Preferred Apartment Communities (APTS) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information Document - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 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	Jun. 30, 2019
document fiscal year focus	2019
entity filer category	Accelerated Filer
document fiscal period focus	Q2
Entity Current Reporting Status	Yes
amendment flag	false
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
entity common stock, shares outstanding		44,456,571

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Real estate
Land	$ 571,776,000	$ 519,300,000
Building and improvements	2,902,740,000	2,738,085,000
Tenant Improvements	141,339,000	128,914,000
Furniture, fixtures, and equipment	298,891,000	278,151,000
Construction in progress	9,418,000	8,265,000
Gross real estate	3,924,164,000	3,672,715,000
Less: accumulated depreciation	(344,702,000)	(272,042,000)
Net real estate	3,579,462,000	3,400,673,000
Real estate loans	335,292,000	282,548,000
Loans and Leases Receivable, Related Parties	24,888,000	51,663,000
Total real estate and real estate loan, net	3,939,642,000	3,734,884,000
Cash and cash equivalents	94,081,000	38,958,000
Restricted cash	50,478,000	48,732,000
Financing Receivable, Net	19,241,000	14,440,000
Note receivable	57,310,000
Due from Related Parties, Current	25,902,000	32,867,000
Interest Receivable	24,406,000	23,340,000
Intangible Assets, Net (Excluding Goodwill)	138,418,000	135,961,000
Deferred loan costs, net of amortization of $155,953 and $64,480	(1,591,000)	(1,916,000)
Deferred offering costs	3,684,000	6,468,000
tenants capitalized lease inducements	20,151,000	20,698,000
Other Receivables	0	41,181,000
Other assets	66,795,000	41,567,000
Variable Interest Entity, Consolidated, Assets, Pledged	596,129,000	269,946,000
Total assets	4,980,518,000	4,410,958,000
Liabilities
Mortgage notes payable	2,429,242,000	2,299,625,000
Accounts payable and accrued expenses	49,819,000	38,618,000
Line of Credit Facility, Amount Outstanding	0	57,000,000
Participating Mortgage Loans, Participation Liabilities, Amount	0	5,181,000
unearned revenue from purchase option termination fees	5,893,000	2,050,000
Interest Payable, Current	7,492,000	6,711,000
Dividends payable	21,425,000	19,258,000
Below Market Lease, Net	51,801,000	47,149,000
Security deposits and prepaid rents	17,074,000	17,611,000
Deferred income	41,603,000	43,484,000
Variable Interest Entity, Consolidated, Liabilities, Recourse	571,999,000	264,886,000
Total liabilities	3,196,348,000	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	442,000	418,000
Additional paid in capital	1,784,197,000	1,607,712,000
Accumulated deficit	0	0
Total stockholders' equity	1,784,658,000	1,608,146,000
Non-controlling interest	(488,000)	1,239,000
Total equity	1,784,170,000	1,609,385,000
Total liabilities and equity	4,980,518,000	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	18,000	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	$ 2,469,845,000

Balance Sheets (Parentheticals)

Balance Sheets (Parentheticals) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Accumulated Depreciation, Depletion and Amortization, Sale or Disposal of Property, Plant and Equipment	$ 344,702,000	$ 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	44,246,703
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	1,929,000	1,674,000
Shares outstanding, preferred stock	1,829,000	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	74,000	44,000
Shares outstanding, preferred stock	73,000	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 ($) shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental revenues	$ 95,592,000	$ 76,552,000	$ 187,830,000	$ 150,814,000
Other property revenues	3,512,000	1,805,000	5,690,000	3,348,000
Interest income on loan and note receivable	12,093,000	13,658,000	23,381,000	23,958,000
Revenue from Related Parties	1,632,000	4,374,000	7,434,000	8,639,000
miscellaneous revenues	1,023,000	0	1,023,000	0
Total revenues	113,852,000	96,389,000	225,358,000	186,759,000
Operating expenses:
Property operating and maintenance	12,466,000	10,107,000	23,258,000	18,912,000
property salaries related party	4,828,000	4,228,000	9,485,000	8,127,000
Property management fees	3,373,000	2,776,000	6,640,000	5,532,000
Real estate taxes	12,544,000	10,063,000	25,044,000	20,038,000
General and administrative	1,913,000	1,957,000	4,527,000	3,798,000
Share-based Compensation	306,000	950,000	617,000	2,085,000
Depreciation and amortization	45,663,000	42,095,000	90,952,000	82,711,000
Management fees	8,209,000	6,621,000	16,038,000	12,862,000
Allowance for Loan and Lease Losses, Loans Acquired	0	0	0	0
Other Expenses	2,690,000	2,008,000	5,218,000	3,453,000
Total operating expenses	91,992,000	80,805,000	181,779,000	157,518,000
manager's fees deferred	2,795,000	1,429,000	5,424,000	2,649,000
Operating Expenses	89,197,000	79,376,000	176,355,000	154,869,000
Operating Income (Loss)	24,655,000	17,015,000	49,007,000	52,246,000
Interest Expense	27,611,000	22,347,000	54,367,000	43,315,000
Gain (Loss) on Extinguishment of Debt	52,000	0	69,000	0
Gain (Loss) on Sales of Loans, Net	747,000	0	747,000	0
Income (Loss) before Gain (Loss) on Sale of Properties	24,655,000	17,013,000	49,003,000	31,890,000
Gains (Losses) on Sales of Investment Real Estate	0	2,000	4,000	20,356,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(1,677,000)	(5,278,000)	(3,957,000)	8,985,000
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(1,677,000)	(5,278,000)	(3,957,000)	8,985,000
net loss attributable to non-controlling interests	(571,000)	(140,000)	(79,000)	240,000
Net loss attributable to the Company	(1,106,000)	(5,138,000)	(3,878,000)	8,745,000
Dividends to preferred stockholders	27,542,000	20,924,000	53,081,000	40,441,000
Deemed noncash dividend			210,000	153,000
NetIncomeAllocatedToUnvestedRestrictedShares	(7,000)	(6,000)	(9,000)	(8,000)
Net Income (Loss) Available to Common Stockholders, Basic	$ (28,655,000)	$ (26,068,000)	$ (56,968,000)	$ (31,704,000)
Earnings Per Share, Basic	$ (0.66)	$ (0.66)	$ (1.32)	$ (0.81)
Dividends, Common Stock, Cash	$ 11,581,000	$ 10,104,000	$ 22,776,000	$ 19,906,000
Common Stock, Dividends, Per Share, Declared			$ 0.5225	$ 0.505
Weighted Average Number of Shares Outstanding, Diluted	43,703	39,383	43,194	39,241
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	$ 584,000	$ 54,000	$ 725,000	$ 54,000

Statements of Operations (Paren

Statements of Operations (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 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		6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Operating activities:
Net loss attributable to the Company	$ (1,106,000)	$ (5,138,000)	$ (3,878,000)	$ 8,745,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(1,677,000)	(5,278,000)	(3,957,000)	8,985,000
Reconciliation of net loss to net cash provided by (used in) operating activities:
Depreciation expense	45,663,000	42,095,000	90,952,000	82,711,000
Amortization of above and below Market Leases			(3,179,000)	(2,387,000)
Deferred fee income amortization			(2,782,000)	(2,154,000)
amortization of purchase option termination fee income			(5,617,000)	(2,236,000)
adjustment to net income MBS revenue amortization noncash			(415,000)	(54,000)
Deferred Sales Inducement Cost, Amortization Expense			991,000	699,000
Deferred loan cost amortization			3,139,000	3,279,000
deferred interest income			(4,416,000)	(5,261,000)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	(584,000)	(54,000)	(725,000)	(54,000)
Share-based Compensation	306,000	950,000	617,000	2,085,000	$ 617,000
Gain (Loss) on Disposition of Assets			(4,000)	(20,356,000)
cash inflows purchase option terminations			1,330,000	5,100,000
Gain (Loss) on Extinguishment of Debt	52,000	0	69,000	0
Gain (Loss) on Sale of Mortgage Loans	(747,000)	0	(747,000)	0
cash inflows mortgage interest from consolidated VIE			8,015,000	861,000
mortgage interes cash outflows consolidated VIE			(8,015,000)	(861,000)
Changes in operating assets and liabilities:
(Increase) in tenant accounts receivable			(11,306,000)	(1,718,000)
Payments for (Proceeds from) Tenant Allowance			(314,000)	(4,972,000)
Loans and Leases Receivable, Allowance	0	0	0	0
(Increase) decrease in other assets			11,691,000	7,474,000
Increase in accounts payable and accrued expenses			(1,416,000)	1,968,000
Net cash provided by (used in) operating activities			74,636,000	73,163,000
Investing activities:
Investments in real estate loans			(53,497,000)	(117,771,000)
Proceeds from Principal Repayments on Loans and Leases Held-for-investment			0	130,185,000
Notes receivable issued			10,000	8,640,000
Deferred acquisition fee on real estate loans			(22,766,000)	(24,093,000)
Deferred real estate loan income			(4,792,000)	(716,000)
Acquisition of properties, net			(154,579,000)	(405,870,000)
Proceeds from Sale of Real Estate Held-for-investment			0	42,269,000
Receipt of insurance proceeds for capital improvements			746,000	412,000
Additions to real estate assets - improvements			(20,647,000)	(18,268,000)
Increase (Decrease) in Earnest Money Deposits Outstanding			(8,202,000)	(1,538,000)
AcquisitionFeesRelatedPartyCosts			(526,000)	(1,211,000)
Payments to Acquire Mortgage Backed Securities (MBS) categorized as Held-to-maturity			(18,656,000)	(4,739,000)
cash paid investment in CMBS			(12,278,000)	0
Proceeds from Sale of Mortgage-backed Securities (MBS), Available-for-sale			53,445,000	0
mortgage principal received from consolidated VIE			2,073,000	171,000
Increase (Decrease) in Accounts and Notes Receivable			16,103,000	18,652,000
Net cash (used in) investing activities			(222,515,000)	(371,455,000)
Financing activities:
Proceeds from mortgage notes payable			145,861,000	211,949,000
Extinguishment of Debt, Amount			(57,318,000)	(35,231,000)
Payments for mortgage loan costs			(3,267,000)	(4,359,000)
loan balance proceeds from real estate loan participants			0	5,000
payments received from real estate loan participants			(5,223,000)	(3,664,000)
Proceeds from non-revolving lines of credit			162,200,000	237,100,000
Payments on revolving lines of credit			(219,200,000)	(240,400,000)
Repayments of Short-term Debt			0	(11,000,000)
mortgage principal paid to consolidated VIE			(2,073,000)	(171,000)
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			257,466,000	204,201,000
Proceeds from Warrant Exercises			7,433,000	12,374,000
Preferred Stock, Redemption Amount			(5,115,000)
Dividends declared and paid			(22,036,000)	(8,994,000)
Payments of Ordinary Dividends, Preferred Stock and Preference Stock			(51,655,000)	(19,378,000)
Payments for deferred offering costs, net of non cash items			(1,868,000)	(489,000)
Net Cash Provided by (Used in) Financing Activities			204,748,000	300,565,000
Cash and Cash Equivalents, Period Increase (Decrease)			56,869,000	2,273,000
Cash beginning of period			87,690,000	73,012,000	$ 73,012,000
Cash end of period	144,559,000	75,285,000	144,559,000	75,285,000
Supplemental cash flow information:
Cash paid for interest			49,961,000	38,875,000
Noncash Investing and Financing Items [Abstract]
Accrued capital expenditures			5,294,000	1,621,000
Deemed noncash dividend			210,000	153,000
Dividends payable to non controlling interests			230,000	273,000
Payments of Ordinary Dividends, Noncontrolling Interest			(457,000)	(39,310,000)
Accrued and payable deferred offering costs			731,000	415,000
receivable for deferred offering costs			182,000	245,000
Writeoff of fully amortized deferred loan costs			541,000	1,331,000
Payments for Tenant Improvements			0	7,490,000
Variable Interest Entity, Consolidated, Assets, Noncurrent, Pledged	270,670,000	262,965,000	270,670,000	262,965,000
Variable Interest Entity, Consolidated, Liabilities, Noncurrent	270,670,000	262,965,000	270,670,000	262,965,000
Proceeds from Sale of Loans Receivable			763,000	0
Reclass of offering costs from deferred asset to equity			5,508,000	1,053,000
loan receivables converted to equity for property acquisition			47,797,000	0
Contribution from non-controlling interests				(2,068,000)
Loans Assumed			41,550,000	47,125,000
Share-based Compensation			719,000	4,972,000
Noncash settlement of loans			256,000	966,000
loan fees received			1,051,000	2,422,000
mortgage debt refinanced			24,477,000	37,485,000
Restricted Cash and Cash Equivalents	50,478,000		50,478,000
Common Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable			11,581,000	10,104,000
Series A Preferred Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable			9,009,000	6,952,000
Series M Preferred Stock [Member]
Noncash Investing and Financing Items [Abstract]
Dividends payable			625,000	129,000
Parent [Member]
Operating activities:
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (1,106,000)	$ (5,138,000)	$ (3,878,000)	$ 8,745,000

