Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 02, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | Steadfast Apartment REIT, Inc. | |
Entity Central Index Key | 1,585,219 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 51,604,300 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Real Estate: | ||
Land | $ 164,113,072 | $ 164,113,072 |
Building and improvements | 1,405,872,272 | 1,394,779,659 |
Total real estate, cost | 1,569,985,344 | 1,558,892,731 |
Less accumulated depreciation and amortization | (200,629,693) | (147,726,630) |
Total real estate, net | 1,369,355,651 | 1,411,166,101 |
Cash and cash equivalents | 62,267,700 | 27,298,855 |
Restricted cash | 15,958,322 | 11,368,850 |
Rents and other receivables | 1,858,296 | 1,722,065 |
Other assets | 3,578,379 | 2,812,186 |
Total assets | 1,453,018,348 | 1,454,368,057 |
Liabilities: | ||
Accounts payable and accrued liabilities | 31,291,721 | 27,612,665 |
Notes Payable, net: | ||
Mortgage notes payable, net | 502,204,904 | 948,557,074 |
Credit facilities, net | 547,883,759 | 44,848,788 |
Total notes payable, net | 1,050,088,663 | 993,405,862 |
Distributions payable | 3,809,169 | 3,886,730 |
Due to affiliates | 2,211,098 | 2,760,555 |
Total liabilities | 1,087,400,651 | 1,027,665,812 |
Commitments and contingencies (Note 9) | ||
Redeemable common stock | 0 | 36,397,062 |
Stockholders’ Equity: | ||
Preferred stock, $0.01 par value per share; 100,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Additional paid-in capital | 680,590,541 | 633,186,743 |
Cumulative distributions and net losses | (315,487,867) | (243,389,996) |
Total stockholders’ equity | 365,617,697 | 390,305,183 |
Total liabilities and stockholders’ equity | 1,453,018,348 | 1,454,368,057 |
Common Stock [Member] | ||
Notes Payable, net: | ||
Distributions payable | 3,809,169 | 3,886,730 |
Stockholders’ Equity: | ||
Common/Convertible stock, $0.01 par value per share | 515,013 | 508,426 |
Convertible Stock [Member] | ||
Stockholders’ Equity: | ||
Common/Convertible stock, $0.01 par value per share | $ 10 | $ 10 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common Stock [Member] | ||
Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Stock, shares authorized (in shares) | 999,999,000 | 999,999,000 |
Stock, shares issued (in shares) | 51,501,266 | 50,842,640 |
Stock, shares outstanding (in shares) | 51,501,266 | 50,842,640 |
Convertible Stock [Member] | ||
Stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Stock, shares authorized (in shares) | 1,000 | 1,000 |
Stock, shares issued (in shares) | 1,000 | 1,000 |
Stock, shares outstanding (in shares) | 1,000 | 1,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Revenues: | ||||
Rental income | $ 38,226,188 | $ 37,172,660 | $ 112,776,421 | $ 109,031,348 |
Tenant reimbursements and other | 4,929,191 | 4,417,962 | 14,221,150 | 13,084,919 |
Total revenues | 43,155,379 | 41,590,622 | 126,997,571 | 122,116,267 |
Expenses: | ||||
Operating, maintenance and management | 11,413,882 | 10,837,451 | 31,828,565 | 30,282,339 |
Real estate taxes and insurance | 5,581,414 | 6,226,236 | 17,229,297 | 17,784,640 |
Fees to affiliates | 9,626,258 | 5,747,690 | 21,249,639 | 17,112,248 |
Depreciation and amortization | 17,855,195 | 17,036,633 | 52,920,337 | 51,161,020 |
Interest expense | 11,707,341 | 8,945,547 | 31,032,177 | 25,245,411 |
Loss on debt extinguishment | 4,975,497 | 0 | 4,975,497 | 0 |
General and administrative expenses | 2,667,123 | 929,163 | 5,397,661 | 4,032,619 |
Acquisition costs | 0 | 0 | 0 | 2,185 |
Total expenses | 63,826,710 | 49,722,720 | 164,633,173 | 145,620,462 |
Net loss | $ (20,671,331) | $ (8,132,098) | $ (37,635,602) | $ (23,504,195) |
Loss per common share - basic and diluted (in dollars per share) | $ (0.40) | $ (0.16) | $ (0.74) | $ (0.47) |
Weighted average number of common shares outstanding - basic and diluted (in shares) | 51,422,384 | 50,512,524 | 51,198,919 | 50,220,925 |
Distributions declared per share (in dollars per share) | $ 0.227 | $ 0.227 | $ 0.673 | $ 0.673 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) | Total | Common Stock [Member] | Stock [Member]Common Stock [Member] | Stock [Member]Convertible Stock [Member] | Additional Paid-in Capital [Member] | Cumulative Distributions & Net Losses [Member] |
BALANCE, beginning of period (in shares) at Dec. 31, 2016 | 49,698,486 | 1,000 | ||||
BALANCE, beginning of period at Dec. 31, 2016 | $ 462,048,286 | $ 496,985 | $ 10 | $ 625,996,383 | $ (164,445,092) | |
Increase (decrease) in Stockholders' Equity | ||||||
Issuance of common stock (in shares) | 1,583,829 | |||||
Issuance of common stock | 23,338,092 | $ 15,838 | 23,322,254 | |||
Transfers from redeemable common stock | 10,025,412 | 10,025,412 | ||||
Redemption of common stock (in shares) | (439,675) | |||||
Repurchase of common stock | (6,190,737) | $ (4,397) | (6,186,340) | |||
Distributions declared | (45,321,063) | (45,321,063) | ||||
Amortization of stock-based compensation | 79,858 | 79,858 | ||||
Net loss | (33,623,841) | (33,623,841) | ||||
BALANCE, end of period (in shares) at Dec. 31, 2017 | 50,842,640 | 1,000 | ||||
BALANCE, end of period at Dec. 31, 2017 | 390,305,183 | $ 508,426 | $ 10 | 633,186,743 | (243,389,996) | |
Increase (decrease) in Stockholders' Equity | ||||||
Issuance of common stock (in shares) | 1,147,631 | |||||
Issuance of common stock | 17,175,364 | $ 11,477 | 17,163,887 | |||
Commissions on sales of common stock and related dealer manager fees to affiliates | (32,414) | (32,414) | ||||
Transfers from redeemable common stock | 37,028,102 | 37,028,102 | ||||
Redemption of common stock (in shares) | (489,005) | |||||
Repurchase of common stock | (6,886,216) | $ (4,890) | (6,881,326) | |||
Distributions declared | (34,462,269) | $ (34,462,269) | (34,462,269) | |||
Amortization of stock-based compensation | 60,721 | 60,721 | ||||
Net loss | (37,635,602) | (37,635,602) | ||||
BALANCE, end of period (in shares) at Sep. 30, 2018 | 51,501,266 | 1,000 | ||||
BALANCE, end of period at Sep. 30, 2018 | $ 365,617,697 | $ 515,013 | $ 10 | $ 680,590,541 | $ (315,487,867) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Cash Flows from Operating Activities: | |||||
Net loss | $ (20,671,331) | $ (8,132,098) | $ (37,635,602) | $ (23,504,195) | $ (33,623,841) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||||
Depreciation and amortization | 17,855,195 | 17,036,633 | 52,920,337 | 51,161,020 | |
Loss on disposal of buildings and improvements | 211,742 | 108,715 | |||
Amortization of deferred financing costs | 269,417 | 257,111 | 762,658 | 766,801 | |
Amortization of stock-based compensation | 60,721 | 66,019 | |||
Change in fair value of interest rate cap agreements | (641,013) | 438,261 | |||
Amortization of loan discount | 207,074 | 266,238 | |||
Loss on debt extinguishment | 4,975,497 | 0 | 4,975,497 | 0 | |
Insurance claim recoveries | (331,716) | (341,250) | |||
Changes in operating assets and liabilities: | |||||
Rents and other receivables | (136,231) | (17,315) | |||
Other assets | (351,980) | 186,555 | |||
Accounts payable and accrued liabilities | 5,900,772 | 2,224,747 | |||
Due to affiliates | (206,276) | (1,173,002) | |||
Net cash provided by operating activities | 25,735,983 | 30,182,594 | |||
Cash Flows from Investing Activities: | |||||
Additions to real estate investments | (13,049,961) | (21,353,583) | |||
Purchase of interest rate cap agreements | 43,200 | 0 | |||
Proceeds from settlement of interest rate cap agreements | 270,000 | 0 | |||
Proceeds from insurance claims | 331,716 | 341,250 | |||
Net cash used in investing activities | (12,491,445) | (21,012,333) | |||
Cash Flows from Financing Activities: | |||||
Proceeds from issuance of mortgage notes payable | 160,850,000 | 0 | |||
Principal payments on mortgage notes payable | (611,223,676) | (199,316) | |||
Borrowings from credit facilities | 562,669,000 | 10,000,000 | |||
Principal payments on credit facilities | (56,000,000) | 0 | |||
Payments of commissions on sale of common stock | (173,111) | (176,811) | |||
Payment of deferred financing costs | (4,538,261) | 0 | |||
Payment of debt extinguishment costs | (1,019,491) | 0 | |||
Distributions to common stockholders | (5,941,991) | (5,561,473) | (17,364,466) | (16,302,516) | |
Repurchase of common stock | (6,886,216) | (3,952,041) | |||
Net cash provided by (used in) financing activities | 26,313,779 | (10,630,684) | |||
Net increase (decrease) in cash, cash equivalents and restricted cash | 39,558,317 | (1,460,423) | |||
Cash, cash equivalents and restricted cash, beginning of the period | 38,667,705 | 38,815,266 | 38,815,266 | ||
Cash, cash equivalents and restricted cash, end of the period | $ 78,226,022 | $ 37,354,843 | 78,226,022 | 37,354,843 | $ 38,667,705 |
Supplemental Disclosures of Cash Flow Information: | |||||
Interest paid | 29,474,797 | 23,401,164 | |||
Supplemental Disclosures of Noncash Flow Transactions: | |||||
Decrease in distributions payable | (77,561) | (44,315) | |||
Distributions paid to common stockholders through common stock issuances pursuant to the distribution reinvestment plan | 17,175,364 | 17,546,003 | |||
(Decrease) increase in redeemable common stock | (36,397,062) | 6,472,018 | |||
(Decrease) increase in redemptions payable | (631,040) | 1,043,310 | |||
Decrease in accounts payable and accrued liabilities from additions to real estate investments | (1,590,676) | (1,498,767) | |||
Decrease in due to affiliates from additions to real estate investments | (137,656) | (159,779) | |||
Decrease in due to affiliates for commissions on sale of common stock | $ (205,525) | $ (176,811) |
Organization and Business
Organization and Business | 9 Months Ended |
Sep. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business | Organization and Business Steadfast Apartment REIT, Inc. (the “Company”) was formed on August 22, 2013, as a Maryland corporation that elected to qualify as a real estate investment trust (“REIT”) commencing with the taxable year ended December 31, 2014. On September 3, 2013, the Company was initially capitalized with the sale of 13,500 shares of common stock to Steadfast REIT Investments, LLC (the “Sponsor”) at a purchase price of $15.00 per share for an aggregate purchase price of $202,500 . Steadfast Apartment Advisor, LLC (the “Advisor”), a Delaware limited liability company formed on August 22, 2013, invested $1,000 in the Company in exchange for 1,000 shares of non-participating, non-voting convertible stock (the “Convertible Stock”) as described in Note 6 (Stockholders’ Equity). The Company owns and operates a diverse portfolio of multifamily properties located in targeted markets throughout the United States. As of September 30, 2018 , the Company owned 34 multifamily properties comprising a total of 11,601 apartment homes. For more information on the Company’s real estate portfolio, see Note 3 (Real Estate). Public Offering On December 30, 2013, the Company commenced its initial public offering to offer a maximum of 66,666,667 shares of common stock for sale to the public at an initial price of $15.00 per share (with discounts available for certain categories of purchasers) (the “Primary Offering”). The Company also registered up to 7,017,544 shares of common stock for sale pursuant to the Company’s distribution reinvestment plan (the “DRP,” and together with the Primary Offering, the “Public Offering”) at an initial price of $14.25 per share. The Company terminated its Public Offering on March 24, 2016, but continues to offer shares of common stock pursuant to the DRP. As of the termination of the Public Offering, the Company had sold 48,625,651 shares of common stock in the Public Offering for gross proceeds of $724,849,631 , including 1,011,561 shares of common stock issued pursuant to the DRP for gross offering proceeds of $14,414,752 . As of September 30, 2018 , the Company had issued 52,556,808 shares of common stock for gross offering proceeds of $782,801,364 , including 4,942,781 shares of common stock issued pursuant to the DRP for gross offering proceeds of $72,366,485 . On March 24, 2016, the Company’s board of directors determined an estimated value per share of the Company’s common stock of $14.46 as of December 31, 2015. On February 14, 2017, the Company’s board of directors determined an estimated value per share of the Company’s common stock of $14.85 as of December 31, 2016. On March 14, 2018 , the Company’s board of directors determined an estimated value per share of the Company’s common stock of $15.18 as of December 31, 2017. In connection with the determination of an estimated value per share, the Company’s board of directors determined a price per share for the DRP of $14.46 , $14.85 and $15.18 , effective May 1, 2016, March 1, 2017 and April 1, 2018, respectively. The Company’s board of directors may again, from time to time, in its sole discretion, change the price at which the Company offers shares pursuant to the DRP to reflect changes in the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant. The business of the Company is externally managed by the Advisor, pursuant to the Advisory Agreement dated December 13, 2013, by and among the Company, Steadfast Apartment REIT Operating Partnership, L.P. (the “Operating Partnership”) and the Advisor (as amended, the “Advisory Agreement”). The Advisory Agreement is subject to annual renewal by the Company’s board of directors. The current term of the Advisory Agreement expires on December 13, 2018. Subject to certain restrictions and limitations, the Advisor manages the Company’s day-to-day operations, manages the Company’s portfolio of properties and real estate-related assets, sources and presents investment opportunities to the Company’s board of directors and provides investment management services on the Company’s behalf. The Advisor has also entered into an Advisory Services Agreement with Crossroads Capital Advisors, LLC (“Crossroads Capital Advisors”), whereby Crossroads Capital Advisors provides certain advisory services to the Company on behalf of the Advisor. The Company retained Stira Capital Markets Group, LLC (formerly known as Steadfast Capital Markets Group, LLC) (the “Dealer Manager”), an affiliate of the Sponsor, to serve as the dealer manager for the Public Offering. The Dealer Manager was responsible for marketing the Company’s shares of common stock offered pursuant to the Public Offering. The Advisor, along with the Dealer Manager, provides marketing, investor relations and other administrative services on the Company’s behalf. Substantially all of the Company’s business is conducted through the Operating Partnership. The Company is the sole general partner of the Operating Partnership. The Company and Steadfast Apartment REIT Limited Partner, LLC, a Delaware limited liability company and a wholly-owned subsidiary of the Company, entered into a Limited Partnership Agreement (the “Partnership Agreement”) on September 3, 2013. As the Company accepted subscriptions for shares of its common stock, the Company transferred substantially all of the net offering proceeds from its Public Offering to the Operating Partnership as a contribution in exchange for partnership interests and the Company’s percentage ownership in the Operating Partnership increased proportionately. The Partnership Agreement provides that the Operating Partnership is operated in a manner that will enable the Company to (1) satisfy the requirements for being classified as a REIT for tax purposes, (2) avoid any federal income or excise tax liability and (3) ensure that the Operating Partnership will not be classified as a “publicly traded partnership” for purposes of Section 7704 of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), which classification could result in the Operating Partnership being taxed as a corporation. In addition to the administrative and operating costs and expenses incurred by the Operating Partnership in acquiring and operating real properties, the Operating Partnership pays all of the Company’s administrative costs and expenses, and such expenses are treated as expenses of the Operating Partnership. The Company commenced its real estate operations on May 22, 2014, upon acquiring a fee simple interest in a multifamily property located in Spring Hill, Tennessee. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies There have been no significant changes to the Company’s accounting policies since it filed its audited financial statements in its Annual Report on Form 10-K for the year ended December 31, 2017 , other than the adoption of Accounting Standards Update (“ASU”) 2016-18, as further described below. For further information about the Company’s accounting policies, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2017 , included in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 16, 2018. Principles of Consolidation and Basis of Presentation The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and nine months ended September 30, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Interest rate cap agreements - The Company has entered into certain interest rate cap agreements. These derivatives are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in other assets in the accompanying consolidated balance sheets. Changes in the fair value of the interest rate cap agreements are recorded as interest expense in the accompanying consolidated statements of operations. The following tables reflect the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: September 30, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 761,622 $ — December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 347,409 $ — Changes in assumptions or estimation methodologies can have a material effect on these estimated fair values. In this regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, may not be realized in an immediate settlement of the instrument. Fair Value of Financial Instruments The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, distributions payable, due to affiliates and notes payable. The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities and distributions payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The Company has determined that its notes payable, net are classified as Level 3 within the fair value hierarchy. The fair value of the notes payable, net is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. As of September 30, 2018 and December 31, 2017 , the fair value of the notes payable was $1,040,530,044 and $1,011,004,179 , respectively, compared to the carrying value of $1,050,088,663 and $993,405,862 , respectively. Distribution Policy The Company elected to be taxed as, and qualifies as, a REIT commencing with the taxable year ended December 31, 2014. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined 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). Distributions declared during the nine months ended September 30, 2018 , were based on daily record dates and calculated at a rate of $0.002466 per share per day during the period from January 1, 2018 through September 30, 2018 . Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. During the three and nine months ended September 30, 2018 , the Company declared distributions totaling $0.227 and $0.673 per share of common stock, respectively. During the three and nine months ended September 30, 2017 , the Company declared distributions totaling $0.227 and $0.673 per share of common stock, respectively. Per Share Data Basic loss per share attributable to common stockholders for all periods presented are computed by dividing net loss by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted loss per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assume each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock and convertible stock give rise to potentially dilutive shares of the Company’s common stock but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during the period. Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment. Reclassifications Certain amounts in the Company’s prior period consolidated unaudited financial statements were reclassified to conform to the current period presentation. These reclassifications did not change the results of operations of prior periods. On January 1, 2018, the Company adopted ASU 2016-18, as further described below. As a result, the Company no longer presents transfers between cash and restricted cash in the consolidated statements of cash flows. Instead, restricted cash is included with cash and cash equivalents when reconciling the beginning of the period and end of the period total amounts shown on the consolidated statements of cash flows. Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , which delayed the effective date of ASU 2014-09 by one year, which resulted in ASU 2014-09 being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company selected the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and adopted ASU 2014-09 effective January 1, 2018. The Company identified limited sources of revenues from non-lease components, and the Company did not experience a material impact on its revenue recognition in the consolidated financial statements upon adoption. Additionally, there was no impact to the Company’s recognition of rental revenue, as rental revenue from leasing arrangements was specifically excluded from ASU 2014-09. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 requires a modified retrospective transition approach. ASU 2016-02 will be effective in the first quarter of 2019 and allows for early adoption. The Company is evaluating the impact of ASU 2016-02 on its leases both as it relates to the Company acting as a lessor and as a lessee. Based on the preliminary results of its evaluation, as it relates to the former, the Company does not expect any material impact on the recognition of leases in the consolidated financial statements because under ASU 2016-02, lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As it relates to the latter, the Company does not expect a material impact on the recognition of leases in the consolidated financial statements because the quantity of leased equipment by the Company is limited. The Company is finalizing its evaluation of ASU 2016-02 and plans to adopt ASU 2016-02 on January 1, 2019. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (“ASU 2016-13”) . ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income (loss), including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2016-13 will have on its consolidated financial statements and related disclosures and believes that rents and other receivables in its consolidated balance sheets may be impacted by the adoption of ASU 2016-13. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash (“ASU 2016-18”) , that requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company adopted ASU 2016-18 on January 1, 2018 and applied it retrospectively. As a result of adopting ASU 2016-18, the Company began presenting restricted cash along with cash and cash equivalents in its consolidated statements of cash flows. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610-20”): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), that clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017-05 also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. Subtopic 610-20, which was issued in May 2014 as part of ASU 2014-09 (discussed above), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply amendments in ASU 2017-05 at the same time it applies the amendments in ASU 2014-09. ASU 2017-05 requires retrospective application and is effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. The Company adopted ASU 2017-05 on January 1, 2018. The Company did not experience a material impact from adopting ASU 2017-05. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The FASB issued ASU 2017-09 to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation - Stock Compensation , to a change to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 requires prospective application and is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted ASU 2017-09 on January 1, 2018. The Company did not experience a material impact from adopting ASU 2017-09. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”). The FASB issued ASU 2018-11 to clarify ASU 2016-02. The amendments in ASU 2018-11 provide entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies ASU 2016-02 at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASU 2018-11 also provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (1) the timing and pattern of transfer of the nonlease components and associated lease component are the same, and (2) the lease component, if accounted for separately, would be classified as an operating lease. If the nonlease components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. Otherwise, the entity must account for the combined component as an operating lease in accordance with Topic 842. For entities that have not adopted Topic 842 before the issuance of ASU 2018-11, the effective date and transition requirements for ASU 2018-11 related to separating components of a contract are the same as the effective date and transition requirements in ASU 2016-02. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”). The FASB issued ASU 2018-13 to improve the effectiveness of fair value measurement disclosures by adding, eliminating, and modifying certain disclosure requirements. The amendments in ASU 2018-13 modify the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement, based on the concepts in FASB Concepts Statement, Conceptual Framework for Financial Reporting-Chapter 8: Notes to Financial Statements, including the consideration of costs and benefits. ASU 2018-13 requires prospective and retrospective application depending on the amendment and is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact ASU 2018-13 will have on its consolidated financial statements and related disclosures and believes that certain disclosures of interest rate cap agreements in its consolidated financial statements may be impacted by the adoption of ASU 2018-13. |
Real Estate
Real Estate | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Abstract] | |
Real Estate | Real Estate As of September 30, 2018 , the Company owned 34 multifamily properties comprising a total of 11,601 apartment homes. The total contract acquisition price of the Company’s real estate portfolio was $1,499,381,750 . As of September 30, 2018 and December 31, 2017 , the Company’s portfolio was approximately 94.5% and 93.1% occupied and the average monthly rent was $1,159 and $1,137 , respectively. As of September 30, 2018 and December 31, 2017 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties were as follows: September 30, 2018 Assets Land Building and Improvements Total Real Estate Investments in real estate $ 164,113,072 $ 1,405,872,272 $ 1,569,985,344 Less: Accumulated depreciation and amortization — (200,629,693 ) (200,629,693 ) Net investments in real estate and related lease intangibles $ 164,113,072 $ 1,205,242,579 $ 1,369,355,651 December 31, 2017 Assets Land Building and Improvements Total Real Estate Investments in real estate $ 164,113,072 $ 1,394,779,659 $ 1,558,892,731 Less: Accumulated depreciation and amortization — (147,726,630 ) (147,726,630 ) Net investments in real estate and related lease intangibles $ 164,113,072 $ 1,247,053,029 $ 1,411,166,101 Depreciation and amortization expense was $17,855,195 and $52,920,337 for the three and nine months ended September 30, 2018 , and $17,036,633 and $51,161,020 for the three and nine months ended September 30, 2017 , respectively. Depreciation of the Company’s buildings and improvements was $17,855,195 and $52,920,337 for the three and nine months ended September 30, 2018 , and $17,036,633 and $50,150,908 for the three and nine months ended September 30, 2017 , respectively. No amortization of the Company’s tenant origination and absorption costs was recognized for the three and nine months ended September 30, 2018 . Amortization of the Company’s tenant origination and absorption costs was $0 and $1,010,112 for the three and nine months ended September 30, 2017 . Tenant origination and absorption costs had a weighted-average amortization period as of the date of acquisition of less than one year . As of March 31, 2017, all tenant origination and absorption costs were fully amortized and written off. Operating Leases As of September 30, 2018 , the Company’s real estate portfolio comprised 11,601 residential apartment homes and was 96.4% leased by a diverse group of residents. The residential lease terms consist of lease durations equal to twelve months or less. Some residential leases contain provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all of the risks and benefits of ownership of the real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as security deposits vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of its security deposit. Security deposits received in cash related to tenant leases are included in accounts payables and accrued liabilities in the accompanying consolidated balance sheets and totaled $4,059,561 and $3,613,649 as of September 30, 2018 and December 31, 2017 , respectively. As of September 30, 2018 and 2017 , no tenant represented over 10% of the Company’s annualized base rent. |
Other Assets
Other Assets | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Other Assets | Other Assets As of September 30, 2018 and December 31, 2017 , other assets consisted of: September 30, 2018 December 31, 2017 Prepaid expenses $ 1,860,916 $ 1,411,353 Interest rate cap agreements 761,622 347,409 Other deposits 955,841 1,053,424 Other assets $ 3,578,379 $ 2,812,186 |
Debt
Debt | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | Debt Mortgage Notes Payable The following is a summary of mortgage notes payable, net secured by real property as of September 30, 2018 and December 31, 2017 . September 30, 2018 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 8 12/1/2024 - 11/1/2025 1-Mo LIBOR + 1.88% 1-Mo LIBOR + 2.28% 4.27% $ 277,432,000 Fixed rate 7 7/1/2025 - 5/1/2054 4.34 % 4.60 % 4.45% 228,363,621 Mortgage notes payable, gross 15 4.35% 505,795,621 Discount, net (2) — Deferred financing costs, net (3) (3,590,717 ) Mortgage notes payable, net $ 502,204,904 December 31, 2017 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 29 12/1/2021 - 9/1/2026 1-Mo LIBOR + 1.61% 1-Mo LIBOR + 2.48% 3.58% $ 888,345,717 Fixed rate 2 7/1/2025 - 5/1/2054 4.34 % 4.60 % 4.51% 67,823,579 Mortgage notes payable, gross 31 3.63% 956,169,296 Discount, net (2) (2,275,838 ) Deferred financing costs, net (3) (5,336,384 ) Mortgage notes payable, net $ 948,557,074 ___________ (1) See Note 10 (Derivative Financial Instruments) for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company’s variable rate loans. (2) Accumulated amortization related to the debt discount as of September 30, 2018 and December 31, 2017 was $0 and $445,702 , respectively. (3) Accumulated amortization related to deferred financing costs as of September 30, 2018 and December 31, 2017 was $1,437,080 and $2,234,655 , respectively. Credit Facilities Refinancing Transactions On July 31, 2018, (the “Closing Date”), 16 indirect wholly-owned subsidiaries of the Company terminated the existing mortgage loans with their lenders for an aggregate principal amount of $479,318,649 and entered into a Master Credit Facility Agreement (“MCFA”) with Berkeley Point Capital LLC (“Facility Lender”) for an aggregate principal amount of $551,669,000 . The MCFA provides for three tranches: (i) a fixed rate loan in the aggregate principal amount of $331,001,400 that accrues interest at 4.43% per annum; (ii) a fixed rate loan in the aggregate principal amount of $137,917,250 that accrues interest at 4.57% ; and (iii) a variable rate loan in the aggregate principal amount of $82,750,350 that accrues interest at the one-month London Interbank Offered Rate (“LIBOR”) plus 1.70% . The loans have a maturity date of August 1, 2028, unless the maturity date is accelerated in accordance with the terms of the loan documents. Interest only payments are payable monthly through August 1, 2025, with interest and principal payments due monthly thereafter. The Company paid $1,930,842 in the aggregate in loan origination fees to the Facility Lender in connection with the refinancings, and paid the Advisor a loan coordination fee of $2,758,345 . On the Closing Date, five indirect wholly-owned subsidiaries of the Company terminated the existing mortgage loans with their lenders for an aggregate principal amount of $131,318,742 and entered into new loan agreements with PNC Bank, National Association (“PNC Bank”) for an aggregate principal amount of $160,850,000 . Each loan agreement provides for a term loan (each a “CME Loan” and, collectively the “CME Loans”) with a maturity date of August 1, 2028, unless the maturity date is accelerated with the loan terms. Each CME Loan accrues interest at a fixed rate of 4.43% per annum. The entire outstanding principal balance and any accrued and unpaid interest on each of the CME Loans are due on the maturity date. Interest only payments on the CME Loans are payable monthly in arrears on specified dates as set forth in each loan agreement and interest and principal payments are due beginning September 1, 2023. Monthly payments are due and payable on the first day of each month, commencing September 1, 2018. The Company paid $643,400 in the aggregate in loan origination fees to PNC Bank in connection with the refinancings, and paid the Advisor a loan coordination fee of $804,250 . On November 29, 2017, three of the Company’s wholly-owned subsidiaries refinanced their existing loans under the Company’s revolving credit facility for an aggregate principal amount of $93,825,000 and entered into new loan agreements (each a “Tranche 1 Loan Agreement”), with PNC Bank, for an aggregate principal amount of $100,752,000 , (the “November Refinancing Transactions”). Additionally, on December 29, 2017, another three of the Company’s wholly-owned subsidiaries refinanced their existing loans under the revolving credit facility for an aggregate principal amount of $92,475,000 and entered into new loan agreements (each a “Tranche 2 Loan Agreement” and, together with the Tranche 1 Loan Agreement, the “Loan Agreements”) with PNC Bank for an aggregate principal amount of $97,080,000 , (the “December Refinancing Transactions,” and, together with the November Refinancing Transactions, the “2017 Refinancing Transactions”). In the 2017 Refinancing Transactions, each Loan Agreement was made pursuant to the Freddie Mac Capital Markets Execution Program (“CME”), as evidenced by a multifamily note. Pursuant to the CME, PNC Bank originates the mortgage loan and then transfers the loan to the Federal Home Loan Mortgage Corporation (“Freddie Mac”). Each Loan Agreement refinanced in November and December provides for a term loan with a maturity of December 1, 2024 or January 1, 2025, respectively, unless the maturity date is accelerated in accordance with its terms. Each loan refinanced in November and December accrues interest at the one-month LIBOR plus 1.94% or 1.88% , respectively. The entire outstanding principal balance and any accrued and unpaid interest on each of the loans are due on the maturity date. Interest and principal payments on the loans are payable monthly in arrears on specified dates as set forth in each loan agreement. Monthly payments are due and payable on the first day of each month commencing on January 1, or February 1, 2018, as applicable. Revolving Credit Facility On August 26, 2015 , the Company entered into a revolving credit facility (the “Credit Facility”) with PNC Bank, in an amount not to exceed $200,000,000 , which provided for advances to purchase properties or refinance existing properties from time to time (subject to certain debt service and loan to value requirements). The Credit Facility had a maturity date of September 1, 2020 , subject to extension (the “Maturity Date”). The maximum amount available to be drawn under the Credit Facility could have been increased up to $350,000,000 at any time during the period from January 1, 2016 to 12 months prior to the Maturity Date, as further described in the Credit Agreement (the “Credit Agreement”) entered into by certain of the Company’s wholly-owned subsidiaries with PNC Bank in connection with property acquisitions. For each advance drawn under the Credit Facility, an Addition Fee, as defined in the Credit Agreement, was incurred. Advances made under the Credit Facility were secured by the property for which such advances were used (each a “Loan” and collectively the “Loans”), as evidenced by the Credit Agreement, Multifamily Loan and Security Agreement (the “Loan and Security Agreement”), the Multifamily Revolving Credit Note (the “Note”) and a Multifamily Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing (the “Mortgage”) and a Guaranty from the Company (the “Guaranty,” together with the Credit Agreement, the Loan and Security Agreement, the Note and the Mortgage, the “Loan Documents”). Each Loan was purchased from PNC Bank by Freddie Mac. As of September 30, 2018 , the Company had no outstanding balance under the Credit Facility. The Company is in the process of terminating the Credit Facility. Interest on the outstanding principal balances of the Loans accrued at the one-month LIBOR plus (1) the servicing spread of 0.05% and (2) the net spread, based on the debt service coverage ratio, of between 1.80% and 2.10% , as further described in the applicable Notes. Monthly interest payments were due and payable on the first day of each month until the Maturity Date. The entire outstanding principal balance and any accrued and unpaid interest on the Loans were due and payable in full on the Maturity Date. In addition to monthly interest payments, an unused commitment fee equal to 0.1% of the average daily difference between (1) the amount outstanding and (2) the maximum facility available was due and payable monthly. Additionally, an unused capacity fee equal to 1.0% of the average daily difference between the amount of the (1) maximum facility available and (2) the outstanding borrowing tranches, each as defined in the Credit Agreement, was due and payable monthly. Upon the second anniversary of each advance pursuant to the Credit Facility, a seasoning fee equal to 0.25% of such advance was due and payable monthly. The seasoning fee would increase by 0.25% on each subsequent anniversary until the Maturity Date. Revolving Line of Credit On May 18, 2016 , the Company entered into a line of credit facility (the “Line of Credit”) with PNC Bank in an amount not to exceed $65,000,000 . The Line of Credit provides for advances (each, an “LOC Loan” and collectively, the “LOC Loans”) solely for the purpose of financing the costs in connection with acquisitions and development of real estate projects and for general corporate purposes (subject to certain debt service and loan to value requirements). The Line of Credit has a maturity date of May 17, 2019 , subject to extension (the “LOC Maturity Date”), as further described in the loan agreement (the “LOC Loan Agreement”) entered into by certain of the Company’s wholly-owned subsidiaries with PNC Bank in connection with the acquisition of the Landings of Brentwood Property (the “Mortgaged Property”). Advances made under the Line of Credit are secured by the Mortgaged Property, as evidenced by the LOC Loan Agreement, the Revolving Credit Loan Note (the “LOC Note”), the Deed of Trust and a Guaranty from the Company (the “LOC Guaranty,” together with the LOC Loan Agreement and the LOC Note, the “LOC Loan Documents”). The Company has the option to select the interest rate in respect of the outstanding unpaid principal amount of the LOC Loans from the following