,181 $ 17,672,940 $ 8,602,927 New Market Properties 7,733,668 3,725,024 1,331,485 Preferred Office Properties 3,572,307 196,405 — Total $ 31,281,156 $ 21,594,369 $ 9,934,412 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 Preferred Office Properties. 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. Preferred Office Properties - consists of the Company's portfolio of office properties. The CODM monitors net operating income (“NOI”) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level. The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. December 31, 2017 December 31, 2016 Assets: Multifamily communities $ 1,637,385,337 $ 1,166,766,664 Financing 439,823,787 379,070,918 New Market Properties 742,492,359 579,738,707 Preferred Office Properties 413,665,553 285,229,700 Other 19,002,589 10,026,613 Consolidated assets $ 3,252,369,625 $ 2,420,832,602 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the years ended December 31, 2017 , 2016 and 2015 were as follows: Year Ended December 31, 2017 2016 2015 Capitalized expenditures: Multifamily communities $ 11,771,233 $ 8,400,801 $ 3,579,457 New Market Properties 3,493,854 1,640,036 1,088,585 Total $ 15,265,087 $ 10,040,837 $ 4,668,042 Second-generation capital expenditures for Preferred Office Properties exclude those expenditures made (i) to lease space to "first generation" tenants (i.e. leasing capital for existing vacancies and known move-outs at the time of acquisition), (ii) to bring recently acquired properties up to our Class A ownership standards (and which amounts were underwritten into the total investment at the time of acquisition), (iii) for property re-developments and repositionings and (iv) for building improvements that are recoverable from future operating cost savings. Year Ended December 31, 2017 2016 2015 Revenues Rental revenues: Multifamily communities $ 130,188,139 $ 108,869,371 $ 58,830,372 New Market Properties 43,167,546 26,312,961 10,297,908 Preferred Office Properties (1) 27,106,064 2,148,442 — Total rental revenues 200,461,749 137,330,774 69,128,280 Other revenues: Multifamily communities 13,724,570 11,684,302 6,401,713 New Market Properties 15,482,341 9,177,591 3,774,864 Preferred Office Properties 9,192,315 208,598 — Total other revenues 38,399,226 21,070,491 10,176,577 Financing 55,143,640 41,717,650 30,000,655 Consolidated revenues $ 294,004,615 $ 200,118,915 $ 109,305,512 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia office building. As of December 31, 2017, the Company has deferred a total of $28.8 million of such improvements. For the year ended December 31, 2017, the Company amortized approximately $855,000 of this balance into rental revenue. The remaining balance to be recognized is approximately $27.9 million which is included in the deferred revenues line on the consolidated balance sheets at December 31, 2017. This balance will be amortized over the individual lease term. Year Ended December 31, 2017 2016 2015 Property operating and maintenance expense Multifamily communities $ 20,056,067 $ 16,081,041 $ 9,182,541 New Market Properties 5,759,448 3,547,255 1,696,331 Preferred Office Properties 4,087,577 353,344 — Total $ 29,903,092 $ 19,981,640 $ 10,878,872 Year Ended December 31, 2017 2016 2015 Salary and benefits reimbursement Multifamily communities $ 12,329,295 $ 10,329,583 $ 5,885,242 New Market Properties — — — Preferred Office Properties 942,308 69,128 — Total $ 13,271,603 $ 10,398,711 $ 5,885,242 Year Ended December 31, 2017 2016 2015 Property management fees Multifamily communities $ 5,769,458 $ 4,775,547 $ 2,608,364 New Market Properties 1,924,792 1,158,832 406,437 Preferred Office Properties 634,932 46,356 — Total $ 8,329,182 $ 5,980,735 $ 3,014,801 Year Ended December 31, 2017 2016 2015 Real estate taxes Multifamily communities $ 19,975,181 $ 17,672,940 $ 8,602,927 New Market Properties 7,733,668 3,725,024 1,331,485 Preferred Office Properties 3,572,307 196,405 — Total $ 31,281,156 $ 21,594,369 $ 9,934,412 Year Ended December 31, 2017 2016 2015 Segment net operating income (Segment NOI) Multifamily communities $ 79,538,024 $ 66,519,317 $ 36,339,603 Financing 55,143,639 41,717,650 30,000,654 New Market Properties 42,040,944 26,298,374 10,180,531 Preferred Office Properties 25,986,608 1,675,886 — Consolidated segment net operating income 202,709,215 136,211,227 76,520,788 Interest and loss on early debt extinguishment: Multifamily communities 38,486,954 29,030,213 14,994,054 New Market Properties 14,895,107 8,870,094 3,479,879 Preferred Office Properties 7,005,819 474,402 — Financing 7,080,161 5,909,435 2,841,799 Depreciation and amortization: Multifamily communities 73,217,598 57,664,568 30,970,345 New Market Properties 30,087,597 19,245,688 7,125,989 Preferred Office Properties 13,471,614 1,229,542 — Professional fees 2,567,507 3,134,433 1,880,232 Management fees, net of forfeitures 18,496,776 12,051,891 5,235,748 Acquisition costs: Multifamily communities (20,559 ) 4,723,480 7,496,798 New Market Properties 25,402 2,103,112 1,656,965 Preferred Office Properties 9,159 1,720,951 — Equity compensation to directors and executives 3,470,284 2,524,042 2,362,453 Gain on sale of real estate (37,635,014 ) (4,271,506 ) — Loss on extinguishment of debt 888,428 — — Other 1,995,781 1,644,296 902,515 Net income (loss) $ 28,666,601 $ (9,843,414 ) $ (2,425,989 ) |
Loss per Share
Loss per Share | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, 2017 2016 2015 Numerator: Net income (loss) before gain on sale of real estate $ (8,968,413 ) $ (14,114,920 ) $ (2,425,989 ) Gain on sale of real estate, net of disposition expenses 37,635,014 4,271,506 — Net income (loss) 28,666,601 (9,843,414 ) (2,425,989 ) Consolidated net (income) loss attributable to non-controlling (985,605 ) 310,291 25,321 interests (A) Net income (loss) attributable to the Company 27,680,996 (9,533,123 ) (2,400,668 ) Dividends declared to preferred stockholders (B) (63,651,265 ) (41,080,645 ) (18,751,934 ) Earnings attributable to unvested restricted stock (C) (14,794 ) (15,843 ) (19,256 ) Net income (loss) attributable to common stockholders $ (35,985,063 ) $ (50,629,611 ) $ (21,171,858 ) Denominator: Weighted average number of shares of Common Stock - basic 31,926,472 23,969,494 22,182,971 Effect of dilutive securities: (D) — — — Weighted average number of shares of Common Stock, basic and diluted 31,926,472 23,969,494 22,182,971 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (1.13 ) $ (2.11 ) $ (0.95 ) (A) The Company's outstanding Class A Units of the Operating Partnership ( 884,735 , 886,168 and 276,560 Units at December 31, 2017 , 2016 and 2015, 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 1,222,013 , 914,422 and 482,964 outstanding shares of Series A Preferred Stock at December 31, 2017 , 2016 and 2015, respectively. The Company's shares of Series M preferred stock, or mShares, accrue dividends at an escalating rate of 5.75% in year one to 7.5% in year eight and thereafter. The Company had 15,275 mshares outstanding at December 31, 2017 . (C) The Company's outstanding unvested restricted share awards ( 12,204 , 15,498 and 15,067 shares of Common Stock at December 31, 2017 , 2016 and 2015, 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 years ended December 31, 2017 , 2016 and 2015, 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 16,253,180 shares of Common Stock; (ii) 345,789 Class B Units; (iii) 12,204 shares of unvested restricted common stock; and (iv) 22,800 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 | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, 2017 2016 2015 Pro forma: Revenues $ 294,261,296 $ 254,479,757 $ 228,020,379 Net income (loss) $ 34,431,057 $ (5,269,514 ) $ (49,338,846 ) Net income (loss) attributable to the Company $ 33,285,488 $ (5,136,281 ) $ (47,765,401 ) Net income (loss) attributable to common stockholders $ (30,380,571 ) $ (46,285,092 ) $ (66,536,591 ) Net income (loss) per share of Common Stock attributable to common stockholders, Basic and diluted $ (0.95 ) $ (1.93 ) $ (3.00 ) Weighted average number of shares of Common Stock outstanding, basic and diluted 31,926,472 23,969,494 22,182,971 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 $0.0 million , $(8.3) million and $(8.1) million for the years ended December 31, 2017 , 2016 and 2015. 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 | 12 Months Ended |
Dec. 31, 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 December 31, 2017 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 386,795,943 $ 432,981,665 $ — $ — $ 432,981,665 Notes receivable and line of credit receivable 40,056,765 40,056,765 — — 40,056,765 $ 426,852,708 $ 473,038,430 $ — $ — $ 473,038,430 Financial Liabilities: Mortgage notes payable $ 1,806,900,756 $ 1,806,023,696 $ — $ — $ 1,806,023,696 Revolving credit facility 41,800,000 41,800,000 — — 41,800,000 Term loan 11,000,000 11,000,000 — — 11,000,000 Loan participation obligations 13,985,978 14,308,086 — — 14,308,086 $ 1,873,686,734 $ 1,873,131,782 $ — $ — $ 1,873,131,782 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 loan investments (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 $ 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 loans includes the Company's balance of the Palisades, Green Park, and Encore real estate loan investments, which includes the amounts funded by unrelated participants. The loan participation obligations are the amounts due to the participants under these arrangements. Accrued interest included in the carrying values of the Company's loan participation obligations was approximately $1.5 million and $1.4 million at December 31, 2017 and December 31, 2016 , respectively. 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 December 31, 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 | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | Subsequent Events Between January 1, 2018 and February 15, 2018, the Company issued 53,625 Units and collected net proceeds of approximately $48.3 million after commissions and fees under its $1.5 Billion Unit Offering and issued 4,298 shares of Series M Preferred Stock and collected net proceeds of approximately $4.2 million after commissions and fees under the Shares offering. On January 2, 2018, the Company had exceeded the benchmark market capitalization goal set as the vesting hurdle for its Class B Unit grants made to certain members of senior management for service provided during 2017. Not all of the 286,392 Class B Units granted on January 3, 2017 became earned and 227,576 automatically vested and converted to Class A Units. Of the remaining earned Class B Units, 29,401 will vest and automatically convert to Class A Units on January 2, 2019 and the final 29,415 earned Class B Units will vest and automatically convert to Class A Units on January 4, 2020, assuming each grantee fulfills the requisite service requirement. On January 2, 2018, the Company awarded 256,087 Class B Units to its executive officers and other key personnel for service to be provided during 2017, 2018 and 2019. The total compensation cost was calculated to be $4,266,409 . The 2018 award carries vesting terms and features substantially similar to the Class B Units awarded for previous years, except the fair value of 200,021 of the Class B Units will be recognized over the one year period ending on the vesting date of January 2, 2019, the fair value of 28,033 of the Class B Units will be recognized over the one year period ending on the vesting date of January 2, 2020 and the remaining compensation cost pertaining to 28,033 Class B Units will be recognized over the one year period ending on the vesting date of January 2, 2021. On January 9, 2018, we acquired a 265 -unit multifamily community located in Jacksonville, 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 Annual Report on Form 10-K. On January 16, 2018, we closed on a real estate loan investment of up to $3.5 million in support of a mixed-use project in North Augusta, South Carolina. On January 29, 2018, we acquired an adaptive reuse office property comprising 186,779 square feet of gross leasable area in four buildings located in Atlanta, Georgia. 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 Annual Report on Form 10-K. On February 1, 2018, the Company declared a quarterly dividend on its Common Stock of $0.25 per share, payable on April 16, 2018 to stockholders of record on March 15, 2018. On February 13, 2018, we closed on a real estate loan investment of up to $137.5 million in support of a 551 -unit multifamily community in San Jose, California. On February 28, 2018, we acquired a 310 -unit multifamily community located in Atlanta, Georgia. 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 Annual Report on Form 10-K. |
Schedule III (Notes)
Schedule III (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
Real Estate and Accumulated Depreciation | Schedule III Preferred Apartment Communities, Inc. Real Estate Investments and Accumulated Depreciation December 31, 2017 Apartments: Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Description Related Encum-brances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (1) Accumulated Depreciation Date of Con-struction Date Acquired Deprec-iable Lives - Years Stone Rise Philadelphia, PA Apartments $ 23,939,461 $ 6,950,000 $ 21,456,450 $ 637,396 $ 6,950,000 $ 22,093,846 $ 29,043,846 $ (6,278,608 ) 2008 4/15/2011 5 - 40 Summit Crossing Atlanta, GA Apartments 39,018,600 3,450,000 27,704,648 1,016,366 3,450,000 28,721,014 32,171,014 (8,431,243 ) 2007 4/21/2011 5 - 40 Summit Crossing II Atlanta, GA Apartments 13,357,000 3,220,000 15,852,100 223,143 3,220,000 16,075,243 19,295,243 (3,296,322 ) 2013 12/31/2013 5 - 40 McNeil Ranch Austin, TX Apartments 13,646,000 2,100,000 17,556,219 748,817 2,100,000 18,305,036 20,405,036 (4,670,098 ) 1999 1/23/2013 5 - 30 Lake Cameron Raleigh, NC Apartments 19,773,000 4,000,000 24,443,573 990,230 4,000,000 25,433,803 29,433,803 (7,339,137 ) 1997 1/23/2013 5 - 30 Stoneridge Farms Nashville, TN Apartments 26,136,226 3,026,393 38,478,205 1,239,976 3,026,393 39,718,181 42,744,574 (5,491,539 ) 2002 9/26/2014 5 - 35 Vineyards Houston, TX Apartments 34,672,349 5,455,594 46,201,367 804,660 5,455,594 47,006,027 52,461,621 (6,069,455 ) 2003 9/26/2014 5 - 35 Avenues at Cypress Houston, TX Apartments 21,675,160 3,241,595 30,092,664 307,582 3,241,595 30,400,246 33,641,841 (4,600,702 ) 2014 2/13/2015 5 - 40 Avenues at Northpointe Houston, TX Apartments 27,466,988 3,920,631 37,203,283 422,522 3,920,631 37,625,805 41,546,436 (5,497,881 ) 2013 2/13/2015 5 - 40 Lakewood Ranch Sarasota, FL Apartments 29,347,966 3,791,050 42,950,081 308,408 3,791,050 43,258,489 47,049,539 (4,976,438 ) 2015 5/21/2015 5 - 40 Aster at Lely Resort Naples, FL Apartments 32,470,974 7,675,409 43,794,285 349,188 7,675,409 44,143,473 51,818,882 (5,206,727 ) 2015 6/24/2015 5 - 40 CityPark View Charlotte, NC Apartments 21,037,805 3,558,793 28,359,912 154,088 3,558,793 28,514,000 32,072,793 (3,770,449 ) 2014 6/30/2015 5 - 40 Avenues at Creekside San Antonio, TX Apartments 40,523,358 5,983,724 48,989,119 734,421 5,983,724 49,723,540 55,707,264 (5,739,549 ) 2013 7/31/2015 5 - 40 Citi Lakes Orlando, FL Apartments 42,396,307 5,558,033 56,827,859 539,307 5,558,033 57,367,166 62,925,199 (5,900,961 ) 2014 9/3/2015 5 - 40 Stone Creek (2) Houston, TX Apartments 20,466,519 2,210,630 22,915,674 (6,127,149 ) 2,210,630 16,788,525 18,999,155 (1,768,492 ) 2009 11/12/2015 5 - 40 Regent at Lenox Nashville, TN Apartments — 301,455 3,492,892 25,877 301,455 3,518,769 3,820,224 (337,314 ) 2009 12/21/2015 5 - 40 Retreat at Lenox Nashville, TN Apartments 17,802,373 2,964,533 24,210,605 159,629 2,964,532 24,370,235 27,334,767 (2,248,793 ) 2015 12/21/2015 5 - 40 Lenox Village Nashville, TN Apartments 30,009,461 4,611,835 39,911,439 840,025 4,611,835 40,751,464 45,363,299 (3,961,932 ) 2009 12/21/2015 5 - 40 Baldwin Park Orlando, FL Apartments 77,800,000 17,402,882 90,464,346 3,966,356 17,402,882 94,430,702 111,833,584 (7,171,205 ) 2008 1/5/2016 5 - 37 Crosstown Walk Tampa, FL Apartments 31,485,601 5,178,375 39,332,414 191,368 5,178,375 39,523,782 44,702,157 (3,665,403 ) 2014 1/15/2016 5 - 49 Overton Rise Atlanta, GA Apartments 39,981,145 8,511,370 50,996,139 175,182 8,511,370 51,171,321 59,682,691 (3,597,171 ) 2015 2/1/2016 5 - 49 525 Avalon Park Orlando, FL Apartments 66,912,118 7,410,048 82,348,892 2,287,649 7,410,048 84,636,541 92,046,589 (6,493,553 ) 2008 5/31/2016 5 - 45 City Vista Pittsburgh, PA Apartments 35,073,438 4,081,682 41,486,235 164,654.8 4,081,683 41,650,889 45,732,572 (2,975,230 ) 2014 7/1/2016 5 - 49 Sorrel Jacksonville, FL Apartments 32,800,838 4,412,164 42,217,297 529,984.6 4,412,164 42,747,282 47,159,446 (2,829,636 ) 2015 8/24/2016 5 - 48 Retreat at Greystone Birmingham, AL Apartments 35,210,000 4,077,262 44,461,579 381,820.1 4,077,262 44,843,399 48,920,661 (2,134,261 ) 2015 3/24/2017 5 - 49 Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Description Related Encum-brances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (1) Accumulated Depreciation Date of Con-struction Date Acquired Deprec-iable Lives - Years Broadstone at Citrus Village Tampa, FL Apartments 29,969,646 4,809,113 40,480,628 386,892 4,809,113 40,867,520 45,676,633 (1,654,628 ) 2011 3/3/2017 5 - 44 Founders Village Williamsburg, VA Apartments 31,271,292 5,314,862 38,761,108 362,588 5,314,863 39,123,695 44,438,558 (1,468,561 ) 2014 3/31/2017 5 - 47 Claiborne Crossing Louisville, KY Apartments 26,800,760 2,147,217 37,578,903 481,616 2,147,217 38,060,519 40,207,736 (2,492,466 ) 2014 4/26/2017 5 - 47 Luxe at Lakewood Ranch Sarasota, FL Apartments 39,065,729 4,851,844 51,032,728 54,609 4,851,844 51,087,337 55,939,181 (1,103,177 ) 2016 7/26/2017 5 - 48 Adara Overland Park Kansas City, KS Apartments 31,759,882 2,854,466 42,029,547 53,449 2,854,466 42,082,996 44,937,462 (874,771 ) 2016 9/27/2017 5 - 49 Aldridge at Town Village Atlanta, GA Apartments 37,847,218 7,122,413 45,418,287 11,696 7,122,413 45,429,983 52,552,396 (872,017 ) 2016 9/29/2017 5 - 49 The Reserve at Summit Crossing Atlanta, GA Apartments 20,016,609 4,374,721 25,939,129 14,587 4,374,721 25,953,716 30,328,437 (431,079 ) 2016 9/29/2017 5 - 48 Overlook at Crosstown Walk Tampa, FL Apartments 22,231,000 3,309,032 28,014,001 262 3,309,032 28,014,263 31,323,295 (194,404 ) 2016 11/21/2017 5 - 48 Colony at Centerpointe Richmond, VA Apartments 33,346,281 7,258,947 38,223,320 (173,871 ) 7,258,947 38,049,449 45,308,396 (92,266 ) 2016 12/20/2017 5 - 48 1,045,311,104 165,136,073 1,309,224,928 12,263,329 165,136,074 1,321,488,256 1,486,624,330 (123,635,468 ) Grocery-anchored shopping centers: Woodstock Crossing Atlanta, GA Neighborhood Retail Center $ 2,989,460 $ 1,750,576 $ 3,800,101 $ 538,264 $ 1,750,576 $ 4,338,365 $ 6,088,941 $ (738,314 ) 1994 2/12/2014 5 - 30 Parkway Town Centre Nashville, TN Neighborhood Retail Center 6,887,303 3,053,816 6,694,333 537,621 3,053,816 7,231,954 10,285,770 (897,388 ) 2005 9/5/2014 5 - 40 Spring Hill Plaza Nashville, TN Neighborhood Retail Center 9,470,041 4,375,940 8,104,053 54,473 4,375,940 8,158,526 12,534,466 (1,145,699 ) 2005 9/5/2014 5 - 40 Barclay Crossing Tampa, FL Neighborhood Retail Center 6,375,945 2,855,845 7,571,732 239,784 2,855,845 7,811,516 10,667,361 (987,703 ) 1998 9/30/2014 5 - 30 Deltona Landings Orlando, FL Neighborhood Retail Center 6,777,948 2,255,891 8,344,124 (32,668 ) 2,255,891 8,311,456 10,567,347 (1,078,625 ) 1999 9/30/2014 5 - 30 Kingwood Glen Houston, TX Neighborhood Retail Center 11,340,208 5,021,327 12,929,578 444,698 5,021,327 13,374,276 18,395,603 (1,728,575 ) 1998 9/30/2014 5 - 30 Parkway Centre Columbus, GA Neighborhood Retail Center 4,440,724 2,070,712 4,515,541 33,427 2,070,712 4,548,968 6,619,680 (636,931 ) 1999 9/30/2014 5 - 30 Powder Springs Atlanta, GA Neighborhood Retail Center 7,151,903 1,832,455 8,245,595 23,216 1,832,455 8,268,811 10,101,266 (1,109,600 ) 1999 9/30/2014 5 - 30 Sweetgrass Corner Charleston, SC Neighborhood Retail Center 7,730,666 3,075,699 12,670,136 99,813 3,075,699 12,769,949 15,845,648 (1,585,868 ) 1999 9/30/2014 5 - 30 Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Description Related Encum-brances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (1) Accumulated Depreciation Date of Con-struction Date Acquired Deprec-iable Lives - Years Salem Cove Nashville, TN Neighborhood Retail Center 9,423,125 2,427,095 10,272,370 64,840 2,427,095 10,337,210 12,764,305 (1,100,433 ) 2010 10/6/2014 5 - 40 Independence Square Dallas, TX Neighborhood Retail Center 11,967,246 4,114,574 13,690,410 1,144,098 4,114,574 14,834,508 18,949,082 (1,645,146 ) 1977 7/1/2015 5 - 30 Royal Lakes Marketplace Atlanta, GA Neighborhood Retail Center 9,690,137 4,874,078 10,438,594 155,860 4,924,078 10,544,454 15,468,532 (1,067,398 ) 2008 9/4/2015 5 - 30 Summit Point Atlanta, GA Neighborhood Retail Center 12,208,422 7,063,874 11,429,954 143,703 7,063,874 11,573,657 18,637,531 (1,170,693 ) 2004 10/30/2015 5 - 30 The Overlook at Hamilton Place Chattanooga, TN Neighborhood Retail Center 20,300,862 6,786,593 25,244,208 406,207 6,786,593 25,650,415 32,437,008 (2,233,115 ) 1992 12/22/2015 5 - 30 Wade Green Village Atlanta, GA Neighborhood Retail Center 7,968,657 1,840,284 8,410,397 326,406 1,840,284 8,736,803 10,577,087 (793,628 ) 1993 2/29/2016 5 - 35 Anderson Central Greenville Spartanburg, SC Neighborhood Retail Center — 5,059,370 13,278,266 17,060 5,059,370 13,295,326 18,354,696 (1,279,244 ) 1999 4/29/2016 5 - 30 East Gate Shopping Center Augusta, GA Neighborhood Retail Center 5,578,194 1,653,219 7,390,858 25,890 1,653,219 7,416,748 9,069,967 (543,982 ) 1995 4/29/2016 5 - 30 Fairview Market Greenville Spartanburg, SC Neighborhood Retail Center — 1,352,712 5,178,954 49,788 1,352,712 5,228,742 6,581,454 (421,253 ) 1998 4/29/2016 5 - 30 Fury's Ferry Augusta, GA Neighborhood Retail Center 6,443,776 2,083,772 8,106,864 138,511 2,083,772 8,245,375 10,329,147 (546,050 ) 1996 4/29/2016 5 - 35 Rosewood Shopping Center Columbia, SC Neighborhood Retail Center 4,327,909 1,671,035 5,347,314 96,260 1,671,035 5,443,574 7,114,609 (311,635 ) 2002 4/29/2016 5 - 40 Southgate Village Birmingham, AL Neighborhood Retail Center 7,694,061 2,261,539 10,290,005 36,088 2,261,539 10,326,092 12,587,631 (678,111 ) 1988 4/29/2016 5 - 35 The Market at Victory Village Nashville, TN Neighborhood Retail Center 9,213,785 2,271,224 12,275,195 74,211 2,271,224 12,349,406 14,620,630 (746,666 ) 2007 5/16/2016 5 - 40 Lakeland Plaza Atlanta, GA Neighborhood Retail Center 29,022,665 7,079,408 33,087,301 33,171 7,079,408 33,120,472 40,199,880 (2,019,327 ) 1990 7/15/2016 5 - 35 Cherokee Plaza Atlanta, GA Neighborhood Retail Center 25,322,400 8,392,128 32,249,367 26,504 8,392,128 32,275,871 40,667,999 (1,377,701 ) 1958 8/8/2016 5 - 35 Heritage Station Raleigh, NC Neighborhood Retail Center 9,097,224 1,683,830 9,882,860 92,802 1,683,830 9,975,662 11,659,492 (481,587 ) 2004 8/8/2016 5 - 40 Oak Park Village San Antonio, TX Neighborhood Retail Center 9,387,561 5,744,764 10,779,268 117,158 5,744,764 10,896,426 16,641,190 (581,361 ) 1970 8/8/2016 5 - 40 Sandy Plains Exchange Atlanta, GA Neighborhood Retail Center 9,194,003 4,787,902 9,309,429 3,135 4,787,902 9,312,564 14,100,466 (572,251 ) 1997 8/8/2016 5 - 32 Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Description Related Encum-brances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (1) Accumulated Depreciation Date of Con-struction Date Acquired Deprec-iable Lives - Years Shoppes of Parkland Miami, FL Neighborhood Retail Center 16,241,281 10,779,274 16,543,059 50,281 10,779,275 16,593,340 27,372,615 (1,165,993 ) 2000 8/8/2016 5 - 35 Thompson Bridge Commons Atlanta, GA Neighborhood Retail Center 12,290,931 1,478,326 16,047,116 — 1,478,326 16,047,116 17,525,442 (719,460 ) 2001 8/8/2016 5 - 40 University Palms Orlando, FL Neighborhood Retail Center 13,161,942 4,853,588 16,706,243 106,874 4,853,588 16,813,117 21,666,705 (852,133 ) 1993 8/8/2016 5 - 37 Champions Village Houston, TX Neighborhood Retail Center 27,400,000 12,812,546 33,399,405 893,121 12,812,546 34,292,526 47,105,072 (2,209,303 ) 1973 10/18/2016 5 - 40 Castleberry - Southard Atlanta, GA Neighborhood Retail Center 11,382,642 3,023,731 14,141,616 49,418 3,023,731 14,191,034 17,214,765 (366,153 ) 2006 4/21/2017 5 - 39 Rockbridge Village Atlanta, GA Neighborhood Retail Center 14,141,635 3,141,325 15,944,431 17,978 3,141,325 15,962,409 19,103,734 (268,549 ) 2005 6/6/2017 5 - 40 Irmo Station Columbia, SC Neighborhood Retail Center 10,566,008 3,602,466 11,859,391 15,750 3,602,466 11,875,141 15,477,607 (249,893 ) 1980 7/26/2017 5 - 33 Maynard Crossing Raleigh, NC Neighborhood Retail Center 18,387,585 6,303,787 22,565,692 17,500 6,303,787 22,583,192 28,886,979 (407,843 ) 1996 8/25/2017 5 - 30 Woodmont Village Atlanta, GA Neighborhood Retail Center 8,741,420 2,712,907 10,030,146 121,000 2,712,907 10,151,146 12,864,053 (136,760 ) 2002 9/8/2017 5 - 30 West Town Market Charlotte, NC Neighborhood Retail Center 8,963,126 1,936,572 12,298,380 — 1,936,572 12,298,380 14,234,952 (131,950 ) 2004 9/22/2017 5 - 37 Roswell Wieuca Shopping Center Atlanta, GA Neighborhood Retail Center — 12,006,475 18,484,540 — 12,006,475 18,484,540 30,491,015 (72,139 ) 2007 11/30/2017 5 - 40 Crossroads Market Naples, FL Neighborhood Retail Center 19,000,000 7,044,197 22,626,754 — 7,044,197 22,626,754 29,670,951 (32,361 ) 1993 12/5/2017 5 - 40 410,280,795 167,134,856 520,183,580 6,162,242 167,184,857 526,295,821 693,480,678 (34,090,821 ) Office properties: Brookwood Office Birmingham, AL Office building $ 32,219,375 $ 1,744,828 $ 42,661,200 $ 189,008 $ 1,744,828 $ 42,850,208 $ 44,595,036 $ (1,711,362 ) 2007 8/29/2016 5 - 50 Galleria 75 Atlanta, GA Office building 5,715,804 15,156,267 1,511,667 210,943 15,156,267 1,722,610 16,878,877 (253,990 ) 1988 11/4/2016 5 - 25 Three Ravinia Atlanta, GA Office building 115,500,000 9,784,645 154,022,551 33,923,585 11,083,038 186,647,743 197,730,781 (7,169,853 ) 1991 12/30/2016 9 - 39 Westridge at La Cantera San Antonio, TX Office building 54,440,000 15,778,102 58,495,623 1,574 15,778,102 58,497,197 74,275,299 (309,068 ) 2016 11/13/2017 13 - 50 207,875,179 42,463,842 256,691,041 34,325,110 43,762,235 289,717,758 333,479,993 (9,444,273) Initial Costs Gross Amount at Which Carried at Close of Period Property name Location (MSA) Description Related Encum-brances Land Building and Improvements Costs Capitalized Subsequent to Acquisition Land Building and Improvements Total (1) Accumulated Depreciation Date of Con-struction Date Acquired Deprec-iable Lives - Years Student housing communities: North by Northwest Tallahassee, FL Student housing 32,766,863 8,281,054 36,979,837 940,336 8,281,054 37,920,173 46,201,227 (2,773,690 ) 2012 6/1/2016 5 - 46 SoL Tempe, AZ Student housing 37,485,000 7,440,934 43,830,159 490,155 7,440,934 44,320,314 51,761,248 (2,097,233 ) 2010 2/28/2017 5 - 42 Stadium Village Atlanta, GA Student housing 46,929,833 7,929,540 60,793,140 5,779 7,929,540 60,798,919 68,728,459 (615,328 ) 2015 10/27/2017 5 - 48 Ursa Waco, TX Student housing 31,400,000 7,059,735 48,006,200 — 7,059,735 48,006,200 55,065,935 (98,685 ) 2016 12/18/2017 5 - 49 148,581,696 30,711,263 189,609,336 1,436,270 30,711,263 191,045,606 221,756,869 (5,584,936 ) $ 1,812,048,774 $ 405,446,034 $ 2,275,708,885 $ 54,186,951 $ 406,794,429 $ 2,328,547,441 $ 2,735,341,870 $ (172,755,498 ) (1) The aggregate cost for Federal Income Tax purposes to the Company was approximately $2.3 billion at December 31, 2017. (2) The costs capitalized subsequent to acquisition amount includes approximately $6.9 million of assets which were written off due to damages from Hurricane Harvey. A summary of activity for real estate investment and accumulated depreciation is as follows: For the years ended December 31, Real estate investments 2017 2016 2015 Balance at the beginning of the year $ 1,965,486,998 $ 1,007,285,586 $ 496,475,543 Acquisitions 855,114,950 988,070,717 506,207,786 Improvements 40,097,051 7,972,176 4,125,290 Construction in progress 8,387,887 2,102,882 542,752 Write-off of assets no longer in service (7,908,024 ) (559,888 ) (65,785 ) Disposal of assets $ (125,836,992 ) $ (39,384,475 ) $ — Balance at the end of the year $ 2,735,341,870 $ 1,965,486,998 $ 1,007,285,586 Accumulated depreciation Balance at the beginning of the year $ (103,814,895 ) $ (53,994,666 ) $ (26,388,066 ) Depreciation (a) (86,017,561 ) (56,340,314 ) (27,672,385 ) Write-off of assets no longer in service 2,184,610 559,888 65,785 Disposal of assets 14,892,348 5,960,197 — Balance at the end of the year $ (172,755,498 ) $ (103,814,895 ) $ (53,994,666 ) (a) Represents depreciation expense of real estate assets. Amounts exclude amortization of lease intangible assets. |
Schedule IV (Notes)
Schedule IV (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Mortgage Loans on Real Estate [Abstract] | |
Mortgage Loans on Real Estate | Schedule IV Preferred Apartment Communities, Inc. Mortgage Loans on Real Estate December 31, 2017 Description Property Name Location (MSA) Interest Rate Maturity Date Periodic Payment Terms Periodic Payment Terms Prior Liens Face Amount of Mortgages Carrying Amount of Mortgages Principal Amount of Mortgages Subject to Delinquent Principal or Interest Real Estate Construction Loan on Multifamily Community Encore Atlanta, GA 13.5 % 4/8/2019 (4) 8.5 / 5.0 $ — $ 10,958,200 $ 10,958,200 $ — Real Estate Construction Loan on Multifamily Community Encore Capital Atlanta, GA 13.5 % 4/8/2019 (4) 8.5 / 5.0 — 9,758,200 7,521,425 — Real Estate Construction Loan on Multifamily Community Palisades Northern VA 13.0 % 5/17/2018 (2) 8.0 / 5.0 — 17,270,000 17,111,298 — Real Estate Construction Loan on Multifamily Community Fusion Irvine, CA 16.0 % 5/31/2018 (8) 8.5 / 7.5 — 63,911,961 58,447,468 — Real Estate Construction Loan on Multifamily Community Green Park Atlanta, GA 14.3 % 2/28/2018 (6) 8.5 / 5.83 — 13,464,372 11,464,372 — Real Estate Construction Loan on Multifamily Community Bishop Street Atlanta, GA 15.0 % 2/18/2020 (7) 8.5 / 6.5 — 12,693,457 12,144,914 — Real Estate Construction Loan on Multifamily Community Hidden River Tampa, FL 15.0 % 12/3/2018 (7) 8.5 / 6.5 — 4,734,960 4,734,960 — Real Estate Construction Loan on Multifamily Community Hidden River Capital Tampa, FL 15.0 % 12/4/2018 (7) 8.5 / 6.5 — 5,380,000 5,041,161 — Real Estate Construction Loan on Multifamily Community CityPark II Charlotte, NC 15.0 % 1/7/2019 (7) 8.5 / 6.5 — 3,364,800 3,364,800 — Real Estate Construction Loan on Multifamily Community CityPark II Capital Charlotte, NC 15.0 % 1/8/2019 (7) 8.5 / 6.5 — 3,916,000 3,623,944 — Real Estate Construction Loan on Multifamily Community Park 35 on Clairmont Birmingham, AL 10.5 % 6/26/2018 (3) 8.5 / 2.0 — 21,060,160 21,060,160 — Real Estate Construction Loan on Multifamily Community Wiregrass Tampa, FL 15.0 % 5/15/2020 (7) 8.5 / 6.5 — 14,975,853 12,972,273 — Real Estate Construction Loan on Multifamily Community Wiregrass Capital Tampa, FL 15.0 % 5/15/2020 (7) 8.5 / 6.5 — 3,744,147 3,561,231 — Land Acquisition Bridge Loan on Multifamily Community Berryessa San Jose, CA 10.5 % 4/19/2018 (10) 10.5 / 0 — 31,509,000 30,571,375 — Land Acquisition Bridge Loan on Multifamily Community Brentwood Nashville, TN 12.0 % 6/1/2018 (11) 12.0 / 0 — 2,376,000 2,260,525 — Real Estate Construction Loan on Multifamily Community Fort Myers Fort Myers, FL 14.0 % 2/3/2021 (5) 8.5 / 5.5 — 9,416,000 3,521,014 — Real Estate Construction Loan on Multifamily Community Fort Myers Capital Fort Myers, FL 14.0 % 2/3/2021 (5) 8.5 / 5.5 — 6,193,000 4,994,108 — Real Estate Construction Loan on Multifamily Community 360 Forsyth Atlanta, GA 14.0 % 7/11/2020 (5) 8.5 / 5.5 — 22,412,000 13,400,166 — Real Estate Construction Loan on Multifamily Community Morosgo Atlanta, GA 14.0 % 1/31/2021 (5) 8.5 / 5.5 — 11,749,000 4,950,824 — Real Estate Construction Loan on Multifamily Community Morosgo Capital Atlanta, GA 14.0 % 1/31/2021 (5) 8.5 / 5.5 — 6,176,000 4,761,050 — Real Estate Construction Loan on Multifamily Community University City Gateway Charlotte, NC 13.5 % 8/15/2021 (4) 8.5 / 5.0 — 10,336,000 849,726 — Real Estate Construction Loan on Multifamily Community University City Gateway Capital Charlotte, NC 13.5 % 8/18/2021 (4) 8.5 / 5.0 — 7,338,000 5,530,045 — Mezzanine Construction Loan on Student Housing Community Haven 12 Starkville, MS 15.0 % 12/17/2018 (7) 8.5 / 6.5 — 6,116,384 5,815,849 — Mezzanine Construction Loan on Student Housing Community Haven46 Tampa, FL 13.5 % 3/29/2019 (4) 8.5 / 5.0 — 9,819,662 9,819,662 — Mezzanine Construction Loan on Student Housing Community Haven Northgate College Station, TX 9.00 % 6/20/2019 (1) 7.25 / 1.5 — 67,680,000 65,724,317 — Mezzanine Construction Loan on Student Housing Community Lubbock II Lubbock, TX 13.5 % 4/20/2019 (4) 8.5 / 5.0 — 9,357,171 9,357,078 — Mezzanine Construction Loan on Student Housing Community Haven Charlotte Charlotte, NC 15.0 % 12/22/2019 (7) 8.5 / 6.5 — 19,581,593 17,039,277 — Mezzanine Construction Loan on Student Housing Community Haven Charlotte Member Charlotte, NC 15.0 % 12/22/2019 (7) 8.5 / 6.5 — 8,201,170 7,794,612 — Mezzanine Construction Loan on Student Housing Community Solis Kennesaw Atlanta, GA 14.0 % 9/26/2020 (5) 8.5 / 5.5 — 12,358,946 1,609,395 — Mezzanine Construction Loan on Student Housing Community Solis Kennesaw Capital Atlanta, GA 14.0 % 10/1/2020 (5) 8.5 / 5.5 — 8,360,000 7,143,866 — Mezzanine Construction Loan on Grocery-Anchored Shopping Center Dawson Marketplace Atlanta, GA 13.5 % 9/24/2020 (4) 8.5 / 5.0 — 12,857,005 12,857,005 — Land Acquisition Bridge Loan Crescent Avenue Atlanta, GA 15.0 % 4/13/2018 (9) 10.0 / 5.0 — 8,500,000 8,500,000 — Total — 455,569,041 388,506,100 — Unamortized loan origination fees — — (1,710,157 ) — Carrying amount — 455,569,041 386,795,943 — (1) Variable rate - Libor + 7.00%, interest only, 7.25% payable monthly and 1.5% accrued (2) Fixed rate, interest only, 8.0% payable monthly and 5.0% accrued (3) Fixed rate, interest only, 8.5% payable monthly and 2.0% accrued (4) Fixed rate, interest only, 8.5% payable monthly and 5.0% accrued (5) Fixed rate, interest only, 8.5% payable monthly and 5.5% accrued (6) Fixed rate, interest only, 8.5% payable monthly and 5.83% accrued (7) Fixed rate, interest only, 8.5% payable monthly and 6.5% accrued (8) Fixed rate, interest only, 8.5% payable monthly and 7.5% accrued (9) Fixed rate, interest only, 10.0% payable monthly and 5.0% accrued (10) Fixed rate, interest only, 10.5% payable monthly and 0.0% accrued (11) Fixed rate, interest only, 12.0% payable monthly and 0.0% accrued |
Significant Accounting Polici29
Significant Accounting Policies Basis of Presentation (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Summary of Significant Accounting Policies [Abstract] | |
Acquisitions and Impairments of Real Estate Assets | Acquisitions and Impairments of Real Estate Assets When the Company acquires a 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. 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 (including, effective July 1, 2017, a 1% acquisition fee), 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. Should the Company complete any acquisitions in the future which qualify as acquisitions of businesses, associated acquisition costs would be expensed as incurred. |
Tangible assets | 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 | 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 over the average remaining non-cancelable term of the respective in-place leases in the depreciation and amortization line of the statements of operations. Grocery-anchored shopping centers and office properties 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 over the remaining term of the respective leases in the depreciation and amortization line of the statements of operations. 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 properties 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 | 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 property. |
Deferred Leasing Costs | Deferred Leasing Costs Costs incurred to obtain tenant leases are amortized using the straight-line method over the term of the related lease agreement. Such costs include lease incentives, leasing commissions and legal costs. If the lease is terminated early, the remaining unamortized deferred leasing cost is written off. |
Real Estate Loans and Notes Receivable | Real Estate Loans and Notes Receivable The Company carries its investments in real estate loans at amortized cost with assessments made for impairment in the event recoverability of the principal amount becomes doubtful. If, upon testing for impairment, the fair value result of the loan is lower than the carrying amount of the loan, a valuation allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. Recoveries of valuation allowances are only recognized in the event of maturity or a sale or disposition in an amount above carrying value. The balances of real estate loans presented on the consolidated balance sheets consist of drawn amounts on the loans, net of unamortized deferred loan origination fees. These loan balances are presented in the asset section of the consolidated balance sheets inclusive of loan balances from third party participant lenders, with the participant amount presented within the liabilities section. See the "Revenue Recognition" section of this Note for other loan-related policy disclosures required by ASC 310-10-50-6. |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. Restricted cash includes cash restricted by state law or contractual requirement and relates primarily to real estate tax and insurance escrows, capital improvement reserves and resident security deposits. |