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	$ 13,569,000	$ 210,844,000			$ 0	$ 0	$ 13,569,000	$ 210,842,000		$ 0	$ 0		$ 13,569,000	$ 210,844,000						$ 2,000	$ 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	(9,059,000)			4,000			(9,063,000)			0			(9,059,000)			0				0
exercise of warrants	8,377,000			6,000			8,371,000			0			8,377,000			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																						$ 1,807,000	$ 0	$ 0	$ 0	$ 0	$ 1,807,000	$ 0
Syndication and offering costs	(21,201,000)			0			(21,201,000)			0			(21,201,000)			0				0
Stock Issued During Period, Value, Share-based Compensation, Gross	278,000			0			278,000			0			278,000			0				0
Dividends, Common Stock, Cash	(19,906,000)			0			(19,906,000)			0			(19,906,000)			0			$ 0
Balance at Jun. 30, 2018	1,433,477,000			397,000			1,430,713,000			0			1,431,124,000			2,353,000				14,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	8,985,000			0			0			8,745,000			8,745,000			240,000				0
non-controlling interest equity adjustment	0			0			3,180,000			0			3,180,000			(3,180,000)				0
Payments to Noncontrolling Interests	(542,000)			0			0			0			0			(542,000)				0
Dividends, Preferred Stock	(704,000)	(39,737,000)			0		(475,000)	(26,772,000)		(229,000)	(12,965,000)		(704,000)	(39,737,000)		0	$ 0			0	0
Proceeds from Issuance of Preferred Stock and Preference Stock	113,449,000			0			113,448,000						113,449,000							1,000		8,360,000	0	8,360,000	0	8,360,000	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
Stock Redeemed or Called During Period, Value	(3,293,000)			4,000			(3,297,000)			0			(3,293,000)			0
exercise of warrants	1,187,000			1,000			1,186,000			0			1,187,000			0				0
Stock Issued During Period, Value, Conversion of Units	0			0			0			0			0			0				0
amortization of Class A Unit awards																						811,000	0	0	0	0	811,000	0
Syndication and offering costs	(11,429,000)			0			(11,429,000)			0			(11,429,000)			0				0
Stock Issued During Period, Value, Share-based Compensation, Gross	140,000			0			140,000			0			140,000			0				0
Dividends, Common Stock, Cash	(10,104,000)			0			(10,104,000)			0			(10,104,000)			0
Balance at Jun. 30, 2018	1,433,477,000			397,000			1,430,713,000			0			1,431,124,000			2,353,000				14,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(5,278,000)			0			0			(5,138,000)			(5,138,000)			(140,000)				0
non-controlling interest equity adjustment	0			0			746,000			0			746,000			(746,000)				0
Payments to Noncontrolling Interests	(274,000)			0			0			0			0			(274,000)				0
Dividends, Preferred Stock		(20,533,000)	$ (391,000)		0	0		(25,606,000)	$ (456,000)		5,073,000	$ 65,000		(20,533,000)	$ (391,000)		0	$ 0		0	0
Proceeds from Issuance of Preferred Stock and Preference Stock	252,592,000			0			252,589,000						252,592,000							3,000		29,609,000	0	29,609,000	0	29,609,000	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	(5,111,000)			17,000			(5,128,000)			0			(5,111,000)			0
exercise of warrants	7,592,000			6,000			7,586,000			0			7,592,000			0				0
Stock Issued During Period, Value, Conversion of Units	0			1,000			564,000			0			565,000			(565,000)				0
amortization of Class A Unit awards																						301,000	0	0	0	0	301,000	0
Syndication and offering costs	(30,242,000)			0			(30,242,000)			0			(30,242,000)			0				0
Stock Issued During Period, Value, Share-based Compensation, Gross	316,000			0			316,000			0			316,000			0				0
Dividends, Common Stock, Cash	(22,776,000)			0			(22,776,000)			0			(22,776,000)			0
Balance at Jun. 30, 2019	1,784,170,000			442,000			1,784,197,000			0			1,784,658,000			(488,000)				19,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(3,957,000)			0			0			(3,878,000)			(3,878,000)			(79,000)				0
non-controlling interest equity adjustment	0			0			926,000			0			926,000			(926,000)				0
Payments to Noncontrolling Interests	(458,000)			0			0			0			0			(458,000)				0
Dividends, Preferred Stock		(51,240,000)	(1,841,000)		0	0		(54,984,000)	(1,975,000)		3,744,000	134,000		(51,240,000)	(1,841,000)		0	0		0	0
Proceeds from Issuance of Preferred Stock and Preference Stock	123,910,000			0			123,909,000						123,910,000							1,000		17,137,000	0	17,137,000	0	17,137,000	0		$ 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
Stock Redeemed or Called During Period, Value	(3,106,000)			7,000			(3,113,000)			0			(3,106,000)			0
exercise of warrants	3,344,000			3,000			3,341,000			0			3,344,000			0				0
Stock Issued During Period, Value, Conversion of Units	0			0			38,000			0			38,000			(38,000)				0
amortization of Class A Unit awards																						$ 149,000	$ 0	$ 0	$ 0	$ 0	$ 149,000	$ 0
Syndication and offering costs	(15,961,000)			0			(15,961,000)			0			(15,961,000)			0				0
Stock Issued During Period, Value, Share-based Compensation, Gross	157,000			0			157,000			0			157,000			0				0
Dividends, Common Stock, Cash	(11,581,000)			0			(11,581,000)			0			(11,581,000)			0
Balance at Jun. 30, 2019	1,784,170,000			442,000			1,784,197,000			0			1,784,658,000			(488,000)				19,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(1,677,000)			0			0			(1,106,000)			(1,106,000)			(571,000)				0
non-controlling interest equity adjustment	0			0			108,000			0			108,000			(108,000)				0
Payments to Noncontrolling Interests	$ (229,000)			$ 0			$ 0			$ 0			$ 0			$ (229,000)				0
Dividends, Preferred Stock		$ (26,507,000)	$ (1,035,000)		$ 0	$ 0		$ (27,566,000)	$ (1,082,000)		$ 1,059,000	$ 47,000		$ (26,507,000)	$ (1,035,000)		$ 0	$ 0		$ 0	$ 0

Statements of Equity and Accu_2

Statements of Equity and Accumulated Deficit Parenthetical - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Common Stock, Dividends, Per Share, Declared	$ 0.5225	$ 0.505
Series A Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared	5	5
Minimum [Member] | Series M Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared	4.79	4.79
Maximum [Member] | Series M Preferred Stock [Member]
Preferred Stock, Dividends Per Share, Declared	$ 6.25	$ 6.25

Organization

Organization	6 Months Ended
	Jun. 30, 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 June 30, 2019 , the Company had 44,246,703 shares of common stock, par value $0.01 per share, or Common Stock, issued and outstanding and was the approximate 98.1% owner of the Operating Partnership at that date. The number of partnership units not owned by the Company totaled 874,937 at June 30, 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 (see Note 16). 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	6 Months Ended
	Jun. 30, 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 investments in subordinate tranches of collateralized mortgage-backed pools and Note 15 for fair value disclosures related to a consolidated VIE related to these investments. 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 2016-03 changes how entities will measure credit losses for most financial assets, including loans, which are not measured at fair value through net income. The guidance replaces the existing incurred loss model with an expected loss model for instruments measured at amortized cost, and require entities to record credit allowances for financial assets rather than reduce the carrying amount, as they do today under the other-than temporary impairment model. January 1, 2020 We are currently evaluating the potential impacts of the new guidance and proposed amendments to the new guidance on our consolidated financial statements. The new guidance specifically excludes financial assets measured at fair value through net income. The Company elected the fair value option for its Freddie Mac K Program investments. Therefore, we expect the impact of the new guidance on accounting for financial assets will be limited to our real estate investment loans and notes and revolving lines of credit. We expect to implement this new guidance using the modified retrospective basis by recording a cumulative effect adjustment to retained earnings on January 1, 2020.

Real Estate Assets (Notes)

Real Estate Assets (Notes)	6 Months Ended
	Jun. 30, 2019
Real Estate Assets [Abstract]
Business Combination Disclosure	Real Estate Assets The Company's real estate assets consisted of: As of: June 30, 2019 December 31, 2018 Multifamily communities: Properties (1) 32 32 Units 9,768 9,768 New Market Properties: (2) Properties 49 45 Gross leasable area (square feet) (3) 5,412,328 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 six-month period ended June 30, 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 six-month period ended June 30, 2018. The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were: Lake Cameron (in thousands) June 30, 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 six-month period ended June 30, 2019. During the six-month period ended June 30, 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 for the six-month period ended June 30, 2018 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	6 Months Ended
	Jun. 30, 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 June 30, 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 June 30, 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 $ 317,619 $ 20,688 $ 7,900 $ 346,207 B 38,310 2,510 — 40,820 C 6,116 1,208 — 7,324 D — — — — $ 362,045 $ 24,406 $ 7,900 $ 394,351 At June 30, 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 June 30, 2019 December 31, 2018 (Dollars in thousands) Preferred Capital Marketing Services, LLC (1) 1/24/2013 12/31/2019 $ 1,500 $ 686 $ 763 10 % Preferred Apartment Advisors, LLC (1,2) 8/21/2012 12/31/2019 22,000 16,842 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 6/30/2020 8,000 6,589 4,022 12 % Newport Development Partners, LLC 6/17/2014 6/30/2020 2,000 1,529 — 12 % Mulberry Development Group, LLC (6) 3/31/2016 6/30/2020 750 455 465 12 % 360 Capital Company, LLC (6) 5/24/2016 12/31/2019 3,400 3,292 3,100 12 % 360 Capital Company, LLC (1,7) 7/24/2018 12/31/2020 8,000 7,426 6,923 8.5 % Haven Campus Communities Charlotte Member, LLC (1) 8/31/2018 N/A — — 10,788 15 % Unamortized loan fees (51 ) (152 ) $ 57,310 $ 45,142 $ 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 June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Real estate loans: Current interest payments $ 7,479 $ 8,686 $ 14,948 $ 17,191 Additional accrued interest 3,184 5,469 6,569 10,195 Origination fee amortization 465 607 780 1,038 Purchase option termination fee amortization 1,383 2,470 5,617 2,470 Total real estate loan revenue 12,511 17,232 27,914 30,894 Interest income on notes and lines of credit 925 800 2,414 1,703 Interest income from money market accounts 280 — 280 — Interest income from agency mortgage-backed securities 9 — 207 — Interest income on loans and notes receivable $ 13,725 $ 18,032 $ 30,815 $ 32,597 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 June 30, 2019 of approximately $362.0 million . The maximum aggregate amount of loans to be funded as of June 30, 2019 was approximately $443.1 million , which includes approximately $81.0 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, and 8West, all of which are partially supporting various real estate projects in or near Atlanta, Georgia. The drawn amount of these loans as of June 30, 2019 totaled approximately $97.9 million (with a total commitment amount of approximately $119.4 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 June 30, 2019 . The Company's maximum exposure to loss from the combined mortgage pools from the Freddie Mac K program is approximately $24.1 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 six-months ended June 30, 2019, the Company recorded approximately $207,000 in interest income related to these investments.

Redeemable Preferred Stock

Redeemable Preferred Stock	6 Months Ended
	Jun. 30, 2019
Redeemable Stock, Preferred [Abstract]
Preferred Stock [Text Block]	Redeemable Preferred Stock and Equity Offerings At June 30, 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 $400 million of equity or debt securities (the "2019 Shelf Offering"), including an offering of up to $125 million of Common Stock from time to time in an "at the market" offering (the "2019 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 June 30, 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 June 30, 2019 Reclassified as reductions of stockholders' equity Recorded as deferred assets Total Specifically identifiable offering costs (1) Total offering costs $1.5 Billion Unit Offering $ 1,500,000 $ 939,340 $ 6,014 75 % $ 1,989 $ 8,003 $ 88,498 $ 96,501 mShares Offering 500,000 73,835 2,782 74 % 985 3,767 2,909 6,676 2016 Shelf Offering 300,000 (3 ) 98,080 2,062 100 % — 2,062 3,001 5,063 2019 Shelf Offering 400,000 (2 ) — — — % 710 710 — 710 Total $ 2,700,000 $ 1,111,255 $ 10,858 $ 3,684 $ 14,542 $ 94,408 $ 108,950 (1) 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. (2) On April 25, 2019, the Company's 2019 Shelf Registration Statement was declared effective. (3) The $300 million 2016 Shelf Offering expired in second quarter 2019, and therefore all remaining deferred offering costs were reclassified as reductions of stockholder's equity. 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	6 Months Ended
	Jun. 30, 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 June 30, Six-month periods ended June 30, Type of Compensation Basis of Compensation 2019 2018 2019 2018 Acquisition fees 1.0% of the gross purchase price of real estate assets $ 1,203 $ 2,861 $ 2,603 $ 4,620 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 125 411 526 1,211 Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property 621 814 965 1,554 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 3,840 3,600 7,565 7,265 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed 2,495 2,148 4,951 4,241 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 1,581 1,535 3,067 2,968 Construction management fees Quarterly fee for property renovation and takeover projects 78 142 136 273 Disposition fees 1% of the sale price of a real estate asset 16 — 16 435 $ 9,959 $ 11,511 $ 19,829 $ 22,567 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 $18.1 million of combined asset management and general and administrative fees related to acquired properties as of June 30, 2019 have been waived by the Manager. A total of $16.6 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 June 30, Six-month periods ended June 30, 2019 2018 2019 2018 $ 4,213 $ 3,930 $ 8,292 $ 7,539 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 $256,162 and $238,538 for the six-month periods ended June 30, 2019 and 2018 , respectively and Preferred Capital Securities, LLC, or PCS, was reimbursed $680,116 and $727,601 for the six-month periods ended June 30, 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 2019 Shelf Offering, at which time they are reclassified on a pro-rata basis as a reduction of offering proceeds within stockholders’ equity. The Company pays its Manager leasing commission fees for office and retail leases based on varying rates and conditions. These fees totaled $30,000 and $0 for the three-month periods ended June 30, 2019 and 2018 respectively and $53,000 and $9,000 for the six-month periods ended June 30, 2019 and 2018 respectively. The Company holds a promissory note in the amount of approximately $686,000 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 $22.0 million to its Manager.

Dividends

Dividends	6 Months Ended
	Jun. 30, 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 $0.5225 and $0.505 per share for the six-month periods ended June 30, 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 June 30, 2019 , the Company had 874,937 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 six months ended June 30, 2019 2018 (in thousands) Series A Preferred Stock $ 51,240 $ 39,737 mShares 1,841 704 Common Stock 22,776 19,906 Class A OP Units 458 540 Total $ 76,315 $ 60,887

