Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 15, 2014 | |
Document And Entity Information | ' | ' |
Entity Registrant Name | 'Plymouth Opportunity REIT Inc. | ' |
Entity Central Index Key | '0001515816 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Mar-14 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Is Entity a Well-known Seasoned Issuer? | 'No | ' |
Is Entity a Voluntary Filer? | 'No | ' |
Is Entity's Reporting Status Current? | 'Yes | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 1,272,697 |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Assets | ' | ' |
Investments | $4,713,590 | $4,830,938 |
Cash | 633,454 | 265,952 |
Restricted cash | 100,005 | ' |
Security Deposit | 71,041 | 87,774 |
Due From Affiliate | 20,138 | 13,930 |
Total Assets | 5,538,228 | 5,198,594 |
Liabilities and Equity | ' | ' |
Accounts Payable | 100,021 | 158,221 |
Accrued Expenses | 93,700 | 81,970 |
Total Liabilities | 193,721 | 240,191 |
Commitments and Contingencies | ' | ' |
Preferred Stock, $.01 par value, 10,000,000 shares authorized, none issued and outstanding | ' | ' |
Common Stock, $.01 par value, 1,000,000,000 shares authorized, 1,064,991 and 367,841 shares issued and outstanding, respectively | 12,714 | 11,751 |
Common Stock Dividend Distributable | 191 | 176 |
Total Common Stock | 12,905 | 11,927 |
Additional Paid In Capital | 12,131,908 | 11,181,512 |
Accumulated Deficit | -6,800,308 | -6,235,036 |
Total Equity | 5,344,505 | 4,958,403 |
Total Liabilities and Equity | $5,538,228 | $5,198,594 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.01 | $0.01 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 1,000,000,000 | 1,000,000,000 |
Common stock, shares issued | 1,291,782 | 1,192,695 |
Common stock, shares outstanding | 1,291,782 | 1,192,695 |
Condensed_Consolidated_Income_
Condensed Consolidated Income Statements (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income | ' | ' |
Investment Income | $35,038 | $23,263 |
Total Loss | 35,038 | 23,263 |
Expenses | ' | ' |
Professional Services | 96,424 | 40,000 |
Marketing | 712 | 31,905 |
Rent and Lease Costs | 61,406 | 37,650 |
Directors fees, including stock compensation | ' | 42,000 |
Insurance | 19,671 | 18,969 |
Salary reimbursement | 61,728 | 426,788 |
General and Administrative | 169,495 | 41,979 |
Total Expenses | 409,436 | 639,291 |
Net loss | ($374,398) | ($616,028) |
Weighted Average Number of Shares Outstanding | 1,205,516 | 216,040 |
Basic and Diluted Income (Loss) Per Share | ($0.31) | ($2.85) |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Equity (Unaudited) (USD $) | Common Stock | Dividend Distributable | Additional Paid-In Capital | Retained Earnings / Accumulated Deficit | Total |
Beginning balance at Dec. 31, 2013 | $11,751 | $176 | $11,181,512 | ($6,235,036) | $4,958,403 |
Beginning balance (shares) at Dec. 31, 2013 | 1,192,695 | ' | ' | ' | 1,192,695 |
Issuance of common stock for cash, net of share issuance costs of $27,000 (shares) | 80,000 | ' | ' | ' | ' |
Issuance of common stock for cash, net of share issuance costs of $27,000 | 800 | ' | 759,700 | ' | 760,500 |
Stock dividends distributed (shares) | ' | ' | ' | ' | ' |
Stock dividends distributed | 176 | -176 | ' | ' | ' |
Stock dividends distributable (shares) | 19,087 | ' | ' | ' | ' |
Stock dividends distributable | ' | 191 | 190,683 | -190,874 | ' |
Net Income (Loss) | ' | ' | ' | -374,398 | -374,398 |
Ending balance at Mar. 31, 2014 | $12,727 | $191 | $12,131,895 | ($6,800,308) | $5,344,505 |
Ending balance (shares) at Mar. 31, 2014 | 1,291,782 | ' | ' | ' | 1,291,782 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Equity (Parenthetical) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Statement of Stockholders' Equity [Abstract] | ' |
Issuance of common stock for cash, share issuance costs | $27,000 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities | ' | ' |
Net loss | ($374,398) | ($616,028) |
Changes in due From affiliate | -6,208 | -4,149 |
Restricted cash | -100,005 | -173,509 |
Investment income | -35,038 | -23,263 |
Directors fees - stock compensation | ' | 15,001 |
Investor deposit | ' | 173,509 |
Change in security deposit | 16,733 | ' |
Change in accounts payable | -58,200 | 62,448 |
Change in accrued expenses | 11,732 | -229,273 |
Net cash used for operating activities | -545,384 | -795,264 |
Cash flows from investing activities | ' | ' |
Distributions from investments | 152,386 | 44,178 |
Net cash provided by investing activities | 152,386 | 44,178 |
Cash flows from financing activities | ' | ' |
