Preferred Apartment Communities (APTS) 10-Q 2 May 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	3 Months Ended
	Mar. 31, 2019	Apr. 22, 2019
Document and Entity Information
entity registrant name	PREFERRED APARTMENT COMMUNITIES INC
entity CIK	0001481832
Current fiscal year end date	--12-31
document type	10-Q
document period end date	Mar. 31, 2019
document fiscal year focus	2019
entity filer category	Accelerated Filer
document fiscal period focus	Q1
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
amendment flag	false
entity common stock, shares outstanding		43,355,637

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Real estate
Land	$ 535,698,000	$ 519,300,000
Building and improvements	2,826,609,000	2,738,085,000
Tenant Improvements	131,117,000	128,914,000
Furniture, fixtures, and equipment	296,926,000	278,151,000
Construction in progress	9,268,000	8,265,000
Gross real estate	3,799,618,000	3,672,715,000
Less: accumulated depreciation	(308,004,000)	(272,042,000)
Net real estate	3,491,614,000	3,400,673,000
Real estate loans	311,661,000	282,548,000
Loans and Leases Receivable, Related Parties	24,477,000	51,663,000
Total real estate and real estate loan, net	3,827,752,000	3,734,884,000
Cash and cash equivalents	80,403,000	38,958,000
Restricted cash	45,482,000	48,732,000
Financing Receivable, Net	16,340,000	14,440,000
Note receivable	53,060,000
Due from Related Parties, Current	24,980,000	32,867,000
Interest Receivable	23,540,000	23,340,000
Intangible Assets, Net (Excluding Goodwill)	131,560,000	135,961,000
Deferred loan costs, net of amortization of $155,953 and $64,480	(1,753,000)	(1,916,000)
Deferred offering costs	6,346,000	6,468,000
tenants capitalized lease inducements	20,371,000	20,698,000
Other Receivables	0	41,181,000
Other assets	54,662,000	41,567,000
Variable Interest Entity, Consolidated, Assets, Pledged	568,725,000	269,946,000
Total assets	4,801,914,000	4,410,958,000
Liabilities
Mortgage notes payable	2,359,939,000	2,299,625,000
Accounts payable and accrued expenses	40,525,000	38,618,000
Line of Credit Facility, Amount Outstanding	17,000,000	57,000,000
Participating Mortgage Loans, Participation Liabilities, Amount	0	5,181,000
unearned revenue from purchase option termination fees	7,276,000	2,050,000
Interest Payable, Current	7,494,000	6,711,000
Dividends payable	20,285,000	19,258,000
Below Market Lease, Net	46,638,000	47,149,000
Security deposits and prepaid rents	15,775,000	17,611,000
Deferred income	42,544,000	43,484,000
Variable Interest Entity, Consolidated, Liabilities, Recourse	544,869,000	264,886,000
Total liabilities	3,102,345,000	2,801,573,000
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	432,000	418,000
Additional paid in capital	1,698,810,000	1,607,712,000
Accumulated deficit	0	0
Total stockholders' equity	1,699,260,000	1,608,146,000
Non-controlling interest	309,000	1,239,000
Total equity	1,699,569,000	1,609,385,000
Total liabilities and equity	4,801,914,000	4,410,958,000
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	17,000	16,000
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	1,000	$ 0
Mortgages [Member]
Liabilities
Mortgage notes payable	$ 2,400,253,000

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment	$ 308,004,000	$ 272,042,000
Finite-Lived Intangible Assets, Accumulated Amortization	122,735,000	113,199,000
sales inducements accumulated amortization	2,261,000	1,833,000
Allowance for Doubtful Accounts Receivable	0	1,662,000
Below Market Lease, Accumulated Amortization	$ 17,280,000	$ 15,254,000
Common Stock, par value per share	$ 0.01
Common stock, shares outstanding	43,237,726
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	1,804,000	1,674,000
Shares outstanding, preferred stock	1,720,000	1,608,000
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	57,000	44,000
Shares outstanding, preferred stock	56,000	44,000
Common Stock [Member]
Common Stock, par value per share	$ 0.01	$ 0.01
Common stock, shares authorized	400,067,000	400,067,000
Common Stock, Shares, Issued	43,238,000	41,776,000
Common stock, shares outstanding	43,238,000	41,776,000
Line of Credit [Member]
Deferred loan costs, accumulated amortization	$ 346,000	$ 180,000
Mortgages [Member]
Deferred loan costs, accumulated amortization	$ 40,314,000	$ 40,127,000

Statements of Operations

Statements of Operations - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating expenses:
Share-based Compensation	$ 311,000	$ 1,135,000
Depreciation and amortization	45,289,000	40,616,000
Allowance for Loan and Lease Losses, Loans Acquired	0	0
Gain (Loss) on Extinguishment of Debt	17,000	0
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2,280,000)	14,263,000
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(2,280,000)	14,263,000
Deemed noncash dividend				$ 93,000	$ 106,000
Dividends, Common Stock, Cash	$ 11,195,000	$ 9,802,000
Common Stock, Dividends, Per Share, Declared	$ 0.26	$ 0.25	$ 0.260			$ 0.8175
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ 141,000	$ 0

Statements of Operations (Paren

Statements of Operations (Parenthetical) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement Parentheticals [Abstract]
property management fees paid to related party	$ 4,079,000	$ 3,609,000
acquisition fees paid to related party	$ 2,467,000	$ 2,105,000

Statements of Cash Flows Statem

Statements of Cash Flows Statement - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Dec. 31, 2017
Operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (2,280,000)	$ 14,263,000
Reconciliation of net loss to net cash provided by (used in) operating activities:
Depreciation expense	45,289,000	40,616,000
Amortization of above and below Market Leases	(1,436,000)	(1,178,000)
Deferred fee income amortization	(1,357,000)	(943,000)
amortization of purchase option termination fee income	(4,233,000)	0	$ (1,200,000)
Interest Income, Securities, Mortgage Backed	(141,000)	0
Deferred Sales Inducement Cost, Amortization Expense	494,000	323,000
Deferred loan cost amortization	1,552,000	1,480,000
deferred interest income	(3,551,000)	(2,828,000)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	(141,000)	0
Share-based Compensation	311,000	1,135,000
Gain (Loss) on Disposition of Assets	(4,000)	(20,354,000)
cash inflows purchase option terminations	1,330,000	0
Gain (Loss) on Extinguishment of Debt	17,000	0
cash inflows mortgage interest from consolidated VIE	2,598,000	0
mortgage interes cash outflows consolidated VIE	(2,598,000)	0
Changes in operating assets and liabilities:
(Increase) in tenant accounts receivable	(8,376,000)	625,000
Payments for (Proceeds from) Tenant Allowance	(102,000)	(2,149,000)
Loans and Leases Receivable, Allowance	0	0
(Increase) decrease in other assets	1,290,000	(1,074,000)
Increase in accounts payable and accrued expenses	(2,441,000)	1,502,000
Net cash provided by (used in) operating activities	26,362,000	31,418,000
Investing activities:
Investments in real estate loans	(29,795,000)	(68,929,000)
Proceeds from Principal Repayments on Loans and Leases Held-for-investment	0	42,312,000
Notes receivable issued	0	5,618,000
Deferred acquisition fee on real estate loans	(13,952,000)	(14,419,000)
Deferred real estate loan income	(1,890,000)	(472,000)
Acquisition of properties, net	(32,540,000)	(170,072,000)
Proceeds from Sale of Real Estate Held-for-investment	0	42,266,000
Receipt of insurance proceeds for capital improvements	746,000	412,000
Additions to real estate assets - improvements	(7,917,000)	(7,637,000)
Increase (Decrease) in Earnest Money Deposits Outstanding	(511,000)	4,021,000
AcquisitionFeesRelatedPartyCosts	(401,000)	(800,000)
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Held-to-maturity	(18,656,000)	0
cash paid investment in CMBS	(12,278,000)	0
Proceeds from Sale of Mortgage Backed Securities (MBS) categorized as Available-for-sale	53,445,000	0
mortgage principal received from consolidated VIE	679,000	0
Increase (Decrease) in Accounts and Notes Receivable	8,330,000	9,034,000
Net cash (used in) investing activities	(53,939,000)	(157,066,000)
Financing activities:
Proceeds from mortgage notes payable	57,275,000	123,275,000
Extinguishment of Debt, Amount	(38,324,000)	(27,350,000)
Payments for mortgage loan costs	(996,000)	(1,733,000)
loan balance proceeds from real estate loan participants	0	5,000
payments received from real estate loan participants	(5,223,000)	(3,314,000)
Proceeds from non-revolving lines of credit	126,200,000	86,200,000
Payments on revolving lines of credit	(166,200,000)	(114,800,000)
Repayments of Short-term Debt	0	(11,000,000)
mortgage principal paid to consolidated VIE	(679,000)	0
cash flows financing proceeds repurchase agreements	4,857,000	0
cash flows financing repayments repurchase agreements	(4,857,000)	0
Proceeds from sales of Units, net of offering costs	128,573,000	93,234,000
Proceeds from Warrant Exercises	3,921,000	11,169,000
Preferred Stock, Redemption Amount			(2,006,000)
Dividends declared and paid			(10,840,000)	$ (5,744,000)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock			(24,869,000)	(9,576,000)
Payments for deferred offering costs, net of non cash items			(832,000)	(221,000)
Net Cash Provided by (Used in) Financing Activities			65,772,000	120,030,000
Cash and Cash Equivalents, Period Increase (Decrease)			38,195,000	(5,618,000)
Cash beginning of period	87,690,000	73,012,000	73,012,000
Cash end of period	125,885,000	67,394,000	87,690,000	73,012,000
Supplemental cash flow information:
Cash paid for interest			24,318,000	18,938,000
Noncash Investing and Financing Items [Abstract]
Accrued capital expenditures			7,308,000	1,735,000
Deemed noncash dividend			93,000	106,000
Dividends payable to non controlling interests			229,000	268,000
Payments of Ordinary Dividends, Noncontrolling Interest			(228,000)	(18,963,000)
Accrued and payable deferred offering costs			740,000	342,000
receivable for deferred offering costs			158,000	135,000
Writeoff of fully amortized deferred loan costs			415,000	1,331,000
Payments for Tenant Improvements			0	3,602,000
Variable Interest Entity, Consolidated, Assets, Noncurrent, Pledged			544,869,000	0
Reclass of offering costs from deferred asset to equity			1,700,000	446,000
Contribution from non-controlling interests				(1,152,000)
Loans Assumed			41,550,000	0
Share-based Compensation			384,000	4,612,000
Noncash settlement of loans			465,000	475,000
loan fees received	801,000	1,600,000
mortgage debt refinanced			0	37,485,000
Restricted Cash and Cash Equivalents	45,482,000		48,732,000
Common Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable			11,195,000	9,802,000
Series A Preferred Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable			8,447,000	6,456,000
Series M Preferred Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable			$ 549,000	$ 96,000
Parent [Member]
Operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (2,772,000)	$ 13,883,000

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]	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]	ClassBUnits [Member]Preferred Stock [Member]Series M Preferred Stock [Member]
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 5,209,000	$ 97,395,000			$ 0	$ 0	$ 5,209,000	$ 97,394,000		$ 0	$ 0		$ 5,209,000	$ 97,395,000						$ 1,000	$ 0
Balance at Dec. 31, 2017	1,280,766,000			$ 386,000			1,271,040,000			4,449,000			1,275,887,000			$ 4,879,000				12,000
Stock Redeemed or Called During Period, Value	(5,766,000)			0			(5,766,000)			0			(5,766,000)			0				0
exercise of warrants	7,190,000			5,000			7,185,000			0			7,190,000			0				0
Stock Issued During Period, Value, Conversion of Units	0			1,000			850,000			0			851,000			(851,000)				0
amortization of Class A Unit awards																						$ 996,000	$ 0	$ 0	$ 0	$ 0	$ 996,000	$ 0
Syndication and offering costs	(9,772,000)			0			(9,772,000)			0			(9,772,000)			0				0
Stock Issued During Period, Value, Share-based Compensation, Gross	138,000			0			138,000			0			138,000			0				0
Dividends, Common Stock, Cash	(9,802,000)			0			(9,802,000)			0			(9,802,000)			0			$ 0
Balance at Mar. 31, 2018	1,360,832,000			392,000			1,357,725,000			0			1,358,130,000			2,702,000				13,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	14,263,000			0			0			13,883,000			13,883,000			380,000				0
non-controlling interest equity adjustment	0			0			2,434,000			0			2,434,000			(2,434,000)				0
Payments to Noncontrolling Interests	(268,000)			0			0			0			0			(268,000)				0
Dividends, Preferred Stock	(313,000)	(19,204,000)			0		(19,000)	(1,166,000)		(294,000)	(18,038,000)		(313,000)	(19,204,000)		0	$ 0			0	0
Proceeds from Issuance of Preferred Stock and Preference Stock	128,682,000			0			128,680,000						128,682,000							2,000		12,472,000	0	12,472,000	0	12,472,000	0		$ 0
Balance at Dec. 31, 2018	1,609,385,000			418,000			1,607,712,000			0			1,608,146,000			1,239,000				16,000
Stock Redeemed or Called During Period, Value	(2,005,000)			10,000			(2,015,000)			0			(2,005,000)			0
exercise of warrants	4,248,000			3,000			4,245,000			0			4,248,000			0				0
Stock Issued During Period, Value, Conversion of Units	0			1,000			526,000			0			527,000			(527,000)				0
amortization of Class A Unit awards																						$ 152,000	$ 0	$ 0	$ 0	$ 0	$ 152,000	$ 0
Syndication and offering costs	14,281,000			0			14,281,000			0			14,281,000			0				0
Stock Issued During Period, Value, Share-based Compensation, Gross	159,000			0			159,000			0			159,000			0				0
Dividends, Common Stock, Cash	(11,195,000)			0			(11,195,000)			0			(11,195,000)			0
Balance at Mar. 31, 2019	1,699,569,000			432,000			1,698,810,000			0			1,699,260,000			309,000				18,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2,280,000)			0			0			(2,772,000)			(2,772,000)			492,000				0
non-controlling interest equity adjustment	0			0			818,000			0			818,000			(818,000)				0
Payments to Noncontrolling Interests	$ (229,000)			$ 0			$ 0			$ 0			$ 0			$ (229,000)				0
Dividends, Preferred Stock		$ (24,733,000)	$ (806,000)		$ 0	$ 0		$ (27,418,000)	$ (893,000)		$ 2,685,000	$ 87,000		$ (24,733,000)	$ (806,000)		$ 0	$ 0		$ 0	$ 0

Statements of Equity and Accu_2

Statements of Equity and Accumulated Deficit Parenthetical - $ / shares	3 Months Ended		12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2016
Common Stock, Dividends, Per Share, Declared	$ 0.26	$ 0.25	$ 0.8175
Series A Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared	5	5	5
Minimum [Member] | Series M Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared	4.79	4.79	0
Maximum [Member] | Series M Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared	$ 6.25	$ 6.25	$ 0