Equity Compensation

Equity Compensation	6 Months Ended
	Jun. 30, 2019
Equity Compensation [Abstract]
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	Equity Compensation Stock Incentive Plan On May 2, 2019, the Company’s board of directors adopted, and the Company’s stockholders approved, the Preferred Apartment Communities, Inc. 2019 Stock Incentive Plan, or the 2019 Plan, to incentivize, compensate and retain eligible officers, consultants, and non-employee directors. The 2019 Plan increased the aggregate number of shares of Common Stock authorized for issuance under the 2011 Plan from 2,617,500 to 3,617,500 . The 2019 Plan does not have a stated expiration date. Equity compensation expense by award type for the Company was: Three-month period ended June 30, Six-month period ended June 30, Unamortized expense as of June 30, (in thousands) 2019 2018 2019 2018 2019 Class B Unit awards: 2016 $ — $ 74 $ 2 148 $ — 2017 78 88 156 195 159 2018 71 648 143 1,464 430 Restricted stock grants: 2017 — 30 — 120 — 2018 30 60 120 60 — 2019 70 — 70 — 350 Restricted stock units: 2017 20 22 38 43 36 2018 21 28 40 55 139 2019 16 — 48 — 238 Total $ 306 $ 950 $ 617 $ 2,085 $ 1,352 Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. Service year Shares Fair value per share Total compensation cost (in thousands) 2017 24,408 $ 14.75 $ 360 2018 24,810 $ 14.51 $ 360 2019 26,446 $ 15.88 $ 420 Class B OP Units As of June 30, 2019, cumulative activity of grants of Class B Units of the Operating Partnership, or Class B OP units, was: Grant date 1/2/2018 1/3/2017 Units granted 256,087 286,392 Units forfeited: John A. Williams (1) (38,284 ) — Voluntary forfeiture by senior executives (128,258 ) — Other (22,722 ) (5,334 ) Total forfeitures (189,264 ) (5,334 ) Units earned and converted into Class A Units — (254,730 ) Class B Units outstanding at June 30, 2019 66,823 26,328 Units unearned but vested 32,575 — Units unearned and not yet vested 34,248 26,328 Class B Units outstanding at June 30, 2019 66,823 26,328 (1) Pro rata modification of award on April 16, 2018, the date of Mr. Williams' passing. There were no grants of Class B OP Units for 2019. 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 Forfeited (1,280 ) (3,920 ) (6,674 ) Units earned and converted into common stock — — (14,154 ) RSUs outstanding at June 30, 2019 26,480 16,800 6,072 RSUs unearned but vested — 5,627 — RSUs unearned but not yet vested 26,480 11,173 6,072 RSUs outstanding at June 30, 2019 26,480 16,800 6,072 Fair value per RSU $ 10.77 $ 16.66 $ 11.92 Total fair value of RSU grant $ 298,975 $ 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	6 Months Ended
	Jun. 30, 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 six-month period ended June 30, 2019 with mortgage debt as shown in the following table: Property Date Initial principal amount (in thousands) Fixed/Variable rate Rate Maturity date Disston Plaza 6/12/2019 $ 18,038 Fixed 3.93 % 7/1/2034 Polo Grounds Mall 6/12/2019 13,325 Fixed 3.93 % 7/1/2034 Free State Shopping Center 5/28/2019 46,800 Fixed 3.99 % 6/1/2029 Haven49 (1) 3/27/2019 41,550 Variable 6.15 % 12/22/2019 Gayton Crossing 1/17/2019 18,000 Fixed 4.71 % 2/1/2029 $ 137,713 (1) The Company assumed the existing construction loan on this property. Repayments and Refinancings On April 12, 2019, the Company refinanced the mortgage on its Royal Lakes Marketplace grocery-anchored shopping center. The existing $9.5 million mortgage bore interest at a variable rate of 1 month LIBOR plus 250 basis point and was refinanced into a $9.7 million mortgage which bears interest at a fixed rate of 4.29% . As a result of the refinance, the Company incurred approximately $0.3 million of expenses which were capitalized as deferred loan costs, and accelerated approximately $52,000 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. On April 12, 2019, the Company refinanced the mortgage on its Cherokee Plaza grocery-anchored shopping center. The existing $24.5 million mortgage bore interest at a variable rate of 1 month LIBOR plus 225 basis point and was refinanced into a $25.2 million mortgage which bears interest at a fixed rate of 4.28% . As a result of the refinance, the Company expensed approximately $317,000 of loan costs associated with the new loan, which is included within the interest expense line of the Consolidated Statements of Operations. 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 June 30, 2019 : (dollars in thousands) Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life (years) Multifamily communities $ 1,032,344 3.92 % 9.4 New Market Properties 552,606 3.93 % 7.6 Preferred Office Properties 484,773 4.32 % 14.6 Student housing properties 160,324 4.13 % 6.1 Total fixed rate mortgage debt 2,230,047 4.02 % 9.9 Variable rate mortgage debt: Multifamily communities 80,482 4.29 % 4.4 New Market Properties 27,400 5.44 % 2.4 Preferred Office Properties — — — Student housing properties 131,916 5.98 % 1.1 Total variable rate mortgage debt 239,798 5.35 % 2.4 Total mortgage debt: Multifamily communities 1,112,826 3.94 % 9.1 New Market Properties 580,006 4.01 % 7.4 Preferred Office Properties 484,773 4.32 % 14.6 Student housing properties 292,240 4.97 % 3.9 Total principal amount 2,469,845 4.15 % 9.1 Deferred loan costs (35,849 ) Mark to market loan adjustment (4,754 ) Mortgage notes payable, net $ 2,429,242 The Company has placed interest rate caps on the variable rate mortgages on its Avenues at Creekside and Citi Lakes multifamily communities. Under guidance provided by ASC 815-10, these interest rate caps fall under the definition of derivatives, which are embedded in their debt hosts. Because these interest rate caps are deemed to be clearly and closely related to their debt hosts, bifurcation and fair value accounting treatment is not required. The mortgage note secured by our Independence Square property is a seven year term with an anticipated repayment date of September 1, 2022. If the Company elects not to pay its principal balance at the anticipated repayment date, the term will be extended for an additional five years, maturing on September 1, 2027. The interest rate from September 1, 2022 to September 1, 2027 will be the greater of (i) the Initial Interest Rate of 3.93% plus 200 basis points or (ii) the yield on the seven year U.S. treasury security rate plus approximately 400 basis points. The mortgage note secured by our Champions Village property has a maximum commitment of approximately $34.2 million . As of June 30, 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 5.44% as of June 30, 2019 . As of June 30, 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 six-month period ended June 30, 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 June 30, 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 $1.7 billion (2) $1.8 billion Debt yield Minimum 8.25% 10.24% Payout ratio Maximum 95% (3) 90.8% Total leverage ratio Maximum 65% 56.7% Debt service coverage ratio Minimum 1.50x 1.84x (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 $1.0 billion as of June 30, 2019 . (3) Calculated on a trailing four-quarter basis. For the twelve-month period ended June 30, 2019 , the maximum dividends and distributions allowed under this covenant was approximately $151.0 million . Loan fees and closing costs for the establishment and subsequent amendments of the Credit Facility are amortized utilizing the straight line method over the life of the Credit Facility. At June 30, 2019 , unamortized loan fees and closing costs for the Credit Facility were approximately $1.4 million , which will be amortized over a remaining loan life of approximately 2.5 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 June 30, 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 2.7 years. Interest Expense Interest expense, including amortization of deferred loan costs was: Three-month periods ended June 30, Six-month periods ended June 30, (in thousands) 2019 2018 2019 2018 Multifamily communities $ 11,817 $ 11,252 $ 23,272 $ 22,188 New Market Properties 6,115 4,629 11,701 8,985 Preferred Office Properties 5,357 2,666 10,708 5,207 Student housing properties 4,004 2,384 7,349 4,075 Interest paid to real estate loan participants — 557 110 944 Total 27,293 21,488 53,140 41,399 Credit Facility and Acquisition Facility 318 859 1,227 1,916 Interest Expense $ 27,611 $ 22,347 $ 54,367 $ 43,315 Future Principal Payments The Company’s estimated future principal payments due on its debt instruments as of June 30, 2019 were: Period Future principal payments (in thousands) 2019 $ 119,237 2020 73,063 2021 179,341 2022 219,111 2023 194,072 thereafter 1,685,021 Total $ 2,469,845

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 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 June 30, 2019 and December 31, 2018.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 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 June 30, 2019 , the amount guarantied by the Company was $5.5 million and is reduced by $619,304 per lease year over the term of the lease. Certain officers and employees of the Manager have been assigned company credit cards. As of June 30, 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 $18.1 million of asset management and general and administrative fees related to acquired properties as of June 30, 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 June 30, 2019 , a total of $16.6 million remaining waived fees could possibly be earned by the Manager in the future. At June 30, 2019 , the Company had unfunded balances on its real estate loan portfolio of approximately $81.0 million . At June 30, 2019 , the Company had unfunded contractual commitments for tenant, leasing, and capital improvements of approximately $14.2 million .

Segment information

Segment information	6 Months Ended
	Jun. 30, 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. 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) June 30, 2019 December 31, 2018 Assets: Multifamily communities $ 1,480,775 $ 1,503,648 Student housing properties 496,021 411,102 Financing 497,055 448,617 New Market Properties 1,026,418 883,594 Preferred Office Properties 878,848 884,648 Other (1) 601,401 279,349 Consolidated assets $ 4,980,518 $ 4,410,958 (1) Other Assets includes $571,999 and $264,886 of assets owned by other pool participants within the Freddie Mac K Program that were consolidated by the Company. The Company's maximum exposure to loss from the combined mortgage pools from the Freddie Mac K Program is approximately $24.1 million. Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the three-month and six-month periods ended June 30, 2019 and 2018 were as follows: Three-month periods ended June 30, Six-month periods ended June 30, (in thousands) 2019 2018 2019 2018 Capitalized expenditures: Multifamily communities $ 3,633 $ 5,859 $ 4,845 $ 10,698 Student housing properties 910 927 1,823 1,208 New Market Properties 1,427 1,002 3,004 1,787 Total $ 5,970 $ 7,788 $ 9,672 $ 13,693 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 redevelopments and repositionings (iv) to newly leased space which had been vacant for more than one year and (v) for building improvements that are recoverable from future operating cost savings. Total revenues by reportable segment of the Company were: Three-month periods ended June 30, Six-month periods ended June 30, (in thousands) 2019 2018 2019 2018 Revenues Rental revenues: Multifamily communities $ 40,848 $ 38,896 $ 81,162 $ 77,758 Student housing properties 11,433 7,097 21,457 12,766 New Market Properties 22,346 17,567 43,875 34,906 Preferred Office Properties (1) 20,965 12,992 41,336 25,384 Total rental revenues 95,592 76,552 187,830 150,814 Other revenues: Multifamily communities 1,345 1,436 2,640 2,729 Student housing properties 210 107 404 190 New Market Properties 536 645 1,066 1,221 Preferred Office Properties 1,883 118 2,454 206 Total other revenues 3,974 2,306 6,564 4,346 Financing revenues 13,263 17,531 29,941 31,599 Miscellaneous revenues 1,023 — 1,023 — Consolidated revenues $ 113,852 $ 96,389 $ 225,358 $ 186,759 (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 June 30, 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 $41.6 million which is included in the deferred revenues line on the consolidated balance sheets at June 30, 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 $1.9 million and $1.1 million for the six-month periods ended June 30, 2019 and 2018, respectively. Three-month periods ended June 30, Six-month periods ended June 30, (in thousands) 2019 2018 2019 2018 Segment net operating income (Segment NOI) Multifamily communities $ 24,146 $ 22,745 $ 48,390 $ 46,268 Student housing properties 7,150 3,905 12,241 6,941 Financing 13,286 17,531 29,965 31,599 New Market Properties 16,425 12,812 32,230 25,485 Preferred Office Properties 16,515 9,334 31,320 18,397 Consolidated segment net operating income 77,522 66,327 154,146 128,690 Interest expense: Multifamily communities 11,816 11,252 23,272 22,188 Student housing properties 4,005 2,384 7,349 4,075 New Market Properties 6,115 4,630 11,701 8,985 Preferred Office Properties 5,357 2,666 10,708 5,207 Financing 318 1,415 1,337 2,860 Depreciation and amortization: Multifamily communities 18,391 20,320 38,802 42,023 Student housing properties 6,179 7,496 11,633 12,601 New Market Properties 10,632 9,177 20,967 18,057 Preferred Office Properties 10,461 5,102 19,550 10,030 Professional fees 888 769 1,773 1,243 Management fees, net of forfeitures 5,414 5,192 10,614 10,213 Loan loss allowance — — — — Equity compensation to directors and executives 306 950 617 2,085 Gain on sale of real estate — (2 ) — (20,356 ) Gain on noncash net assets of consolidated VIEs (584 ) (54 ) (725 ) (54 ) Gain loss on sale of real estate loan investment (747 ) — (747 ) — Loss on extinguishment of debt 52 — 69 — Gain on trading investment, net — — (4 ) — Other 596 308 1,187 548 Net income (loss) $ (1,677 ) $ (5,278 ) $ (3,957 ) $ 8,985

Loss per Share

Loss per Share	6 Months Ended
	Jun. 30, 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 June 30, Six-month periods ended June 30, (in thousands, except per-share figures) 2019 2018 2019 2018 Numerator: Operating income before gains on sales of real estate and trading investment $ 24,655 $ 17,013 $ 49,003 $ 31,890 Gains on sales of real estate and trading investment — 2 4 20,356 Operating income 24,655 17,015 49,007 52,246 Interest expense 27,611 22,347 54,367 43,315 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools 584 54 725 54 Loss on extinguishment of debt (52 ) — (69 ) — Gain on sale of real estate loan investment 747 — 747 — Net (loss) income (1,677 ) (5,278 ) (3,957 ) 8,985 Consolidated net loss (income) attributable to non-controlling interests 571 140 79 (240 ) Net (loss) income attributable to the Company (1,106 ) (5,138 ) (3,878 ) 8,745 Dividends declared to preferred stockholders (27,542 ) (20,924 ) (53,081 ) (40,441 ) Earnings attributable to unvested restricted stock (7 ) (6 ) (9 ) (8 ) Net loss attributable to common stockholders $ (28,655 ) $ (26,068 ) $ (56,968 ) $ (31,704 ) Denominator: Weighted average number of shares of Common Stock - basic 43,703 39,383 43,194 39,241 Effect of dilutive securities: (D) — — — — Weighted average number of shares of Common Stock - basic and diluted 43,703 39,383 43,194 39,241 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (0.66 ) $ (0.66 ) $ (1.32 ) $ (0.81 ) (A) The Company's outstanding Class A Units of the Operating Partnership ( 875 and 1,070 Units at June 30, 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 1,829 and 1,418 outstanding shares of Series A Preferred Stock at June 30, 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 73 and 29 mShares outstanding at June 30, 2019 and 2018, respectively. (C) The Company's outstanding unvested restricted share awards ( 26 and 25 shares of Common Stock at June 30, 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 27,246 shares of Common Stock; (ii) 93 Class B Units; (iii) 26 shares of unvested restricted common stock; and (iv) 49 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	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 360,180 $ 392,279 $ — $ — $ 392,279 Notes receivable and line of credit receivable 45,143 45,143 — — 45,143 $ 405,323 $ 437,422 $ — $ — $ 437,422 Financial Liabilities: Mortgage notes payable $ 2,469,845 $ 2,522,323 $ — $ — $ 2,522,323 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 June 30, 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 June 30, 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 six-month period ended June 30, 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: 38,931 38,516 415 Repayments of underlying mortgage principal amounts and repayments to Class A holders: (2,073 ) (2,073 ) — Balance as of June 30, 2019 $ 596,129 $ 571,999 $ 24,130 The changes in the fair value of the net assets of consolidated VIEs from mortgage-backed pools were: Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Interest earned $ 310 $ — $ 310 $ — Unrealized gain 274 54 415 54 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools $ 584 $ 54 $ 725 $ 54 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 $ 596,129 Discounted cash flow Discount rate 3.9 % Liabilities: VIE liabilities, at fair value $ 571,999 Discounted cash flow Discount rate 3.9 % 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 June 30, 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 $ 596,129 $ 596,129 $ — $ — $ 596,129 Financial Liabilities: VIE liabilities from mortgage-backed pools $ 571,999 $ 571,999 $ — $ — $ 571,999 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 June 30, 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	6 Months Ended
	Jun. 30, 2019
Subsequent Events [Abstract]
Subsequent Events [Text Block]	Subsequent Events Between July 1, 2019 and July 31, 2019, the Company issued 38,684 Units under its $1.5 Billion Unit Offering and collected net proceeds of approximately $34.8 million after commissions and fees and issued 4,896 shares of Series M Preferred Stock under the mShares offering and collected net proceeds of approximately $4.7 million after commissions and fees. On July 25, 2019, we acquired CAPTRUST Tower, a class A office building in Raleigh, North Carolina comprising 300,389 rentable square feet. On July 29, 2019, we refinanced the mortgage on our Citilakes multifamily community from a floating to a fixed interest rate of 3.66% . On July 29, 2019, we entered into a purchase and sale agreement pursuant to which we will sell six of our student housing properties to a third party. The properties to be sold are North by Northwest, Sol, Stadium Village, Ursa, The Retreat at Orlando and Haven49. A non-refundable security deposit from the purchaser has been deposited into an escrow account and we expect the sale to close during fourth quarter 2019. We expect to realize a book gain on the sale. On July 31, 2019, we acquired 251 Armour Drive, an approximately 36,000 square foot building adjacent to our 187,000 square foot Armour Yards office portfolio in Atlanta, Georgia.

Significant Accounting Polici_2

Significant Accounting Policies Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 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 2016-03 changes how entities will measure credit losses for most financial assets, including loans, which are not measured at fair value through net income. The guidance replaces the existing incurred loss model with an expected loss model for instruments measured at amortized cost, and require entities to record credit allowances for financial assets rather than reduce the carrying amount, as they do today under the other-than temporary impairment model. January 1, 2020 We are currently evaluating the potential impacts of the new guidance and proposed amendments to the new guidance on our consolidated financial statements. The new guidance specifically excludes financial assets measured at fair value through net income. The Company elected the fair value option for its Freddie Mac K Program investments. Therefore, we expect the impact of the new guidance on accounting for financial assets will be limited to our real estate investment loans and notes and revolving lines of credit. We expect to implement this new guidance using the modified retrospective basis by recording a cumulative effect adjustment to retained earnings on January 1, 2020.