Proceeds from issuance of common stock | 787,500 | 752,000 |
Share issuance costs | 27,000 | ' |
Net cash provided by financing activities | 760,500 | 752,000 |
Net increase in cash | 367,502 | 914 |
Cash at the beginning of the period | 265,952 | ' |
Cash at the end of the period | 633,454 | 175,356 |
Common stock distributed as dividends: | ' | ' |
Common stock | 191 | 128 |
Additional paid-in capital | 190,683 | 127,445 |
Fair value of stock dividend | $190,874 | $127,573 |
Business
Business | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Business | ' |
(1) Business | |
Plymouth Opportunity REIT, Inc. (the "Company") is a Maryland corporation formed on March 7, 2011. The Company is acquiring and operating on an opportunistic basis commercial real estate and real estate-related assets that exhibit current income characteristics. In particular, the Company intends to focus on acquiring commercial properties located in markets and submarkets with growth potential and those available from sellers who are distressed or face time-sensitive deadlines. In addition, our opportunistic investment strategy may include investments in real estate-related assets with significant possibilities for short-term capital appreciation, such as those requiring development, redevelopment or repositioning. The Company may acquire, or invest in a wide variety of commercial properties including office, industrial, retail, hospitality, medical office, single-tenant, multifamily and other real properties. | |
All references to “the Company” refer to Plymouth Opportunity REIT, Inc. and its subsidiaries, collectively, unless the context otherwise requires. | |
The Company has operated in a manner that will allow it to qualify as a REIT for federal income tax purposes. The Company filed its initial Form 1120-REIT as its tax return for the tax year ended December 31, 2012. The Company utilizes an Umbrella Partnership Real Estate Investment Trust (“UPREIT”) organizational structure to hold all or substantially all of its properties and securities through an operating partnership, Plymouth Opportunity OP, LP (the “Operating Partnership"). | |
On March 11, 2011, the Company sold 20,000 shares of common stock to Plymouth Group Real Estate, LLC (the Sponsor), at a price of $200,000, or $10 per share. As of May 15, 2014, the Company has sold 1,319,786 shares for gross offering proceeds of $11.521 million. | |
The Company has retained Plymouth Real Estate Investors, Inc. (the “Advisor”) to serve as its advisor. The Advisor is responsible for managing, operating, directing and supervising the operations and administration of the Company and its assets. The Company has retained Plymouth Real Estate Capital, LLC (the “Dealer Manager”), and a member of FINRA, to act as the exclusive Dealer Manager for this offering. The Advisor and the Dealer Manager are affiliates of the Sponsor. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Summary of Significant Accounting Policies | ' |
(2) Summary of Significant Accounting Policies | |
Basis of Presentation | |
These interim condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Company’s financial position and results of operations. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Equity Method Accounting | |
The Company may acquire equity interest in various limited partnerships or other entities. In certain cases where we have the ability to exercise significant influence we account for our equity interest under the equity method of accounting. Under the equity method of accounting, we recognize our proportional share of net income or loss as determined under GAAP in our results of operations. | |
Income Taxes | |
We elected to be taxed as a Real Estate Investment Trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and operate as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, we generally will not be subject to federal income tax on income that we distribute as dividends to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless we are able to obtain relief under certain statutory provisions. Such an event could materially and adversely affect our net income and net cash available for distribution to stockholders. However, we intend to organize and operate in such a manner as to qualify for treatment as a REIT. | |
The Company files income tax returns in the U.S federal jurisdiction and various state jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2011 and thereafter. | |
Earnings per Share | |
Basic earnings per share are calculated on the basis of weighted-average number of common shares outstanding during the period. Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. |