Organization

Organization	3 Months Ended
	Mar. 31, 2019
Organization [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Organization and Basis of Presentation Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to own and operate multifamily properties and, to a lesser extent, own and operate student housing properties, grocery-anchored shopping centers and strategically located, well leased class A office buildings, all in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we 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. As a secondary strategy, we may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of our assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, membership or partnership interests in other income-producing property types as determined by our manager as appropriate for us. At December 31, 2018, the Company was the approximate 97.9% owner of Preferred Apartment Communities Operating Partnership, L.P., the Company's operating partnership. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011. 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 March 31, 2019 , the Company had 43,237,726 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 98.0% owner of the Operating Partnership at that date. The number of partnership units not owned by the Company totaled 879,335 at March 31, 2019 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. The Company is involved with other VIEs, such as through its investments in mortgage pools from the Freddie Mac K Program, as discussed in Note 4. 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. The year end condensed balance sheet data was derived from audited financial statements, but does not contain all the disclosures required by 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. Amounts are presented in thousands where indicated. As permitted by the practical expedient within ASC 842, Leases, the Company has elected to report the lease component and non-lease components as one single component within the line entitled Rental Revenues on the Company's Consolidated Statements of Operations. Reimbursement revenue was previously presented in the Company’s Other Property Revenues line item. For presentation purposes, the Company has reclassified its revenue from reimbursements from the Other Property Revenues line into the Rental Revenues line for all periods presented.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Summary of Significant Accounting Policies Variable Interest Entities A variable interest entity, or “VIE” is an entity that lacks sufficient equity to finance its activities without additional subordinated financial support from other parties, or whose equity holders lack the characteristics of a controlling financial interest. A VIE is consolidated by its primary beneficiary, which is defined as the party who has a controlling financial interest in the VIE through the (a) power to direct the activities of the VIE that most significantly affect the VIE’s economic performance, and (b) obligation to absorb losses or right to receive benefits of the VIE that could be significant to the VIE. The Company assesses whether it meets the power and benefits criteria and in performing this analysis, the Company considers both qualitative and quantitative factors, including the Company’s ability to control or significantly influence key decisions of the VIE and the obligation or likelihood for the Company to fund operating losses of the VIE. The determination of whether an entity is a VIE, and whether the Company is the primary beneficiary, may involve significant judgment, including the determination of which activities most significantly affect the entities’ performance, and estimates about the current and future fair values and performance of assets held by the VIE. If the Company determines that it meets both the power and benefits criteria of the VIE, the Company is deemed to be the primary beneficiary of the VIE and the Company consolidates the entire VIE entity in its consolidated financial statements. For those VIEs which arise from the Company's investment in mortgage-backed securities and which the Company consolidates, it elects the fair value option, under which the assets and liabilities of the consolidated VIE are carried at fair value. The periodic changes in fair value are included in the earnings of the Company and are reported on the line entitled Change in fair value of net assets of consolidated VIE from mortgage-backed pool on the Company's Consolidated Statements of Operations. See Note 4 for discussion related to the Company’s investment in a subordinate tranche of a collateralized mortgage-backed pool during the second quarter 2018 and Note 15 for fair value disclosures related to a consolidated VIE related to this investment. Real Estate Loans The Company carries its investments in real estate loans at amortized cost with assessments made for possible loan loss allowances in the event recoverability of the principal amount becomes doubtful. If, upon testing for possible loan loss allowances, the fair value result of the loan or its collateral is lower than the carrying amount of the loan, an allowance is recorded to lower the carrying amount to fair value, with a loss recorded in earnings. 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 and loan loss allowances. Interest income on real estate loans and notes receivable is recognized on an accrual basis over the lives of the loans or notes. 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. Loan origination fees applicable to real estate loans are amortized over the lives of the loans as adjustments to interest income using the effective interest rate method. The accrual of interest on all these instruments ceases when there is concern as to the ultimate collection of principal or interest. 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. Evaluations for the possible need for loan loss allowances are performed for each real estate loan investment at least quarterly. Loan loss allowances are needed when it is deemed probable that all amounts due will not be collected according to the contractual terms of the loan. Depending upon the circumstances and significance of risk related to the collectability of the loan, management may determine that (i) the loan should be accounted for as a non-accrual loan because recovery of all contractual amounts due are deemed improbable and that any amounts subsequently received will be used to reduce the loan’s principal balance, (ii) in the event of a modification to the loan granted by the Company as a concession to the borrower who is experiencing financial difficulty, result in the need to apply troubled debt restructuring (“TDR”) accounting guidance, and/or (iii) an allowance for loan loss is required for the loan based upon the value of the underlying collateral and the Company’s evaluation of a possible shortfall with regards to the loan’s repayment based upon an estimated sales price, additional costs (if necessary), estimated selling costs, and amounts due to all lenders. In connection with the surveillance review process, the Company’s real estate loan investments are assigned an internal risk rating. The internal risk ratings are based on the loan’s current status as compared to underwriting for certain metrics such as total expected construction cost if overruns are noted, construction completion timing if there are delays, current cap rates within the MSA, leasing status, rental rates, net operating income, expected free cash flow, and other factors management deems important related to the ultimate collectability of the loan. The final internal risk ratings are influenced by other quantitative and qualitative factors that can result in an adjustment to the ratings. Each loan is given an internal risk rating from “A” to “D”. Loans rated an “A” meet all present contractual obligations and there are no indicators which would cause concern for the borrower’s ability to meet all present contractual obligations. Loans rated a “B” meet all present contractual obligations, but exhibited at least one indication of a negative variation from the underwriting for the loan and/or project. Loans rated a “C” exhibit some weakness that deserves management’s close attention and if uncorrected, may result in deterioration of repayment prospects. For these loans, management performs analyses to verify the borrower’s ability to meet all present contractual obligations, including obtaining an appraisal of the underlying collateral for the loan. Based on the available collateral to satisfy the Company’s outstanding principal and interest contractually due, we may provide for an allowance, move the loan to non-accrual status for future interest recognition or continue monitoring the loan. For loans rated a “D”, the collection of all contractual principal and interest is improbable and management has determined to account for the loan as a non-accrual loan and, if appropriate under the circumstances record a loan loss allowance. The Company's real estate loan investments are collateralized by real estate development projects and secured further by guaranties of repayment from one or more of the borrowers. The Company's lines of credit receivable are typically only collateralized by personal guaranties, but occasionally may be cross-collateralized by interests in other real estate projects. As a result, the Company regularly evaluates the extent and impact of any credit deterioration associated with the performance and/or value of the underlying collateral property, as well as the financial and operating capability of the borrower. Specifically, a property’s operating results and any cash reserves are analyzed and used to assess (i) whether cash from operations is sufficient to cover the debt service requirements currently and into the future, (ii) the ability of the borrower to refinance the loan, and/or (iii) the property’s liquidation value. The Company also evaluates the financial wherewithal of any loan guarantors as well as the borrower’s competency in managing and operating the properties. In addition, the overall economic environment, real estate sector, and geographic sub‑market in which the borrower operates are considered. Such impairment analyses are completed and reviewed by management, utilizing various data sources, including periodic financial data such as property operating statements, occupancy, tenant profile, rental rates, operating expenses, the borrower’s exit plan, capitalization and discount rates and site inspections. See the "Revenue Recognition" section of this Note for other loan-related policy disclosures required by ASC 310-10-50-6. Purchase Option Terminations The Company will occasionally receive a purchase option on the underlying property in conjunction with extending a real estate loan investment to the developer of the property. The purchase option is often at a discount to the to-be-agreed-upon market value of the property, once stabilized. If the Company elects not to exercise the purchase option and acquire the property, it may negotiate to sell the purchase option back to the developer and receive a termination fee in consideration. The amount of the termination fee is accounted for as additional interest on the real estate loan investment and is recognized as interest revenue utilizing the effective interest method over the period beginning from the date of election until the earlier of (i) the maturity of the real estate loan investment and (ii) the sale of the property. 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 the rental agreements, typically of 9 to 15 months’ duration. The Company evaluates the collectability of amounts due from residents and recognizes revenue from residents when collectability is deemed probable, in accordance with ASC 842-30-25-12. The Company disclosed bad debt expense within the Property Operating and Maintenance expense line item in prior periods, but recorded the reduction in revenue against Rental Revenues and Other Property Revenues, as applicable, for the current period. The Company evaluated the various ancillary revenues within its multifamily leases, including resident utility reimbursements. Having met the criteria that (i) the timing and pattern of transfer for the lease component and associated non-lease components are the same and (ii) that the lease component, if accounted for separately would be classified as an operating lease, the Company has elected the practical expedient under Lease Accounting, ASC 842, paragraph 10-15-42A, to elect reporting the lease component and non-lease components as one single component under “Rental Revenues” recognized in accordance with ASC 842. Lease components such as pet rental fees and parking rental fees as well as non-lease components such as utility reimbursements were previously presented in the Company’s “Other Property Revenues” line item. For presentation purposes, the Company has reclassified its revenue from these revenue sources into “Rental Revenues” for all periods presented, for comparability. Revenue from utility reimbursements are considered variable lease payments and are recognized in the period in which the related expenses are incurred. Grocery-anchored shopping centers and office properties Our retail leases have original lease terms which generally range from three to seven years for spaces under 5,000 square feet and from 10 to 20 years for spaces over 10,000 square feet. Anchor leases generally contain renewal options for one or more additional periods whereas in-line tenant leases may or may not have renewal options. With the exception of anchor leases, the leases generally contain contractual increases in base rent rates over the lease term and the base rent rates for renewal periods are generally based upon the rental rate for the primary term, which may be adjusted for inflation or market conditions. Anchor leases generally do not contain contractual increases in base rent rates over the lease term and the renewal periods. Our leases generally provide for the payment of fixed monthly rentals and may also provide for the payment of additional rent based upon a percentage of the tenant’s gross sales above a certain threshold level (“percentage rent”). Our leases also generally include tenant reimbursements for common area expenses, insurance, and real estate taxes. Utilities are generally paid by tenants either directly through separate meters or through payment of tenant reimbursements. The foregoing general description of the characteristics of the leases in our centers is not intended to describe all leases and material variations in lease terms may exist . Our office building leases have original lease terms which generally range from 5 to 15 years and generally contain contractual, annual base rental rate escalations ranging from 2% to 3%. These leases may be structured as “gross” where the tenant’s base rental rate is all inclusive and there is no additional obligation to reimburse building operating expenses, “net” or “NNN” where in addition to base rent the tenant is also responsible for its pro rata share of reimbursable building operating expenses, or “modified gross” where in addition to base rent the tenant is also responsible for its pro rata share of reimbursable building operating expense increases over a base year amount (typically calculated as the actual reimbursable operating expenses in year one of the original lease term). Base rental revenue from tenants' operating leases is a lease component revenue in the Company's grocery-anchored shopping centers and office properties and 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 represent non-lease component revenue. Having met the criteria that (i) the timing and pattern of transfer for the lease component and associated non-lease components are the same and (ii) that the lease component, if accounted for separately would be classified as an operating lease, the Company has elected the practical expedient under ASC 842, Leases, paragraph 10-15-42A, to elect reporting the lease component and non-lease components as one single component under Rental Revenues recognized in accordance with ASC 842. Reimbursement revenue and percentage rent were previously presented in the Company’s Other Property Revenues line item. For presentation purposes, the Company has reclassified its revenue from reimbursements into Rental Revenues for all periods presented, for comparability. Revenue from reimbursements are considered variable lease payments and are recognized in the period in which the related expenses are incurred. The Company does not record income and offsetting expense for certain variable costs paid directly to third parties by lessees on behalf of lessors. Non-lease components which do not qualify under the practical expedient primarily include percentage rent, lease termination income and other ancillary revenue (e.g. storage revenue, license fees, late fees, tenant billbacks). These items are recorded under Other property revenues. 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 evaluated 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 evaluates the collectability of these amounts and recognizes revenue related to tenants where collectability is deemed probable, in accordance with ASC 842-30-25-12. The Company previously recorded bad debt expense within the Property operating and maintenance expense line item, and upon adoption of ASC 842 on January 1, 2019, began recording amounts not deemed probable of collection as a reduction of rental revenues and other property revenues, as applicable. 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. Gains on sales of real estate assets The Company recognizes gains on sales of real estate based on the difference between the consideration received and the carrying amount of the distinct asset, including the carrying amount of any liabilities relieved or assumed by the purchasing counterparty and net of disposition expenses. Lessee accounting The Company has evaluated its leases for which it is the lessee to determine the value of any right of use assets and related lease liabilities. The Company has three ground leases related to our office and grocery-anchored shopping center assets, one of which had been recorded at fair value on the Company's balance sheet at acquisition due to a purchase option the Company deemed probable of exercising. These ground leases generally have extended terms (e.g. over 20 years with multiple renewal options) and generally have base rent with CPI-based increases. The Company evaluated its renewal option periods in quantifying its asset and liability related to these ground leases. In determining the value of its right of use asset and lease liability, the Company used discount rates comparable to recent loan rates obtained on comparative properties within its portfolio. The Company’s right of use asset and related lease liability in accordance with ASC 842-20-30 related to these ground leases are recorded within the Tenant Receivables and Other Assets and the Security Deposits and Other Liabilities line items of the balance sheet, respectively. The Company is also the lessee of furniture and equipment leases such as office equipment, which generally are three to five years with minimal rent increases. The Company determined that the related right of use asset and lease liability for its furniture and equipment leases were immaterial. New Accounting Pronouncements Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Adopted Accounting Guidance ASU 2016-02, Leases (Topic 842) ASU 2018-11, Leases (Topic 842) Targeted Improvements ASU 2016-02 requires a lessor 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. In July 2018, the FASB issued ASU 2018-11 which allowed for a practical expedient for lessors to elect, by class of underlying assets, to not separate lease and non-lease components if 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. Additional practical expedients were also provided for under ASU 2018-11 related to expired or existing leases. January 1, 2019 Having met the criteria that (i) the timing and pattern of transfer for the lease component and associated non-lease components are the same and (ii) that the lease component, if accounted for separately would be classified as an operating lease, the Company has elected the practical expedient within ASU 2018-11, as codified under ASC 842-10-15-42A, to elect reporting the lease component and non-lease components as one single component under “Rental Revenues” recognized in accordance with ASC 842. This change had no material effect on the timing of revenue recognition. The Company has also elected to implement the package of practical expedients provided within ASU 2018-11, as codified under ASC 842-10-65-1(f), which allows the Company not to reassess whether expired or existing contracts contain leases, its lease classification, and any related initial direct costs. ASU 2018-20, Leases (ASC 842), Narrow-Scope Improvements for Lessors ASU 2018-20 eliminates the requirement to record income and offsetting expense for certain variable costs paid for by lessees on behalf of lessors. January 1, 2019 The Company no longer records income and expense for property taxes paid directly to the taxing authority by a lessee based on this standard. The effect is a reduction of other property revenues and of property tax expense, with no effect upon net income/loss. Recently Issued Accounting Guidance Not Yet Adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC 326) ASU 2016-13 requires that financial assets measured at amortized cost basis be presented at the net amount expected to be collected, with the establishment of an allowance for credit losses expected overall, based on relevant information from historical events. January 1, 2020 The Company has not yet determined whether its adoption of ASU 2016-13 will have a material impact on its financial statements.

Real Estate Assets (Notes)

Real Estate Assets (Notes)	3 Months Ended
	Mar. 31, 2019
Real Estate Assets [Abstract]
Business Combination Disclosure	Real Estate Assets The Company's real estate assets consisted of: As of: March 31, 2019 December 31, 2018 Multifamily communities: Properties (1) 32 32 Units 9,768 9,768 New Market Properties: (2) Properties 46 45 Gross leasable area (square feet) (3) 4,889,011 4,730,695 Student housing properties: Properties 8 7 Units 2,011 1,679 Beds 6,095 5,208 Preferred Office Properties: Properties 7 7 Rentable square feet 2,578,000 2,578,000 (1) The acquired second phases of CityPark View and Crosstown Walk communities are managed in combination with the initial phases and so together are considered a single property, as are the Lenox Village and Regent at Lenox Village assets within 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 is not included in the totals above for New Market Properties. Multifamily communities sold The Company had no sales of multifamily community assets during the three-month period ended March 31, 2019. On March 20, 2018, the Company closed on the sale of its 328 -unit multifamily community in Raleigh, North Carolina, or Lake Cameron, to an unrelated third party for a purchase price of approximately $43.5 million , exclusive of closing costs, and debt defeasance-related costs and resulted in a gain of $20.4 million . Lake Cameron contributed approximately $0.2 million of net income to the consolidated operating results of the Company for the three-month period ended March 31, 2018. The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were: Lake Cameron (in thousands) March 20, 2018 Real estate assets: Land $ 4,000 Building and improvements 21,519 Furniture, fixtures and equipment 3,687 Accumulated depreciation (7,220 ) Total assets $ 21,986 Liabilities: Mortgage note payable $ 19,736 Supplemental mortgage note — Total liabilities $ 19,736 Multifamily communities acquired The Company had no acquisitions of multifamily community assets during the three-month period ended March 31, 2019. During the three-month period ended March 31, 2018, the Company completed the acquisition of the following multifamily communities: Acquisition date Property Location Units 1/9/2018 The Lux at Sorrel Jacksonville, Florida 265 2/28/2018 Green Park Atlanta, Georgia 310 575 The aggregate purchase prices of the multifamily acquisitions were approximately $106.5 million , exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed liabilities.

Real Estate Loans, Notes Receiv

Real Estate Loans, Notes Receivable, and Lines of Credit	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Real Estate Loans, Notes Receivable, and Line of Credit	he Company's Palisades real estate loan investment was subject to a loan participation agreement with an unaffiliated third party, under which the syndicate was 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). On March 13, 2019, the Company repurchased the loan participant's 25% balance in the loan from the loan participant and at March 31, 2019, carried the entire loan balance on its consolidated balance sheet without reflection of any liability to any third party. The Company's real estate loan investments 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. 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 the Company assigns risk ratings to its real estate loans and notes receivable in credit quality categories as described in Note 2. The Company continues to monitor each loan and note receivable for potential deterioration of risk ratings and can make no assurances that economic or industry conditions or other circumstances will not lead to future loan loss allowances. At March 31, 2019, the Company's portfolio of real estate loan investments by credit quality indicator was: (In thousands) Rating indicator Principal balance Accrued interest Receivables for purchase option terminations Total A $ 273,870 $ 16,064 $ 7,900 $ 297,834 B 58,357 6,268 — 64,625 C 6,116 1,208 — 7,324 D — — — — $ 338,343 $ 23,540 $ 7,900 $ 369,783 At March 31, 2019 , 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 March 31, 2019 December 31, 2018 (Dollars in thousands) Preferred Capital Marketing Services, LLC (1) 1/24/2013 12/31/2019 $ 1,500 $ 763 $ 763 10 % Preferred Apartment Advisors, LLC (1,2) 8/21/2012 12/31/2019 18,000 15,843 9,778 7.5 % (3) Haven Campus Communities, LLC (1,4) 6/11/2014 12/31/2018 11,660 8,374 11,620 8 % Oxford Capital Partners, LLC (5) 10/5/2015 6/30/2019 8,000 4,144 4,022 12 % Newport Development Partners, LLC 6/17/2014 6/30/2019 2,000 1,330 — 12 % Mulberry Development Group, LLC (6) 3/31/2016 6/30/2019 500 465 465 12 % 360 Capital Company, LLC (6) 5/24/2016 12/31/2019 3,400 3,194 3,100 12 % 360 Capital Company, LLC (1,7) 7/24/2018 12/31/2020 8,000 7,267 6,923 8.5 % Haven Campus Communities Charlotte Member, LLC (1) 8/31/2018 N/A — — 10,788 15 % Unamortized loan fees (60 ) (152 ) $ 53,060 $ 41,320 $ 47,307 (1) See related party disclosure in Note 6. (2) 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, or the Management Agreement. (3) Effective January 1, 2019, the interest rate was increased from 6.0% per annum to 7.5% per annum and the maturity date was extended to December 31, 2019. (4) The amount payable under this note is collateralized by one of the principals of the borrower's 49.49% interest in an unrelated shopping center located in Atlanta, Georgia and a personal guaranty of repayment by the principals of the borrower. (5) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2.0 million, are collateralized by a personal guaranty of repayment by the principals of the borrower. (6) 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. (7) The amount payable under the note is collateralized by the developer's interest in the Fort Myers multifamily community project and a personal guaranty of repayment by the principals of the borrower. On March 27, 2019, the Company entered into a negotiated agreement with the borrowers of the Haven Campus Communities, LLC and Haven Campus Communities Charlotte Member, LLC lines of credit, both of which were in default as of December 31, 2018. The Company received the membership interests of the Haven49 project in exchange for complete settlement of the Haven Campus Communities Charlotte Member, LLC line of credit and the Haven49 mezzanine and member loans. As part of the agreement, payments and credits totaling approximately $3.3 million were applied against the outstanding balance of the Haven Campus Communities, LLC line of credit. The Company retains a pledge of a 49.49% interest in an unrelated shopping center located in Atlanta, Georgia as additional collateral on the Haven Campus Communities, LLC line of credit. The Company recorded interest income and other revenue from these instruments as follows: Interest income Three months ended March 31, (in thousands) 2019 2018 Real estate loans: Current interest payments $ 7,469 $ 8,506 Additional accrued interest 3,385 4,726 Origination fee amortization 315 431 Purchase option termination fee amortization 4,233 — Total real estate loan revenue 15,402 13,663 Interest income on notes and lines of credit 1,490 902 Interest income from agency mortgage-backed securities 198 — Interest income on loans and notes receivable $ 17,090 $ 14,565 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, any of which can cause the loans to create variable interests to the Company and require further evaluation as to whether the variable interest creates a VIE, which would necessitate consolidation of the project. The Company considers the facts and circumstances pertinent to each entity borrowing under the loan, including the relative amount of financing the Company is contributing to the overall project cost, decision making rights or control held by the Company, guarantees provided by third parties, and rights to expected residual gains or obligations to absorb expected residual losses that could be significant from the project. If the Company is deemed to be the primary beneficiary of a VIE, consolidation treatment would be required. The Company has no decision making authority or power to direct activity, except normal lender rights, which are subordinate to the senior loans on the projects. The Company has concluded that it is not the primary beneficiary of the borrowing entities and therefore it has not consolidated these entities in its consolidated financial statements. The Company's maximum exposure to loss from these loans is their drawn amount as of March 31, 2019 of approximately $338.3 million . The maximum aggregate amount of loans to be funded as of March 31, 2019 was approximately $484.2 million , which includes approximately $145.9 million of loan committed amounts not yet funded. 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 464 Bishop, Dawsonville Marketplace, Falls at Forsyth, Newbergh, Newbergh Capital, Solis Kennesaw, Solis Kennesaw Capital, Solis Kennesaw II, 8West and 8West construction loans, all of which are partially supporting various real estate projects in or near Atlanta, Georgia. The drawn amount of these loans as of March 31, 2019 totaled approximately $89.7 million (with a total commitment amount of approximately $167.8 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 the drawn amount. Freddie Mac K Program investments On May 23, 2018, the Company purchased a subordinate tranche of Series 2018-ML04, a pool of 20 multifamily mortgages with a total pool size of approximately $276.3 million , from Freddie Mac. The purchase price of the subordinate tranche was approximately $4.7 million and has a weighted average maturity of approximately 16 years, at which time the Company will collect the face value of its tranche of $27.6 million . The yield to maturity of the subordinate tranche is expected to be approximately 11.5% per annum. On March 28, 2019, the Company purchased a subordinate tranche of Series 2019-ML05, a pool of 21 multifamily mortgages with a total pool size of approximately $295.7 million , from Freddie Mac. The Company's tranche of the 2019-ML05 pool pays monthly interest of approximately $103,000 . The purchase price of the subordinate tranche was approximately $18.4 million and has a weighted average maturity of approximately 16.1 years, at which time the Company will collect the face value of its tranche of $29.6 million . The yield to maturity of the subordinate tranche is expected to be approximately 8.9% per annum. The Company has evaluated the structure of the investments under the VIE rules and has determined that, due to the Company's position as directing certificate holder of the two mortgage pools, it is in the position most able to influence the financial performance of the trusts. As the subordinate tranche holder, the Company also holds the first loss position of the mortgage pools. As such, the Company is deemed to be the primary beneficiary of the VIEs and has consolidated the assets, liabilities, revenues, expenses and cash flows of both trusts in its consolidated financial statements as of and for the three-month period ended March 31, 2019 . The Company's maximum exposure to loss from the combined mortgage pools from the Freddie Mac K program is approximately $23.9 million . The Company has no recourse liability to either the creditors or other beneficial interest holders of either investment. Agency Mortgage-Backed Securities investments In December 2018, the Company began investing in Agency Mortgage-Backed Securities representing undivided (or “pass-through”) beneficial interests in specified pools of fixed-rate mortgage loans. The investments are classified as trading securities. On December 20, 2018, the Company sold its entire position of a pool with associated premium amounts totaling $41.1 million . At December 31, 2018, the Company held a receivable related to this sale transaction of $41.2 million , which was collected upon the settlement of the transaction in January 2019. Additionally, for the quarter ended March 31, 2019, the Company recorded approximately $198,000 in interest income related to these investments.