Real Estate Assets (Tables)

Real Estate Assets (Tables)	6 Months Ended
	Jun. 30, 2019
Business Acquisition
Business Combination Disclosure	Real Estate Assets The Company's real estate assets consisted of: As of: June 30, 2019 December 31, 2018 Multifamily communities: Properties (1) 32 32 Units 9,768 9,768 New Market Properties: (2) Properties 49 45 Gross leasable area (square feet) (3) 5,412,328 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 six-month period ended June 30, 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 six-month period ended June 30, 2018. The carrying amounts of the significant assets and liabilities of the disposed property at the date of sale were: Lake Cameron (in thousands) June 30, 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 six-month period ended June 30, 2019. During the six-month period ended June 30, 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 for the six-month period ended June 30, 2018 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 June 30, Six-month periods ended June 30, (in thousands) 2019 2018 2019 2018 Depreciation: Buildings and improvements $ 24,190 $ 18,356 $ 47,177 $ 35,834 Furniture, fixtures, and equipment 12,532 11,398 25,665 21,910 36,722 29,754 72,842 57,744 Amortization: Acquired intangible assets 8,617 12,209 17,563 24,709 Deferred leasing costs 276 105 453 196 Website development costs 48 27 94 62 Total depreciation and amortization $ 45,663 $ 42,095 $ 90,952 $ 82,711
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) June 30, 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: June 30, 2019 December 31, 2018 Multifamily communities: Properties (1) 32 32 Units 9,768 9,768 New Market Properties: (2) Properties 49 45 Gross leasable area (square feet) (3) 5,412,328 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 six-month period ended: (in thousands, except amortization period data) June 30, 2018 Land $ 12,810 Buildings and improvements 73,773 Furniture, fixtures and equipment 17,969 Lease intangibles 4,306 Prepaids & other assets 193 Accrued taxes (166 ) 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 June 30, 2019: Revenue $ 2,567 Net income (loss) $ (1,032 ) Six-month period ended June 30, 2019: Revenue $ 5,124 Net income (loss) $ (2,332 ) 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) 0
Table of Properties Acquired	The Company had no acquisitions of multifamily community assets during the six-month period ended June 30, 2019. During the six-month period ended June 30, 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 for the six-month period ended June 30, 2018 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 assets' 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 properties acquired during the six-month periods ended: (in thousands, except amortization period data) June 30, 2019 June 30, 2018 Land $ 7,289 $ 23,149 Buildings and Improvements 68,163 146,856 Furniture, fixtures and equipment 16,966 27,211 Lease intangibles 983 2,493 Below market leases — (54 ) Prepaids & Other Assets — 309 Accrued taxes (158 ) (942 ) Security Deposits, Prepaid Rents, and other liabilities (2,579 ) (719 ) Net Assets Acquired $ 90,664 $ 198,303 Satisfaction of loan receivables $ 46,397 $ — Cash paid 2,717 92,212 Mortgage debt, net 41,550 106,091 Total consideration $ 90,664 $ 198,303 Three-month period ended June 30, 2019: Revenue $ 1,534 4,289 Net income (loss) $ (1,653 ) (1,614 ) Six-month period ended June 30, 2019: Revenue 1,615 8,603 Net income (loss) (1,924 ) (4,053 ) Capitalized acquisition costs incurred by the Company $ 1,016 $ 2,555 Acquisition costs to related party $ 936 $ 1,970 Remaining amortization period of intangible assets and liabilities (months) 0.5 0
Table of Properties Acquired
Retail Segment [Member]
Business Acquisition
Business Combination Disclosure	Preferred Office Properties assets acquired The Company had no acquisitions of office building assets during the six-month period ended June 30, 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 six-month period ended: (in thousands, except amortization period data) June 30, 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 June 30, 2019: Revenue $ 1,588 Net income (loss) $ 2 Six-month period ended June 30, 2019: Revenue $ 3,123 Net income (loss) $ (4 ) 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) 7.1

Real Estate Loans, Notes Rece_2

Real Estate Loans, Notes Receivable, and Lines of Credit (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(Dollars in thousands) June 30, 2019 December 31, 2018 Number of loans 20 19 Drawn amount $ 362,045 $ 336,329 Deferred loan origination fees (1,865 ) (2,118 ) Carrying value $ 360,180 $ 334,211 Unfunded loan commitments $ 81,017 $ 164,913 Weighted average current interest, per annum (paid monthly) 8.48 % 8.47 % Weighted average accrued interest, per annum 4.02 % 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 53,497 — — 53,497 Loans settled with acquisitions (27,781 ) — — (27,781 ) Loan origination fees collected — (526 ) — (526 ) Amortization of loan origination fees — 779 — 779 Balances as of June 30, 2019 $ 362,045 $ (1,865 ) $ — $ 360,180 Property type Number of loans Carrying value Commitment amount Percentage of portfolio (Dollars in thousands) Multifamily communities 15 $ 306,351 $ 370,563 84 % Student housing properties 3 37,851 40,448 11 % New Market Properties 1 12,857 12,857 4 % Preferred Office Properties 1 3,121 19,193 1 % Balances as of June 30, 2019 20 $ 360,180 $ 443,061
Financing Receivable Credit Quality Indicators [Table Text Block]	At June 30, 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 $ 317,619 $ 20,688 $ 7,900 $ 346,207 B 38,310 2,510 — 40,820 C 6,116 1,208 — 7,324 D — — — — $ 362,045 $ 24,406 $ 7,900 $ 394,351
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 June 30, 2019 December 31, 2018 (Dollars in thousands) Preferred Capital Marketing Services, LLC (1) 1/24/2013 12/31/2019 $ 1,500 $ 686 $ 763 10 % Preferred Apartment Advisors, LLC (1,2) 8/21/2012 12/31/2019 22,000 16,842 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 6/30/2020 8,000 6,589 4,022 12 % Newport Development Partners, LLC 6/17/2014 6/30/2020 2,000 1,529 — 12 % Mulberry Development Group, LLC (6) 3/31/2016 6/30/2020 750 455 465 12 % 360 Capital Company, LLC (6) 5/24/2016 12/31/2019 3,400 3,292 3,100 12 % 360 Capital Company, LLC (1,7) 7/24/2018 12/31/2020 8,000 7,426 6,923 8.5 % Haven Campus Communities Charlotte Member, LLC (1) 8/31/2018 N/A — — 10,788 15 % Unamortized loan fees (51 ) (152 ) $ 57,310 $ 45,142 $ 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 June 30, Six months ended June 30, (in thousands) 2019 2018 2019 2018 Real estate loans: Current interest payments $ 7,479 $ 8,686 $ 14,948 $ 17,191 Additional accrued interest 3,184 5,469 6,569 10,195 Origination fee amortization 465 607 780 1,038 Purchase option termination fee amortization 1,383 2,470 5,617 2,470 Total real estate loan revenue 12,511 17,232 27,914 30,894 Interest income on notes and lines of credit 925 800 2,414 1,703 Interest income from money market accounts 280 — 280 — Interest income from agency mortgage-backed securities 9 — 207 — Interest income on loans and notes receivable $ 13,725 $ 18,032 $ 30,815 $ 32,597

Redeemable Preferred Stock Proc

Redeemable Preferred Stock Proceeds and offering costs (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Stockholders Equity [Table Text Block]	As of June 30, 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 June 30, 2019 Reclassified as reductions of stockholders' equity Recorded as deferred assets Total Specifically identifiable offering costs (1) Total offering costs $1.5 Billion Unit Offering $ 1,500,000 $ 939,340 $ 6,014 75 % $ 1,989 $ 8,003 $ 88,498 $ 96,501 mShares Offering 500,000 73,835 2,782 74 % 985 3,767 2,909 6,676 2016 Shelf Offering 300,000 (3 ) 98,080 2,062 100 % — 2,062 3,001 5,063 2019 Shelf Offering 400,000 (2 ) — — — % 710 710 — 710 Total $ 2,700,000 $ 1,111,255 $ 10,858 $ 3,684 $ 14,542 $ 94,408 $ 108,950 (1) 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. (2) On April 25, 2019, the Company's 2019 Shelf Registration Statement was declared effective. (3) The $300 million 2016 Shelf Offering expired in second quarter 2019, and therefore all remaining deferred offering costs were reclassified as reductions of stockholder's equity. 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)	6 Months Ended
	Jun. 30, 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 June 30, Six-month periods ended June 30, 2019 2018 2019 2018 $ 4,213 $ 3,930 $ 8,292 $ 7,539 (In thousands) Three-month periods ended June 30, Six-month periods ended June 30, Type of Compensation Basis of Compensation 2019 2018 2019 2018 Acquisition fees 1.0% of the gross purchase price of real estate assets $ 1,203 $ 2,861 $ 2,603 $ 4,620 Loan origination fees 1.0% of the maximum commitment of any real estate loan, note or line of credit receivable 125 411 526 1,211 Loan coordination fees 0.6% of any assumed, new or supplemental debt incurred in connection with an acquired property 621 814 965 1,554 Asset management fees Monthly fee equal to one-twelfth of 0.50% of the total book value of assets, as adjusted 3,840 3,600 7,565 7,265 Property management fees Monthly fee up to 4% of the monthly gross revenues of the properties managed 2,495 2,148 4,951 4,241 General and administrative expense fees Monthly fee equal to 2% of the monthly gross revenues of the Company 1,581 1,535 3,067 2,968 Construction management fees Quarterly fee for property renovation and takeover projects 78 142 136 273 Disposition fees 1% of the sale price of a real estate asset 16 — 16 435 $ 9,959 $ 11,511 $ 19,829 $ 22,567

Dividends Dividend characteriza

Dividends Dividend characterization (Tables)	6 Months Ended
	Jun. 30, 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 $0.5225 and $0.505 per share for the six-month periods ended June 30, 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 June 30, 2019 , the Company had 874,937 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 six months ended June 30, 2019 2018 (in thousands) Series A Preferred Stock $ 51,240 $ 39,737 mShares 1,841 704 Common Stock 22,776 19,906 Class A OP Units 458 540 Total $ 76,315 $ 60,887

Equity Compensation (Tables)

Equity Compensation (Tables)	6 Months Ended
	Jun. 30, 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 Forfeited (1,280 ) (3,920 ) (6,674 ) Units earned and converted into common stock — — (14,154 ) RSUs outstanding at June 30, 2019 26,480 16,800 6,072 RSUs unearned but vested — 5,627 — RSUs unearned but not yet vested 26,480 11,173 6,072 RSUs outstanding at June 30, 2019 26,480 16,800 6,072 Fair value per RSU $ 10.77 $ 16.66 $ 11.92 Total fair value of RSU grant $ 298,975 $ 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 June 30, Six-month period ended June 30, Unamortized expense as of June 30, (in thousands) 2019 2018 2019 2018 2019 Class B Unit awards: 2016 $ — $ 74 $ 2 148 $ — 2017 78 88 156 195 159 2018 71 648 143 1,464 430 Restricted stock grants: 2017 — 30 — 120 — 2018 30 60 120 60 — 2019 70 — 70 — 350 Restricted stock units: 2017 20 22 38 43 36 2018 21 28 40 55 139 2019 16 — 48 — 238 Total $ 306 $ 950 $ 617 $ 2,085 $ 1,352
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]	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 Forfeited (1,280 ) (3,920 ) (6,674 ) Units earned and converted into common stock — — (14,154 ) RSUs outstanding at June 30, 2019 26,480 16,800 6,072 RSUs unearned but vested — 5,627 — RSUs unearned but not yet vested 26,480 11,173 6,072 RSUs outstanding at June 30, 2019 26,480 16,800 6,072 Fair value per RSU $ 10.77 $ 16.66 $ 11.92 Total fair value of RSU grant $ 298,975 $ 345,195 $ 320,648 Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. Service year Shares Fair value per share Total compensation cost (in thousands) 2017 24,408 $ 14.75 $ 360 2018 24,810 $ 14.51 $ 360 2019 26,446 $ 15.88 $ 420

Equity Compensation RSUs (Table

Equity Compensation RSUs (Tables)	6 Months Ended
	Jun. 30, 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]	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 Forfeited (1,280 ) (3,920 ) (6,674 ) Units earned and converted into common stock — — (14,154 ) RSUs outstanding at June 30, 2019 26,480 16,800 6,072 RSUs unearned but vested — 5,627 — RSUs unearned but not yet vested 26,480 11,173 6,072 RSUs outstanding at June 30, 2019 26,480 16,800 6,072 Fair value per RSU $ 10.77 $ 16.66 $ 11.92 Total fair value of RSU grant $ 298,975 $ 345,195 $ 320,648 Restricted Stock Grants The following annual grants of restricted stock were made to members of the Company's independent directors, as payment of the annual retainer fees. The restricted stock grants vested (or are scheduled to vest) on a pro-rata basis over the four consecutive 90-day periods following the date of grant. Service year Shares Fair value per share Total compensation cost (in thousands) 2017 24,408 $ 14.75 $ 360 2018 24,810 $ 14.51 $ 360 2019 26,446 $ 15.88 $ 420

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments [Table Text Block]	he following table summarizes our mortgage notes payable at June 30, 2019 : (dollars in thousands) Fixed rate mortgage debt: Principal balances due Weighted-average interest rate Weighted average remaining life (years) Multifamily communities $ 1,032,344 3.92 % 9.4 New Market Properties 552,606 3.93 % 7.6 Preferred Office Properties 484,773 4.32 % 14.6 Student housing properties 160,324 4.13 % 6.1 Total fixed rate mortgage debt 2,230,047 4.02 % 9.9 Variable rate mortgage debt: Multifamily communities 80,482 4.29 % 4.4 New Market Properties 27,400 5.44 % 2.4 Preferred Office Properties — — — Student housing properties 131,916 5.98 % 1.1 Total variable rate mortgage debt 239,798 5.35 % 2.4 Total mortgage debt: Multifamily communities 1,112,826 3.94 % 9.1 New Market Properties 580,006 4.01 % 7.4 Preferred Office Properties 484,773 4.32 % 14.6 Student housing properties 292,240 4.97 % 3.9 Total principal amount 2,469,845 4.15 % 9.1 Deferred loan costs (35,849 ) Mark to market loan adjustment (4,754 ) Mortgage notes payable, net $ 2,429,242 Mortgage Financing of Property Acquisitions The Company partially financed the real estate properties acquired during the six-month period ended June 30, 2019 with mortgage debt as shown in the following table: Property Date Initial principal amount (in thousands) Fixed/Variable rate Rate Maturity date Disston Plaza 6/12/2019 $ 18,038 Fixed 3.93 % 7/1/2034 Polo Grounds Mall 6/12/2019 13,325 Fixed 3.93 % 7/1/2034 Free State Shopping Center 5/28/2019 46,800 Fixed 3.99 % 6/1/2029 Haven49 (1) 3/27/2019 41,550 Variable 6.15 % 12/22/2019 Gayton Crossing 1/17/2019 18,000 Fixed 4.71 % 2/1/2029 $ 137,713 (1) The Company assumed the existing construction loan on this property.
debt covenant [Table Text Block]	As of June 30, 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 $1.7 billion (2) $1.8 billion Debt yield Minimum 8.25% 10.24% Payout ratio Maximum 95% (3) 90.8% Total leverage ratio Maximum 65% 56.7% Debt service coverage ratio Minimum 1.50x 1.84x (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 $1.0 billion as of June 30, 2019 . (3) Calculated on a trailing four-quarter basis. For the twelve-month period ended June 30, 2019 , the maximum dividends and distributions allowed under this covenant was approximately $151.0 million .
mortgage interest [Table Text Block]	c
Schedule of Maturities of Long-term Debt [Table Text Block]	of June 30, 2019 were: Period Future principal payments (in thousands) 2019 $ 119,237 2020 73,063 2021 179,341 2022 219,111 2023 194,072 thereafter 1,685,021 Total $ 2,469,845
Schedule of Debt [Table Text Block]	Interest expense, including amortization of deferred loan costs was: Three-month periods ended June 30, Six-month periods ended June 30, (in thousands) 2019 2018 2019 2018 Multifamily communities $ 11,817 $ 11,252 $ 23,272 $ 22,188 New Market Properties 6,115 4,629 11,701 8,985 Preferred Office Properties 5,357 2,666 10,708 5,207 Student housing properties 4,004 2,384 7,349 4,075 Interest paid to real estate loan participants — 557 110 944 Total 27,293 21,488 53,140 41,399 Credit Facility and Acquisition Facility 318 859 1,227 1,916 Interest Expense $ 27,611 $ 22,347 $ 54,367 $ 43,315