Fair Value Measurements | Fair Value Measurements Certain assets and liabilities are required to be carried at fair value, or if they are deemed impaired, to be adjusted to reflect this condition. The Company follows the guidance provided by ASC 820, Fair Value Measurements and Disclosures , in accounting and reporting for real estate assets where appropriate, as well as debt instruments both held for investment and as liabilities. The standard requires disclosure of fair values calculated utilizing each of the following input type within the following hierarchy: • Level 1 – Quoted prices in active markets for identical assets or liabilities at the measurement date. • Level 2 – Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly. • Level 3 – Unobservable inputs for the asset or liability. |
Deferred Loan Costs | Deferred Loan Costs Deferred loan costs are amortized using the straight-line method, which approximates the effective interest rate method, over the terms of the related indebtedness. |
Non-controlling Interest | Non-controlling Interest Non-controlling interest represents the equity interest of the Operating Partnership that is not owned by the Company. Non-controlling interest is adjusted for contributions, distributions and earnings or loss attributable to the non-controlling interest in the consolidated entity in accordance with the Agreement of Limited Partnership of the Operating Partnership, as amended. |
Redeemable Preferred Stock | Redeemable Preferred Stock Shares of the Series A Redeemable Preferred Stock, stated value $1,000 per share, or Series A Preferred Stock, and Series M Redeemable Preferred Stock, stated value $1,000 per share, or mShares, are both redeemable at the option of the holder, subject to a declining redemption fee schedule. Redemptions are therefore outside the control of the Company. However, the Company retains the right to fund any redemptions of Series A Preferred Stock or mShares in either Common Stock or cash at its option. Therefore, the Company records the Series A Preferred Stock and mShares as components of permanent stockholders’ equity. |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs represent direct costs incurred by the Company related to current equity offerings, excluding costs specifically identifiable to a closing, such as commissions, dealer-manager fees, and other registration fees. For issuances of equity that occur on one specific date, associated offering costs are reclassified as a reduction of proceeds raised on the date of issue. Our ongoing offering of up to a maximum of 1,500,000 Units, consisting of one share of Series A Redeemable Preferred Stock and one warrant, or Warrant, to purchase 20 shares of Common Stock, or Units, generally closes on a bimonthly basis in variable amounts. Such offering is referred to herein as the $ 1.5 Billion Unit Offering, pursuant to our registration statement on Form S-3 (registration number 333-211924), as may be amended from time to time. Deferred offering costs related to the $ 1.5 Billion Unit Offering, Shelf Offering and mShares Offering (the latter two as defined in Note 5) are reclassified to the stockholders’ equity section of the consolidated balance sheet as a reduction of proceeds raised on a pro-rata basis equal to the ratio of total Units or value of shares issued to the maximum number of Units, or the value of shares, as applicable, that are expected to be issued. |
Revenue Recognition | 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 properties Rental revenue from tenants' operating leases in the Company's grocery-anchored shopping centers and office properties 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 grocery-anchored shopping center 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 properties, 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 with a corresponding recognition of 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. Real Estate Loans Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes using the effective interest rate method. In the event that a loan or note is refinanced with the proceeds of another loan issued by the Company, any unamortized loan fee revenue from the first loan will be recognized as interest revenue at the date of refinancing. Direct loan origination fees applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income. The accrual of interest on all these instruments ceases when there is concern as to the ultimate collection of principal or interest, which is generally a delinquency of 30 days in required payments of interest or principal. Any payments received on such non-accrual loans are recorded as interest income when the payments are received. Real estate loan assets are reclassified as accrual-basis once interest and principal payments become current. Certain real estate loan assets include limited purchase options and either exit fees or additional amounts of accrued interest. Exit fees or accrued interest due will be treated as additional consideration for the acquired project if the Company purchases the subject property. Additional accrued interest becomes due in cash to the Company on the earliest to occur of: (i) the maturity of the loan, (ii) any uncured event of default as defined in the associated loan agreement, (iii) the sale of the project or the refinancing of the loan (other than a refinancing loan by the Company or one of its affiliates) and (iv) any other repayment of the loan. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation in accordance with guidance provided by ASC 505-50, Equity-Based Payments to Non-Employees and ASC 718, Stock Compensation . We calculate the fair value of Class B Unit grants at the date of grant utilizing a Monte Carlo simulation model based upon estimates of their expected term, the expected volatility of and dividend yield on our Common Stock over this expected term period and the market risk-free rate of return. The compensation expense is accrued on a straight-line basis over the vesting period(s). We record the fair value of restricted stock awards based upon the closing stock price on the trading day immediately preceding the date of grant. |
Acquisition Costs | 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 acquisitions constituted business combinations. 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 (including, effective July 1, 2017, a 1% acquisition fee), 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. Should the Company complete any acquisitions in the future which qualify as acquisitions of businesses, associated acquisition costs would be expensed as incurred. |
Capitalization and Depreciation | Capitalization and Depreciation The Company capitalizes tenant improvements, replacements of furniture, fixtures and equipment, as well as carpet, appliances, air conditioning units, certain common area items and other assets. Significant repair and renovation costs that improve the usefulness or extend the useful life of the properties are also capitalized. These assets are then depreciated on a straight-line basis over their estimated useful lives, as follows: • Buildings: 30 - 50 years • Furniture, fixtures & equipment: 5 - 10 years • Improvements to buildings and land: 5 - 20 years • Tenant improvements: shorter of economic life or lease term Operating expenses related to unit turnover costs, such as carpet cleaning, mini-blind replacements and minor repairs are expensed as incurred. |
Income Taxes | Income Taxes The Company has elected to be taxed as a REIT under the Code. To continue to qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of the Company's annual REIT taxable income to its stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes 100% of the Company's annual REIT taxable income to its stockholders. If the Company fails to qualify as a REIT in any taxable year, it will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost unless the Internal Revenue Service grants the Company relief under certain statutory provisions. Such an event could have a material adverse affect on the Company's net income and net cash available for distribution to stockholders. The Company intends to operate in such a manner as to maintain its election for treatment as a REIT. The Company recognizes a liability for uncertain tax positions. An uncertain tax position is defined as a position taken or expected to be taken in a tax return that is not based on clear and unambiguous tax law and which is reflected in measuring current or deferred income tax assets and liabilities for interim or annual periods. The Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The Company measures the tax benefits recognized based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate resolution. The Company recognizes interest and penalties related to unrecognized tax benefits in its provision for income taxes. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income or loss available to common stockholders by the weighted average number of shares of Common Stock outstanding for the period. Net income or loss attributable to common stockholders is calculated by deducting dividends due to preferred stockholders, including deemed non-cash dividends emanating from beneficial conversion features within convertible preferred stock, as well as nonforfeitable dividends due to holders of unvested restricted stock, which are participating securities under the two-class method of calculating earnings per share. Diluted earnings (loss) per share is computed by dividing net income or net loss available to common stockholders by the weighted average number of shares of Common Stock outstanding adjusted for the effect of dilutive securities such as share grants or warrants. No adjustment is made for potential common stock equivalents that are anti-dilutive during the period. |
New Accounting Pronouncements | 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 will adopt the new standard on January 1, 2018,when effective, utilizing the modified retrospective transition method with a cumulative effect recognized as of the date of adoption. In addition, the evaluation of non-lease components under ASU 2014-09 will not be effective until Accounting Standards Update No. 2016-02, Leases (Topic 842), ("ASU 2016-02") becomes effective (see further discussion below), which will be January 1, 2019 for the Company. The Company has determined that approximately 90% of its consolidated revenues are derived from either long-term leases with its tenants and reimbursement of related property tax and insurance expenses (considered executory costs of leases) or its mezzanine loan interest income, which are excluded from the scope of the ASU 2014-09. Of the remaining approximately 10% of the Company’s revenues, the majority is comprised of common area maintenance (“CAM”) reimbursements and utility reimbursements, which are non-lease components under ASU 2014-09 and therefore within its scope of adoption. The Company has concluded that the adoption of ASU 2014-09 will have no material effect upon the timing of the recognition of reimbursement revenue and other miscellaneous income. The Company also evaluated its amenity and ancillary services to its multifamily and student housing residents and does not expect the timing and recognition of revenue to change as a result of implementing ASU 2014-09. Additional required disclosures regarding the nature and timing of the Company's revenue transactions will be provided upon adoption of the new standard. 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, but will reduce the content of required disclosure concerning the fair value of its financial instruments. 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 and supersedes the previous standard, ASC 840 Leases. The standard is effective on January 1, 2019, with early adoption permitted. The new lease guidance requires an entity to separate lease components from non-lease components, such as maintenance services or other activities that transfer a good or service to our residents and tenants in a contract; it also considers the reimbursement of real estate taxes and insurance as executory costs of the lease and requires that such amounts be consolidated with the base rent revenue. For lessors, the consideration in the contract is allocated to the lease and non-lease components on a relative standalone price basis in accordance with the allocation guidance in the new revenue standard. The Company concluded that adoption of ASU 2016-02 does not change the timing of revenue recognition over the lease component, which remains over a straight line method, though the reimbursement of property tax and insurance, considered executory costs of leasing, will be combined with the base rent revenue and presented within rental income instead of other income within the Company’s income statement. Non-lease components are evaluated under ASU 2014-09, Revenue from Contracts with Customers (Topic 606), discussed above. On January 5, 2018, the FASB issued an Exposure Draft on ASC 842. The amendments in this proposed update would address stakeholders’ concerns about the requirement for lessors to separate components of a contract by providing lessors with a practical expedient, by class of underlying assets, to not separate non-lease components from the related lease components, similar to that provided for lessees. However, the lessor practical expedient would be limited to circumstances in which both (1) the timing and pattern of revenue recognition are the same for the non-lease component(s) and related lease component and (2) the combined single lease component would be classified as an operating lease. If the Exposure Draft is approved, the Company anticipates adopting ASC 842 utilizing the practical expedient. 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 will adopt ASU 2016-18 on January 1, 2018 utilizing the retrospective transition method. 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 for the year ended December 31, 2017 was a decrease of approximately $10.0 million of acquisition costs which were capitalized but which would have been expensed in full as incurred 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 clarifies that an entity should identify each distinct nonfinancial asset or in substance nonfinancial asset promised to a counterparty and derecognize each asset when a counterparty obtains control of it. The amendments also clarify that an entity should allocate consideration to each distinct asset by applying the guidance in Topic 606 on allocating the transaction price to performance obligations for sales to customers. The Company’s sales of nonfinancial real estate assets are generally made to non-customers, which is a scope exception under Topic 606. The Company expects that proceeds from real estate sales will continue to be recognized as gain or loss on sale of real estate in the Consolidated Statement of Operations. |
Real Estate Assets (Tables)
Real Estate Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Business Acquisition | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | During the years ended December 31, 2017 , and 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) 4/21/2017 Castleberry-Southard Atlanta, Georgia $ 17.6 80,018 6/6/2017 Rockbridge Village Atlanta, Georgia $ 20.3 102,432 7/26/2017 Irmo Station Columbia, South Carolina $ 16.0 99,384 8/25/2017 Maynard Crossing Raleigh, North Carolina $ 29.9 122,781 9/8/2017 Woodmont Village Atlanta, Georgia $ 13.5 85,639 9/22/2017 West Town Market Charlotte, North Carolina $ 14.3 67,883 11/30/2017 Roswell Wieuca Shopping Center Atlanta, Georgia $ 32.5 74,370 12/5/2017 Crossroads Market Naples, Florida $ 29.3 126,895 759,402 2/29/16 Wade Green Village (2) Atlanta, Georgia $ 11.0 74,978 4/29/16 Southeastern Six Portfolio (3) $ 68.7 535,252 5/16/16 The Market at Victory Village Nashville, Tennessee $ 15.6 71,300 7/15/16 Lakeland Plaza Atlanta, Georgia $ 45.3 301,711 8/8/16 Sunbelt Seven Portfolio (4) , (5) $ 159.5 650,360 10/18/16 Champions Village Houston, Texas $ 50.0 383,093 2,016,694 (1) Purchase prices shown are exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. (2) See Note 6 - Related party Transactions. (3) The six grocery-anchored shopping centers located in Georgia, South Carolina and Alabama are referred to collectively as the Southeastern Six Portfolio. (4) The seven grocery-anchored shopping centers located in Florida, Georgia, Texas, and North Carolina are referred to collectively as the Sunbelt Seven Portfolio. (5) Includes the purchase of an approximate 0.95 acre outparcel for $1.5 million on December 21, 2016. |
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 — Total liabilities $ 30,840,135 $ 31,999,717 $ 24,862,000 |
real estate owned [Table Text Block] | The Company's real estate assets consisted of: As of December 31, 2017 2016 (Unaudited) Multifamily communities: Properties (1) 30 24 Units 9,521 8,049 New Market Properties (2) Properties 39 31 Gross leasable area (square feet) (3) 4,055,461 3,295,491 Student housing properties: Properties 4 1 Units 891 219 Beds 2,950 679 Preferred Office Properties: Properties 4 3 Rentable square feet 1,352,000 1,096,834 (1) The acquired second and third phases of the Summit Crossing community are 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 13, 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 years ended December 31, 2017 , and 2016, the Company completed the acquisition of the multifamily communities and student housing properties in the table below. The multifamily communities acquired during 2016, prior to the Company's adoption of ASU 2017-01, were accounted for as acquisitions of businesses, which required acquisition costs to be expensed when incurred. Beginning January 1, 2017, the Company's acquisitions qualified as acquired assets and the associated acquisition costs were capitalized, allocated to the fair values of the acquired assets and liabilities on the balance sheet and amortized over the remaining expected useful lives. Acquisition date Property Location Approximate purchase price (millions) (1) Units 2/28/2017 SoL (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 7/26/2017 Luxe at Lakewood Ranch Sarasota, Florida $ 56.1 280 9/27/2017 Adara Overland Park Kansas City, Kansas $ 45.5 260 9/29/2017 Aldridge at Town Village Atlanta, Georgia $ 54.2 300 9/29/2017 The Reserve at Summit Crossing Atlanta, Georgia $ 30.9 172 10/27/2017 Stadium Village (3) (4) Atlanta, Georgia $ 72.6 198 11/21/2017 Overlook at Crosstown Walk Tampa, Florida $ 31.4 180 12/18/2017 Ursa (4) (5) Waco, Texas $ 58.2 250 12/20/2017 Colony at Centerpointe Richmond, Virginia $ 45.8 255 3,217 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 (7) Tallahassee, Florida $ 46.1 219 7/1/2016 City Vista Pittsburgh, Pennsylvania (6) 272 8/24/2016 Sorrel Jacksonville, Florida $ 48.1 290 2,432 (1) Purchase prices shown are exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and liabilities. (2) A 640 -bed student housing community located adjacent to the campus of Arizona State University in Tempe, Arizona. (3) A 792 -bed student housing community located adjacent to the campus of Kennesaw State University in Atlanta, Georgia. (4) The Company acquired and owns an approximate 99% equity interest in a joint venture which owns both Stadium Village and Ursa. (5) A 840 -bed student housing community located adjacent to the campus of Baylor University in Waco, Texas. (6) The Company converted $12,500,000 of its City Vista real estate loan into an approximate 96% ownership interest in a joint venture which owns the underlying property. (7) A 679-bed student housing community located adjacent to the campus of Florida State University in Tallahassee, Florida. |
Real Estate Loans, Notes Rece31
Real Estate Loans, Notes Receivable, and Lines of Credit Real estate loans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Real Estate Owned [Text Block] | As of December 31, 2017 2016 (Unaudited) Multifamily communities: Properties (1) 30 24 Units 9,521 8,049 New Market Properties (2) Properties 39 31 Gross leasable area (square feet) (3) 4,055,461 3,295,491 Student housing properties: Properties 4 1 Units 891 219 Beds 2,950 679 Preferred Office Properties: Properties 4 3 Rentable square feet 1,352,000 1,096,834 (1) The acquired second and third phases of the Summit Crossing community are 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 13, 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] | December 31, 2017 December 31, 2016 Number of loans 23 26 Drawn amount $ 388,506,100 $ 334,570,242 Deferred loan origination fees (1,710,157 ) (1,809,174 ) Carrying value $ 386,795,943 $ 332,761,068 Unfunded loan commitments $ 67,062,941 $ 76,546,234 Weighted average current interest, per annum (paid monthly) 8.53 % 8.26 % Weighted average accrued interest, per annum 4.99 % 5.26 % Principal balance Deferred loan origination fees Carrying value Balances as of December 31, 2016 $ 334,570,242 $ (1,809,174 ) $ 332,761,068 Loan fundings 148,345,526 — 148,345,526 Loan repayments (44,190,477 ) — (44,190,477 ) Loans settled with property acquisitions (50,219,191 ) — (50,219,191 ) Commitment fees collected — (1,289,193 ) (1,289,193 ) Amortization of commitment fees — 1,388,210 1,388,210 Balances as of December 31, 2017 $ 388,506,100 $ (1,710,157 ) $ 386,795,943 Principal balance Deferred loan origination fees Carrying value Balances as of December 31, 2015 $ 238,965,175 $ (963,417 ) $ 238,001,758 Loan fundings 151,027,549 — 151,027,549 Loan repayments (42,922,482 ) — (42,922,482 ) Loans settled with property acquisitions (12,500,000 ) — (12,500,000 ) Commitment fees collected — (1,718,092 ) (1,718,092 ) Amortization of commitment fees — 872,335 872,335 Balances as of December 31, 2016 $ 334,570,242 $ (1,809,174 ) $ 332,761,068 Property type Number of loans Commitment amount Carrying value Percentage of portfolio Multifamily communities 15 $ 292,737,110 $ 241,855,496 63 % Student housing properties 6 141,474,926 123,588,382 32 % Grocery-anchored shopping centers 1 12,857,005 12,853,522 3 % Other 1 8,500,000 8,498,543 2 % Balances as of December 31, 2017 23 $ 455,569,041 $ 386,795,943 Property type Number of loans Commitment amount Carrying value Percentage of portfolio Multifamily communities 15 $ 223,085,132 $ 188,220,938 57 % Student housing properties 9 169,174,339 125,953,196 38 % Grocery-anchored shopping centers 1 12,857,005 12,606,864 4 % Other 1 6,000,000 5,980,070 1 % Balances as of December 31, 2016 26 $ 411,116,476 $ 332,761,068 |
Notes receivable [Table Text Block] | ur portfolio of notes and lines of credit receivable consisted of: Borrower Date of loan Maturity date Total loan commitments Outstanding balance as of: Interest rate 12/31/2017 12/31/2016 360 Residential, LLC (1) 3/20/2013 3/31/2018 $ 2,000,000 $ 2,000,000 $ 1,472,571 12 % Preferred Capital Marketing Services, LLC (2) 1/24/2013 12/31/2018 1,500,000 926,422 1,082,311 10 % Oxford Contracting, LLC (1) 8/27/2013 (3 ) — — 1,475,000 8 % Preferred Apartment Advisors, LLC (1,2,4) 8/21/2012 12/31/2018 18,000,000 14,487,695 13,708,761 8 % Haven Campus Communities, LLC (1,2) 6/11/2014 12/31/2018 11,110,000 7,324,904 7,324,904 12 % Oxford Capital Partners, LLC (1,5) 10/5/2015 6/30/2018 10,150,000 6,628,082 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 3/31/2018 3,255,000 3,255,000 2,884,845 15 % Mulberry Development Group, LLC (1) 3/31/2016 6/30/2018 500,000 478,835 177,000 12 % Mulberry Development Group, LLC 7/31/2017 6/30/2018 2,000,000 1,920,746 — 12 % 360 Capital Company, LLC (1) 5/24/2016 12/31/2019 3,900,000 3,040,962 1,678,999 12 % Unamortized loan fees (5,881 ) (59,581 ) $ 55,415,000 $ 40,056,765 $ 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 Sixth Amended and Restated Management Agreement between the Company and the Manager. (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: Year Ended December 31, 2017 2016 2015 Real estate loans: Current interest payments $ 32,570,425 $ 23,633,118 $ 16,188,752 Additional accrued interest 18,669,448 14,859,365 10,809,028 Deferred origination fee amortization 1,375,754 872,335 829,969 Total real estate loan revenue 52,615,627 39,364,818 27,827,749 Interest income on notes and lines of credit 4,286,232 4,120,775 2,853,961 Interest income on loans and notes receivable $ 56,901,859 $ 43,485,593 $ 30,681,710 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Year Ended December 31, 2017 2016 2015 $ 12,329,295 $ 10,398,711 $ 5,885,242 Year Ended December 31, Type of Compensation Basis of Compensation 2017 2016 2015 Acquisition fees As of July 1, 2017, 1.0% of the gross purchase price of real estate assets (see following discussion) $ 6,131,221 $ — $ 6,292,280 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 1,330,796 1,886,105 1,349,273 Loan coordination fees As of January 1, 2016, 1.6% of any assumed, new or supplemental debt incurred in connection with an acquired property. Effective July 1, 2017, the fee was reduced to 0.6% of any such debt. 5,559,615 10,560,120 — Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 12,908,371 8,602,675 3,622,589 Property management fees Monthly fee equal to 4% of the monthly revenues collected from the properties managed 6,381,708 4,943,899 2,456,968 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 5,237,618 3,483,460 1,764,555 Construction management fees Quarterly fee for property renovation and takeover projects 331,767 173,614 59,554 $ 37,881,096 $ 29,649,873 $ 15,545,219 |
Dividends (Tables)
Dividends (Tables) | 12 Months Ended |
Dec. 31, 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 4,938,098 March 31, 2016 544,129 2,770,048 April 28, 2017 992,774 5,000,060 April 29, 2016 582,720 2,979,196 May 31, 2017 1,019,046 5,085,694 May 31, 2016 617,994 3,143,567 June 30, 2017 1,041,187 5,237,872 June 30, 2016 651,439 3,321,519 July 31, 2017 1,061,179 5,299,654 July 29, 2016 682,392 3,458,513 August 31, 2017 1,086,714 5,412,511 August 31, 2016 721,143 3,671,020 September 29, 2017 1,113,896 5,545,017 September 30, 2016 765,185 3,886,173 October 31, 2017 1,143,239 5,692,370 October 31, 2016 801,455 4,060,141 November 30, 2017 1,177,588 5,845,619 November 30, 2016 850,246 4,255,788 December 29, 2017 1,219,062 6,041,311 December 30, 2016 893,245 4,422,993 Total $ 63,588,387 Total $ 41,080,645 |
partnership unit distributions [Table Text Block] | The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At December 31, 2017 , the Company had 884,735 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 June 15, 2016 July 15, 2016 179,449 September 15, 2017 October 16, 2017 211,781 September 15, 2016 October 14, 2016 179,449 December 15, 2017 January 16, 2018 221,184 December 15, 2016 January 17, 2017 194,957 $ 843,488 $ 671,250 |
dividends and distributions [Text Block] | Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its Series A Preferred Stock in the amount of $5.00 per share per month and beginning in March 2017, on its Series M Preferred Stock, on an escalating scale of $4.79 per month in year one, increasing to $6.25 per month in year eight and beyond. All preferred stock dividends are 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 4,938,098 March 31, 2016 544,129 2,770,048 April 28, 2017 992,774 5,000,060 April 29, 2016 582,720 2,979,196 May 31, 2017 1,019,046 5,085,694 May 31, 2016 617,994 3,143,567 June 30, 2017 1,041,187 5,237,872 June 30, 2016 651,439 3,321,519 July 31, 2017 1,061,179 5,299,654 July 29, 2016 682,392 3,458,513 August 31, 2017 1,086,714 5,412,511 August 31, 2016 721,143 3,671,020 September 29, 2017 1,113,896 5,545,017 September 30, 2016 765,185 3,886,173 October 31, 2017 1,143,239 5,692,370 October 31, 2016 801,455 4,060,141 November 30, 2017 1,177,588 5,845,619 November 30, 2016 850,246 4,255,788 December 29, 2017 1,219,062 6,041,311 December 30, 2016 893,245 4,422,993 Total $ 63,588,387 Total $ 41,080,645 In addition to the cash distributions in the table above, the Consolidated Statement of Operations for the year ended December 31, 2017 includes $62,878 of accrued dividends related to our mShares Preferred Stock. The Company's dividend activity on its Common Stock for the years ended December 31, 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 September 15, 2017 34,715,982 0.235 8,158,256 September 15, 2016 24,652,041 0.2025 4,992,038 December 15, 2017 38,303,900 0.25 9,575,975 December 15, 2016 26,093,707 0.22 5,740,616 $ 0.94 $ 31,244,265 $ 0.8175 $ 19,940,730 The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as those declared on the Common Stock. At December 31, 2017 , the Company had 884,735 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 June 15, 2016 July 15, 2016 179,449 September 15, 2017 October 16, 2017 211,781 September 15, 2016 October 14, 2016 179,449 December 15, 2017 January 16, 2018 221,184 December 15, 2016 January 17, 2017 194,957 $ 843,488 $ 671,250 |
Equity Compensation (Tables)
Equity Compensation (Tables) | 12 Months Ended |
Dec. 31, 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 26.40 % 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. 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 . Grants of RSUs, net of forfeitures, are amortized as compensation expense over the three one-year periods ending on each of January 2, 2018, 2019 and 2020. As of December 31, 2017, a total of 4,100 RSUs had been forfeited. |
equity compensation expense [Table Text Block] | Year Ended December 31, Unamortized expense as of December 31, 2017 2016 2015 2017 Quarterly board member committee fee grants $ — $ 83,973 $ 53,926 $ — Class B Unit awards: Executive officers - 2014 — — 3,825 — Executive officers - 2015 — 5,236 1,984,052 — Executive officers - 2016 312,185 2,054,830 — 300,273 Executive officers - 2017 2,690,829 — — 722,964 Restricted stock grants: 2014 — — 107,321 — 2015 — 106,670 213,329 — 2016 136,667 273,333 — — 2017 240,011 — — 120,007 Restricted stock units 90,592 — — 181,184 Total $ 3,470,284 $ 2,524,042 $ 2,362,453 $ 1,324,428 |
ClassBUnitGrantsvaluationassumptions [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 26.40 % 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 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) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments [Table Text Block] | The following table summarizes our mortgage notes payable at December 31, 2017 : Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life Multifamily communities $ 884,591,436 3.73 % 7.54 New Market Properties 347,868,261 3.82 % 7.53 Preferred Office Properties 207,875,179 4.21 % 18.46 Student housing properties 79,696,696 3.89 % 5.95 Total fixed rate mortgage debt $ 1,520,031,572 3.83 % 8.95 Variable rate mortgage debt: Multifamily communities $ 160,719,665 3.65 % 3.54 New Market Properties 62,412,537 3.98 % 3.59 Preferred Office Properties — — 0 Student housing properties 68,885,000 4.02 % 3.19 Total variable rate mortgage debt $ 292,017,202 3.81 % 3.47 Total mortgage debt: Multifamily communities $ 1,045,311,101 3.72 % 6.93 New Market Properties 410,280,798 3.85 % 6.93 Preferred Office Properties 207,875,179 4.21 % 18.46 Student housing properties 148,581,696 3.95 % 4.67 Total principal amount 1,812,048,774 3.82 % 8.07 Deferred loan costs 30,248,587 Mark-to-market debt adjustment 5,148,016 Mortgage notes payable, net $ 1,776,652,171 Mortgage Financing of Property Acquisitions The Company partially financed the real estate properties acquired during the year ended December 31, 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 SoL 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 Fixed 4.31 % 3/1/2022 3/1/2022 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 Luxe at Lakewood Ranch 7/26/2017 39,287,500 Fixed 3.93 % 8/1/2027 N/A Irmo Station 7/26/2017 10,650,000 Fixed 3.94 % 8/1/2030 N/A Maynard Crossing 8/25/2017 18,500,000 Fixed 3.74 % 9/1/2032 N/A Woodmont Village 9/8/2017 8,775,000 Fixed 4.13 % 10/1/2027 N/A West Town Market 9/22/2017 9,000,000 Fixed 3.65 % 10/1/2025 N/A Adara Overland Park 9/27/2017 31,850,000 Fixed 3.90 % 4/1/2028 N/A Aldridge at Town Village 9/29/2017 38,010,000 Fixed 4.19 % 3/1/2022 (1 ) The Reserve at Summit Crossing 9/29/2017 20,075,000 Fixed 3.87 % 10/1/2024 N/A Overlook at Crosstown Walk 11/21/2017 22,231,000 Fixed 3.95 % 12/1/2024 N/A Colony at Centerpointe 12/20/2017 33,346,281 Fixed 3.68 % 10/1/2026 N/A Crossroads Market 12/5/2017 19,000,000 Fixed 3.95 % 1/1/2030 N/A Stadium Village 10/27/2017 46,929,833 Fixed 3.80 % 11/1/2024 N/A Ursa 12/18/2017 28,260,000 Variable 205 BPS 1/5/2020 1/5/2020 Ursa secondary 12/18/2017 3,140,000 Variable 1155 BPS 1/5/2020 1/5/2020 Westridge at La Cantera 11/13/2017 54,440,000 Fixed 4.10 % 12/10/2028 N/A $ 571,974,114 (1) The property was temporarily financed at acquisition through a credit facility sponsored by the Federal Home Loan Mortgage Corporation with terms as shown; the Company subsequently obtained permanent mortgage financing. |
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 $ 884,591,436 3.73 % 7.54 New Market Properties 347,868,261 3.82 % 7.53 Preferred Office Properties 207,875,179 4.21 % 18.46 Student housing properties 79,696,696 3.89 % 5.95 Total fixed rate mortgage debt $ 1,520,031,572 3.83 % 8.95 Variable rate mortgage debt: Multifamily communities $ 160,719,665 3.65 % 3.54 New Market Properties 62,412,537 3.98 % 3.59 Preferred Office Properties — — 0 Student housing properties 68,885,000 4.02 % 3.19 Total variable rate mortgage debt $ 292,017,202 3.81 % 3.47 Total mortgage debt: Multifamily communities $ 1,045,311,101 3.72 % 6.93 New Market Properties 410,280,798 3.85 % 6.93 Preferred Office Properties 207,875,179 4.21 % 18.46 Student housing properties 148,581,696 3.95 % 4.67 Total principal amount 1,812,048,774 3.82 % 8.07 Deferred loan costs 30,248,587 Mark-to-market debt adjustment 5,148,016 Mortgage notes payable, net $ 1,776,652,171 |
debt covenant [Table Text Block] | As of December 31, 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 $1,189,948,857 (2) $1,280,765,693 Debt yield Minimum 8.0% 9.36% Payout ratio Maximum 95.0% (3) 90.6% Total leverage ratio Maximum 65.0% 59.4% 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 $686.9 million plus 75% of the net proceeds of any equity offering, which totaled approximately $1.2 billion as of December 31, 2017 . (3) Calculated on a trailing four-quarter basis. For the year ended December 31, 2017 , the maximum dividends and distributions allowed under this covenant was approximately $100.4 million . |
mortgage interest [Table Text Block] | Interest expense, including amortization of deferred loan costs was: Year Ended December 31, 2017 2016 2015 Multifamily communities $ 38,486,955 $ 29,030,213 $ 14,994,053 New Market Properties 14,895,107 8,870,094 3,479,879 Preferred Office Properties 7,005,819 474,402 — Interest paid to real estate loan participants 2,295,371 2,008,741 1,496,566 Total 62,683,252 40,383,450 19,970,498 Credit Facility and Acquisition Facility 4,784,790 3,900,694 1,345,233 Interest Expense $ 67,468,042 $ 44,284,144 $ 21,315,731 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Period Future principal payments 2018 $ 83,020,908 (1) 2019 243,585,766 2020 101,868,565 2021 127,462,545 2022 239,683,956 Thereafter 1,069,227,034 Total $ 1,864,848,774 (1) Includes the principal amount due on the Company's Revolving Line of Credit of $41.8 million and Term Note of $11.0 million. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Schedule of Income Tax Characterization of Dividend Distributions [Table Text Block] | The income tax characterization of the Company's dividend distributions were as follows: 2017 2016 2015 Preferred Stock: Ordinary income 64.0 % 88.1 % 100.0 % Return of capital 27.5 % 10.5 % — % Capital gains 8.5 % 1.4 % — % Common Stock: Ordinary income — % — % 33.0 % Return of Capital 100.0 % 100.0 % 67.0 % |
operating leases (Tables)
operating leases (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | For the year ending December 31: Future Minimum Rents New Market Properties Office Buildings Total 2018 $ 47,177,000 $ 27,884,000 $ 75,061,000 2019 40,958,000 29,233,000 70,191,000 2020 35,173,000 29,648,000 64,821,000 2021 28,500,000 25,475,000 53,975,000 2022 22,744,000 25,143,000 47,887,000 Thereafter 74,207,000 158,209,000 232,416,000 Total $ 248,759,000 $ 295,592,000 $ 544,351,000 |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | Year Ended December 31, 2017 2016 2015 Revenues Rental revenues: Multifamily communities $ 130,188,139 $ 108,869,371 $ 58,830,372 New Market Properties 43,167,546 26,312,961 10,297,908 Preferred Office Properties (1) 27,106,064 2,148,442 — Total rental revenues 200,461,749 137,330,774 69,128,280 Other revenues: Multifamily communities 13,724,570 11,684,302 6,401,713 New Market Properties 15,482,341 9,177,591 3,774,864 Preferred Office Properties 9,192,315 208,598 — Total other revenues 38,399,226 21,070,491 10,176,577 Financing 55,143,640 41,717,650 30,000,655 Consolidated revenues $ 294,004,615 $ 200,118,915 $ 109,305,512 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia office building. As of December 31, 2017, the Company has deferred a total of $28.8 million of such improvements. For the year ended December 31, 2017, the Company amortized approximately $855,000 of this balance into rental revenue. The remaining balance to be recognized is approximately $27.9 million which is included in the deferred revenues line on the consolidated balance sheets at December 31, 2017. This balance will be amortized over the individual lease term. |