Redeemable Preferred Stock

Redeemable Preferred Stock	3 Months Ended
	Mar. 31, 2019
Redeemable Stock, Preferred [Abstract]
Preferred Stock [Text Block]	Redeemable Preferred Stock and Equity Offerings At March 31, 2019 , the Company's active equity offerings consisted of: • an offering of a maximum of 1,500,000 Units, with each Unit consisting of one share of Series A Redeemable Preferred Stock and one Warrant to purchase up to 20 shares of Common Stock (the "$1.5 Billion Unit Offering"); • an offering of up to a maximum of 500,000 shares of Series M Redeemable Preferred Stock (“mShares”), par value $0.01 per share (the “mShares Offering”); and • an offering of up to $300 million of equity or debt securities (the "Shelf Offering"), including an offering of up to $150 million of Common Stock from time to time in an "at the market" offering (the "2016 ATM Offering"). Certain offering costs are not related to specific closing transactions and are recognized as a reduction of stockholders' equity in the proportion of the number of instruments issued to the maximum number of Units anticipated to be issued. Any offering costs not yet reclassified as reductions of stockholders' equity are are reflected in the asset section of the consolidated balance sheets as deferred offering costs. As of March 31, 2019 , cumulative gross proceeds and offering costs for our active equity offerings consisted of: (In thousands) Deferred Offering Costs Offering Total offering Gross proceeds as of March 31, 2019 Reclassified as reductions of stockholders' equity Recorded as deferred assets Total Specifically identifiable offering costs (2) Total offering costs $1.5 Billion Unit Offering $ 1,500,000 $ 814,332 $ 4,686 65 % $ 2,507 $ 7,193 $ 76,886 $ 84,079 mShares Offering 500,000 56,698 1,671 45 % 2,013 3,684 2,369 6,053 2016 Shelf Offering 300,000 (1 ) 98,080 693 33 % 1,360 2,053 3,001 5,054 2019 Shelf Offering — (3 ) — — 466 466 — 466 Total $ 2,300,000 $ 969,110 $ 7,050 $ 6,346 $ 13,396 $ 82,256 $ 95,652 (1) Included in the $300 million Shelf Offering is a total of $150 million allocated for the 2016 ATM Offering, which is not listed separately. (2) These offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, are reflected as a reduction of stockholders' equity at the time of closing. (3) On April 25, 2019, the Company's 2019 Shelf Registration Statement was declared effective. Aggregate offering expenses of the $1.5 Billion Unit Offering, including selling commissions and dealer manager fees, and of the mShares Offering, including dealer manager fees, are each individually capped at 11.5% of the aggregate gross proceeds of the two offerings, of which the Company will reimburse its Manager up to 1.5% of the gross proceeds of such offerings for all organization and offering expenses incurred, excluding selling commissions and dealer manager fees for the $1.5 Billion Unit Offering and excluding dealer manager fees for the mShares Offering; 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, or FINRA.

Related Party Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Related Party Transactions On April 16, 2018, John A. Williams, the Company's Chief Executive Officer and Chairman of the Board, passed away. The Company's Haven 12 real estate loan investment and Haven Campus Communities LLC line of credit are both supported in part by a guaranty of repayment and performance by John A. Williams, Jr., John A. Williams' son. Because the terms of these loans were negotiated and agreed upon while John A. Williams was the Chief Executive Officer of the Company, these instruments will continue to be reported as related party transactions until the loans are repaid. The Company named Daniel M. DuPree as Chairman of the Board of Directors and Chief Executive Officer of the Company. Leonard A. Silverstein was named Vice Chairman of the Board of Directors and continues as the Company's President and Chief Operating Officer. On March 27, 2019, the Company's Haven49 and Haven49 Member real estate loan investments and the Haven Campus Communities Charlotte Member LLC line of credit were deemed satisfied in full in connection with the Company's acceptance of the borrowers' membership interests in the underlying Haven49 project. Mr. Silverstein is an executive officer and Messrs. DuPree and Silverstein are also directors of NELL Partners, Inc., which controls the Manager. Mr. DuPree is the Chief Executive Officer and Mr. Silverstein is the President and Chief Operating Officer of the Manager. The Company's Wiregrass and Wiregrass Capital real estate loan investments are partially financing the development of a multifamily community in Tampa, Florida by the Altman Companies. Timothy A. Peterson is a member of management of the Altman Companies as well as Chairman of the Audit Committee of the Company's Board of Directors. The Wiregrass loans therefore qualify as related party transactions. 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: (In thousands) Three-month periods ended March 31, Type of Compensation Basis of Compensation 2019 2018 Acquisition fees 1.0% of the gross purchase price of real estate assets $ 1,400 $ 1,759 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 401 800 Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property. 344 740 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 3,725 3,665 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed 2,457 2,093 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 1,486 1,433 Construction management fees Quarterly fee for property renovation and takeover projects 57 131 Disposition fees 1% of the sale price of a real estate asset — 435 $ 9,870 $ 11,056 The Manager may, in its discretion, waive some or all of the asset management, property management, or general and administrative fees in the current period for properties owned by the Company. The waived fees may become earned by the Manager as an additional disposition fee 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. A cumulative total of approximately $15.3 million of combined asset management and general and administrative fees related to acquired properties as of March 31, 2019 have been waived by the Manager. A total of $13.8 million remaining waived fees 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: (in thousands) Three-month periods ended March 31, 2019 2018 $ 4,079 $ 3,609 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 $128,081 and $119,269 for the three-month periods ended March 31, 2019 and 2018 , respectively and Preferred Capital Securities, LLC, or PCS, was reimbursed $337,344 and $356,022 for the three-month periods ended March 31, 2019 and 2018 , respectively. These costs are recorded as deferred offering costs until such time as additional closings occur on the $1.5 Billion Unit Offering, mShares Offering or the Shelf Offering, at which time they are reclassified on a pro-rata basis as a reduction of offering proceeds within stockholders’ equity. The Manager also receives leasing commission fees. Retail leasing commission fees (a) for new retail leases are equal to the greater of (i) $4.00 per square foot, and (ii) 4.0% of the aggregate base rental payments to be made by the tenant for the first 10 years of the original lease term; and (b) for lease renewals are equal to the greater of (i) $2.00 per square foot, and (ii) 2.0% of the aggregate base rental payments to be made by the tenant for the first 10 years of the newly renewed lease term. There are no commissions payable on retail lease renewals thereafter. Office leasing commission fees (a) for new office leases are equal to 50.0% of the first month’s gross rent plus 2.0% of the remaining fixed gross rent on the guaranteed lease term, (b) in the event of co-broker participation in a new lease, the leasing commission determined for a new lease are equal to 150.0% of the first month’s gross rent plus 6% of the remaining fixed gross rent of the guaranteed lease term, and (c) for lease renewals, are equal to 2% of the fixed gross rent of the guaranteed lease term or, in the event of a co-broker, 6% of the fixed gross rent of the guaranteed lease term. Office leasing commission fees may not exceed market rates for office leasing services. The Company holds a promissory note in the amount of approximately $763,030 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	3 Months Ended
	Mar. 31, 2019
Dividends [Abstract]
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 declared aggregate quarterly cash dividends on its Common Stock of $0.26 and $0.25 per share for the three-month periods ended March 31, 2019 and 2018, respectively. The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as the dividends declared on the Common Stock. At March 31, 2019 , the Company had 879,335 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. The Company's dividend and distribution activity consisted of: Dividends and distributions declared For the three months ended March 31, 2019 2018 (in thousands) Series A Preferred Stock $ 24,734 $ 19,204 mShares 806 313 Common Stock 11,195 9,802 Class A OP Units 229 268 Total $ 36,964 $ 29,587

Equity Compensation

Equity Compensation	3 Months Ended
	Mar. 31, 2019
Equity Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Equity Compensation Stock Incentive Plan On February 25, 2011, the Company’s board of directors adopted, and the Company’s stockholders approved, the Preferred Apartment Communities, Inc. 2011 Stock Incentive Plan to incentivize, compensate and retain eligible officers, consultants, and non-employee directors. On May 7, 2015, the Company's stockholders approved the third amendment to the Preferred Apartment Communities, Inc. 2011 Stock Incentive Plan, or, as amended, the 2011 Plan, which amendment increased the aggregate number of shares of Common Stock authorized for issuance under the 2011 Plan from 1,317,500 to 2,617,500 and extended the expiration date of the 2011 Plan to December 31, 2019. Equity compensation expense by award type for the Company was: Three-month period ended March 31, Unamortized expense as of March 31, (in thousands) 2019 2018 2019 Class B Unit awards: Executive officers - 2016 $ 2 $ 74 $ — Executive officers - 2017 78 107 238 Executive officers - 2018 72 816 501 Restricted stock grants: 2017 — 90 — 2018 90 — 30 Restricted stock units: 2017 18 21 57 2018 19 27 168 2019 32 — 346 Total $ 311 $ 1,135 $ 1,340 Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for the 2017 and 2018 service years vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. Service year Shares Fair value per share Total compensation cost (in thousands) 2017 24,408 $ 14.75 $ 360 2018 24,810 $ 14.51 $ 360 Class B OP Units On January 4, 2016, the Company caused the Operating Partnership to grant 265,931 Class B Units of the Operating Partnership, or 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. On January 2, 2018, the Company caused the Operating Partnership to grant 256,087 Class B OP Units, for service to be rendered during 2018, 2019 and 2020. The Company did not grant any Class B OP Units during the three-month period ended March 31, 2019. On January 2, 2018, John A. Williams, the late Chief Executive Officer of the Company, was granted 53,746 Class B OP Units. On April 16, 2018, Mr. Williams passed away and his granted Class B OP Units were modified on a pro-rata basis as of the date of his death. Of the 53,746 Class B OP Units granted to Mr. Williams, 38,284 Class B OP Units with a total fair value of approximately 638,000 were forfeited. The remaining 15,462 Class B OP Units became vested Class B Units on January 2, 2019, and remained subject to the earning provision of all Class B OP Unit grants in order to convert to Class A OP Units. An additional 156,306 Class B OP Units granted to individuals other than Mr. Williams with an aggregate fair value of $2.6 million were forfeited in 2018. Because of the market condition vesting requirement that determines the transition of the vested Class B OP Units to earned Class B OP Units, a Monte Carlo simulation was utilized to calculate the total fair values, which will be amortized as compensation expense over the periods beginning on the grant dates through the Initial Valuation Dates. On January 3, 2017, all of the 265,931 Class B OP Units granted on January 3, 2016 became earned and 206,534 automatically vested and converted to Class A OP Units. Of the remaining earned Class B OP Units, 29,699 vested and automatically converted to Class A OP Units on January 2, 2018 and the final 29,698 earned Class B OP Units vested and automatically converted to Class A OP Units on January 2, 2019. On January 2, 2018, all of the 286,392 Class B OP Units granted on January 2, 2017 became earned and 227,599 automatically became vested and converted to Class A Units. Of the remaining earned Class B OP Units, 27,131 vested and automatically converted to Class A OP Units on January 2, 2019 and the final 27,122 earned Class B OP Units will vest and automatically convert to Class A OP Units on January 2, 2020, assuming each grantee fulfills the requisite service requirement. The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: Grant dates 1/2/2018 Stock price $ 20.19 Dividend yield 4.95 % Expected volatility 25.70 % Risk-free interest rate 2.71 % Number of Units granted: One year vesting period 171,988 Three year vesting period 84,099 256,087 Calculated fair value per Unit $ 16.66 Total fair value of Units $ 4,266,409 Target market threshold increase $ 5,660,580 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 $0.25 for the 2018 awards. For the 2018 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 date. 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 The Company, through its Operating Partnership, has granted restricted stock units, or RSUs, to certain employees of affiliates of the Company, as shown in the following table: Grant date 1/2/2019 1/2/2018 1/3/2017 Service period 2019-2021 2018-2020 2017-2019 RSU activity: Granted 27,760 20,720 26,900 Vested — — 14,154 Forfeited 520 3,480 6,575 Outstanding and unvested 27,240 17,240 6,171 Fair value per RSU $ 13.85 $ 16.66 $ 11.92 Total fair value of RSU grant $ 384,476 $ 345,195 $ 320,648 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 per RSU were utilized to calculate the total fair values of the RSUs. The total fair value amounts pertaining to grants of RSUs, net of forfeitures, are amortized as compensation expense over the three one-year periods ending on the three successive anniversaries of the grant dates.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2019
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 three-month period ended March 31, 2019 with mortgage debt as shown in the following table: Property Date Initial principal amount (in thousands) Fixed/Variable rate Rate Maturity date Gayton Crossing 1/17/2019 $ 18,000 Fixed 4.71 % 2/1/2029 Haven49 (1) 3/27/2019 $ 41,550 Variable 6.24 % 12/22/2019 $ 59,550 (1) The Company assumed the existing construction loan on this property. Repayments and Refinancings On February 28, 2019, the Company refinanced the mortgage on its Lenox Village Town Center multifamily community. The existing $29.2 million mortgage bore interest at a fixed rate of 3.82% and was refinanced into a $39.3 million mortgage which bears interest at a fixed rate of 4.34%. As a result of the refinance, the Company incurred approximately $0.6 million of expenses which were capitalized as deferred loan costs, and accelerated approximately $16,000 of remaining unamortized deferred loan costs associated with the prior loan, which is included within the interest expense line of the Consolidated Statements of Operations. The sale of Lake Cameron on March 20, 2018 resulted in $402,000 of debt defeasance related costs, which were netted against the gain on the sale of the property. On March 29, 2018, the Company refinanced the mortgage on its Sol student housing property. A short-term bridge loan was used to replace the mortgage being held on the Acquisition Facility. The mortgage principal balance of approximately $37.5 million remained the same under the new financing arrangement, and the existing variable interest rate increased 10 basis points, to 210 basis points over LIBOR. As a result of the refinance, the Company incurred expenses of approximately $41,000 , which are included within the Interest Expense line of the Consolidated Statements of Operations. The following table summarizes our mortgage notes payable at March 31, 2019 : (dollars in thousands) Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life (years) Multifamily communities $ 1,037,051 3.92 % 9.7 New Market Properties 442,274 3.97 % 7.0 Preferred Office Properties 485,841 4.32 % 14.9 Student housing properties 160,862 4.13 % 6.3 Total fixed rate mortgage debt 2,126,028 4.04 % 10.1 Variable rate mortgage debt: Multifamily communities 80,876 4.39 % 4.7 New Market Properties 61,433 5.11 % 2.4 Preferred Office Properties — — — Student housing properties 131,916 6.08 % 1.4 Total variable rate mortgage debt 274,225 5.36 % 2.6 Total mortgage debt: Multifamily communities 1,117,927 3.95 % 9.3 New Market Properties 503,707 4.11 % 6.5 Preferred Office Properties 485,841 4.32 % 14.9 Student housing properties 292,778 5.01 % 4.1 Total principal amount 2,400,253 4.19 % 9.2 Deferred loan costs (35,495 ) Mark to market loan adjustment (4,819 ) Mortgage notes payable, net $ 2,359,939 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. See Note 16 regarding the Company's refinancing of the mortgage debt on the Royal Lakes Marketplace property. The mortgage note secured by our Champions Village property has a maximum commitment of approximately $34.2 million . As of March 31, 2019 , the Company has an outstanding principal balance of $27.4 million . Additional advances of the mortgage commitment may be drawn as the Company achieves leasing activity, if elected by the Company. 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 5.49% as of March 31, 2019 . As of March 31, 2019 , the weighted-average remaining life of deferred loan costs related to the Company's mortgage indebtedness was approximately 9.7 years. Our mortgage notes have maturity dates between October 1, 2019 and June 1, 2054. 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. On March 23, 2018, the maximum borrowing capacity on the Revolving Line of Credit was increased to $200 million pursuant to an accordion feature. The accordion feature permits the maximum borrowing capacity to be expanded or contracted without amending any further terms of the instrument. On December 12, 2018, the Fourth Amended and Restated Credit Agreement, or the Amended and Restated Credit Agreement, was amended to extend the maturity to December 12, 2021, with an option to extend the maturity date to December 12, 2022, subject to certain conditions described therein. The Revolving Line of Credit accrues interest at a variable rate of one month LIBOR plus an applicable margin of 2.75% to 3.50% per annum, depending upon the Company’s leverage ratio. The weighted average interest rate for the Revolving Line of Credit was 5.60% for the three-month period ended March 31, 2019 . The Amended and Restated Credit Agreement also reduced the commitment fee on the average daily unused portion of the Revolving Line of Credit to 0.25% or 0.30% per annum, depending upon the Company’s outstanding Credit Facility balance. 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 accrued interest at a rate of LIBOR plus 2.5% per annum until it was repaid and extinguished during the first quarter of 2018. 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 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 March 31, 2019 , 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 $1.6 billion (2) $1.7 billion Debt yield Minimum 8.25% 10% Payout ratio Maximum 95% (3) 86.5% Total leverage ratio Maximum 65% 57.3% Debt service coverage ratio Minimum 1.50x 2.02X (1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) Minimum of $686.9 million plus 75% of the net proceeds of any equity offering, which totaled approximately $922.0 million as of March 31, 2019 . (3) Calculated on a trailing four-quarter basis. For the three-month period ended March 31, 2019 , the maximum dividends and distributions allowed under this covenant was approximately $149.6 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 March 31, 2019 , unamortized loan fees and closing costs for the Credit Facility were approximately $1.5 million , which will be amortized over a remaining loan life of approximately 2.7 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. On March 25, 2019, the maximum borrowing capacity was decreased to $90 million by agreement between the Company and KeyBank.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 March 31, 2019 , unamortized loan fees and closing costs for the establishment of the Acquisition Facility were approximately $0.2 million , which will be amortized over a remaining loan life of approximately 2.9 years. Interest Expense Interest expense, including amortization of deferred loan costs was: Three-month periods ended March 31, (in thousands) 2019 2018 Multifamily communities $ 11,455 $ 10,936 New Market Properties 5,586 4,356 Preferred Office Properties 5,351 2,541 Student housing properties 3,345 1,691 Interest paid to real estate loan participants 110 386 Total 25,847 19,910 Credit Facility and Acquisition Facility 909 1,058 Interest Expense $ 26,756 $ 20,968 Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of March 31, 2019 were: Period Future principal payments (in thousands) 2019 $ 144,720 (1) 2020 80,172 2021 199,663 2022 215,843 2023 191,947 thereafter 1,584,908 Total $ 2,417,253 (1) Includes the principal amount of $17.0 million due on the Company's Revolving Line of Credit.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2019
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, 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 stockholders. For the Company's tax years prior to its REIT election year, its 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 March 31, 2019 and December 31, 2018.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2019
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 eleven -year office lease, which began on October 9, 2014. As of March 31, 2019 , the amount guarantied by the Company was $5.5 million and is reduced by $0.6 million per lease year over the term of the lease. Certain officers and employees of the Manager have been assigned company credit cards. As of March 31, 2019 , the Company guarantied up to $640,000 on these credit cards. The Company is otherwise currently subject to neither any known material commitments or contingencies from its business operations, nor any material known or threatened litigation. A total of approximately $15.3 million of asset management and general and administrative fees related to acquired properties as of March 31, 2019 have been waived by the Manager. The waived fees are converted at the time of waiver into contingent fees, which are earned by the Manager as an additional disposition fee 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 March 31, 2019 , a total of $13.8 million remaining waived fees could possibly be earned by the Manager in the future. At March 31, 2019 , the Company had unfunded balances on its real estate loan portfolio of approximately $145.9 million . At March 31, 2019 , the Company had unfunded contractual commitments for tenant, leasing, and capital improvements of approximately $9.2 million .