Segment information (Tables)

Segment information (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six-month periods ended June 30, (in thousands) 2019 2018 2019 2018 Revenues Rental revenues: Multifamily communities $ 40,848 $ 38,896 $ 81,162 $ 77,758 Student housing properties 11,433 7,097 21,457 12,766 New Market Properties 22,346 17,567 43,875 34,906 Preferred Office Properties (1) 20,965 12,992 41,336 25,384 Total rental revenues 95,592 76,552 187,830 150,814 Other revenues: Multifamily communities 1,345 1,436 2,640 2,729 Student housing properties 210 107 404 190 New Market Properties 536 645 1,066 1,221 Preferred Office Properties 1,883 118 2,454 206 Total other revenues 3,974 2,306 6,564 4,346 Financing revenues 13,263 17,531 29,941 31,599 Miscellaneous revenues 1,023 — 1,023 — Consolidated revenues $ 113,852 $ 96,389 $ 225,358 $ 186,759 (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 June 30, 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 $41.6 million which is included in the deferred revenues line on the consolidated balance sheets at June 30, 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 $1.9 million and $1.1 million for the six-month periods ended June 30, 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. 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) June 30, 2019 December 31, 2018 Assets: Multifamily communities $ 1,480,775 $ 1,503,648 Student housing properties 496,021 411,102 Financing 497,055 448,617 New Market Properties 1,026,418 883,594 Preferred Office Properties 878,848 884,648 Other (1) 601,401 279,349 Consolidated assets $ 4,980,518 $ 4,410,958 (1) Other Assets includes $571,999 and $264,886 of assets owned by other pool participants within the Freddie Mac K Program that were consolidated by the Company. The Company's maximum exposure to loss from the combined mortgage pools from the Freddie Mac K Program is approximately $24.1 million. Total capitalized expenditures (inclusive of additions to construction in progress, but exclusive of the purchase price of acquisitions) for the three-month and six-month periods ended June 30, 2019 and 2018 were as follows: Three-month periods ended June 30, Six-month periods ended June 30, (in thousands) 2019 2018 2019 2018 Capitalized expenditures: Multifamily communities $ 3,633 $ 5,859 $ 4,845 $ 10,698 Student housing properties 910 927 1,823 1,208 New Market Properties 1,427 1,002 3,004 1,787 Total $ 5,970 $ 7,788 $ 9,672 $ 13,693 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 redevelopments and repositionings (iv) to newly leased space which had been vacant for more than one year and (v) for building improvements that are recoverable from future operating cost savings. Total revenues by reportable segment of the Company were: Three-month periods ended June 30, Six-month periods ended June 30, (in thousands) 2019 2018 2019 2018 Revenues Rental revenues: Multifamily communities $ 40,848 $ 38,896 $ 81,162 $ 77,758 Student housing properties 11,433 7,097 21,457 12,766 New Market Properties 22,346 17,567 43,875 34,906 Preferred Office Properties (1) 20,965 12,992 41,336 25,384 Total rental revenues 95,592 76,552 187,830 150,814 Other revenues: Multifamily communities 1,345 1,436 2,640 2,729 Student housing properties 210 107 404 190 New Market Properties 536 645 1,066 1,221 Preferred Office Properties 1,883 118 2,454 206 Total other revenues 3,974 2,306 6,564 4,346 Financing revenues 13,263 17,531 29,941 31,599 Miscellaneous revenues 1,023 — 1,023 — Consolidated revenues $ 113,852 $ 96,389 $ 225,358 $ 186,759 (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 June 30, 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 $41.6 million which is included in the deferred revenues line on the consolidated balance sheets at June 30, 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 $1.9 million and $1.1 million for the six-month periods ended June 30, 2019 and 2018, respectively. Three-month periods ended June 30, Six-month periods ended June 30, (in thousands) 2019 2018 2019 2018 Segment net operating income (Segment NOI) Multifamily communities $ 24,146 $ 22,745 $ 48,390 $ 46,268 Student housing properties 7,150 3,905 12,241 6,941 Financing 13,286 17,531 29,965 31,599 New Market Properties 16,425 12,812 32,230 25,485 Preferred Office Properties 16,515 9,334 31,320 18,397 Consolidated segment net operating income 77,522 66,327 154,146 128,690 Interest expense: Multifamily communities 11,816 11,252 23,272 22,188 Student housing properties 4,005 2,384 7,349 4,075 New Market Properties 6,115 4,630 11,701 8,985 Preferred Office Properties 5,357 2,666 10,708 5,207 Financing 318 1,415 1,337 2,860 Depreciation and amortization: Multifamily communities 18,391 20,320 38,802 42,023 Student housing properties 6,179 7,496 11,633 12,601 New Market Properties 10,632 9,177 20,967 18,057 Preferred Office Properties 10,461 5,102 19,550 10,030 Professional fees 888 769 1,773 1,243 Management fees, net of forfeitures 5,414 5,192 10,614 10,213 Loan loss allowance — — — — Equity compensation to directors and executives 306 950 617 2,085 Gain on sale of real estate — (2 ) — (20,356 ) Gain on noncash net assets of consolidated VIEs (584 ) (54 ) (725 ) (54 ) Gain loss on sale of real estate loan investment (747 ) — (747 ) — Loss on extinguishment of debt 52 — 69 — Gain on trading investment, net — — (4 ) — Other 596 308 1,187 548 Net income (loss) $ (1,677 ) $ (5,278 ) $ (3,957 ) $ 8,985
segment assets [Table Text Block]	(in thousands) June 30, 2019 December 31, 2018 Assets: Multifamily communities $ 1,480,775 $ 1,503,648 Student housing properties 496,021 411,102 Financing 497,055 448,617 New Market Properties 1,026,418 883,594 Preferred Office Properties 878,848 884,648 Other (1) 601,401 279,349 Consolidated assets $ 4,980,518 $ 4,410,958 (1) Other Assets includes $571,999 and $264,886 of assets owned by other pool participants within the Freddie Mac K Program that were consolidated by the Company. The Company's maximum exposure to loss from the combined mortgage pools from the Freddie Mac K Program is approximately $24.1 million.
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three-month periods ended June 30, Six-month periods ended June 30, (in thousands) 2019 2018 2019 2018 Segment net operating income (Segment NOI) Multifamily communities $ 24,146 $ 22,745 $ 48,390 $ 46,268 Student housing properties 7,150 3,905 12,241 6,941 Financing 13,286 17,531 29,965 31,599 New Market Properties 16,425 12,812 32,230 25,485 Preferred Office Properties 16,515 9,334 31,320 18,397 Consolidated segment net operating income 77,522 66,327 154,146 128,690 Interest expense: Multifamily communities 11,816 11,252 23,272 22,188 Student housing properties 4,005 2,384 7,349 4,075 New Market Properties 6,115 4,630 11,701 8,985 Preferred Office Properties 5,357 2,666 10,708 5,207 Financing 318 1,415 1,337 2,860 Depreciation and amortization: Multifamily communities 18,391 20,320 38,802 42,023 Student housing properties 6,179 7,496 11,633 12,601 New Market Properties 10,632 9,177 20,967 18,057 Preferred Office Properties 10,461 5,102 19,550 10,030 Professional fees 888 769 1,773 1,243 Management fees, net of forfeitures 5,414 5,192 10,614 10,213 Loan loss allowance — — — — Equity compensation to directors and executives 306 950 617 2,085 Gain on sale of real estate — (2 ) — (20,356 ) Gain on noncash net assets of consolidated VIEs (584 ) (54 ) (725 ) (54 ) Gain loss on sale of real estate loan investment (747 ) — (747 ) — Loss on extinguishment of debt 52 — 69 — Gain on trading investment, net — — (4 ) — Other 596 308 1,187 548 Net income (loss) $ (1,677 ) $ (5,278 ) $ (3,957 ) $ 8,985

Loss per Share (Tables)

Loss per Share (Tables)	6 Months Ended
	Jun. 30, 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 June 30, Six-month periods ended June 30, (in thousands, except per-share figures) 2019 2018 2019 2018 Numerator: Operating income before gains on sales of real estate and trading investment $ 24,655 $ 17,013 $ 49,003 $ 31,890 Gains on sales of real estate and trading investment — 2 4 20,356 Operating income 24,655 17,015 49,007 52,246 Interest expense 27,611 22,347 54,367 43,315 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools 584 54 725 54 Loss on extinguishment of debt (52 ) — (69 ) — Gain on sale of real estate loan investment 747 — 747 — Net (loss) income (1,677 ) (5,278 ) (3,957 ) 8,985 Consolidated net loss (income) attributable to non-controlling interests 571 140 79 (240 ) Net (loss) income attributable to the Company (1,106 ) (5,138 ) (3,878 ) 8,745 Dividends declared to preferred stockholders (27,542 ) (20,924 ) (53,081 ) (40,441 ) Earnings attributable to unvested restricted stock (7 ) (6 ) (9 ) (8 ) Net loss attributable to common stockholders $ (28,655 ) $ (26,068 ) $ (56,968 ) $ (31,704 ) Denominator: Weighted average number of shares of Common Stock - basic 43,703 39,383 43,194 39,241 Effect of dilutive securities: (D) — — — — Weighted average number of shares of Common Stock - basic and diluted 43,703 39,383 43,194 39,241 Net loss per share of Common Stock attributable to common stockholders, basic and diluted $ (0.66 ) $ (0.66 ) $ (1.32 ) $ (0.81 )

Fair Values of Financial Inst_2

Fair Values of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Values of Financial Instruments [Abstract]
Fair Value Measurements, Nonrecurring [Table Text Block]	As of June 30, 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 $ 360,180 $ 392,279 $ — $ — $ 392,279 Notes receivable and line of credit receivable 45,143 45,143 — — 45,143 $ 405,323 $ 437,422 $ — $ — $ 437,422 Financial Liabilities: Mortgage notes payable $ 2,469,845 $ 2,522,323 $ — $ — $ 2,522,323 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 June 30, 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 June 30, 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 six-month period ended June 30, 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: 38,931 38,516 415 Repayments of underlying mortgage principal amounts and repayments to Class A holders: (2,073 ) (2,073 ) — Balance as of June 30, 2019 $ 596,129 $ 571,999 $ 24,130 The changes in the fair value of the net assets of consolidated VIEs from mortgage-backed pools were: Three months ended Six months ended June 30, June 30, (in thousands) 2019 2018 2019 2018 Interest earned $ 310 $ — $ 310 $ — Unrealized gain 274 54 415 54 Change in fair value of net assets of consolidated VIEs from mortgage-backed pools $ 584 $ 54 $ 725 $ 54 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 $ 596,129 Discounted cash flow Discount rate 3.9 % Liabilities: VIE liabilities, at fair value $ 571,999 Discounted cash flow Discount rate 3.9 % 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 June 30, 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 $ 596,129 $ 596,129 $ — $ — $ 596,129 Financial Liabilities: VIE liabilities from mortgage-backed pools $ 571,999 $ 571,999 $ — $ — $ 571,999 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

Operating Leases (Tables)

Operating Leases (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 2019 (in thousands) New Market Properties Preferred Office Properties Total 2019 (1) $ 33,871 $ 28,476 $ 62,347 2020 64,188 62,266 126,454 2021 55,988 61,347 117,335 2022 46,983 61,171 108,154 2023 40,038 60,378 100,416 Thereafter 118,010 306,324 424,334 Total $ 359,078 $ 579,962 $ 939,040 (1) Remaining six months For the year ending December 31: Future Minimum Rents as of December 31, 2018 (in thousands) New Market Properties Preferred Office Properties Total 2019 $ 58,143 $ 56,564 $ 114,707 2020 51,949 61,704 113,653 2021 43,152 58,805 101,957 2022 35,218 58,108 93,326 2023 29,562 57,343 86,905 Thereafter 79,747 298,469 378,216 Total $ 297,771 $ 590,993 $ 888,764

Organization (Details)

Organization (Details)	Jun. 30, 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	44,246,703
Noncontrolling Interest, Ownership Percentage by Parent	98.10%
minority interest partnership units outstanding	874,937
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	Jun. 30, 2019	Dec. 31, 2018
Series M Preferred Stock [Member]
Real Estate Properties [Line Items]
preferred stock	74,000	44,000
Series A Preferred Stock [Member]
Real Estate Properties [Line Items]
preferred stock	1,929,000	1,674,000