Segment Reporting Disclosure [Text Block] | Year Ended December 31, 2017 2016 2015 Property operating and maintenance expense Multifamily communities $ 20,056,067 $ 16,081,041 $ 9,182,541 New Market Properties 5,759,448 3,547,255 1,696,331 Preferred Office Properties 4,087,577 353,344 — Total $ 29,903,092 $ 19,981,640 $ 10,878,872 Year Ended December 31, 2017 2016 2015 Salary and benefits reimbursement Multifamily communities $ 12,329,295 $ 10,329,583 $ 5,885,242 New Market Properties — — — Preferred Office Properties 942,308 69,128 — Total $ 13,271,603 $ 10,398,711 $ 5,885,242 Year Ended December 31, 2017 2016 2015 Property management fees Multifamily communities $ 5,769,458 $ 4,775,547 $ 2,608,364 New Market Properties 1,924,792 1,158,832 406,437 Preferred Office Properties 634,932 46,356 — Total $ 8,329,182 $ 5,980,735 $ 3,014,801 Year Ended December 31, 2017 2016 2015 Real estate taxes Multifamily communities $ 19,975,181 $ 17,672,940 $ 8,602,927 New Market Properties 7,733,668 3,725,024 1,331,485 Preferred Office Properties 3,572,307 196,405 — Total $ 31,281,156 $ 21,594,369 $ 9,934,412 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 Preferred Office Properties. 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. Preferred Office Properties - consists of the Company's portfolio of office properties. The CODM monitors net operating income (“NOI”) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level. The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. December 31, 2017 December 31, 2016 Assets: Multifamily communities $ 1,637,385,337 $ 1,166,766,664 Financing 439,823,787 379,070,918 New Market Properties 742,492,359 579,738,707 Preferred Office Properties 413,665,553 285,229,700 Other 19,002,589 10,026,613 Consolidated assets $ 3,252,369,625 $ 2,420,832,602 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the years ended December 31, 2017 , 2016 and 2015 were as follows: Year Ended December 31, 2017 2016 2015 Capitalized expenditures: Multifamily communities $ 11,771,233 $ 8,400,801 $ 3,579,457 New Market Properties 3,493,854 1,640,036 1,088,585 Total $ 15,265,087 $ 10,040,837 $ 4,668,042 Second-generation capital expenditures for Preferred Office Properties exclude those expenditures made (i) to lease space to "first generation" tenants (i.e. leasing capital for existing vacancies and known move-outs at the time of acquisition), (ii) to bring recently acquired properties up to our Class A ownership standards (and which amounts were underwritten into the total investment at the time of acquisition), (iii) for property re-developments and repositionings and (iv) for building improvements that are recoverable from future operating cost savings. Year Ended December 31, 2017 2016 2015 Revenues Rental revenues: Multifamily communities $ 130,188,139 $ 108,869,371 $ 58,830,372 New Market Properties 43,167,546 26,312,961 10,297,908 Preferred Office Properties (1) 27,106,064 2,148,442 — Total rental revenues 200,461,749 137,330,774 69,128,280 Other revenues: Multifamily communities 13,724,570 11,684,302 6,401,713 New Market Properties 15,482,341 9,177,591 3,774,864 Preferred Office Properties 9,192,315 208,598 — Total other revenues 38,399,226 21,070,491 10,176,577 Financing 55,143,640 41,717,650 30,000,655 Consolidated revenues $ 294,004,615 $ 200,118,915 $ 109,305,512 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia office building. As of December 31, 2017, the Company has deferred a total of $28.8 million of such improvements. For the year ended December 31, 2017, the Company amortized approximately $855,000 of this balance into rental revenue. The remaining balance to be recognized is approximately $27.9 million which is included in the deferred revenues line on the consolidated balance sheets at December 31, 2017. This balance will be amortized over the individual lease term. Year Ended December 31, 2017 2016 2015 Property operating and maintenance expense Multifamily communities $ 20,056,067 $ 16,081,041 $ 9,182,541 New Market Properties 5,759,448 3,547,255 1,696,331 Preferred Office Properties 4,087,577 353,344 — Total $ 29,903,092 $ 19,981,640 $ 10,878,872 Year Ended December 31, 2017 2016 2015 Salary and benefits reimbursement Multifamily communities $ 12,329,295 $ 10,329,583 $ 5,885,242 New Market Properties — — — Preferred Office Properties 942,308 69,128 — Total $ 13,271,603 $ 10,398,711 $ 5,885,242 Year Ended December 31, 2017 2016 2015 Property management fees Multifamily communities $ 5,769,458 $ 4,775,547 $ 2,608,364 New Market Properties 1,924,792 1,158,832 406,437 Preferred Office Properties 634,932 46,356 — Total $ 8,329,182 $ 5,980,735 $ 3,014,801 Year Ended December 31, 2017 2016 2015 Real estate taxes Multifamily communities $ 19,975,181 $ 17,672,940 $ 8,602,927 New Market Properties 7,733,668 3,725,024 1,331,485 Preferred Office Properties 3,572,307 196,405 — Total $ 31,281,156 $ 21,594,369 $ 9,934,412 Year Ended December 31, 2017 2016 2015 Segment net operating income (Segment NOI) Multifamily communities $ 79,538,024 $ 66,519,317 $ 36,339,603 Financing 55,143,639 41,717,650 30,000,654 New Market Properties 42,040,944 26,298,374 10,180,531 Preferred Office Properties 25,986,608 1,675,886 — Consolidated segment net operating income 202,709,215 136,211,227 76,520,788 Interest and loss on early debt extinguishment: Multifamily communities 38,486,954 29,030,213 14,994,054 New Market Properties 14,895,107 8,870,094 3,479,879 Preferred Office Properties 7,005,819 474,402 — Financing 7,080,161 5,909,435 2,841,799 Depreciation and amortization: Multifamily communities 73,217,598 57,664,568 30,970,345 New Market Properties 30,087,597 19,245,688 7,125,989 Preferred Office Properties 13,471,614 1,229,542 — Professional fees 2,567,507 3,134,433 1,880,232 Management fees, net of forfeitures 18,496,776 12,051,891 5,235,748 Acquisition costs: Multifamily communities (20,559 ) 4,723,480 7,496,798 New Market Properties 25,402 2,103,112 1,656,965 Preferred Office Properties 9,159 1,720,951 — Equity compensation to directors and executives 3,470,284 2,524,042 2,362,453 Gain on sale of real estate (37,635,014 ) (4,271,506 ) — Loss on extinguishment of debt 888,428 — — Other 1,995,781 1,644,296 902,515 Net income (loss) $ 28,666,601 $ (9,843,414 ) $ (2,425,989 ) |
segment assets [Table Text Block] | December 31, 2017 December 31, 2016 Assets: Multifamily communities $ 1,637,385,337 $ 1,166,766,664 Financing 439,823,787 379,070,918 New Market Properties 742,492,359 579,738,707 Preferred Office Properties 413,665,553 285,229,700 Other 19,002,589 10,026,613 Consolidated assets $ 3,252,369,625 $ 2,420,832,602 |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Year Ended December 31, 2017 2016 2015 Capitalized expenditures: Multifamily communities $ 11,771,233 $ 8,400,801 $ 3,579,457 New Market Properties 3,493,854 1,640,036 1,088,585 Total $ 15,265,087 $ 10,040,837 $ 4,668,042 Second-generation capital expenditures for Preferred Office Properties exclude those expenditures made (i) to lease space to "first generation" tenants (i.e. leasing capital for existing vacancies and known move-outs at the time of acquisition), (ii) to bring recently acquired properties up to our Class A ownership standards (and which amounts were underwritten into the total investment at the time of acquisition), (iii) for property re-developments and repositionings and (iv) for building improvements that are recoverable from future operating cost savings. Year Ended December 31, 2017 2016 2015 Revenues Rental revenues: Multifamily communities $ 130,188,139 $ 108,869,371 $ 58,830,372 New Market Properties 43,167,546 26,312,961 10,297,908 Preferred Office Properties (1) 27,106,064 2,148,442 — Total rental revenues 200,461,749 137,330,774 69,128,280 Other revenues: Multifamily communities 13,724,570 11,684,302 6,401,713 New Market Properties 15,482,341 9,177,591 3,774,864 Preferred Office Properties 9,192,315 208,598 — Total other revenues 38,399,226 21,070,491 10,176,577 Financing 55,143,640 41,717,650 30,000,655 Consolidated revenues $ 294,004,615 $ 200,118,915 $ 109,305,512 (1) Included in rental revenues for our Preferred Office Properties segment is the amortization of deferred revenue for tenant-funded leasehold improvements from a major tenant in our Three Ravinia office building. As of December 31, 2017, the Company has deferred a total of $28.8 million of such improvements. For the year ended December 31, 2017, the Company amortized approximately $855,000 of this balance into rental revenue. The remaining balance to be recognized is approximately $27.9 million which is included in the deferred revenues line on the consolidated balance sheets at December 31, 2017. This balance will be amortized over the individual lease term. Year Ended December 31, 2017 2016 2015 Property operating and maintenance expense Multifamily communities $ 20,056,067 $ 16,081,041 $ 9,182,541 New Market Properties 5,759,448 3,547,255 1,696,331 Preferred Office Properties 4,087,577 353,344 — Total $ 29,903,092 $ 19,981,640 $ 10,878,872 Year Ended December 31, 2017 2016 2015 Salary and benefits reimbursement Multifamily communities $ 12,329,295 $ 10,329,583 $ 5,885,242 New Market Properties — — — Preferred Office Properties 942,308 69,128 — Total $ 13,271,603 $ 10,398,711 $ 5,885,242 Year Ended December 31, 2017 2016 2015 Property management fees Multifamily communities $ 5,769,458 $ 4,775,547 $ 2,608,364 New Market Properties 1,924,792 1,158,832 406,437 Preferred Office Properties 634,932 46,356 — Total $ 8,329,182 $ 5,980,735 $ 3,014,801 Year Ended December 31, 2017 2016 2015 Real estate taxes Multifamily communities $ 19,975,181 $ 17,672,940 $ 8,602,927 New Market Properties 7,733,668 3,725,024 1,331,485 Preferred Office Properties 3,572,307 196,405 — Total $ 31,281,156 $ 21,594,369 $ 9,934,412 Year Ended December 31, 2017 2016 2015 Segment net operating income (Segment NOI) Multifamily communities $ 79,538,024 $ 66,519,317 $ 36,339,603 Financing 55,143,639 41,717,650 30,000,654 New Market Properties 42,040,944 26,298,374 10,180,531 Preferred Office Properties 25,986,608 1,675,886 — Consolidated segment net operating income 202,709,215 136,211,227 76,520,788 Interest and loss on early debt extinguishment: Multifamily communities 38,486,954 29,030,213 14,994,054 New Market Properties 14,895,107 8,870,094 3,479,879 Preferred Office Properties 7,005,819 474,402 — Financing 7,080,161 5,909,435 2,841,799 Depreciation and amortization: Multifamily communities 73,217,598 57,664,568 30,970,345 New Market Properties 30,087,597 19,245,688 7,125,989 Preferred Office Properties 13,471,614 1,229,542 — Professional fees 2,567,507 3,134,433 1,880,232 Management fees, net of forfeitures 18,496,776 12,051,891 5,235,748 Acquisition costs: Multifamily communities (20,559 ) 4,723,480 7,496,798 New Market Properties 25,402 2,103,112 1,656,965 Preferred Office Properties 9,159 1,720,951 — Equity compensation to directors and executives 3,470,284 2,524,042 2,362,453 Gain on sale of real estate (37,635,014 ) (4,271,506 ) — Loss on extinguishment of debt 888,428 — — Other 1,995,781 1,644,296 902,515 Net income (loss) $ 28,666,601 $ (9,843,414 ) $ (2,425,989 ) |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | |
earnings loss per share [Table Text Block] | Year Ended December 31, 2017 2016 2015 Numerator: Net income (loss) before gain on sale of real estate $ (8,968,413 ) $ (14,114,920 ) $ (2,425,989 ) Gain on sale of real estate, net of disposition expenses 37,635,014 4,271,506 — Net income (loss) 28,666,601 (9,843,414 ) (2,425,989 ) Consolidated net (income) loss attributable to non-controlling (985,605 ) 310,291 25,321 interests (A) Net income (loss) attributable to the Company 27,680,996 (9,533,123 ) (2,400,668 ) Dividends declared to preferred stockholders (B) (63,651,265 ) (41,080,645 ) (18,751,934 ) Earnings attributable to unvested restricted stock (C) (14,794 ) (15,843 ) (19,256 ) Net income (loss) attributable to common stockholders $ (35,985,063 ) $ (50,629,611 ) $ (21,171,858 ) Denominator: Weighted average number of shares of Common Stock - basic 31,926,472 23,969,494 22,182,971 Effect of dilutive securities: (D) — — — Weighted average number of shares of Common Stock, basic and diluted 31,926,472 23,969,494 22,182,971 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (1.13 ) $ (2.11 ) $ (0.95 ) |
Pro Forma Financial Informati40
Pro Forma Financial Information pro forma (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Pro Forma Financial Information [Abstract] | |
segment operating results [Table Text Block] | Year Ended December 31, 2017 2016 2015 Pro forma: Revenues $ 294,261,296 $ 254,479,757 $ 228,020,379 Net income (loss) $ 34,431,057 $ (5,269,514 ) $ (49,338,846 ) Net income (loss) attributable to the Company $ 33,285,488 $ (5,136,281 ) $ (47,765,401 ) Net income (loss) attributable to common stockholders $ (30,380,571 ) $ (46,285,092 ) $ (66,536,591 ) Net income (loss) per share of Common Stock attributable to common stockholders, Basic and diluted $ (0.95 ) $ (1.93 ) $ (3.00 ) Weighted average number of shares of Common Stock outstanding, basic and diluted 31,926,472 23,969,494 22,182,971 |
Fair Values of Financial Inst41
Fair Values of Financial Instruments (Tables) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair Values of Financial Instruments [Abstract] | ||
Fair Value Measurements, Nonrecurring [Table Text Block] | As of December 31, 2017 Carrying value Fair value measurements using fair value hierarchy Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 386,795,943 $ 432,981,665 $ — $ — $ 432,981,665 Notes receivable and line of credit receivable 40,056,765 40,056,765 — — 40,056,765 $ 426,852,708 $ 473,038,430 $ — $ — $ 473,038,430 Financial Liabilities: Mortgage notes payable $ 1,806,900,756 $ 1,806,023,696 $ — $ — $ 1,806,023,696 Revolving credit facility 41,800,000 41,800,000 — — 41,800,000 Term loan 11,000,000 11,000,000 — — 11,000,000 Loan participation obligations 13,985,978 14,308,086 — — 14,308,086 $ 1,873,686,734 $ 1,873,131,782 $ — $ — $ 1,873,131,782 | 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 loan investments (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 $ 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) | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | Sep. 30, 2016shares | Jun. 30, 2016shares | Mar. 15, 2016shares | Dec. 31, 2015shares |
Class of Stock [Line Items] | ||||||
Common Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | |||||
Common Stock, Shares, Outstanding | 38,564,722 | 26,093,707 | 24,652,041 | 23,568,328 | 23,041,502 | |
Noncontrolling Interest, Ownership Percentage by Parent | 97.80% | |||||
minority interest partnership units outstanding | 884,735 | 886,168 | 276,560 | |||
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 | 38,564,722 | 26,498,192 |
Significant Accounting Polici43
Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | May 30, 2017 | May 12, 2017 | Dec. 31, 2016 | |
Summary of Significant Accounting Policies [Abstract] | ||||
stabilization level | 93.00% | |||
Acquisition fee, percent | 1.00% | |||
contingent fees | $ 390,000 | |||
Real Estate Properties [Line Items] | ||||
Common stock, shares issued | 412,500 | 2,750,000 | ||
Series A Preferred Stock [Member] | ||||
Real Estate Properties [Line Items] | ||||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | $ 0.01 | ||
preferred stock | 1,250,279 | 924,855 | ||
Series M Preferred Stock [Member] | ||||
Real Estate Properties [Line Items] | ||||
Series A Redeemable Preferred Stock, par value per share | $ 0.01 | |||
preferred stock | 15,275 | 0 | ||
$1.5 billion unit [Domain] | ||||
Real Estate Properties [Line Items] | ||||
maximum shares common stock under offering | 1,500,000 | |||
preferred stock | 1 | |||
Warrants issued | 1 | |||
Common stock, shares issued | 20 | |||
Equity offering | $ 1,500,000,000 | |||
Accounting Standards Update 2017-01 [Member] | ||||
Item Effected [Line Items] | ||||
Amortization of Acquisition Costs | $ 10,000,000 | |||
Building [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 30 years | |||
Building [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 50 years | |||
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 10 years | |||
Land, Buildings and Improvements [Member] | Minimum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 5 years | |||
Land, Buildings and Improvements [Member] | Maximum [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Property, Plant and Equipment, Useful Life | 20 years | |||
Preferred Stock [Member] | Series A Preferred Stock [Member] | ||||
Real Estate Properties [Line Items] | ||||
Series A Redeemable Preferred Stock, par value per share | $ 1,000 | |||
Preferred Stock [Member] | Series M Preferred Stock [Member] | ||||
Real Estate Properties [Line Items] | ||||
Series A Redeemable Preferred Stock, par value per share | $ 1,000 |
Real Estate Assets - Purchase P
Real Estate Assets - Purchase Price Allocation (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition | |||||||||||
business combination adjustment building and improvements | $ 14,164,111 | $ 14,164,111 | |||||||||
In-place leases | $ 73,169,174 | $ 73,169,174 | |||||||||
Contribution from joint venture partner | 5,072,659 | ||||||||||
Revenue | 81,652,168 | $ 74,900,199 | $ 70,890,913 | $ 66,561,335 | 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | 294,004,615 | 200,118,915 | $ 109,305,512 |
Net income (loss) | 28,666,601 | (9,843,414) | (2,425,989) | ||||||||
Capitalized acquisition costs paid to related party (included above) | 7,310 | 198,024 | 189,115 | ||||||||
Land | 406,794,429 | 299,547,501 | 406,794,429 | 299,547,501 | |||||||
Less: accumulated depreciation | (172,755,498) | (103,814,894) | (172,755,498) | (103,814,894) | |||||||
Building and improvements | 2,043,853,105 | 1,513,293,760 | 2,043,853,105 | 1,513,293,760 | |||||||
Furniture, fixtures, and equipment | 210,778,838 | 126,357,742 | 210,778,838 | 126,357,742 | |||||||
Construction in progress | 10,490,769 | 2,645,634 | 10,490,769 | 2,645,634 | |||||||
Real Estate Investment Property, at Cost | 2,735,341,870 | 1,965,486,998 | 2,735,341,870 | 1,965,486,998 | |||||||
Tenant Improvements | 63,424,729 | 23,642,361 | $ 63,424,729 | 23,642,361 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 26,900 | ||||||||||
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 | |||||||||
Leasing costs | 464,544 | 464,544 | |||||||||
Net assets acquired | 17,567,893 | 17,567,893 | |||||||||
Cash paid | 2,306,703 | ||||||||||
Use of 1031 proceeds | 3,761,190 | ||||||||||
Total consideration | 17,567,893 | ||||||||||
Revenue | 1,006,000 | ||||||||||
Net income (loss) | (115,000) | ||||||||||
Below market leases | (1,081,145) | (1,081,145) | |||||||||
Other assets | 67,899 | 67,899 | |||||||||
Other liabilities | (162,499) | (162,499) | |||||||||
Mortgage debt | 11,500,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 78,000 | $ 78,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 7 months 6 days | ||||||||||
Rockbridge Vilage | |||||||||||
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 | |||||||||
Leasing costs | 301,761 | 301,761 | |||||||||
Net assets acquired | 20,281,677 | 20,281,677 | |||||||||
Cash paid | 6,031,677 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Total consideration | 20,281,677 | ||||||||||
Revenue | 948,000 | ||||||||||
Net income (loss) | (99,000) | ||||||||||
Below market leases | (332,725) | (332,725) | |||||||||
Other assets | 7,136 | 7,136 | |||||||||
Other liabilities | (89,212) | (89,212) | |||||||||
Mortgage debt | 14,250,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 123,000 | $ 123,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 6 months | ||||||||||
irmo station [Domain] | |||||||||||
Business Acquisition | |||||||||||
Land | 3,602,466 | $ 3,602,466 | |||||||||
Buildings and improvements | 11,555,942 | 11,555,942 | |||||||||
Tenant improvements | 303,449 | 303,449 | |||||||||
In-place leases | 773,530 | 773,530 | |||||||||
Above market leases | 12,811 | 12,811 | |||||||||
Leasing costs | 214,340 | 214,340 | |||||||||
Net assets acquired | 16,310,537 | 16,310,537 | |||||||||
Cash paid | 5,660,537 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Total consideration | 16,310,537 | ||||||||||
Revenue | 646,000 | ||||||||||
Net income (loss) | (174,000) | ||||||||||
Below market leases | (225,228) | (225,228) | |||||||||
Other assets | 132,622 | 132,622 | |||||||||
Other liabilities | (59,395) | (59,395) | |||||||||
Mortgage debt | 10,650,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 226,000 | $ 226,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 8 months 12 days | ||||||||||
maynard crossing [Domain] | |||||||||||
Business Acquisition | |||||||||||
Land | 6,303,787 | $ 6,303,787 | |||||||||
Buildings and improvements | 21,773,900 | 21,773,900 | |||||||||
Tenant improvements | 791,792 | 791,792 | |||||||||
In-place leases | 1,479,507 | 1,479,507 | |||||||||
Above market leases | 338,002 | 338,002 | |||||||||
Leasing costs | 465,414 | 465,414 | |||||||||
Net assets acquired | 30,449,561 | 30,449,561 | |||||||||
Cash paid | 11,949,561 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Total consideration | 30,449,561 | ||||||||||
Revenue | 841,000 | ||||||||||
Net income (loss) | (189,000) | ||||||||||
Below market leases | (866,380) | (866,380) | |||||||||
Other assets | 258,658 | 258,658 | |||||||||
Other liabilities | (95,119) | (95,119) | |||||||||
Mortgage debt | 18,500,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 379,000 | $ 379,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | ||||||||||
woodmont Village [Domain] | |||||||||||
Business Acquisition | |||||||||||
Land | 2,712,907 | $ 2,712,907 | |||||||||
Buildings and improvements | 9,836,799 | 9,836,799 | |||||||||
Tenant improvements | 193,347 | 193,347 | |||||||||
In-place leases | 1,721,425 | 1,721,425 | |||||||||
Above market leases | 0 | 0 | |||||||||
Leasing costs | 413,237 | 413,237 | |||||||||
Net assets acquired | 13,274,369 | 13,274,369 | |||||||||
Cash paid | 4,499,369 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Total consideration | 13,274,369 | ||||||||||
Revenue | 453,000 | ||||||||||
Net income (loss) | (42,000) | ||||||||||
Below market leases | (1,521,305) | (1,521,305) | |||||||||
Other assets | 0 | 0 | |||||||||
Other liabilities | (82,041) | (82,041) | |||||||||
Mortgage debt | 8,775,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 200,000 | $ 200,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 9 months 18 days | ||||||||||
west town [Domain] | |||||||||||
Business Acquisition | |||||||||||
Land | 1,936,572 | $ 1,936,572 | |||||||||
Buildings and improvements | 12,092,823 | 12,092,823 | |||||||||
Tenant improvements | 205,557 | 205,557 | |||||||||
In-place leases | 1,042,631 | 1,042,631 | |||||||||
Above market leases | 0 | 0 | |||||||||
Leasing costs | 315,624 | 315,624 | |||||||||
Net assets acquired | 14,521,302 | 14,521,302 | |||||||||
Cash paid | 5,521,302 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Total consideration | 14,521,302 | ||||||||||
Revenue | 346,000 | ||||||||||
Net income (loss) | (51,000) | ||||||||||
Below market leases | (1,142,446) | (1,142,446) | |||||||||
Other assets | 146,864 | 146,864 | |||||||||
Other liabilities | (76,323) | (76,323) | |||||||||
Mortgage debt | 9,000,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 201,000 | $ 201,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 6 months | ||||||||||
Roswell Wieuca | |||||||||||
Business Acquisition | |||||||||||
Land | 12,006,475 | $ 12,006,475 | |||||||||
Buildings and improvements | 18,061,913 | 18,061,913 | |||||||||
Tenant improvements | 422,627 | 422,627 | |||||||||
In-place leases | 1,671,209 | 1,671,209 | |||||||||
Above market leases | 0 | 0 | |||||||||
Leasing costs | 880,091 | 880,091 | |||||||||
Net assets acquired | 32,761,021 | 32,761,021 | |||||||||
Cash paid | 32,761,021 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Total consideration | 32,761,021 | ||||||||||
Revenue | 209,000 | ||||||||||
Net income (loss) | 13,000 | ||||||||||
Below market leases | (85,330) | (85,330) | |||||||||
Other assets | 27,320 | 27,320 | |||||||||
Other liabilities | (223,284) | (223,284) | |||||||||
Mortgage debt | 0 | ||||||||||
Capitalized acquisition costs incurred by the Company | 463,000 | $ 463,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 9 months 18 days | ||||||||||
Westridge at La Cantera | |||||||||||
Business Acquisition | |||||||||||
Land | 15,778,102 | $ 15,778,102 | |||||||||
Buildings and improvements | 48,700,797 | 48,700,797 | |||||||||
Tenant improvements | 9,794,826 | 9,794,826 | |||||||||
In-place leases | 10,023,304 | 10,023,304 | |||||||||
Above market leases | 0 | 0 | |||||||||
Leasing costs | 5,711,721 | 5,711,721 | |||||||||
Cash paid | 30,939,771 | ||||||||||
Total consideration | 85,379,771 | ||||||||||
Revenue | 1,294,000 | ||||||||||
Net income (loss) | 111,000 | ||||||||||
Below market leases | (5,327,553) | (5,327,553) | |||||||||
Other assets | 797,354 | 797,354 | |||||||||
Other liabilities | (98,780) | (98,780) | |||||||||
Mortgage debt | 54,440,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 943,000 | 943,000 | |||||||||
Acquisition costs paid to related party | $ 843,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years | ||||||||||
Brookwood Office | |||||||||||
Business Acquisition | |||||||||||
Land | 1,744,828 | $ 1,744,828 | |||||||||
Buildings and improvements | 39,099,395 | 39,099,395 | |||||||||
Tenant improvements | 3,561,805 | 3,561,805 | |||||||||
In-place leases | 3,728,049 | 3,728,049 | |||||||||
Above market leases | 146,941 | 146,941 | |||||||||
Leasing costs | 2,402,958 | 2,402,958 | |||||||||
Cash paid | 17,433,056 | ||||||||||
Total consideration | 49,833,056 | ||||||||||
Revenue | 6,043,000 | ||||||||||
Net income (loss) | 1,173,000 | ||||||||||
Below market leases | (1,737,158) | (1,737,158) | |||||||||
Other assets | 1,466,906 | 1,466,906 | |||||||||
Other liabilities | (580,668) | (580,668) | |||||||||
Mortgage debt | 32,400,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 387,000 | 387,000 | |||||||||
Acquisition costs paid to related party | $ 71,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 1 month 6 days | ||||||||||
Galleria 75 | |||||||||||
Business Acquisition | |||||||||||
Land | 15,156,267 | $ 15,156,267 | |||||||||
Buildings and improvements | 1,285,856 | 1,285,856 | |||||||||
Tenant improvements | 225,811 | 225,811 | |||||||||
In-place leases | 712,718 | 712,718 | |||||||||
Above market leases | 47,947 | 47,947 | |||||||||
Leasing costs | 309,513 | 309,513 | |||||||||
Cash paid | 11,875,686 | ||||||||||
Total consideration | 17,805,941 | ||||||||||
Revenue | 1,570,000 | ||||||||||
Net income (loss) | 101,000 | ||||||||||
Below market leases | (168,179) | (168,179) | |||||||||
Other assets | 454,931 | 454,931 | |||||||||
Other liabilities | (218,923) | (218,923) | |||||||||
Mortgage debt | 5,930,255 | ||||||||||
Capitalized acquisition costs incurred by the Company | 659,000 | 659,000 | |||||||||
Acquisition costs paid to related party | $ 5,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years | ||||||||||
Three Ravinia | |||||||||||
Business Acquisition | |||||||||||
Land | 9,784,645 | $ 9,784,645 | |||||||||
Buildings and improvements | 147,487,769 | 147,487,769 | |||||||||
Tenant improvements | 6,534,782 | 6,534,782 | |||||||||
In-place leases | 17,954,978 | 17,954,978 | |||||||||
Above market leases | 812,879 | 812,879 | |||||||||
Leasing costs | 7,468,128 | 7,468,128 | |||||||||
Cash paid | 90,813,488 | ||||||||||
Total consideration | 206,313,488 | ||||||||||
Revenue | 27,391,000 | ||||||||||
Net income (loss) | 4,115,000 | ||||||||||
Below market leases | (8,245,122) | (8,245,122) | |||||||||
Other assets | 25,281,764 | 25,281,764 | |||||||||
Other liabilities | (766,335) | (766,335) | |||||||||
Mortgage debt | 115,500,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 685,000 | 685,000 | |||||||||
Acquisition costs paid to related party | $ 185,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 13 years 3 months 18 days | ||||||||||
Building and improvements | 147,487,769 | 147,487,769 | |||||||||
Tenant Improvements | 6,534,782 | 6,534,782 | |||||||||
Stadium Village | |||||||||||
Business Acquisition | |||||||||||
Land | 7,929,540 | $ 7,929,540 | |||||||||
Buildings and improvements | 54,998,476 | 54,998,476 | |||||||||
Furniture, fixtures and equipment | 5,794,664 | 5,794,664 | |||||||||
Lease intangibles | 4,676,396 | ||||||||||
Prepaids & other assets | (220,357) | (220,357) | |||||||||
Escrows | 0 | 0 | |||||||||
Accrued taxes | 0 | 0 | |||||||||
Security deposits, prepaid rents, and other liabilities | (227,210) | (227,210) | |||||||||
Net assets acquired | 73,392,223 | 73,392,223 | |||||||||
Cash paid | 15,854,822 | ||||||||||
Mezzanine loan conversion | 9,997,401 | ||||||||||
Mortgage debt, net | 47,000,000 | ||||||||||
Total consideration | 73,392,223 | ||||||||||
Revenue | 1,156,000 | ||||||||||
Net income (loss) | (1,492,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 799,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | 711,000 | ||||||||||
Contribution from joint venture partner | $ 540,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 6 months | ||||||||||
Overlook at Crosstown Walk | |||||||||||
Business Acquisition | |||||||||||
Land | 3,309,032 | $ 3,309,032 | |||||||||
Buildings and improvements | 22,843,652 | 22,843,652 | |||||||||
Furniture, fixtures and equipment | 5,170,349 | 5,170,349 | |||||||||
Lease intangibles | 475,257 | ||||||||||
Prepaids & other assets | (109,417) | (109,417) | |||||||||
Escrows | 0 | 0 | |||||||||
Accrued taxes | 0 | 0 | |||||||||
Security deposits, prepaid rents, and other liabilities | (61,093) | (61,093) | |||||||||
Net assets acquired | 31,846,614 | 31,846,614 | |||||||||
Cash paid | 3,037,745 | ||||||||||
Mezzanine loan conversion | 6,577,869 | ||||||||||
Mortgage debt, net | 22,231,000 | ||||||||||
Total consideration | 31,846,614 | ||||||||||
Revenue | 346,000 | ||||||||||
Net income (loss) | (215,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 430,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | 314,000 | ||||||||||
Contribution from joint venture partner | $ 0 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 4 years 6 months | ||||||||||
Ursa | |||||||||||
Business Acquisition | |||||||||||
Land | 7,059,736 | $ 7,059,736 | |||||||||
Buildings and improvements | 41,148,171 | 41,148,171 | |||||||||
Furniture, fixtures and equipment | 6,858,028 | 6,858,028 | |||||||||
Lease intangibles | 3,933,281 | ||||||||||
Prepaids & other assets | (287,104) | (287,104) | |||||||||
Escrows | 0 | 0 | |||||||||
Accrued taxes | 0 | 0 | |||||||||
Security deposits, prepaid rents, and other liabilities | (111,870) | (111,870) | |||||||||
Net assets acquired | 59,174,450 | 59,174,450 | |||||||||
Cash paid | 12,351,929 | ||||||||||
Mezzanine loan conversion | 15,422,521 | ||||||||||
Mortgage debt, net | 31,400,000 | ||||||||||
Total consideration | 59,174,450 | ||||||||||
Revenue | 191,000 | ||||||||||
Net income (loss) | (263,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 799,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | 576,000 | ||||||||||
Contribution from joint venture partner | $ 0 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 6 months | ||||||||||
Colony at Centerpointe | |||||||||||
Business Acquisition | |||||||||||
Land | 7,258,947 | $ 7,258,947 | |||||||||
Buildings and improvements | 30,714,597 | 30,714,597 | |||||||||
Furniture, fixtures and equipment | 7,508,723 | 7,508,723 | |||||||||
Lease intangibles | 1,079,977 | ||||||||||
Prepaids & other assets | (137,148) | (137,148) | |||||||||
Escrows | 0 | 0 | |||||||||
Accrued taxes | 0 | 0 | |||||||||
Security deposits, prepaid rents, and other liabilities | (209,899) | (209,899) | |||||||||
Net assets acquired | 46,215,197 | 46,215,197 | |||||||||
Cash paid | 12,817,519 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Mortgage debt, net | 33,397,678 | ||||||||||
Total consideration | 46,215,197 | ||||||||||
Revenue | 133,000 | ||||||||||
Net income (loss) | (139,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 704,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | 458,000 | ||||||||||
Contribution from joint venture partner | $ 0 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 4 years 6 months | ||||||||||
The Market at Victory Village | |||||||||||
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 | |||||||||
Leasing costs | 253,640 | 253,640 | |||||||||
Net assets acquired | 15,528,229 | 15,528,229 | |||||||||
Cash paid | 6,278,229 | ||||||||||
Total consideration | 15,528,229 | ||||||||||
Revenue | $ 1,384,000 | ||||||||||
Net income (loss) | (92,000) | ||||||||||
Below market leases | (198,214) | (198,214) | |||||||||
Other assets | 157,775 | 157,775 | |||||||||
Other liabilities | (179,546) | (179,546) | |||||||||
Class A OP Units granted | 0 | 0 | |||||||||
Mortgage debt | 9,250,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 111,000 | $ 111,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 9 months 18 days | ||||||||||
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 | |||||||||
Leasing costs | 992,143 | 992,143 | |||||||||
Net assets acquired | 68,751,867 | 68,751,867 | |||||||||
Cash paid | 43,751,867 | ||||||||||
Total consideration | 68,751,867 | ||||||||||
Revenue | 6,340,000 | ||||||||||
Net income (loss) | (260,000) | ||||||||||
Below market leases | (1,069,877) | (1,069,877) | |||||||||
Other assets | 600,069 | 600,069 | |||||||||
Other liabilities | (437,008) | (437,008) | |||||||||
Class A OP Units granted | 0 | 0 | |||||||||
Mortgage debt | 25,000,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 633,000 | $ 633,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 10 months 24 days | ||||||||||
Wade Green Village | |||||||||||
Business Acquisition | |||||||||||
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 | |||||||||
Leasing costs | 167,541 | 167,541 | |||||||||
Net assets acquired | 11,318,342 | 11,318,342 | |||||||||
Cash paid | 6,245,683 | ||||||||||
Total consideration | 11,318,342 | ||||||||||
Revenue | 1,053,000 | ||||||||||
Net income (loss) | (332,000) | ||||||||||
Below market leases | 0 | 0 | |||||||||
Other assets | 10,525 | 10,525 | |||||||||
Other liabilities | (59,264) | (59,264) | |||||||||
Class A OP Units granted | 0 | 5,072,659 | 0 | 5,072,659 | $ 0 | ||||||
Mortgage debt | 0 | ||||||||||
Capitalized acquisition costs incurred by the Company | 297,000 | $ 297,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year 6 months | ||||||||||
Lakeland Plaza | |||||||||||
Business Acquisition | |||||||||||
Land | 7,079,408 | $ 7,079,408 | |||||||||
Buildings and improvements | 32,258,335 | 32,258,335 | |||||||||
Tenant improvements | 828,966 | 828,966 | |||||||||
In-place leases | 2,947,175 | 2,947,175 | |||||||||
Above market leases | 1,349,624 | 1,349,624 | |||||||||
Leasing costs | 1,287,825 | 1,287,825 | |||||||||
Net assets acquired | 44,773,273 | 44,773,273 | |||||||||
Cash paid | 14,773,273 | ||||||||||
Total consideration | 44,773,273 | ||||||||||
Revenue | 3,731,000 | ||||||||||
Net income (loss) | (418,000) | ||||||||||
Below market leases | (797,729) | (797,729) | |||||||||
Other assets | 0 | 0 | |||||||||
Other liabilities | (180,331) | (180,331) | |||||||||
Class A OP Units granted | 0 | 0 | |||||||||
Mortgage debt | 30,000,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 255,000 | $ 255,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 9 months 18 days | ||||||||||
Champions Village | |||||||||||
Business Acquisition | |||||||||||
Land | 12,812,546 | $ 12,812,546 | |||||||||
Buildings and improvements | 30,647,609 | 30,647,609 | |||||||||
Tenant improvements | 2,751,796 | 2,751,796 | |||||||||
In-place leases | 4,283,760 | 4,283,760 | |||||||||
Above market leases | 765,811 | 765,811 | |||||||||
Leasing costs | 1,026,347 | 1,026,347 | |||||||||
Net assets acquired | 49,874,130 | 49,874,130 | |||||||||
Cash paid | 22,474,130 | ||||||||||
Total consideration | 49,874,130 | ||||||||||
Revenue | 6,152,000 | ||||||||||
Net income (loss) | (1,494,000) | ||||||||||
Below market leases | (3,017,960) | (3,017,960) | |||||||||
Other assets | 2,017,947 | 2,017,947 | |||||||||
Other liabilities | (1,413,726) | (1,413,726) | |||||||||
Class A OP Units granted | 0 | 0 | |||||||||
Mortgage debt | 27,400,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 145,000 | $ 145,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 3 months 18 days | ||||||||||
SoL | |||||||||||
Business Acquisition | |||||||||||
Land | 7,440,934 | 7,440,934 | |||||||||
Buildings and improvements | 40,058,728 | 40,058,728 | |||||||||
Furniture, fixtures and equipment | 3,771,432 | 3,771,432 | |||||||||
Lease intangibles | 2,344,404 | ||||||||||
Prepaids & other assets | (50,817) | (50,817) | |||||||||
Escrows | 0 | 0 | |||||||||
Accrued taxes | (71,856) | (71,856) | |||||||||
Security deposits, prepaid rents, and other liabilities | (377,735) | (377,735) | |||||||||
Net assets acquired | 53,216,724 | 53,216,724 | |||||||||
Cash paid | 15,731,724 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Mortgage debt, net | 37,485,000 | ||||||||||
Total consideration | 53,216,724 | ||||||||||
Revenue | 4,606,000 | ||||||||||
Net income (loss) | (3,473,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 290,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | $ 60,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||||
Founders Village | |||||||||||
Business Acquisition | |||||||||||
Land | 5,314,863 | $ 5,314,863 | |||||||||
Buildings and improvements | 32,791,611 | 32,791,611 | |||||||||
Furniture, fixtures and equipment | 5,969,498 | 5,969,498 | |||||||||
Lease intangibles | 1,421,196 | ||||||||||
Prepaids & other assets | (112,999) | (112,999) | |||||||||
Escrows | 0 | 0 | |||||||||
Accrued taxes | 0 | 0 | |||||||||
Security deposits, prepaid rents, and other liabilities | (103,204) | (103,204) | |||||||||