Initial_Offering
Initial Offering | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Initial Offering | ' |
(3) Initial Offering | |
The Company had been offering for sale up to $642,500,000 in shares of common stock, of which 50,000,000 shares are offered to investors at a price of $10.00 per share, and of which 15,000,000 shares are offered to participants in the Public Company’s distribution reinvestment plan at a price of $9.50 per share (the “Initial Offering”). | |
The Company commenced the Initial Offering on November 1, 2011. As of May 15, 2014 the Company had reached gross offering proceeds of approximately $11.521 million. | |
On January 9, 2014, at the recommendation of the Advisor, and following the approval of its board of directors, the Company terminated the Initial Offering effective as of May 6, 2014. | |
In conjunction with the termination of the initial public offering, our board of directors also voted to terminate our distribution reinvestment plan and our share redemption plan effective May 6, 2014. | |
The Company has the right to reallocate the shares of common stock offered between the Company’s primary public offering and the Company’s distribution reinvestment plan. The Dealer Manager is providing dealer manager services in connection with the offering. The Initial Offering is a best efforts offering, which means that the Dealer Manager is not required to sell any specific number or dollar amount of shares of common stock in the offering but will use its best efforts to sell the shares of common stock. |
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |
Mar. 31, 2014 | ||
Notes to Financial Statements | ' | |
Related Party Transactions | ' | |
(4) Related Party Transactions | ||
The Company is a party to an advisory agreement dated July 27, 2011 with its Advisor which entitles its Advisor to specified fees upon the provision of certain services with regard to the Offering and investment of funds in real estate and real estate related investments, among other services, as well as reimbursement for organization and offering costs incurred by its Advisor on behalf of the Company and certain costs incurred by its Advisor and its affiliates in providing services to the Company. | ||
The fees the Company incurs under the advisory agreement are as follows: | ||
Type of Compensation | Form of Compensation | |
Organization and Offering Costs | Reimbursement of organization and offering costs to the Advisor or its affiliates for cumulative organization and offering expenses, but only to the extent that the total organizational and offering costs borne by the Company do not exceed 15.0% of gross offering proceeds as of the date of the reimbursement. Total organization and offering costs incurred from inception to March 31, 2014 are $1,110,932. Reimbursement of organization and offering costs to the Advisor for the three months ended March 31, 2014 and 2013 were $26,116 and $0, respectively. As of March 31, 2014 all costs have been reimbursed. | |
Acquisition and Advisory Fees | Reimbursement of acquisition and origination fees to the Advisor and its affiliates for expenses actually incurred (including personnel costs) related to selecting, evaluating and acquiring assets on the Company’s behalf, regardless of whether the Company actually acquires the related assets. There have been no acquisition or advisory fees incurred or paid for the quarters ended March 31, 2014 or 2013. | |
Asset Management Fee | Total asset management fees paid to the Advisor equal to one-twelfth of 1.0% of the sum of the cost of each asset, where cost equals the amount actually paid. Total asset management fees incurred for the quarters ended March 31, 2014 and 2013 were $14,125 and $4,375, respectively. | |
Common Stock | Common Stock issuable upon occurrence of certain events will be paid to the Sponsor as an origination fee equal to 3% of the equity funded to acquire the investments. This fee will be payable semi-annually in shares of the Company’s common stock, which shares will be valued at a price equal to the price then payable for shares redeemed under the Company’s share redemption program, provided such price shall not be less than $10.00 per share. The aggregate origination fee payable to the Sponsor will not exceed 3% of the net proceeds of the Company’s primary offering of shares as of the time of such payment. No shares were issued for the three months ended March 31, 2014 or 2013. | |