Real Estate Assets - Narrative

Real Estate Assets - Narrative (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)ft²	Jun. 30, 2019ft²	Jun. 30, 2019	Sep. 30, 2018USD ($)
Business Acquisition
purchase option termination fees received			$ 7,900,000
unearned revenue from purchase option termination fees	$ 5,893,000		5,893,000		$ 2,050,000
Intangible Assets, Gross (Excluding Goodwill)								$ 270,400,000
Number of units in real estate property					9,768	575	9,768
Area of Real Estate Property | ft²					4,730,695	5,412,328
Revenues	113,852,000	$ 96,389,000	225,358,000	$ 186,759,000
Net Income contributed to consolidated results	(1,677,000)	(5,278,000)	(3,957,000)	8,985,000
Gains (Losses) on Sales of Investment Real Estate	0	2,000	4,000	20,356,000
Income (Loss) before Gain (Loss) on Sale of Properties	24,655,000	17,013,000	49,003,000	31,890,000
Finite-Lived Intangible Assets, Accumulated Amortization	122,735,000		122,735,000		$ 113,199,000			$ 131,900,000
Finite-Lived Intangible Liabilities			71,400,000
finite lived intangible liabilities accumulated amortization			19,600,000
amortization of purchase option termination fee income	$ 1,383,000	2,470,000	5,617,000	$ 2,470,000	$ 2,300,000
amortization of purchase option termination fee income net		$ 3,300,000
Retail Site [Member]
Business Acquisition
Number of Real Estate Properties					45		49
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)	6 Months Ended	9 Months Ended
	Jun. 30, 2019USD ($)	Sep. 30, 2018ft²	Jun. 30, 2019ft²	Jun. 30, 2019	Dec. 31, 2018USD ($)ft²
Business Acquisition
Number of units in real estate property			575	9,768	9,768
Area of Real Estate Property | ft²			5,412,328		4,730,695
Restricted Cash and Cash Equivalents	$ 50,478,000				$ 48,732,000
Multifamily Acquisitions [Member]
Business Acquisition
Finite-lived Intangible Assets Acquired	4,306,000
business combinations, accrued property tax liability	166,000
Other liabilities	(183,000)
Business Combination, Consideration Transferred	108,702,000
Cash paid	37,427,000
business combination purchase price	106,500,000
Finite-Lived Intangible Assets, Remaining Amortization Period		0 months
Luxe Sorrel II [Member]
Business Acquisition
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		6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2018
Business Acquisition
Land	$ 571,776,000		$ 571,776,000			$ 519,300,000
Less: accumulated depreciation	(344,702,000)		(344,702,000)			(272,042,000)
Building and improvements	2,902,740,000		2,902,740,000			2,738,085,000
Furniture, fixtures, and equipment	298,891,000		298,891,000			278,151,000
Construction in progress	9,418,000		9,418,000			8,265,000
Real Estate Investment Property, at Cost	3,924,164,000		3,924,164,000			3,672,715,000
Tenant Improvements	141,339,000		141,339,000			$ 128,914,000
Revenues	113,852,000	$ 96,389,000	225,358,000	$ 186,759,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(1,677,000)	(5,278,000)	(3,957,000)	8,985,000
acquisition fees paid to related party for woodstock			2,467,000	2,105,000
Student Housing Properties [Member] [Domain]
Business Acquisition
Land	7,289,000		7,289,000
Buildings and improvements	68,163,000		68,163,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	0		0
business combinations, accrued property tax liability	(158,000)		(158,000)
Business Combination, Consideration Transferred			90,664,000
Payments to Acquire Businesses, Gross			46,397,000
Business Combination, Consideration Transferred, Liabilities Incurred			41,550,000
Revenues			1,534,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest			(1,653,000)
Other liabilities	(2,579,000)		(2,579,000)
capitalized acquisition costs asset acquisition			$ 1,016,000	2,555,000
Finite-Lived Intangible Assets, Remaining Amortization Period			6 months
Prepaid Expenses and Other Current Assets [Member]
Business Acquisition
Amortization			$ 0
Furniture and Fixtures [Member]
Business Acquisition
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment	16,966,000		16,966,000
Multifamily Acquisitions [Member]
Business Acquisition
Land	12,810,000		12,810,000
Building and improvements	73,773,000		73,773,000
Furniture, fixtures, and equipment	17,969,000		17,969,000
business combinations, accrued property tax liability	(166,000)		(166,000)
Business Combination, Consideration Transferred			108,702,000
Payments to Acquire Businesses, Gross			37,427,000
Revenues	2,567,000		5,124,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(1,032,000)		(2,332,000)
Other liabilities	(183,000)		(183,000)
capitalized acquisition costs asset acquisition			2,347,000
Finite-Lived Intangible Assets, Remaining Amortization Period					0 months
Amortization			4,306,000
business combination prepaids and other assets acquired		193,000		193,000
business combination debt financing			71,275,000
Business Acquisition, Transaction Costs	1,094,000		1,094,000
armour yards [Domain]
Business Acquisition
Land	6,756,000		6,756,000
Buildings and improvements	48,332,000		48,332,000
Business Combination, Consideration Transferred			61,364,000
Payments to Acquire Businesses, Gross			21,364,000
Business Combination Recognized Identifiable Assets Acquired and Liabilities Assumed tenant improvements	6,201,000		6,201,000
Finite-Lived Intangible Asset, Acquired-in-Place Leases	3,762,000		3,762,000
above market lease intangibles	61,000		61,000
Other Finite-Lived Intangible Assets, Gross	2,181,000		2,181,000
Off-market Lease, Unfavorable	(1,594,000)		(1,594,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(4,335,000)		(4,335,000)
business combination debt financing			40,000,000
2018 acquisition [Domain]
Business Acquisition
Revenues			1,588,000	3,123,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest			2,000	(4,000)
Finite-Lived Intangible Assets, Remaining Amortization Period					7 years 1 month
Business Acquisition, Transaction Costs					$ 817,000
Acquisition costs paid to related party					$ 665,000
Q2 2018 NMP acquisitions [Domain]
Business Acquisition
Land	45,188,000	24,504,000	45,188,000	24,504,000
Buildings and improvements	89,680,000	50,086,000	89,680,000	50,086,000
Tenant Improvements	5,897,000	4,018,000	5,897,000	4,018,000
Business Combination, Consideration Transferred			151,445,000	84,622,000
Revenues	1,583,000	1,923,000	2,178,000	4,083,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(329,000)	(159,000)	(469,000)	(188,000)
capitalized acquisition costs asset acquisition			$ 2,921,000	1,221,000
Finite-Lived Intangible Assets, Remaining Amortization Period			8 years 9 months		5 years 11 months
Finite-Lived Intangible Asset, Acquired-in-Place Leases	13,111,000	6,177,000	$ 13,111,000	6,177,000
Other Finite-Lived Intangible Assets, Gross	5,097,000	2,011,000	5,097,000	2,011,000
Off-market Lease, Unfavorable	(9,066,000)	(2,765,000)	(9,066,000)	(2,765,000)
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Liabilities	(604,000)	(792,000)	(604,000)	(792,000)
business combination debt financing			96,163,000	29,708,000
Business Acquisition, Transaction Costs	1,535,000	869,000	1,535,000	869,000
Finite-Lived Intangible Asset, Off-market Lease, Favorable, Gross	2,045,000	1,383,000	2,045,000	1,383,000
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Current Assets, Prepaid Expense and Other Assets	97,000	0	97,000	0
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets	$ 151,445,000	$ 84,622,000	151,445,000	84,622,000
business combination cash paid			55,282,000	$ 54,914,000
Lease Intangibles [Member]
Business Acquisition
Amortization			$ 983,000

Real Estate Assets - Depreciati

Real Estate Assets - Depreciation and Amortization (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Sep. 30, 2018
Business Acquisition
Intangible Assets, Gross (Excluding Goodwill)						$ 270,400,000
finite lived intangible liabilities accumulated amortization			$ 19,600,000
Depreciation:
Depreciation	$ 36,722,000	$ 29,754,000	72,842,000	$ 57,744,000
Amortization:
Depreciation and amortization	45,663,000	42,095,000	90,952,000	82,711,000
Below Market Lease, Accumulated Amortization	17,280,000		17,280,000		$ 15,254,000
Furniture and Fixtures [Member]
Depreciation:
Depreciation	12,532,000	11,398,000	25,665,000	21,910,000
Building and Building Improvements [Member]
Depreciation:
Depreciation	24,190,000	18,356,000	47,177,000	35,834,000
Finite-Lived Intangible Assets [Member]
Amortization:
Amortization of Intangible Assets	8,617,000	12,209,000	17,563,000	24,709,000
Lease Agreements [Member]
Amortization:
Amortization of Deferred Leasing Fees	276,000	105,000	453,000	196,000
Website Development [Member]
Amortization:
amortization website development costs	$ 48,000	$ 27,000	$ 94,000	$ 62,000
Maximum [Member]
Business Acquisition
Acquired Finite-lived Intangible Assets, Weighted Average Useful Life			9 years 5 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Combination, Separately Recognized Transactions [Line Items]
Revenues	$ 113,852	$ 96,389	$ 225,358	$ 186,759
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (1,677)	$ (5,278)	$ (3,957)	$ 8,985

Real Estate Assets Real estate

Real Estate Assets Real estate assets owned (Details)	Jun. 30, 2019ft²	Jun. 30, 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	5,412,328		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		49	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		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019ft²	Jun. 30, 2019	Dec. 31, 2018USD ($)
Property, Plant and Equipment [Line Items]
Number of units in real estate property					575	9,768	9,768
Land	$ 571,776,000		$ 571,776,000				$ 519,300,000
Investment Building and Building Improvements	2,902,740,000		2,902,740,000				2,738,085,000
Furniture, fixtures, and equipment	298,891,000		298,891,000				278,151,000
Real Estate Investment Property, Accumulated Depreciation	(344,702,000)		(344,702,000)				(272,042,000)
Assets	4,980,518,000		4,980,518,000				4,410,958,000
Liabilities	3,196,348,000		3,196,348,000				$ 2,801,573,000
Gains (Losses) on Sales of Investment Real Estate	0	$ 2,000	4,000	$ 20,356,000
Income (Loss) before Gain (Loss) on Sale of Properties	$ 24,655,000	$ 17,013,000	49,003,000	$ 31,890,000
Lake Cameron [Member]
Property, Plant and Equipment [Line Items]
Number of units in real estate property						328
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 ($)	Jun. 30, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
Investment Building and Building Improvements	$ 2,902,740,000	$ 2,738,085,000
Tenant Improvements	$ 141,339,000	$ 128,914,000

Real Estate Assets purchase opt

Real Estate Assets purchase options (Details) - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	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	$ 1,383,000	$ 2,470,000	$ 5,617,000	$ 2,470,000	$ 2,300,000

Acquired Intangible Assets amor

Acquired Intangible Assets amortization (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Liabilities			$ 71,400
Revenues	$ 113,852	$ 96,389	225,358	$ 186,759
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (1,677)	$ (5,278)	$ (3,957)	$ 8,985

Real Estate Loans, Notes Rece_3

Real Estate Loans, Notes Receivable, and Lines of Credit Real Estate Loans (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
number of loans receivable	20		20		19
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 360,180,000		$ 360,180,000
real estate loans commitment amount			443,061,000
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount	362,000,000		362,000,000
variable interest entity loans amount to be funded	443,100,000		443,100,000
interest revenue current pay	7,479,000	$ 8,686,000	14,948,000	$ 17,191,000
Loans and Leases Receivable, Deferred Income	51,000		51,000		$ 152,000
Loans Receivable, Gross, Commercial, Real Estate	362,045,000		362,045,000		336,329,000
Unamortized Loan Commitment and Origination Fees and Unamortized Discounts or Premiums	(1,865,000)		(1,865,000)		(2,118,000)
Mortgage Loans on Real Estate, Commercial and Consumer, Net	360,180,000		360,180,000		334,211,000
Loans and Leases Receivable, Impaired, Commitment to Lend	81,017,000		81,017,000		164,913,000
real estate loans amount funded			53,497,000
Loans Settled With Acquisition			(27,781,000)
real estate loan origination fees collected			(526,000)
real estate loan fees amortized			$ 779,000
current interest rate			8.48%	8.47%
Deferred interest rate			4.02%	5.34%
Interest Receivable	24,406,000		$ 24,406,000		$ 23,340,000
purchase option termination fee receivable	7,900,000		7,900,000
total amounts due from borrowers	$ 394,351,000		$ 394,351,000
multifamily community [Domain]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
number of loans receivable	15		15
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 306,351,000		$ 306,351,000
real estate loans commitment amount			$ 370,563,000
real estate loans percent of portfolio	84.00%		84.00%
student housing community [Domain]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
number of loans receivable	3		3
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 37,851,000		$ 37,851,000
real estate loans commitment amount			$ 40,448,000
real estate loans percent of portfolio	11.00%		11.00%
Retail Segment [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
number of loans receivable	1		1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 12,857,000		$ 12,857,000
real estate loans commitment amount			$ 12,857,000
real estate loans percent of portfolio	4.00%		4.00%
Preferred Office Properties [Domain]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
number of loans receivable	1		1
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 3,121,000		$ 3,121,000
real estate loans commitment amount			$ 19,193,000
real estate loans percent of portfolio	1.00%		1.00%
Rating Indicator A [Member] | Internal Investment Grade [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	$ 317,600,000		$ 317,600,000
Interest Receivable	20,688,000		20,688,000
purchase option termination fee receivable	7,900,000		7,900,000
total amounts due from borrowers	346,207,000		346,207,000
Rating Indicator B [Member] | Internal Investment Grade [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	38,300,000		38,300,000
Interest Receivable	2,510,000		2,510,000
purchase option termination fee receivable	0		0
total amounts due from borrowers	40,820,000		40,820,000
Rating Indicator C [Member] | Internal Investment Grade [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	6,100,000		6,100,000
Interest Receivable	1,208,000		1,208,000
purchase option termination fee receivable	0		0
total amounts due from borrowers	7,324,000		7,324,000
Rating Indicator D [Member] | Internal Investment Grade [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Loans Receivable, Gross, Commercial, Real Estate	0		0
Interest Receivable	0		0
purchase option termination fee receivable	0		0
total amounts due from borrowers	$ 0		$ 0

Real Estate Loans, Notes Rece_4

Real Estate Loans, Notes Receivable, and Lines of Credit Notes and lines of credit (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018	Jan. 01, 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 45,143,000
Financing Receivable, Gross	57,310,000
Loans and Leases Receivable, Net Amount	45,142,000	$ 47,307,000
Loans and Leases Receivable, Deferred Income	(51,000)	$ (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	$ 686,000	$ 763,000
interest rate note receivable	10.00%
PAA [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 22,000,000
Loans and Leases Receivable, Net Amount	$ 16,842,000	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	$ 6,589,000	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	$ 1,529,000	0
interest rate note receivable	12.00%
Mulberry Development Group LLC [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
line of credit receivable	$ 750,000
Loans and Leases Receivable, Net Amount	$ 455,000	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	$ 3,292,000	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	$ 7,426,000	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
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Receivables [Abstract]
interest revenue current pay	$ 7,479	$ 8,686	$ 14,948	$ 17,191
Accrued exit fee revenue	3,184	5,469	6,569	10,195
Deferred Revenue, Revenue Recognized	465	607	780	1,038
amortization of purchase option termination fee income	1,383	2,470	5,617	2,470	$ 2,300
Net loan fee revenue	12,511	17,232	27,914	30,894
interest revenue notes receivable	925	800	2,414	1,703
Interest Income, Money Market Deposits	280	0	280	0
Interest Income, Securities, Mortgage Backed	9	0	207	0
Interest income on loans and notes receivable	$ 13,725	$ 18,032	$ 30,815	$ 32,597

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	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Sep. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
fee on sale of loan				$ 1,550,000
payments received from real estate loan participants				5,223,000	$ 3,664,000
real estate loan participation percentage							25.00%
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount				362,000,000
variable interest entity loans amount to be funded				443,100,000
real estate loan balances unfunded				81,000,000
Loans Receivable, Gross, Commercial, Real Estate				362,045,000		$ 336,329,000
Haven Campus Communities, LLC and Haven Campus Communities Charlotte Member, LLC [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in 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]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
amount drawn under loan agreement				97,900,000
loan commitment amount				119,400,000
Mortgage Backed Securities, Other [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in 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]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount				$ 24,100,000