options (the “Interest Rate Options”): (1) the sum of the Base Rate (as defined in the LOC Loan Agreement) plus 0.60% , or (2) a rate per annum fixed for the applicable LIBOR Interest Period (as defined in the LOC Loan Agreement) equal to the sum of LIBOR plus 1.60% . The Company may select different Interest Rate Options and different LIBOR Interest Periods to apply simultaneously to the LOC Loans comprising of different Borrowing Tranches (as defined in the LOC Loan Agreement) and may convert to or renew one or more Interest Rate Options with respect to all or any portion of the LOC Loans comprising any borrowing tranche provided that there may not be at any time outstanding more than eight borrowing tranches. Monthly interest payments are due and payable in arrears on the first day of each month and on the LOC Maturity Date. The entire outstanding principal balance and any accrued and unpaid interest on the LOC Loans are due and payable in full on the LOC Maturity Date. In addition to monthly interest payments, the Company will pay PNC Bank a non-refundable commitment fee equal to (a) the average daily difference between (i) the maximum principal amount of the LOC Loans minus (ii) the aggregate outstanding principal amount of all advances multiplied by (b) 0.15% . The commitment fee shall be payable in arrears on the first day of each calendar quarter until the LOC Maturity Date. As of September 30, 2018 and December 31, 2017 , the advances obtained and certain financing costs incurred under the MCFA and the Line of Credit, which are included in credit facilities, net, in the accompanying consolidated balance sheets, are summarized in the following table. Amount of Advance as of September 30, 2018 December 31, 2017 Principal balance on revolving line of credit, gross (1) $ — $ 45,000,000 Principal balance on master credit facility, gross 551,669,000 — Deferred financing costs, net on master credit facility (2) (3,714,033 ) — Deferred financing costs, net on revolving line of credit (3) (71,208 ) (151,212 ) Credit facilities, net $ 547,883,759 $ 44,848,788 ___________ (1) Landings of Brentwood is pledged as collateral pursuant to the Line of Credit. (2) Accumulated amortization related to deferred financing costs in respect of the MCFA as of September 30, 2018 and December 31, 2017 , was $326,924 and $0 , respectively. (3) Accumulated amortization related to deferred financing costs in respect of the Line of Credit as of September 30, 2018 and December 31, 2017 , was $253,792 and $173,788 , respectively. Maturity and Interest The following is a summary of the Company’s aggregate maturities as of September 30, 2018 : Maturities During the Years Ending December 31, Contractual Obligations Total Remainder of 2018 2019 2020 2021 2022 Thereafter Principal payments on outstanding debt (1) $ 1,057,464,621 $ 236,288 $ 966,946 $ 1,195,995 $ 5,308,837 $ 5,414,545 $ 1,044,342,010 ______________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of deferred financing costs and debt discount associated with the notes payable. The Company’s notes payable contain customary financial and non-financial debt covenants. As of September 30, 2018 , the Company was in compliance with all debt covenants. For the three and nine months ended September 30, 2018 , the Company incurred interest expense of $11,707,341 and $31,032,177 , respectively. Interest expense for the three and nine months ended September 30, 2018 , includes amortization of deferred financing costs of $269,417 and $762,658 , net unrealized gains from the change in fair value of interest rate cap agreements of $62,119 and $641,013 , amortization of loan discount of $29,582 and $207,074 , and Credit Facility commitment fees of $16,101 and $30,978 , respectively. For the three and nine months ended September 30, 2017 , the Company incurred interest expense of $8,945,547 and $25,245,411 , respectively. Interest expense for the three and nine months ended September 30, 2017 , includes amortization of deferred financing costs of $257,111 and $766,801 , net unrealized losses from the change in fair value of interest rate cap agreements of $42,607 and $438,261 , amortization of loan discount of $88,746 and $266,238 , seasoning fees on the Credit Facility of $19,689 and $19,689 and Credit Facility commitment fees of $10,981 and $35,293 , respectively. Interest expense of $3,810,602 and $2,581,941 was payable as of September 30, 2018 and December 31, 2017 , respectively, and is included in accounts payable and accrued liabilities in the accompanying consolidated balance sheets. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity General Under the Company’s Articles of Amendment and Restatement (the “Charter”), the total number of shares of capital stock authorized for issuance is 1,100,000,000 shares, consisting of 999,999,000 shares of common stock with a par value of $0.01 per share, 1,000 shares of convertible stock with a par value of $0.01 per share and 100,000,000 shares designated as preferred stock with a par value of $0.01 per share. Common Stock The shares of the Company’s common stock entitle the holders to one vote per share on all matters upon which stockholders are entitled to vote, to receive dividends and other distributions as authorized by the Company’s board of directors in accordance with the Maryland General Corporation Law and to all rights of a stockholder pursuant to the Maryland General Corporation Law. The common stock has no preferences or preemptive, conversion or exchange rights. On September 3, 2013, the Company issued 13,500 shares of common stock to the Sponsor for $202,500 . From inception through March 24, 2016, the date of the termination of the Public Offering, the Company had issued 48,625,651 shares of common stock in its Public Offering for offering proceeds of $640,012,497 , including 1,011,561 shares of common stock issued pursuant to the DRP for total proceeds of $14,414,752 , net of offering costs of $84,837,134 . Following the termination of the Public Offering, the Company continues to offer shares pursuant to the DRP. As of September 30, 2018 , the Company had issued 52,556,808 shares of common stock for offering proceeds of $697,964,230 , including 4,942,781 shares of common stock issued pursuant to the DRP for total proceeds of $72,366,485 , net of offering costs of $84,837,134 . The offering costs primarily consisted of selling commissions and dealer manager fees. As further discussed in Note 8 (Incentive Award Plan and Independent Director Compensation), the shares of restricted common stock vest and become non-forfeitable in four equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant or will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability or (2) a change in control of the Company. The issuance and vesting activity for the nine months ended September 30, 2018 , and year ended December 31, 2017 , for the restricted stock issued to the Company’s independent directors as compensation for services in connection with the independent directors’ re-election to the board of directors at the Company’s annual meeting was as follows: Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Nonvested shares at the beginning of the period 7,497 9,997 Granted shares 4,998 4,998 Vested shares (4,998 ) (7,498 ) Nonvested shares at the end of the period 7,497 7,497 Additionally, the weighted average fair value of restricted common stock issued to the Company’s independent directors for the nine months ended September 30, 2018 and year ended December 31, 2017 was as follows: Grant Year Weighted Average Fair Value 2017 $14.85 2018 15.18 Included in general and administrative expenses is $33,044 and $60,721 for the three and nine months ended September 30, 2018 , and $32,263 and $66,019 for the three and nine months ended September 30, 2017 , respectively, for compensation expense related to the issuance of restricted common stock. As of September 30, 2018 , the compensation expense related to the issuance of the restricted common stock not yet recognized was $104,155 . The weighted average remaining term of the restricted common stock was approximately 1.5 years as of September 30, 2018 . As of September 30, 2018 , no shares of restricted common stock issued to the independent directors have been forfeited. Convertible Stock The Company issued 1,000 shares of Convertible Stock to the Advisor for $1,000 . The Convertible Stock will convert into shares of common stock if and when: (A) the Company has made total distributions on the then-outstanding shares of its common stock equal to the original issue price of those shares plus an aggregate 6.0% cumulative, non-compounded, annual return on the original issue price of those shares, (B) the Company lists its common stock for trading on a national securities exchange or (C) the Advisory Agreement is terminated or not renewed (other than for “cause” as defined in the Advisory Agreement). In the event of a termination or non-renewal of the Advisory Agreement for cause, all of the shares of the Convertible Stock will be repurchased for $1.00 . In general, each share of Convertible Stock will convert into a number of shares of common stock equal to 1/1000 of the quotient of (A) 15% of the excess of (1) the Company’s “enterprise value” plus the aggregate value of distributions paid to date on the then outstanding shares of the Company’s common stock over (2) the aggregate purchase price paid by stockholders for those outstanding shares of common stock plus an aggregated 6.0% cumulative, non-compounded, annual return on the original issue price of those outstanding shares, divided by (B) the Company’s enterprise value divided by the number of outstanding shares of common stock on an as-converted basis, in each case calculated as of the date of the conversion. Preferred Stock The Charter also provides the Company’s board of directors with the authority to issue one or more classes or series of preferred stock, and prior to the issuance of such shares of preferred stock, the board of directors shall have the power from time to time to classify or reclassify, in one or more series, any unissued shares and designate the preferences, rights and privileges of such shares of preferred stock. The Company’s board of directors is authorized to amend the Charter without the approval of the stockholders to increase the aggregate number of authorized shares of capital stock or the number of shares of any class or series that the Company has authority to issue. As of September 30, 2018 and December 31, 2017 , no shares of the Company’s preferred stock were issued and outstanding. Distribution Reinvestment Plan The Company’s board of directors has approved the DRP through which common stockholders may elect to reinvest an amount equal to the distributions declared on their shares of common stock in additional shares of the Company’s common stock in lieu of receiving cash distributions. The purchase price per share under the DRP was initially $14.25 . On March 14, 2018, February 14, 2017 and March 24, 2016, the Company’s board of directors determined a price per share for the DRP of $15.18 , $14.85 and $14.46 , effective April 1, 2018, March 1, 2017 and May 1, 2016, respectively, in connection with the determination of an estimated value per share of the Company’s common stock. The Company’s board of directors may again, in its sole discretion, from time to time, change this price based upon changes in the Company’s estimated value per share and other factors that the Company’s board of directors deems relevant. No sales commissions or dealer manager fees are payable on shares sold through the DRP. The Company’s board of directors may amend, suspend or terminate the DRP at its discretion at any time upon ten days ’ notice to the Company’s stockholders. Following any termination of the DRP, all subsequent distributions to stockholders will be made in cash. Share Repurchase Plan and Redeemable Common Stock The Company’s share repurchase plan may provide an opportunity for stockholders to have their shares of common stock repurchased by the Company, subject to certain restrictions and limitations. No shares can be repurchased under the Company’s share repurchase plan until after the first anniversary of the date of purchase of such shares; provided, however, that this holding period shall not apply to repurchases requested within two years after the death or disability of a stockholder. From March 29, 2016, the date the Company first published an estimated value per share, until April 14, 2018, the purchase price for shares repurchased under the Company’s share repurchase plan was as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Estimated Value per Share (4) 2 years 95.0% of Estimated Value per Share (4) 3 years 97.5% of Estimated Value per Share (4) 4 years 100.0% of Estimated Value per Share (4) In the event of a stockholder’s death or disability (2) Average Issue Price for Shares (3) On March 14, 2018, the board of directors of the Company determined to amend the terms of the Company’s share repurchase plan effective as of April 15, 2018 to (1) limit the amount of shares repurchased pursuant to the Company’s share repurchase plan each quarter to $2,000,000 and (2) revise the repurchase price to an amount equal to 93% of the most recently publicly disclosed estimated value per share. Pursuant to the amended share repurchase program, the current share repurchase price is $14.12 per share, which represents 93% of the estimated value per share of $15.18 . The share repurchase price is further reduced based on how long the stockholder has held the shares as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of the Share Repurchase Price (4) 2 years 95.0% of the Share Repurchase Price (4) 3 years 97.5% of the Share Repurchase Price (4) 4 years 100.0% of the Share Repurchase Price (4) In the event of a stockholder’s death or disability (2) Average Issue Price for Shares (3) ________________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. Repurchase price includes the full amount paid for each share, including all sales commissions and dealer manager fees. (2) The required one -year holding period does not apply to repurchases requested within two years after the death or disability of a stockholder. (3) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. (4) T he “Share Repurchase Price” equals 93% of the Estimated Value per Share. The “Estimated Value Per Share” is the most recently publicly disclosed estimated value per share determined by the Company’s board of directors. The purchase price per share for shares repurchased pursuant to the Company’s share repurchase plan will be further reduced by the aggregate amount of net proceeds per share, if any, distributed to the Company’s stockholders prior to the Repurchase Date (defined below) as a result of the sale of one or more of the Company’s assets that constitutes a return of capital as a result of such sales. Repurchases of shares of the Company’s common stock are made quarterly upon written request to the Company at least 15 days prior to the end of the applicable quarter. Repurchase requests are honored approximately 30 days following the end of the applicable quarter (“Repurchase Date”). Stockholders may withdraw their repurchase request at any time up to three business days prior to the Repurchase Date. During the three and nine months ended September 30, 2018 , the Company repurchased a total of 142,393 and 489,003 shares with a total repurchase value of $2,000,000 and $6,886,216 , and received requests for repurchases of 837,351 and 1,378,877 shares with a total repurchase value of $11,690,162 and $19,165,825 , respectively. During the three and nine months ended September 30, 2017 , the Company repurchased a total of 103,118 and 281,139 shares with a total repurchase value of $1,474,427 and $3,952,041 , and received requests for repurchases of 155,540 and 353,366 shares with a total repurchase value of $2,206,818 and $4,992,801 , respectively. As of September 30, 2018 and 2017 , the Company’s total outstanding repurchase requests received that were subject to the Company’s limitations on repurchases (discussed below) were 1,056,307 shares and 148,203 shares, respectively, with a total net repurchase value of $14,680,738 and $2,096,507 , respectively. The Company cannot guarantee that the funds set aside for the share repurchase plan will be sufficient to accommodate all repurchase requests made in any quarter. In the event that the Company does not have sufficient funds available to repurchase all of the shares of the Company’s common stock for which repurchase requests have been submitted in any quarter, priority will be given to repurchase requests in the case of the death or disability of a stockholder. If the Company repurchases less than all of the shares subject to a repurchase request in any quarter, with respect to any shares which have not been repurchased, the Company will treat the shares that have not been repurchased as a request for repurchase in the following quarter pursuant to the limitations of the share repurchase plan and when sufficient funds are available, unless the stockholder withdraws the request for repurchase. Such pending requests will be honored among all requests for repurchases in any given repurchase period as follows: first, pro rata as to repurchases sought upon a stockholder’s death or disability; and, next, pro rata as to other repurchase requests. The Company is not obligated to repurchase shares of its common stock under the share repurchase plan. The share repurchase plan limits the number of shares to be repurchased in any calendar year to (1) 5% of the weighted average number of shares of common stock outstanding during the prior calendar year and (2) those that could be funded from the net proceeds from the sale of shares under the DRP in the prior calendar year, plus such additional funds as may be reserved for that purpose by the Company’s board of directors. Such sources of funds could include cash on hand, cash available from borrowings and cash from liquidations of securities investments as of the end of the applicable month, to the extent that such funds are not otherwise dedicated to a particular use, such as working capital, cash distributions to stockholders or purchases of real estate assets. The Company’s board of directors has further limited the amount of shares that may be repurchased pursuant to the share repurchase plan to $2,000,000 per quarter. There is no fee in connection with a repurchase of shares of the Company’s common stock pursuant to the Company’s share repurchase plan. The Company’s board of directors may, in its sole discretion, further amend, suspend or terminate the share repurchase plan at any time upon 30 days’ notice to its stockholders if it determines that the funds available to fund the share repurchase plan are needed for other business or operational purposes or that amendment, suspension or termination of the share repurchase plan is in the best interest of the Company’s stockholders. Therefore, a stockholder may not have the opportunity to make a repurchase request prior to any potential termination of the Company’s share repurchase plan. The share repurchase plan will terminate in the event that a secondary market develops for the Company’s shares of common stock. Pursuant to the share repurchase plan, for the three and nine months ended September 30, 2018 , the Company reclassified $0 and $37,028,102 , net of $2,000,000 and $6,886,216 of fulfilled redemption requests, respectively, from temporary equity to permanent equity, which is included as additional paid-in capital on the accompanying consolidated balance sheets. For the three and nine months ended September 30, 2017 , the Company reclassified $4,400,922 and $6,472,018 , net of $1,474,427 and $3,952,041 of fulfilled redemption requests, respectively, from permanent equity to temporary