Subscription Processing Fee | Monthly subscription processing fee to the Advisor equal to $35 per subscription agreement received and processed by the Advisor. The Advisor at its sole discretion may defer all or any portion of the $35 per subscription agreement fee payable. There have been no subscription or processing fees incurred or paid in the quarters ended March 31, 2014 or 2013. | |
Expense Reimbursement | Reimbursement to the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse our Advisor for any amount by which our operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2% of our average invested assets, or (B) 25% of our net income. From inception to March 31, 2014 the Company reimbursed various operating expenses of $1,228,065. Reimbursement to the Advisor for the three months ended March 31, 2014 and 2013 were $0 and $365,000, respectively. | |
Termination | Upon termination or nonrenewal of the advisory agreement, our Advisor shall be entitled to receive an amount, payable in the form of an interest bearing promissory note, equal to 15% of the amount by which (i) our adjusted market value plus distributions exceeds (ii) the aggregate capital contributed by investors plus an amount equal to an 8% cumulative, non-compounded return to investors. | |
Pursuant to the terms of the agreement with its Advisor, the Advisor has the right to defer (without interest) receipt of all of these fees and expenses. | ||
As of March 31, 2014 and December 31, 2013, the Company has $20,138 and $13,930 receivable from the Dealer Manager for costs reimbursable under the Expense Sharing Agreement signed August 1, 2012. | ||
For the three months ended March 31, 2014 and 2013, the Company has incurred $27,000 and $30,080, respectively, in commissions and dealer manager fees to the Dealer Manager related to the issuance of common stock. | ||
As described in Note 5, the Company and Colony Hills Capital, LLC are each members of Colony Hills Capital Residential II, LLC. Colony Hills Capital, LLC is also a shareholder of the Company. | ||
Investments
Investments | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Investments | ' |
(5) Investments | |
On August 17, 2012, the Company, through its Operating Partnership, acquired a 51.5% equity interest in the Class A shares of Colony Hills Capital Residential II, LLC (“CHCR II”). The Company has no controlling interest in CHCR II. CHCR II is the sole member of Wynthrope Holdings, LLC, which owns Wynthrope Forest Apartments, a 23 building, 270 unit multifamily complex located in Riverdale, a suburb of Atlanta, Georgia. The property was 93.3% occupied at the time of acquisition, with a majority of leases ranging from one year or longer. The purchase price for the equity interest was $1,250,000. The total purchase price CHCR II paid for the property was $13.9 million, which included $10.6 million of secured debt. | |
On September 10, 2012, the Company, through its Operating Partnership, acquired a 12% limited partnership interest in TCG Cincinnati DRE LP (the “Partnership”). The Partnership owns three Class B industrial buildings comprised of approximately 576,751 square feet located in the Greater Cincinnati area. All three buildings were 100% occupied at the time of the investment, consisting of four tenants with leases of two to ten years. The purchase price for the interest acquired by the Company was $500,000. | |
On October 1, 2013, the Company through its Operating Partnership, completed a $3.5 million investment in TCG 5400 FIB LP ("5400 FIB"), which owns a recently acquired a warehouse facility (the “Property”) in Atlanta, Georgia containing 682,750 rentable square feet of space. The initial purchase price of the Property was $21.9 million which included $15.0 million of secured debt. At the time of the investment, the Property was 100% leased. On November 15, 2013, the Company, through its Operating Partnership, completed an additional $400,000 equity investment in 5400 FIB and increased its investment to $3.9 million resulting in a 50.3% equity investment. | |
The Company funded the purchase price of these investments with proceeds from its Initial Offering. | |
The Company accounts for these investments using equity method accounting, as the Company has significant influence over the entities, but does not have control over the entities. For the three months ended March 31, 2014 and 2013, the Company recorded $35,038 and $23,263 of income, respectively, and $152,386 and $44,178 of distributions from these investments, respectively. | |