Real Estate Loans, Notes Rece_7

Real Estate Loans, Notes Receivable, and Lines of Credit phantom facts (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Sep. 30, 2018	Jan. 01, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
loan commitment guaranty limit amount				$ 2,000,000
line of credit receivable	$ 45,143,000
Deferred interest rate	4.02%	5.34%
current interest rate	8.48%	8.47%
loan commitment guaranty percent				25.00%
Oxford Capital Partners LLC [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
line of credit receivable	$ 8,000,000
interest rate note receivable	12.00%
360 Residential [Member]
SEC Schedule, 12-29, Real Estate Companies, Investment in 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 ($)	Mar. 23, 2018USD ($)	Jun. 30, 2019USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure, Amount			$ 362
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		6 Months Ended		9 Months Ended
	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)$ / sharesshares	Jun. 30, 2018USD ($)$ / shares	Sep. 30, 2018$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares
Class of Stock [Line Items]
gross potential offering proceeds	$ 2,700,000,000		$ 2,700,000,000
Common Stock, Dividends, Per Share, Declared | $ / shares			$ 0.5225	$ 0.505	$ 0.523
Proceeds from Other Equity			$ 1,111,255,000
daycountvolweightedavgcalcformarketvalue	20		20
Preferred Stock, Dividend Rate, Percentage			6.00%
aggregate offering costs	$ 108,950,000		$ 108,950,000
prorataamountofferingcostsreclassed			10,858,000
deferred offering costs not yet reclassified	3,700,000		$ 3,700,000
shares common stock from warrant exercises | shares			20
Deferred offering costs	14,542,000		$ 14,542,000
specifically identifiable offering costs			94,408,000
Dividends, Common Stock, Cash	$ 11,581,000	$ 10,104,000	$ 22,776,000	$ 19,906,000
Series A Preferred Stock [Member]
Class of Stock [Line Items]
preferred stock | shares	1,929,000		1,929,000			1,674,000
Preferred Stock, Par or Stated Value Per Share | $ / shares	$ 0.01		$ 0.01			$ 0.01
Preferred Stock, Value, Issued	$ 18,000		$ 18,000			$ 16,000
2019 Shelf Offering [Member] [Domain]
Class of Stock [Line Items]
maximum shares available to be issued | shares	400,000,000		400,000,000
2019 ATM Offering [Member] [Domain]
Class of Stock [Line Items]
maximum shares available to be issued | shares					125,000,000
2016 Shelf Offering [Member]
Class of Stock [Line Items]
gross potential offering proceeds	$ 300,000,000		$ 300,000,000
Proceeds from Other Equity			$ 98,080,000
proceeds from other equity percent of offering	100.00%		100.00%
aggregate offering costs	$ 5,063,000		$ 5,063,000
prorataamountofferingcostsreclassed			2,062,000
deferred offering costs not yet reclassified	0		0
Deferred offering costs	$ 2,062,000		2,062,000
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		1,500,000
Unit Offering [Member]
Class of Stock [Line Items]
gross potential offering proceeds	$ 1,500,000,000		$ 1,500,000,000
Proceeds from Other Equity			$ 939,340,000
proceeds from other equity percent of offering	75.00%		75.00%
aggregate offering costs	$ 96,501,000		$ 96,501,000
prorataamountofferingcostsreclassed			6,014,000
deferred offering costs not yet reclassified	2,000,000		2,000,000
Deferred offering costs	8,003,000		8,003,000
specifically identifiable offering costs			$ 88,498,000
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		$ 500,000,000
Proceeds from Other Equity			$ 73,835,000
proceeds from other equity percent of offering	74.00%		74.00%
aggregate offering costs	$ 6,676,000		$ 6,676,000
prorataamountofferingcostsreclassed			2,782,000
deferred offering costs not yet reclassified	$ 1,000,000		$ 1,000,000
maximum shares available to be issued | shares	500,000		500,000
Deferred offering costs	$ 3,767,000		$ 3,767,000
specifically identifiable offering costs			2,909,000
2016 Shelf Offering [Member] [Domain]
Class of Stock [Line Items]
gross potential offering proceeds	400,000,000		400,000,000
Proceeds from Other Equity			0
aggregate offering costs	710,000		710,000
prorataamountofferingcostsreclassed			0
deferred offering costs not yet reclassified	700,000		700,000
Deferred offering costs	$ 710,000		710,000
specifically identifiable offering costs			$ 0

Related Party Transactions (Det

Related Party Transactions (Details)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)shares	Jun. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Related Party Transaction [Line Items]
Management fees	$ 8,209,000	$ 6,621,000	$ 16,038,000	$ 12,862,000
loan coordination fee percentage					1.60%
loan coordination fees	621,000	814,000	965,000	1,554,000
Cost of Reimbursable Expense (Deprecated 2018-01-31)	$ 4,213,000		8,292,000
property salaries related party net		3,930,000		7,539,000
capital marketing and professional			$ 256,162	238,538
Common Stock, Shares, Outstanding | shares	44,246,703		44,246,703
Construction Management Fee	$ 78,000	142,000	$ 136,000	273,000
Related Party Transaction, Expenses from Transactions with Related Party	9,959,000	11,511,000	19,829,000	22,567,000
Property management fees			4,079,000	3,609,000
AcquisitionFeesRelatedPartyCosts	1,203,000	2,861,000	2,603,000	4,620,000
loan origination fees	125,000	411,000	526,000	1,211,000
manager's fees deferred			18,100,000		$ 18,100,000
Financing Receivable, Gross	57,310,000		57,310,000
Loans and Leases Receivable, Net Amount	45,142,000		45,142,000			$ 47,307,000
disposition fee to manager	16,000	$ 0	16,000	$ 435,000
line of credit receivable	45,143,000		45,143,000
percent of asset value for loan coordination fee					63.00%
manager's fees deferred	$ 16,600,000		$ 16,600,000
Leasing commission fees, new lease	3000000.00%	0.00%	5300000.00%	900000.00%
AssetmanagementFees [Member]
Related Party Transaction [Line Items]
Management fees	$ 3,840,000	$ 3,600,000	$ 7,565,000	$ 7,265,000
Propertymanagementfees [Member]
Related Party Transaction [Line Items]
Property management fees	2,495,000	2,148,000	4,951,000	4,241,000
General and Administrative Expense [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party	$ 1,581,000	$ 1,535,000	$ 3,067,000	2,968,000
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			$ 680,116	$ 727,601
Retail Site [Member]
Related Party Transaction [Line Items]
Number of Real Estate Properties	49		49			45
PCMS [Member]
Related Party Transaction [Line Items]
Financing Receivable, Gross	$ 1,500,000		$ 1,500,000
Loans and Leases Receivable, Net Amount	686,000		686,000			$ 763,000
PCMS [Member] | PCMS [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	686,000		686,000
PAA [Member]
Related Party Transaction [Line Items]
Loans and Leases Receivable, Net Amount	16,842,000		16,842,000			$ 9,778,000
line of credit receivable	$ 22,000,000		$ 22,000,000

Dividends (Details)

Dividends (Details) - USD ($)	6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Dividends Payable [Line Items]
minority interest partnership units outstanding	874,937
Common Stock, Dividends, Per Share, Declared	$ 0.5225	$ 0.505	$ 0.523
dividends common stock declared	$ 22,776,000	$ 19,906,000
Dividends, Preferred Stock, Cash	$ 76,315,000	60,887,000
Common Stock, Shares, Outstanding	44,246,703
Series A Preferred Stock [Member]
Dividends Payable [Line Items]
Preferred Stock, Dividend Rate, Per-Dollar-Amount	$ 5
Dividends, Preferred Stock, Cash	$ 51,240,000	$ 39,737,000
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 ($)	6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Dividends Payable [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.5225	$ 0.505	$ 0.523
Dividends, Preferred Stock, Cash	$ 76,315,000	$ 60,887,000
Distribution Made to Limited Partner, Cash Distributions Declared	458,000	540,000
dividends common stock declared	22,776,000	19,906,000
Series A Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends, Preferred Stock, Cash	51,240,000	39,737,000
Series M Preferred Stock [Member]
Dividends Payable [Line Items]
Dividends, Preferred Stock, Cash	$ 1,841,000	$ 704,000

Dividends NCI (Details)

Dividends NCI (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Equity [Abstract]
Distribution Made to Limited Partner, Cash Distributions Declared	$ 458,000	$ 540,000

Equity Compensation (Details)

Equity Compensation (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Jan. 03, 2017
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	2,617,500		2,617,500
Share-based Compensation	$ 306,000	$ 950,000	$ 617,000	$ 2,085,000	$ 617,000
market vesting condition capital increase threshhold				$ 5,660,580
Restricted Stock [Member]
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Share-based Compensation			$ 26,000
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				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 ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Jan. 03, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized	2,617,500		2,617,500
Share-based Compensation	$ 306,000	$ 950,000	$ 617,000	$ 2,085,000	$ 617,000
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				256,087
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 26,000
2017 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	78,000	88,000		$ 195,000	156,000
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
Share-based Compensation	0	30,000		120,000	0
2018 [Domain] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	71,000	648,000		1,464,000	143,000
2018 [Domain] | 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
Share-based Compensation	30,000	60,000		60,000	120,000
2019 [Domain] [Domain] | 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			26,446
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Intrinsic Value, Amount Per Share			$ 15.88
Stock Granted, Value, Share-based Compensation, Gross			$ 420,000
Share-based Compensation	$ 70,000	$ 0		$ 0	$ 70,000

Equity Compensation Committee F

Equity Compensation Committee Fee Grants (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	$ 306,000	$ 950,000	$ 617,000	$ 2,085,000	$ 617,000
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				256,087
Share-based Compensation					$ 93,000
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation			$ 26,000

Equity Compensation Class B Uni

Equity Compensation Class B Units (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Jan. 03, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.5225	$ 0.505	$ 0.523
Share-based Compensation	$ 306,000	$ 950,000	$ 617,000	$ 2,085,000	$ 617,000
market vesting condition capital increase threshhold				$ 5,660,580
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				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%
100percentvestinglevel [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value						$ 16.66
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
2018 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
class B units issued during period			256,087
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			(189,264)
Partners' Capital Account, Units, Converted			0
class b units unearned and unvested			34,248
class b units unearned and vested			32,575
class b units outstanding	66,823		66,823
2017 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
class B units issued during period			286,392
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period			(5,334)
Partners' Capital Account, Units, Converted			(254,730)
class b units unearned and unvested			26,328
class b units unearned and vested			0
class b units outstanding	26,328		26,328
Executive Officer [Member] | 2018 [Domain]
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, Forfeited in Period			(128,258)
Executive Officer [Member] | 2017 [Domain]
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, Forfeited in Period			0
Former CEO - John A. Williams [Member] | 2018 [Domain]
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, Forfeited in Period			(38,284)
Former CEO - John A. Williams [Member] | 2017 [Domain]
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, Forfeited in Period			0
Other OP Unit Participants [Member] | 2018 [Domain]
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, Forfeited in Period			(22,722)
Other OP Unit Participants [Member] | 2017 [Domain]
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, Forfeited in Period			(5,334)

Equity Compensation Warrant (De

Equity Compensation Warrant (Details) - $ / shares	6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared	$ 0.5225	$ 0.505	$ 0.523

Equity Compensation Equity comp

Equity Compensation Equity compensation expense by grant (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common Stock, Dividends, Per Share, Declared			$ 0.5225	$ 0.505	$ 0.523
Share-based Compensation	$ 306,000	$ 950,000	$ 617,000	$ 2,085,000	$ 617,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	1,352,000		1,352,000
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			26,000
2016 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	0	74,000		$ 148,000	2,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0		0
2017 [Member] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	78,000	88,000		195,000	156,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	159,000		159,000
2017 [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	0	30,000		120,000	0
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0		0
2017 [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	20,000	22,000		43,000	38,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	36,000		36,000
2018 [Domain] | ClassBUnits [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	71,000	648,000		1,464,000	143,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	430,000		430,000
2018 [Domain] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	30,000	60,000		60,000	120,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	0		0
2018 [Domain] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	21,000	28,000		55,000	40,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	139,000		139,000
2019 [Domain] [Domain] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	70,000	0		0	70,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	350,000		350,000
2019 [Domain] [Domain] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation	16,000	$ 0		$ 0	$ 48,000
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized	$ 238,000		$ 238,000

Equity Compensation Restricte_2

Equity Compensation Restricted Stock Units (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares	3 Months Ended	6 Months Ended
	Mar. 31, 2017	Jun. 30, 2019	Jun. 30, 2018
2017 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units outstanding	6,072
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value		$ 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, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 320,648
share based compensation awards forfeited		(6,674)
2018 [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units outstanding			16,800
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value		$ 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, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 345,195
share based compensation awards forfeited		(3,920)
2019 [Domain] [Domain]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted Stock Units outstanding		26,480
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instrument Other than Option, Nonvested, Intrinsic Value		$ 10.77
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, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value		$ 298,975
share based compensation awards forfeited		(1,280)

Indebtedness (Details)

Indebtedness (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Initial Interest Rate	3.93%		3.93%
Unamortized Debt Issuance Expense	$ 1,400,000		$ 1,400,000
Long-term Debt, Current Maturities	119,237,000		119,237,000
Long-term Debt	2,429,242,000		$ 2,429,242,000		$ 2,299,625,000
variable interest rate minimum			3.25%
Long-term Debt, Maturities, Repayments of Principal in Year Two	73,063,000		$ 73,063,000
Long-term Debt, Maturities, Repayments of Principal in Year Three	179,341,000		179,341,000
Long-term Debt, Maturities, Repayments of Principal in Year Four	219,111,000		219,111,000
Long-term Debt, Maturities, Repayments of Principal after Year Five	194,072,000		194,072,000
Long-term Debt, Maturities, Repayments of Principal after Year Five	1,685,021,000		1,685,021,000
Long-term Debt	2,469,845,000		2,469,845,000
Interest Expense	27,611,000	$ 22,347,000	54,367,000	$ 43,315,000
Line of Credit Facility, Amount Outstanding	$ 0		0		$ 57,000,000
Amortization of Financing Costs			$ 3,139,000	3,279,000
Spread over Initial Interest Rate option 1	200		200
Spread over Initial Interest Rate option 2	400		400
Indebtedness Weighted Average Remaining Maturity			9 years 8 months
Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 2,469,845,000		$ 2,469,845,000
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		$ 27,400,000
Debt Instrument, Interest Rate, Stated Percentage	5.44%		5.44%
Debt Instrument, Basis Spread on Variable Rate			3.00%
Office Building [Member]
Debt Instrument [Line Items]
Interest Expense	$ 5,357,000	$ 2,666,000	$ 10,708,000	$ 5,207,000
Champions Village [Member]
Debt Instrument [Line Items]
loan commitment amount	$ 34,200,000		34,200,000
Lake Cameron [Member]
Debt Instrument [Line Items]
Defeasance fee			$ 400,000

Indebtedness debt covenants (De

Indebtedness debt covenants (Details) - USD ($)	6 Months Ended
	Jun. 30, 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	$ 1,000,000,000
maximum dividends debt covenant	151,000,000
Minimum Net Worth Required for Compliance	$ 1,800,000,000
debt yield	10.24%
payout ratio	90.80%
Total leverage ratio	56.70%

Indebtedness Credit Facility (D

Indebtedness Credit Facility (Details) - USD ($)	6 Months Ended
	Jun. 30, 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 6 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 ($)	6 Months Ended
	Jun. 30, 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	$ 1,400,000
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 6 months
acquisition facility [Member]
Line of Credit Facility [Line Items]
Unamortized Debt Issuance Expense	$ 200,000
Indebtedness Weighted Average Remaining Maturity	2 years 8 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 ($)	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Secured Debt	$ 2,469,845,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.15%
average maturity mortgage debt	9 years 1 month
Deferred Finance Costs, Own-share Lending Arrangement, Issuance Costs, Accumulated Amortization Adjustment	$ (35,849,000)
Mark-to-Market debt	(4,754,000)
Long-term Debt	2,429,242,000	$ 2,299,625,000
Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 2,230,047,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.02%
average maturity mortgage debt	9 years 11 months
Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 239,798,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	5.35%
average maturity mortgage debt	2 years 5 months
multifamily community [Domain]
Debt Instrument [Line Items]
Secured Debt	$ 1,112,826,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.94%
average maturity mortgage debt	9 years 1 month
multifamily community [Domain] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 1,032,344,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.92%
average maturity mortgage debt	9 years 5 months
multifamily community [Domain] | Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 80,482,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.29%
average maturity mortgage debt	4 years 5 months
Retail Segment [Member]
Debt Instrument [Line Items]
Secured Debt	$ 580,006,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.01%
average maturity mortgage debt	7 years 5 months
Retail Segment [Member] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 552,606,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	3.93%
average maturity mortgage debt	7 years 7 months
Retail Segment [Member] | Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 27,400,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	5.44%
average maturity mortgage debt	2 years 5 months
Office Building [Member]
Debt Instrument [Line Items]
Secured Debt	$ 484,773,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.32%
average maturity mortgage debt	14 years 7 months
Office Building [Member] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 484,773,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.32%
average maturity mortgage debt	14 years 7 months
Office Building [Member] | Variable Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 0
Long-term Debt, Weighted Average Interest Rate, at Point in Time	0.00%
student housing community [Domain]
Debt Instrument [Line Items]
Secured Debt	$ 292,240,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.97%
average maturity mortgage debt	3 years 11 months
student housing community [Domain] | Fixed Income Interest Rate [Member]
Debt Instrument [Line Items]
Secured Debt	$ 160,324,000
Long-term Debt, Weighted Average Interest Rate, at Point in Time	4.13%
average maturity mortgage debt	6 years 1 month
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	5.98%
average maturity mortgage debt	1 year 1 month