equity, which is included as redeemable common stock on the accompanying consolidated balance sheets. Distributions The Company’s long-term policy is to pay distributions solely from cash flow from operations. However, because the Company may receive income from interest or rents at various times during the Company’s fiscal year and because the Company may need cash flow from operations during a particular period to fund capital expenditures and other expenses, the Company expects that from time to time during the Company’s operational stage, the Company will declare distributions in anticipation of cash flow that the Company expects to receive during a later period, and the Company expects to pay these distributions in advance of its actual receipt of these funds. The Company’s board of directors has the authority under its organizational documents, to the extent permitted by Maryland law, to fund distributions from sources such as borrowings, offering proceeds or advances and the deferral of fees and expense reimbursements by the Advisor, in its sole discretion. The Company has not established a limit on the amount of proceeds it may use to fund distributions from sources other than cash flow from operations. If the Company pays distributions from sources other than cash flow from operations, the Company will have fewer funds available and stockholders’ overall return on their investment in the Company may be reduced. To maintain the Company’s qualification as a REIT, the Company must make aggregate annual distributions to its stockholders of at least 90% of its REIT taxable income (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). If the Company meets the REIT qualification requirements, the Company generally will not be subject to federal income tax on the income that the Company distributes to its stockholders each year. Distributions Declared The Company’s board of directors approved a cash distribution that accrued at a rate of $0.002466 per day for each share of the Company’s common stock during the three and nine months ended September 30, 2018 , which, if paid over a 365-day period is equivalent to a 6.0% annualized distribution rate based on a purchase price of $15.00 per share of the Company’s common stock. During the three and nine months ended September 30, 2017 , a cash distribution accrued at a rate of $0.002466 per day for each share, which, if paid over a 365-day period, is equivalent to a 6.0% annualized distribution rate based on a purchase price of $15.00 per share of the Company’s common stock. The distributions declared accrue daily to stockholders of record as of the close of business on each day and are payable in cumulative amounts on or before the third day of each calendar month with respect to the prior month. There is no guarantee that the Company will continue to pay distributions at this rate or at all. Distributions declared for the three and nine months ended September 30, 2018 , were $11,664,156 and $34,462,269 , including $5,672,728 and $17,042,127 , or 373,697 and 1,130,971 shares of common stock, respectively, attributable to the DRP. Distributions declared for the three and nine months ended September 30, 2017 were $11,458,896 and $33,804,204 , including $5,868,351 and $17,467,444 , or 395,175 and 1,179,883 shares of common stock, respectively, attributable to the DRP. As of September 30, 2018 and December 31, 2017 , $3,809,169 and $3,886,730 of distributions declared were payable, which included $1,837,673 and $1,970,910 , or 121,059 shares and 132,721 shares of common stock, attributable to the DRP, respectively. Distributions Paid For the three and nine months ended September 30, 2018 , the Company paid cash distributions of $5,941,991 and $17,364,466 , which related to distributions declared for each day in the period from June 1, 2018 through August 31, 2018 and December 1, 2017 through August 31, 2018, respectively. Additionally, for the three and nine months ended September 30, 2018 , 375,851 shares and 1,142,634 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $5,705,424 and $17,175,364 , respectively. For the three and nine months ended September 30, 2018 , the Company paid total distributions of $11,647,415 and $34,539,830 , respectively. For the three and nine months ended September 30, 2017 , the Company paid cash distributions of $5,561,473 and $16,302,516 , which related to distributions declared for each day in the period from June 1, 2017 through August 31, 2017 and December 1, 2016 through August 31, 2017, respectively. Additionally, for the three and nine months ended September 30, 2017 , 395,646 shares and 1,188,792 shares of common stock were issued pursuant to the DRP for gross offering proceeds of $5,875,349 and $17,546,003 , respectively. For the three and nine months ended September 30, 2017 , the Company paid total distributions of $11,436,822 and $33,848,519 , respectively. |
Related Party Arrangements
Related Party Arrangements | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | Related Party Arrangements The Company has entered into the Advisory Agreement with the Advisor and a Dealer Manager Agreement with the Dealer Manager. Pursuant to the Advisory Agreement and Dealer Manager Agreement, the Company is or was obligated to pay the Advisor and the Dealer Manager specified fees upon the provision of certain services related to the Public Offering, the investment of funds in real estate and real estate-related investments and the management of the Company’s investments and for other services (including, but not limited to, the disposition of investments). Subject to the limitations described below, the Company is also obligated to reimburse the Advisor and its affiliates for organization and offering costs incurred by the Advisor and its affiliates on behalf of the Company, as well as acquisition and origination expenses and certain operating expenses incurred on behalf of the Company or incurred in connection with providing services to the Company. Amounts attributable to the Advisor and its affiliates incurred (earned) for the three and nine months ended September 30, 2018 and 2017 , and amounts attributable to the Advisor and its affiliates that are payable (prepaid) as of September 30, 2018 and December 31, 2017 , are as follows: Incurred (Earned) For the Incurred (Earned) For the Payable (prepaid) as of Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 September 30, 2018 December 31, 2017 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 4,282,469 $ 4,237,702 $ 12,826,487 $ 12,662,631 $ 1,116 $ — Loan coordination fees (1) 3,562,595 — 3,562,595 — — 728,100 Property management: Fees (1) 1,241,104 1,195,132 3,653,311 3,511,386 420,215 396,722 Reimbursement of onsite personnel (2) 3,947,855 3,560,496 11,164,448 10,441,761 1,163,803 766,894 Other fees (1) 540,090 314,856 1,207,246 938,231 39,715 41,950 Other fees - property operations (2) 25,118 41,745 71,761 91,753 — — Other fees - G&A (3) 9,894 11,569 29,581 43,770 — — Other operating expenses (3) 326,867 266,685 867,968 1,160,388 178,917 76,515 Insurance proceeds (4) — — — (172,213 ) — — Property insurance (5) 353,715 436,041 1,111,904 530,474 (72,538 ) (172,717 ) Rental revenue (6) (6,840 ) — (6,840 ) — — — Consolidated Balance Sheets: Capitalized Capital expenditures (7) — 7,340 7,295 26,856 — — Construction management: Fees (7) 162,951 231,417 351,053 1,112,885 12,663 125,159 Reimbursement of labor costs (7) 224,473 470,676 724,860 2,174,123 37,855 62,876 Deferred financing costs (8) 18,923 — 18,923 — — — Additional paid-in capital Selling commissions — — — — 356,814 562,339 $ 14,689,214 $ 10,773,659 $ 35,590,592 $ 32,522,045 $ 2,138,560 $ 2,587,838 _____________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (3) Included in general and administrative expenses in the accompanying consolidated statements of operations. (4) Included in tenant reimbursements and other in the accompanying consolidated statements of operations. (5) Property related insurance expense and the amortization of the prepaid insurance deductible account are included in general and administrative expenses in the accompanying consolidated statements of operations. The amortization of the prepaid property insurance is included in operating, maintenance and management expenses in the accompanying consolidated statements of operations. The prepaid insurance is included in other assets in the accompanying consolidated balance sheets upon payment. (6) Included in rental income in the accompanying consolidated statements of operations. (7) Included in building and improvements in the accompanying consolidated balance sheets. (8) Included in credit facilities, net in the accompanying consolidated balance sheets. Investment Management Fee The Company pays the Advisor a monthly investment management fee equal to one-twelfth of 1.0% of the cost of the Company’s investments in real properties and real estate-related assets or the Company’s proportionate share thereof in the case of investments made through joint ventures. Such fee is calculated including acquisition fees, acquisition expenses and any debt attributable to such investments. Acquisition Fees and Expenses The Company pays the Advisor an acquisition fee equal to 1.0% of the cost of investment, which includes the amount actually paid or budgeted to fund the acquisition, origination, development, construction or improvement (i.e. value-enhancement) of any real property or real estate-related asset acquired. In addition to acquisition fees, the Company reimburses the Advisor for amounts directly incurred by the Advisor and amounts the Advisor pays to third parties in connection with the selection, evaluation, acquisition and development of a property or acquisition of real estate-related assets, whether or not the Company ultimately acquires the property or the real estate-related assets. The Charter limits the Company’s ability to pay acquisition fees if the total of all acquisition fees and expenses relating to the purchase would exceed 4.5% of the contract purchase price. Under the Charter, a majority of the Company’s board of directors, including a majority of the independent directors, is required to approve any acquisition fees (or portion thereof) that would cause the total of all acquisition fees and expenses relating to an acquisition to exceed 4.5% of the contract purchase price. In connection with the purchase of securities, the acquisition fee may be paid to an affiliate of the Advisor that is registered as a Financial Industry Regulatory Authority, Inc. (“FINRA”) member broker-dealer if applicable FINRA rules would prohibit the payment of the acquisition fee to a firm that is not a registered broker-dealer. Loan Coordination Fee The Company pays the Advisor or its affiliate a loan coordination fee equal to 1.0% of the initial amount of the new debt financed or outstanding debt assumed in connection with the acquisition, development, construction, improvement or origination of a property or a real estate-related asset. In addition, in connection with any financing or the refinancing of any debt (in each case, other than identified at the time of the acquisition of a property or a real estate-related asset), the Company pays the Advisor or its affiliate a loan coordination fee equal to 0.75% of the amount of debt financed or refinanced. Property Management Fees and Expenses The Company has entered into property management agreements (each, as amended from time to time, a “Property Management Agreement”) with Steadfast Management Company, Inc., an affiliate of the Sponsor (the “Property Manager”), in connection with the management of each of the Company’s properties. At September 30, 2018 , the property management fee payable with respect to each property under the Property Management Agreements ranged from 2.50% to 3.0% of the annual gross revenue collected at the property, as determined by the Advisor and approved by a majority of the Company’s board of directors, including a majority of the independent directors. Each Property Management Agreement has an initial one -year term and will continue thereafter on a month-to-month basis unless either party gives 60 -days’ prior notice of its desire to terminate the Property Management Agreement, provided that the Company may terminate the Property Management Agreement at any time upon a determination of gross negligence, willful misconduct or bad acts of the Property Manager or its employees or upon an uncured breach of the Property Management Agreement upon 30 days’ prior written notice to the Property Manager. In addition to the property management fee, the Property Management Agreements specify certain other fees payable to the Property Manager for benefit administration, information technology infrastructure, licenses, support and training services and capital expenditures. The Company also reimburses the Property Manager for the salaries and related benefits of on-site property management employees. Construction Management Fees and Expenses The Company has entered into construction management agreements (each a “Construction Management Agreement”) with Pacific Coast Land & Construction, Inc., an affiliate of the Sponsor (the “Construction Manager”), in connection with capital improvements and renovation or value-enhancement projects for certain properties the Company acquires. The construction management fee payable with respect to each property under the Construction Management Agreements ranges from 8.0% to 12.0% of the costs of the improvements for which the Construction Manager has planning and oversight authority. Generally, each Construction Management Agreement can be terminated by either party with 30 days prior written notice to the other party. Construction management fees are capitalized to the respective real estate properties in the period in which they are incurred as such costs relate to capital improvements and renovations for apartment homes taken out of service while they undergo the planned renovation. The Company may also reimburse the Construction Manager for the salaries and related benefits of certain of its employees for time spent working on capital improvements and renovations. Property Insurance The Company deposits amounts with an affiliate of the Sponsor to fund a prepaid insurance deductible account to cover the cost of required insurance deductibles across all properties of the Company and other affiliated entities. Upon filing a major claim, proceeds from the insurance deductible account may be used by the Company or another affiliate of the Sponsor. In addition, the Company deposits amounts with an affiliate of the Sponsor to cover the cost of property and property related insurance across certain properties of the Company. Other Operating Expense Reimbursement In addition to the various fees paid to the Advisor, the Company is obligated to pay directly or reimburse all expenses incurred by the Advisor in providing services to the Company, including the Company’s allocable share of the Advisor’s overhead, such as rent, employee costs, utilities and information technology costs. The Company will not reimburse the Advisor for employee costs in connection with services for which the Advisor or its affiliates receive acquisition fees or disposition fees or for the salaries the Advisor pays to the Company’s executive officers. The Charter limits the Company’s total operating expenses during any four fiscal quarters to the greater of 2% of the Company’s average invested assets or 25% of the Company’s net income for the same period (the “ 2% / 25% Limitation”). The Company may reimburse the Advisor, at the end of each fiscal quarter, for operating expenses incurred by the Advisor; provided, however, that the Company shall not reimburse the Advisor at the end of any fiscal quarter for operating expenses that exceed the 2% / 25% Limitation unless the independent directors have determined that such excess expenses were justified based on unusual and non-recurring factors. The Advisor must reimburse the Company for the amount by which the Company’s operating expenses for the preceding four fiscal quarters then ended exceed the 2% / 25% Limitation, unless approved by the independent directors. For purposes of determining the 2% / 25% Limitation, “average invested assets” means the average monthly book value of the Company’s assets invested directly or indirectly in equity interests and loans secured by real estate during the 12 -month period before deducting depreciation, bad debts reserves or other non-cash reserves. “Total operating expenses” means all expenses paid or incurred by the Company that are in any way related to the Company’s operation, including the Company’s allocable share of Advisor overhead and investment management fees, but excluding (a) the expenses of raising capital such as organization and offering expenses, legal, audit, accounting, underwriting, brokerage, listing, registration and other fees, printing and other such expenses and taxes incurred in connection with the issuance, distribution, transfer, listing and registration of shares of the Company’s common stock; (b) interest payments; (c) taxes; (d) non-cash expenditures such as depreciation, amortization and bad debt reserves; (e) reasonable incentive fees based on the gain in the sale of the Company’s assets; (f) acquisition fees and acquisition expenses (including expenses relating to potential acquisitions that the Company does not close); (g) real estate commissions on the resale of investments; and (h) other expenses connected with the acquisition, disposition, management and ownership of investments (including the costs of foreclosure, insurance premiums, legal services, maintenance, repair and improvement of real property). As of September 30, 2018 , the Company’s total operating expenses, as defined above, did not exceed the 2% / 25% Limitation. Disposition Fee If the Advisor or its affiliates provide a substantial amount of services in connection with the sale of a property or real estate-related asset as determined by a majority of the Company’s independent directors, the Company will pay the Advisor or its affiliates one-half of the brokerage commissions paid, but in no event to exceed 1% of the sales price of each property or real estate-related asset sold. To the extent the disposition fee is paid upon the sale of any assets other than real property, it will be included as an operating expense for purposes of the 2% / 25% Limitation. In connection with the sale of securities, the disposition fee may be paid to an affiliate of the Advisor that is registered as a FINRA member broker-dealer if applicable FINRA rules would prohibit the payment of the disposition fee to a firm that is not a registered broker-dealer. As of September 30, 2018 , the Company had not sold or otherwise disposed of any properties or any real estate-related assets. Accordingly, the Company had not incurred any disposition fees as of September 30, 2018 . Selling Commissions and Dealer Manager Fees The Company paid the Dealer Manager up to 7% and 3% of the gross offering proceeds from the Primary Offering as selling commissions and dealer manager fees, respectively. The Dealer Manager reallowed 100% of sales commissions earned to participating broker-dealers. The Dealer Manager could also reallow to any participating broker-dealer a portion of the dealer manager fee that was attributable to that participating broker-dealer for certain marketing costs of that participating broker-dealer. The Dealer Manager negotiated the reallowance of the dealer manager fee on a case-by-case basis with each participating broker-dealer subject to various factors associated with the cost of the marketing program. The Company allowed a participating broker-dealer to elect to receive the 7% selling commission at the time of sale or elect to have the selling commission paid on a trailing basis. A participating broker-dealer that elected to receive a trailing selling commission is paid as follows: 3% at the time of sale and the remaining 4% paid ratably ( 1% per year) on each of the first four anniversaries of the sale. A reduced sales commission and dealer manager fee was paid in connection with volume discounts and certain other categories of sales. No sales commission or dealer manager fee was paid with respect to shares of common stock issued pursuant to the DRP. The Company terminated the Public Offering on March 24, 2016 , and as of September 30, 2018 and December 31, 2017 , expects to pay trailing selling commissions of $356,814 and $562,339 , respectively, which were charged to additional paid-in capital and included within amounts due to affiliates in the accompanying consolidated balance sheets. |