Net assets acquired | 45,506,963 | 45,506,963 | |||||||||
Cash paid | 13,901,963 | ||||||||||
Use of 1031 proceeds | |||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Mortgage debt, net | 31,605,000 | ||||||||||
Total consideration | 45,506,963 | ||||||||||
Revenue | 3,051,000 | ||||||||||
Net income (loss) | (1,699,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 1,103,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | $ 8,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 6 months | ||||||||||
Claiborne Crossing | |||||||||||
Business Acquisition | |||||||||||
Land | 2,147,217 | $ 2,147,217 | |||||||||
Buildings and improvements | 30,551,646 | 30,551,646 | |||||||||
Furniture, fixtures and equipment | 7,027,257 | 7,027,257 | |||||||||
Lease intangibles | 1,268,810 | ||||||||||
Mark to market debt assumption asset | 641,456 | 641,456 | |||||||||
Escrows | 0 | 0 | |||||||||
Accrued taxes | (115,728) | (115,728) | |||||||||
Security deposits, prepaid rents, and other liabilities | (130,850) | (130,850) | |||||||||
Net assets acquired | 41,389,808 | 41,389,808 | |||||||||
Cash paid | 18,763,333 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Mortgage debt, net | 22,626,476 | ||||||||||
Total consideration | 41,389,809 | ||||||||||
Revenue | 2,734,000 | ||||||||||
Net income (loss) | (2,617,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 293,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | $ 22,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year 6 months | ||||||||||
Summit III [Domain] | |||||||||||
Business Acquisition | |||||||||||
Land | 4,374,721 | $ 4,374,721 | |||||||||
Buildings and improvements | 20,968,236 | 20,968,236 | |||||||||
Furniture, fixtures and equipment | 4,970,893 | 4,970,893 | |||||||||
Lease intangibles | 925,176 | ||||||||||
Prepaids & other assets | (76,635) | (76,635) | |||||||||
Escrows | 0 | 0 | |||||||||
Accrued taxes | 0 | 0 | |||||||||
Security deposits, prepaid rents, and other liabilities | (43,246) | (43,246) | |||||||||
Net assets acquired | 31,272,415 | 31,272,415 | |||||||||
Cash paid | 3,951,015 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Mezzanine loan conversion | 7,246,400 | ||||||||||
Mortgage debt, net | 20,075,000 | ||||||||||
Total consideration | 31,272,415 | ||||||||||
Revenue | 661,000 | ||||||||||
Net income (loss) | (499,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 354,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | $ 309,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 6 months | ||||||||||
Broadstone at Citrus Village | |||||||||||
Business Acquisition | |||||||||||
Land | 4,809,113 | $ 4,809,113 | |||||||||
Buildings and improvements | 34,180,983 | 34,180,983 | |||||||||
Furniture, fixtures and equipment | 6,299,645 | 6,299,645 | |||||||||
Lease intangibles | 1,624,752 | ||||||||||
Prepaids & other assets | (132,619) | (132,619) | |||||||||
Escrows | 67,876 | 67,876 | |||||||||
Accrued taxes | (108,286) | (108,286) | |||||||||
Security deposits, prepaid rents, and other liabilities | (24,887) | (24,887) | |||||||||
Net assets acquired | 46,981,815 | 46,981,815 | |||||||||
Cash paid | 17,625,200 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Mortgage debt, net | 29,356,615 | ||||||||||
Total consideration | 46,981,815 | ||||||||||
Revenue | 3,806,000 | ||||||||||
Net income (loss) | (2,022,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 458,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | $ 24,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 6 months | ||||||||||
North by Northwest | |||||||||||
Business Acquisition | |||||||||||
Land | 8,281,054 | $ 8,281,054 | |||||||||
Buildings and improvements | 34,355,922 | 34,355,922 | |||||||||
Furniture, fixtures and equipment | 2,623,916 | 2,623,916 | |||||||||
Lease intangibles | 799,109 | ||||||||||
Prepaids & other assets | (79,626) | (79,626) | |||||||||
Escrows | 1,026,419 | 1,026,419 | |||||||||
Accrued taxes | 321,437 | 321,437 | |||||||||
Security deposits, prepaid rents, and other liabilities | (159,462) | (159,462) | |||||||||
Net assets acquired | 46,685,147 | 46,685,147 | |||||||||
Cash paid | 12,831,872 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Contribution from joint venture partner | 0 | ||||||||||
Mortgage debt, net | 33,853,275 | ||||||||||
Total consideration | 46,685,147 | ||||||||||
Revenue | $ 5,898,000 | 3,389,000 | |||||||||
Net income (loss) | (106,000) | (1,041,000) | |||||||||
Capitalized acquisition costs incurred by the Company | 40,000 | ||||||||||
525 Avalon Park | |||||||||||
Business Acquisition | |||||||||||
Land | 7,410,048 | 7,410,048 | |||||||||
Buildings and improvements | 80,558,636 | 80,558,636 | |||||||||
Furniture, fixtures and equipment | 1,790,256 | 1,790,256 | |||||||||
Lease intangibles | 2,741,060 | ||||||||||
Prepaids & other assets | (99,297) | (99,297) | |||||||||
Escrows | 3,477,157 | 3,477,157 | |||||||||
Accrued taxes | 394,731 | 394,731 | |||||||||
Security deposits, prepaid rents, and other liabilities | (207,623) | (207,623) | |||||||||
Net assets acquired | 95,474,100 | 95,474,100 | |||||||||
Cash paid | 30,474,100 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Contribution from joint venture partner | 0 | ||||||||||
Mortgage debt, net | 65,000,000 | ||||||||||
Total consideration | 95,474,100 | ||||||||||
Revenue | 8,132,000 | 4,684,000 | |||||||||
Net income (loss) | (3,456,000) | (2,891,000) | |||||||||
Capitalized acquisition costs incurred by the Company | 1,314,000 | ||||||||||
Overton Rise | |||||||||||
Business Acquisition | |||||||||||
Land | 8,511,370 | 8,511,370 | |||||||||
Buildings and improvements | 44,710,034 | 44,710,034 | |||||||||
Furniture, fixtures and equipment | 6,286,105 | 6,286,105 | |||||||||
Lease intangibles | 1,611,314 | ||||||||||
Prepaids & other assets | (73,754) | (73,754) | |||||||||
Escrows | 354,640 | 354,640 | |||||||||
Accrued taxes | 66,422 | 66,422 | |||||||||
Security deposits, prepaid rents, and other liabilities | (90,213) | (90,213) | |||||||||
Net assets acquired | 61,390,582 | 61,390,582 | |||||||||
Cash paid | 20,090,582 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Contribution from joint venture partner | 0 | ||||||||||
Mortgage debt, net | 41,300,000 | ||||||||||
Total consideration | 61,390,582 | ||||||||||
Revenue | 5,210,000 | 4,968,000 | |||||||||
Net income (loss) | (460,000) | (1,894,000) | |||||||||
Capitalized acquisition costs incurred by the Company | 116,000 | ||||||||||
Baldwin Park | |||||||||||
Business Acquisition | |||||||||||
Land | 17,402,882 | 17,402,882 | |||||||||
Buildings and improvements | 87,105,757 | 87,105,757 | |||||||||
Furniture, fixtures and equipment | 3,358,589 | 3,358,589 | |||||||||
Lease intangibles | 2,882,772 | ||||||||||
Prepaids & other assets | (229,972) | (229,972) | |||||||||
Escrows | 2,555,753 | 2,555,753 | |||||||||
Accrued taxes | 17,421 | 17,421 | |||||||||
Security deposits, prepaid rents, and other liabilities | (226,160) | (226,160) | |||||||||
Net assets acquired | 113,292,144 | 113,292,144 | |||||||||
Cash paid | 35,492,144 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Contribution from joint venture partner | 0 | ||||||||||
Mortgage debt, net | 77,800,000 | ||||||||||
Total consideration | 113,292,144 | ||||||||||
Revenue | 9,591,000 | 9,349,000 | |||||||||
Net income (loss) | (2,596,000) | (4,883,000) | |||||||||
Capitalized acquisition costs incurred by the Company | 1,847,000 | ||||||||||
Crosstown Walk | |||||||||||
Business Acquisition | |||||||||||
Land | 5,178,375 | 5,178,375 | |||||||||
Buildings and improvements | 33,605,831 | 33,605,831 | |||||||||
Furniture, fixtures and equipment | 5,726,583 | 5,726,583 | |||||||||
Lease intangibles | 1,323,511 | ||||||||||
Prepaids & other assets | (125,706) | (125,706) | |||||||||
Escrows | 291,868 | 291,868 | |||||||||
Accrued taxes | 25,983 | 25,983 | |||||||||
Security deposits, prepaid rents, and other liabilities | (53,861) | (53,861) | |||||||||
Net assets acquired | 46,172,030 | 46,172,030 | |||||||||
Cash paid | 13,632,030 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Contribution from joint venture partner | 0 | ||||||||||
Mortgage debt, net | 32,540,000 | ||||||||||
Total consideration | 46,172,030 | ||||||||||
Revenue | 5,244,000 | 4,886,000 | |||||||||
Net income (loss) | (306,000) | (1,614,000) | |||||||||
Capitalized acquisition costs incurred by the Company | 320,000 | ||||||||||
City Vista | |||||||||||
Business Acquisition | |||||||||||
Land | 4,081,683 | 4,081,683 | |||||||||
Buildings and improvements | 36,084,007 | 36,084,007 | |||||||||
Furniture, fixtures and equipment | 5,402,228 | 5,402,228 | |||||||||
Lease intangibles | 2,100,866 | ||||||||||
Prepaids & other assets | (167,797) | (167,797) | |||||||||
Escrows | 599,983 | 599,983 | |||||||||
Accrued taxes | 245,326 | 245,326 | |||||||||
Security deposits, prepaid rents, and other liabilities | (141,238) | (141,238) | |||||||||
Net assets acquired | 48,050,000 | 48,050,000 | |||||||||
Cash paid | 0 | ||||||||||
Mezzanine loan conversion | 12,500,000 | ||||||||||
Contribution from joint venture partner | (450,000) | ||||||||||
Mortgage debt, net | 36,000,000 | ||||||||||
Total consideration | 48,050,000 | ||||||||||
Revenue | 4,465,000 | 2,341,000 | |||||||||
Net income (loss) | (2,178,000) | (1,689,000) | |||||||||
Capitalized acquisition costs incurred by the Company | 18,000 | ||||||||||
Sorrel | |||||||||||
Business Acquisition | |||||||||||
Land | 4,412,164 | 4,412,164 | |||||||||
Buildings and improvements | 35,512,257 | 35,512,257 | |||||||||
Furniture, fixtures and equipment | 6,705,040 | 6,705,040 | |||||||||
Lease intangibles | 1,495,539 | ||||||||||
Prepaids & other assets | 0 | 0 | |||||||||
Escrows | 623,791 | 623,791 | |||||||||
Accrued taxes | 437,510 | 437,510 | |||||||||
Security deposits, prepaid rents, and other liabilities | (68,828) | (68,828) | |||||||||
Net assets acquired | 48,242,453 | 48,242,453 | |||||||||
Cash paid | 14,642,453 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Contribution from joint venture partner | 0 | ||||||||||
Mortgage debt, net | 33,600,000 | ||||||||||
Total consideration | 48,242,453 | ||||||||||
Revenue | 4,440,000 | 1,670,000 | |||||||||
Net income (loss) | (1,878,000) | (854,000) | |||||||||
Capitalized acquisition costs incurred by the Company | 529,000 | ||||||||||
Aldridge at Town Village | |||||||||||
Business Acquisition | |||||||||||
Land | 7,122,413 | 7,122,413 | |||||||||
Buildings and improvements | 34,683,056 | 34,683,056 | |||||||||
Furniture, fixtures and equipment | 10,735,231 | 10,735,231 | |||||||||
Lease intangibles | 2,270,915 | ||||||||||
Prepaids & other assets | (243,496) | (243,496) | |||||||||
Escrows | 0 | 0 | |||||||||
Accrued taxes | 0 | 0 | |||||||||
Security deposits, prepaid rents, and other liabilities | (143,024) | (143,024) | |||||||||
Net assets acquired | 54,912,087 | 54,912,087 | |||||||||
Cash paid | 5,927,086 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Mezzanine loan conversion | 10,975,000 | ||||||||||
Mortgage debt, net | 38,010,000 | ||||||||||
Total consideration | 54,912,086 | ||||||||||
Revenue | 1,147,000 | ||||||||||
Net income (loss) | (1,265,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 602,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | $ 542,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 6 months | ||||||||||
Adara Overland Park | |||||||||||
Business Acquisition | |||||||||||
Land | 2,854,466 | $ 2,854,466 | |||||||||
Buildings and improvements | 31,005,403 | 31,005,403 | |||||||||
Furniture, fixtures and equipment | 11,024,144 | 11,024,144 | |||||||||
Lease intangibles | 1,279,589 | ||||||||||
Prepaids & other assets | (86,791) | (86,791) | |||||||||
Escrows | 0 | 0 | |||||||||
Accrued taxes | (308,299) | (308,299) | |||||||||
Security deposits, prepaid rents, and other liabilities | (31,941) | (31,941) | |||||||||
Net assets acquired | 45,910,153 | 45,910,153 | |||||||||
Cash paid | 14,060,153 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Mortgage debt, net | 31,850,000 | ||||||||||
Total consideration | 45,910,153 | ||||||||||
Revenue | 1,037,000 | ||||||||||
Net income (loss) | (1,048,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 646,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | $ 455,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 6 months | ||||||||||
Lakewood Ranch | |||||||||||
Business Acquisition | |||||||||||
Land | 4,851,844 | $ 4,851,844 | |||||||||
Buildings and improvements | 43,694,575 | 43,694,575 | |||||||||
Furniture, fixtures and equipment | 7,338,151 | 7,338,151 | |||||||||
Lease intangibles | 1,014,150 | ||||||||||
Prepaids & other assets | (540,241) | (540,241) | |||||||||
Escrows | 0 | 0 | |||||||||
Accrued taxes | (404,690) | (404,690) | |||||||||
Security deposits, prepaid rents, and other liabilities | (57,933) | (57,933) | |||||||||
Net assets acquired | 56,976,338 | 56,976,338 | |||||||||
Cash paid | 17,688,838 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Mortgage debt, net | 39,287,500 | ||||||||||
Total consideration | 56,976,338 | ||||||||||
Revenue | 2,144,000 | ||||||||||
Net income (loss) | (1,232,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 759,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | $ 561,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 6 months | ||||||||||
Retreat at Greystone | |||||||||||
Business Acquisition | |||||||||||
Land | 4,077,262 | $ 4,077,262 | |||||||||
Buildings and improvements | 35,336,277 | 35,336,277 | |||||||||
Furniture, fixtures and equipment | 9,125,302 | 9,125,302 | |||||||||
Lease intangibles | 1,844,476 | ||||||||||
Prepaids & other assets | (78,430) | (78,430) | |||||||||
Escrows | 101,503 | 101,503 | |||||||||
Accrued taxes | (139,046) | (139,046) | |||||||||
Security deposits, prepaid rents, and other liabilities | (108,573) | (108,573) | |||||||||
Net assets acquired | 50,315,631 | 50,315,631 | |||||||||
Cash paid | 15,105,631 | ||||||||||
Use of 1031 proceeds | |||||||||||
Mezzanine loan conversion | 0 | ||||||||||
Mortgage debt, net | 35,210,000 | ||||||||||
Total consideration | 50,315,631 | ||||||||||
Revenue | 3,736,000 | ||||||||||
Net income (loss) | (2,747,000) | ||||||||||
Capitalized acquisition costs incurred by the Company | 383,000 | ||||||||||
Capitalized acquisition costs paid to related party (included above) | $ 56,000 | ||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 6 months | ||||||||||
Sunbelt Portfolio [Member] | |||||||||||
Business Acquisition | |||||||||||
Land | 37,719,812 | 37,719,812 | |||||||||
Buildings and improvements | 109,373,938 | 109,373,938 | |||||||||
Tenant improvements | 2,143,404 | 2,143,404 | |||||||||
In-place leases | 11,005,662 | 11,005,662 | |||||||||
Above market leases | 458,353 | 458,353 | |||||||||
Leasing costs | 4,116,560 | 4,116,560 | |||||||||
Net assets acquired | 159,413,503 | 159,413,503 | |||||||||
Cash paid | 61,759,503 | ||||||||||
Total consideration | 159,413,503 | ||||||||||
Revenue | $ 13,315,000 | ||||||||||
Net income (loss) | (1,395,000) | ||||||||||
Below market leases | (7,617,485) | (7,617,485) | |||||||||
Other assets | 3,409,838 | 3,409,838 | |||||||||
Other liabilities | (1,196,579) | (1,196,579) | |||||||||
Class A OP Units granted | 0 | 0 | |||||||||
Mortgage debt | 97,654,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | $ 691,000 | $ 691,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years | ||||||||||
Crossroads Market | |||||||||||
Business Acquisition | |||||||||||
Land | 7,044,197 | 7,044,197 | |||||||||
Buildings and improvements | 22,168,504 | 22,168,504 | |||||||||
Tenant improvements | 458,250 | 458,250 | |||||||||
In-place leases | 2,181,302 | 2,181,302 | |||||||||
Above market leases | 0 | 0 | |||||||||
Leasing costs | 633,232 | 633,232 | |||||||||
Net assets acquired | 29,468,484 | 29,468,484 | |||||||||
Cash paid | 10,468,484 | ||||||||||
Use of 1031 proceeds | 0 | ||||||||||
Total consideration | 29,468,484 | ||||||||||
Revenue | 189,000 | ||||||||||
Net income (loss) | (18,000) | ||||||||||
Below market leases | (2,988,659) | (2,988,659) | |||||||||
Other assets | 44,410 | 44,410 | |||||||||
Other liabilities | (72,752) | (72,752) | |||||||||
Mortgage debt | 19,000,000 | ||||||||||
Capitalized acquisition costs incurred by the Company | 354,000 | $ 354,000 | |||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 11 years 7 months 6 days | ||||||||||
PAA [Member] | Castleberry [Domain] | |||||||||||
Business Acquisition | |||||||||||
Capitalized acquisition costs incurred by the Company | 19,000 | $ 19,000 | |||||||||
PAA [Member] | Rockbridge Vilage | |||||||||||
Business Acquisition | |||||||||||
Capitalized acquisition costs incurred by the Company | 23,000 | 23,000 | |||||||||
PAA [Member] | irmo station [Domain] | |||||||||||
Business Acquisition | |||||||||||
Capitalized acquisition costs incurred by the Company | 161,000 | 161,000 | |||||||||
PAA [Member] | maynard crossing [Domain] | |||||||||||
Business Acquisition | |||||||||||
Capitalized acquisition costs incurred by the Company | 307,000 | 307,000 | |||||||||
PAA [Member] | woodmont Village [Domain] | |||||||||||
Business Acquisition | |||||||||||
Capitalized acquisition costs incurred by the Company | 135,000 | 135,000 | |||||||||
PAA [Member] | west town [Domain] | |||||||||||
Business Acquisition | |||||||||||
Capitalized acquisition costs incurred by the Company | 144,000 | 144,000 | |||||||||
PAA [Member] | Roswell Wieuca | |||||||||||
Business Acquisition | |||||||||||
Capitalized acquisition costs incurred by the Company | 325,000 | 325,000 | |||||||||
PAA [Member] | Crossroads Market | |||||||||||
Business Acquisition | |||||||||||
Capitalized acquisition costs incurred by the Company | $ 297,000 | $ 297,000 |
Real Estate Assets - Narrative
Real Estate Assets - Narrative (Details) | May 25, 2017USD ($) | Mar. 07, 2017USD ($) | Dec. 31, 2017USD ($)bedft² | Sep. 30, 2017USD ($)ft² | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)bedft² | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016ft² | Dec. 31, 2016 |
Business Acquisition | |||||||||||||||
Intangible Assets, Gross (Excluding Goodwill) | $ 176,200,000 | $ 176,200,000 | |||||||||||||
building loss assets written down | 6,900,000 | ||||||||||||||
Proceeds from Insurance Settlement, Investing Activities | 4,700,000 | ||||||||||||||
lost rental revenues | 283,000 | 387,000 | |||||||||||||
storm damage property remediation costs | $ 408,000 | $ 511,000 | |||||||||||||
Number of units in real estate property | 3,217 | 9,521 | 3,217 | 2,432 | 8,049 | ||||||||||
Net assets acquired | $ 277,600,000 | ||||||||||||||
Area of Real Estate Property | ft² | 4,055,461 | 3,295,491 | |||||||||||||
Revenues | $ 81,652,168 | $ 74,900,199 | $ 70,890,913 | $ 66,561,335 | $ 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | 294,004,615 | $ 200,118,915 | $ 109,305,512 | ||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 28,666,601 | (9,843,414) | (2,425,989) | ||||||||||||
Gains (Losses) on Sales of Investment Real Estate | 37,635,014 | 4,271,506 | 0 | ||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 817,313 | 0 | 0 | ||||||||||||
Income (Loss) before Gain (Loss) on Sale of Properties | (8,968,413) | (14,114,920) | $ (2,425,989) | ||||||||||||
Finite-Lived Intangible Assets, Accumulated Amortization | $ 73,521,456 | $ 46,396,254 | 73,521,456 | 46,396,254 | |||||||||||
Finite-Lived Intangible Liabilities | 47,000,000 | ||||||||||||||
finite lived intangible liabilities accumulated amortization | $ 8,100,000 | ||||||||||||||
Retail Site [Member] | |||||||||||||||
Business Acquisition | |||||||||||||||
Number of Real Estate Properties | 39 | 31 | |||||||||||||
Stadium Village | |||||||||||||||
Business Acquisition | |||||||||||||||
Number of beds, student housing | bed | 792 | 792 | |||||||||||||
Number of units in real estate property | ft² | 198 | 198 | |||||||||||||
Mortgage debt, net | $ 47,000,000 | ||||||||||||||
Net assets acquired | 72,600,000 | ||||||||||||||
Revenues | 1,156,000 | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (1,492,000) | ||||||||||||||
Total consideration | 73,392,223 | ||||||||||||||
Sunbelt Portfolio [Member] | |||||||||||||||
Business Acquisition | |||||||||||||||
Net assets acquired | 159,500,000 | ||||||||||||||
Revenues | 13,315,000 | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ (1,395,000) | ||||||||||||||
Total consideration | 159,413,503 | ||||||||||||||
Ursa | |||||||||||||||
Business Acquisition | |||||||||||||||
Number of beds, student housing | bed | 840 | 840 | |||||||||||||
Mortgage debt, net | $ 31,400,000 | ||||||||||||||
Revenues | 191,000 | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | (263,000) | ||||||||||||||
Total consideration | $ 59,174,450 | ||||||||||||||
Sandstone Creek Apartments | |||||||||||||||
Business Acquisition | |||||||||||||||
Number of units in real estate property | 364 | 364 | |||||||||||||
Net assets acquired | $ 48,100,000 | ||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | 300,000 | ||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 1,400,000 | ||||||||||||||
Income (Loss) before Gain (Loss) on Sale of Properties | $ 1,200,000 | (900,000) | |||||||||||||
Ashford Park | |||||||||||||||
Business Acquisition | |||||||||||||||
Number of units in real estate property | 0 | 0 | |||||||||||||
Net assets acquired | $ 65,500,000 | ||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 30,400,000 | ||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 1,100,000 | ||||||||||||||
Income (Loss) before Gain (Loss) on Sale of Properties | 2,300,000 | 600,000 | |||||||||||||
Enclave | |||||||||||||||
Business Acquisition | |||||||||||||||
Number of units in real estate property | 0 | ||||||||||||||
Net assets acquired | $ 44,000,000 | ||||||||||||||
Gains (Losses) on Sales of Investment Real Estate | 6,900,000 | ||||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 2,100,000 | ||||||||||||||
Income (Loss) before Gain (Loss) on Sale of Properties | $ 9,800,000 | $ (200,000) |
Real Estate Assets - Table of P
Real Estate Assets - Table of Properties Acquired (Details) | 12 Months Ended | ||||||||
Dec. 31, 2017USD ($)ft²bed | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Dec. 18, 2017 | Oct. 27, 2017 | Sep. 30, 2017ft² | Dec. 31, 2016a | Dec. 31, 2016ft² | Dec. 31, 2016 | |
Business Acquisition | |||||||||
Number of units in real estate property | 3,217 | 9,521 | 2,432 | 8,049 | |||||
Area of Real Estate Property | ft² | 4,055,461 | 3,295,491 | |||||||
business combination purchase price | $ 277,600,000 | ||||||||
Net Rentable Area | ft² | 1,097,000 | ||||||||
Restricted Cash and Cash Equivalents | $ 51,968,519 | $ 55,392,984 | |||||||
Noncash or Part Noncash Acquisition, Debt Assumed | 73,000,000 | ||||||||
building loss assets written down | 6,900,000 | ||||||||
Proceeds from Insurance Settlement, Investing Activities | 4,700,000 | ||||||||
Bridge and land acquisition loans converted to real estate loans | 0 | 0 | $ 49,188,665 | ||||||
Bridge Loan | $ 6,250,000 | ||||||||
Equity Method Investment, Ownership Percentage | 99.00% | ||||||||
equity ownership percentage joint venture | 99.00% | 98.00% | |||||||
Westridge at La Cantera | |||||||||
Business Acquisition | |||||||||
Land | $ 15,778,102 | ||||||||
Buildings and improvements | 48,700,797 | ||||||||
Total consideration | 85,379,771 | ||||||||
Cash paid | 30,939,771 | ||||||||
business combination purchase price | $ 83,800,000 | ||||||||
Net Rentable Area | ft² | 258,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years | ||||||||
Castleberry [Domain] | |||||||||
Business Acquisition | |||||||||
Land | $ 3,023,731 | ||||||||
Buildings and improvements | 13,471,240 | ||||||||
Total consideration | 17,567,893 | ||||||||
Cash paid | 2,306,703 | ||||||||
business combination purchase price | $ 17,600,000 | ||||||||
Net Rentable Area | ft² | 80,018 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years 7 months 6 days | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 3,761,190 | ||||||||
SoL | |||||||||
Business Acquisition | |||||||||
Number of beds, student housing | bed | 640 | ||||||||
Land | $ 7,440,934 | ||||||||
Buildings and improvements | 40,058,728 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 3,771,432 | ||||||||
Lease intangibles | 2,344,404 | ||||||||
Prepaids & other assets | 50,817 | ||||||||
business combinations, escrow fund asset recognized | 0 | ||||||||
business combinations, accrued property tax liability | 71,856 | ||||||||
Other liabilities | (377,735) | ||||||||
Total consideration | 53,216,724 | ||||||||
Cash paid | $ 15,731,724 | ||||||||
Number of units in real estate property | ft² | 225 | ||||||||
business combination purchase price | $ 53,300,000 | ||||||||
Mortgage debt, net | $ 37,485,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 0 years | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Broadstone at Citrus Village | |||||||||
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 | ||||||||
Lease intangibles | 1,624,752 | ||||||||
Prepaids & other assets | 132,619 | ||||||||
business combinations, escrow fund asset recognized | 67,876 | ||||||||
business combinations, accrued property tax liability | 108,286 | ||||||||
Other liabilities | (24,887) | ||||||||
Total consideration | 46,981,815 | ||||||||
Cash paid | $ 17,625,200 | ||||||||
Number of units in real estate property | ft² | 296 | ||||||||
business combination purchase price | $ 47,400,000 | ||||||||
Mortgage debt, net | $ 29,356,615 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 6 months | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Rockbridge Vilage | |||||||||
Business Acquisition | |||||||||
Land | 3,141,325 | ||||||||
Buildings and improvements | 15,666,091 | ||||||||
Total consideration | 20,281,677 | ||||||||
Cash paid | 6,031,677 | ||||||||
business combination purchase price | $ 20,300,000 | ||||||||
Net Rentable Area | ft² | 102,432 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 6 months | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
irmo station [Domain] | |||||||||
Business Acquisition | |||||||||
Land | 3,602,466 | ||||||||
Buildings and improvements | 11,555,942 | ||||||||
Total consideration | 16,310,537 | ||||||||
Cash paid | 5,660,537 | ||||||||
business combination purchase price | $ 16,000,000 | ||||||||
Net Rentable Area | ft² | 99,384 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 8 months 12 days | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
maynard crossing [Domain] | |||||||||
Business Acquisition | |||||||||
Land | 6,303,787 | ||||||||
Buildings and improvements | 21,773,900 | ||||||||
Total consideration | 30,449,561 | ||||||||
Cash paid | 11,949,561 | ||||||||
business combination purchase price | $ 29,900,000 | ||||||||
Net Rentable Area | ft² | 122,781 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Three Ravinia | |||||||||
Business Acquisition | |||||||||
Land | 9,784,645 | ||||||||
Buildings and improvements | 147,487,769 | ||||||||
Total consideration | 206,313,488 | ||||||||
Cash paid | 90,813,488 | ||||||||
business combination purchase price | $ 210,100,000 | ||||||||
Net Rentable Area | ft² | 817,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 13 years 3 months 18 days | ||||||||
Brookwood Office | |||||||||
Business Acquisition | |||||||||
Land | $ 1,744,828 | ||||||||
Buildings and improvements | 39,099,395 | ||||||||
Total consideration | 49,833,056 | ||||||||
Cash paid | 17,433,056 | ||||||||
business combination purchase price | $ 49,900,000 | ||||||||
Net Rentable Area | ft² | 169,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 1 month 6 days | ||||||||
Galleria 75 | |||||||||
Business Acquisition | |||||||||
Land | $ 15,156,267 | ||||||||
Buildings and improvements | 1,285,856 | ||||||||
Total consideration | 17,805,941 | ||||||||
Cash paid | 11,875,686 | ||||||||
business combination purchase price | $ 17,600,000 | ||||||||
Net Rentable Area | ft² | 111,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years | ||||||||
woodmont Village [Domain] | |||||||||
Business Acquisition | |||||||||
Land | $ 2,712,907 | ||||||||
Buildings and improvements | 9,836,799 | ||||||||
Total consideration | 13,274,369 | ||||||||
Cash paid | 4,499,369 | ||||||||
business combination purchase price | $ 13,500,000 | ||||||||
Net Rentable Area | ft² | 85,639 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 9 months 18 days | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Sunbelt Portfolio [Member] | |||||||||
Business Acquisition | |||||||||
Land | 37,719,812 | ||||||||
Buildings and improvements | 109,373,938 | ||||||||
Total consideration | 159,413,503 | ||||||||
Cash paid | 61,759,503 | ||||||||
business combination purchase price | $ 159,500,000 | ||||||||
Net Rentable Area | ft² | 650,360 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 9 years | ||||||||
Area of Land | a | 0.95 | ||||||||
Champions Village | |||||||||
Business Acquisition | |||||||||
Land | $ 12,812,546 | ||||||||
Buildings and improvements | 30,647,609 | ||||||||
Total consideration | 49,874,130 | ||||||||
Cash paid | 22,474,130 | ||||||||
business combination purchase price | $ 50,000,000 | ||||||||
Net Rentable Area | ft² | 383,093 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 3 months 18 days | ||||||||
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 | |||||||||
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 | ||||||||
Lease intangibles | 1,844,476 | ||||||||
Prepaids & other assets | 78,430 | ||||||||
business combinations, escrow fund asset recognized | 101,503 | ||||||||
business combinations, accrued property tax liability | 139,046 | ||||||||
Other liabilities | (108,573) | ||||||||
Total consideration | 50,315,631 | ||||||||
Cash paid | $ 15,105,631 | ||||||||
Number of units in real estate property | ft² | 312 | ||||||||
business combination purchase price | $ 50,000,000 | ||||||||
Mortgage debt, net | $ 35,210,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 6 months | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | |||||||||
Founders Village | |||||||||
Business Acquisition | |||||||||
Land | 5,314,863 | ||||||||
Buildings and improvements | 32,791,611 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,969,498 | ||||||||
Lease intangibles | 1,421,196 | ||||||||
Prepaids & other assets | 112,999 | ||||||||
business combinations, escrow fund asset recognized | 0 | ||||||||
business combinations, accrued property tax liability | 0 | ||||||||
Other liabilities | (103,204) | ||||||||
Total consideration | 45,506,963 | ||||||||
Cash paid | $ 13,901,963 | ||||||||
Number of units in real estate property | ft² | 247 | ||||||||
business combination purchase price | $ 44,400,000 | ||||||||
Mortgage debt, net | $ 31,605,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 2 years 6 months | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | |||||||||
Claiborne Crossing | |||||||||
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 | ||||||||
Lease intangibles | 1,268,810 | ||||||||
business combinations, escrow fund asset recognized | 0 | ||||||||
business combinations, accrued property tax liability | 115,728 | ||||||||
Other liabilities | (130,850) | ||||||||
Total consideration | 41,389,809 | ||||||||
Cash paid | $ 18,763,333 | ||||||||
Number of units in real estate property | ft² | 242 | ||||||||
business combination purchase price | $ 45,200,000 | ||||||||
Mortgage debt, net | $ 22,626,476 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year 6 months | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Lakewood Ranch | |||||||||
Business Acquisition | |||||||||
Land | 4,851,844 | ||||||||
Buildings and improvements | 43,694,575 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,338,151 | ||||||||
Lease intangibles | 1,014,150 | ||||||||
Prepaids & other assets | 540,241 | ||||||||
business combinations, escrow fund asset recognized | 0 | ||||||||
business combinations, accrued property tax liability | 404,690 | ||||||||
Other liabilities | (57,933) | ||||||||
Total consideration | 56,976,338 | ||||||||
Cash paid | $ 17,688,838 | ||||||||
Number of units in real estate property | ft² | 280 | ||||||||
business combination purchase price | $ 56,100,000 | ||||||||
Mortgage debt, net | $ 39,287,500 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 6 months | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Adara Overland Park | |||||||||
Business Acquisition | |||||||||
Land | 2,854,466 | ||||||||
Buildings and improvements | 31,005,403 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 11,024,144 | ||||||||
Lease intangibles | 1,279,589 | ||||||||
Prepaids & other assets | 86,791 | ||||||||
business combinations, escrow fund asset recognized | 0 | ||||||||
business combinations, accrued property tax liability | 308,299 | ||||||||
Other liabilities | (31,941) | ||||||||
Total consideration | 45,910,153 | ||||||||
Cash paid | $ 14,060,153 | ||||||||
Number of units in real estate property | ft² | 260 | ||||||||
business combination purchase price | $ 45,500,000 | ||||||||
Mortgage debt, net | $ 31,850,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 6 months | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Aldridge at Town Village | |||||||||
Business Acquisition | |||||||||
Land | 7,122,413 | ||||||||
Buildings and improvements | 34,683,056 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 10,735,231 | ||||||||
Lease intangibles | 2,270,915 | ||||||||
Prepaids & other assets | 243,496 | ||||||||
business combinations, escrow fund asset recognized | 0 | ||||||||
business combinations, accrued property tax liability | 0 | ||||||||
Other liabilities | (143,024) | ||||||||
Total consideration | 54,912,086 | ||||||||
Cash paid | $ 5,927,086 | ||||||||
Number of units in real estate property | ft² | 300 | ||||||||
business combination purchase price | $ 54,200,000 | ||||||||
Mortgage debt, net | $ 38,010,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 10 years 6 months | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Summit III [Domain] | |||||||||
Business Acquisition | |||||||||
Land | 4,374,721 | ||||||||
Buildings and improvements | 20,968,236 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 4,970,893 | ||||||||
Lease intangibles | 925,176 | ||||||||
Prepaids & other assets | 76,635 | ||||||||
business combinations, escrow fund asset recognized | 0 | ||||||||
business combinations, accrued property tax liability | 0 | ||||||||
Other liabilities | (43,246) | ||||||||
Total consideration | 31,272,415 | ||||||||
Cash paid | $ 3,951,015 | ||||||||
Number of units in real estate property | ft² | 172 | ||||||||
business combination purchase price | $ 30,900,000 | ||||||||
Mortgage debt, net | $ 20,075,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 6 months | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Sorrel | |||||||||
Business Acquisition | |||||||||
Land | $ 4,412,164 | ||||||||
Buildings and improvements | 35,512,257 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,705,040 | ||||||||
Lease intangibles | 1,495,539 | ||||||||
Prepaids & other assets | 0 | ||||||||
business combinations, escrow fund asset recognized | 623,791 | ||||||||
business combinations, accrued property tax liability | (437,510) | ||||||||
Other liabilities | (68,828) | ||||||||
Total consideration | 48,242,453 | ||||||||
Cash paid | 14,642,453 | ||||||||
Number of units in real estate property | ft² | 290 | ||||||||
business combination purchase price | 48,100,000 | ||||||||
Mortgage debt, net | 33,600,000 | ||||||||
City Vista | |||||||||
Business Acquisition | |||||||||
Land | 4,081,683 | ||||||||
Buildings and improvements | 36,084,007 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,402,228 | ||||||||
Lease intangibles | 2,100,866 | ||||||||
Prepaids & other assets | 167,797 | ||||||||
business combinations, escrow fund asset recognized | 599,983 | ||||||||
business combinations, accrued property tax liability | (245,326) | ||||||||
Other liabilities | (141,238) | ||||||||
Total consideration | 48,050,000 | ||||||||
Cash paid | 0 | ||||||||
Number of units in real estate property | ft² | 272 | ||||||||
Mortgage debt, net | 36,000,000 | ||||||||
North by Northwest | |||||||||
Business Acquisition | |||||||||
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 | ||||||||
Lease intangibles | 799,109 | ||||||||
Prepaids & other assets | 79,626 | ||||||||
business combinations, escrow fund asset recognized | 1,026,419 | ||||||||
business combinations, accrued property tax liability | (321,437) | ||||||||
Other liabilities | (159,462) | ||||||||
Total consideration | 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, net | 33,853,275 | ||||||||
525 Avalon Park | |||||||||
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 | ||||||||
Lease intangibles | 2,741,060 | ||||||||
Prepaids & other assets | 99,297 | ||||||||
business combinations, escrow fund asset recognized | 3,477,157 | ||||||||
business combinations, accrued property tax liability | (394,731) | ||||||||
Other liabilities | (207,623) | ||||||||
Total consideration | 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, net | 65,000,000 | ||||||||
Overton Rise | |||||||||
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 | ||||||||
Lease intangibles | 1,611,314 | ||||||||
Prepaids & other assets | 73,754 | ||||||||
business combinations, escrow fund asset recognized | 354,640 | ||||||||
business combinations, accrued property tax liability | (66,422) | ||||||||
Other liabilities | (90,213) | ||||||||
Total consideration | 61,390,582 | ||||||||
Cash paid | 20,090,582 | ||||||||
Number of units in real estate property | ft² | 294 | ||||||||