For the three months ended March 31, 2014 and 2013, CHCR II, the Partnership and 5400 FIB had combined revenues of $2,103,791, and $1,141,857 and expenses of $1,109,041 and $841,340, respectively. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Equity | ' |
(6) Equity | |
Distributions | |
During the quarter ended March 31, 2014 our Board of Directors declared a stock distribution of 0.015 shares each of our common stock, or 1.5% per distribution of each outstanding share of common stock, to our stockholders of record at the close of business on March 31, 2014 and was issued on April 15, 2014. |
Liquidity
Liquidity | 3 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Liquidity | ' |
(7) Liquidity | |
At March 31, 2014 the Company had cash of $633,454 and restricted cash of $100,005 for a total of $733,459 and no debt outstanding, and no obligations to fund capital in the existing investments. The Company continues to maintain arrangements with certain of its vendors to limit future expenses related to certain professional services. Also, the Company entered into agreements with its independent directors who agreed to receive all compensation through December 31, 2014 in the form of stock. | |
If the Company is unable to generate sufficient liquidity to meet its needs and in a timely manner, the Company may be required to further reduce operating expenses and limit their operations. If the Company is unable to raise additional equity, it would result in the inability to acquire real estate assets or other investments. |
Subsequent_Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2014 | |
Notes to Financial Statements | ' |
Subsequent Event | ' |
(8) Subsequent Event | |
From April 1, 2014 through May 6, 2014 the Company has sold 28,010 shares for gross offering proceeds of $275,000. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Basis of presentation | ' |
Basis of Presentation | |
These interim condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). All significant intercompany transactions have been eliminated in consolidation. These interim condensed consolidated financial statements include adjustments of a normal and recurring nature considered necessary by management to fairly present the Company’s financial position and results of operations. These interim condensed consolidated financial statements may not be indicative of financial results for the full year. The interim condensed consolidated financial statements and notes thereto should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Equity Method Accounting | ' |
Equity Method Accounting | |
The Company may acquire equity interest in various limited partnerships or other entities. In certain cases where we have the ability to exercise significant influence we account for our equity interest under the equity method of accounting. Under the equity method of accounting, we recognize our proportional share of net income or loss as determined under GAAP in our results of operations. | |
Income Taxes | ' |
Income Taxes | |
We elected to be taxed as a Real Estate Investment Trust (“REIT”) under the Internal Revenue Code of 1986, as amended, and operate as such beginning with the tax year ending December 31, 2012. To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, we generally will not be subject to federal income tax on income that we distribute as dividends to our stockholders. If we fail to qualify as a REIT in any taxable year, we will be subject to federal income tax on our taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four tax years following the year during which qualification is lost, unless we are able to obtain relief under certain statutory provisions. Such an event could materially and adversely affect our net income and net cash available for distribution to stockholders. However, we intend to organize and operate in such a manner as to qualify for treatment as a REIT. | |
The Company files income tax returns in the U.S federal jurisdiction and various state jurisdictions. The statute of limitations for the Company’s income tax returns is generally three years and as such, the Company’s returns that remain subject to examination would be primarily from 2011 and thereafter. | |
Earnings Per Share | ' |
Earnings per Share | |
Basic earnings per share are calculated on the basis of weighted-average number of common shares outstanding during the period. Basic earnings per share are computed by dividing income available to common shareholders by the weighted-average number of common shares outstanding during the period. |
Business_Details_Narrative