Segment information

Segment information	3 Months Ended
	Mar. 31, 2019
Segment Information [Abstract]
Segment Reporting Disclosure [Text Block]	Segment Information The Company's Chief Operating Decision Maker, or CODM, evaluates the performance of the Company's business operations and allocates financial and other resources by assessing the financial results and outlook for future performance across five distinct segments: multifamily communities, student housing properties, real estate related financing, New Market Properties and Preferred Office Properties. Multifamily Communities - consists of the Company's portfolio of owned residential multifamily communities Student Housing Properties - consists of the Company's portfolio of owned 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, as well as the Company's investments in the Series 2018-ML04 and Series 2019-ML05 mortgage-backed pools. Excluded from the financing segment are consolidated assets of VIEs and financial results of the Company's Dawson Marketplace grocery-anchored shopping center real estate loan, which are included in the New Market Properties segment. 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 buildings. The CODM monitors net operating income (“NOI”) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level. The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. (in thousands) March 31, 2019 December 31, 2018 Assets: Multifamily communities $ 1,488,544 $ 1,503,648 Student housing properties 499,793 411,102 Financing 468,103 448,617 New Market Properties 903,086 883,594 Preferred Office Properties 879,389 884,648 Other (including $544,869 and $264,886 of consolidated assets of VIEs) 562,999 279,349 Consolidated assets $ 4,801,914 $ 4,410,958 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the three-month periods ended March 31, 2019 and 2018 were as follows: Three-month periods ended March 31, (in thousands) 2019 2018 Capitalized expenditures: Multifamily communities $ 1,212 $ 4,839 Student housing properties 913 281 New Market Properties 1,577 785 Total $ 3,702 $ 5,905 Second-generation capital expenditures exclude those expenditures made in our office building portfolio (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. Total revenues by reportable segment of the Company were: Three-month periods ended March 31, (in thousands) 2019 2018 Revenues Rental revenues: Multifamily communities $ 40,314 $ 38,860 Student housing properties 10,024 5,670 New Market Properties 21,529 17,339 Preferred Office Properties (1) 20,371 12,392 Total rental revenues 92,238 74,261 Other revenues: Multifamily communities 1,294 1,293 Student housing properties 194 83 New Market Properties 530 576 Preferred Office Properties 571 88 Total other revenues 2,589 2,040 Financing revenues 16,679 14,069 Consolidated revenues $ 111,506 $ 90,370 (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 and Westridge office buildings. As of March 31, 2019, the Company has deferred revenue in an aggregate amount of $47.0 million in connection with such improvements. The remaining balance to be recognized is approximately $42.5 million which is included in the deferred revenues line on the consolidated balance sheets at March 31, 2019. These total costs will be amortized over the lesser of the useful lives of the improvements or the individual lease terms. The Company recorded non-cash revenue of approximately $0.9 million and $0.5 million for the three-month periods ended March 31, 2019 and 2018, respectively. Three-month periods ended March 31, (in thousands) 2019 2018 Segment net operating income (Segment NOI) Multifamily communities $ 24,244 $ 23,523 Student housing properties 5,091 3,036 Financing 16,679 14,069 New Market Properties 15,805 12,672 Preferred Office Properties 14,805 9,062 Consolidated segment net operating income 76,624 62,362 Interest expense: Multifamily communities 11,455 10,935 Student housing properties 3,345 1,691 New Market Properties 5,586 4,356 Preferred Office Properties 5,351 2,541 Financing 1,019 1,445 Depreciation and amortization: Multifamily communities 20,411 21,702 Student housing properties 5,454 5,105 New Market Properties 10,335 8,880 Preferred Office Properties 9,089 4,929 Professional fees 887 474 Management fees, net of forfeitures 5,200 5,020 Loan loss allowance — — Equity compensation to directors and executives 311 1,135 Gain on sale of real estate — (20,354 ) Gain on noncash net assets of consolidated VIEs (141 ) — Loss on extinguishment of debt 17 — Gain on trading investment, net (4 ) — Other 589 240 Net income (loss) $ (2,280 ) $ 14,263

Loss per Share

Loss per Share	3 Months Ended
	Mar. 31, 2019
Loss per share [Abstract]
Earnings Per Share [Text Block]	The following is a reconciliation of weighted average basic and diluted shares outstanding used in the calculation of income (loss) per share of Common Stock: Three-month periods ended March 31, (in thousands, except per-share figures) 2019 2018 Numerator: Operating income before gains on sales of real estate and trading investment $ 24,348 $ 14,877 Gains on sales of real estate and trading investment 4 20,354 Operating income 24,352 35,231 Interest expense 26,756 20,968 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools 141 — Loss on extinguishment of debt (17 ) — Net (loss) income (2,280 ) 14,263 Consolidated net loss (income) attributable to non-controlling interests (492 ) (380 ) Net (loss) income attributable to the Company (2,772 ) 13,883 Dividends declared to preferred stockholders (25,539 ) (19,517 ) Earnings attributable to unvested restricted stock (2 ) (2 ) Net loss attributable to common stockholders (28,313 ) (5,636 ) Denominator: Weighted average number of shares of Common Stock - basic 42,680 39,098 Effect of dilutive securities: (D) — — Weighted average number of shares of Common Stock - basic and diluted 42,680 39,098 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (0.66 ) $ (0.14 ) (A) The Company's outstanding Class A Units of the Operating Partnership ( 879 and 1,070 Units at March 31, 2019 and 2018, 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 1,720 and 1,313 outstanding shares of Series A Preferred Stock at March 31, 2019 and 2018, 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 7.50% in year eight and thereafter. The Company had 56 and 20 mShares outstanding at March 31, 2019 and 2018, respectively. (C) The Company's outstanding unvested restricted share awards ( 6 and 6 shares of Common Stock at March 31, 2019 and 2018, 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's unvested restricted share awards are defined as participating securities, the dividends declared for that period are adjusted in determining the calculation of loss per share of Common Stock. (D) Potential dilution from (i) warrants outstanding from issuances of Units from our Series A Preferred Stock offerings that are potentially exercisable into 25,284 shares of Common Stock; (ii) 93 Class B Units; (iii) 6 shares of unvested restricted common stock; and (iv) 51 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.

Fair Values of Financial Instru

Fair Values of Financial Instruments	3 Months Ended
	Mar. 31, 2019
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 March 31, 2019 Carrying value Fair value measurements using fair value hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 336,138 $ 368,758 $ — $ — $ 368,758 Notes receivable and line of credit receivable 41,320 41,320 — — 41,320 $ 377,458 $ 410,078 $ — $ — $ 410,078 Financial Liabilities: Mortgage notes payable $ 2,400,253 $ 2,396,840 $ — $ — $ 2,396,840 Revolving credit facility 17,000 17,000 — — 17,000 Loan participation obligations — — — — — $ 2,417,253 $ 2,413,840 $ — $ — $ 2,413,840 As of December 31, 2018 Carrying value Fair value measurements using fair value hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 334,211 $ 366,328 $ — $ — $ 366,328 Notes receivable and line of credit receivable 47,307 47,307 — — 47,307 $ 381,518 $ 413,635 $ — $ — $ 413,635 Financial Liabilities: Mortgage notes payable $ 2,339,752 2,313,405 $ — $ — $ 2,313,405 Revolving credit facility 57,000 57,000 — — 57,000 Loan participation obligations 5,181 5,181 — — 5,181 $ 2,401,933 $ 2,375,586 $ — $ — $ 2,375,586 (1) The carrying value of real estate assets at December 31, 2018 included the Company's balance of the Palisades real estate loan investment, which included the amounts funded by an unrelated participant. On March 13, 2019, the Company repurchased the loan participant's 25% balance in the loan from the loan participant and at March 31, 2019, carried the entire loan balance on its consolidated balance sheet without reflection of any liability to any third party. 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 March 31, 2019 , 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 4, 5, 6, 7, 10, 15, 25 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. The following table presents activity of the two mortgage pools from the Freddie Mac K Program as of and for the three-month period ended March 31, 2019 : Assets Liabilities (in thousands) Multifamily mortgage loans held in VIEs at fair value VIE liabilities, at fair value Net Balance as of December 31, 2018 $ 269,946 $ 264,886 $ 5,060 Initial consolidation of ML-05 trust: 289,325 270,670 18,655 Gains (losses) included in net income due to change in fair value of net assets of VIE: 10,133 9,992 141 Repayments of underlying mortgage principal amounts and repayments to Class A holders: (679 ) (679 ) — Balance as of March 31, 2019 $ 568,725 $ 544,869 $ 23,856 The following table presents the level 3 input used to calculate the fair value of the consolidated assets and liabilities of the two VIEs: (in thousands) Fair value Valuation methodology Unobservable input Assets: Multifamily mortgage loans held in VIEs at fair value $ 568,725 Discounted cash flow Discount rate 4.5 % Liabilities: VIE liabilities, at fair value $ 544,869 Discounted cash flow Discount rate 4.5 % The following tables present the estimated fair values of the consolidated assets and liabilities from the two VIEs, for which the Company has elected the fair value option. As of March 31, 2019 Carrying value Fair value measurements using fair value hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: VIE assets from mortgage-backed pools $ 568,725 $ 568,725 $ — $ — $ 568,725 Financial Liabilities: VIE liabilities from mortgage-backed pools $ 544,869 $ 544,869 $ — $ — $ 544,869 December 31, 2018 Carrying value Fair value measurements using fair value hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: VIE assets from mortgage-backed pools $ 269,946 $ 269,946 $ — $ — $ 269,946 Financial Liabilities: VIE liabilities from mortgage-backed pools $ 264,886 $ 264,886 $ — $ — $ 264,886 Disclosure guidance under GAAP requires the Company to determine whether the fair value of the financial assets or the fair value of the financial liabilities of the two mortgage pools is more observable. The VIE assets within the two mortgage pools consist of mortgage loans which finance 40 and 20 multifamily communities at March 31, 2019 and December 31, 2018, respectively. The fair value of the VIE assets within the level 3 hierarchy are comprised of the fair value of the mortgages as estimated by the Company, which were developed utilizing a discounted cash flow model over the remaining terms of the mortgages until their maturity dates and utilizing discount rates believed to approximate the market risk factor for instruments of similar type and duration. The fair values of the notes are categorized within the level 3 hierarchy of fair value estimation as the discount rate primary input assumption is unobservable.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events Between April 1, 2019 and April 30, 2019, the Company issued 41,962 Units under its $1.5 Billion Unit Offering and collected net proceeds of approximately $37.7 million after commissions and fees and issued 3,482 shares of Series M Preferred Stock under the mShares offering and collected net proceeds of approximately $3.4 million after commissions and fees. On April 12, 2019, the Company closed on two real estate loan investments of up to approximately $7.2 million in support of a planned second phase of the Company's Lodge at Hidden River multifamily community located in Tampa, Florida. On April 12, 2019, the Company refinanced the variable-rate mortgage on its Royal Lakes Marketplace grocery-anchored shopping center into a new 10 year, $9.7 million loan with a fixed rate of 4.29% . On April 12, 2019, the Company refinanced the variable-rate mortgage on its Cherokee Plaza grocery-anchored shopping center into a new 8 year, $25.2 million loan with a fixed rate of 4.28% . On April 25, 2019, the Company's 2019 Shelf Registration Statement was declared effective.

Significant Accounting Polici_2

Significant Accounting Policies Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2019
Summary of Significant Accounting Policies [Abstract]
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	s
Goodwill and Intangible Assets, Policy [Policy Text Block]	s
New Accounting Pronouncements, Policy [Policy Text Block]	New Accounting Pronouncements Standard Description Date of Adoption Effect on the Consolidated Financial Statements Recently Adopted Accounting Guidance ASU 2016-02, Leases (Topic 842) ASU 2018-11, Leases (Topic 842) Targeted Improvements ASU 2016-02 requires a lessor 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. In July 2018, the FASB issued ASU 2018-11 which allowed for a practical expedient for lessors to elect, by class of underlying assets, to not separate lease and non-lease components if 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. Additional practical expedients were also provided for under ASU 2018-11 related to expired or existing leases. January 1, 2019 Having met the criteria that (i) the timing and pattern of transfer for the lease component and associated non-lease components are the same and (ii) that the lease component, if accounted for separately would be classified as an operating lease, the Company has elected the practical expedient within ASU 2018-11, as codified under ASC 842-10-15-42A, to elect reporting the lease component and non-lease components as one single component under “Rental Revenues” recognized in accordance with ASC 842. This change had no material effect on the timing of revenue recognition. The Company has also elected to implement the package of practical expedients provided within ASU 2018-11, as codified under ASC 842-10-65-1(f), which allows the Company not to reassess whether expired or existing contracts contain leases, its lease classification, and any related initial direct costs. ASU 2018-20, Leases (ASC 842), Narrow-Scope Improvements for Lessors ASU 2018-20 eliminates the requirement to record income and offsetting expense for certain variable costs paid for by lessees on behalf of lessors. January 1, 2019 The Company no longer records income and expense for property taxes paid directly to the taxing authority by a lessee based on this standard. The effect is a reduction of other property revenues and of property tax expense, with no effect upon net income/loss. Recently Issued Accounting Guidance Not Yet Adopted ASU 2016-13, Financial Instruments - Credit Losses (ASC 326) ASU 2016-13 requires that financial assets measured at amortized cost basis be presented at the net amount expected to be collected, with the establishment of an allowance for credit losses expected overall, based on relevant information from historical events. January 1, 2020 The Company has not yet determined whether its adoption of ASU 2016-13 will have a material impact on its financial statements.

Real Estate Assets (Tables)

Real Estate Assets (Tables)	3 Months Ended
	Mar. 31, 2019
Business Acquisition
Business Combination Disclosure	Real Estate Assets The Company's real estate assets consisted of: As of: March 31, 2019 December 31, 2018 Multifamily communities: Properties (1) 32 32 Units 9,768 9,768 New Market Properties: (2) Properties 46 45 Gross leasable area (square feet) (3) 4,889,011 4,730,695 Student housing properties: Properties 8 7 Units 2,011 1,679 Beds 6,095 5,208 Preferred Office Properties: Properties 7 7 Rentable square feet 2,578,000 2,578,000 (1) The acquired second phases of CityPark View and Crosstown Walk communities are managed in combination with the initial phases and so together are considered a single property, as are the Lenox Village and Regent at Lenox Village assets within 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 is not included in the totals above for New Market Properties. Multifamily communities sold The Company had no sales of multifamily community assets during the three-month period ended March 31, 2019. On March 20, 2018, the Company closed on the sale of its 328 -unit multifamily community in Raleigh, North Carolina, or Lake Cameron, to an unrelated third party for a purchase price of approximately $43.5 million , exclusive of closing costs, and debt defeasance-related costs and resulted in a gain of $20.4 million . Lake Cameron contributed approximately $0.2 million of net income to the consolidated operating results of the Company for the three-month period ended March 31, 2018. The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were: Lake Cameron (in thousands) March 20, 2018 Real estate assets: Land $ 4,000 Building and improvements 21,519 Furniture, fixtures and equipment 3,687 Accumulated depreciation (7,220 ) Total assets $ 21,986 Liabilities: Mortgage note payable $ 19,736 Supplemental mortgage note — Total liabilities $ 19,736 Multifamily communities acquired The Company had no acquisitions of multifamily community assets during the three-month period ended March 31, 2019. During the three-month period ended March 31, 2018, the Company completed the acquisition of the following multifamily communities: Acquisition date Property Location Units 1/9/2018 The Lux at Sorrel Jacksonville, Florida 265 2/28/2018 Green Park Atlanta, Georgia 310 575 The aggregate purchase prices of the multifamily acquisitions were approximately $106.5 million , exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed liabilities.
schedule of depreciation and amortization expense [Table Text Block]	Three-month periods ended March 31, (in thousands) 2019 2018 Depreciation: Buildings and improvements $ 22,987 $ 17,478 Furniture, fixtures, and equipment 13,133 10,512 36,120 27,990 Amortization: Acquired intangible assets 8,945 12,500 Deferred leasing costs 178 91 Website development costs 46 35 Total depreciation and amortization $ 45,289 $ 40,616
real estate sold [Table Text Block]	The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were: Lake Cameron (in thousands) March 20, 2018 Real estate assets: Land $ 4,000 Building and improvements 21,519 Furniture, fixtures and equipment 3,687 Accumulated depreciation (7,220 ) Total assets $ 21,986 Liabilities: Mortgage note payable $ 19,736 Supplemental mortgage note — Total liabilities $ 19,736
real estate owned [Table Text Block]	The Company's real estate assets consisted of: As of: March 31, 2019 December 31, 2018 Multifamily communities: Properties (1) 32 32 Units 9,768 9,768 New Market Properties: (2) Properties 46 45 Gross leasable area (square feet) (3) 4,889,011 4,730,695 Student housing properties: Properties 8 7 Units 2,011 1,679 Beds 6,095 5,208 Preferred Office Properties: Properties 7 7 Rentable square feet 2,578,000 2,578,000 (1) The acquired second phases of CityPark View and Crosstown Walk communities are managed in combination with the initial phases and so together are considered a single property, as are the Lenox Village and Regent at Lenox Village assets within 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 is not included in the totals above for New Market Properties.
multifamily community [Domain]
Business Acquisition
Business Combination Disclosure	Multifamily Communities acquired during the three-month period ended (in thousands, except amortization period data) March 31, 2018 Land $ 12,810 Buildings and improvements 73,773 Furniture, fixtures and equipment 17,969 Lease intangibles 4,307 Prepaids & other assets 193 Accrued taxes (167 ) Security deposits, prepaid rents, and other liabilities (183 ) Net assets acquired $ 108,702 Cash paid $ 37,427 Mortgage debt, net 71,275 Total consideration $ 108,702 Three-month period ended March 31, 2019: Revenue $ 2,557 Net income (loss) $ (1,300 ) Three-month period ended March 31, 2018: Revenue $ 1,469 Net income (loss) $ (1,523 ) Capitalized acquisition costs incurred by the Company $ 2,347 Acquisition costs paid to related party (included above) $ 1,094 Remaining amortization period of intangible assets and liabilities (months) 1.5
Table of Properties Acquired	The Company had no acquisitions of multifamily community assets during the three-month period ended March 31, 2019. During the three-month period ended March 31, 2018, the Company completed the acquisition of the following multifamily communities: Acquisition date Property Location Units 1/9/2018 The Lux at Sorrel Jacksonville, Florida 265 2/28/2018 Green Park Atlanta, Georgia 310 575 The aggregate purchase prices of the multifamily acquisitions were approximately $106.5 million , exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed liabilities.
student housing community [Domain]
Business Acquisition
Business Combination Disclosure	The Company allocated the asset's fair value and capitalized acquisition costs to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities. Student housing property acquired during the three-month period ended: (in thousands, except amortization period data) March 31, 2019 Land $ 7,289 Buildings and improvements 68,163 Furniture, fixtures and equipment 16,966 Lease intangibles 983 Accrued taxes (158 ) Security deposits, prepaid rents, and other liabilities (2,579 ) Net assets acquired $ 90,664 Satisfaction of loan receivables $ 46,397 Cash paid 2,717 Mortgage debt, net 41,550 Total consideration $ 90,664 Three-month period ended March 31, 2019: Revenue $ 81 Net income (loss) $ (274 ) Capitalized acquisition costs incurred by the Company $ 1,016 Acquisition costs to related party $ 936 Remaining amortization period of intangible assets and liabilities (months) 3.5
Table of Properties Acquired	During the three-month period ended March 31, 2019 , the Company completed the acquisition of Haven49, a 322 -unit, 887 -bed student housing property adjacent to the University of North Carolina at Charlotte. The Company effectuated the acquisition via a negotiated agreement whereby the Company accepted the membership interest in the Haven49 project entity in satisfaction of the project indebtedness owed to the Company. See Note 4.
Retail Segment [Member]
Business Acquisition
Business Combination Disclosure	Preferred Office Properties assets acquired The Company had no acquisitions of office building assets during the three-month period ended March 31, 2019. On January 29, 2018, the Company acquired Armour Yards, a collection of four adaptive re-use office buildings comprised of approximately 187,000 square feet of office space in Atlanta, Georgia. The aggregate purchase price was approximately $66.5 million , exclusive of acquired escrows, security deposits, prepaids, capitalized acquisition costs and other miscellaneous assets and assumed liabilities. The Company allocated the purchase price and capitalized acquisition costs to the acquired assets and liabilities based upon their fair values, as shown in the following table. The purchase price allocations were based upon the Company's best estimates of the fair values of the acquired assets and liabilities. Preferred Office Properties' acquisition during the three-month periods ended: (in thousands, except amortization period data) March 31, 2018 Land $ 6,756 Buildings and improvements 48,332 Tenant improvements 6,201 In-place leases 3,762 Above-market leases 61 Leasing costs 2,181 Below-market leases (1,594 ) Security deposits, prepaid rents, and other liabilities (4,335 ) Net assets acquired $ 61,364 Cash paid $ 21,364 Mortgage debt, net 40,000 Total consideration $ 61,364 Three-month period ended March 31, 2019: Revenue $ 1,535 Net income (loss) $ (5 ) Three-month period ended March 31, 2018: Revenue $ 955 Net income (loss) $ (170 ) Capitalized acquisition costs incurred by the Company $ 817 Acquisition costs paid to related party (included above) $ 665 Remaining amortization period of intangible assets and liabilities (years) 7.2