business combination purchase price | 61,100,000 | ||||||||
Mortgage debt, net | 41,300,000 | ||||||||
Baldwin Park | |||||||||
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 | ||||||||
Lease intangibles | 2,882,772 | ||||||||
Prepaids & other assets | 229,972 | ||||||||
business combinations, escrow fund asset recognized | 2,555,753 | ||||||||
business combinations, accrued property tax liability | (17,421) | ||||||||
Other liabilities | (226,160) | ||||||||
Total consideration | 113,292,144 | ||||||||
Cash paid | 35,492,144 | ||||||||
Number of units in real estate property | ft² | 528 | ||||||||
business combination purchase price | 110,800,000 | ||||||||
Mortgage debt, net | 77,800,000 | ||||||||
Stadium Village | |||||||||
Business Acquisition | |||||||||
Number of beds, student housing | bed | 792 | ||||||||
Land | $ 7,929,540 | ||||||||
Buildings and improvements | 54,998,476 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 5,794,664 | ||||||||
Lease intangibles | 4,676,396 | ||||||||
Prepaids & other assets | 220,357 | ||||||||
business combinations, escrow fund asset recognized | 0 | ||||||||
business combinations, accrued property tax liability | 0 | ||||||||
Other liabilities | (227,210) | ||||||||
Total consideration | 73,392,223 | ||||||||
Cash paid | $ 15,854,822 | ||||||||
Number of units in real estate property | ft² | 198 | ||||||||
business combination purchase price | $ 72,600,000 | ||||||||
Mortgage debt, net | $ 47,000,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 6 months | ||||||||
Crosstown Walk | |||||||||
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 | ||||||||
Lease intangibles | 1,323,511 | ||||||||
Prepaids & other assets | 125,706 | ||||||||
business combinations, escrow fund asset recognized | 291,868 | ||||||||
business combinations, accrued property tax liability | (25,983) | ||||||||
Other liabilities | (53,861) | ||||||||
Total consideration | 46,172,030 | ||||||||
Cash paid | 13,632,030 | ||||||||
Number of units in real estate property | ft² | 180 | 342 | |||||||
business combination purchase price | $ 31,400,000 | 45,800,000 | |||||||
Mortgage debt, net | 32,540,000 | ||||||||
Haven Waco [Member] | |||||||||
Business Acquisition | |||||||||
Number of units in real estate property | ft² | 250 | ||||||||
business combination purchase price | $ 58,200,000 | ||||||||
Colony at Centerpointe | |||||||||
Business Acquisition | |||||||||
Land | 7,258,947 | ||||||||
Buildings and improvements | 30,714,597 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 7,508,723 | ||||||||
Lease intangibles | 1,079,977 | ||||||||
Prepaids & other assets | 137,148 | ||||||||
business combinations, escrow fund asset recognized | 0 | ||||||||
business combinations, accrued property tax liability | 0 | ||||||||
Other liabilities | (209,899) | ||||||||
Total consideration | 46,215,197 | ||||||||
Cash paid | $ 12,817,519 | ||||||||
Number of units in real estate property | ft² | 255 | ||||||||
business combination purchase price | $ 45,800,000 | ||||||||
Mortgage debt, net | $ 33,397,678 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 4 years 6 months | ||||||||
west town [Domain] | |||||||||
Business Acquisition | |||||||||
Land | $ 1,936,572 | ||||||||
Buildings and improvements | 12,092,823 | ||||||||
Total consideration | 14,521,302 | ||||||||
Cash paid | 5,521,302 | ||||||||
business combination purchase price | $ 14,300,000 | ||||||||
Net Rentable Area | ft² | 67,883 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 6 months | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Roswell Wieuca | |||||||||
Business Acquisition | |||||||||
Land | 12,006,475 | ||||||||
Buildings and improvements | 18,061,913 | ||||||||
Total consideration | 32,761,021 | ||||||||
Cash paid | 32,761,021 | ||||||||
business combination purchase price | $ 32,500,000 | ||||||||
Net Rentable Area | ft² | 74,370 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 5 years 9 months 18 days | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Crossroads Market | |||||||||
Business Acquisition | |||||||||
Land | 7,044,197 | ||||||||
Buildings and improvements | 22,168,504 | ||||||||
Total consideration | 29,468,484 | ||||||||
Cash paid | 10,468,484 | ||||||||
business combination purchase price | $ 29,300,000 | ||||||||
Net Rentable Area | ft² | 126,895 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 11 years 7 months 6 days | ||||||||
Payments for (Proceeds from) Delayed Tax Exempt Exchange | $ 0 | ||||||||
Wade Green Village | |||||||||
Business Acquisition | |||||||||
Land | 1,840,284 | ||||||||
Buildings and improvements | 8,159,147 | ||||||||
Total consideration | 11,318,342 | ||||||||
Cash paid | 6,245,683 | ||||||||
business combination purchase price | $ 11,000,000 | ||||||||
Net Rentable Area | ft² | 74,978 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 1 year 6 months | ||||||||
Southeastern Six Pack [Member] | |||||||||
Business Acquisition | |||||||||
Land | $ 14,081,647 | ||||||||
Buildings and improvements | 48,598,731 | ||||||||
Total consideration | 68,751,867 | ||||||||
Cash paid | 43,751,867 | ||||||||
business combination purchase price | $ 68,700,000 | ||||||||
Net Rentable Area | ft² | 535,252 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 3 years 10 months 24 days | ||||||||
The Market at Victory Village | |||||||||
Business Acquisition | |||||||||
Land | $ 2,271,224 | ||||||||
Buildings and improvements | 11,872,222 | ||||||||
Total consideration | 15,528,229 | ||||||||
Cash paid | 6,278,229 | ||||||||
business combination purchase price | $ 15,600,000 | ||||||||
Net Rentable Area | ft² | 71,300 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 7 years 9 months 18 days | ||||||||
Lakeland Plaza | |||||||||
Business Acquisition | |||||||||
Land | $ 7,079,408 | ||||||||
Buildings and improvements | 32,258,335 | ||||||||
Total consideration | 44,773,273 | ||||||||
Cash paid | 14,773,273 | ||||||||
business combination purchase price | $ 45,300,000 | ||||||||
Net Rentable Area | ft² | 301,711 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 6 years 9 months 18 days | ||||||||
Ursa | |||||||||
Business Acquisition | |||||||||
Number of beds, student housing | bed | 840 | ||||||||
Land | $ 7,059,736 | ||||||||
Buildings and improvements | 41,148,171 | ||||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment | 6,858,028 | ||||||||
Lease intangibles | 3,933,281 | ||||||||
Prepaids & other assets | 287,104 | ||||||||
business combinations, escrow fund asset recognized | 0 | ||||||||
business combinations, accrued property tax liability | 0 | ||||||||
Other liabilities | (111,870) | ||||||||
Total consideration | 59,174,450 | ||||||||
Cash paid | 12,351,929 | ||||||||
Mortgage debt, net | $ 31,400,000 | ||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period | 8 years 6 months | ||||||||
Annual Acquisitions [Member] | |||||||||
Business Acquisition | |||||||||
Net Rentable Area | ft² | 759,402 | 2,016,694 | |||||||
Underlying property [Member] | |||||||||
Business Acquisition | |||||||||
Bridge and land acquisition loans converted to real estate loans | $ 12,500,000 | ||||||||
equity ownership percentage joint venture | 96.00% | ||||||||
Class A OP Units [Member] | |||||||||
Business Acquisition | |||||||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | shares | 419,228 | ||||||||
Wade Green Village | |||||||||
Business Acquisition | |||||||||
Extinguishment of Debt, Amount | $ 8,200,000 |
Real Estate Assets - Depreciati
Real Estate Assets - Depreciation and Amortization (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Depreciation: | |||
Depreciation | $ 86,017,560 | $ 56,415,608 | $ 27,672,387 |
Amortization: | |||
Depreciation and amortization | 116,776,809 | 78,139,798 | 38,096,334 |
Below Market Lease, Accumulated Amortization | 8,094,883 | 3,771,393 | |
Furniture and Fixtures [Member] | |||
Depreciation: | |||
Depreciation | 30,215,282 | 20,988,814 | 11,019,007 |
Building and Building Improvements [Member] | |||
Depreciation: | |||
Depreciation | 55,802,278 | 35,426,794 | 16,653,380 |
Lease Agreements [Member] | |||
Amortization: | |||
Amortization of Deferred Leasing Fees | 201,008 | 283,806 | 12,920 |
Website Development [Member] | |||
Amortization: | |||
amortization website development costs | 65,910 | 23,600 | 9,330 |
Finite-Lived Intangible Assets [Member] | |||
Amortization: | |||
Amortization of Intangible Assets | $ 30,492,331 | $ 21,416,784 | $ 10,401,697 |
Real Estate Assets Contribution
Real Estate Assets Contributions to revenue and net income (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Combination, Separately Recognized Transactions [Line Items] | |||||||||||
Revenues | $ 81,652,168 | $ 74,900,199 | $ 70,890,913 | $ 66,561,335 | $ 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | $ 294,004,615 | $ 200,118,915 | $ 109,305,512 |
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 28,666,601 | $ (9,843,414) | $ (2,425,989) |
Real Estate Assets Real estate
Real Estate Assets Real estate assets owned (Details) | Dec. 31, 2017USD ($)ft² | Sep. 30, 2017ft² | Dec. 31, 2016ft² | Dec. 31, 2016 |
Business Combination Segment Allocation [Line Items] | ||||
Number of units in real estate property | 3,217 | 9,521 | 2,432 | 8,049 |
Area of Real Estate Property | 4,055,461 | 3,295,491 | ||
Net Rentable Area | 1,097,000 | |||
Area of Real Estate Property, Excluded from Floor Retail Space | 1,352,000 | 1,096,834 | ||
Office Building [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Number of Real Estate Properties | 4 | 3 | ||
Multifamily [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Number of Real Estate Properties | 30 | 24 | ||
Retail Site [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Number of Real Estate Properties | 39 | 31 | ||
student housing [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Number of Real Estate Properties | 4 | 1 | ||
Number of units in real estate property | 891 | 219 | ||
Number of beds, student housing | 2,950 | 679 | ||
Retreat at Greystone | ||||
Business Combination Segment Allocation [Line Items] | ||||
Land | $ | $ 4,077,262 | |||
Number of units in real estate property | 312 | |||
Lenox Portfolio [Member] | ||||
Business Combination Segment Allocation [Line Items] | ||||
Net Rentable Area | 47,600 |
Real Estate Assets Real estat50
Real Estate Assets Real estate sold (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 817,313 | $ 0 | $ 0 |
Land | 406,794,429 | 299,547,501 | |
Investment Building and Building Improvements | 2,043,853,105 | 1,513,293,760 | |
Furniture, fixtures, and equipment | 210,778,838 | 126,357,742 | |
Real Estate Investment Property, Accumulated Depreciation | (172,755,498) | (103,814,894) | |
Assets | 3,252,369,625 | 2,420,832,602 | |
Liabilities | 1,971,603,932 | $ 1,535,571,440 | |
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 | ||
Liabilities | 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 | ||
Liabilities | 31,999,717 | ||
Enclave | |||
Property, Plant and Equipment [Line Items] | |||
Payment for Debt Extinguishment or Debt Prepayment Cost | 2,100,000 | ||
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 | ||
Liabilities | $ 24,862,000 |
Real Estate Assets Real estat51
Real Estate Assets Real estate assets correction (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Investment Building and Building Improvements | $ 1,513,293,760 | $ 2,043,853,105 |
business combination adjustment building and improvements | 14,164,111 | |
Tenant Improvements | 23,642,361 | $ 63,424,729 |
Payments for Leasing Costs, Commissions, and Tenant Improvements | (14,164,111) | |
Three Ravinia | ||
Property, Plant and Equipment [Line Items] | ||
Investment Building and Building Improvements | 147,487,769 | |
Tenant Improvements | 6,534,782 | |
Scenario, Previously Reported [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Investment Building and Building Improvements | 1,499,129,649 | |
Tenant Improvements | 37,806,472 | |
Scenario, Previously Reported [Member] | Three Ravinia | ||
Property, Plant and Equipment [Line Items] | ||
Investment Building and Building Improvements | 133,323,658 | |
Tenant Improvements | $ 20,698,893 |
Real Estate Assets Acquired Int
Real Estate Assets Acquired Intangible Assets (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Finite-Lived Intangible Asset, Acquired-in-Place Leases [Abstract] | |
Finite-Lived Intangible Asset, Acquired-in-Place Leases, Next Twelve Months | $ 27,256,834 |
Finite-Lived Intangible Asset, Acquired-in-Place Leases, Year Two | 9,711,446 |
Finite-Lived Intangible Asset, Acquired-in-Place Leases, Year Three | 7,896,933 |
Finite-Lived Intangible Asset, Acquired-in-Place Leases, Year Four | 5,262,422 |
Finite-Lived Intangible Asset, Acquired-in-Place Leases, Year Five | 4,469,843 |
Finite-Lived Intangible Asset, Acquired-in-Place Leases, Thereafter | 18,571,696 |
Finite-Lived Intangible Asset, Acquired-in-Place Leases | 73,169,174 |
Finite-Lived Intangible Asset, Above Market Leases [Abstract] | |
Finite-Lived Intangible Asset, Above Market Leases, Next Twelve Months | 915,169 |
Finite-Lived Intangible Asset, Above Market Leases, Year Two | 667,862 |
Finite-Lived Intangible Asset, Above Market Leases, Year Three | 488,727 |
Finite-Lived Intangible Asset, Above Market Leases, Year Four | 351,007 |
Finite-Lived Intangible Asset, Above Market Leases, Year Five | 275,535 |
Finite-Lived Intangible Asset, Above Market Leases, Thereafter | 1,046,257 |
Finite-Lived Intangible Asset, Above Market Leases | 3,744,557 |
Finite-Lived Intangible Asset, Lease Origination Costs [Abstract] | |
Finite-Lived Intangible Asset, Lease Origination Costs, Next Twelve Months | 4,343,197 |
Finite-Lived Intangible Asset, Lease Origination Costs, Two Years | 3,731,231 |
Finite-Lived Intangible Asset, Lease Origination Costs, Year Three | 3,280,456 |
Finite-Lived Intangible Asset, Lease Origination Costs, Year Four | 2,521,042 |
Finite-Lived Intangible Asset, Lease Origination Costs, Year Five | 2,233,626 |
Finite-Lived Intangible Asset, Lease Origination Costs, Thereafter | 9,720,106 |
Finite-Lived Intangible Asset, Lease Origination Costs | 25,829,658 |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability [Abstract] | |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Next Twelve Months | (5,397,373) |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Two | (5,219,719) |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Three | (4,969,256) |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Four | (4,049,684) |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, Year Five | (3,812,246) |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability, After year Five | (15,408,337) |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability | $ (38,856,615) |
Minimum [Member] | |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability [Abstract] | |
Weighted-average amortization period (in years) | 6 years 10 months 24 days |
Maximum [Member] | |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability [Abstract] | |
Weighted-average amortization period (in years) | 9 years 8 months 12 days |
Leases, Acquired-in-Place [Member] | |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability [Abstract] | |
Weighted-average amortization period (in years) | 6 years 3 months 18 days |
Above Market Leases [Member] | |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability [Abstract] | |
Weighted-average amortization period (in years) | 6 years 8 months 12 days |
Lease Origination Costs [Member] | |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability [Abstract] | |
Weighted-average amortization period (in years) | 8 years 7 months 6 days |
Below Market Lease Intangible Liability [Member] | |
Finite-Lived Intangible Assets, Below Market Lease Intangible Liability [Abstract] | |
Weighted-average amortization period (in years) | 9 years 8 months 12 days |
Real Estate Loans, Notes Rece53
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details) | 12 Months Ended | ||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Mortgage Loans on Real Estate [Line Items] | |||
number of loans receivable | 23 | 26 | |
Carrying Amount of Mortgages | $ 388,506,100 | $ 332,761,068 | |
real estate loans commitment amount | 455,569,041 | 411,116,476 | |
Participating Mortgage Loans, Participation Liabilities, Amount | 13,985,978 | 20,761,819 | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | 347,200,000 | ||
variable interest entity loans amount to be funded | 413,200,000 | ||
interest revenue current pay | 32,570,425 | 23,633,118 | $ 16,188,752 |
Loans and Leases Receivable, Deferred Income | 5,881 | 59,581 | |
Loans Receivable, Gross, Commercial, Real Estate | 388,506,100 | 334,570,242 | 238,965,175 |
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums | (1,710,157) | (1,809,174) | (963,417) |
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 255,344,584 | 201,855,604 | |
Loans and Leases Receivable, Impaired, Commitment to Lend | 67,062,941 | 76,546,234 | |
real estate loans amount funded | 148,345,526 | 151,027,549 | |
real estate loans repaid | (44,190,477) | (42,922,482) | |
Loans settled with property acquisitions | (50,219,191) | (12,500,000) | |
real estate loan origination fees collected | (1,289,193) | (1,718,092) | |
real estate loan fees amortized | $ 1,388,210 | $ 872,335 | |
current interest rate | 8.53% | 8.26% | |
Deferred interest rate | 4.99% | 5.26% | |
Multifamily Communities | |||
Mortgage Loans on Real Estate [Line Items] | |||
number of loans receivable | 15 | 15 | |
Carrying Amount of Mortgages | $ 188,220,938 | ||
real estate loans commitment amount | $ 292,737,110 | $ 223,085,132 | |
real estate loans percent of portfolio | 63.00% | 57.00% | |
student housing community [Domain] | |||
Mortgage Loans on Real Estate [Line Items] | |||
number of loans receivable | 6 | 9 | |
Carrying Amount of Mortgages | $ 125,953,196 | ||
real estate loans commitment amount | $ 141,474,926 | $ 169,174,339 | |
real estate loans percent of portfolio | 32.00% | 38.00% | |
Retail Segment [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
number of loans receivable | 1 | 1 | |
Carrying Amount of Mortgages | $ 12,606,864 | ||
real estate loans commitment amount | $ 12,857,005 | $ 12,857,005 | |
real estate loans percent of portfolio | 3.00% | 4.00% | |
other [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
number of loans receivable | 1 | 1 | |
Carrying Amount of Mortgages | $ 5,980,070 | ||
real estate loans commitment amount | $ 8,500,000 | $ 6,000,000 | |
real estate loans percent of portfolio | 2.00% | 1.00% | |
Carrying value | |||
Mortgage Loans on Real Estate [Line Items] | |||
Carrying Amount of Mortgages | $ 386,795,943 | ||
Mortgage Loans on Real Estate, Commercial and Consumer, Net | 386,795,943 | $ 332,761,068 | $ 238,001,758 |
real estate loans amount funded | 148,345,526 | 151,027,549 | |
real estate loans repaid | (44,190,477) | (42,922,482) | |
Loans settled with property acquisitions | (50,219,191) | (12,500,000) | |
real estate loan origination fees collected | (1,289,193) | (1,718,092) | |
real estate loan fees amortized | 1,388,210 | $ 872,335 | |
Carrying value | Multifamily Communities | |||
Mortgage Loans on Real Estate [Line Items] | |||
Carrying Amount of Mortgages | 241,855,496 | ||
Carrying value | student housing community [Domain] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Carrying Amount of Mortgages | 123,588,382 | ||
Carrying value | Retail Segment [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Carrying Amount of Mortgages | 12,853,522 | ||
Carrying value | other [Member] | |||
Mortgage Loans on Real Estate [Line Items] | |||
Carrying Amount of Mortgages | $ 8,498,543 |
Real Estate Loans, Notes Rece54
Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 15, 2016 | Jun. 15, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | $ 55,415,000 | |||
Loans and Leases Receivable, Net Amount | 40,056,765 | $ 37,615,675 | ||
Loans and Leases Receivable, Deferred Income | (5,881) | (59,581) | ||
360 Residential [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
line of credit receivable | 2,000,000 | |||
Loans and Leases Receivable, Net Amount | $ 2,000,000 | 1,472,571 | ||
interest rate note receivable | 12.00% | |||
PCMS [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Financing Receivable, Gross | $ 1,500,000 | |||
Loans and Leases Receivable, Net Amount | $ 926,422 | 1,082,311 | ||
interest rate note receivable | 10.00% | |||
Oxford Contracting LLC [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
line of credit receivable | $ 0 | |||
Loans and Leases Receivable, Net Amount | $ 0 | 1,475,000 | ||
interest rate note receivable | 8.00% | |||
PAA [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
line of credit receivable | $ 18,000,000 | |||
Loans and Leases Receivable, Net Amount | $ 14,487,695 | 13,708,761 | ||
interest rate note receivable | 8.00% | |||
HCC [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
line of credit receivable | $ 11,110,000 | |||
Loans and Leases Receivable, Net Amount | $ 7,324,904 | 7,324,904 | ||
interest rate note receivable | 12.00% | |||
Oxford Capital Partners LLC [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
line of credit receivable | $ 10,150,000 | $ 10,150,000 | $ 10,650,000 | |
Loans and Leases Receivable, Net Amount | $ 6,628,082 | 7,870,865 | ||
interest rate note receivable | 12.00% | |||
newport development partners [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
line of credit receivable | $ 3,000,000 | |||
Loans and Leases Receivable, Net Amount | $ 0 | 0 | ||
interest rate note receivable | 12.00% | |||
360 Residential, LLC II [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
line of credit receivable | $ 3,255,000 | |||
Loans and Leases Receivable, Net Amount | $ 3,255,000 | 2,884,845 | ||
interest rate note receivable | 15.00% | |||
Mulberry Development Group LLC [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
line of credit receivable | $ 500,000 | |||
Loans and Leases Receivable, Net Amount | $ 478,835 | 177,000 | ||
interest rate note receivable | 12.00% | |||
Mulberry Alexandria Group LLC [Member] [Member] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
line of credit receivable | $ 2,000,000 | |||
Loans and Leases Receivable, Net Amount | $ 1,920,746 | 0 | ||
interest rate note receivable | 12.00% | |||
360 Capital Company [Domain] | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
line of credit receivable | $ 3,900,000 | |||
Loans and Leases Receivable, Net Amount | $ 3,040,962 | $ 1,678,999 | ||
interest rate note receivable | 12.00% |
Real Estate Loans, Notes Rece55
Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Interest income [Abstract] | |||
interest revenue current pay | $ 32,570,425 | $ 23,633,118 | $ 16,188,752 |
Accrued exit fee revenue | 18,669,448 | 14,859,365 | 10,809,028 |
Deferred Revenue, Revenue Recognized | 1,375,754 | 872,335 | 829,969 |
Net loan fee revenue | 52,615,627 | 39,364,818 | 27,827,749 |
interest revenue notes receivable | 4,286,232 | 4,120,775 | 2,853,961 |
Interest revenue on real estate loans | $ 56,901,859 | $ 43,485,593 | $ 30,681,710 |
Real Estate Loans, Notes Rece56
Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Mortgage Loans on Real Estate [Line Items] | ||
real estate loan participation percentage | 25.00% | |
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount | $ 347,200,000 | |
variable interest entity loans amount to be funded | 413,200,000 | |
Participating Mortgage Loans, Participation Liabilities, Amount | $ 13,985,978 | $ 20,761,819 |
Encore | ||
Mortgage Loans on Real Estate [Line Items] | ||
real estate loan participation percentage | 49.00% | |
Geographic Concentration Risk [Member] | Oxford [Member] | ||
Mortgage Loans on Real Estate [Line Items] | ||
amount drawn under loan agreement | $ 95,300,000 | |
loan commitment amount | $ 129,300,000 |
Real Estate Loans, Notes Rece57
Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Jul. 15, 2016 | Jun. 15, 2016 | |
Mortgage Loans on Real Estate [Line Items] | ||||
loan commitment guaranty limit amount | $ 2,000,000 | |||
Deferred interest rate | 4.99% | 5.26% | ||
current interest rate | 8.53% | 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) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
May 31, 2017USD ($) | Dec. 31, 2017USD ($)$ / sharesshares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2016USD ($)$ / sharesshares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | May 30, 2017$ / sharesshares | May 12, 2017$ / sharesshares | Feb. 14, 2017shares | Dec. 02, 2016shares | |
Class of Stock [Line Items] | ||||||||||||||||
Number of Units Terminated in Offering | shares | 900,000 | |||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.25 | $ 0.235 | $ 0.235 | $ 0.22 | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.94 | $ 0.8175 | $ 0.7275 | |||||
Unitsyearcounttoredemptionthree | 3 | 3 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ 48,200,000 | $ 74,213,118 | $ 22,956,604 | $ 5,381,848 | ||||||||||||
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 | |||||||||||||||
Redemption fee percent | 1.00% | 2.00% | 1.00% | 2.00% | ||||||||||||
Units stated value per share | $ / shares | $ 1,000 | $ 1,000 | ||||||||||||||
Unitsredemptionfeepercentoneyear | 13.00% | 13.00% | ||||||||||||||
Unitsredemptionfeepercenttwoyear | 10.00% | 10.00% | ||||||||||||||
Unitsissuedpercentageofmaximum | 0.00% | |||||||||||||||
prorataamountofferingcostsreclassed | $ 77,000 | |||||||||||||||
Deferred offering costs | $ 6,544,310 | $ 2,677,023 | 6,544,310 | $ 2,677,023 | ||||||||||||
Common stock, shares issued | shares | 412,500 | 2,750,000 | ||||||||||||||
Sale of Stock, Price Per Share | $ / shares | $ 15.25 | $ 15.25 | ||||||||||||||
Deferred Offering Costs | $ 800,000 | $ 800,000 | ||||||||||||||
preferred stock, shares redeemed | shares | 28,760 | 28,760 | ||||||||||||||
Dividends, Common Stock, Cash | $ 31,244,265 | $ 19,940,730 | $ 16,196,324 | |||||||||||||
Series A Preferred Stock [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | |||||||||||||||
preferred stock | shares | 1,250,279 | 924,855 | 1,250,279 | 924,855 | ||||||||||||
Preferred Stock, Par or Stated Value Per Share | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||||||||
Preferred Stock, Value, Issued | $ 12,220 | $ 9,144 | $ 12,220 | $ 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 | $ 14,500,000 | |||||||||||||||
Unitsissuedcumulative | shares | 15,275 | |||||||||||||||
$1.5 billion unit [Domain] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
aggregate offering costs | $ 2,500,000 | $ 2,500,000 | ||||||||||||||
aggregate offering costs, net | 2,400,000 | 2,400,000 | ||||||||||||||
follow on Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
aggregate offering costs | 15,000,000 | 15,000,000 | ||||||||||||||
Deferred Offering Costs | 97,200,000 | 97,200,000 | ||||||||||||||
Unit Offering and follow on combined [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from Other Equity | $ 891,200,000 | |||||||||||||||
Unitsissuedpercentageofmaximum | 0.00% | |||||||||||||||
aggregate offering costs | 15,000,000 | $ 15,000,000 | ||||||||||||||
Unit Offering [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Unitsissuedcumulative | shares | 260,871 | |||||||||||||||
Unitsissuedpercentageofmaximum | 0.00% | |||||||||||||||
aggregate offering costs | 3,500,000 | $ 3,500,000 | ||||||||||||||
prorataamountofferingcostsreclassed | 603,000 | |||||||||||||||
deferred offering costs not yet reclassified | 2,900,000 | 2,900,000 | ||||||||||||||
Deferred Offering Costs | 25,200,000 | $ 25,200,000 | ||||||||||||||
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 | 1,900,000 | 1,900,000 | ||||||||||||||
prorataamountofferingcostsreclassed | 626,000 | |||||||||||||||
deferred offering costs not yet reclassified | $ 1,300,000 | 1,300,000 | ||||||||||||||
mShares [Domain] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Proceeds from Other Equity | $ 234,400,000 | |||||||||||||||
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 | 3,400,000 | 3,400,000 | ||||||||||||||
proceeds from equity offering | $ 51,000,000 | $ 51,000,000 | ||||||||||||||
$1.5 billion unit [Domain] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Equity offering | $ 1,500,000,000 | $ 1,500,000,000 | ||||||||||||||
maximum shares common stock under offering | shares | 1,500,000 | 1,500,000 | ||||||||||||||
Common stock, shares issued | shares | 20 | 20 | ||||||||||||||
preferred stock | shares | 1 | 1 | ||||||||||||||
Minimum [Member] | mShares [Domain] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 0.30% | |||||||||||||||
Minimum [Member] | Series A [Member] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 5.75% | |||||||||||||||
Maximum [Member] | mShares [Domain] | ||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% |
Related Party Transactions (Det
Related Party Transactions (Details) | 12 Months Ended | ||||||||||
Dec. 31, 2017USD ($)$ / ft²shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) | Dec. 18, 2017 | Oct. 27, 2017 | Sep. 30, 2017 | Jul. 01, 2017 | Jun. 30, 2017 | Sep. 30, 2016shares | Jun. 30, 2016shares | Mar. 15, 2016shares | |
Related Party Transaction [Line Items] | |||||||||||
loan coordination fee percentage | 0.60% | 1.60% | |||||||||
loan coordination fees | $ 5,559,615 | $ 10,560,120 | $ 0 | ||||||||
Cost of Reimbursable Expense | 12,329,295 | 10,398,711 | 5,885,242 | ||||||||
capital marketing and professional | $ 429,094 | $ 461,294 | 804,648 | ||||||||
equity ownership percentage joint venture | 99.00% | 98.00% | |||||||||
Common Stock, Shares, Outstanding | shares | 38,564,722 | 26,093,707 | 24,652,041 | 23,568,328 | 23,041,502 | ||||||
Construction Management Fee | $ 331,767 | $ 173,614 | 59,554 | ||||||||
Related Party Transaction, Expenses from Transactions with Related Party | 37,881,096 | 29,649,873 | 15,545,219 | ||||||||
Property management fees | 8,329,182 | 5,980,735 | 3,014,801 | ||||||||
AcquisitionFeesRelatedPartyCosts | $ 6,131,221 | 0 | 6,292,280 | ||||||||
Percent of acquisition fee reinstated | 1.00% | ||||||||||
loan origination fees | $ 1,330,796 | 1,886,105 | 1,349,273 | ||||||||
manager's fees deferred | 5,800,000 | ||||||||||
Financing Receivable, Gross | 55,415,000 | ||||||||||
Loans and Leases Receivable, Net Amount | 40,056,765 | 37,615,675 | |||||||||
Equity Method Investment, Ownership Percentage | 99.00% | ||||||||||
disposition fee to manager | $ 1,576,000 | 390,000 | |||||||||
Price per square foot, retail lease | $ / ft² | 4 | ||||||||||
Percent of aggregate base rental payments | 4.00% | ||||||||||
Price per square foot, lease renewal | $ / ft² | 2 | ||||||||||
Percent of aggregate base rental payments, newly renewed | 2.00% | ||||||||||
leasing commission fees paid | $ 350,000 | ||||||||||
percent of asset value for loan coordination fee | 63.00% | ||||||||||
manager's fees deferred | $ 5,000,000 | ||||||||||
Leasing commission fees, new lease | 4.00% | ||||||||||
Leasing commission fees, new lease, percent of gross rent | 6.00% | ||||||||||
Leasing commission fees, new lease, percent of gross rent from guaranteed lease | 2.00% | ||||||||||
Leasing commission fees, renewal, percent of gross rent | 4.00% | ||||||||||
Acquisition-related Costs [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Percentageusedtocalculateacquisitionfees | 0.00% | ||||||||||
AssetmanagementFees [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Asset Management Costs | $ 12,908,371 | 8,602,675 | 3,622,589 | ||||||||
Propertymanagementfees [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Property management fees | 6,381,708 | 4,943,899 | 2,456,968 | ||||||||
General and Administrative Expense [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | $ 5,237,618 | 3,483,460 | 1,764,555 | ||||||||
Cash Distribution [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
priorityannualreturnoncapitalandexpensesassetsales | 0.00% | ||||||||||
preferred capital securities [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
marketing and legal cost reimbursements | $ 1,083,160 | $ 1,019,353 | $ 390,872 | ||||||||
Retail Site [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Number of Real Estate Properties | 31 | 39 | |||||||||
PCMS [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Financing Receivable, Gross | 1,500,000 | ||||||||||
Loans and Leases Receivable, Net Amount | 926,422 | $ 1,082,311 | |||||||||
PCMS [Member] | PCMS [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loans and Leases Receivable, Net Amount | 926,422 | ||||||||||
PAA [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Loans and Leases Receivable, Net Amount | 14,487,695 | $ 13,708,761 | |||||||||
line of credit receivable | $ 18,000,000 |
Dividends (Details)
Dividends (Details) - USD ($) | Sep. 03, 2016 | Dec. 31, 2017 | Nov. 30, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Feb. 28, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | Oct. 31, 2016 | Aug. 31, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | May 31, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Feb. 28, 2016 | Jan. 31, 2016 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Mar. 15, 2017 | Mar. 15, 2016 |
Dividends Payable [Line Items] | |||||||||||||||||||||||||||||||||||||
minority interest partnership units outstanding | 884,735 | 886,168 | 884,735 | 886,168 | 884,735 | 886,168 | 276,560 | ||||||||||||||||||||||||||||||
Dividends payable | $ 15,679,940 | $ 10,159,629 | $ 15,679,940 | $ 10,159,629 | $ 15,679,940 | $ 10,159,629 | |||||||||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | $ 0.235 | $ 0.235 | $ 0.22 | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.94 | $ 0.8175 | $ 0.7275 | ||||||||||||||||||||||||||
dividends common stock declared | $ 9,575,975 | $ 8,158,256 | $ 7,539,376 | $ 5,970,658 | $ 5,740,616 | $ 4,992,038 | $ 4,772,587 | $ 4,435,489 | $ 31,244,265 | $ 19,940,730 | |||||||||||||||||||||||||||
common stock shares entitled to dividends | 38,303,900 | 34,715,982 | 32,082,451 | 38,303,900 | 34,715,982 | 32,082,451 | 38,303,900 | 27,139,354 | |||||||||||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 3,886,173 | $ 6,041,311 | $ 5,845,619 | $ 5,692,370 | $ 5,545,017 | $ 5,412,511 | $ 5,299,654 | $ 5,237,872 | $ 5,085,694 | $ 5,000,060 | $ 4,938,098 | $ 4,849,032 | $ 4,641,149 | $ 4,422,993 | $ 4,255,788 | $ 4,060,141 | $ 3,671,020 | $ 3,458,513 | $ 3,321,519 | $ 3,143,567 | $ 2,979,196 | $ 2,770,048 | $ 2,630,601 | $ 2,481,086 | $ 63,588,387 | $ 41,080,645 | |||||||||||
Common Stock, Shares, Outstanding | 38,564,722 | 26,093,707 | 23,568,328 | 38,564,722 | 26,093,707 | 24,652,041 | 23,568,328 | 38,564,722 | 26,093,707 | 23,041,502 | |||||||||||||||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||||||||||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 5 | ||||||||||||||||||||||||||||||||||||
mShares [Domain] | |||||||||||||||||||||||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||||||||||||||||||||||
Dividends payable | $ 62,878 | $ 62,878 | $ 62,878 | ||||||||||||||||||||||||||||||||||
Minimum [Member] | mShares [Domain] | |||||||||||||||||||||||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | 4.79 | ||||||||||||||||||||||||||||||||||||
Maximum [Member] | mShares [Domain] | |||||||||||||||||||||||||||||||||||||
Dividends Payable [Line Items] | |||||||||||||||||||||||||||||||||||||
Preferred Stock, Dividend Rate, Per-Dollar-Amount | $ 6.25 |
Dividends Series A Preferred Di
Dividends Series A Preferred Dividends (Details) - USD ($) | Sep. 03, 2016 | Dec. 31, 2017 | Nov. 30, 2017 | Oct. 31, 2017 | Sep. 30, 2017 | Aug. 31, 2017 | Jul. 31, 2017 | Jun. 30, 2017 | May 31, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Feb. 28, 2017 | Jan. 31, 2017 | Dec. 31, 2016 | Nov. 30, 2016 | Oct. 31, 2016 | Aug. 31, 2016 | Jul. 31, 2016 | Jun. 30, 2016 | May 31, 2016 | Apr. 30, 2016 | Mar. 31, 2016 | Feb. 28, 2016 | Jan. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Apr. 28, 2017 | Sep. 30, 2016 | Jul. 29, 2016 | Feb. 27, 2016 | Jan. 30, 2016 |
Dividends Payable [Line Items] | |||||||||||||||||||||||||||||||
Dividends, Preferred Stock, Cash | $ 3,886,173 | $ 6,041,311 | $ 5,845,619 | $ 5,692,370 | $ 5,545,017 | $ 5,412,511 | $ 5,299,654 | $ 5,237,872 | $ 5,085,694 | $ 5,000,060 | $ 4,938,098 | $ 4,849,032 | $ 4,641,149 | $ 4,422,993 | $ 4,255,788 | $ 4,060,141 | $ 3,671,020 | $ 3,458,513 | $ 3,321,519 | $ 3,143,567 | $ 2,979,196 | $ 2,770,048 | $ 2,630,601 | $ 2,481,086 | $ 63,588,387 | $ 41,080,645 | |||||
Preferred Stock entitled to dividend payments | 1,219,062 | 1,177,588 | 1,143,239 | 1,113,896 | 1,086,714 | 1,061,179 | 1,041,187 | 1,019,046 | 979,309 | 977,267 | 932,413 | 893,245 | 850,246 | 801,455 | 721,143 | 651,439 | 617,994 | 582,720 | 544,129 | 1,219,062 | 893,245 | 992,774 | 765,185 | 682,392 | 516,017 | 482,774 |
Dividends NCI (Details)
Dividends NCI (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equity [Abstract] | ||||||||||
Distribution Made to Limited Partner, Cash Distributions Declared | $ 221,184 | $ 211,781 | $ 211,781 | $ 198,742 | $ 194,957 | $ 179,449 | $ 179,449 | $ 117,395 | $ 843,488 | $ 671,250 |
Equity Compensation (Details)
Equity Compensation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2016 | Mar. 31, 2014 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 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 | 1,317,500 | 2,617,500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 26,900 | ||||||||
Share-based Compensation | $ 3,470,284 | $ 2,524,042 | $ 2,362,453 | ||||||
market vesting condition capital increase threshhold | $ 3,549,000 | $ 4,598,624 | |||||||
warrant exercise price as percent of gross ipo price | 120.00% | ||||||||