Indebtedness New mortgages (Det

Indebtedness New mortgages (Details) - USD ($)	6 Months Ended	9 Months Ended
	Jun. 30, 2019	Sep. 30, 2018	Dec. 31, 2018
Debt Instrument [Line Items]
Long-term Debt	$ 2,429,242,000		$ 2,299,625,000
Debt Issuance Costs, Net	1,591,000		$ 1,916,000
Mortgages [Member]
Debt Instrument [Line Items]
Long-term Debt	2,469,845,000
disston plaza [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 18,038,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	4.00%
polo grounds [Domain]
Debt Instrument [Line Items]
Long-term Debt	$ 13,325,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	4.00%
free state [Domain]
Debt Instrument [Line Items]
Long-term Debt	$ 46,800,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	4.00%
haven charlotte [Member]
Debt Instrument [Line Items]
Long-term Debt	$ 41,550,000
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate, Interest Rate	6.00%
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 ($)	Jun. 30, 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		6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018
Commitments and Contingencies Disclosure [Abstract]
lease term					11 years
guaranty cap amount					$ 5,500,000
Annual reduction in guaranty cap					619,304
guaranty cap amount credit cards					640,000
manager's fees deferred	$ (2,795,000)	$ (1,429,000)	$ (5,424,000)	$ (2,649,000)
cumulative manager's fees deferred			18,100,000		$ 18,100,000
real estate loan balances unfunded	81,000,000		81,000,000
Unfunded Tenant Leasing Commissions and Tenant Allowances	$ 14,000,000		$ 14,000,000

Segment information (Details)

Segment information (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2018
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	$ 5,970,000	$ 7,788,000	$ 9,672,000	$ 13,693,000
Assets	4,980,518,000		4,980,518,000			$ 4,410,958,000
Operating Leases, Income Statement, Lease Revenue	95,592,000	76,552,000	187,830,000	150,814,000
adjusted funds from operations	77,522,000	66,327,000	154,146,000	128,690,000
Income (Loss) from Continuing Operations, Including Portion Attributable to Noncontrolling Interest	(1,677,000)	(5,278,000)	(3,957,000)	8,985,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	(1,677,000)	(5,278,000)	(3,957,000)	8,985,000
Interest Expense	27,611,000	22,347,000	54,367,000	43,315,000
Depreciation	36,722,000	29,754,000	72,842,000	57,744,000
Share-based Compensation	(306,000)	(950,000)	(617,000)	(2,085,000)	$ (617,000)
Gains (Losses) on Sales of Investment Real Estate	0	(2,000)	0	(20,356,000)
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	(584,000)	(54,000)	(725,000)	(54,000)
Gain (Loss) on Sale of Mortgage Loans	(747,000)	0	(747,000)	0
Gain (Loss) on Extinguishment of Debt	52,000	0	69,000	0
Trading Securities, Realized Gain	0	0	(4,000)	0
loan fees received			1,051,000	2,422,000
noncash loan interest income	888,000	769,000	1,773,000	1,243,000
Management fees net of deferrals	5,414,000	5,192,000	10,614,000	10,213,000
Allowance for Loan and Lease Losses, Loans Acquired	0	0	0	0
rental and other property revenues	95,592,000	76,552,000	187,830,000	150,814,000
Other property revenues	3,512,000	1,805,000	5,690,000	3,348,000
interest revenues loans and notes	13,263,000	17,531,000	29,941,000	31,599,000
miscellaneous revenues	1,023,000	0	1,023,000	0
Revenues	113,852,000	96,389,000	225,358,000	186,759,000
Multifamily [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	3,633,000	5,859,000	4,845,000	10,698,000
Multifamily Communities
Segment Reporting Information [Line Items]
Assets	1,480,775,000		1,480,775,000			1,503,648,000
Operating Leases, Income Statement, Lease Revenue	40,848,000	38,896,000	81,162,000	77,758,000
adjusted funds from operations	24,146,000	22,745,000	48,390,000	46,268,000
Interest Expense	11,816,000	11,252,000	23,272,000	22,188,000
Depreciation	18,391,000	20,320,000	38,802,000	42,023,000
Other property revenues	1,345,000	1,436,000	2,640,000	2,729,000
Student Housing Properties [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	7,150,000	3,905,000	12,241,000	6,941,000
Interest Expense	4,005,000	2,384,000	7,349,000	4,075,000
Depreciation	6,179,000	7,496,000	11,633,000	12,601,000
Student Housing Communities [Member]
Segment Reporting Information [Line Items]
Operating Leases, Income Statement, Lease Revenue	11,433,000	7,097,000	21,457,000	12,766,000
Other property revenues	210,000	107,000	404,000	190,000
student housing [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	910,000	927,000	1,823,000	1,208,000
Assets	496,021,000		496,021,000			411,102,000
financingsegment [Member]
Segment Reporting Information [Line Items]
Assets	497,055,000		497,055,000			448,617,000
adjusted funds from operations	13,286,000	17,531,000	29,965,000	31,599,000
Interest Expense	318,000	1,415,000	1,337,000	2,860,000
New Market Properties [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	16,425,000	12,812,000	32,230,000	25,485,000
Interest Expense	6,115,000	4,630,000	11,701,000	8,985,000
Depreciation	10,632,000	9,177,000	20,967,000	18,057,000
Retail Segment [Member]
Segment Reporting Information [Line Items]
Assets	1,026,418,000		1,026,418,000			883,594,000
Operating Leases, Income Statement, Lease Revenue	22,346,000		43,875,000
Other property revenues	536,000	645,000	1,066,000	1,221,000
woodstock retail [Member]
Segment Reporting Information [Line Items]
Operating Leases, Income Statement, Lease Revenue		17,567,000		34,906,000
Office Building [Member]
Segment Reporting Information [Line Items]
Assets	878,848,000		878,848,000			884,648,000
Operating Leases, Income Statement, Lease Revenue	20,965,000	12,992,000	41,336,000	25,384,000
adjusted funds from operations	16,515,000	9,334,000	31,320,000	18,397,000
Interest Expense	5,357,000	2,666,000	10,708,000	5,207,000
Depreciation	10,461,000	5,102,000	19,550,000	10,030,000
Other property revenues	1,883,000	118,000	2,454,000	206,000
Other Assets [Member]
Segment Reporting Information [Line Items]
Assets	601,401,000		601,401,000			$ 279,349,000
All Other Segments [Member]
Segment Reporting Information [Line Items]
adjusted funds from operations	596,000	308,000	1,187,000	548,000
as adjusted [Member]
Segment Reporting Information [Line Items]
Other property revenues	3,974,000	2,306,000	6,564,000	4,346,000
Retail Site [Member]
Segment Reporting Information [Line Items]
capitalized expenditures for long lived assets	$ 1,427,000	$ 1,002,000	$ 3,004,000	$ 1,787,000

Loss per Share (Details)

Loss per Share (Details) - USD ($)	3 Months Ended		6 Months Ended		9 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Sep. 30, 2018	Dec. 31, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Income (Loss) before Gain (Loss) on Sale of Properties	$ 24,655,000	$ 17,013,000	$ 49,003,000	$ 31,890,000
minority interest partnership units outstanding	874,937		874,937
Restricted Stock Units outstanding			49,000
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest	$ (1,677,000)	(5,278,000)	$ (3,957,000)	8,985,000
Gains (Losses) on Sales of Investment Real Estate	0	2,000	4,000	20,356,000
Operating Income (Loss)	24,655,000	17,015,000	49,007,000	52,246,000
Net Income (Loss) Attributable to Parent	(1,106,000)	(5,138,000)	(3,878,000)	8,745,000
Gain (Loss) on Sales of Loans, Net	747,000	0	747,000	0
Gain (Loss) on Extinguishment of Debt	(52,000)	0	(69,000)	0
Dividends, Preferred Stock	27,542,000	20,924,000	53,081,000	40,441,000
Deemed noncash dividend			(210,000)	(153,000)
NetIncomeAllocatedToUnvestedRestrictedShares	7,000	6,000	9,000	8,000
Income (Loss) Attributable to Noncontrolling Interest, before Tax	(571,000)	(140,000)	(79,000)	240,000
Interest Expense	27,611,000	22,347,000	54,367,000	43,315,000
Fair Value, Assets Measured on Recurring Basis, Change in Unrealized Gain (Loss)	584,000	54,000	725,000	54,000
Net Income (Loss) Available to Common Stockholders, Basic	$ (28,655,000)	$ (26,068,000)	$ (56,968,000)	$ (31,704,000)
Weighted Average Number of Shares Outstanding, Diluted	43,703,000	39,383,000	43,194,000	39,241,000
Preferred Stock, Dividend Rate, Percentage			6.00%
Incremental Common Shares from conversion of outstanding units	27,246,000		27,246,000
Share-based Compensation	$ 306,000	$ 950,000	$ 617,000	$ 2,085,000	$ 617,000
Earnings Per Share, Basic	$ (0.66)	$ (0.66)	$ (1.32)	$ (0.81)
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				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	26,000		26,000			25,000
Share-based Compensation			$ 26,000
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	1,829,000	1,418,000	1,829,000	1,418,000		1,608,000
Series M Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Preferred Stock, Shares Outstanding	73,000	29,000	73,000	29,000		44,000

Pro Forma Financial Information

Pro Forma Financial Information (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items]
Revenues	$ 113,852	$ 96,389	$ 225,358	$ 186,759
Weighted Average Number of Shares Outstanding, Diluted	43,703	39,383	43,194	39,241

Fair Values of Financial Inst_3

Fair Values of Financial Instruments (Details)	6 Months Ended
	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	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	$ 596,129,000		$ 269,946,000		$ 289,325,000
variable interest entity change in fair value of consolidated net assets	415,000
line of credit receivable	45,143,000
financial assets carrying value	405,323,000
Mortgage notes payable	2,429,242,000		2,299,625,000
Line of Credit Facility, Amount Outstanding	0		57,000,000
Debt, Long-term and Short-term, Combined Amount			2,401,933,000
Real estate loans carrying value including accrued interest	360,180,000
Variable Interest Entity, Consolidated, Liabilities, Recourse	571,999,000		264,886,000		270,670,000
mortgage principal received from consolidated VIE	(2,073,000)	$ (171,000)
net balance VIE payments	0
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net	24,130,000		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	2,469,845,000
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
Financial and Nonfinancial Liabilities, Fair Value Disclosure			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	596,129,000		269,946,000
Assets, Fair Value Disclosure	437,422,000
real estate related loans fair value	392,279,000
Long-term Debt, Fair Value	2,522,323,000
Financial and Nonfinancial Liabilities, Fair Value Disclosure			2,375,586,000
Variable Interest Entity, Consolidated, Liabilities, Recourse	571,999,000		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
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	392,279,000
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
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)	38,931,000
Other Noncurrent Liabilities [Member]
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Variable Interest Entity, Consolidated, Assets, Pledged	$ 38,516,000

Subsequent Events sub events (D

Subsequent Events sub events (Details)	3 Months Ended			6 Months Ended		9 Months Ended
	Sep. 30, 2019USD ($)shares	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)$ / shares	Jun. 30, 2018USD ($)$ / shares	Sep. 30, 2018$ / shares	Jun. 30, 2019ft²	Jun. 30, 2019	Dec. 31, 2018USD ($)ft²
Subsequent Event [Line Items]
Common Stock, Dividends, Per Share, Declared | $ / shares				$ 0.5225	$ 0.505	$ 0.523
Proceeds from Issuance of Preferred Stock and Preference Stock		$ (123,910,000)	$ (113,449,000)	$ (252,592,000)	$ (13,569,000)
mortgage debt refinanced				24,477,000	$ 37,485,000
real estate loans commitment amount				443,061,000
Long-term Debt		2,429,242,000		2,429,242,000					$ 2,299,625,000
Number of units in real estate property							575	9,768	9,768
Area of Real Estate Property | ft²							5,412,328		4,730,695
Subsequent Event [Member] | Unitsissued [Member]
Subsequent Event [Line Items]
Unitsissuedcumulative | shares	38,684
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 34,800,000
SoL [Member]
Subsequent Event [Line Items]
Long-term Debt		$ 37,500,000		$ 37,500,000
Series M Preferred Stock [Member] | Subsequent Event [Member] | Unitsissued [Member]
Subsequent Event [Line Items]
Unitsissuedcumulative | shares	4,896
Proceeds from Issuance of Preferred Stock and Preference Stock	$ 4,700,000

Operating Leases (Details)

Operating Leases (Details) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year	$ 62,347,000	$ 114,707,000
Operating Leases, Future Minimum Payments Receivable, in Two Years	126,454,000	113,653,000
Operating Leases, Future Minimum Payments Receivable, in Three Years	117,335,000	101,957,000
Operating Leases, Future Minimum Payments Receivable, in Four Years	108,154,000	93,326,000
Operating Leases, Future Minimum Payments Receivable, in Five Years	100,416,000	86,905,000
Operating Leases, Future Minimum Payments Receivable, Thereafter	424,334,000	378,216,000
Operating Leases, Future Minimum Payments Receivable	939,040,000	888,764,000
Office Building [Member]
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year	28,476,000	56,564,000
Operating Leases, Future Minimum Payments Receivable, in Two Years	62,266,000	61,704,000
Operating Leases, Future Minimum Payments Receivable, in Three Years	61,347,000	58,805,000
Operating Leases, Future Minimum Payments Receivable, in Four Years	61,171,000	58,108,000
Operating Leases, Future Minimum Payments Receivable, in Five Years	60,378,000	57,343,000
Operating Leases, Future Minimum Payments Receivable, Thereafter	306,324,000	298,469,000
Operating Leases, Future Minimum Payments Receivable	579,962,000	590,993,000
New Market Properties [Member]
Operating Leases, Future Minimum Payments Receivable, Remainder of Fiscal Year	33,871,000	58,143,000
Operating Leases, Future Minimum Payments Receivable, in Two Years	64,188,000	51,949,000
Operating Leases, Future Minimum Payments Receivable, in Three Years	55,988,000	43,152,000
Operating Leases, Future Minimum Payments Receivable, in Four Years	46,983,000	35,218,000
Operating Leases, Future Minimum Payments Receivable, in Five Years	40,038,000	29,562,000
Operating Leases, Future Minimum Payments Receivable, Thereafter	118,010,000	79,747,000
Operating Leases, Future Minimum Payments Receivable	$ 359,078,000	$ 297,771,000

Quarterly Financial Data (Detai

Quarterly Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenues	$ 113,852	$ 96,389	$ 225,358	$ 186,759
Operating Income (Loss)	24,655	17,015	49,007	52,246
Net Income (Loss) Attributable to Parent	(1,106)	(5,138)	(3,878)	8,745
Net Income (Loss) Available to Common Stockholders, Basic	$ (28,655)	$ (26,068)	$ (56,968)	$ (31,704)
Earnings Per Share, Basic	$ (0.66)	$ (0.66)	$ (1.32)	$ (0.81)
Weighted Average Number of Shares Outstanding, Diluted	43,703	39,383	43,194	39,241

Schedule IV (Details)

Schedule IV (Details) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
current interest rate	8.48%	8.47%
Deferred interest rate	4.02%	5.34%
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate	$ 360,180,000