Business (Details Narrative) (USD $) | 3 Months Ended | 38 Months Ended | 3 Months Ended | ||
Mar. 31, 2014 | 15-May-14 | Mar. 31, 2014 | Mar. 31, 2011 | Mar. 10, 2011 | |
Common Stock | Plymouth Group Real Estate, LLC (Sponsor) | Plymouth Group Real Estate, LLC (Sponsor) | |||
Common Stock | Common Stock | ||||
Shares of common stock (in shares) | ' | 1,319,786 | 80,000 | 20,000 | ' |
Proceeds from sale of common stock | $760,500 | ' | $800 | $200,000 | ' |
Sale of common stock, price per share | ' | ' | ' | ' | $10 |
Gross offering proceeds | ' | $11,521,000 | ' | ' | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Income Taxes (Details Narrative) | 3 Months Ended |
Mar. 31, 2014 | |
Summary Of Significant Accounting Policies - Income Taxes Details Narrative | ' |
REIT income distribution requirement | 'To qualify as a REIT, we must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of our annual REIT taxable income to stockholders |
Initial_Offering_Details_Narra
Initial Offering (Details Narrative) (USD $) | 38 Months Ended | 3 Months Ended | |
15-May-14 | Mar. 31, 2014 | Mar. 31, 2014 | |
Initial Public Offering | Initial Public Offering | ||
Offered to Investors | Offered to Participants in the Company's Distribution Reinvestment Plan | ||
Initial Public Offering (Textual) [Abstract] | ' | ' | ' |
Sale of stock, Description of transaction | ' | 'Shares are offered to investors | 'Shares are offered to participants in the Company's distribution reinvestment plan |
Issues under initial public offering, Value | ' | $642,500,000 | ' |
Stock offered, IPO | ' | 50,000,000 | 15,000,000 |
Price per share | ' | ' | $9.50 |
Gross offering proceeds | $11,521,000 | ' | ' |
Commencement date of Initial Offering | ' | 1-Nov-11 | ' |
Termination date of the Initial Offering | ' | 6-May-14 | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details Narrative) (USD $) | 3 Months Ended | 3 Months Ended | 36 Months Ended | 3 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | |
Plymouth Real Estate Investors, Inc. (Advisor) | Plymouth Real Estate Investors, Inc. (Advisor) | Plymouth Real Estate Investors, Inc. (Advisor) | Dealer Manager | Dealer Manager | ||||
Expense Sharing Agreement | Expense Sharing Agreement | |||||||
Related Party Transactions (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Organization and Offering Costs, description | ' | ' | ' | 'Reimbursement of organization and offering costs to the Advisor or its affiliates for cumulative organization and offering expenses, but only to the extent that the total organizational and offering costs borne by the Company do not exceed 15.0% of gross offering proceeds as of the date of the reimbursement. | ' | ' | ' | ' |
Total organization and offering costs incurred from inception | ' | ' | ' | ' | ' | $1,110,932 | ' | ' |
Organization and offering costs reimbursed to the Advisor | 27,000 | ' | ' | 26,116 | 0 | ' | ' | ' |
Acquisition or advisory fees incurred | ' | ' | ' | 0 | 0 | ' | ' | ' |
Acquisition or advisory fees paid | ' | ' | ' | 0 | 0 | ' | ' | ' |
Asset management fee, description | ' | ' | ' | 'Monthly asset management fees to the Advisor equal to one-twelfth of 1.0% of the sum of the cost of each asset, where cost equals the amount actually paid. | ' | ' | ' | ' |
Asset management fees incurred | ' | ' | ' | 14,125 | 4,375 | ' | ' | ' |
Common stock, description | ' | ' | ' | 'Common Stock issuable upon occurrence of certain events will be paid to the Sponsor as an origination fee equal to 3% of the equity funded to acquire the investments. This fee will be payable semi-annually in shares of the Company’s common stock, which shares will be valued at a price equal to the price then payable for shares redeemed under the Company’s share redemption program, provided such price shall not be less than $10.00 per share. The aggregate origination fee payable to the Sponsor will not exceed 3% of the net proceeds of the Company’s primary offering of shares as of the time of such payment. | ' | ' | ' | ' |
Common stock issued | 1,291,782 | ' | 1,192,695 | 0 | 0 | 0 | ' | ' |
Subscription Processing Fee, description | ' | ' | ' | 'Monthly subscription processing fee to the Advisor equal to $35 per subscription agreement received and processed by the Advisor. The Advisor at its sole discretion may defer all or any portion of the $35 per subscription agreement fee payable. | ' | ' | ' | ' |
Subscription processing fees incurred | ' | ' | ' | 0 | 0 | ' | ' | ' |
Subscription processing fees paid | ' | ' | ' | 0 | 0 | ' | ' | ' |