Restricted Stock [Member] | |||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 30,133 | 24,408 | 30,990 | ||||||
Share-based Compensation | $ 12,204 | ||||||||
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] | Restricted Stock [Member] | |||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||||||
Share-based Compensation | 0 | $ 0 | 107,321 | ||||||
2014 [Member] | ClassBUnits [Member] | |||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||||||||
Share-based Compensation | $ 0 | $ 0 | $ 3,825 |
Equity Compensation Restricted
Equity Compensation Restricted Stock (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 02, 2014 | Jan. 03, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,317,500 | 2,617,500 | |||||
Share-based Compensation | $ 3,470,284 | $ 2,524,042 | $ 2,362,453 | ||||
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 | 30,133 | 24,408 | 30,990 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 10.62 | $ 14.75 | $ 13.23 | ||||
Stock Granted, Value, Share-based Compensation, Gross | $ 320,012 | $ 360,018 | $ 409,998 | ||||
Share-based Compensation | $ 12,204 |
Equity Compensation Committee F
Equity Compensation Committee Fee Grants (Details) - USD ($) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
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 | $ 3,470,284 | $ 2,524,042 | $ 2,362,453 | |
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 30,133 | 24,408 | 30,990 | |
Share-based Compensation | $ 12,204 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share | $ 10.62 | $ 14.75 | $ 13.23 | |
Stock Granted, Value, Share-based Compensation, Gross | $ 320,012 | $ 360,018 | $ 409,998 |
Equity Compensation Class B Uni
Equity Compensation Class B Units (Details) - USD ($) | Feb. 01, 2018 | Jan. 02, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 02, 2014 | Jan. 03, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | $ 0.235 | $ 0.235 | $ 0.22 | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.94 | $ 0.8175 | $ 0.7275 | |||||||
Share-based Compensation | $ 3,470,284 | $ 2,524,042 | $ 2,362,453 | |||||||||||||||
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 | $ 0.25 | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 227,576 | |||||||||||||||||
Subsequent Event [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 | 286,392 | |||||||||||||||||
Subsequent Event [Member] | 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 | 29,415 |
Equity Compensation Warrant (De
Equity Compensation Warrant (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | $ 0.235 | $ 0.235 | $ 0.22 | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.94 | $ 0.8175 | $ 0.7275 |
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 ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Common Stock, Dividends, Per Share, Declared | $ 0.25 | $ 0.235 | $ 0.235 | $ 0.22 | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.94 | $ 0.8175 | $ 0.7275 |
Share-based Compensation | $ 3,470,284 | $ 2,524,042 | $ 2,362,453 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 1,324,428 | 1,324,428 | |||||||||
stock grants for quarterly board committee fees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 0 | 83,973 | 53,926 | ||||||||
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 | 12,204 | ||||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 90,592 | 0 | 0 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 181,184 | 181,184 | |||||||||
2015 Year [Member] | ClassBUnits [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 0 | 5,236 | 1,984,052 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||||||||
2015 Year [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 0 | 106,670 | 213,329 | ||||||||
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 | 312,185 | 2,054,830 | 0 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 300,273 | 300,273 | |||||||||
2016 [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 136,667 | 273,333 | 0 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||||||||
2017 [Member] | ClassBUnits [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 2,690,829 | 0 | 0 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 722,964 | 722,964 | |||||||||
2017 [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 240,011 | 0 | 0 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 120,007 | 120,007 | |||||||||
2014 [Member] | ClassBUnits [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 0 | 0 | 3,825 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 0 | 0 | |||||||||
2014 [Member] | Restricted Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Share-based Compensation | 0 | $ 0 | $ 107,321 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | $ 0 | $ 0 |
Equity Compensation Restricte69
Equity Compensation Restricted Stock Units (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 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 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 4,100 | |
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 ($) | Jun. 22, 2017 | Jun. 15, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2017 |
Debt Instrument [Line Items] | ||||||
Initial Interest Rate | 3.93% | |||||
Unamortized Debt Issuance Expense | $ 1,100,000 | |||||
Interest Expense, Long-term Debt | $ 62,683,252 | $ 40,383,450 | $ 19,970,498 | |||
interest expense to loan participant | 2,295,371 | 2,008,741 | 1,496,566 | |||
Long-term Debt, Current Maturities | 83,020,908 | |||||
Long-term Debt | $ 1,776,652,171 | 1,305,870,471 | ||||
variable interest rate minimum | 3.25% | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Two | 243,585,766 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Three | 101,868,565 | |||||
Long-term Debt, Maturities, Repayments of Principal in Year Four | 127,462,545 | |||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 239,683,956 | |||||
Long-term Debt, Maturities, Repayments of Principal after Year Five | 1,069,227,034 | |||||
Long-term Debt | $ 1,864,848,774 | |||||
Interest Expense | $ 67,468,042 | 44,284,144 | 21,315,731 | |||
Line of Credit Facility, Amount Outstanding | 41,800,000 | 127,500,000 | ||||
Amortization of Financing Costs | 5,084,193 | 3,595,429 | 1,474,276 | |||
interest expense credit facility | $ 4,784,790 | 3,900,694 | 1,345,233 | |||
Spread over Initial Interest Rate option 1 | 200 | |||||
Spread over Initial Interest Rate option 2 | 400 | |||||
Indebtedness Weighted Average Remaining Maturity | 8 years 11 months 12 days | |||||
Payment for Debt Extinguishment or Debt Prepayment Cost | $ 817,313 | 0 | 0 | |||
Debt Instrument, Fee | $ 170,000 | |||||
Gain (Loss) on Extinguishment of Debt | $ 888,428 | 0 | 0 | |||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000,000 | |||||
Stone Creek (2) | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.75% | |||||
Debt Instrument, Face Amount | $ 16,300,000 | |||||
Gain (Loss) on Extinguishment of Debt | $ 817,000 | |||||
525 Avalon [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 61,750,000 | |||||
Mortgages [Member] | Secondary Financing Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | $ 3,250,000 | |||||
Mortgages [Member] | Stone Creek (2) | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.22% | |||||
Debt Instrument, Face Amount | $ 20,600,000 | |||||
Mortgages [Member] | 525 Avalon [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Interest Rate, Stated Percentage | 3.98% | |||||
Debt Instrument, Face Amount | $ 67,380,000 | |||||
Royal Lakes Marketplace | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 9,700,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.86% | |||||
Debt Instrument, Basis Spread on Variable Rate | 25000.00% | |||||
Champions Village | Mortgages [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt | $ 27,400,000 | |||||
Debt Instrument, Interest Rate, Stated Percentage | 4.37% | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | |||||
Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 41,800,000 | |||||
Multifamily [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Expense, Long-term Debt | 38,486,955 | 29,030,213 | 14,994,053 | |||
Retail Segment [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Expense, Long-term Debt | 14,895,107 | 8,870,094 | 3,479,879 | |||
Office Building [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Expense | 7,005,819 | 474,402 | 0 | |||
Sunbelt Portfolio [Member] | Office Building [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Interest Expense, Long-term Debt | 7,005,819 | $ 474,402 | $ 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 Marketplace | ||||||
Debt Instrument [Line Items] | ||||||
loan commitment amount | $ 11,050,000 | |||||
Champions Village | ||||||
Debt Instrument [Line Items] | ||||||
loan commitment amount | $ 34,160,000 | |||||
Enclave at Vista Ridge [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Defeasance fee | 2,060,000 | |||||
Extinguishment of Debt, Amount | $ 24,860,000 | |||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member] | Secondary Financing Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 11.00% | |||||
London Interbank Offered Rate (LIBOR) [Member] | Mortgages [Member] | 525 Avalon [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.00% |
Indebtedness debt covenants (De
Indebtedness debt covenants (Details) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2016USD ($) | Dec. 31, 2017 | Sep. 30, 2017USD ($) | |
debt covenants [Line Items] | |||
dividend restriction AFFO | 95.00% | ||
minimum equity debt covenants | $ 686,900,000 | ||
equity raise above min equity required | 75.00% | ||
total debt covenant min equity | $ 1,200,000,000 | ||
maximum dividends debt covenant | $ 100,400,000 | ||
Minimum Net Worth Required for Compliance | $ 1,280,765,693 | ||
debt yield | 9.36% | ||
payout ratio | 90.60% | ||
Total leverage ratio | 59.40% | ||
Debt service coverage ratio | 0.0203 |
Indebtedness Credit Facility (D
Indebtedness Credit Facility (Details) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | May 26, 2016 | Jan. 05, 2016 | |
Line of Credit Facility [Line Items] | |||||
Indebtedness Weighted Average Remaining Maturity | 8 years 11 months 12 days | ||||
Short-term Debt | $ 11,000,000 | ||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 4.52% | ||||
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] | |||||
Indebtedness Weighted Average Remaining Maturity | 1 year 7 months 6 days | ||||
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% | 3.75% | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 35,000,000 | ||||
interim term loan [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Short-term Debt, Weighted Average Interest Rate, at Point in Time | 3.82% | ||||
Royal Lakes Marketplace | Mortgages [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Debt Instrument, Interest Rate, Stated Percentage | 3.86% |
Indebtedness Acquisition Credit
Indebtedness Acquisition Credit Facility (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Mar. 01, 2021 | Sep. 30, 2017 | Dec. 31, 2016 | |
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 150,000,000 | |||
Unamortized Debt Issuance Expense | $ 1,100,000 | |||
Indebtedness Weighted Average Remaining Maturity | 8 years 11 months 12 days | |||
February 2017 facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 200,000,000 | |||
Subsequent Event [Member] | February 2017 facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 300,000,000 | |||
Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 3.25% | |||
Indebtedness Weighted Average Remaining Maturity | 1 year 7 months 6 days | |||
acquisition facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Unamortized Debt Issuance Expense | $ 300,000 | |||
Indebtedness Weighted Average Remaining Maturity | 4 years 2 months 12 days | |||
SoL | ||||
Line of Credit Facility [Line Items] | ||||
Long-term Debt, Gross | $ 37,500,000 | |||
Minimum [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 1.75% | |||
Maximum [Member] | Revolving Credit Facility [Member] | ||||
Line of Credit Facility [Line Items] | ||||
Loans Receivable, Basis Spread on Variable Rate | 2.20% |
Indebtedness Mortgage debt summ
Indebtedness Mortgage debt summary by segment (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | |||
Secured Debt | $ 1,812,048,774 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.82% | ||
average maturity mortgage debt | 8 years 26 days | ||
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization Adjustment | $ 30,248,587 | ||
Mark-to-Market debt | 5,148,016 | ||
Long-term Debt | $ 1,776,652,171 | $ 1,305,870,471 | |
Fixed Income Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 1,520,031,572 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.83% | ||
average maturity mortgage debt | 8 years 11 months 12 days | ||
Variable Income Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 292,017,202 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.81% | ||
average maturity mortgage debt | 3 years 5 months 19 days | ||
Multifamily Communities | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 1,045,311,101 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.72% | ||
average maturity mortgage debt | 6 years 11 months 5 days | ||
Multifamily Communities | Fixed Income Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 884,591,436 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.73% | ||
average maturity mortgage debt | 7 years 6 months 15 days | ||
Multifamily Communities | Variable Income Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 160,719,665 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.65% | ||
average maturity mortgage debt | 3 years 6 months 15 days | ||
Retail Segment [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 410,280,798 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.85% | ||
average maturity mortgage debt | 6 years 11 months 5 days | ||
Retail Segment [Member] | Fixed Income Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 347,868,261 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.82% | ||
average maturity mortgage debt | 7 years 6 months 11 days | ||
Retail Segment [Member] | Variable Income Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 62,412,537 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.98% | ||
average maturity mortgage debt | 3 years 7 months 2 days | ||
Office Building [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 207,875,179 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.21% | ||
average maturity mortgage debt | 18 years 5 months 16 days | ||
Office Building [Member] | Fixed Income Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 207,875,179 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.21% | ||
average maturity mortgage debt | 18 years 5 months 16 days | ||
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 [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 148,581,696 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.95% | ||
average maturity mortgage debt | 4 years 8 months 1 day | ||
student housing [Member] | Fixed Income Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 79,696,696 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 3.89% | ||
average maturity mortgage debt | 5 years 11 months 12 days | ||
student housing [Member] | Variable Income Interest Rate [Member] | |||
Debt Instrument [Line Items] | |||
Secured Debt | $ 68,885,000 | ||
Long-term Debt, Weighted Average Interest Rate, at Point in Time | 4.02% | ||
average maturity mortgage debt | 3 years 2 months 9 days |
Indebtedness New mortgages (Det
Indebtedness New mortgages (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Long-term Debt | $ 1,776,652,171 | $ 1,305,870,471 |
SoL | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.00% | |
Long-term Debt | $ 37,485,000 | |
Broadstone at Citrus Village | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 30,250,000 | |
Interest Rate | 3.65% | |
Retreat at Greystone | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 35,210,000 | |
Interest Rate | 4.31% | |
Founders Village | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 31,605,000 | |
Interest Rate | 4.31% | |
Claiborne Crossing | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 28,179,500 | |
Interest Rate | 2.89% | |
Castleberry [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 11,500,000 | |
Interest Rate | 3.99% | |
Rockbridge Vilage | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 14,250,000 | |
Interest Rate | 3.73% | |
Lakewood Ranch | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 39,287,500 | |
Interest Rate | 3.93% | |
irmo station [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 10,650,000 | |
Interest Rate | 3.94% | |
maynard crossing [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 18,500,000 | |
Interest Rate | 3.74% | |
woodmont Village [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 8,775,000 | |
Interest Rate | 4.125% | |
west town [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 9,000,000 | |
Interest Rate | 3.65% | |
Adara Overland Park | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 31,850,000 | |
Interest Rate | 3.90% | |
Aldridge at Town Village | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 38,010,000 | |
Interest Rate | 4.19% | |
Summit III [Domain] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 20,075,000 | |
Interest Rate | 3.87% | |
crosstown walk II [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 22,231,000 | |
Interest Rate | 3.95% | |
Colony at Centerpointe | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 33,346,281 | |
Interest Rate | 3.68% | |
Crossroads Market | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 19,000,000 | |
Interest Rate | 3.95% | |
Stadium Village | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 46,929,833 | |
Interest Rate | 3.80% | |
Ursa | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 2.05% | |
Long-term Debt | $ 28,260,000 | |
Westridge at La Cantera | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 54,440,000 | |
Interest Rate | 4.10% | |
total current additions [Member] | ||
Debt Instrument [Line Items] | ||
Long-term Debt | $ 571,974,114 | |
Ursa Secondary [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Basis Spread on Variable Rate | 11.55% | |
Long-term Debt | $ 3,140,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2010 | |
Operating Loss Carryforwards [Line Items] | ||||
Deferred Tax Assets, Net of Valuation Allowance | $ 298,100 | |||
DeferredTaxAssetsValuationAllowancePercentage | 100.00% | |||
Ordinary Income [Member] | Preferred Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization, Dividend Distribution Percent | 64.00% | 88.10% | 100.00% | |
Ordinary Income [Member] | Common Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization, Dividend Distribution Percent | 0.00% | 0.00% | 33.00% | |
Return of Capital [Member] | Preferred Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization, Dividend Distribution Percent | 27.50% | 10.50% | 0.00% | |
Return of Capital [Member] | Common Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization, Dividend Distribution Percent | 100.00% | 100.00% | 67.00% | |
Capital Gains [Member] | Preferred Stock [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Income Tax Characterization, Dividend Distribution Percent | 8.50% | 1.40% | 0.00% |
Commitments and Contingencies (
Commitments and Contingencies (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
lease term | 11 years |
guaranty cap amount | $ 6,300,000 |
Annual reduction in guaranty cap | 619,304 |
guaranty cap amount credit cards | 640,000 |
manager's fees deferred | 5,000,000 |
Unfunded Tenant Leasing Commissions and Tenant Allowances | 155,000 |
Unfunded Construction Project | 6,600,000 |
cumulative manager's fees deferred | $ 5,800,000 |
Capital Contributions of Property, Annual Rate of Return | 7.00% |
real estate loan balances unfunded | $ 67,100,000 |
operating leases (Details)
operating leases (Details) ft² in Millions | Dec. 31, 2017USD ($)ft² |
Lessor, Lease, Description [Line Items] | |
office space leasable square feet | ft² | 1.4 |
gross leasable area percent leased | 98.00% |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | $ 75,061,000 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 70,191,000 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 64,821,000 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 53,975,000 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 47,887,000 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 232,416,000 |
Operating Leases, Future Minimum Payments Receivable | 544,351,000 |
New Market Properties [Member] | |
Lessor, Lease, Description [Line Items] | |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | 47,177,000 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 40,958,000 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 35,173,000 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 28,500,000 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 22,744,000 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 74,207,000 |
Operating Leases, Future Minimum Payments Receivable | 248,759,000 |
Office Building [Member] | |
Lessor, Lease, Description [Line Items] | |
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year | 27,884,000 |
Operating Leases, Future Minimum Payments Receivable, in Two Years | 29,233,000 |
Operating Leases, Future Minimum Payments Receivable, in Three Years | 29,648,000 |
Operating Leases, Future Minimum Payments Receivable, in Four Years | 25,475,000 |
Operating Leases, Future Minimum Payments Receivable, in Five Years | 25,143,000 |
Operating Leases, Future Minimum Payments Receivable, Thereafter | 158,209,000 |
Operating Leases, Future Minimum Payments Receivable | $ 295,592,000 |
Grocery Anchored Shopping Centers | |
Lessor, Lease, Description [Line Items] | |
gross leasable area percent leased | 52.80% |
Segment information (Details)
Segment information (Details) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017USD ($) | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Jun. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of Reportable Segments | segment | 4 | ||||||||||
Operating Income (Loss) | $ 14,641,166 | $ 16,721,197 | $ 13,675,576 | $ 14,346,123 | $ 9,612,856 | $ 9,545,554 | $ 5,505,474 | $ 5,505,340 | $ 59,388,057 | $ 30,169,224 | $ 18,889,742 |
capitalized expenditures for long lived assets | 15,265,087 | 10,040,837 | 4,668,042 | ||||||||
Assets | 3,252,369,625 | 2,420,832,602 | 3,252,369,625 | 2,420,832,602 | |||||||
Operating Leases, Income Statement, Lease Revenue | 200,461,750 | 137,330,774 | 69,128,280 | ||||||||
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest | 28,666,601 | (9,843,414) | (2,425,989) | ||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | 28,666,601 | (9,843,414) | (2,425,989) | ||||||||
Interest Expense | 67,468,042 | 44,284,144 | 21,315,731 | ||||||||
Depreciation | 86,017,560 | 56,415,608 | 27,672,387 | ||||||||
Business Combination, Acquisition Related Costs | (14,002) | (8,547,543) | (9,153,763) | ||||||||
Share-based Compensation | (3,470,284) | (2,524,042) | (2,362,453) | ||||||||
Gains (Losses) on Sales of Investment Real Estate | (37,635,014) | (4,271,506) | 0 | ||||||||
Gain (Loss) on Extinguishment of Debt | 888,428 | 0 | 0 | ||||||||
loan fees received | 2,633,592 | 3,703,514 | 2,761,047 | ||||||||
noncash loan interest income | 2,567,507 | 3,134,433 | 1,880,232 | ||||||||
Management fees net of deferrals | 18,496,776 | 12,051,891 | 5,235,748 | ||||||||
rental and other property revenues | 200,461,749 | 137,330,774 | 69,128,280 | ||||||||
Other property revenues | 36,641,006 | 19,302,548 | 9,495,522 | ||||||||
interest revenues loans and notes | 55,143,640 | 41,717,650 | 30,000,655 | ||||||||
Revenues | 81,652,168 | $ 74,900,199 | $ 70,890,913 | $ 66,561,335 | 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | 294,004,615 | 200,118,915 | 109,305,512 |
Multifamily [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
capitalized expenditures for long lived assets | 11,771,233 | 8,400,801 | 3,579,457 | ||||||||
Multifamily Communities | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
property tax expense | 19,975,181 | 17,672,940 | 8,602,927 | ||||||||
salary and benefits reimbursement to manager | 12,329,295 | 10,329,583 | 5,885,242 | ||||||||
property tax expense | 5,769,458 | 4,775,547 | 2,608,364 | ||||||||
property operating and maintenance expense | 20,056,067 | 16,081,041 | 9,182,541 | ||||||||
Assets | 1,637,385,337 | 1,166,766,664 | 1,637,385,337 | 1,166,766,664 | |||||||
Operating Leases, Income Statement, Lease Revenue | 130,188,139 | 108,869,371 | 58,830,372 | ||||||||
Acquisition Costs, Period Cost | (20,559) | 4,723,480 | 7,496,798 | ||||||||
Other property revenues | 13,724,570 | 11,684,302 | 6,401,713 | ||||||||
Retail Site [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
capitalized expenditures for long lived assets | 3,493,854 | 1,640,036 | 1,088,585 | ||||||||
Acquisition Costs, Period Cost | 25,402 | 2,103,112 | 1,656,965 | ||||||||
financingsegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 439,823,787 | 379,070,918 | 439,823,787 | 379,070,918 | |||||||
Interest Expense | 7,080,161 | 5,909,435 | 2,841,799 | ||||||||
Retail Segment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
property tax expense | 7,733,668 | 3,725,024 | 1,331,485 | ||||||||
salary and benefits reimbursement to manager | 0 | 0 | 0 | ||||||||
property tax expense | 1,924,792 | 1,158,832 | 406,437 | ||||||||
property operating and maintenance expense | 5,759,448 | 3,547,255 | 1,696,331 | ||||||||
Assets | 742,492,359 | 579,738,707 | 742,492,359 | 579,738,707 | |||||||
Operating Leases, Income Statement, Lease Revenue | 43,167,546 | 26,312,961 | 10,297,908 | ||||||||
Other property revenues | 15,482,341 | 9,177,591 | 3,774,864 | ||||||||
Woodstock Crossing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Expense | 14,895,107 | 8,870,094 | 3,479,879 | ||||||||
Depreciation | 30,087,597 | 19,245,688 | 7,125,989 | ||||||||
Office Building [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
property tax expense | 3,572,307 | 196,405 | 0 | ||||||||
salary and benefits reimbursement to manager | 942,308 | 69,128 | 0 | ||||||||
property tax expense | 634,932 | 46,356 | 0 | ||||||||
property operating and maintenance expense | 4,087,577 | 353,344 | 0 | ||||||||
Assets | 413,665,553 | 285,229,700 | 413,665,553 | 285,229,700 | |||||||
Operating Leases, Income Statement, Lease Revenue | 27,106,064 | 2,148,442 | 0 | ||||||||
Interest Expense | 7,005,819 | 474,402 | 0 | ||||||||
Depreciation | 13,471,614 | 1,229,542 | 0 | ||||||||
Acquisition Costs, Period Cost | 9,159 | 1,720,951 | 0 | ||||||||
Other property revenues | 9,192,315 | 208,598 | 0 | ||||||||
Other Assets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Assets | 19,002,589 | $ 10,026,613 | 19,002,589 | 10,026,613 | |||||||
All Other Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
adjusted funds from operations | 1,995,781 | 1,644,296 | 902,515 | ||||||||
as adjusted [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
property tax expense | 31,281,156 | 21,594,369 | 9,934,412 | ||||||||
salary and benefits reimbursement to manager | 13,271,603 | 10,398,711 | 5,885,242 | ||||||||
property tax expense | 8,329,182 | 5,980,735 | 3,014,801 | ||||||||
property operating and maintenance expense | 29,903,092 | 19,981,640 | 10,878,872 | ||||||||
Other property revenues | 38,399,226 | 21,070,491 | 10,176,577 | ||||||||
real estate assets [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Interest Expense | 38,486,954 | 29,030,213 | 14,994,054 | ||||||||
Depreciation | 73,217,598 | 57,664,568 | 30,970,345 | ||||||||
Leasehold Improvements [Member] | Office Building [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Property, Plant and Equipment, Gross | 28,800,000 | 28,800,000 | |||||||||
Depreciation, Depletion and Amortization | 855,000 | ||||||||||
Property, Plant and Equipment, Net | $ 27,900,000 | 27,900,000 | |||||||||
Operating Segments [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 202,709,215 | 136,211,227 | 76,520,788 | ||||||||
Operating Segments [Member] | Multifamily Communities | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 79,538,024 | 66,519,317 | 36,339,603 | ||||||||
Operating Segments [Member] | financingsegment [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 55,143,639 | 41,717,650 | 30,000,654 | ||||||||
Operating Segments [Member] | Woodstock Crossing | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | 42,040,944 | 26,298,374 | 10,180,531 | ||||||||
Operating Segments [Member] | Office Building [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Income (Loss) | $ 25,986,608 | $ 1,675,886 | $ 0 |
Loss per Share (Details)
Loss per Share (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Jun. 30, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 02, 2014 | Jan. 03, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Income (Loss) before Gain (Loss) on Sale of Properties | $ (8,968,413) | $ (14,114,920) | $ (2,425,989) | ||||||||||||
minority interest partnership units outstanding | 884,735 | 886,168 | 884,735 | 886,168 | 276,560 | ||||||||||
Restricted Stock Units outstanding | 22,800 | ||||||||||||||
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest | $ 28,666,601 | $ (9,843,414) | $ (2,425,989) | ||||||||||||
Gains (Losses) on Sales of Investment Real Estate | $ 37,635,014 | $ 4,271,506 | $ 0 | ||||||||||||
Preferred Stock, Shares Outstanding | 1,222,013 | 914,422 | 1,222,013 | 914,422 | 482,964 | ||||||||||
Net Income (Loss) Attributable to Parent | $ (4,741,860) | $ 42,779 | $ 3,304,202 | $ 30,061,480 | $ (3,982,783) | $ (2,688,620) | $ 217,479 | $ (3,389,490) | $ 27,680,996 | $ (9,533,123) | $ (2,400,668) | ||||
Dividends, Preferred Stock | (63,651,265) | (41,080,645) | (18,751,934) | ||||||||||||
Deemed noncash dividend | (62,878) | 0 | 0 | ||||||||||||
NetIncomeAllocatedToUnvestedRestrictedShares | 14,794 | 15,843 | 19,256 | ||||||||||||
Income (Loss) Attributable to Noncontrolling Interest, before Tax | (985,605) | 310,291 | 25,321 | ||||||||||||
Net Income (Loss) Available to Common Stockholders, Basic | $ (22,242,592) | $ (16,383,638) | $ (12,033,495) | $ 14,674,662 | $ (16,589,868) | $ (13,624,001) | $ (9,239,588) | $ (11,184,115) | $ (35,985,063) | $ (50,629,611) | $ (21,171,858) | ||||
Weighted Average Number of Shares Outstanding, Basic and Diluted | 31,926,472 | 23,969,494 | 22,182,971 | ||||||||||||
Weighted Average Number of Shares Outstanding, Basic | 37,205,390 | 33,539,920 | 29,893,736 | 26,936,266 | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 | |||||||
Restricted Stock Units outstanding | 0 | 0 | 0 | ||||||||||||
Weighted Average Number of Shares Outstanding, Diluted | 37,205,390 | 33,539,920 | 29,893,736 | 26,936,266 | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 | 31,926,472 | 23,969,494 | 22,182,971 | ||||
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 | 16,253,180 | 16,253,180 | |||||||||||||
Share-based Compensation | $ 3,470,284 | $ 2,524,042 | $ 2,362,453 | ||||||||||||
Earnings Per Share, Basic | $ (0.60) | $ (0.49) | $ (0.40) | $ 0.54 | $ (0.66) | $ (0.56) | $ (0.40) | $ (0.49) | $ (1.13) | $ (2.11) | $ (0.95) | ||||
Unitsissued [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Unitsissuedcumulative | 15,275 | ||||||||||||||
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 | 12,204 | 15,498 | 12,204 | 15,498 | 15,067 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 30,133 | 24,408 | 30,990 | ||||||||||||
Share-based Compensation | $ 12,204 | ||||||||||||||
mShares [Domain] | Minimum [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 0.30% | ||||||||||||||
mShares [Domain] | Maximum [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.50% | ||||||||||||||
Series A Preferred Stock [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Preferred Stock, Shares Outstanding | 1,222,013 | 914,422 | 1,222,013 | 914,422 | |||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||||||||||
Series M Preferred Stock [Member] | |||||||||||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||||||||||||
Preferred Stock, Shares Outstanding | 15,275 | 0 | 15,275 | 0 |
Pro Forma Financial Informati81
Pro Forma Financial Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
pro forma acquisition cost adjustment | $ 0 | $ (8,300,000) | $ (8,100,000) | ||||||||
Revenues | $ 81,652,168 | $ 74,900,199 | $ 70,890,913 | $ 66,561,335 | $ 58,991,853 | $ 53,537,337 | $ 45,853,944 | $ 41,735,781 | 294,004,615 | 200,118,915 | 109,305,512 |
pro forma net income common stockholders | $ (30,380,571) | $ (46,285,092) | $ (66,536,591) | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 37,205,390 | 33,539,920 | 29,893,736 | 26,936,266 | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 | |||
Weighted average number of shares of Common Stock outstanding, basic and diluted | 31,926,472 | 23,969,494 | 22,182,971 | ||||||||
Weighted Average Number of Shares Outstanding, Diluted | 37,205,390 | 33,539,920 | 29,893,736 | 26,936,266 | 25,210,069 | 24,340,791 | 23,325,663 | 22,983,741 | 31,926,472 | 23,969,494 | 22,182,971 |
Pro Forma [Member] | |||||||||||
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |||||||||||
Revenues | $ 294,261,296 | $ 254,479,757 | $ 228,020,379 | ||||||||
Business Acquisition, Pro Forma Net Income (Loss) | 34,431,057 | (5,269,514) | (49,338,846) | ||||||||
pro forma net income company | $ 33,285,488 | $ (5,136,281) | $ (47,765,401) | ||||||||
Business Acquisition, Pro Forma Earnings Per Share, Basic | $ (0.95) | $ (1.93) | $ (3) | ||||||||
Weighted Average Number of Shares Outstanding, Basic | 31,926,472 | 23,969,494 | 22,182,971 |
Fair Values of Financial Inst82
Fair Values of Financial Instruments (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Revolving credit facility | $ 41,800,000 | $ 127,500,000 |
Accrued Investment Income Receivable | 1,500,000 | 1,400,000 |
Carrying value | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real estate loans | 386,795,943 | 332,761,068 |
Notes receivable and line of credit receivable | 40,056,765 | 37,615,675 |
Assets, Fair Value Disclosure | 426,852,708 | 370,376,743 |
Mortgage notes payable | 1,806,900,756 | 1,327,878,112 |
Revolving credit facility | 41,800,000 | 127,500,000 |
Term loan | 11,000,000 | 11,000,000 |
Loan participation obligations | 13,985,978 | 20,761,819 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,873,686,734 | 1,487,139,931 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real estate loans | 432,981,665 | 374,856,749 |
Notes receivable and line of credit receivable | 40,056,765 | 37,615,675 |
Assets, Fair Value Disclosure | 473,038,430 | 412,472,424 |
Mortgage notes payable | 1,806,023,696 | 1,314,966,652 |
Revolving credit facility | 41,800,000 | 127,500,000 |
Term loan | 11,000,000 | 11,000,000 |
Loan participation obligations | 14,308,086 | 21,500,448 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,873,131,782 | 1,474,967,100 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real estate loans | 0 | 0 |
Notes receivable and line of credit receivable | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Mortgage notes payable | 0 | 0 |
Revolving credit facility | 0 | 0 |
Term loan | 0 | 0 |
Loan participation obligations | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real estate loans | 0 | 0 |
Notes receivable and line of credit receivable | 0 | 0 |
Assets, Fair Value Disclosure | 0 | 0 |
Mortgage notes payable | 0 | 0 |
Revolving credit facility | 0 | 0 |
Term loan | 0 | 0 |
Loan participation obligations | 0 | 0 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 0 | 0 |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Real estate loans | 432,981,665 | 374,856,749 |
Notes receivable and line of credit receivable | 40,056,765 | 37,615,675 |
Assets, Fair Value Disclosure | 473,038,430 | 412,472,424 |
Mortgage notes payable | 1,806,023,696 | 1,314,966,652 |
Revolving credit facility | 41,800,000 | 127,500,000 |
Term loan | 11,000,000 | 11,000,000 |
Loan participation obligations | 14,308,086 | 21,500,448 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | $ 1,873,131,782 | $ 1,474,967,100 |
Subsequent Events sub events (D
Subsequent Events sub events (Details) | Feb. 01, 2018$ / shares | Jan. 29, 2018ft²building | Jan. 02, 2018shares | Feb. 15, 2018USD ($)shares | Dec. 31, 2017USD ($)ft²$ / shares | Sep. 30, 2017$ / shares | Jun. 30, 2017$ / shares | Mar. 31, 2017$ / shares | Dec. 31, 2016USD ($)$ / shares | Sep. 30, 2016$ / shares | Jun. 30, 2016$ / shares | Mar. 31, 2016$ / shares | Mar. 31, 2015shares | Dec. 31, 2017USD ($)ft²$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2015USD ($)$ / shares | Dec. 31, 2014shares | Feb. 28, 2018 | Feb. 13, 2018USD ($) | Jan. 16, 2018USD ($) | Jan. 09, 2018 | Dec. 31, 2016ft² | Dec. 31, 2016 | Jan. 02, 2014shares | Jan. 03, 2013shares |
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.25 | $ 0.235 | $ 0.235 | $ 0.22 | $ 0.22 | $ 0.2025 | $ 0.2025 | $ 0.1925 | $ 0.94 | $ 0.8175 | $ 0.7275 | ||||||||||||||
Real Estate Investments, Net | $ | $ 2,949,382,315 | $ 2,194,433,172 | $ 2,949,382,315 | $ 2,194,433,172 | |||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 339,316,285 | $ 438,113,630 | $ 292,684,309 | ||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 26,900 | ||||||||||||||||||||||||
Number of units in real estate property | 3,217 | 9,521 | 3,217 | 2,432 | 8,049 | ||||||||||||||||||||
office space leasable square feet | ft² | 1,400,000 | 1,400,000 | |||||||||||||||||||||||
Unitsissued [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Unitsissuedcumulative | 15,275 | ||||||||||||||||||||||||
Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 227,576 | ||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.25 | ||||||||||||||||||||||||
Subsequent Event [Member] | Unitsissued [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Unitsissuedcumulative | 53,625 | ||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 48,300,000 | ||||||||||||||||||||||||
Series M Preferred Stock [Member] | Subsequent Event [Member] | Unitsissued [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Unitsissuedcumulative | 4,298 | ||||||||||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ | $ 4,200,000 | ||||||||||||||||||||||||
ClassBUnits [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Common Stock, Dividends, Per Share, Declared | $ / shares | $ 0.1925 | ||||||||||||||||||||||||
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, Equity Instruments Other than Options, Nonvested, Number | 2,667,288 | 3,413,793 | |||||||||||||||||||||||
ClassBUnits [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 286,392 | ||||||||||||||||||||||||
two year [Member] | ClassBUnits [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 29,401 | ||||||||||||||||||||||||
three year [Member] | ClassBUnits [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 89,096 | 88,208 | |||||||||||||||||||||||
three year [Member] | ClassBUnits [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 29,415 | ||||||||||||||||||||||||
one year [Member] | ClassBUnits [Member] | |||||||||||||||||||||||||
Subsequent Event [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 | ||||||||||||||||||||||
Luxe Sorrel II [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Number of units in real estate property | 265 | ||||||||||||||||||||||||
Weems Road [Domain] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Number of units in real estate property | 310 | ||||||||||||||||||||||||
North Augusta, South Carolina [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Real Estate Investments, Net | $ | $ 3,500,000 | ||||||||||||||||||||||||
Atlanta, Georgia [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
office space leasable square feet | ft² | 186,779 | ||||||||||||||||||||||||
Number of Buildings Acquired | building | 4 | ||||||||||||||||||||||||
san jose [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Real Estate Investments, Net | $ | $ 137,500,000 | ||||||||||||||||||||||||
Number of units in real estate property | 551 | ||||||||||||||||||||||||
Officer [Member] | ClassBUnits [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | 4,266,409 | ||||||||||||||||||||||||
Officer [Member] | ClassBUnits [Member] | Subsequent Event [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 256,087 | ||||||||||||||||||||||||
Officer [Member] | two year [Member] | ClassBUnits [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 28,033 | ||||||||||||||||||||||||
Officer [Member] | three year [Member] | ClassBUnits [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 28,033 | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||||||||||||||||||||||||
Officer [Member] | one year [Member] | ClassBUnits [Member] | |||||||||||||||||||||||||
Subsequent Event [Line Items] | |||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 200,021 |
Schedule III (Details)
Schedule III (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | |
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | $ 1,812,048,774 | |||
Land | 405,446,034 | |||
Building and Improvements | 2,275,708,885 | |||
Costs Capitalized Subsequent to Acquisition | 54,186,951 | |||
Land | 406,794,429 | |||
Building and Improvements | 2,328,547,441 | |||
Gross Amount at Which Carried at Close of Period | $ 1,965,486,998 | $ 1,007,285,586 | $ 496,475,543 | 2,735,341,870 |
Accumulated Depreciation | (103,814,895) | (53,994,666) | (26,388,066) | (172,755,498) |
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 1,965,486,998 | 1,007,285,586 | 496,475,543 | |
Acquisitions | 855,114,950 | 988,070,717 | 506,207,786 | |
Improvements | 40,097,051 | 7,972,176 | 4,125,290 | |
Construction in Progress | 8,387,887 | 2,102,882 | 542,752 | |
Write-off of assets no longer in service | (7,908,024) | (559,888) | (65,785) | |
Disposal of assets | (125,836,992) | (39,384,475) | 0 | |
Gross Amount at Which Carried at Close of Period | 2,735,341,870 | 1,965,486,998 | 1,007,285,586 | |
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (103,814,895) | (53,994,666) | (26,388,066) | |
SEC Schedule III, Real Estate Accumulated Depreciation, Depreciation Expense | (86,017,561) | (56,340,314) | (27,672,385) | |
Accumulated Depreciation | (172,755,498) | (103,814,895) | (53,994,666) | |
SEC Schedule III, Real Estate Accumulated Depreciation, Other Deductions | 2,184,610 | 559,888 | 65,785 | |
SEC Schedule III, Real Estate Accumulated Depreciation, Real Estate Sold | 14,892,348 | $ 5,960,197 | $ 0 | |
Apartment Building | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 410,280,795 | |||
Land | 167,134,856 | |||
Building and Improvements | 520,183,580 | |||
Costs Capitalized Subsequent to Acquisition | 12,263,329 | |||
Land | 167,184,857 | |||
Building and Improvements | 526,295,821 | |||
Gross Amount at Which Carried at Close of Period | 693,480,678 | 693,480,678 | ||
Accumulated Depreciation | (34,090,821) | (34,090,821) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 693,480,678 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (34,090,821) | |||
Apartment Building | Stone Rise | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 23,939,461 | |||
Land | 6,950,000 | |||
Building and Improvements | 21,456,450 | |||
Costs Capitalized Subsequent to Acquisition | 637,396 | |||
Land | 6,950,000 | |||
Building and Improvements | 22,093,846 | |||
Gross Amount at Which Carried at Close of Period | 29,043,846 | 29,043,846 | ||
Accumulated Depreciation | (6,278,608) | (6,278,608) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 29,043,846 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (6,278,608) | |||
Apartment Building | Summit Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 39,018,600 | |||
Land | 3,450,000 | |||
Building and Improvements | 27,704,648 | |||
Costs Capitalized Subsequent to Acquisition | 1,016,366 | |||
Land | 3,450,000 | |||
Building and Improvements | 28,721,014 | |||
Gross Amount at Which Carried at Close of Period | 32,171,014 | 32,171,014 | ||
Accumulated Depreciation | (8,431,243) | (8,431,243) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 32,171,014 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (8,431,243) | |||
Apartment Building | Summit Crossing II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 13,357,000 | |||
Land | 3,220,000 | |||
Building and Improvements | 15,852,100 | |||
Costs Capitalized Subsequent to Acquisition | 223,143 | |||
Land | 3,220,000 | |||
Building and Improvements | 16,075,243 | |||
Gross Amount at Which Carried at Close of Period | 19,295,243 | 19,295,243 | ||
Accumulated Depreciation | (3,296,322) | (3,296,322) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 19,295,243 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (3,296,322) | |||
Apartment Building | McNeil Ranch | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 13,646,000 | |||
Land | 2,100,000 | |||
Building and Improvements | 17,556,219 | |||
Costs Capitalized Subsequent to Acquisition | 748,817 | |||
Land | 2,100,000 | |||
Building and Improvements | 18,305,036 | |||
Gross Amount at Which Carried at Close of Period | 20,405,036 | 20,405,036 | ||
Accumulated Depreciation | (4,670,098) | (4,670,098) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 20,405,036 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (4,670,098) | |||
Apartment Building | Lake Cameron | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 19,773,000 | |||
Land | 4,000,000 | |||
Building and Improvements | 24,443,573 | |||
Costs Capitalized Subsequent to Acquisition | 990,230 | |||
Land | 4,000,000 | |||
Building and Improvements | 25,433,803 | |||
Gross Amount at Which Carried at Close of Period | 29,433,803 | 29,433,803 | ||
Accumulated Depreciation | (7,339,137) | (7,339,137) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 29,433,803 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (7,339,137) | |||
Apartment Building | Stoneridge Farms | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 26,136,226 | |||
Land | 3,026,393 | |||
Building and Improvements | 38,478,205 | |||
Costs Capitalized Subsequent to Acquisition | 1,239,976 | |||
Land | 3,026,393 | |||
Building and Improvements | 39,718,181 | |||
Gross Amount at Which Carried at Close of Period | 42,744,574 | 42,744,574 | ||
Accumulated Depreciation | (5,491,539) | (5,491,539) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 42,744,574 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (5,491,539) | |||
Apartment Building | Vineyards | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 34,672,349 | |||
Land | 5,455,594 | |||
Building and Improvements | 46,201,367 | |||
Costs Capitalized Subsequent to Acquisition | 804,660 | |||
Land | 5,455,594 | |||
Building and Improvements | 47,006,027 | |||
Gross Amount at Which Carried at Close of Period | 52,461,621 | 52,461,621 | ||
Accumulated Depreciation | (6,069,455) | (6,069,455) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 52,461,621 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (6,069,455) | |||
Apartment Building | Avenues at Cypress | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 21,675,160 | |||
Land | 3,241,595 | |||
Building and Improvements | 30,092,664 | |||
Costs Capitalized Subsequent to Acquisition | 307,582 | |||
Land | 3,241,595 | |||
Building and Improvements | 30,400,246 | |||
Gross Amount at Which Carried at Close of Period | 33,641,841 | 33,641,841 | ||
Accumulated Depreciation | (4,600,702) | (4,600,702) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 33,641,841 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (4,600,702) | |||
Apartment Building | Avenues at Northpointe | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 27,466,988 | |||
Land | 3,920,631 | |||
Building and Improvements | 37,203,283 | |||
Costs Capitalized Subsequent to Acquisition | 422,522 | |||
Land | 3,920,631 | |||
Building and Improvements | 37,625,805 | |||
Gross Amount at Which Carried at Close of Period | 41,546,436 | 41,546,436 | ||
Accumulated Depreciation | (5,497,881) | (5,497,881) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 41,546,436 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (5,497,881) | |||
Apartment Building | Lakewood Ranch | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 29,347,966 | |||
Land | 3,791,050 | |||
Building and Improvements | 42,950,081 | |||
Costs Capitalized Subsequent to Acquisition | 308,408 | |||
Land | 3,791,050 | |||
Building and Improvements | 43,258,489 | |||
Gross Amount at Which Carried at Close of Period | 47,049,539 | 47,049,539 | ||
Accumulated Depreciation | (4,976,438) | (4,976,438) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 47,049,539 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (4,976,438) | |||
Apartment Building | Aster at Lely Resort | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 32,470,974 | |||
Land | 7,675,409 | |||
Building and Improvements | 43,794,285 | |||
Costs Capitalized Subsequent to Acquisition | 349,188 | |||
Land | 7,675,409 | |||
Building and Improvements | 44,143,473 | |||
Gross Amount at Which Carried at Close of Period | 51,818,882 | 51,818,882 | ||
Accumulated Depreciation | (5,206,727) | (5,206,727) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 51,818,882 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (5,206,727) | |||
Apartment Building | Adara Overland Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 31,759,882 | |||
Land | 2,854,466 | |||
Building and Improvements | 42,029,547 | |||
Costs Capitalized Subsequent to Acquisition | 53,449 | |||
Land | 2,854,466 | |||
Building and Improvements | 42,082,996 | |||
Gross Amount at Which Carried at Close of Period | 44,937,462 | 44,937,462 | ||
Accumulated Depreciation | (874,771) | (874,771) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 44,937,462 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (874,771) | |||
Apartment Building | CityPark View | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 21,037,805 | |||
Land | 3,558,793 | |||
Building and Improvements | 28,359,912 | |||
Costs Capitalized Subsequent to Acquisition | 154,088 | |||
Land | 3,558,793 | |||
Building and Improvements | 28,514,000 | |||
Gross Amount at Which Carried at Close of Period | 32,072,793 | 32,072,793 | ||
Accumulated Depreciation | (3,770,449) | (3,770,449) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 32,072,793 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (3,770,449) | |||
Apartment Building | Avenues at Creekside | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 40,523,358 | |||
Land | 5,983,724 | |||
Building and Improvements | 48,989,119 | |||
Costs Capitalized Subsequent to Acquisition | 734,421 | |||
Land | 5,983,724 | |||
Building and Improvements | 49,723,540 | |||
Gross Amount at Which Carried at Close of Period | 55,707,264 | 55,707,264 | ||
Accumulated Depreciation | (5,739,549) | (5,739,549) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 55,707,264 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (5,739,549) | |||
Apartment Building | Citi Lakes | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 42,396,307 | |||
Land | 5,558,033 | |||
Building and Improvements | 56,827,859 | |||
Costs Capitalized Subsequent to Acquisition | 539,307 | |||
Land | 5,558,033 | |||
Building and Improvements | 57,367,166 | |||
Gross Amount at Which Carried at Close of Period | 62,925,199 | 62,925,199 | ||
Accumulated Depreciation | (5,900,961) | (5,900,961) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 62,925,199 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (5,900,961) | |||
Apartment Building | Stone Creek (2) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 20,466,519 | |||
Land | 2,210,630 | |||
Building and Improvements | 22,915,674 | |||
Costs Capitalized Subsequent to Acquisition | (6,127,149) | |||
Land | 2,210,630 | |||
Building and Improvements | 16,788,525 | |||
Gross Amount at Which Carried at Close of Period | 18,999,155 | 18,999,155 | ||
Accumulated Depreciation | (1,768,492) | (1,768,492) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 18,999,155 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,768,492) | |||
Apartment Building | Regent at Lenox | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 0 | |||
Land | 301,455 | |||
Building and Improvements | 3,492,892 | |||
Costs Capitalized Subsequent to Acquisition | 25,877 | |||
Land | 301,455 | |||
Building and Improvements | 3,518,769 | |||
Gross Amount at Which Carried at Close of Period | 3,820,224 | 3,820,224 | ||
Accumulated Depreciation | (337,314) | (337,314) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 3,820,224 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (337,314) | |||
Apartment Building | Retreat at Lenox | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 17,802,373 | |||
Land | 2,964,533 | |||
Building and Improvements | 24,210,605 | |||
Costs Capitalized Subsequent to Acquisition | 159,629 | |||
Land | 2,964,532 | |||
Building and Improvements | 24,370,235 | |||
Gross Amount at Which Carried at Close of Period | 27,334,767 | 27,334,767 | ||
Accumulated Depreciation | (2,248,793) | (2,248,793) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 27,334,767 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (2,248,793) | |||
Apartment Building | Lenox Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 30,009,461 | |||
Land | 4,611,835 | |||
Building and Improvements | 39,911,439 | |||
Costs Capitalized Subsequent to Acquisition | 840,025 | |||
Land | 4,611,835 | |||
Building and Improvements | 40,751,464 | |||
Gross Amount at Which Carried at Close of Period | 45,363,299 | 45,363,299 | ||
Accumulated Depreciation | (3,961,932) | (3,961,932) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 45,363,299 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (3,961,932) | |||
Apartment Building | Baldwin Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 77,800,000 | |||
Land | 17,402,882 | |||
Building and Improvements | 90,464,346 | |||
Costs Capitalized Subsequent to Acquisition | 3,966,356 | |||
Land | 17,402,882 | |||
Building and Improvements | 94,430,702 | |||
Gross Amount at Which Carried at Close of Period | 111,833,584 | 111,833,584 | ||
Accumulated Depreciation | (7,171,205) | (7,171,205) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 111,833,584 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (7,171,205) | |||
Apartment Building | Crosstown Walk | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 31,485,601 | |||
Land | 5,178,375 | |||
Building and Improvements | 39,332,414 | |||
Costs Capitalized Subsequent to Acquisition | 191,368 | |||
Land | 5,178,375 | |||
Building and Improvements | 39,523,782 | |||
Gross Amount at Which Carried at Close of Period | 44,702,157 | 44,702,157 | ||
Accumulated Depreciation | (3,665,403) | (3,665,403) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 44,702,157 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (3,665,403) | |||
Apartment Building | Overton Rise | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 39,981,145 | |||
Land | 8,511,370 | |||
Building and Improvements | 50,996,139 | |||
Costs Capitalized Subsequent to Acquisition | 175,182 | |||
Land | 8,511,370 | |||
Building and Improvements | 51,171,321 | |||
Gross Amount at Which Carried at Close of Period | 59,682,691 | 59,682,691 | ||
Accumulated Depreciation | (3,597,171) | (3,597,171) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 59,682,691 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (3,597,171) | |||
Apartment Building | 525 Avalon Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 66,912,118 | |||
Land | 7,410,048 | |||
Building and Improvements | 82,348,892 | |||
Costs Capitalized Subsequent to Acquisition | 2,287,649 | |||
Land | 7,410,048 | |||
Building and Improvements | 84,636,541 | |||
Gross Amount at Which Carried at Close of Period | 92,046,589 | 92,046,589 | ||
Accumulated Depreciation | (6,493,553) | (6,493,553) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 92,046,589 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (6,493,553) | |||
Apartment Building | City Vista | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 35,073,438 | |||
Land | 4,081,682 | |||
Building and Improvements | 41,486,235 | |||
Costs Capitalized Subsequent to Acquisition | 164,655 | |||
Land | 4,081,683 | |||
Building and Improvements | 41,650,889 | |||
Gross Amount at Which Carried at Close of Period | 45,732,572 | 45,732,572 | ||
Accumulated Depreciation | (2,975,230) | (2,975,230) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 45,732,572 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (2,975,230) | |||
Apartment Building | Sorrel | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 32,800,838 | |||
Land | 4,412,164 | |||
Building and Improvements | 42,217,297 | |||
Costs Capitalized Subsequent to Acquisition | 529,985 | |||
Land | 4,412,164 | |||
Building and Improvements | 42,747,282 | |||
Gross Amount at Which Carried at Close of Period | 47,159,446 | 47,159,446 | ||
Accumulated Depreciation | (2,829,636) | (2,829,636) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 47,159,446 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (2,829,636) | |||
Apartment Building | Retreat at Greystone | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 35,210,000 | |||
Land | 4,077,262 | |||
Building and Improvements | 44,461,579 | |||
Costs Capitalized Subsequent to Acquisition | 381,820 | |||
Land | 4,077,262 | |||
Building and Improvements | 44,843,399 | |||
Gross Amount at Which Carried at Close of Period | 48,920,661 | 48,920,661 | ||
Accumulated Depreciation | (2,134,261) | (2,134,261) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 48,920,661 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (2,134,261) | |||
Apartment Building | Broadstone at Citrus Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 29,969,646 | |||
Land | 4,809,113 | |||
Building and Improvements | 40,480,628 | |||
Costs Capitalized Subsequent to Acquisition | 386,892 | |||
Land | 4,809,113 | |||
Building and Improvements | 40,867,520 | |||
Gross Amount at Which Carried at Close of Period | 45,676,633 | 45,676,633 | ||
Accumulated Depreciation | (1,654,628) | (1,654,628) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 45,676,633 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,654,628) | |||
Apartment Building | Founders Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 31,271,292 | |||
Land | 5,314,862 | |||
Building and Improvements | 38,761,108 | |||
Costs Capitalized Subsequent to Acquisition | 362,588 | |||
Land | 5,314,863 | |||
Building and Improvements | 39,123,695 | |||
Gross Amount at Which Carried at Close of Period | 44,438,558 | 44,438,558 | ||
Accumulated Depreciation | (1,468,561) | (1,468,561) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 44,438,558 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,468,561) | |||
Apartment Building | Claiborne Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 26,800,760 | |||
Land | 2,147,217 | |||
Building and Improvements | 37,578,903 | |||
Costs Capitalized Subsequent to Acquisition | 481,616 | |||
Land | 2,147,217 | |||
Building and Improvements | 38,060,519 | |||
Gross Amount at Which Carried at Close of Period | 40,207,736 | 40,207,736 | ||
Accumulated Depreciation | (2,492,466) | (2,492,466) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 40,207,736 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (2,492,466) | |||
Apartment Building | Luxe at Lakewood Ranch | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 39,065,729 | |||
Land | 4,851,844 | |||
Building and Improvements | 51,032,728 | |||
Costs Capitalized Subsequent to Acquisition | 54,609 | |||
Land | 4,851,844 | |||
Building and Improvements | 51,087,337 | |||
Gross Amount at Which Carried at Close of Period | 55,939,181 | 55,939,181 | ||
Accumulated Depreciation | (1,103,177) | (1,103,177) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 55,939,181 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,103,177) | |||
Apartment Building | Colony at Centerpointe | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 33,346,281 | |||
Land | 7,258,947 | |||
Building and Improvements | 38,223,320 | |||
Costs Capitalized Subsequent to Acquisition | (173,871) | |||
Land | 7,258,947 | |||
Building and Improvements | 38,049,449 | |||
Gross Amount at Which Carried at Close of Period | 45,308,396 | 45,308,396 | ||
Accumulated Depreciation | (92,266) | (92,266) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 45,308,396 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (92,266) | |||
Apartment Building | University Palms | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 13,161,942 | |||
Land | 4,853,588 | |||
Building and Improvements | 16,706,243 | |||
Costs Capitalized Subsequent to Acquisition | 106,874 | |||
Land | 4,853,588 | |||
Building and Improvements | 16,813,117 | |||
Gross Amount at Which Carried at Close of Period | 21,666,705 | 21,666,705 | ||
Accumulated Depreciation | (852,133) | (852,133) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 21,666,705 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (852,133) | |||
Apartment Building | Thompson Bridge Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 12,290,931 | |||
Land | 1,478,326 | |||
Building and Improvements | 16,047,116 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,478,326 | |||
Building and Improvements | 16,047,116 | |||
Gross Amount at Which Carried at Close of Period | 17,525,442 | 17,525,442 | ||
Accumulated Depreciation | (719,460) | (719,460) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 17,525,442 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (719,460) | |||
Apartment Building | Shoppes of Parkland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 16,241,281 | |||
Land | 10,779,274 | |||
Building and Improvements | 16,543,059 | |||
Costs Capitalized Subsequent to Acquisition | 50,281 | |||
Land | 10,779,275 | |||
Building and Improvements | 16,593,340 | |||
Gross Amount at Which Carried at Close of Period | 27,372,615 | 27,372,615 | ||
Accumulated Depreciation | (1,165,993) | (1,165,993) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 27,372,615 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,165,993) | |||
Apartment Building | Sandy Plains Exchange | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 9,194,003 | |||
Land | 4,787,902 | |||
Building and Improvements | 9,309,429 | |||
Costs Capitalized Subsequent to Acquisition | 3,135 | |||
Land | 4,787,902 | |||
Building and Improvements | 9,312,564 | |||
Gross Amount at Which Carried at Close of Period | 14,100,466 | 14,100,466 | ||
Accumulated Depreciation | (572,251) | (572,251) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 14,100,466 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (572,251) | |||
Apartment Building | Aldridge at Town Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 37,847,218 | |||
Land | 7,122,413 | |||
Building and Improvements | 45,418,287 | |||
Costs Capitalized Subsequent to Acquisition | 11,696 | |||
Land | 7,122,413 | |||
Building and Improvements | 45,429,983 | |||
Gross Amount at Which Carried at Close of Period | 52,552,396 | 52,552,396 | ||
Accumulated Depreciation | (872,017) | (872,017) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 52,552,396 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (872,017) | |||
Apartment Building | The Reserve at Summit Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 20,016,609 | |||
Land | 4,374,721 | |||
Building and Improvements | 25,939,129 | |||
Costs Capitalized Subsequent to Acquisition | 14,587 | |||
Land | 4,374,721 | |||
Building and Improvements | 25,953,716 | |||
Gross Amount at Which Carried at Close of Period | 30,328,437 | 30,328,437 | ||
Accumulated Depreciation | (431,079) | (431,079) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 30,328,437 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (431,079) | |||
Apartment Building | Overlook at Crosstown Walk | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 22,231,000 | |||
Land | 3,309,032 | |||
Building and Improvements | 28,014,001 | |||
Costs Capitalized Subsequent to Acquisition | 262 | |||
Land | 3,309,032 | |||
Building and Improvements | 28,014,263 | |||
Gross Amount at Which Carried at Close of Period | 31,323,295 | 31,323,295 | ||
Accumulated Depreciation | (194,404) | (194,404) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 31,323,295 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (194,404) | |||
Apartment Building | Woodstock Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 2,989,460 | |||
Land | 1,750,576 | |||
Building and Improvements | 3,800,101 | |||
Costs Capitalized Subsequent to Acquisition | 538,264 | |||
Land | 1,750,576 | |||
Building and Improvements | 4,338,365 | |||
Gross Amount at Which Carried at Close of Period | 6,088,941 | 6,088,941 | ||
Accumulated Depreciation | (738,314) | (738,314) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 6,088,941 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (738,314) | |||
Apartment Building | Parkway Town Centre | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 6,887,303 | |||
Land | 3,053,816 | |||
Building and Improvements | 6,694,333 | |||
Costs Capitalized Subsequent to Acquisition | 537,621 | |||
Land | 3,053,816 | |||
Building and Improvements | 7,231,954 | |||
Gross Amount at Which Carried at Close of Period | 10,285,770 | 10,285,770 | ||
Accumulated Depreciation | (897,388) | (897,388) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 10,285,770 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (897,388) | |||
Apartment Building | Spring Hill Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 9,470,041 | |||
Land | 4,375,940 | |||
Building and Improvements | 8,104,053 | |||
Costs Capitalized Subsequent to Acquisition | 54,473 | |||
Land | 4,375,940 | |||
Building and Improvements | 8,158,526 | |||
Gross Amount at Which Carried at Close of Period | 12,534,466 | 12,534,466 | ||
Accumulated Depreciation | (1,145,699) | (1,145,699) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 12,534,466 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,145,699) | |||
Apartment Building | Barclay Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 6,375,945 | |||
Land | 2,855,845 | |||
Building and Improvements | 7,571,732 | |||
Costs Capitalized Subsequent to Acquisition | 239,784 | |||
Land | 2,855,845 | |||
Building and Improvements | 7,811,516 | |||
Gross Amount at Which Carried at Close of Period | 10,667,361 | 10,667,361 | ||
Accumulated Depreciation | (987,703) | (987,703) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 10,667,361 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (987,703) | |||
Apartment Building | Deltona Landings | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 6,777,948 | |||
Land | 2,255,891 | |||
Building and Improvements | 8,344,124 | |||
Costs Capitalized Subsequent to Acquisition | (32,668) | |||
Land | 2,255,891 | |||
Building and Improvements | 8,311,456 | |||
Gross Amount at Which Carried at Close of Period | 10,567,347 | 10,567,347 | ||
Accumulated Depreciation | (1,078,625) | (1,078,625) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 10,567,347 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,078,625) | |||
Apartment Building | Kingwood Glen | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 11,340,208 | |||
Land | 5,021,327 | |||
Building and Improvements | 12,929,578 | |||
Costs Capitalized Subsequent to Acquisition | 444,698 | |||
Land | 5,021,327 | |||
Building and Improvements | 13,374,276 | |||
Gross Amount at Which Carried at Close of Period | 18,395,603 | 18,395,603 | ||
Accumulated Depreciation | (1,728,575) | (1,728,575) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 18,395,603 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,728,575) | |||
Apartment Building | Parkway Centre | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 4,440,724 | |||
Land | 2,070,712 | |||
Building and Improvements | 4,515,541 | |||
Costs Capitalized Subsequent to Acquisition | 33,427 | |||
Land | 2,070,712 | |||
Building and Improvements | 4,548,968 | |||
Gross Amount at Which Carried at Close of Period | 6,619,680 | 6,619,680 | ||
Accumulated Depreciation | (636,931) | (636,931) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 6,619,680 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (636,931) | |||
Apartment Building | Powder Springs | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 7,151,903 | |||
Land | 1,832,455 | |||
Building and Improvements | 8,245,595 | |||
Costs Capitalized Subsequent to Acquisition | 23,216 | |||
Land | 1,832,455 | |||
Building and Improvements | 8,268,811 | |||
Gross Amount at Which Carried at Close of Period | 10,101,266 | 10,101,266 | ||
Accumulated Depreciation | (1,109,600) | (1,109,600) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 10,101,266 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,109,600) | |||
Apartment Building | Sweetgrass Corner | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 7,730,666 | |||
Land | 3,075,699 | |||
Building and Improvements | 12,670,136 | |||
Costs Capitalized Subsequent to Acquisition | 99,813 | |||
Land | 3,075,699 | |||
Building and Improvements | 12,769,949 | |||
Gross Amount at Which Carried at Close of Period | 15,845,648 | 15,845,648 | ||
Accumulated Depreciation | (1,585,868) | (1,585,868) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 15,845,648 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,585,868) | |||
Apartment Building | Salem Cove | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 9,423,125 | |||
Land | 2,427,095 | |||
Building and Improvements | 10,272,370 | |||
Costs Capitalized Subsequent to Acquisition | 64,840 | |||
Land | 2,427,095 | |||
Building and Improvements | 10,337,210 | |||
Gross Amount at Which Carried at Close of Period | 12,764,305 | 12,764,305 | ||
Accumulated Depreciation | (1,100,433) | (1,100,433) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 12,764,305 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,100,433) | |||
Apartment Building | Independence Square | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 11,967,246 | |||
Land | 4,114,574 | |||
Building and Improvements | 13,690,410 | |||
Costs Capitalized Subsequent to Acquisition | 1,144,098 | |||
Land | 4,114,574 | |||
Building and Improvements | 14,834,508 | |||
Gross Amount at Which Carried at Close of Period | 18,949,082 | 18,949,082 | ||
Accumulated Depreciation | (1,645,146) | (1,645,146) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 18,949,082 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,645,146) | |||
Apartment Building | Royal Lakes Marketplace | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 9,690,137 | |||
Land | 4,874,078 | |||
Building and Improvements | 10,438,594 | |||
Costs Capitalized Subsequent to Acquisition | 155,860 | |||
Land | 4,924,078 | |||
Building and Improvements | 10,544,454 | |||
Gross Amount at Which Carried at Close of Period | 15,468,532 | 15,468,532 | ||
Accumulated Depreciation | (1,067,398) | (1,067,398) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 15,468,532 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,067,398) | |||
Apartment Building | Summit Point | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 12,208,422 | |||
Land | 7,063,874 | |||
Building and Improvements | 11,429,954 | |||
Costs Capitalized Subsequent to Acquisition | 143,703 | |||
Land | 7,063,874 | |||
Building and Improvements | 11,573,657 | |||
Gross Amount at Which Carried at Close of Period | 18,637,531 | 18,637,531 | ||
Accumulated Depreciation | (1,170,693) | (1,170,693) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 18,637,531 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,170,693) | |||
Apartment Building | The Overlook at Hamilton Place | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 20,300,862 | |||
Land | 6,786,593 | |||
Building and Improvements | 25,244,208 | |||
Costs Capitalized Subsequent to Acquisition | 406,207 | |||
Land | 6,786,593 | |||
Building and Improvements | 25,650,415 | |||
Gross Amount at Which Carried at Close of Period | 32,437,008 | 32,437,008 | ||
Accumulated Depreciation | (2,233,115) | (2,233,115) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 32,437,008 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (2,233,115) | |||
Apartment Building | Wade Green Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 7,968,657 | |||
Land | 1,840,284 | |||
Building and Improvements | 8,410,397 | |||
Costs Capitalized Subsequent to Acquisition | 326,406 | |||
Land | 1,840,284 | |||
Building and Improvements | 8,736,803 | |||
Gross Amount at Which Carried at Close of Period | 10,577,087 | 10,577,087 | ||
Accumulated Depreciation | (793,628) | (793,628) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 10,577,087 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (793,628) | |||
Apartment Building | Anderson Central | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 0 | |||
Land | 5,059,370 | |||
Building and Improvements | 13,278,266 | |||
Costs Capitalized Subsequent to Acquisition | 17,060 | |||
Land | 5,059,370 | |||
Building and Improvements | 13,295,326 | |||
Gross Amount at Which Carried at Close of Period | 18,354,696 | 18,354,696 | ||
Accumulated Depreciation | (1,279,244) | (1,279,244) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 18,354,696 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,279,244) | |||
Apartment Building | East Gate Shopping Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 5,578,194 | |||
Land | 1,653,219 | |||
Building and Improvements | 7,390,858 | |||
Costs Capitalized Subsequent to Acquisition | 25,890 | |||
Land | 1,653,219 | |||
Building and Improvements | 7,416,748 | |||
Gross Amount at Which Carried at Close of Period | 9,069,967 | 9,069,967 | ||
Accumulated Depreciation | (543,982) | (543,982) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 9,069,967 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (543,982) | |||
Apartment Building | Fairview Market | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 0 | |||
Land | 1,352,712 | |||
Building and Improvements | 5,178,954 | |||
Costs Capitalized Subsequent to Acquisition | 49,788 | |||
Land | 1,352,712 | |||
Building and Improvements | 5,228,742 | |||
Gross Amount at Which Carried at Close of Period | 6,581,454 | 6,581,454 | ||
Accumulated Depreciation | (421,253) | (421,253) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 6,581,454 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (421,253) | |||
Apartment Building | Fury's Ferry | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 6,443,776 | |||
Land | 2,083,772 | |||
Building and Improvements | 8,106,864 | |||
Costs Capitalized Subsequent to Acquisition | 138,511 | |||
Land | 2,083,772 | |||
Building and Improvements | 8,245,375 | |||
Gross Amount at Which Carried at Close of Period | 10,329,147 | 10,329,147 | ||
Accumulated Depreciation | (546,050) | (546,050) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 10,329,147 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (546,050) | |||
Apartment Building | Rosewood Shopping Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 4,327,909 | |||
Land | 1,671,035 | |||