Incentive Award Plan and Indepe
Incentive Award Plan and Independent Director Compensation | 9 Months Ended |
Sep. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Incentive Award Plan and Independent Director Compensation | Incentive Award Plan and Independent Director Compensation The Company has adopted an incentive award plan (the “Incentive Award Plan”) that provides for the grant of equity awards to its employees, directors and consultants and those of the Company’s affiliates. The Incentive Award Plan authorizes the grant of non-qualified and incentive stock options, restricted stock awards, restricted stock units, stock appreciation rights, dividend equivalents and other stock-based awards or cash-based awards. Under the Company’s independent directors’ compensation plan, which is a sub-plan of the Incentive Award Plan, each of the Company’s independent directors received 3,333 shares of restricted common stock once the Company raised $2,000,000 in gross offering proceeds in the Public Offering. Each subsequent independent director that joins the Company’s board of directors receives 3,333 shares of restricted common stock upon election to the Company’s board of directors. In addition, on the date following an independent director’s re-election to the Company’s board of directors, he or she receives 1,666 shares of restricted common stock. One-fourth of the shares of restricted common stock generally vest and become non-forfeitable upon issuance and the remaining portion will vest in three equal annual installments beginning on the date of grant and ending on the third anniversary of the date of grant; provided, however, that the restricted stock will become fully vested and become non-forfeitable on the earlier to occur of (1) the termination of the independent director’s service as a director due to his or her death or disability or (2) a change in control of the Company. These awards entitle the holders to participate in distributions. The Company recorded stock-based compensation expense of $33,044 and $60,721 for the three and nine months ended September 30, 2018 and $32,263 and $66,019 for the three and nine months ended September 30, 2017 , respectively, related to the independent directors’ restricted common stock. In addition to the stock awards, the Company pays each of its independent directors an annual retainer of $55,000 , prorated for any partial term (the audit committee chairperson receives an additional $10,000 annual retainer, prorated for any partial term). The independent directors are paid for attending meetings as follows: (i) $2,500 for each board meeting attended in person, (ii) $1,500 for each committee meeting attended in person in such director’s capacity as a committee member, (iii) $1,000 for each board meeting attended via teleconference (not to exceed $4,000 for any one set of meetings attended on any given day). All directors also receive reimbursement of reasonable out of pocket expenses incurred in connection with attendance at meetings of the board of directors. Director compensation is an operating expense of the Company that is subject to the operating expense reimbursement obligation of the Advisor discussed in Note 7 (Related Party Arrangements). The Company recorded an operating expense of $235,750 and $353,250 for the three and nine months ended September 30, 2018 , and $66,250 and $186,750 for the three and nine months ended September 30, 2017 , related to the independent directors’ annual retainer and attending board meetings, which is included in general and administrative expenses in the accompanying consolidated statements of operations. As of September 30, 2018 and December 31, 2017 , $235,750 and $55,750 , respectively, related to the independent directors’ annual retainer and board meetings attendance is included in accounts payable and accrued liabilities in the consolidated balance sheets. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Economic Dependency The Company is dependent on the Advisor for certain services that are essential to the Company, including the identification, evaluation, negotiation, purchase and disposition of real estate and real estate-related investments; management of the daily operations of the Company’s real estate and real estate-related investment portfolio; and other general and administrative responsibilities. In the event that the Advisor is unable to provide such services, the Company will be required to obtain such services from other sources. The Company may not be able to retain services from such other sources on favorable terms or at all. Concentration of Credit Risk The geographic concentration of the Company’s portfolio makes it particularly susceptible to adverse economic developments in the Atlanta, Georgia, Dallas/Fort Worth, Texas and Nashville, Tennessee apartment markets. Any adverse economic or real estate developments in these markets, such as business layoffs or downsizing, relocations of businesses, increased competition from other apartment communities, decrease in demand for apartments or any other changes, could adversely affect the Company’s operating results and its ability to make distributions to stockholders. Environmental As an owner of real estate, the Company is subject to various environmental laws of federal, state and local governments. The Company is not aware of any environmental liability that could have a material adverse effect on its financial condition or results of operations. However, changes in applicable environmental laws and regulations, the uses and conditions of properties in the vicinity of the Company’s properties, the activities of its tenants and other environmental conditions of which the Company is unaware with respect to the properties could result in future environmental liabilities. Legal Matters From time to time, the Company is subject, or party, to legal proceedings that arise in the ordinary course of its business. Management is not aware of any legal proceedings of which the outcome is reasonably likely to have a material adverse effect on the Company’s results of operations or financial condition nor is the Company aware of any such legal proceedings contemplated by government agencies. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The Company uses interest rate derivatives with the objective of managing exposure to interest rate movements thereby minimizing the effect of interest rate changes and the effect they could have on future cash flows. Interest rate cap agreements are used to accomplish this objective. The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at September 30, 2018 and December 31, 2017 : September 30, 2018 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 11/1/2018 - 8/1/2021 One-Month LIBOR 24 $ 821,198,450 2.26% 3.60% $ 761,622 December 31, 2017 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 6/1/2018 - 1/1/2021 One-Month LIBOR 29 $ 888,368,100 1.56% 3.17% $ 347,409 The interest rate cap agreements are not designated as effective cash flow hedges. Accordingly, the Company records any changes in the fair value of the interest rate cap agreements as interest expense. The change in the fair value of the interest rate cap agreements for the three and nine months ended September 30, 2018 , resulted in an unrealized gain of $62,119 and $641,013 and for the three and nine months ended September 30, 2017 , resulted in an unrealized loss of $42,607 and $438,261 , respectively, which is included in interest expense in the accompanying consolidated statements of operations. During the three and nine months ended September 30, 2018 , the Company acquired interest rate cap agreements of $43,200 and received settlement proceeds from interest rate cap agreements of $270,000 . The Company did not acquire any interest rate cap agreements or receive any settlement proceeds during the three and nine months ended September 30, 2017 . The fair value of the interest rate cap agreements of $761,622 and $347,409 as of September 30, 2018 and December 31, 2017 , respectively, is included in other assets on the accompanying consolidated balance sheets. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Distributions Paid On October 1, 2018 , the Company paid distributions of $3,809,169 , which related to distributions declared for each day in the period from September 1, 2018 through September 30, 2018 and consisted of cash distributions paid in the amount of $1,971,496 and $1,837,673 in shares issued pursuant to the DRP. On November 1, 2018 , the Company paid distributions of $3,946,664 , which related to distributions declared for each day in the period from October 1, 2018 through October 31, 2018 and consisted of cash distributions paid in the amount of $2,059,520 and $1,887,144 in shares issued pursuant to the DRP. Shares Repurchased On October 31, 2018, the Company repurchased 142,328 shares of its common stock for a total repurchase value of $2,000,000 , or $14.05 per share, pursuant to the Company’s share repurchase program. Distributions Declared On November 6, 2018, the Company’s board of directors approved and authorized a daily distribution to stockholders of record as of the close of business on each day of the period commencing on January 1, 2019 and ending on March 31, 2019 . The distributions will be equal to $0.002466 per share of the Company’s common stock per day. The distributions for each record date in January 2019 , February 2019 and March 2019 will be paid in February 2019 , March 2019 and April 2019 , respectively. The distributions will be payable to stockholders from legally available funds therefor. Amendment to Advisory Agreement On November 7, 2018, the Company entered into Amendment No. 5 (the “Amendment”) to the Advisory Agreement. The Amendment (i) clarifies that the payment of a loan coordination fee to the Advisor in connection with any financing or the refinancing of any debt (in each case, other than at the time of the acquisition of a property) does not count towards the 4.5% limit on acquisition fees and acquisition expenses and (ii) renews the term of the Advisory Agreement, effective December 13, 2018, for an additional one-year term ending on December 13, 2019. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | The consolidated financial statements include the accounts of the Company, the Operating Partnership and its subsidiaries. All significant intercompany balances and transactions are eliminated in consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting policies consistent with those of the Company. |
Basis of Presentation | The accompanying unaudited consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information as contained within the Financial Accounting Standards Board (“FASB”), Accounting Standards Codification (“ASC”) and the rules and regulations of the SEC, including the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, the unaudited consolidated financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. In the opinion of management, the financial statements for the unaudited interim periods presented include all adjustments that are of a normal and recurring nature and necessary for a fair and consistent presentation of the results of such periods. Operating results for the three and nine months ended September 30, 2018 , are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The unaudited consolidated financial statements herein should be read in conjunction with the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 . |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in conformity with GAAP requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could materially differ from those estimates. |
Fair Value Measurements | Fair Value Measurements Under GAAP, the Company is required to measure certain financial instruments at fair value on a recurring basis. In addition, the Company is required to measure other assets and liabilities at fair value on a non-recurring basis (e.g., carrying value of impaired real estate loans receivable and long-lived assets). Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The GAAP fair value framework uses a three-tiered approach. Fair value measurements are classified and disclosed in one of the following three categories: • Level 1: unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities; • Level 2: quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active, and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3: prices or valuation techniques where little or no market data is available that requires inputs that are both significant to the fair value measurement and unobservable. When available, the Company utilizes quoted market prices from an independent third-party source to determine fair value and will classify such items in Level 1 or Level 2. In instances where the market is not active, regardless of the availability of a nonbinding quoted market price, observable inputs might not be relevant and could require the Company to make a significant adjustment to derive a fair value measurement. Additionally, in an inactive market, a market price quoted from an independent third party may rely more on models with inputs based on information available only to that independent third party. When the Company determines the market for a financial instrument owned by the Company to be illiquid or when market transactions for similar instruments do not appear orderly, the Company uses several valuation sources (including internal valuations, discounted cash flow analysis and quoted market prices) and will establish a fair value by assigning weights to the various valuation sources. The following describes the valuation methodologies used by the Company to measure fair value, including an indication of the level in the fair value hierarchy in which each asset or liability is generally classified. Interest rate cap agreements - The Company has entered into certain interest rate cap agreements. These derivatives are recorded at fair value. Fair value was based on a model-driven valuation using the associated variable rate curve and an implied market volatility, both of which were observable at commonly quoted intervals for the full term of the interest rate cap agreements. Therefore, the Company’s interest rate cap agreements were classified within Level 2 of the fair value hierarchy and are included in other assets in the accompanying consolidated balance sheets. Changes in the fair value of the interest rate cap agreements are recorded as interest expense in the accompanying consolidated statements of operations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The accompanying consolidated balance sheets include the following financial instruments: cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities, distributions payable, due to affiliates and notes payable. The Company considers the carrying value of cash and cash equivalents, restricted cash, rents and other receivables, accounts payable and accrued liabilities and distributions payable to approximate the fair value of these financial instruments based on the short duration between origination of the instruments and their expected realization. The fair value of amounts due to affiliates is not determinable due to the related party nature of such amounts. The Company has determined that its notes payable, net are classified as Level 3 within the fair value hierarchy. The fair value of the notes payable, net is estimated using a discounted cash flow analysis using borrowing rates available to the Company for debt instruments with similar terms and maturities. |
Distribution Policy | Distribution Policy The Company elected to be taxed as, and qualifies as, a REIT commencing with the taxable year ended December 31, 2014. To maintain its qualification as a REIT, the Company intends to make distributions each taxable year equal to at least 90% of its REIT taxable income (which is determined 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). Distributions declared during the nine months ended September 30, 2018 , were based on daily record dates and calculated at a rate of $0.002466 per share per day during the period from January 1, 2018 through September 30, 2018 . Distributions to stockholders are determined by the board of directors of the Company and are dependent upon a number of factors relating to the Company, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements and annual distribution requirements in order for the Company to qualify as a REIT under the Internal Revenue Code. |
Per Share Data | Per Share Data Basic loss per share attributable to common stockholders for all periods presented are computed by dividing net loss by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted loss per share is computed based on the weighted average number of shares of the Company’s common stock and all potentially dilutive securities, if any. Distributions declared per common share assume each share was issued and outstanding each day during the period. Nonvested shares of the Company’s restricted common stock and convertible stock give rise to potentially dilutive shares of the Company’s common stock but such shares were excluded from the computation of diluted earnings per share because such shares were anti-dilutive during the period. |