Real Estate Loans, Notes Rece_2

Real Estate Loans, Notes Receivable, and Lines of Credit (Tables)	3 Months Ended
	Mar. 31, 2019
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(Dollars in thousands) March 31, 2019 December 31, 2018 Number of loans 19 19 Drawn amount $ 338,343 $ 336,329 Deferred loan origination fees (2,205 ) (2,118 ) Carrying value $ 336,138 $ 334,211 Unfunded loan commitments $ 145,879 $ 164,913 Weighted average current interest, per annum (paid monthly) 8.47 % 8.47 % Weighted average accrued interest, per annum 4.10 % 5.34 % (Dollars in thousands) Principal balance Deferred loan origination fees Loan loss allowance Carrying value Balances as of December 31, 2018 $ 336,329 $ (2,118 ) $ — $ 334,211 Loan fundings 29,795 — — 29,795 Loan repayments (27,781 ) — — (27,781 ) Loan origination fees collected — (403 ) — (403 ) Amortization of loan origination fees — 316 — 316 Balances as of March 31, 2019 $ 338,343 $ (2,205 ) $ — $ 336,138 Property type Number of loans Carrying value Commitment amount Percentage of portfolio (Dollars in thousands) Multifamily communities 14 $ 289,610 $ 363,338 86 % Student housing properties 3 33,671 40,448 10 % New Market Properties 1 12,857 12,857 4 % Preferred Office Properties 1 — 67,579 — % Balances as of March 31, 2019 19 $ 336,138 $ 484,222
Financing Receivable Credit Quality Indicators [Table Text Block]	At March 31, 2019, the Company's portfolio of real estate loan investments by credit quality indicator was: (In thousands) Rating indicator Principal balance Accrued interest Receivables for purchase option terminations Total A $ 273,870 $ 16,064 $ 7,900 $ 297,834 B 58,357 6,268 — 64,625 C 6,116 1,208 — 7,324 D — — — — $ 338,343 $ 23,540 $ 7,900 $ 369,783
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 March 31, 2019 December 31, 2018 (Dollars in thousands) Preferred Capital Marketing Services, LLC (1) 1/24/2013 12/31/2019 $ 1,500 $ 763 $ 763 10 % Preferred Apartment Advisors, LLC (1,2) 8/21/2012 12/31/2019 18,000 15,843 9,778 7.5 % (3) Haven Campus Communities, LLC (1,4) 6/11/2014 12/31/2018 11,660 8,374 11,620 8 % Oxford Capital Partners, LLC (5) 10/5/2015 6/30/2019 8,000 4,144 4,022 12 % Newport Development Partners, LLC 6/17/2014 6/30/2019 2,000 1,330 — 12 % Mulberry Development Group, LLC (6) 3/31/2016 6/30/2019 500 465 465 12 % 360 Capital Company, LLC (6) 5/24/2016 12/31/2019 3,400 3,194 3,100 12 % 360 Capital Company, LLC (1,7) 7/24/2018 12/31/2020 8,000 7,267 6,923 8.5 % Haven Campus Communities Charlotte Member, LLC (1) 8/31/2018 N/A — — 10,788 15 % Unamortized loan fees (60 ) (152 ) $ 53,060 $ 41,320 $ 47,307 (1) See related party disclosure in Note 6. (2) 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, or the Management Agreement. (3) Effective January 1, 2019, the interest rate was increased from 6.0% per annum to 7.5% per annum and the maturity date was extended to December 31, 2019. (4) The amount payable under this note is collateralized by one of the principals of the borrower's 49.49% interest in an unrelated shopping center located in Atlanta, Georgia and a personal guaranty of repayment by the principals of the borrower. (5) The amounts payable under the terms of this revolving credit line, up to the lesser of 25% of the loan balance or $2.0 million, are collateralized by a personal guaranty of repayment by the principals of the borrower. (6) 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. (7) The amount payable under the note is collateralized by the developer's interest in the Fort Myers multifamily community project and 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: Interest income Three months ended March 31, (in thousands) 2019 2018 Real estate loans: Current interest payments $ 7,469 $ 8,506 Additional accrued interest 3,385 4,726 Origination fee amortization 315 431 Purchase option termination fee amortization 4,233 — Total real estate loan revenue 15,402 13,663 Interest income on notes and lines of credit 1,490 902 Interest income from agency mortgage-backed securities 198 — Interest income on loans and notes receivable $ 17,090 $ 14,565

Redeemable Preferred Stock Proc

Redeemable Preferred Stock Proceeds and offering costs (Tables)	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Schedule of Stockholders Equity [Table Text Block]	As of March 31, 2019 , cumulative gross proceeds and offering costs for our active equity offerings consisted of: (In thousands) Deferred Offering Costs Offering Total offering Gross proceeds as of March 31, 2019 Reclassified as reductions of stockholders' equity Recorded as deferred assets Total Specifically identifiable offering costs (2) Total offering costs $1.5 Billion Unit Offering $ 1,500,000 $ 814,332 $ 4,686 65 % $ 2,507 $ 7,193 $ 76,886 $ 84,079 mShares Offering 500,000 56,698 1,671 45 % 2,013 3,684 2,369 6,053 2016 Shelf Offering 300,000 (1 ) 98,080 693 33 % 1,360 2,053 3,001 5,054 2019 Shelf Offering — (3 ) — — 466 466 — 466 Total $ 2,300,000 $ 969,110 $ 7,050 $ 6,346 $ 13,396 $ 82,256 $ 95,652 (1) Included in the $300 million Shelf Offering is a total of $150 million allocated for the 2016 ATM Offering, which is not listed separately. (2) These offering costs specifically identifiable to Unit offering closing transactions, such as commissions, dealer manager fees, and other registration fees, are reflected as a reduction of stockholders' equity at the time of closing. (3) On April 25, 2019, the Company's 2019 Shelf Registration Statement was declared effective. Aggregate offering expenses of the $1.5 Billion Unit Offering, including selling commissions and dealer manager fees, and of the mShares Offering, including dealer manager fees, are each individually capped at 11.5% of the aggregate gross proceeds of the two offerings, of which the Company will reimburse its Manager up to 1.5% of the gross proceeds of such offerings for all organization and offering expenses incurred, excluding selling commissions and dealer manager fees for the $1.5 Billion Unit Offering and excluding dealer manager fees for the mShares Offering; 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, or FINRA.

Related Party Transactions (Tab

Related Party Transactions (Tables)	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Schedule of Related Party Transactions [Table Text Block]	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: (in thousands) Three-month periods ended March 31, 2019 2018 $ 4,079 $ 3,609 (In thousands) Three-month periods ended March 31, Type of Compensation Basis of Compensation 2019 2018 Acquisition fees 1.0% of the gross purchase price of real estate assets $ 1,400 $ 1,759 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 401 800 Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property. 344 740 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 3,725 3,665 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed 2,457 2,093 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 1,486 1,433 Construction management fees Quarterly fee for property renovation and takeover projects 57 131 Disposition fees 1% of the sale price of a real estate asset — 435 $ 9,870 $ 11,056

Dividends Dividend characteriza

Dividends Dividend characterization (Tables)	3 Months Ended
	Mar. 31, 2019
Dividend characterization [Abstract]
dividends and distributions [Text Block]	Dividends and Distributions The Company declares and pays monthly cash dividend distributions on its Series A Preferred Stock 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 declared aggregate quarterly cash dividends on its Common Stock of $0.26 and $0.25 per share for the three-month periods ended March 31, 2019 and 2018, respectively. The holders of Class A OP Units of the Operating Partnership are entitled to equivalent distributions as the dividends declared on the Common Stock. At March 31, 2019 , the Company had 879,335 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. The Company's dividend and distribution activity consisted of: Dividends and distributions declared For the three months ended March 31, 2019 2018 (in thousands) Series A Preferred Stock $ 24,734 $ 19,204 mShares 806 313 Common Stock 11,195 9,802 Class A OP Units 229 268 Total $ 36,964 $ 29,587

Equity Compensation (Tables)

Equity Compensation (Tables)	3 Months Ended
	Mar. 31, 2019
Equity Compensation [Abstract]
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]	The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: Grant dates 1/2/2018 Stock price $ 20.19 Dividend yield 4.95 % Expected volatility 25.70 % Risk-free interest rate 2.71 % Number of Units granted: One year vesting period 171,988 Three year vesting period 84,099 256,087 Calculated fair value per Unit $ 16.66 Total fair value of Units $ 4,266,409 Target market threshold increase $ 5,660,580 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 $0.25 for the 2018 awards. For the 2018 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 date. 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 The Company, through its Operating Partnership, has granted restricted stock units, or RSUs, to certain employees of affiliates of the Company, as shown in the following table: Grant date 1/2/2019 1/2/2018 1/3/2017 Service period 2019-2021 2018-2020 2017-2019 RSU activity: Granted 27,760 20,720 26,900 Vested — — 14,154 Forfeited 520 3,480 6,575 Outstanding and unvested 27,240 17,240 6,171 Fair value per RSU $ 13.85 $ 16.66 $ 11.92 Total fair value of RSU grant $ 384,476 $ 345,195 $ 320,648 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 per RSU were utilized to calculate the total fair values of the RSUs. The total fair value amounts pertaining to grants of RSUs, net of forfeitures, are amortized as compensation expense over the three one-year periods ending on the three successive anniversaries of the grant dates.
equity compensation expense [Table Text Block]	Equity compensation expense by award type for the Company was: Three-month period ended March 31, Unamortized expense as of March 31, (in thousands) 2019 2018 2019 Class B Unit awards: Executive officers - 2016 $ 2 $ 74 $ — Executive officers - 2017 78 107 238 Executive officers - 2018 72 816 501 Restricted stock grants: 2017 — 90 — 2018 90 — 30 Restricted stock units: 2017 18 21 57 2018 19 27 168 2019 32 — 346 Total $ 311 $ 1,135 $ 1,340
ClassBUnitGrantsvaluationassumptions [Table Text Block]	The underlying valuation assumptions and results for the 2018 Class B OP Unit awards were: Grant dates 1/2/2018 Stock price $ 20.19 Dividend yield 4.95 % Expected volatility 25.70 % Risk-free interest rate 2.71 % Number of Units granted: One year vesting period 171,988 Three year vesting period 84,099 256,087 Calculated fair value per Unit $ 16.66 Total fair value of Units $ 4,266,409 Target market threshold increase $ 5,660,580
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for the 2017 and 2018 service years vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. Service year Shares Fair value per share Total compensation cost (in thousands) 2017 24,408 $ 14.75 $ 360 2018 24,810 $ 14.51 $ 360 Grant date 1/2/2019 1/2/2018 1/3/2017 Service period 2019-2021 2018-2020 2017-2019 RSU activity: Granted 27,760 20,720 26,900 Vested — — 14,154 Forfeited 520 3,480 6,575 Outstanding and unvested 27,240 17,240 6,171 Fair value per RSU $ 13.85 $ 16.66 $ 11.92 Total fair value of RSU grant $ 384,476 $ 345,195 $ 320,648

Equity Compensation RSUs (Table

Equity Compensation RSUs (Tables)	3 Months Ended
	Mar. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block]	Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants for the 2017 and 2018 service years vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. Service year Shares Fair value per share Total compensation cost (in thousands) 2017 24,408 $ 14.75 $ 360 2018 24,810 $ 14.51 $ 360 Grant date 1/2/2019 1/2/2018 1/3/2017 Service period 2019-2021 2018-2020 2017-2019 RSU activity: Granted 27,760 20,720 26,900 Vested — — 14,154 Forfeited 520 3,480 6,575 Outstanding and unvested 27,240 17,240 6,171 Fair value per RSU $ 13.85 $ 16.66 $ 11.92 Total fair value of RSU grant $ 384,476 $ 345,195 $ 320,648

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	he following table summarizes our mortgage notes payable at March 31, 2019 : (dollars in thousands) Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life (years) Multifamily communities $ 1,037,051 3.92 % 9.7 New Market Properties 442,274 3.97 % 7.0 Preferred Office Properties 485,841 4.32 % 14.9 Student housing properties 160,862 4.13 % 6.3 Total fixed rate mortgage debt 2,126,028 4.04 % 10.1 Variable rate mortgage debt: Multifamily communities 80,876 4.39 % 4.7 New Market Properties 61,433 5.11 % 2.4 Preferred Office Properties — — — Student housing properties 131,916 6.08 % 1.4 Total variable rate mortgage debt 274,225 5.36 % 2.6 Total mortgage debt: Multifamily communities 1,117,927 3.95 % 9.3 New Market Properties 503,707 4.11 % 6.5 Preferred Office Properties 485,841 4.32 % 14.9 Student housing properties 292,778 5.01 % 4.1 Total principal amount 2,400,253 4.19 % 9.2 Deferred loan costs (35,495 ) Mark to market loan adjustment (4,819 ) Mortgage notes payable, net $ 2,359,939 Mortgage Financing of Property Acquisitions The Company partially financed the real estate properties acquired during the three-month period ended March 31, 2019 with mortgage debt as shown in the following table: Property Date Initial principal amount (in thousands) Fixed/Variable rate Rate Maturity date Gayton Crossing 1/17/2019 $ 18,000 Fixed 4.71 % 2/1/2029 Haven49 (1) 3/27/2019 $ 41,550 Variable 6.24 % 12/22/2019 $ 59,550 (1) The Company assumed the existing construction loan on this property.
debt covenant [Table Text Block]	As of March 31, 2019 , 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 $1.6 billion (2) $1.7 billion Debt yield Minimum 8.25% 10% Payout ratio Maximum 95% (3) 86.5% Total leverage ratio Maximum 65% 57.3% Debt service coverage ratio Minimum 1.50x 2.02X (1) All covenants are as defined in the credit agreement for the Revolving Line of Credit. (2) Minimum of $686.9 million plus 75% of the net proceeds of any equity offering, which totaled approximately $922.0 million as of March 31, 2019 . (3) Calculated on a trailing four-quarter basis. For the three-month period ended March 31, 2019 , the maximum dividends and distributions allowed under this covenant was approximately $149.6 million .
mortgage interest [Table Text Block]	c
Schedule of Maturities of Long-term Debt [Table Text Block]	of March 31, 2019 were: Period Future principal payments (in thousands) 2019 $ 144,720 (1) 2020 80,172 2021 199,663 2022 215,843 2023 191,947 thereafter 1,584,908 Total $ 2,417,253 (1) Includes the principal amount of $17.0 million due on the Company's Revolving Line of Credit.
Schedule of Debt [Table Text Block]	Interest expense, including amortization of deferred loan costs was: Three-month periods ended March 31, (in thousands) 2019 2018 Multifamily communities $ 11,455 $ 10,936 New Market Properties 5,586 4,356 Preferred Office Properties 5,351 2,541 Student housing properties 3,345 1,691 Interest paid to real estate loan participants 110 386 Total 25,847 19,910 Credit Facility and Acquisition Facility 909 1,058 Interest Expense $ 26,756 $ 20,968

Segment information (Tables)