Building and Improvements | 5,347,314 | |||
Costs Capitalized Subsequent to Acquisition | 96,260 | |||
Land | 1,671,035 | |||
Building and Improvements | 5,443,574 | |||
Gross Amount at Which Carried at Close of Period | 7,114,609 | 7,114,609 | ||
Accumulated Depreciation | (311,635) | (311,635) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 7,114,609 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (311,635) | |||
Apartment Building | Southgate Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 7,694,061 | |||
Land | 2,261,539 | |||
Building and Improvements | 10,290,005 | |||
Costs Capitalized Subsequent to Acquisition | 36,088 | |||
Land | 2,261,539 | |||
Building and Improvements | 10,326,092 | |||
Gross Amount at Which Carried at Close of Period | 12,587,631 | 12,587,631 | ||
Accumulated Depreciation | (678,111) | (678,111) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 12,587,631 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (678,111) | |||
Apartment Building | The Market at Victory Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 9,213,785 | |||
Land | 2,271,224 | |||
Building and Improvements | 12,275,195 | |||
Costs Capitalized Subsequent to Acquisition | 74,211 | |||
Land | 2,271,224 | |||
Building and Improvements | 12,349,406 | |||
Gross Amount at Which Carried at Close of Period | 14,620,630 | 14,620,630 | ||
Accumulated Depreciation | (746,666) | (746,666) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 14,620,630 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (746,666) | |||
Apartment Building | Lakeland Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 29,022,665 | |||
Land | 7,079,408 | |||
Building and Improvements | 33,087,301 | |||
Costs Capitalized Subsequent to Acquisition | 33,171 | |||
Land | 7,079,408 | |||
Building and Improvements | 33,120,472 | |||
Gross Amount at Which Carried at Close of Period | 40,199,880 | 40,199,880 | ||
Accumulated Depreciation | (2,019,327) | (2,019,327) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 40,199,880 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (2,019,327) | |||
Apartment Building | Cherokee Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 25,322,400 | |||
Land | 8,392,128 | |||
Building and Improvements | 32,249,367 | |||
Costs Capitalized Subsequent to Acquisition | 26,504 | |||
Land | 8,392,128 | |||
Building and Improvements | 32,275,871 | |||
Gross Amount at Which Carried at Close of Period | 40,667,999 | 40,667,999 | ||
Accumulated Depreciation | (1,377,701) | (1,377,701) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 40,667,999 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,377,701) | |||
Apartment Building | Heritage Station | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 9,097,224 | |||
Land | 1,683,830 | |||
Building and Improvements | 9,882,860 | |||
Costs Capitalized Subsequent to Acquisition | 92,802 | |||
Land | 1,683,830 | |||
Building and Improvements | 9,975,662 | |||
Gross Amount at Which Carried at Close of Period | 11,659,492 | 11,659,492 | ||
Accumulated Depreciation | (481,587) | (481,587) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 11,659,492 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (481,587) | |||
Apartment Building | Oak Park Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 9,387,561 | |||
Land | 5,744,764 | |||
Building and Improvements | 10,779,268 | |||
Costs Capitalized Subsequent to Acquisition | 117,158 | |||
Land | 5,744,764 | |||
Building and Improvements | 10,896,426 | |||
Gross Amount at Which Carried at Close of Period | 16,641,190 | 16,641,190 | ||
Accumulated Depreciation | (581,361) | (581,361) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 16,641,190 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (581,361) | |||
Apartment Building | Champions Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 27,400,000 | |||
Land | 12,812,546 | |||
Building and Improvements | 33,399,405 | |||
Costs Capitalized Subsequent to Acquisition | 893,121 | |||
Land | 12,812,546 | |||
Building and Improvements | 34,292,526 | |||
Gross Amount at Which Carried at Close of Period | 47,105,072 | 47,105,072 | ||
Accumulated Depreciation | (2,209,303) | (2,209,303) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 47,105,072 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (2,209,303) | |||
Apartment Building | Castleberry - Southard | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 11,382,642 | |||
Land | 3,023,731 | |||
Building and Improvements | 14,141,616 | |||
Costs Capitalized Subsequent to Acquisition | 49,418 | |||
Land | 3,023,731 | |||
Building and Improvements | 14,191,034 | |||
Gross Amount at Which Carried at Close of Period | 17,214,765 | 17,214,765 | ||
Accumulated Depreciation | (366,153) | (366,153) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 17,214,765 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (366,153) | |||
Apartment Building | Rockbridge Vilage | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 14,141,635 | |||
Land | 3,141,325 | |||
Building and Improvements | 15,944,431 | |||
Costs Capitalized Subsequent to Acquisition | 17,978 | |||
Land | 3,141,325 | |||
Building and Improvements | 15,962,409 | |||
Gross Amount at Which Carried at Close of Period | 19,103,734 | 19,103,734 | ||
Accumulated Depreciation | (268,549) | (268,549) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 19,103,734 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (268,549) | |||
Apartment Building | Irmo Station | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 10,566,008 | |||
Land | 3,602,466 | |||
Building and Improvements | 11,859,391 | |||
Costs Capitalized Subsequent to Acquisition | 15,750 | |||
Land | 3,602,466 | |||
Building and Improvements | 11,875,141 | |||
Gross Amount at Which Carried at Close of Period | 15,477,607 | 15,477,607 | ||
Accumulated Depreciation | (249,893) | (249,893) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 15,477,607 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (249,893) | |||
Apartment Building | Maynard Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 18,387,585 | |||
Land | 6,303,787 | |||
Building and Improvements | 22,565,692 | |||
Costs Capitalized Subsequent to Acquisition | 17,500 | |||
Land | 6,303,787 | |||
Building and Improvements | 22,583,192 | |||
Gross Amount at Which Carried at Close of Period | 28,886,979 | 28,886,979 | ||
Accumulated Depreciation | (407,843) | (407,843) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 28,886,979 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (407,843) | |||
Apartment Building | Woodmont Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 8,741,420 | |||
Land | 2,712,907 | |||
Building and Improvements | 10,030,146 | |||
Costs Capitalized Subsequent to Acquisition | 121,000 | |||
Land | 2,712,907 | |||
Building and Improvements | 10,151,146 | |||
Gross Amount at Which Carried at Close of Period | 12,864,053 | 12,864,053 | ||
Accumulated Depreciation | (136,760) | (136,760) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 12,864,053 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (136,760) | |||
Apartment Building | West Town Market | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 8,963,126 | |||
Land | 1,936,572 | |||
Building and Improvements | 12,298,380 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 1,936,572 | |||
Building and Improvements | 12,298,380 | |||
Gross Amount at Which Carried at Close of Period | 14,234,952 | 14,234,952 | ||
Accumulated Depreciation | (131,950) | (131,950) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 14,234,952 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (131,950) | |||
Apartment Building | Roswell Wieuca | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 0 | |||
Land | 12,006,475 | |||
Building and Improvements | 18,484,540 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 12,006,475 | |||
Building and Improvements | 18,484,540 | |||
Gross Amount at Which Carried at Close of Period | 30,491,015 | 30,491,015 | ||
Accumulated Depreciation | (72,139) | (72,139) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 30,491,015 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (72,139) | |||
Apartment Building | Crossroads Market | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 19,000,000 | |||
Land | 7,044,197 | |||
Building and Improvements | 22,626,754 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 7,044,197 | |||
Building and Improvements | 22,626,754 | |||
Gross Amount at Which Carried at Close of Period | 29,670,951 | 29,670,951 | ||
Accumulated Depreciation | (32,361) | (32,361) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 29,670,951 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (32,361) | |||
Office Building [Member] | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 207,875,179 | |||
Land | 42,463,842 | |||
Building and Improvements | 256,691,041 | |||
Costs Capitalized Subsequent to Acquisition | 34,325,110 | |||
Land | 43,762,235 | |||
Building and Improvements | 289,717,758 | |||
Gross Amount at Which Carried at Close of Period | 333,479,993 | 333,479,993 | ||
Accumulated Depreciation | (9,444,273) | (9,444,273) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 333,479,993 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (9,444,273) | |||
Office Building [Member] | Brookwood Office | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 32,219,375 | |||
Land | 1,744,828 | |||
Building and Improvements | 42,661,200 | |||
Costs Capitalized Subsequent to Acquisition | 189,008 | |||
Land | 1,744,828 | |||
Building and Improvements | 42,850,208 | |||
Gross Amount at Which Carried at Close of Period | 44,595,036 | 44,595,036 | ||
Accumulated Depreciation | (1,711,362) | (1,711,362) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 44,595,036 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (1,711,362) | |||
Office Building [Member] | Galleria 75 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 5,715,804 | |||
Land | 15,156,267 | |||
Building and Improvements | 1,511,667 | |||
Costs Capitalized Subsequent to Acquisition | 210,943 | |||
Land | 15,156,267 | |||
Building and Improvements | 1,722,610 | |||
Gross Amount at Which Carried at Close of Period | 16,878,877 | 16,878,877 | ||
Accumulated Depreciation | (253,990) | (253,990) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 16,878,877 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (253,990) | |||
Office Building [Member] | Three Ravinia | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 115,500,000 | |||
Land | 9,784,645 | |||
Building and Improvements | 154,022,551 | |||
Costs Capitalized Subsequent to Acquisition | 33,923,585 | |||
Land | 11,083,038 | |||
Building and Improvements | 186,647,743 | |||
Gross Amount at Which Carried at Close of Period | 197,730,781 | 197,730,781 | ||
Accumulated Depreciation | (7,169,853) | (7,169,853) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 197,730,781 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (7,169,853) | |||
Office Building [Member] | Westridge at La Cantera | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 54,440,000 | |||
Land | 15,778,102 | |||
Building and Improvements | 58,495,623 | |||
Costs Capitalized Subsequent to Acquisition | 1,574 | |||
Land | 15,778,102 | |||
Building and Improvements | 58,497,197 | |||
Gross Amount at Which Carried at Close of Period | 74,275,299 | 74,275,299 | ||
Accumulated Depreciation | (309,068) | (309,068) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 74,275,299 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (309,068) | |||
Student Housing Communities | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 148,581,696 | |||
Land | 30,711,263 | |||
Building and Improvements | 189,609,336 | |||
Costs Capitalized Subsequent to Acquisition | 1,436,270 | |||
Land | 30,711,263 | |||
Building and Improvements | 191,045,606 | |||
Gross Amount at Which Carried at Close of Period | 221,756,869 | 221,756,869 | ||
Accumulated Depreciation | (5,584,936) | (5,584,936) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 221,756,869 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (5,584,936) | |||
Student Housing Communities | North by Northwest | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 32,766,863 | |||
Land | 8,281,054 | |||
Building and Improvements | 36,979,837 | |||
Costs Capitalized Subsequent to Acquisition | 940,336 | |||
Land | 8,281,054 | |||
Building and Improvements | 37,920,173 | |||
Gross Amount at Which Carried at Close of Period | 46,201,227 | 46,201,227 | ||
Accumulated Depreciation | (2,773,690) | (2,773,690) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 46,201,227 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (2,773,690) | |||
Student Housing Communities | SoL | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 37,485,000 | |||
Land | 7,440,934 | |||
Building and Improvements | 43,830,159 | |||
Costs Capitalized Subsequent to Acquisition | 490,155 | |||
Land | 7,440,934 | |||
Building and Improvements | 44,320,314 | |||
Gross Amount at Which Carried at Close of Period | 51,761,248 | 51,761,248 | ||
Accumulated Depreciation | (2,097,233) | (2,097,233) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 51,761,248 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (2,097,233) | |||
Student Housing Communities | Stadium Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 46,929,833 | |||
Land | 7,929,540 | |||
Building and Improvements | 60,793,140 | |||
Costs Capitalized Subsequent to Acquisition | 5,779 | |||
Land | 7,929,540 | |||
Building and Improvements | 60,798,919 | |||
Gross Amount at Which Carried at Close of Period | 68,728,459 | 68,728,459 | ||
Accumulated Depreciation | (615,328) | (615,328) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 68,728,459 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | (615,328) | |||
Student Housing Communities | Ursa | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Related Encum-brances | 31,400,000 | |||
Land | 7,059,735 | |||
Building and Improvements | 48,006,200 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Land | 7,059,735 | |||
Building and Improvements | 48,006,200 | |||
Gross Amount at Which Carried at Close of Period | 55,065,935 | 55,065,935 | ||
Accumulated Depreciation | (98,685) | $ (98,685) | ||
SEC Schedule III, Reconciliation of Carrying Amount of Real Estate Investments [Roll Forward] | ||||
Gross Amount at Which Carried at Close of Period | 55,065,935 | |||
SEC Schedule III, Reconciliation of Real Estate Accumulated Depreciation [Roll Forward] | ||||
Accumulated Depreciation | $ (98,685) | |||
Minimum [Member] | Apartment Building | Stone Rise | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Summit Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Summit Crossing II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | McNeil Ranch | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Lake Cameron | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Minimum [Member] | Apartment Building | Stoneridge Farms | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Vineyards | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Avenues at Cypress | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Avenues at Northpointe | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Lakewood Ranch | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Aster at Lely Resort | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Adara Overland Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Minimum [Member] | Apartment Building | CityPark View | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Avenues at Creekside | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Citi Lakes | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Stone Creek (2) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Regent at Lenox | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Retreat at Lenox | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Lenox Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Baldwin Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Crosstown Walk | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Overton Rise | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | 525 Avalon Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | City Vista | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Sorrel | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Retreat at Greystone | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Minimum [Member] | Apartment Building | Broadstone at Citrus Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Minimum [Member] | Apartment Building | Founders Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Minimum [Member] | Apartment Building | Claiborne Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Minimum [Member] | Apartment Building | Luxe at Lakewood Ranch | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Minimum [Member] | Apartment Building | Colony at Centerpointe | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Minimum [Member] | Apartment Building | University Palms | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Thompson Bridge Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Shoppes of Parkland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Sandy Plains Exchange | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Aldridge at Town Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Minimum [Member] | Apartment Building | The Reserve at Summit Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Minimum [Member] | Apartment Building | Overlook at Crosstown Walk | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Minimum [Member] | Apartment Building | Woodstock Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Parkway Town Centre | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Spring Hill Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Barclay Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Deltona Landings | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Kingwood Glen | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Parkway Centre | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Powder Springs | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Sweetgrass Corner | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Salem Cove | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Independence Square | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Royal Lakes Marketplace | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Summit Point | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | The Overlook at Hamilton Place | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Wade Green Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Anderson Central | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | East Gate Shopping Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Fairview Market | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Fury's Ferry | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Rosewood Shopping Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Southgate Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | The Market at Victory Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Lakeland Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Cherokee Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Heritage Station | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Oak Park Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Apartment Building | Champions Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Office Building [Member] | Brookwood Office | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Office Building [Member] | Galleria 75 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Minimum [Member] | Office Building [Member] | Three Ravinia | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 9 years | |||
Minimum [Member] | Student Housing Communities | North by Northwest | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 5 years | |||
Maximum [Member] | Apartment Building | Stone Rise | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Summit Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Summit Crossing II | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | McNeil Ranch | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Lake Cameron | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Maximum [Member] | Apartment Building | Stoneridge Farms | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 35 years | |||
Maximum [Member] | Apartment Building | Vineyards | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 35 years | |||
Maximum [Member] | Apartment Building | Avenues at Cypress | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Avenues at Northpointe | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Lakewood Ranch | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Aster at Lely Resort | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Adara Overland Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Maximum [Member] | Apartment Building | CityPark View | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Avenues at Creekside | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Citi Lakes | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Stone Creek (2) | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Regent at Lenox | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Retreat at Lenox | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Lenox Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Baldwin Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 37 years | |||
Maximum [Member] | Apartment Building | Crosstown Walk | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 49 years | |||
Maximum [Member] | Apartment Building | Overton Rise | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 49 years | |||
Maximum [Member] | Apartment Building | 525 Avalon Park | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 45 years | |||
Maximum [Member] | Apartment Building | City Vista | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 49 years | |||
Maximum [Member] | Apartment Building | Sorrel | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 48 years | |||
Maximum [Member] | Apartment Building | Retreat at Greystone | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Maximum [Member] | Apartment Building | Broadstone at Citrus Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Maximum [Member] | Apartment Building | Founders Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Maximum [Member] | Apartment Building | Claiborne Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Maximum [Member] | Apartment Building | Luxe at Lakewood Ranch | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Maximum [Member] | Apartment Building | Colony at Centerpointe | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Maximum [Member] | Apartment Building | University Palms | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 37 years | |||
Maximum [Member] | Apartment Building | Thompson Bridge Commons | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Shoppes of Parkland | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 35 years | |||
Maximum [Member] | Apartment Building | Sandy Plains Exchange | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 32 years | |||
Maximum [Member] | Apartment Building | Aldridge at Town Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Maximum [Member] | Apartment Building | The Reserve at Summit Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Maximum [Member] | Apartment Building | Overlook at Crosstown Walk | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 0 years | |||
Maximum [Member] | Apartment Building | Woodstock Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Parkway Town Centre | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Spring Hill Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Barclay Crossing | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Deltona Landings | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Kingwood Glen | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Parkway Centre | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Powder Springs | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Sweetgrass Corner | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Salem Cove | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Independence Square | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Royal Lakes Marketplace | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Summit Point | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | The Overlook at Hamilton Place | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Wade Green Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 35 years | |||
Maximum [Member] | Apartment Building | Anderson Central | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | East Gate Shopping Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Fairview Market | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 30 years | |||
Maximum [Member] | Apartment Building | Fury's Ferry | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 35 years | |||
Maximum [Member] | Apartment Building | Rosewood Shopping Center | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Southgate Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 35 years | |||
Maximum [Member] | Apartment Building | The Market at Victory Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Lakeland Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 35 years | |||
Maximum [Member] | Apartment Building | Cherokee Plaza | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 35 years | |||
Maximum [Member] | Apartment Building | Heritage Station | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 35 years | |||
Maximum [Member] | Apartment Building | Oak Park Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Apartment Building | Champions Village | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 40 years | |||
Maximum [Member] | Office Building [Member] | Brookwood Office | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 50 years | |||
Maximum [Member] | Office Building [Member] | Galleria 75 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 25 years | |||
Maximum [Member] | Office Building [Member] | Three Ravinia | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 39 years | |||
Maximum [Member] | Student Housing Communities | North by Northwest | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation [Line Items] | ||||
Depreciable Lives - Years | 46 years |
Schedule IV (Details)
Schedule IV (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 4.99% | 5.26% |
current interest rate | 8.53% | 8.26% |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 455,569,041 | |
Carrying Amount of Mortgages | $ 388,506,100 | $ 332,761,068 |
Encore | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.50% | |
Maturity Date | Apr. 8, 2019 | |
Deferred interest rate | 5.00% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 10,958,200 | |
Carrying Amount of Mortgages | 10,958,200 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Encore Capital | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.50% | |
Maturity Date | Apr. 8, 2019 | |
Deferred interest rate | 5.00% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 9,758,200 | |
Carrying Amount of Mortgages | 7,521,425 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Palisades | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.00% | |
Maturity Date | May 17, 2018 | |
Deferred interest rate | 5.00% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 17,270,000 | |
Carrying Amount of Mortgages | 17,111,298 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Fusion | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 16.00% | |
Maturity Date | May 31, 2018 | |
Fusion | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 7.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 63,911,961 | |
Carrying Amount of Mortgages | 58,447,468 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Green Park | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.30% | |
Maturity Date | Feb. 28, 2018 | |
Green Park | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.83% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 13,464,372 | |
Carrying Amount of Mortgages | 11,464,372 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Bishop Street | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 15.00% | |
Maturity Date | Feb. 18, 2020 | |
Bishop Street | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 6.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 12,693,457 | |
Carrying Amount of Mortgages | 12,144,914 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Hidden River | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 15.00% | |
Maturity Date | Dec. 3, 2018 | |
Hidden River | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 6.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 4,734,960 | |
Carrying Amount of Mortgages | 4,734,960 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Hidden River Capital | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 15.00% | |
Maturity Date | Dec. 4, 2018 | |
Hidden River Capital | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 6.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 5,380,000 | |
Carrying Amount of Mortgages | 5,041,161 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
CityPark II | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 15.00% | |
Maturity Date | Jan. 7, 2019 | |
CityPark II | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 6.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 3,364,800 | |
Carrying Amount of Mortgages | 3,364,800 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
CityPark II Capital | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 15.00% | |
Maturity Date | Jan. 8, 2019 | |
CityPark II Capital | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 6.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 3,916,000 | |
Carrying Amount of Mortgages | 3,623,944 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Park 35 on Clairmont | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.50% | |
Maturity Date | Jun. 26, 2018 | |
Park 35 on Clairmont | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 2.00% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 21,060,160 | |
Carrying Amount of Mortgages | 21,060,160 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Wiregrass | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 15.00% | |
Maturity Date | May 15, 2020 | |
Wiregrass | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 6.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 14,975,853 | |
Carrying Amount of Mortgages | 12,972,273 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Wiregrass Capital | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 15.00% | |
Maturity Date | May 15, 2020 | |
Wiregrass Capital | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 6.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 3,744,147 | |
Carrying Amount of Mortgages | 3,561,231 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Berryessa | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 10.50% | |
Maturity Date | Apr. 19, 2018 | |
Berryessa | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 0.00% | |
current interest rate | 10.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 31,509,000 | |
Carrying Amount of Mortgages | 30,571,375 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Brentwood | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 12.00% | |
Maturity Date | Jun. 1, 2018 | |
Brentwood | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 0.00% | |
current interest rate | 12.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 2,376,000 | |
Carrying Amount of Mortgages | 2,260,525 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Fort Myers | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Maturity Date | Feb. 3, 2021 | |
Fort Myers | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 9,416,000 | |
Carrying Amount of Mortgages | 3,521,014 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Fort Myers Capital | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Maturity Date | Feb. 3, 2021 | |
Fort Myers Capital | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 6,193,000 | |
Carrying Amount of Mortgages | 4,994,108 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
360 Forsyth | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Maturity Date | Jul. 11, 2020 | |
360 Forsyth | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 22,412,000 | |
Carrying Amount of Mortgages | 13,400,166 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Morosgo | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Maturity Date | Jan. 31, 2021 | |
Morosgo | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 11,749,000 | |
Carrying Amount of Mortgages | 4,950,824 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Morosgo Capital | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Maturity Date | Jan. 31, 2021 | |
Morosgo Capital | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 6,176,000 | |
Carrying Amount of Mortgages | 4,761,050 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
University City Gateway | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.50% | |
Maturity Date | Aug. 15, 2021 | |
University City Gateway | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.00% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 10,336,000 | |
Carrying Amount of Mortgages | 849,726 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
University City Gateway Capital | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.50% | |
Maturity Date | Aug. 18, 2021 | |
University City Gateway Capital | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.00% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 7,338,000 | |
Carrying Amount of Mortgages | 5,530,045 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Haven 12 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 15.00% | |
Maturity Date | Dec. 17, 2018 | |
Haven 12 | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 6.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 6,116,384 | |
Carrying Amount of Mortgages | 5,815,849 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Haven46 | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.50% | |
Maturity Date | Mar. 29, 2019 | |
Haven46 | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.00% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 9,819,662 | |
Carrying Amount of Mortgages | 9,819,662 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Haven Northgate | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 9.00% | |
Maturity Date | Jun. 20, 2019 | |
Haven Northgate | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 1.50% | |
current interest rate | 7.25% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 67,680,000 | |
Carrying Amount of Mortgages | 65,724,317 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Lubbock II | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.50% | |
Maturity Date | Apr. 20, 2019 | |
Lubbock II | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.00% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 9,357,171 | |
Carrying Amount of Mortgages | 9,357,078 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Haven Charlotte | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 15.00% | |
Maturity Date | Dec. 22, 2019 | |
Haven Charlotte | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 6.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 19,581,593 | |
Carrying Amount of Mortgages | 17,039,277 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Haven Charlotte Member | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 15.00% | |
Maturity Date | Dec. 22, 2019 | |
Haven Charlotte Member | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 6.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 8,201,170 | |
Carrying Amount of Mortgages | 7,794,612 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Solis Kennesaw | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Maturity Date | Sep. 26, 2020 | |
Solis Kennesaw | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 12,358,946 | |
Carrying Amount of Mortgages | 1,609,395 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Solis Kennesaw Capital | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 14.00% | |
Maturity Date | Oct. 1, 2020 | |
Solis Kennesaw Capital | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.50% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 8,360,000 | |
Carrying Amount of Mortgages | 7,143,866 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Dawson Marketplace | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 13.50% | |
Maturity Date | Sep. 24, 2020 | |
Dawson Marketplace | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.00% | |
current interest rate | 8.50% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 12,857,005 | |
Carrying Amount of Mortgages | 12,857,005 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 | |
Crescent Avenue | ||
Mortgage Loans on Real Estate [Line Items] | ||
Interest Rate | 15.00% | |
Maturity Date | Apr. 13, 2018 | |
Crescent Avenue | Apartment Building | ||
Mortgage Loans on Real Estate [Line Items] | ||
Deferred interest rate | 5.00% | |
current interest rate | 10.00% | |
Prior Liens | $ 0 | |
Face Amount of Mortgages | 8,500,000 | |
Carrying Amount of Mortgages | 8,500,000 | |
Principal Amount of Mortgages Subject to Delinquent Principal or Interest | $ 0 |