Segment Disclosure | Segment Disclosure The Company has determined that it has one reportable segment with activities related to investing in multifamily properties. The Company’s investments in real estate are in different geographic regions, and management evaluates operating performance on an individual asset level. However, as each of the Company’s assets has similar economic characteristics, tenants and products and services, its assets have been aggregated into one reportable segment. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 requires an entity to recognize the revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods and services. ASU 2014-09 supersedes the revenue requirements in Revenue Recognition (Topic 605) and most industry-specific guidance throughout the Industry Topics of the Codification. ASU 2014-09 does not apply to lease contracts within the scope of Leases (Topic 840). In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606) , which delayed the effective date of ASU 2014-09 by one year, which resulted in ASU 2014-09 being effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and is to be applied retrospectively. Early adoption is permitted, but can be no earlier than the original public entity effective date of fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company selected the modified retrospective transition method with a cumulative effect recognized as of the date of adoption and adopted ASU 2014-09 effective January 1, 2018. The Company identified limited sources of revenues from non-lease components, and the Company did not experience a material impact on its revenue recognition in the consolidated financial statements upon adoption. Additionally, there was no impact to the Company’s recognition of rental revenue, as rental revenue from leasing arrangements was specifically excluded from ASU 2014-09. In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), amending the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. ASU 2016-02 requires a modified retrospective transition approach. ASU 2016-02 will be effective in the first quarter of 2019 and allows for early adoption. The Company is evaluating the impact of ASU 2016-02 on its leases both as it relates to the Company acting as a lessor and as a lessee. Based on the preliminary results of its evaluation, as it relates to the former, the Company does not expect any material impact on the recognition of leases in the consolidated financial statements because under ASU 2016-02, lessors will continue to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases, and operating leases. As it relates to the latter, the Company does not expect a material impact on the recognition of leases in the consolidated financial statements because the quantity of leased equipment by the Company is limited. The Company is finalizing its evaluation of ASU 2016-02 and plans to adopt ASU 2016-02 on January 1, 2019. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (“ASU 2016-13”) . ASU 2016-13 requires more timely recording of credit losses on loans and other financial instruments that are not accounted for at fair value through net income (loss), including loans held for investment, held-to-maturity debt securities, trade and other receivables, net investment in leases and other such commitments. ASU 2016-13 requires that financial assets measured at amortized cost be presented at the net amount expected to be collected, through an allowance for credit losses that is deducted from the amortized cost basis. The amendments in ASU 2016-13 require the Company to measure all expected credit losses based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the financial assets and eliminates the “incurred loss” methodology in current GAAP. ASU 2016-13 is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The Company is currently evaluating the impact ASU 2016-13 will have on its consolidated financial statements and related disclosures and believes that rents and other receivables in its consolidated balance sheets may be impacted by the adoption of ASU 2016-13. In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows (Topic 230), Restricted Cash (“ASU 2016-18”) , that requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, restricted cash and restricted cash equivalents. Therefore, amounts generally described as restricted cash should be included with cash and cash equivalents when reconciling the beginning of period and end of period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for annual periods beginning after December 15, 2017, and interim periods within those years. Early adoption is permitted. The Company adopted ASU 2016-18 on January 1, 2018 and applied it retrospectively. As a result of adopting ASU 2016-18, the Company began presenting restricted cash along with cash and cash equivalents in its consolidated statements of cash flows. In February 2017, the FASB issued ASU 2017-05, Other Income - Gains and Losses from the Derecognition of Nonfinancial Assets (“Subtopic 610-20”): Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), that clarifies that a financial asset is within the scope of Subtopic 610-20 if it meets the definition of an in substance nonfinancial asset and defines the term in substance nonfinancial asset. ASU 2017-05 also clarifies that nonfinancial assets within the scope of Subtopic 610-20 may include nonfinancial assets transferred within a legal entity to a counterparty. Subtopic 610-20, which was issued in May 2014 as part of ASU 2014-09 (discussed above), provides guidance for recognizing gains and losses from the transfer of nonfinancial assets in contracts with noncustomers. An entity is required to apply amendments in ASU 2017-05 at the same time it applies the amendments in ASU 2014-09. ASU 2017-05 requires retrospective application and is effective for fiscal years beginning after December 15, 2017, including interim reporting periods within those fiscal years. The Company adopted ASU 2017-05 on January 1, 2018. The Company did not experience a material impact from adopting ASU 2017-05. In May 2017, the FASB issued ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”). The FASB issued ASU 2017-09 to provide clarity and reduce both (1) diversity in practice and (2) cost and complexity when applying the guidance in Topic 718, Compensation - Stock Compensation , to a change to the terms or conditions of a share-based payment award. The amendments in ASU 2017-09 provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in Topic 718. ASU 2017-09 requires prospective application and is effective for annual periods beginning after December 15, 2017, including interim periods within those fiscal years. The Company adopted ASU 2017-09 on January 1, 2018. The Company did not experience a material impact from adopting ASU 2017-09. In July 2018, the FASB issued ASU 2018-11, Leases (Topic 842): Targeted Improvements (“ASU 2018-11”). The FASB issued ASU 2018-11 to clarify ASU 2016-02. The amendments in ASU 2018-11 provide entities with an additional (and optional) transition method to adopt the new leases standard. Under this new transition method, an entity initially applies ASU 2016-02 at the adoption date and recognizes a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. ASU 2018-11 also provides lessors with a practical expedient, by class of underlying asset, to not separate nonlease components from the associated lease component and, instead, to account for those components as a single component if the nonlease components otherwise would be accounted for under the new revenue guidance (Topic 606) and both of the following are met: (1) the timing and pattern of transfer of the nonlease components and associated lease component are the same, and (2) the lease component, if accounted for separately, would be classified as an operating lease. If the nonlease components associated with the lease component are the predominant component of the combined component, an entity is required to account for the combined component in accordance with Topic 606. Otherwise, the entity must account for the combined component as an operating lease in accordance with Topic 842. For entities that have not adopted Topic 842 before the issuance of ASU 2018-11, the effective date and transition requirements for ASU 2018-11 related to separating components of a contract are the same as the effective date and transition requirements in ASU 2016-02. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Assets Required to be Measured at Fair Value on a Recurring Basis | The following tables reflect the Company’s assets required to be measured at fair value on a recurring basis on the consolidated balance sheets: September 30, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 761,622 $ — December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets: Interest rate cap agreements $ — $ 347,409 $ — |
Real Estate (Tables)
Real Estate (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Real Estate [Abstract] | |
Schedule of Accumulated Depreciation and Amortization Related to Consolidated Real Estate Properties and Related Intangibles | As of September 30, 2018 and December 31, 2017 , accumulated depreciation and amortization related to the Company’s consolidated real estate properties were as follows: September 30, 2018 Assets Land Building and Improvements Total Real Estate Investments in real estate $ 164,113,072 $ 1,405,872,272 $ 1,569,985,344 Less: Accumulated depreciation and amortization — (200,629,693 ) (200,629,693 ) Net investments in real estate and related lease intangibles $ 164,113,072 $ 1,205,242,579 $ 1,369,355,651 December 31, 2017 Assets Land Building and Improvements Total Real Estate Investments in real estate $ 164,113,072 $ 1,394,779,659 $ 1,558,892,731 Less: Accumulated depreciation and amortization — (147,726,630 ) (147,726,630 ) Net investments in real estate and related lease intangibles $ 164,113,072 $ 1,247,053,029 $ 1,411,166,101 |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | As of September 30, 2018 and December 31, 2017 , other assets consisted of: September 30, 2018 December 31, 2017 Prepaid expenses $ 1,860,916 $ 1,411,353 Interest rate cap agreements 761,622 347,409 Other deposits 955,841 1,053,424 Other assets $ 3,578,379 $ 2,812,186 |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Mortgage Notes Payable Secured by Real Property | The following is a summary of mortgage notes payable, net secured by real property as of September 30, 2018 and December 31, 2017 . September 30, 2018 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 8 12/1/2024 - 11/1/2025 1-Mo LIBOR + 1.88% 1-Mo LIBOR + 2.28% 4.27% $ 277,432,000 Fixed rate 7 7/1/2025 - 5/1/2054 4.34 % 4.60 % 4.45% 228,363,621 Mortgage notes payable, gross 15 4.35% 505,795,621 Discount, net (2) — Deferred financing costs, net (3) (3,590,717 ) Mortgage notes payable, net $ 502,204,904 December 31, 2017 Interest Rate Range Weighted Average Interest Rate Type Number of Instruments Maturity Date Range Minimum Maximum Principal Outstanding Variable rate (1) 29 12/1/2021 - 9/1/2026 1-Mo LIBOR + 1.61% 1-Mo LIBOR + 2.48% 3.58% $ 888,345,717 Fixed rate 2 7/1/2025 - 5/1/2054 4.34 % 4.60 % 4.51% 67,823,579 Mortgage notes payable, gross 31 3.63% 956,169,296 Discount, net (2) (2,275,838 ) Deferred financing costs, net (3) (5,336,384 ) Mortgage notes payable, net $ 948,557,074 ___________ (1) See Note 10 (Derivative Financial Instruments) for a discussion of the interest rate cap agreements used to manage the exposure to interest rate movement on the Company’s variable rate loans. (2) Accumulated amortization related to the debt discount as of September 30, 2018 and December 31, 2017 was $0 and $445,702 , respectively. (3) Accumulated amortization related to deferred financing costs as of September 30, 2018 and December 31, 2017 was $1,437,080 and $2,234,655 , respectively. |
Summary of Advances Obtained and Certain Financing Costs Incurred Under the Credit Facility | As of September 30, 2018 and December 31, 2017 , the advances obtained and certain financing costs incurred under the MCFA and the Line of Credit, which are included in credit facilities, net, in the accompanying consolidated balance sheets, are summarized in the following table. Amount of Advance as of September 30, 2018 December 31, 2017 Principal balance on revolving line of credit, gross (1) $ — $ 45,000,000 Principal balance on master credit facility, gross 551,669,000 — Deferred financing costs, net on master credit facility (2) (3,714,033 ) — Deferred financing costs, net on revolving line of credit (3) (71,208 ) (151,212 ) Credit facilities, net $ 547,883,759 $ 44,848,788 ___________ (1) Landings of Brentwood is pledged as collateral pursuant to the Line of Credit. (2) Accumulated amortization related to deferred financing costs in respect of the MCFA as of September 30, 2018 and December 31, 2017 , was $326,924 and $0 , respectively. (3) Accumulated amortization related to deferred financing costs in respect of the Line of Credit as of September 30, 2018 and December 31, 2017 , was $253,792 and $173,788 , respectively. |
Summary of Aggregate Maturities | The following is a summary of the Company’s aggregate maturities as of September 30, 2018 : Maturities During the Years Ending December 31, Contractual Obligations Total Remainder of 2018 2019 2020 2021 2022 Thereafter Principal payments on outstanding debt (1) $ 1,057,464,621 $ 236,288 $ 966,946 $ 1,195,995 $ 5,308,837 $ 5,414,545 $ 1,044,342,010 ______________ (1) Projected principal payments on outstanding debt obligations are based on the terms of the notes payable agreements. Amounts exclude the amortization of deferred financing costs and debt discount associated with the notes payable. |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Schedule of Restricted Stock Issued to Independent Directors as Compensation for Services | The issuance and vesting activity for the nine months ended September 30, 2018 , and year ended December 31, 2017 , for the restricted stock issued to the Company’s independent directors as compensation for services in connection with the independent directors’ re-election to the board of directors at the Company’s annual meeting was as follows: Nine Months Ended September 30, 2018 Year Ended December 31, 2017 Nonvested shares at the beginning of the period 7,497 9,997 Granted shares 4,998 4,998 Vested shares (4,998 ) (7,498 ) Nonvested shares at the end of the period 7,497 7,497 Additionally, the weighted average fair value of restricted common stock issued to the Company’s independent directors for the nine months ended September 30, 2018 and year ended December 31, 2017 was as follows: Grant Year Weighted Average Fair Value 2017 $14.85 2018 15.18 |
Schedule of Share Repurchase Plan Following Estimated Value Per Share of Common Stock is Published | From March 29, 2016, the date the Company first published an estimated value per share, until April 14, 2018, the purchase price for shares repurchased under the Company’s share repurchase plan was as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Estimated Value per Share (4) 2 years 95.0% of Estimated Value per Share (4) 3 years 97.5% of Estimated Value per Share (4) 4 years 100.0% of Estimated Value per Share (4) In the event of a stockholder’s death or disability (2) Average Issue Price for Shares (3) On March 14, 2018, the board of directors of the Company determined to amend the terms of the Company’s share repurchase plan effective as of April 15, 2018 to (1) limit the amount of shares repurchased pursuant to the Company’s share repurchase plan each quarter to $2,000,000 and (2) revise the repurchase price to an amount equal to 93% of the most recently publicly disclosed estimated value per share. Pursuant to the amended share repurchase program, the current share repurchase price is $14.12 per share, which represents 93% of the estimated value per share of $15.18 . The share repurchase price is further reduced based on how long the stockholder has held the shares as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of the Share Repurchase Price (4) 2 years 95.0% of the Share Repurchase Price (4) 3 years 97.5% of the Share Repurchase Price (4) 4 years 100.0% of the Share Repurchase Price (4) In the event of a stockholder’s death or disability (2) Average Issue Price for Shares (3) ________________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. Repurchase price includes the full amount paid for each share, including all sales commissions and dealer manager fees. (2) The required one -year holding period does not apply to repurchases requested within two years after the death or disability of a stockholder. (3) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. (4) T he “Share Repurchase Price” equals 93% of the Estimated Value per Share. The “Estimated Value Per Share” is the most recently publicly disclosed estimated value per share determined by the Company’s board of directors. |
Schedule of Share Repurchase Plan Prior to Estimated Value Per Share of Common Stock is Published | From March 29, 2016, the date the Company first published an estimated value per share, until April 14, 2018, the purchase price for shares repurchased under the Company’s share repurchase plan was as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of Estimated Value per Share (4) 2 years 95.0% of Estimated Value per Share (4) 3 years 97.5% of Estimated Value per Share (4) 4 years 100.0% of Estimated Value per Share (4) In the event of a stockholder’s death or disability (2) Average Issue Price for Shares (3) On March 14, 2018, the board of directors of the Company determined to amend the terms of the Company’s share repurchase plan effective as of April 15, 2018 to (1) limit the amount of shares repurchased pursuant to the Company’s share repurchase plan each quarter to $2,000,000 and (2) revise the repurchase price to an amount equal to 93% of the most recently publicly disclosed estimated value per share. Pursuant to the amended share repurchase program, the current share repurchase price is $14.12 per share, which represents 93% of the estimated value per share of $15.18 . The share repurchase price is further reduced based on how long the stockholder has held the shares as follows: Share Purchase Anniversary Repurchase Price on Repurchase Date (1) Less than 1 year No Repurchase Allowed 1 year 92.5% of the Share Repurchase Price (4) 2 years 95.0% of the Share Repurchase Price (4) 3 years 97.5% of the Share Repurchase Price (4) 4 years 100.0% of the Share Repurchase Price (4) In the event of a stockholder’s death or disability (2) Average Issue Price for Shares (3) ________________ (1) As adjusted for any stock dividends, combinations, splits, recapitalizations or any similar transaction with respect to the shares of common stock. Repurchase price includes the full amount paid for each share, including all sales commissions and dealer manager fees. (2) The required one -year holding period does not apply to repurchases requested within two years after the death or disability of a stockholder. (3) The purchase price per share for shares repurchased upon the death or disability of a stockholder will be equal to the average issue price per share for all of the stockholder’s shares. (4) T he “Share Repurchase Price” equals 93% of the Estimated Value per Share. The “Estimated Value Per Share” is the most recently publicly disclosed estimated value per share determined by the Company’s board of directors. |
Related Party Arrangements (Tab
Related Party Arrangements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts Attributable to the Advisor and its Affiliates | Amounts attributable to the Advisor and its affiliates incurred (earned) for the three and nine months ended September 30, 2018 and 2017 , and amounts attributable to the Advisor and its affiliates that are payable (prepaid) as of September 30, 2018 and December 31, 2017 , are as follows: Incurred (Earned) For the Incurred (Earned) For the Payable (prepaid) as of Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 September 30, 2018 December 31, 2017 Consolidated Statements of Operations: Expensed Investment management fees (1) $ 4,282,469 $ 4,237,702 $ 12,826,487 $ 12,662,631 $ 1,116 $ — Loan coordination fees (1) 3,562,595 — 3,562,595 — — 728,100 Property management: Fees (1) 1,241,104 1,195,132 3,653,311 3,511,386 420,215 396,722 Reimbursement of onsite personnel (2) 3,947,855 3,560,496 11,164,448 10,441,761 1,163,803 766,894 Other fees (1) 540,090 314,856 1,207,246 938,231 39,715 41,950 Other fees - property operations (2) 25,118 41,745 71,761 91,753 — — Other fees - G&A (3) 9,894 11,569 29,581 43,770 — — Other operating expenses (3) 326,867 266,685 867,968 1,160,388 178,917 76,515 Insurance proceeds (4) — — — (172,213 ) — — Property insurance (5) 353,715 436,041 1,111,904 530,474 (72,538 ) (172,717 ) Rental revenue (6) (6,840 ) — (6,840 ) — — — Consolidated Balance Sheets: Capitalized Capital expenditures (7) — 7,340 7,295 26,856 — — Construction management: Fees (7) 162,951 231,417 351,053 1,112,885 12,663 125,159 Reimbursement of labor costs (7) 224,473 470,676 724,860 2,174,123 37,855 62,876 Deferred financing costs (8) 18,923 — 18,923 — — — Additional paid-in capital Selling commissions — — — — 356,814 562,339 $ 14,689,214 $ 10,773,659 $ 35,590,592 $ 32,522,045 $ 2,138,560 $ 2,587,838 _____________________ (1) Included in fees to affiliates in the accompanying consolidated statements of operations. (2) Included in operating, maintenance and management in the accompanying consolidated statements of operations. (3) Included in general and administrative expenses in the accompanying consolidated statements of operations. (4) Included in tenant reimbursements and other in the accompanying consolidated statements of operations. (5) Property related insurance expense and the amortization of the prepaid insurance deductible account are included in general and administrative expenses in the accompanying consolidated statements of operations. The amortization of the prepaid property insurance is included in operating, maintenance and management expenses in the accompanying consolidated statements of operations. The prepaid insurance is included in other assets in the accompanying consolidated balance sheets upon payment. (6) Included in rental income in the accompanying consolidated statements of operations. (7) Included in building and improvements in the accompanying consolidated balance sheets. (8) Included in credit facilities, net in the accompanying consolidated balance sheets. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Interest Rate Derivatives | The following table provides the terms of the Company’s interest rate derivative instruments that were in effect at September 30, 2018 and December 31, 2017 : September 30, 2018 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 11/1/2018 - 8/1/2021 One-Month LIBOR 24 $ 821,198,450 2.26% 3.60% $ 761,622 December 31, 2017 Type Maturity Date Range Based on Number of Instruments Notional Amount Variable Rate Weighted Average Rate Cap Fair Value Interest Rate Cap 6/1/2018 - 1/1/2021 One-Month LIBOR 29 $ 888,368,100 1.56% 3.17% $ 347,409 |