Segment information (Tables)	3 Months Ended
	Mar. 31, 2019
Segment Reporting Information [Line Items]
Reconciliation of Revenue from Segments to Consolidated [Table Text Block]	Total revenues by reportable segment of the Company were: Three-month periods ended March 31, (in thousands) 2019 2018 Revenues Rental revenues: Multifamily communities $ 40,314 $ 38,860 Student housing properties 10,024 5,670 New Market Properties 21,529 17,339 Preferred Office Properties (1) 20,371 12,392 Total rental revenues 92,238 74,261 Other revenues: Multifamily communities 1,294 1,293 Student housing properties 194 83 New Market Properties 530 576 Preferred Office Properties 571 88 Total other revenues 2,589 2,040 Financing revenues 16,679 14,069 Consolidated revenues $ 111,506 $ 90,370 (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 and Westridge office buildings. As of March 31, 2019, the Company has deferred revenue in an aggregate amount of $47.0 million in connection with such improvements. The remaining balance to be recognized is approximately $42.5 million which is included in the deferred revenues line on the consolidated balance sheets at March 31, 2019. These total costs will be amortized over the lesser of the useful lives of the improvements or the individual lease terms. The Company recorded non-cash revenue of approximately $0.9 million and $0.5 million for the three-month periods ended March 31, 2019 and 2018, respectively.
Segment Reporting Disclosure [Text Block]	Segment Information The Company's Chief Operating Decision Maker, or CODM, evaluates the performance of the Company's business operations and allocates financial and other resources by assessing the financial results and outlook for future performance across five distinct segments: multifamily communities, student housing properties, real estate related financing, New Market Properties and Preferred Office Properties. Multifamily Communities - consists of the Company's portfolio of owned residential multifamily communities Student Housing Properties - consists of the Company's portfolio of owned 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, as well as the Company's investments in the Series 2018-ML04 and Series 2019-ML05 mortgage-backed pools. Excluded from the financing segment are consolidated assets of VIEs and financial results of the Company's Dawson Marketplace grocery-anchored shopping center real estate loan, which are included in the New Market Properties segment. 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 buildings. The CODM monitors net operating income (“NOI”) on a segment and a consolidated basis as a key performance measure for its operating segments. NOI is defined as rental and other property revenue from real estate assets plus interest income from its loan portfolio less total property operating and maintenance expenses, property management fees, real estate taxes, property insurance, and general and administrative expenses. The CODM uses NOI as a measure of operating performance because it provides a measure of the core operations, rather than factoring in depreciation and amortization, financing costs, acquisition expenses, and other expenses generally incurred at the corporate level. The following tables present the Company's assets, revenues, and NOI results by reportable segment, as well as a reconciliation from NOI to net income (loss). The assets attributable to 'Other' primarily consist of deferred offering costs recorded but not yet reclassified as reductions of stockholders' equity and cash balances at the Company and Operating Partnership levels. (in thousands) March 31, 2019 December 31, 2018 Assets: Multifamily communities $ 1,488,544 $ 1,503,648 Student housing properties 499,793 411,102 Financing 468,103 448,617 New Market Properties 903,086 883,594 Preferred Office Properties 879,389 884,648 Other (including $544,869 and $264,886 of consolidated assets of VIEs) 562,999 279,349 Consolidated assets $ 4,801,914 $ 4,410,958 Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the three-month periods ended March 31, 2019 and 2018 were as follows: Three-month periods ended March 31, (in thousands) 2019 2018 Capitalized expenditures: Multifamily communities $ 1,212 $ 4,839 Student housing properties 913 281 New Market Properties 1,577 785 Total $ 3,702 $ 5,905 Second-generation capital expenditures exclude those expenditures made in our office building portfolio (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. Total revenues by reportable segment of the Company were: Three-month periods ended March 31, (in thousands) 2019 2018 Revenues Rental revenues: Multifamily communities $ 40,314 $ 38,860 Student housing properties 10,024 5,670 New Market Properties 21,529 17,339 Preferred Office Properties (1) 20,371 12,392 Total rental revenues 92,238 74,261 Other revenues: Multifamily communities 1,294 1,293 Student housing properties 194 83 New Market Properties 530 576 Preferred Office Properties 571 88 Total other revenues 2,589 2,040 Financing revenues 16,679 14,069 Consolidated revenues $ 111,506 $ 90,370 (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 and Westridge office buildings. As of March 31, 2019, the Company has deferred revenue in an aggregate amount of $47.0 million in connection with such improvements. The remaining balance to be recognized is approximately $42.5 million which is included in the deferred revenues line on the consolidated balance sheets at March 31, 2019. These total costs will be amortized over the lesser of the useful lives of the improvements or the individual lease terms. The Company recorded non-cash revenue of approximately $0.9 million and $0.5 million for the three-month periods ended March 31, 2019 and 2018, respectively. Three-month periods ended March 31, (in thousands) 2019 2018 Segment net operating income (Segment NOI) Multifamily communities $ 24,244 $ 23,523 Student housing properties 5,091 3,036 Financing 16,679 14,069 New Market Properties 15,805 12,672 Preferred Office Properties 14,805 9,062 Consolidated segment net operating income 76,624 62,362 Interest expense: Multifamily communities 11,455 10,935 Student housing properties 3,345 1,691 New Market Properties 5,586 4,356 Preferred Office Properties 5,351 2,541 Financing 1,019 1,445 Depreciation and amortization: Multifamily communities 20,411 21,702 Student housing properties 5,454 5,105 New Market Properties 10,335 8,880 Preferred Office Properties 9,089 4,929 Professional fees 887 474 Management fees, net of forfeitures 5,200 5,020 Loan loss allowance — — Equity compensation to directors and executives 311 1,135 Gain on sale of real estate — (20,354 ) Gain on noncash net assets of consolidated VIEs (141 ) — Loss on extinguishment of debt 17 — Gain on trading investment, net (4 ) — Other 589 240 Net income (loss) $ (2,280 ) $ 14,263
segment assets [Table Text Block]	(in thousands) March 31, 2019 December 31, 2018 Assets: Multifamily communities $ 1,488,544 $ 1,503,648 Student housing properties 499,793 411,102 Financing 468,103 448,617 New Market Properties 903,086 883,594 Preferred Office Properties 879,389 884,648 Other (including $544,869 and $264,886 of consolidated assets of VIEs) 562,999 279,349 Consolidated assets $ 4,801,914 $ 4,410,958
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three-month periods ended March 31, (in thousands) 2019 2018 Segment net operating income (Segment NOI) Multifamily communities $ 24,244 $ 23,523 Student housing properties 5,091 3,036 Financing 16,679 14,069 New Market Properties 15,805 12,672 Preferred Office Properties 14,805 9,062 Consolidated segment net operating income 76,624 62,362 Interest expense: Multifamily communities 11,455 10,935 Student housing properties 3,345 1,691 New Market Properties 5,586 4,356 Preferred Office Properties 5,351 2,541 Financing 1,019 1,445 Depreciation and amortization: Multifamily communities 20,411 21,702 Student housing properties 5,454 5,105 New Market Properties 10,335 8,880 Preferred Office Properties 9,089 4,929 Professional fees 887 474 Management fees, net of forfeitures 5,200 5,020 Loan loss allowance — — Equity compensation to directors and executives 311 1,135 Gain on sale of real estate — (20,354 ) Gain on noncash net assets of consolidated VIEs (141 ) — Loss on extinguishment of debt 17 — Gain on trading investment, net (4 ) — Other 589 240 Net income (loss) $ (2,280 ) $ 14,263

Loss per Share (Tables)

Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
earnings loss per share [Table Text Block]	Three-month periods ended March 31, (in thousands, except per-share figures) 2019 2018 Numerator: Operating income before gains on sales of real estate and trading investment $ 24,348 $ 14,877 Gains on sales of real estate and trading investment 4 20,354 Operating income 24,352 35,231 Interest expense 26,756 20,968 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools 141 — Loss on extinguishment of debt (17 ) — Net (loss) income (2,280 ) 14,263 Consolidated net loss (income) attributable to non-controlling interests (492 ) (380 ) Net (loss) income attributable to the Company (2,772 ) 13,883 Dividends declared to preferred stockholders (25,539 ) (19,517 ) Earnings attributable to unvested restricted stock (2 ) (2 ) Net loss attributable to common stockholders (28,313 ) (5,636 ) Denominator: Weighted average number of shares of Common Stock - basic 42,680 39,098 Effect of dilutive securities: (D) — — Weighted average number of shares of Common Stock - basic and diluted 42,680 39,098 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (0.66 ) $ (0.14 )

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Values of Financial Instruments [Abstract]
Fair Value Measurements, Nonrecurring [Table Text Block]	December 31, 2018 Carrying value Fair value measurements using fair value hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: VIE assets from mortgage-backed pools $ 269,946 $ 269,946 $ — $ — $ 269,946 Financial Liabilities: VIE liabilities from mortgage-backed pools $ 264,886 $ 264,886 $ — $ — $ 264,886 As of March 31, 2019 Carrying value Fair value measurements using fair value hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans $ 336,138 $ 368,758 $ — $ — $ 368,758 Notes receivable and line of credit receivable 41,320 41,320 — — 41,320 $ 377,458 $ 410,078 $ — $ — $ 410,078 Financial Liabilities: Mortgage notes payable $ 2,400,253 $ 2,396,840 $ — $ — $ 2,396,840 Revolving credit facility 17,000 17,000 — — 17,000 Loan participation obligations — — — — — $ 2,417,253 $ 2,413,840 $ — $ — $ 2,413,840 As of December 31, 2018 Carrying value Fair value measurements using fair value hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: Real estate loans (1) $ 334,211 $ 366,328 $ — $ — $ 366,328 Notes receivable and line of credit receivable 47,307 47,307 — — 47,307 $ 381,518 $ 413,635 $ — $ — $ 413,635 Financial Liabilities: Mortgage notes payable $ 2,339,752 2,313,405 $ — $ — $ 2,313,405 Revolving credit facility 57,000 57,000 — — 57,000 Loan participation obligations 5,181 5,181 — — 5,181 $ 2,401,933 $ 2,375,586 $ — $ — $ 2,375,586 (1) The carrying value of real estate assets at December 31, 2018 included the Company's balance of the Palisades real estate loan investment, which included the amounts funded by an unrelated participant. On March 13, 2019, the Company repurchased the loan participant's 25% balance in the loan from the loan participant and at March 31, 2019, carried the entire loan balance on its consolidated balance sheet without reflection of any liability to any third party. 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 March 31, 2019 , 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 4, 5, 6, 7, 10, 15, 25 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. The following table presents activity of the two mortgage pools from the Freddie Mac K Program as of and for the three-month period ended March 31, 2019 : Assets Liabilities (in thousands) Multifamily mortgage loans held in VIEs at fair value VIE liabilities, at fair value Net Balance as of December 31, 2018 $ 269,946 $ 264,886 $ 5,060 Initial consolidation of ML-05 trust: 289,325 270,670 18,655 Gains (losses) included in net income due to change in fair value of net assets of VIE: 10,133 9,992 141 Repayments of underlying mortgage principal amounts and repayments to Class A holders: (679 ) (679 ) — Balance as of March 31, 2019 $ 568,725 $ 544,869 $ 23,856 The following table presents the level 3 input used to calculate the fair value of the consolidated assets and liabilities of the two VIEs: (in thousands) Fair value Valuation methodology Unobservable input Assets: Multifamily mortgage loans held in VIEs at fair value $ 568,725 Discounted cash flow Discount rate 4.5 % Liabilities: VIE liabilities, at fair value $ 544,869 Discounted cash flow Discount rate 4.5 % The following tables present the estimated fair values of the consolidated assets and liabilities from the two VIEs, for which the Company has elected the fair value option. As of March 31, 2019 Carrying value Fair value measurements using fair value hierarchy (in thousands) Fair Value Level 1 Level 2 Level 3 Financial Assets: VIE assets from mortgage-backed pools $ 568,725 $ 568,725 $ — $ — $ 568,725 Financial Liabilities: VIE liabilities from mortgage-backed pools $ 544,869 $ 544,869 $ — $ — $ 544,869

Operating Leases (Tables)

Operating Leases (Tables)	3 Months Ended
	Mar. 31, 2019
Leases [Abstract]
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]	For the year ending December 31: Future Minimum Rents as of March 31, 2019 (in thousands) New Market Properties Preferred Office Properties Total 2019 (1) $ 45,661 $ 43,265 $ 88,926 2020 56,357 62,460 118,817 2021 47,238 59,332 106,570 2022 38,956 58,568 97,524 2023 33,096 57,804 90,900 Thereafter 86,664 298,949 385,613 Total $ 307,972 $ 580,378 $ 888,350 (1) Remaining nine months

Organization (Details)

Organization (Details)	Mar. 31, 2019$ / sharesshares	Dec. 31, 2018$ / sharesshares
Class of Stock [Line Items]
Common Stock, Par or Stated Value Per Share | $ / shares	$ 0.01
Common Stock, Shares, Outstanding	43,237,726
Noncontrolling Interest, Ownership Percentage by Parent	98.00%
minority interest partnership units outstanding	879,335
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	43,238,000	41,776,000

Significant Accounting Polici_3

Significant Accounting Policies (Details) - shares	Mar. 31, 2019	Dec. 31, 2018
Series M Preferred Stock [Member]
Real Estate Properties [Line Items]
preferred stock	57,000	44,000
Series A Preferred Stock [Member]
Real Estate Properties [Line Items]
preferred stock	1,804,000	1,674,000

Real Estate Assets - Narrative

Real Estate Assets - Narrative (Details)	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)ft²	Mar. 31, 2018USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)ft²	Mar. 31, 2019USD ($)	Mar. 31, 2019	Sep. 30, 2018USD ($)
Business Acquisition
purchase option termination fees received	$ 7,900,000
unearned revenue from purchase option termination fees				$ 2,050,000	$ 7,276,000
Intangible Assets, Gross (Excluding Goodwill)							$ 254,300,000
Number of units in real estate property	575			9,768		9,768
Area of Real Estate Property | ft²	4,889,011			4,730,695
Net Income contributed to consolidated results	$ (2,280,000)	$ 14,263,000
Finite-Lived Intangible Assets, Accumulated Amortization				$ 113,199,000	$ 122,735,000		$ 122,700,000
Finite-Lived Intangible Liabilities	63,900,000
finite lived intangible liabilities accumulated amortization	17,300,000
amortization of purchase option termination fee income	4,233,000	$ 0	$ 3,100,000	$ 1,200,000
Retail Site [Member]
Business Acquisition
Number of Real Estate Properties				45		46
armour yards [Domain]
Business Acquisition
Net assets acquired	66,500,000
Business Combination, Consideration Transferred	$ 61,364,000
armour yards [Domain]
Business Acquisition
Net Rentable Area | ft²	187,000
Lake Cameron [Member]
Business Acquisition
Number of units in real estate property						328
Net assets acquired	$ 43,500,000
Gains (Losses) on Sales of Investment Real Estate	20,400,000
Income (Loss) before Gain (Loss) on Sale of Properties	$ 200,000

Real Estate Assets - Table of P

Real Estate Assets - Table of Properties Acquired (Details)	3 Months Ended
	Mar. 31, 2019USD ($)ft²	Mar. 31, 2019USD ($)	Mar. 31, 2019	Dec. 31, 2018USD ($)ft²	Sep. 30, 2018ft²
Business Acquisition
Number of units in real estate property	575		9,768	9,768
Area of Real Estate Property | ft²	4,889,011			4,730,695
Restricted Cash and Cash Equivalents		$ 45,482,000		$ 48,732,000
Multifamily Acquisitions [Member]
Business Acquisition
business combination purchase price	$ 106,500,000
New Market Properties [Member]
Business Acquisition
business combination purchase price	$ 29,000,000
Luxe Sorrel II [Member]
Business Acquisition
Number of units in real estate property | ft²	322
Luxe Sorrel II [Member]
Business Acquisition
Number of beds, student housing			887
Number of units in real estate property | ft²	265
Luxe Sorrel II [Member]
Business Acquisition
Land		6,756,000
Buildings and improvements		$ 48,332,000
Business Combination, Consideration Transferred	$ 61,364,000
Cash paid	21,364,000
business combination purchase price	$ 66,500,000
Green Park [Member]
Business Acquisition
Number of units in real estate property | ft²	310
Lenox Portfolio [Member]
Business Acquisition
Net Rentable Area | ft²					47,600
Luxe Sorrel II [Member]
Business Acquisition
Net Rentable Area | ft²	187,000

Real Estate Assets - Purchase P

Real Estate Assets - Purchase Price Allocation (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2018
Business Acquisition
Land	$ 535,698,000			$ 519,300,000
Less: accumulated depreciation	(308,004,000)			(272,042,000)
Building and improvements	2,826,609,000			2,738,085,000
Furniture, fixtures, and equipment	296,926,000			278,151,000
Construction in progress	9,268,000			8,265,000
Real Estate Investment Property, at Cost	3,799,618,000			3,672,715,000
Tenant Improvements	131,117,000			128,914,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2,280,000)	$ 14,263,000
acquisition fees paid to related party for woodstock	2,467,000	2,105,000
armour yards [Domain]
Business Acquisition
Land	6,756,000
Buildings and improvements	48,332,000
Mortgage debt	21,364,000
Business Combination, Consideration Transferred	61,364,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed tenant improvements	6,201,000
Finite-Lived Intangible Asset, Acquired-in-Place Leases	3,762,000
above market lease intangibles	61,000
Other Finite-Lived Intangible Assets, Gross	2,181,000
Off-market Lease, Unfavorable	(1,594,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(4,335,000)
business combination debt financing	40,000,000
2018 acquisition [Domain]
Business Acquisition
Revenues	1,535,000	955,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(5,000)	(170,000)
Finite-Lived Intangible Assets, Remaining Amortization Period			7 years 2 months
Business Acquisition, Transaction Costs			$ 817,000
Acquisition costs paid to related party			$ 665,000
Q2 2018 NMP acquisitions [Domain]
Business Acquisition
Land	9,109,000
Buildings and improvements	17,093,000
Tenant Improvements	698,000
Mortgage debt	18,000,000
Business Combination, Consideration Transferred	29,405,000
Revenues	595,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(141,000)
capitalized acquisition costs asset acquisition	569,000
Finite-Lived Intangible Assets, Remaining Amortization Period			7 years 9 months
Finite-Lived Intangible Asset, Acquired-in-Place Leases	2,609,000
Other Finite-Lived Intangible Assets, Gross	769,000
Off-market Lease, Unfavorable	(1,515,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(146,000)
business combination debt financing	11,405,000
Business Acquisition, Transaction Costs	300,000
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	754,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	34,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	29,405,000
Student Housing Properties [Member]
Business Acquisition
Land	7,289,000
Buildings and improvements	68,163,000
Mortgage debt	46,397,000
Mortgage debt	41,550,000
business combinations, accrued property tax liability	(158,000)
Business Combination, Consideration Transferred	90,664,000
Revenues	81,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(274,000)
Other liabilities	(2,579,000)
capitalized acquisition costs asset acquisition	$ 1,016,000
Finite-Lived Intangible Assets, Remaining Amortization Period	3 years 6 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	$ 16,966,000
Amortization	983,000
Q2 2017 MF acquisitions [Domain]
Business Acquisition
Land				12,810,000
Buildings and improvements				73,773,000
Mortgage debt		37,427,000
Mortgage debt		71,275,000
business combinations, accrued property tax liability				(167,000)
Business Combination, Consideration Transferred		108,702,000
Revenues	2,557,000	1,469,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (1,300,000)	(1,523,000)
Other liabilities				(183,000)
capitalized acquisition costs asset acquisition		2,347,000
acquisition fees paid to related party for woodstock		$ 1,094,000
Finite-Lived Intangible Assets, Remaining Amortization Period		1 year 6 months
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment				17,969,000
Amortization		$ 4,307,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Noncurrent Liabilities, Long-term Debt				$ 193,000

Real Estate Assets - Depreciati

Real Estate Assets - Depreciation and Amortization (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Sep. 30, 2018
Business Acquisition
Intangible Assets, Gross (Excluding Goodwill)				$ 254,300,000
finite lived intangible liabilities accumulated amortization	$ 17,300,000
Depreciation:
Depreciation	36,120,000	$ 27,990,000
Amortization:
Depreciation and amortization	45,289,000	40,616,000
Below Market Lease, Accumulated Amortization	17,280,000		$ 15,254,000
Furniture and Fixtures [Member]
Depreciation:
Depreciation	13,133,000	10,512,000
Building and Building Improvements [Member]
Depreciation:
Depreciation	22,987,000	17,478,000
Finite-Lived Intangible Assets [Member]
Amortization:
Amortization of Intangible Assets	8,945,000	12,500,000
Lease Agreements [Member]
Amortization:
Amortization of Deferred Leasing Fees	178,000	91,000
Website Development [Member]
Amortization:
amortization website development costs	$ 46,000	$ 35,000
Maximum [Member]
Business Acquisition
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	9 years 2 months
Minimum [Member]
Business Acquisition
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life	7 years 11 months