Expense Reimbursement, description | ' | ' | ' | 'Reimbursement to the Advisor for all expenses paid or incurred by the Advisor in connection with the services provided to the Company, subject to the limitation that the Company will not reimburse our Advisor for any amount by which our operating expenses (including the asset management fee) at the end of the four preceding fiscal quarters exceeds the greater of: (A) 2% of our average invested assets, or (B) 25% of our net income. | ' | ' | ' | ' |
Reimbursed operating expenses of Advisor | ' | ' | ' | 0 | 365,000 | 1,228,065 | ' | ' |
Termination, description | ' | ' | ' | 'Upon termination or nonrenewal of the advisory agreement, our Advisor shall be entitled to receive an amount, payable in the form of an interest bearing promissory note, equal to 15% of the amount by which (i) our adjusted market value plus distributions exceeds (ii) the aggregate capital contributed by investors plus an amount equal to an 8% cumulative, non-compounded return to investors. | ' | ' | ' | ' |
Deferred costs and expenses, description | ' | ' | ' | 'Pursuant to the terms of the agreement with its Advisor, the Advisor has the right to defer (without interest) receipt of all of these fees and expenses. | ' | ' | ' | ' |
Receivable due from dealer manager | 20,138 | ' | 13,930 | ' | ' | ' | 20,138 | 13,930 |
Commissions and dealer manager fees incurred | ' | ' | ' | ' | ' | ' | $27,000 | $30,080 |
Investments_Details_Narrative
Investments (Details Narrative) (USD $) | 3 Months Ended | 2 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 01, 2013 | Mar. 31, 2014 | Aug. 31, 2012 | Aug. 17, 2012 | Sep. 30, 2012 | Sep. 10, 2012 | Nov. 15, 2013 | Oct. 01, 2013 | Dec. 31, 2013 | |
CHCR II, TCG Cincinnati DRE LP, and TCG 5400 FIB LP | CHCR II, TCG Cincinnati DRE LP, and TCG 5400 FIB LP | Colony Hills Capital Residential II, LLC | Colony Hills Capital Residential II, LLC | TCG Cincinnati DRE LP | TCG Cincinnati DRE LP | TCG 5400 FIB LP | TCG 5400 FIB LP | TCG 5400 FIB LP | |||
Integer | sqft | sqft | |||||||||
Integer | |||||||||||
Ownership interest | ' | ' | ' | ' | ' | 51.50% | ' | 12.00% | ' | ' | 50.30% |
Purchase price for the equity interest acquired | ' | ' | ' | ' | $1,250,000 | ' | $500,000 | ' | $400,000 | $3,500,000 | ' |
Total equity investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,900,000 |
Number of buildings in property | ' | ' | ' | ' | ' | 23 | ' | 3 | ' | ' | ' |
Number of units in multifamily complex | ' | ' | ' | ' | ' | 270 | ' | ' | ' | ' | ' |
Property area (square feet) | ' | ' | ' | ' | ' | ' | ' | 576,751 | ' | ' | 682,750 |
Percent of property occupied at time of acquisition | ' | ' | ' | ' | ' | 93.30% | ' | 100.00% | ' | ' | 100.00% |
Number of tenants | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' |
Length of leases, description | ' | ' | ' | ' | ' | ' | 'leases of two to ten years | ' | ' | ' | ' |
Total purchase price paid by joint venture | ' | ' | ' | ' | 13,900,000 | ' | ' | ' | ' | 21,900,000 | ' |
Portion of purchase paid for with secured debt | ' | ' | ' | ' | 10,600,000 | ' | ' | ' | ' | 15,000,000 | ' |
Equity method income | 35,038 | 23,263 | 23,263 | 35,038 | ' | ' | ' | ' | ' | ' | ' |
Cash distributions from investments in joint ventures | ' | ' | 44,178 | 152,386 | ' | ' | ' | ' | ' | ' | ' |
Combined revenues | 35,038 | 23,263 | 1,141,857 | 2,103,791 | ' | ' | ' | ' | ' | ' | ' |
Combined expenses | $409,436 | $639,291 | $841,340 | $1,109,041 | ' | ' | ' | ' | ' | ' | ' |
Equity_Details_Narrative
Equity (Details Narrative) | 3 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Stock distributions, description | ' |
During the quarter ended March 31, 2014 our Board of Directors declared a stock distribution of 0.015 shares each of our common stock, or 1.5% per distribution of each outstanding share of common stock, to our stockholders of record at the close of business on March 31, 2014 and was issued on April 15, 2014. |
Liquidity_Details_Narrative
Liquidity (Details Narrative) (USD $) | 3 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Cash | $633,454 | $265,952 | $175,356 |
Restricted cash | 100,005 | ' | ' |
Total cash assets | 733,459 | ' | ' |
Debt outstanding | $0 | ' | ' |
Investment oblgations, description | 'no obligations to fund capital in the existing investments | ' | ' |
Subsequent_Events_Details_Narr
Subsequent Events (Details Narrative) (Subsequent Event) | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Event | ' |
Subsequent event | 'From April 1, 2014 through May 6, 2014 the Company has sold 28,010 shares for gross offering proceeds of $275,000. |