Real Estate Assets Contribution

Real Estate Assets Contributions to revenue and net income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Business Combination, Separately Recognized Transactions [Line Items]
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (2,280)	$ 14,263

Real Estate Assets Real estate

Real Estate Assets Real estate assets owned (Details)	Mar. 31, 2019ft²	Mar. 31, 2019	Dec. 31, 2018ft²	Sep. 30, 2018ft²
Business Combination Segment Allocation [Line Items]
Number of units in real estate property	575	9,768	9,768
Area of Real Estate Property	4,889,011		4,730,695
Area of Real Estate Property, Excluded from Floor Retail Space	2,578,000		2,578,000
Office Building [Member]
Business Combination Segment Allocation [Line Items]
Number of Real Estate Properties		7	7
Multifamily [Member]
Business Combination Segment Allocation [Line Items]
Number of Real Estate Properties		32	32
Retail Site [Member]
Business Combination Segment Allocation [Line Items]
Number of Real Estate Properties		46	45
student housing [Member]
Business Combination Segment Allocation [Line Items]
Number of Real Estate Properties		8	7
Number of units in real estate property		2,011	1,679
Number of beds, student housing		6,095	5,208
Lenox Portfolio [Member]
Business Combination Segment Allocation [Line Items]
Net Rentable Area				47,600

Real Estate Assets Real estat_2

Real Estate Assets Real estate sold (Details)	3 Months Ended
	Mar. 31, 2019USD ($)ft²	Mar. 31, 2019USD ($)	Mar. 31, 2019	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Number of units in real estate property	575		9,768	9,768
Land		$ 535,698,000		$ 519,300,000
Investment Building and Building Improvements		2,826,609,000		2,738,085,000
Furniture, fixtures, and equipment		296,926,000		278,151,000
Real Estate Investment Property, Accumulated Depreciation		(308,004,000)		(272,042,000)
Assets		4,801,914,000		4,410,958,000
Liabilities		3,102,345,000		$ 2,801,573,000
Lake Cameron [Member]
Property, Plant and Equipment [Line Items]
Number of units in real estate property			328
second mortgage		0
Land		4,000,000
Investment Building and Building Improvements		21,519,000
Furniture, fixtures, and equipment		3,687,000
Real Estate Investment Property, Accumulated Depreciation		(7,220,000)
Assets		21,986,000
Long-term Debt, Gross		19,736,000
Liabilities		$ 19,736,000
business combination purchase price	$ 43,500,000
Gains (Losses) on Sales of Investment Real Estate	20,400,000
Income (Loss) before Gain (Loss) on Sale of Properties	$ 200,000

Real Estate Assets Real estat_3

Real Estate Assets Real estate assets correction (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Investment Building and Building Improvements	$ 2,826,609,000	$ 2,738,085,000
Tenant Improvements	$ 131,117,000	$ 128,914,000

Real Estate Assets purchase opt

Real Estate Assets purchase options (Details) - USD ($)	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
purchase option termination fees received	$ 7,900,000
amortization of purchase option termination fee income	$ 4,233,000	$ 0	$ 3,100,000	$ 1,200,000

Acquired Intangible Assets amor

Acquired Intangible Assets amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities	$ 63,900
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (2,280)	$ 14,263

Real Estate Loans, Notes Rece_3

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details)	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)
Mortgage Loans on Real Estate [Line Items]
number of loans receivable	19		19
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 336,138,000
real estate loans commitment amount	484,222,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	338,300,000
variable interest entity loans amount to be funded	484,200,000
interest revenue current pay	7,469,000	$ 8,506,000
Loans and Leases Receivable, Deferred Income	60,000		$ 152,000
Loans Receivable, Gross, Commercial, Real Estate	338,343,000		336,329,000
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums	(2,205,000)		(2,118,000)
Mortgage Loans on Real Estate, Commercial and Consumer, Net	336,138,000		334,211,000
Loans and Leases Receivable, Impaired, Commitment to Lend	145,879,000		164,913,000
real estate loans amount funded	29,795,000
real estate loans repaid	(27,781,000)
real estate loan origination fees collected	(403,000)
real estate loan fees amortized	$ 316,000
current interest rate	8.47%	8.47%
Deferred interest rate	4.10%	5.34%
Interest Receivable	$ 23,540,000		$ 23,340,000
purchase option termination fee receivable	7,900,000
total amounts due from borrowers	$ 369,783,000
multifamily community [Domain]
Mortgage Loans on Real Estate [Line Items]
number of loans receivable	14
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 289,610,000
real estate loans commitment amount	$ 363,338,000
real estate loans percent of portfolio	86.00%
student housing community [Domain]
Mortgage Loans on Real Estate [Line Items]
number of loans receivable	3
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 33,671,000
real estate loans commitment amount	$ 40,448,000
real estate loans percent of portfolio	10.00%
Retail Segment [Member]
Mortgage Loans on Real Estate [Line Items]
number of loans receivable	1
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 12,857,000
real estate loans commitment amount	$ 12,857,000
real estate loans percent of portfolio	4.00%
Preferred Office Properties [Domain]
Mortgage Loans on Real Estate [Line Items]
number of loans receivable	1
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 0
real estate loans commitment amount	$ 67,579,000
real estate loans percent of portfolio	0.00%
Rating Indicator A [Member] | Internal Investment Grade [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 273,900,000
Interest Receivable	16,064,000
purchase option termination fee receivable	7,900,000
total amounts due from borrowers	297,834,000
Rating Indicator B [Member] | Internal Investment Grade [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	58,400,000
Interest Receivable	6,268,000
purchase option termination fee receivable	0
total amounts due from borrowers	64,625,000
Rating Indicator C [Member] | Internal Investment Grade [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	6,100,000
Interest Receivable	1,208,000
purchase option termination fee receivable	0
total amounts due from borrowers	7,324,000
Rating Indicator D [Member] | Internal Investment Grade [Member]
Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	0
Interest Receivable	0
purchase option termination fee receivable	0
total amounts due from borrowers	$ 0

Real Estate Loans, Notes Rece_4

Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2018	Jan. 01, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 41,320,000
Financing Receivable, Gross	53,060,000
Loans and Leases Receivable, Net Amount	41,320,000	$ 47,307,000
Loans and Leases Receivable, Deferred Income	(60,000)	$ (152,000)
360 Residential [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
interest rate note receivable		12.00%	8.00%
PCMS [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Financing Receivable, Gross	1,500,000
Loans and Leases Receivable, Net Amount	$ 763,000	$ 763,000
interest rate note receivable	10.00%
PAA [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 18,000,000
Loans and Leases Receivable, Net Amount	$ 15,843,000	9,778,000
interest rate note receivable	8.00%
HCC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 11,660,000
Loans and Leases Receivable, Net Amount	$ 8,374,000	11,620,000
interest rate note receivable	8.00%
Oxford Capital Partners LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 8,000,000
Loans and Leases Receivable, Net Amount	$ 4,144,000	4,022,000
interest rate note receivable	12.00%
newport development partners [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 2,000,000
Loans and Leases Receivable, Net Amount	$ 1,330,000	0
interest rate note receivable	12.00%
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	$ 465,000	465,000
interest rate note receivable	12.00%
360 Capital Company - Due December 31, 2019 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 3,400,000
Loans and Leases Receivable, Net Amount	$ 3,194,000	3,100,000
interest rate note receivable	12.00%
360 Capital Company - Due December 31, 2020 [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 8,000,000
Loans and Leases Receivable, Net Amount	$ 7,267,000	6,923,000
interest rate note receivable	8.50%
haven charlotte [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 0
Loans and Leases Receivable, Net Amount	$ 0	$ 10,788,000
interest rate note receivable	15.00%

Real Estate Loans, Notes Rece_5

Real Estate Loans, Notes Receivable, and Lines of Credit Interest income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Jun. 30, 2018	Dec. 31, 2018
Receivables [Abstract]
interest revenue current pay	$ 7,469	$ 8,506
Accrued exit fee revenue	3,385	4,726
Deferred Revenue, Revenue Recognized	315	431
amortization of purchase option termination fee income	4,233	0	$ 3,100	$ 1,200
Net loan fee revenue	15,402	13,663
interest revenue notes receivable	1,490	902
Interest income on loans and notes receivable	$ 17,090	$ 14,565

Real Estate Loans, Notes Rece_6

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans Narrative (Details) - USD ($)	Mar. 28, 2019	Mar. 27, 2019	Mar. 23, 2018	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Sep. 30, 2018
Mortgage Loans on Real Estate [Line Items]
payments received from real estate loan participants				$ (5,223,000)	$ (3,314,000)
real estate loan participation percentage							25.00%
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount				338,300,000
variable interest entity loans amount to be funded				484,200,000
real estate loan balances unfunded				145,900,000
Loans Receivable, Gross, Commercial, Real Estate				338,343,000		$ 336,329,000
Haven Campus Communities, LLC and Haven Campus Communities Charlotte Member, LLC [Member]
Mortgage Loans on Real Estate [Line Items]
Equity Method Investment, Ownership Percentage		49.49%
payments received from real estate loan participants		$ 3,300,000
Geographic Concentration Risk [Member] | Oxford [Member]
Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement				89,700,000
loan commitment amount				167,800,000
Mortgage Backed Securities, Other [Member]
Mortgage Loans on Real Estate [Line Items]
Monthly Interest Expense	$ 103,000
Payments to Acquire Investments	$ 18,400,000		$ 4,700,000
US Government Agencies Debt Securities [Member]
Mortgage Loans on Real Estate [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount				$ 23,900,000

Real Estate Loans, Notes Rece_7

Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018	Sep. 30, 2018	Jan. 01, 2018
Mortgage Loans on Real Estate [Line Items]
loan commitment guaranty limit amount				$ 2,000,000
line of credit receivable	$ 41,320,000
Deferred interest rate	4.10%	5.34%
current interest rate	8.47%	8.47%
loan commitment guaranty percent				25.00%
Oxford Capital Partners LLC [Member]
Mortgage Loans on Real Estate [Line Items]
line of credit receivable	$ 8,000,000
interest rate note receivable	12.00%
360 Residential [Member]
Mortgage Loans on Real Estate [Line Items]
interest rate note receivable			12.00%		8.00%

Real Estate Loans, Notes Rece_8

Real Estate Loans, Notes Receivable, and Lines of Credit CMBS (Details) $ in Millions	Mar. 28, 2019USD ($)	Mar. 23, 2018USD ($)	Mar. 31, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			$ 338.3
Mortgage Backed Securities, Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
number of loans in CMBS trust	21	20
total maturity amount of CMBS pool	$ 295.7	$ 276.3
CMBS b piece maturity	16 years 1 month	16 years
CMBS B piece maturity amount	$ 29.6
yield to maturity CMBS	0.00%	0.00%
2018-ML04 [Domain] | Mortgage Backed Securities, Other [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
CMBS B piece maturity amount		$ 27.6

Redeemable Preferred Stock (Det

Redeemable Preferred Stock (Details)	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2019USD ($)$ / sharesshares	Mar. 31, 2018USD ($)$ / shares	Sep. 30, 2018$ / sharesshares	Dec. 31, 2016$ / shares	Dec. 31, 2018USD ($)$ / sharesshares
Class of Stock [Line Items]
gross potential offering proceeds	$ 2,300,000,000
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.26	$ 0.25	$ 0.260	$ 0.8175
Proceeds from Other Equity	$ 969,110,000
daycountvolweightedavgcalcformarketvalue	20
Preferred Stock, Dividend Rate, Percentage	6.00%
aggregate offering costs	$ 95,652,000
prorataamountofferingcostsreclassed	7,050,000
deferred offering costs not yet reclassified	$ 6,300,000
shares common stock from warrant exercises | shares	20
Deferred offering costs	$ 13,396,000
specifically identifiable offering costs	82,256,000
Dividends, Common Stock, Cash	$ 11,195,000	$ 9,802,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
preferred stock | shares	1,804,000				1,674,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.01				$ 0.01
Preferred Stock, Value, Issued	$ 17,000				$ 16,000
2016 Shelf Offering [Member]
Class of Stock [Line Items]
gross potential offering proceeds	300,000,000
Proceeds from Other Equity	$ 98,080,000
proceeds from other equity percent of offering	33.00%
aggregate offering costs	$ 5,054,000
prorataamountofferingcostsreclassed	693,000
deferred offering costs not yet reclassified	$ 1,400,000
maximum shares available to be issued | shares	300,000,000
Deferred offering costs	$ 2,053,000
specifically identifiable offering costs	$ 3,001,000
$1.5 billion unit [Domain]
Class of Stock [Line Items]
maximum shares available to be issued | shares	1,500,000
Unit Offering [Member]
Class of Stock [Line Items]
gross potential offering proceeds	$ 1,500,000,000
Proceeds from Other Equity	$ 814,332,000
proceeds from other equity percent of offering	65.00%
aggregate offering costs	$ 84,079,000
prorataamountofferingcostsreclassed	4,686,000
deferred offering costs not yet reclassified	2,500,000
Deferred offering costs	7,193,000
specifically identifiable offering costs	$ 76,886,000
ceiling deferred offering costs	11.50%
offering costs reimbursable to the Manager	0.015
mShares [Domain]
Class of Stock [Line Items]
gross potential offering proceeds	$ 500,000,000
Proceeds from Other Equity	$ 56,698,000
proceeds from other equity percent of offering	45.00%
aggregate offering costs	$ 6,053,000
prorataamountofferingcostsreclassed	1,671,000
deferred offering costs not yet reclassified	$ 2,000,000
maximum shares available to be issued | shares	500,000
Deferred offering costs	$ 3,684,000
specifically identifiable offering costs	2,369,000
2016 ATM Offering [Member]
Class of Stock [Line Items]
gross potential offering proceeds	150,000,000
maximum shares available to be issued | shares			150,000,000
2016 Shelf Offering [Member] [Domain]
Class of Stock [Line Items]
gross potential offering proceeds	0
Proceeds from Other Equity	0
aggregate offering costs	466,000
prorataamountofferingcostsreclassed	0
deferred offering costs not yet reclassified	500,000
Deferred offering costs	466,000
specifically identifiable offering costs	$ 0

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		9 Months Ended
	Mar. 31, 2019USD ($)shares	Mar. 31, 2018USD ($)	Sep. 30, 2018USD ($)$ / ft²	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
loan coordination fee percentage			1.60%
loan coordination fees	$ 344,000	$ 740,000
Cost of Reimbursable Expense	4,079,000	3,609,000
capital marketing and professional	$ 128,081	119,269
Common Stock, Shares, Outstanding | shares	43,237,726
Construction Management Fee	$ 57,000	131,000
Related Party Transaction, Expenses from Transactions with Related Party	9,870,000	11,056,000
AcquisitionFeesRelatedPartyCosts	1,400,000	1,759,000
loan origination fees	401,000	800,000
manager's fees deferred	15,300,000		$ 15,300,000
Financing Receivable, Gross	53,060,000
Loans and Leases Receivable, Net Amount	41,320,000			$ 47,307,000
disposition fee to manager	0	435,000
line of credit receivable	41,320,000
percent of asset value for loan coordination fee			63.00%
manager's fees deferred	13,800,000
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, new lease			50.00%
Leasing commission fees, renewal, percent of gross rent			150.00%
Leasing commission fees, new lease, percent of gross rent from guaranteed lease			2.00%
AssetmanagementFees [Member]
Related Party Transaction [Line Items]
Asset Management Costs	3,725,000	3,665,000
Propertymanagementfees [Member]
Related Party Transaction [Line Items]
Property management fees	2,457,000	2,093,000
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 1,486,000	1,433,000
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	$ 337,344	$ 356,022
Retail Site [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties	46			45
PCMS [Member]
Related Party Transaction [Line Items]
Financing Receivable, Gross	$ 1,500,000
Loans and Leases Receivable, Net Amount	763,000			$ 763,000
PCMS [Member] | PCMS [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	763,030
PAA [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	15,843,000			$ 9,778,000
line of credit receivable	$ 18,000,000

Dividends (Details)

Dividends (Details) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2016
Dividends Payable [Line Items]
minority interest partnership units outstanding	879,335
Common Stock, Dividends, Per Share, Declared	$ 0.26	$ 0.25	$ 0.260	$ 0.8175
dividends common stock declared	$ 11,195,000	$ 9,802,000
Dividends, Preferred Stock, Cash	$ 36,964,000	29,587,000
Common Stock, Shares, Outstanding	43,237,726
Series A Preferred Stock [Member]
Dividends Payable [Line Items]
Preferred Stock, Dividend Rate, Per-Dollar-Amount	$ 5
Dividends, Preferred Stock, Cash	$ 24,734,000	$ 19,204,000
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 ($)	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2016
Dividends Payable [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.26	$ 0.25	$ 0.260	$ 0.8175
Dividends, Preferred Stock, Cash	$ 36,964,000	$ 29,587,000
Distribution Made to Limited Partner, Cash Distributions Declared	229,000	268,000
dividends common stock declared	11,195,000	9,802,000
Series A Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends, Preferred Stock, Cash	24,734,000	19,204,000
Series M Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends, Preferred Stock, Cash	$ 806,000	$ 313,000

Dividends NCI (Details)

Dividends NCI (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Equity [Abstract]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 229,000	$ 268,000

Equity Compensation (Details)

Equity Compensation (Details) - USD ($)	Jan. 03, 2017	Jan. 04, 2016	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Jun. 30, 2015
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			2,617,500			1,317,500
Share-based Compensation			$ 311,000	$ 1,135,000
Restricted Stock [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation			$ 6,000
ClassBUnits [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
common stock fair value per share	$ 20.19
Class B Units valuation assumption dividend yield	4.95%
ClassBUnit valuation assumption expected volatility	25.70%
Class B Unit valuation assumptions risk free rate	2.71%
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	286,392	265,931	256,087	256,087
Share-based Compensation					$ 93,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 4,266,409

Equity Compensation Restricted

Equity Compensation Restricted Stock (Details) - USD ($)	Jan. 03, 2017	Jan. 04, 2016	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized			2,617,500			1,317,500
Share-based Compensation			$ 311,000	$ 1,135,000
ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
common stock fair value per share	$ 20.19
Share-based Compensation					$ 93,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	286,392	265,931	256,087	256,087
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 6,000
2017 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			24,408
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share			$ 14.75
Stock Granted, Value, Share-based Compensation, Gross			$ 360,018
2014 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period			24,810
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share			$ 14.51
Stock Granted, Value, Share-based Compensation, Gross			$ 359,993

Equity Compensation Committee F

Equity Compensation Committee Fee Grants (Details) - USD ($)	Jan. 03, 2017	Jan. 04, 2016	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 311,000	$ 1,135,000
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	265,931	256,087	256,087
Share-based Compensation					$ 93,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 6,000
2017 [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			286,392
Share-based Compensation Award, Tranche One [Member] | 2017 [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			227,599

Equity Compensation Class B Uni

Equity Compensation Class B Units (Details) - USD ($)	Jan. 03, 2017	Jan. 04, 2016	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.26	$ 0.25	$ 0.260	$ 0.8175
Share-based Compensation			$ 311,000	$ 1,135,000
ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
common stock fair value per share	$ 20.19
Common Stock, Dividends, Per Share, Declared				$ 0.25
Share-based Compensation					$ 93,000
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	256,087	256,087
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate, Maximum			30 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 4,266,409
Class B Units valuation assumption dividend yield	4.95%
ClassBUnit valuation assumption expected volatility	25.70%
Class B Unit valuation assumptions risk free rate	2.71%
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				171,988
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				84,099
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
2017 [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			286,392
2017 [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			227,599
Former CEO - John A. Williams [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			53,746
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares			38,284
Share-based Compensation Arrangement by Share-based Payment Award, Accelerated Vesting, Number			15,462
other terminated execs [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Number of Shares			156,306
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested Options Forfeited, Weighted Average Grant Date Fair Value			$ 2,600,000

Equity Compensation Warrant (De

Equity Compensation Warrant (Details) - $ / shares	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.26	$ 0.25	$ 0.260	$ 0.8175

Equity Compensation Equity comp

Equity Compensation Equity compensation expense by grant (Details) - USD ($)	3 Months Ended		9 Months Ended	12 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.26	$ 0.25	$ 0.260	$ 0.8175
Share-based Compensation	$ 311,000	$ 1,135,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	1,340,000
ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared		$ 0.25
Share-based Compensation			$ 93,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	6,000
2016 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0
2017 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	238,000
2017 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0
2017 [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	57,000
2014 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	501,000
2014 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	30,000
2014 [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	168,000
2019 [Domain] [Domain] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation		$ 0	$ 32,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 346,000

Equity Compensation Restricte_2

Equity Compensation Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Mar. 31, 2017
2017 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units outstanding			6,171
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, Grants in Period			26,900
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number			14,154
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 320,648
share based compensation awards forfeited	6,575
2018 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units outstanding		17,240
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share	$ 16.66
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		20,720
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 345,195
share based compensation awards forfeited	3,480
2019 [Domain] [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units outstanding	27,240
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Intrinsic Value, Amount Per Share	$ 13.85
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	27,760
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number	0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value	$ 384,476
share based compensation awards forfeited	520

Indebtedness (Details)

Indebtedness (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Initial Interest Rate	3.93%
Unamortized Debt Issuance Expense	$ 1,500,000
Long-term Debt, Current Maturities	144,720,000
Long-term Debt	$ 2,359,939,000		$ 2,299,625,000
variable interest rate minimum	3.25%
Long-term Debt, Maturities, Repayments of Principal in Year Two	$ 80,172,000
Long-term Debt, Maturities, Repayments of Principal in Year Three	199,663,000
Long-term Debt, Maturities, Repayments of Principal in Year Four	215,843,000
Long-term Debt, Maturities, Repayments of Principal after Year Five	191,947,000
Long-term Debt, Maturities, Repayments of Principal after Year Five	1,584,908,000
Long-term Debt	2,417,253,000
Line of Credit Facility, Amount Outstanding	17,000,000		$ 57,000,000
Amortization of Financing Costs	$ 1,552,000	$ 1,480,000
Spread over Initial Interest Rate option 1	200
Spread over Initial Interest Rate option 2	400
Indebtedness Weighted Average Remaining Maturity	9 years 8 months
Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 2,400,253,000
SoL [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	21000.00%
Champions Village [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 27,400,000
Debt Instrument, Interest Rate, Stated Percentage	5.49%
Debt Instrument, Basis Spread on Variable Rate	3.00%
Office Building [Member]
Debt Instrument [Line Items]
Interest Expense	$ 5,351,000	$ 2,541,000
Champions Village [Member]
Debt Instrument [Line Items]
loan commitment amount	34,200,000
Lake Cameron [Member]
Debt Instrument [Line Items]
Defeasance fee	$ 400,000

Indebtedness debt covenants (De

Indebtedness debt covenants (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Sep. 30, 2016
debt covenants [Line Items]
dividend restriction AFFO	95.00%
Line of Credit Facility, Maximum Borrowing Capacity		$ 200,000,000
minimum equity debt covenants	$ 687,000,000
equity raise above min equity required	75.00%
total debt covenant min equity	$ 922,000,000
maximum dividends debt covenant	149,600,000
Minimum Net Worth Required for Compliance	$ 1,700,000,000
debt yield	10.00%
payout ratio	86.50%
Total leverage ratio	57.30%

Indebtedness Credit Facility (D

Indebtedness Credit Facility (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Sep. 30, 2016	May 26, 2016
Line of Credit Facility [Line Items]
Indebtedness Weighted Average Remaining Maturity	9 years 8 months
Short-term Debt			$ 11,000,000
Short-term Debt, Weighted Average Interest Rate, at Point in Time	5.60%
Line of Credit Facility, Maximum Borrowing Capacity		$ 200,000,000
Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Indebtedness Weighted Average Remaining Maturity	2 years 8 months
term loan [Member] [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	2.50%
Minimum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.25%
Minimum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	2.75%
Maximum [Member]
Line of Credit Facility [Line Items]
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage	0.30%
Maximum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	3.50%

Indebtedness Acquisition Credit

Indebtedness Acquisition Credit Facility (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 01, 2021	Sep. 30, 2016
Line of Credit Facility [Line Items]
Line of Credit Facility, Maximum Borrowing Capacity			$ 200,000,000
Unamortized Debt Issuance Expense	$ 1,500,000
Indebtedness Weighted Average Remaining Maturity	9 years 8 months
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]
Indebtedness Weighted Average Remaining Maturity	2 years 8 months
acquisition facility [Member]
Line of Credit Facility [Line Items]
Unamortized Debt Issuance Expense	$ 200,000
Indebtedness Weighted Average Remaining Maturity	2 years 11 months
Minimum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	2.75%
Minimum [Member] | Revolving Credit Facility [Member] | February 2017 facility [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	1.80%
Maximum [Member] | Revolving Credit Facility [Member]
Line of Credit Facility [Line Items]
Loans Receivable, Basis Spread on Variable Rate	3.50%
Maximum [Member] | Revolving Credit Facility [Member] | February 2017 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 ($)	3 Months Ended
	Mar. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Secured Debt	$ 2,400,253,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.19%
average maturity mortgage debt	9 years 2 months
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization Adjustment	$ (35,495,000)
Mark-to-Market debt	(4,819,000)
Long-term Debt	2,359,939,000	$ 2,299,625,000
Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 2,126,028,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.04%
average maturity mortgage debt	10 years 1 month
Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 274,225,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	5.36%
average maturity mortgage debt	2 years 7 months
multifamily community [Domain]
Debt Instrument [Line Items]
Secured Debt	$ 1,117,927,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.95%
average maturity mortgage debt	9 years 3 months
multifamily community [Domain] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 1,037,051,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.92%
average maturity mortgage debt	9 years 8 months
multifamily community [Domain] | Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 80,876,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.39%
average maturity mortgage debt	4 years 8 months
Retail Segment [Member]
Debt Instrument [Line Items]
Secured Debt	$ 503,707,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.11%
average maturity mortgage debt	6 years 6 months
Retail Segment [Member] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 442,274,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.97%
average maturity mortgage debt	7 years
Retail Segment [Member] | Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 61,433,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	5.11%
average maturity mortgage debt	2 years 5 months
Office Building [Member]
Debt Instrument [Line Items]
Secured Debt	$ 485,841,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.32%
average maturity mortgage debt	14 years 11 months
Office Building [Member] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 485,841,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.32%
average maturity mortgage debt	14 years 11 months
Office Building [Member] | Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 0
Long-term Debt, Weighted Average Interest Rate, at Point in Time	0.00%
student housing community [Domain]
Debt Instrument [Line Items]
Secured Debt	$ 292,778,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	5.01%
average maturity mortgage debt	4 years 1 month
student housing community [Domain] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 160,862,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.13%
average maturity mortgage debt	6 years 4 months
student housing community [Domain] | Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 131,916,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	6.08%
average maturity mortgage debt	1 year 5 months

Indebtedness New mortgages (Det

Indebtedness New mortgages (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term Debt	$ 2,359,939,000		$ 2,299,625,000
Debt Issuance Costs, Net	1,753,000		$ 1,916,000
Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	2,400,253,000
SoL [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		20000.00%
Long-term Debt	37,500,000
Debt Issuance Costs, Net	$ 41,000
retreat at greystone [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		18500.00%
Aldridge at Town Village [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate		18500.00%
SoL [Member] | Mortgages [Member]
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate	21000.00%

Income Taxes (Details)

Income Taxes (Details) - USD ($)	Mar. 31, 2019	Dec. 31, 2010
Operating Loss Carryforwards [Line Items]
Deferred Tax Assets, Net of Valuation Allowance		$ 298,100
DeferredTaxAssetsValuationAllowancePercentage	100.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($)	3 Months Ended	9 Months Ended
	Mar. 31, 2019	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
lease term		11 years
guaranty cap amount		$ 5,500,000
Annual reduction in guaranty cap		600,000
guaranty cap amount credit cards		640,000
cumulative manager's fees deferred	$ 15,300,000	$ 15,300,000
real estate loan balances unfunded	145,900,000
Unfunded Tenant Leasing Commissions and Tenant Allowances	$ 9,000,000

Segment information (Details)

Segment information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
Assets	$ 4,801,914,000		$ 4,410,958,000
adjusted funds from operations	76,624,000	$ 62,362,000
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(2,280,000)	14,263,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(2,280,000)	14,263,000
Depreciation	36,120,000	27,990,000
Share-based Compensation	(311,000)	(1,135,000)
Gains (Losses) on Sales of Investment Real Estate	0	(20,354,000)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	(141,000)	0
Gain (Loss) on Extinguishment of Debt	17,000	0
loan fees received	801,000	1,600,000
noncash loan interest income	887,000	474,000
Management fees net of deferrals	5,200,000	5,020,000
Loans and Leases Receivable, Allowance	0	0
Multifamily Communities
Segment Reporting Information [Line Items]
Assets	1,488,544,000		1,503,648,000
adjusted funds from operations	24,244,000	23,523,000
Interest Expense	11,455,000	10,935,000
Depreciation	20,411,000	21,702,000
Student Housing Properties [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	5,091,000	3,036,000
Interest Expense	3,345,000	1,691,000
Depreciation	5,454,000	5,105,000
student housing [Member]
Segment Reporting Information [Line Items]
Assets	499,793,000		411,102,000
financingsegment [Member]
Segment Reporting Information [Line Items]
Assets	468,103,000		448,617,000
adjusted funds from operations	16,679,000	14,069,000
Interest Expense	1,019,000	1,445,000
New Market Properties [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	15,805,000	12,672,000
Interest Expense	5,586,000	4,356,000
Depreciation	10,335,000	8,880,000
Retail Segment [Member]
Segment Reporting Information [Line Items]
Assets	903,086,000		883,594,000
Office Building [Member]
Segment Reporting Information [Line Items]
Assets	879,389,000		884,648,000
adjusted funds from operations	14,805,000	9,062,000
Interest Expense	5,351,000	2,541,000
Depreciation	9,089,000	4,929,000
Other Assets [Member]
Segment Reporting Information [Line Items]
Assets	562,999,000		$ 279,349,000
All Other Segments [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	$ 589,000	$ 240,000

Loss per Share (Details)

Loss per Share (Details) - USD ($)	Jan. 03, 2017	Jan. 04, 2016	Mar. 31, 2019	Mar. 31, 2018	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
minority interest partnership units outstanding			879,335
Restricted Stock Units outstanding			51,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest			$ (2,280,000)	$ 14,263,000
Deemed noncash dividend						$ (93,000)	$ (106,000)
Preferred Stock, Dividend Rate, Percentage			6.00%
Incremental Common Shares from conversion of outstanding units			25,284,000
Share-based Compensation			$ 311,000	$ 1,135,000
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, Grants in Period	286,392	265,931	256,087	256,087
Share-based Compensation					$ 93,000
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			6,000			6,000
Share-based Compensation			$ 6,000
Series A [Member] | Minimum [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred Stock, Dividend Rate, Percentage			5.75%
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			1,720,000	1,313,000		1,608,000
Series M Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred Stock, Shares Outstanding			56,000	20,000		44,000

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Details)	3 Months Ended
	Mar. 31, 2019USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)	Sep. 30, 2018	Jan. 02, 2018USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable Interest Entity, Consolidated, Assets, Pledged	$ 568,725,000		$ 269,946,000		$ 289,325,000
variable interest entity change in fair value of consolidated net assets	141,000
line of credit receivable	41,320,000
financial assets carrying value	377,458,000
Mortgage notes payable	2,359,939,000		2,299,625,000
Line of Credit Facility, Amount Outstanding	17,000,000		57,000,000
Participating Mortgage Loans, Mortgage Obligations, Amount	0
Debt, Long-term and Short-term, Combined Amount	2,417,253,000		2,401,933,000
Real estate loans carrying value including accrued interest	336,138,000
Variable Interest Entity, Consolidated, Liabilities, Recourse	544,869,000		264,886,000		270,670,000
mortgage principal received from consolidated VIE	(679,000)	$ 0
net balance VIE payments	0
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net	23,856,000		5,060,000		$ 18,655,000
Consolidated VIE count of underlying mortgages				40
Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable	2,400,253,000
Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable Interest Entity, Consolidated, Assets, Pledged	0		0
Assets, Fair Value Disclosure	0
real estate related loans fair value	0
Long-term Debt, Fair Value	0
Line of Credit Facility, Amount Outstanding	0
Participating Mortgage Loans, Mortgage Obligations, Amount	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	0		0
Variable Interest Entity, Consolidated, Liabilities, Recourse	0		0
Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable Interest Entity, Consolidated, Assets, Pledged	568,725,000		269,946,000
Assets, Fair Value Disclosure	410,078,000
real estate related loans fair value	368,758,000
Long-term Debt, Fair Value	2,396,840,000
Line of Credit Facility, Amount Outstanding	17,000,000
Participating Mortgage Loans, Mortgage Obligations, Amount	0
Financial and Nonfinancial Liabilities, Fair Value Disclosure	2,413,840,000		2,375,586,000
Variable Interest Entity, Consolidated, Liabilities, Recourse	544,869,000		264,886,000
Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable Interest Entity, Consolidated, Assets, Pledged	0		0
real estate related loans fair value	0
Long-term Debt, Fair Value	0
Participating Mortgage Loans, Mortgage Obligations, Amount	0
Variable Interest Entity, Consolidated, Liabilities, Recourse	0		0
Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
real estate related loans fair value	368,758,000
Reported Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
line of credit receivable			47,307,000
financial assets carrying value			381,518,000
Participating Mortgage Loans, Mortgage Obligations, Amount			5,181,000
Real estate loans carrying value including accrued interest			334,211,000
Reported Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Mortgage notes payable			2,339,752,000
Reported Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Line of Credit Facility, Amount Outstanding			57,000,000
Estimate of Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
line of credit receivable			47,307,000
Participating Mortgage Loans, Mortgage Obligations, Amount			5,181,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure			0
Long-term Debt, Fair Value			0
Line of Credit Facility, Amount Outstanding			0
Participating Mortgage Loans, Mortgage Obligations, Amount			0
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure			413,635,000
real estate related loans fair value			366,328,000
Long-term Debt, Fair Value			2,313,405,000
Line of Credit Facility, Amount Outstanding			57,000,000
Participating Mortgage Loans, Mortgage Obligations, Amount			5,181,000
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure			0
Long-term Debt, Fair Value			0
Line of Credit Facility, Amount Outstanding			0
Participating Mortgage Loans, Mortgage Obligations, Amount			0
Financial and Nonfinancial Liabilities, Fair Value Disclosure			0
Estimate of Fair Value Measurement [Member] | Mortgages [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Assets, Fair Value Disclosure			$ 366,328,000
Portion at Other than Fair Value Measurement [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Participating Mortgage Loans, Mortgage Obligations, Amount	0
Other Noncurrent Assets [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Change in Unrealized Gain (Loss)	10,133,000
Other Noncurrent Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable Interest Entity, Consolidated, Assets, Pledged	$ 9,992,000

Subsequent Events sub events (D

Subsequent Events sub events (Details)	3 Months Ended			9 Months Ended	12 Months Ended
	Jun. 30, 2019USD ($)shares	Mar. 31, 2019USD ($)ft²$ / shares	Mar. 31, 2018USD ($)$ / shares	Sep. 30, 2018$ / shares	Dec. 31, 2018USD ($)ft²	Dec. 31, 2017USD ($)	Dec. 31, 2016$ / shares	Mar. 31, 2019USD ($)	Mar. 31, 2019
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares		$ 0.26	$ 0.25	$ 0.260			$ 0.8175
Proceeds from Issuance of Preferred Stock and Preference Stock		$ 128,682,000	$ 5,209,000
real estate loans repaid		27,781,000
mortgage debt refinanced					$ 0	$ 37,485,000
real estate loans commitment amount		$ 484,222,000
Long-term Debt					$ 2,299,625,000			$ 2,359,939,000
Number of units in real estate property		575			9,768				9,768
Area of Real Estate Property | ft²		4,889,011			4,730,695
Subsequent Event [Member] | Unitsissued [Member]
Subsequent Event [Line Items]
Unitsissuedcumulative | shares	41,962
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 37,700,000
SoL [Member]
Subsequent Event [Line Items]
Long-term Debt								37,500,000
Royal Lakes [Member]
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Interest Rate		4.29%
Long-term Debt								9,700,000
KSU TP phase 2 [Domain]
Subsequent Event [Line Items]
real estate loans commitment amount		$ 7,200,000
Cherokee Plaza [Member]
Subsequent Event [Line Items]
Mortgage Loans on Real Estate, Interest Rate		4.28%
Long-term Debt								$ 25,200,000
Series M Preferred Stock [Member] | Subsequent Event [Member] | Unitsissued [Member]
Subsequent Event [Line Items]
Unitsissuedcumulative | shares	3,482
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 3,400,000

Operating Leases (Details)

Operating Leases (Details)	Mar. 31, 2019USD ($)
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year	$ 88,926,000
Operating Leases, Future Minimum Payments Receivable, in Two Years	118,817,000
Operating Leases, Future Minimum Payments Receivable, in Three Years	106,570,000
Operating Leases, Future Minimum Payments Receivable, in Four Years	97,524,000
Operating Leases, Future Minimum Payments Receivable, in Five Years	90,900,000
Operating Leases, Future Minimum Payments Receivable, Thereafter	385,613,000
Operating Leases, Future Minimum Payments Receivable	888,350,000
Office Building [Member]
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year	43,265,000
Operating Leases, Future Minimum Payments Receivable, in Two Years	62,460,000
Operating Leases, Future Minimum Payments Receivable, in Three Years	59,332,000
Operating Leases, Future Minimum Payments Receivable, in Four Years	58,568,000
Operating Leases, Future Minimum Payments Receivable, in Five Years	57,804,000
Operating Leases, Future Minimum Payments Receivable, Thereafter	298,949,000
Operating Leases, Future Minimum Payments Receivable	580,378,000
New Market Properties [Member]
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year	45,661,000
Operating Leases, Future Minimum Payments Receivable, in Two Years	56,357,000
Operating Leases, Future Minimum Payments Receivable, in Three Years	47,238,000
Operating Leases, Future Minimum Payments Receivable, in Four Years	38,956,000
Operating Leases, Future Minimum Payments Receivable, in Five Years	33,096,000
Operating Leases, Future Minimum Payments Receivable, Thereafter	86,664,000
Operating Leases, Future Minimum Payments Receivable	$ 307,972,000

Schedule IV (Details)

Schedule IV (Details) - USD ($)	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Mortgage Loans on Real Estate [Line Items]
current interest rate	8.47%	8.47%
Deferred interest rate	4.10%	5.34%
Mortgage Loans on Real Estate, Carrying Amount of Mortgages	$ 336,138,000