Organization and Business - Nar
Organization and Business - Narrative (Details) | Sep. 03, 2013USD ($)$ / sharesshares | Aug. 22, 2013USD ($)shares | Sep. 30, 2018apartment | Sep. 30, 2018residential_unit | Sep. 30, 2018multifamily_property | Sep. 30, 2018$ / shares | Mar. 14, 2018$ / shares | Dec. 31, 2016$ / shares | Dec. 31, 2015$ / shares |
Initial capitalization | |||||||||
Share price (in dollars per share) | $ 15.18 | ||||||||
Residential Real Estate [Member] | |||||||||
Initial capitalization | |||||||||
Number of multifamily properties | multifamily_property | 34 | ||||||||
Number of apartment homes | 11,601 | 11,601 | |||||||
Common Stock [Member] | |||||||||
Initial capitalization | |||||||||
Share price (in dollars per share) | $ 15 | $ 14.85 | $ 14.46 | ||||||
Sponsor [Member] | Common Stock [Member] | |||||||||
Initial capitalization | |||||||||
Issuance of common stock (in shares) | shares | 13,500 | ||||||||
Share price (in dollars per share) | $ 15 | ||||||||
Issuance of common stock | $ | $ 202,500 | ||||||||
Advisor [Member] | Convertible Stock [Member] | |||||||||
Initial capitalization | |||||||||
Issuance of common stock (in shares) | shares | 1,000 | ||||||||
Issuance of common stock | $ | $ 1,000 |
Organization and Business - N_2
Organization and Business - Narrative - Public Offering (Details) - USD ($) | Dec. 30, 2013 | Sep. 30, 2018 | Mar. 24, 2016 | Mar. 24, 2016 | Apr. 01, 2018 | Mar. 14, 2018 | Dec. 31, 2017 | Mar. 01, 2017 | Dec. 31, 2016 | May 01, 2016 | Dec. 31, 2015 |
Public Offering Information | |||||||||||
Registration statement, price per share (in dollars per share) | $ 15.18 | ||||||||||
Common Stock [Member] | |||||||||||
Public Offering Information | |||||||||||
Registration statement, price per share (in dollars per share) | $ 15 | $ 14.85 | $ 14.46 | ||||||||
Common Stock [Member] | IPO [Member] | |||||||||||
Public Offering Information | |||||||||||
Issuance of common stock (in shares) | 52,556,808 | 48,625,651 | 48,625,651 | ||||||||
Proceeds from issuance of common stock | $ 782,801,364 | $ 724,849,631 | $ 640,012,497 | ||||||||
Common Stock [Member] | Primary Offering [Member] | |||||||||||
Public Offering Information | |||||||||||
Maximum number of shares authorized for sale under registration statement (in shares) | 66,666,667 | ||||||||||
Registration statement, price per share (in dollars per share) | $ 15 | ||||||||||
Common Stock [Member] | Distribution Reinvestment Plan [Member] | |||||||||||
Public Offering Information | |||||||||||
Maximum number of shares authorized for sale under registration statement (in shares) | 7,017,544 | ||||||||||
Registration statement, price per share (in dollars per share) | $ 14.25 | $ 15.18 | $ 15.18 | $ 14.85 | $ 14.46 | ||||||
Issuance of common stock (in shares) | 4,942,781 | 1,011,561 | |||||||||
Proceeds from issuance of common stock | $ 72,366,485 | $ 14,414,752 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Assets Required to be Measured at Fair Value on a Recurring Basis (Details) - Interest Rate Cap [Member] - Fair Value, Measurements, Recurring [Member] - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate cap agreements | $ 0 | $ 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate cap agreements | 761,622 | 347,409 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Interest rate cap agreements | $ 0 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Narrative - Fair Value of Financial Instruments (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | $ 502,204,904 | $ 948,557,074 |
Estimate of Fair Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Notes payable, fair value | 1,040,530,044 | 1,011,004,179 |
Reported Value Measurement [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Carrying value | $ 1,050,088,663 | $ 993,405,862 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Narrative - Distribution Policy (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Accounting Policies [Abstract] | ||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.002466 | |||
Distributions declared per common share (in dollars per share) | $ 0.227 | $ 0.227 | $ 0.673 | $ 0.673 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Narrative - Segment Disclosure (Details) | 9 Months Ended |
Sep. 30, 2018segment | |
Accounting Policies [Abstract] | |
Number of reportable segments | 1 |
Real Estate - Narrative (Detail
Real Estate - Narrative (Details) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2018USD ($)apartment | Sep. 30, 2017USD ($) | Mar. 31, 2017 | Sep. 30, 2018USD ($)apartment | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2018residential_unit | Sep. 30, 2018multifamily_property | |
Real Estate [Line Items] | ||||||||
Purchase price | $ 1,499,381,750 | |||||||
Average percentage of real estate portfolio occupied | 94.50% | 93.10% | ||||||
Average monthly collected rent | $ 1,159 | $ 1,137 | ||||||
Depreciation and amortization | $ 17,855,195 | $ 17,036,633 | 52,920,337 | $ 51,161,020 | ||||
Building and Building Improvements [Member] | ||||||||
Real Estate [Line Items] | ||||||||
Depreciation | $ 17,855,195 | 17,036,633 | $ 52,920,337 | 50,150,908 | ||||
Tenant Origination and Absorption Costs [Member] | ||||||||
Real Estate [Line Items] | ||||||||
Amortization of intangible assets | $ 0 | $ 1,010,112 | ||||||
Tenant Origination and Absorption Costs [Member] | Maximum [Member] | ||||||||
Real Estate [Line Items] | ||||||||
Weighted average amortization period of tenant origination and absorption costs | 1 year | |||||||
Residential Real Estate [Member] | ||||||||
Real Estate [Line Items] | ||||||||
Number of multifamily properties | multifamily_property | 34 | |||||||
Number of apartment homes | 11,601 | 11,601 | 11,601 | |||||
Average percentage of real estate portfolio occupied | 96.40% |
Real Estate - Schedule of Accum
Real Estate - Schedule of Accumulated Depreciation and Amortization Related to Consolidated Real Estate Properties and Related Intangibles (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Real Estate [Line Items] | ||
Investments in real estate | $ 1,569,985,344 | $ 1,558,892,731 |
Less: Accumulated depreciation and amortization | (200,629,693) | (147,726,630) |
Total real estate, net | 1,369,355,651 | 1,411,166,101 |
Land [Member] | ||
Real Estate [Line Items] | ||
Investments in real estate | 164,113,072 | 164,113,072 |
Less: Accumulated depreciation and amortization | 0 | 0 |
Total real estate, net | 164,113,072 | 164,113,072 |
Building and Improvements [Member] | ||
Real Estate [Line Items] | ||
Investments in real estate | 1,405,872,272 | 1,394,779,659 |
Less: Accumulated depreciation and amortization | (200,629,693) | (147,726,630) |
Total real estate, net | $ 1,205,242,579 | $ 1,247,053,029 |
Real Estate - Narrative - Opera
Real Estate - Narrative - Operating Leases (Details) | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2018apartmenttenant | Sep. 30, 2017tenant | Dec. 31, 2017USD ($) | Sep. 30, 2018residential_unit | Sep. 30, 2018USD ($) | |
Real Estate Properties [Line Items] | |||||
Average percentage of real estate portfolio occupied | 94.50% | 93.10% | |||
Tenant [Member] | Customer Concentration Risk [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of tenants | tenant | 0 | 0 | |||
Accounts Payable and Accrued Liabilities [Member] | |||||
Real Estate Properties [Line Items] | |||||
Security deposit liability | $ | $ 3,613,649 | $ 4,059,561 | |||
Maximum [Member] | |||||
Real Estate Properties [Line Items] | |||||
Operating lease term | 12 months | ||||
Residential Real Estate [Member] | |||||
Real Estate Properties [Line Items] | |||||
Number of apartment homes | 11,601 | 11,601 | |||
Average percentage of real estate portfolio occupied | 96.40% |
Other Assets (Details)
Other Assets (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 1,860,916 | $ 1,411,353 |
Interest rate cap agreements | 761,622 | 347,409 |
Other deposits | 955,841 | 1,053,424 |
Other assets | $ 3,578,379 | $ 2,812,186 |
Debt - Summary of Mortgage Note
Debt - Summary of Mortgage Notes Payable Secured by Real Property (Details) | 9 Months Ended | ||
Sep. 30, 2018USD ($)instrument | Sep. 30, 2017 | Dec. 31, 2017USD ($)instrument | |
Debt Instrument [Line Items] | |||
Total notes payable, net | $ 1,050,088,663 | $ 993,405,862 | |
Notes Payable to Banks [Member] | |||
Debt Instrument [Line Items] | |||
Number of Instruments | instrument | 15 | 31 | |
Weighted Average Interest Rate | 4.35% | 3.63% | |
Principal Outstanding | $ 505,795,621 | $ 956,169,296 | |
Discount, net | 0 | (2,275,838) | |
Deferred financing costs, net | (3,590,717) | (5,336,384) | |
Total notes payable, net | 502,204,904 | 948,557,074 | |
Accumulated amortization of debt discount | 0 | (445,702) | |
Accumulated amortization of deferred financing costs | $ 1,437,080 | $ 2,234,655 | |
Notes Payable to Banks [Member] | Variable Rate Member] | |||
Debt Instrument [Line Items] | |||
Number of Instruments | instrument | 8 | 29 | |
Weighted Average Interest Rate | 4.27% | 3.58% | |
Principal Outstanding | $ 277,432,000 | $ 888,345,717 | |
Notes Payable to Banks [Member] | Variable Rate Member] | Minimum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Variable rate | 1.61% | 1.61% | |
Notes Payable to Banks [Member] | Variable Rate Member] | Maximum [Member] | LIBOR [Member] | |||
Debt Instrument [Line Items] | |||
Variable rate | 2.48% | 2.48% | |
Notes Payable to Banks [Member] | Fixed Rate [Member] | |||
Debt Instrument [Line Items] | |||
Number of Instruments | instrument | 7 | 2 | |
Weighted Average Interest Rate | 4.45% | 4.51% | |
Principal Outstanding | $ 228,363,621 | $ 67,823,579 | |
Notes Payable to Banks [Member] | Fixed Rate [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Fixed rate | 4.34% | 4.34% | |
Notes Payable to Banks [Member] | Fixed Rate [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Fixed rate | 4.60% | 4.60% |
Debt - Narrative (Details)
Debt - Narrative (Details) | Jul. 31, 2018USD ($)Subsidiarytranche | Nov. 29, 2017USD ($)Subsidiary | May 18, 2016USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 29, 2017USD ($)Subsidiary | Aug. 26, 2015USD ($) |
Debt Instrument [Line Items] | ||||||||||
Interest expense | $ 11,707,341 | $ 8,945,547 | $ 31,032,177 | $ 25,245,411 | ||||||
Amortization of deferred financing costs | 269,417 | 257,111 | 762,658 | 766,801 | ||||||
Change in fair value of interest rate cap agreements | (641,013) | 438,261 | ||||||||
Amortization of loan discount | 207,074 | 266,238 | ||||||||
Seasoning fees | 19,689 | 19,689 | ||||||||
Credit facility commitment fees | 16,101 | 10,981 | 30,978 | 35,293 | ||||||
Accounts Payable and Accrued Liabilities [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest payable | 3,810,602 | 3,810,602 | $ 2,581,941 | |||||||
Interest Rate Cap [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Change in fair value of interest rate cap agreements | (62,119) | 42,607 | (641,013) | 438,261 | ||||||
November Refinancing Transactions [Member] | LIBOR [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate | 1.94% | |||||||||
December Refinancing Transactions [Member] | LIBOR [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate | 1.88% | |||||||||
Revolving Credit Facility [Member] | Master Credit Facility Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Advisory fee, amount | $ 2,758,345 | |||||||||
Revolving Credit Facility [Member] | CME Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Advisory fee, amount | 804,250 | |||||||||
Revolving Credit Facility [Member] | Line of Credit, PNC Bank [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 65,000,000 | |||||||||
Unused commitment fee percentage | 0.15% | |||||||||
Line of Credit [Member] | Line of Credit, PNC Bank [Member] | Base Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate | 0.60% | |||||||||
Line of Credit [Member] | Line of Credit, PNC Bank [Member] | LIBOR [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate | 1.60% | |||||||||
Notes Payable to Banks [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amortization of loan discount | $ 29,582 | $ 88,746 | $ 207,074 | $ 266,238 | ||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 200,000,000 | |||||||||
Line of credit facility, borrowing capacity, accordion feature | $ 350,000,000 | |||||||||
Unused commitment fee percentage | 0.10% | |||||||||
Additional unused commitment fee percentage | 1.00% | |||||||||
Seasoning fee percentage | 0.25% | |||||||||
Seasoning fee percentage, increase on each subsequent anniversary | 0.25% | |||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Servicing rate | 0.05% | 0.05% | ||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate | 1.80% | |||||||||
Line of Credit [Member] | Revolving Credit Facility [Member] | LIBOR [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate | 2.10% | |||||||||
Berkeley Point Capital LLC [Member] | Revolving Credit Facility [Member] | Master Credit Facility Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 551,669,000 | |||||||||
Number of tranches | tranche | 3 | |||||||||
Fee amount | $ 1,930,842 | |||||||||
Berkeley Point Capital LLC [Member] | Revolving Credit Facility [Member] | Master Credit Facility Agreement Tranche 1 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 331,001,400 | |||||||||
Fixed rate | 4.43% | |||||||||
Berkeley Point Capital LLC [Member] | Revolving Credit Facility [Member] | Master Credit Facility Agreement Tranche 2 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 137,917,250 | |||||||||
Fixed rate | 4.57% | |||||||||
Berkeley Point Capital LLC [Member] | Revolving Credit Facility [Member] | Master Credit Facility Agreement Tranche 3 [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 82,750,350 | |||||||||
Berkeley Point Capital LLC [Member] | Revolving Credit Facility [Member] | Master Credit Facility Agreement Tranche 3 [Member] | LIBOR [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Variable rate | 1.70% | |||||||||
Berkeley Point Capital LLC [Member] | Revolving Credit Facility [Member] | CME Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fee amount | $ 643,400 | |||||||||
Berkeley Point Capital LLC [Member] | Subsidiaries [Member] | Revolving Credit Facility [Member] | Master Credit Facility Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of subsidiaries refinanced under revolving credit facility | Subsidiary | 16 | |||||||||
Repayments of debt | $ 479,318,649 | |||||||||
PNC Bank [Member] | Revolving Credit Facility [Member] | CME Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 160,850,000 | |||||||||
Fixed rate | 4.43% | |||||||||
PNC Bank [Member] | Revolving Credit Facility [Member] | November Refinancing Transactions [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 100,752,000 | |||||||||
PNC Bank [Member] | Subsidiaries [Member] | Revolving Credit Facility [Member] | CME Loan [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of subsidiaries refinanced under revolving credit facility | Subsidiary | 5 | |||||||||
Repayments of debt | $ 131,318,742 | |||||||||
PNC Bank [Member] | Subsidiaries [Member] | Revolving Credit Facility [Member] | November Refinancing Transactions [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of subsidiaries refinanced under revolving credit facility | Subsidiary | 3 | |||||||||
Repayments of debt | $ 93,825,000 | |||||||||
PNC Bank [Member] | Subsidiaries [Member] | Revolving Credit Facility [Member] | Loan Agreement [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of subsidiaries refinanced under revolving credit facility | Subsidiary | 3 | |||||||||
Line of credit facility, borrowing capacity | $ 92,475,000 | |||||||||
PNC Bank [Member] | Subsidiaries [Member] | Revolving Credit Facility [Member] | December Refinancing Transactions [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Line of credit facility, borrowing capacity | $ 97,080,000 |
Debt - Summary of Advances Obta
Debt - Summary of Advances Obtained and Certain Financing Costs Incurred Under the Credit Facility (Details) - USD ($) | Sep. 30, 2018 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | ||
Revolving credit facilities | $ 547,883,759 | $ 44,848,788 |
Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Deferred financing costs, net | (71,208) | (151,212) |
Accumulated amortization of deferred financing costs | 253,792 | 173,788 |
Revolving Credit Facility [Member] | ||
Line of Credit Facility [Line Items] | ||
Deferred financing costs, net | (3,714,033) | 0 |
Accumulated amortization of deferred financing costs | 326,924 | 0 |
Residential Real Estate [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facilities | 551,669,000 | 0 |
Residential Real Estate [Member] | Line of Credit [Member] | ||
Line of Credit Facility [Line Items] | ||
Revolving credit facilities | $ 0 | $ 45,000,000 |
Debt - Summary of Aggregate Mat
Debt - Summary of Aggregate Maturities (Details) | Sep. 30, 2018USD ($) |
Debt Disclosure [Abstract] | |
Total | $ 1,057,464,621 |
Remainder of 2018 | 236,288 |
2,019 | 966,946 |
2,020 | 1,195,995 |
2,021 | 5,308,837 |
2,022 | 5,414,545 |
Thereafter | $ 1,044,342,010 |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative - General (Details) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | ||
Common and preferred shares authorized (in shares) | 1,100,000,000 | |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 999,999,000 | 999,999,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Convertible Stock [Member] | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 1,000 | 1,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Stockholders' Equity - Narrat_2
Stockholders' Equity - Narrative - Common Stock (Details) | Aug. 13, 2015 | Sep. 03, 2013USD ($)shares | Aug. 22, 2013USD ($)shares | Sep. 30, 2018USD ($)shares | Sep. 30, 2017USD ($)shares | Sep. 30, 2018USD ($)voteshares | Sep. 30, 2017USD ($)shares | Mar. 24, 2016USD ($)shares | Mar. 24, 2016USD ($)shares |
Class of Stock [Line Items] | |||||||||
Stock issued during period, dividend reinvestment plan (in shares) | shares | 375,851.383399209 | 395,646.397306397 | |||||||
Commissions on sales of common stock and related dealer manager fees to affiliates | $ 32,414 | ||||||||
Share-based compensation expense | 60,721 | $ 66,019 | |||||||
Restricted Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Allocated Share-based Compensation Expense | $ 104,155 | ||||||||
Weighted-average remaining term | 1 year 6 months 10 days | ||||||||
Forfeited shares (in shares) | shares | 0 | ||||||||
Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of votes per share | vote | 1 | ||||||||
Stock issued during period, dividend reinvestment plan (in shares) | shares | 1,142,634 | 1,188,792 | |||||||
Common Stock [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Number of equal annual vesting installments | 4 years | ||||||||
Share-based compensation expense | $ 33,044 | $ 32,263 | $ 60,721 | $ 66,019 | |||||
Common Stock [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | General and Administrative Expense [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Share-based compensation expense | $ 33,044 | $ 32,263 | $ 60,721 | $ 66,019 | |||||
Common Stock [Member] | IPO [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Issuance of common stock (in shares) | shares | 52,556,808 | 48,625,651 | 48,625,651 | ||||||
Proceeds from issuance of common stock | $ 782,801,364 | $ 724,849,631 | $ 640,012,497 | ||||||
Net proceeds from the issuance of common stock | $ 697,964,230 | ||||||||
Common Stock [Member] | Distribution Reinvestment Plan [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Issuance of common stock (in shares) | shares | 4,942,781 | 1,011,561 | |||||||
Proceeds from issuance of common stock | $ 72,366,485 | $ 14,414,752 | |||||||
Stock issued during period, dividend reinvestment plan (in shares) | shares | 1,011,561 | ||||||||
Net proceeds from issuance of common stock, dividend reinvestment plan | $ 14,414,752 | ||||||||
Commissions on sales of common stock and related dealer manager fees to affiliates | 84,837,134 | ||||||||
Net proceeds from the issuance of common stock | $ 72,366,485 | ||||||||
Common Stock [Member] | Sponsor [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Issuance of common stock (in shares) | shares | 13,500 | ||||||||
Issuance of common stock | $ 202,500 | ||||||||
Convertible Stock [Member] | Advisor [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Issuance of common stock (in shares) | shares | 1,000 | ||||||||
Issuance of common stock | $ 1,000 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Issued to Independent Directors as Compensation for Services (Details) - Restricted Stock [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Nonvested shares at the beginning of the year (in shares) | 7,497 | 9,997 |
Granted shares (in shares) | 4,998 | 4,998 |
Vested shares (in shares) | (4,998) | (7,498) |
Nonvested shares at the end of the year (in shares) | 7,497 | 7,497 |
Independent Directors Compensation Plan [Member] | Common Stock [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Shares granted, grant date fair value (in dollars per share) | $ 15.18 | $ 14.85 |
Stockholders' Equity - Narrat_3
Stockholders' Equity - Narrative - Convertible Stock (Details) - Advisor [Member] - Convertible Stock [Member] - USD ($) | Aug. 22, 2013 | Sep. 30, 2018 |
Class of Stock [Line Items] | ||
Issuance of common stock (in shares) | 1,000 | |
Issuance of common stock | $ 1,000 | |
Aggregate percentage of cumulative, non-compounded, annual return on the original issue price added to total distributions qualifying for conversion of stock | 6.00% | |
Convertible stock redemption price (in dollars per share) | $ 1 | |
Convertible stock, percentage applied to the excess of enterprise value, including distributions to date | 15.00% | |
Private Placement [Member] | ||
Class of Stock [Line Items] | ||
Issuance of common stock (in shares) | 1,000 | |
Issuance of common stock | $ 1,000 |
Stockholders' Equity - Narrat_4
Stockholders' Equity - Narrative - Preferred Stock (Details) | 9 Months Ended | |
Sep. 30, 2018classshares | Dec. 31, 2017shares | |
Equity [Abstract] | ||
Preferred stock, number of classes or series the Board of Directors is authorized to classify or reclassify | class | 1 | |
Preferred stock, number of classes or series the Board of Directors is authorized to issue | class | 1 | |
Preferred stock, shares issued (in shares) | shares | 0 | 0 |
Preferred stock, shares outstanding (in shares) | shares | 0 | 0 |
Stockholders' Equity - Narrat_5
Stockholders' Equity - Narrative - Distribution Reinvestment Plan (Details) - USD ($) | 9 Months Ended | ||||||||
Sep. 30, 2018 | Apr. 01, 2018 | Mar. 14, 2018 | Dec. 31, 2017 | Mar. 01, 2017 | Dec. 31, 2016 | May 01, 2016 | Dec. 31, 2015 | Dec. 30, 2013 | |
Class of Stock [Line Items] | |||||||||
Share price (in dollars per share) | $ 15.18 | ||||||||
Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Share price (in dollars per share) | $ 15 | $ 14.85 | $ 14.46 | ||||||
Distribution Reinvestment Plan [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Sales commissions or dealer manager fees payable on shares sold under the plan | $ 0 | ||||||||
Notice period for termination of plan | 10 days | ||||||||
Distribution Reinvestment Plan [Member] | Common Stock [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Share price (in dollars per share) | $ 15.18 | $ 15.18 | $ 14.85 | $ 14.46 | $ 14.25 |
Stockholders' Equity - Narrat_6
Stockholders' Equity - Narrative - Share Repurchase Plan and Redeemable Common Stock (Details) | Mar. 14, 2018USD ($)$ / shares | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($)shares | Sep. 30, 2018USD ($)asset$ / sharesshares | Sep. 30, 2017USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016$ / shares | Dec. 31, 2015$ / shares |
Class of Stock [Line Items] | ||||||||
Authorized amount, per quarter | $ 2,000,000 | |||||||
Estimated share price (in dollars per share) | $ / shares | $ 14.12 | |||||||
Limit on repurchase, percent | 93.00% | |||||||
Share price (in dollars per share) | $ / shares | $ 15.18 | |||||||
Transfers to redeemable common stock | $ (37,028,102) | $ (10,025,412) | ||||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Share price (in dollars per share) | $ / shares | $ 15 | $ 15 | $ 14.85 | $ 14.46 | ||||
Share Repurchase Plan [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of company assets sold that constitute a return of capital as a result of such sale. | asset | 1 | |||||||
Written request period for repurchase of shares | 15 days | |||||||
Payment period following the repurchase date for honoring repurchase requests | 30 days | |||||||
Minimum number of days prior to repurchase date a repurchase request may be withdrawn | 3 days | |||||||
Shares redeemed (in shares) | shares | 142,393 | |||||||
Fulfilled redemption requests | $ 2,000,000 | |||||||
Stock requested for redemption (in shares) | shares | 837,351 | |||||||
Stock requested for redemption, amount | $ 11,690,162 | |||||||
Notice period for amendment, suspension, or termination of share repurchase plan. | 30 days | |||||||
Share Repurchase Plan [Member] | Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Number of shares that can be repurchased under Company's share repurchase plan after first anniversary of date of purchase of shares (in shares) | shares | 0 | 0 | ||||||
Share repurchase plan, maximum period of time allowed from date of death or disability of shareholder to request holding period exemption for shares to be repurchased | 2 years | |||||||
Shares redeemed (in shares) | shares | 103,118 | 489,003 | 281,139 | |||||
Fulfilled redemption requests | $ 2,000,000 | $ 1,474,427 | $ 6,886,216 | $ 3,952,041 | ||||
Stock requested for redemption (in shares) | shares | 155,540 | 1,378,877.192 | 353,366 | |||||
Stock requested for redemption, amount | $ 2,206,818 | $ 19,165,825 | $ 4,992,801 | |||||
Shares of outstanding and unfulfilled redemption requests (in shares) | shares | 1,056,307.453 | 1,056,307.453 | 148,203 | |||||
Maximum percentage of weighted average shares outstanding in prior calendar period that may be repurchased in current calendar period | 5.00% | |||||||
Fee charged to repurchase shares | $ 0 | |||||||
Transfers to redeemable common stock | $ 0 | $ 4,400,922 | (37,028,102) | 6,472,018 | ||||
Share Repurchase Plan [Member] | Common Stock [Member] | Accounts Payable and Accrued Liabilities [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Stock requested for redemption, amount | $ 14,680,738 | $ 2,096,507 | ||||||
Share Repurchase Plan As Amended [Member] | Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Holding period of shares repurchased | 1 year |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Share Repurchase Plan Prior to Estimated Value Per Share of Common Stock is Published (Details) (Details) - Share Repurchase Plan Pre Published Valuation [Member] - Common Stock [Member] | Mar. 29, 2016 |
Class of Stock [Line Items] | |
Less than 1 year | 0.00% |
1 year | 92.50% |
2 years | 95.00% |
3 years | 97.50% |
4 years | 100.00% |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Share Repurchase Plan Following Estimated Value Per Share of Common Stock is Published (Details) (Details) - Share Repurchase Plan Post Published Valuation [Member] - Common Stock [Member] | Mar. 30, 2016 |
Class of Stock [Line Items] | |
Less than 1 year | 0.00% |
1 year | 92.50% |
2 years | 95.00% |
3 years | 97.50% |
4 years | 100.00% |
Stockholders' Equity - Narrat_7
Stockholders' Equity - Narrative - Distributions Declared (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | Mar. 14, 2018 | Dec. 31, 2016 | Dec. 31, 2015 | |
Class of Stock [Line Items] | ||||||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.002466 | |||||||
Share price (in dollars per share) | $ 15.18 | |||||||
Distributions declared | $ 34,462,269 | $ 45,321,063 | ||||||
Dividends payable | $ 3,809,169 | $ 3,809,169 | 3,886,730 | |||||
Common Stock [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.002466 | |||||||
Common stock distribution rate percentage | 6.00% | |||||||
Share price (in dollars per share) | $ 15 | $ 15 | $ 14.85 | $ 14.46 | ||||
Distributions declared | $ 11,664,156 | $ 11,458,896 | $ 34,462,269 | $ 33,804,204 | ||||
Dividends, common stock, distribution reinvestment plan | $ 5,672,728 | $ 5,868,351 | $ 17,042,127 | $ 17,467,444 | ||||
Dividends, common stock, distribution reinvestment plan (in shares) | 373,697 | 395,175 | 1,130,971 | 1,179,883 | ||||
Dividends payable | $ 3,809,169 | $ 3,809,169 | $ 3,886,730 | |||||
Dividends payable, DRP | $ 1,837,673 | $ 1,970,910 | ||||||
Dividends payable, DRP (in shares) | 121,059 | 132,721 |
Stockholders' Equity - Narrat_8
Stockholders' Equity - Narrative - Distributions Paid (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Class of Stock [Line Items] | ||||
Payments of ordinary dividends, common stock | $ 5,941,991 | $ 5,561,473 | $ 17,364,466 | $ 16,302,516 |
Stock issued during period, dividend reinvestment plan (in shares) | 375,851.383399209 | 395,646.397306397 | ||
Proceeds from issuance of common stock, dividend reinvestment plan | $ 5,705,424 | $ 5,875,349 | ||
Distributions paid, common stock, including distribution reinvestment plan | $ 11,647,415 | $ 11,436,822 | $ 34,539,830 | $ 33,848,519 |
Common Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Stock issued during period, dividend reinvestment plan (in shares) | 1,142,634 | 1,188,792 | ||
Proceeds from issuance of common stock, dividend reinvestment plan | $ 17,175,364 | $ 17,546,003 |
Related Party Arrangements - Sc
Related Party Arrangements - Schedule of Amounts Attributable to the Advisor and its Affiliates - Amounts Incurred and Payable (Details) - Advisor [Member] - Advisor and its Affiliates [Member] - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |||||
Incurred in the period | $ 14,689,214 | $ 10,773,659 | $ 35,590,592 | $ 32,522,045 | |
Payable at end of period | 2,138,560 | 2,138,560 | $ 2,587,838 | ||
Investment Management Fees [Member] | Fees to Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 4,282,469 | 4,237,702 | 12,826,487 | 12,662,631 | |
Payable at end of period | 1,116 | 1,116 | 0 | ||
Loan Coordination Fees [Member] | Fees to Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 3,562,595 | 0 | 3,562,595 | 0 | |
Payable at end of period | 0 | 0 | 728,100 | ||
Property Management, Fees [Member] | Fees to Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 1,241,104 | 1,195,132 | 3,653,311 | 3,511,386 | |
Payable at end of period | 420,215 | 420,215 | 396,722 | ||
Property Management, Reimbursement of Onsite Personnel [Member] | Reimbursement of onsite personnel [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 3,947,855 | 3,560,496 | 11,164,448 | 10,441,761 | |
Payable at end of period | 1,163,803 | 1,163,803 | 766,894 | ||
Property Management, Other Fees [Member] | Fees to Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 540,090 | 314,856 | 1,207,246 | 938,231 | |
Payable at end of period | 39,715 | 39,715 | 41,950 | ||
Property Management, Other Fees - Property Operations [Member] | Fees to Affiliates [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 25,118 | 41,745 | 71,761 | 91,753 | |
Payable at end of period | 0 | 0 | 0 | ||
Property Management, Other Fees - G&A [Member] | General and Administrative Expense [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 9,894 | 11,569 | 29,581 | 43,770 | |
Payable at end of period | 0 | 0 | 0 | ||
Other Operating Expenses [Member] | General and Administrative Expense [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 326,867 | 266,685 | 867,968 | 1,160,388 | |
Payable at end of period | 178,917 | 178,917 | 76,515 | ||
Insurance Proceeds [Member] | General and Administrative Expense [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 0 | 0 | 0 | 172,213 | |
Payable at end of period | 0 | 0 | 0 | ||
Property insurance [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 353,715 | 436,041 | 1,111,904 | 530,474 | |
Payable at end of period | 72,538 | 72,538 | 172,717 | ||
Rental Revenue [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | (6,840) | 0 | (6,840) | 0 | |
Payable at end of period | 0 | 0 | 0 | ||
Capital Expenditures [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 0 | 7,340 | 7,295 | 26,856 | |
Payable at end of period | 0 | 0 | 0 | ||
Construction Management Fees [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 162,951 | 231,417 | 351,053 | 1,112,885 | |
Payable at end of period | 12,663 | 12,663 | 125,159 | ||
Construction Management Reimbursement [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 224,473 | 470,676 | 724,860 | 2,174,123 | |
Payable at end of period | 37,855 | 37,855 | 62,876 | ||
Deferred Financing Costs [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 18,923 | 0 | 18,923 | 0 | |
Payable at end of period | 0 | 0 | 0 | ||
Selling Commissions [Member] | Additional Paid-in Capital [Member] | |||||
Related Party Transaction [Line Items] | |||||
Incurred in the period | 0 | $ 0 | 0 | $ 0 | |
Payable at end of period | $ 356,814 | $ 356,814 | $ 562,339 |
Related Party Arrangements - Na
Related Party Arrangements - Narrative - Investment Management Fee (Details) | 9 Months Ended |
Sep. 30, 2018 | |
Advisor [Member] | Investment Management Fee [Member] | |
Related Party Transaction [Line Items] | |
Monthly investment management fee, percentage | 0.0833% |
Related Party Arrangements - _2
Related Party Arrangements - Narrative - Acquisition Fees and Expenses (Details) - Advisor [Member] - Advisor [Member] - Acquisition Fees and Expenses [Member] | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transaction [Line Items] | |
Acquisition fee, percent | 1.00% |
Acquisition fee payable without board approval as a percent of total contract price | 4.50% |
Related Party Arrangements - _3
Related Party Arrangements - Narrative - Loan Coordination Fee (Details) - Advisor [Member] - Advisor [Member] - Loan Coordination Fee [Member] | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transaction [Line Items] | |
Loan coordination fee, acquisitions | 1.00% |
Loan coordination fee, other than acquisitions | 0.75% |
Related Party Arrangements - _4
Related Party Arrangements - Narrative - Property Management Fees and Expenses (Details) - Property Management Fees and Expenses [Member] - Steadfast Management Company [Member] - Property Manager [Member] | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transaction [Line Items] | |
Term of agreement | 1 year |
Number of uncured days needed to terminate agreement | 60 days |
Notice needed to terminate agreement | 30 days |
Minimum [Member] | |
Related Party Transaction [Line Items] | |
Property management fee, percent fee | 2.50% |
Maximum [Member] | |
Related Party Transaction [Line Items] | |
Property management fee, percent fee | 3.00% |
Related Party Arrangements - _5
Related Party Arrangements - Narrative - Construction Management Fee (Details) - Pacific Coast Land & Construction, Inc. [Member] - Affiliated Entity [Member] - Construction Management Fee [Member] | 9 Months Ended |
Sep. 30, 2018 | |
Related Party Transaction [Line Items] | |
Construction management agreement, notice of termination of contract, period | 30 days |
Minimum [Member] | |
Related Party Transaction [Line Items] | |
Construction management fee, percent | 8.00% |
Maximum [Member] | |
Related Party Transaction [Line Items] | |
Construction management fee, percent | 12.00% |
Related Party Arrangements - _6
Related Party Arrangements - Narrative - Other Operating Expense Reimbursements (Details) - Advisor [Member] - Advisor [Member] - Other Operating Expense Reimbursement [Member] | 9 Months Ended |
Sep. 30, 2018quarter | |
Related Party Transaction [Line Items] | |
Operating expense limitation, number of rolling quarters | 4 |
Operating expenses limitation as a percentage of average invested assets | 2.00% |
Operating expenses limitation as a percentage of net income | 25.00% |
Average invested assets, calculation period | 12 months |
Related Party Arrangements - _7
Related Party Arrangements - Narrative - Disposition Fee (Details) - Advisor [Member] - Advisor [Member] - Disposition Fee [Member] | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Related Party Transaction [Line Items] | |
Disposition fee, maximum percent of brokerage commission paid threshold | 50.00% |
Property sale disposition fee, maximum percentage of total sale price | 1.00% |
Operating expenses limitation as a percentage of average invested assets | 2.00% |
Operating expenses limitation as a percentage of net income | 25.00% |
Disposition fees incurred | $ 0 |
Related Party Arrangements - _8
Related Party Arrangements - Narrative - Selling Commissions and Dealer Manager Fees (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2018 | Dec. 31, 2017 | |
Steadfast Capital Markets Group, LLC [Member] | Dealer Manager [Member] | Sales Commissions [Member] | Primary Offering [Member] | ||
Related Party Transaction [Line Items] | ||
Sales commission, percentage of gross offering proceeds | 7.00% | |
Sales commission, percentage of gross offering proceeds, at time of sale | 3.00% | |
Sales commission, percentage of gross offering proceeds, remaining after sale | 4.00% | |
Sales commission, percentage of gross offering proceeds, ratable on each of the first five anniversaries | 1.00% | |
selling commissions on gross offering proceeds from sales of common stock | P4Y | |
Steadfast Capital Markets Group, LLC [Member] | Dealer Manager [Member] | Dealer Manager Fees [Member] | Primary Offering [Member] | ||
Related Party Transaction [Line Items] | ||
Dealer manager fees, percentage of gross offering proceeds | 3.00% | |
Steadfast Capital Markets Group, LLC [Member] | Dealer Manager [Member] | Sales Commissions and Dealer Manager Fees [Member] | Distribution Reinvestment Plan [Member] | ||
Related Party Transaction [Line Items] | ||
Sales commissions or dealer manager fees paid | $ 0 | |
Advisor [Member] | Advisor and its Affiliates [Member] | ||
Related Party Transaction [Line Items] | ||
Amount payable | 2,138,560 | $ 2,587,838 |
Additional Paid-in Capital [Member] | Advisor [Member] | Advisor and its Affiliates [Member] | Sales Commissions Paid [Member] | ||
Related Party Transaction [Line Items] | ||
Amount payable | $ 356,814 | $ 562,339 |
Incentive Award Plan and Inde_2
Incentive Award Plan and Independent Director Compensation (Details) - USD ($) | Aug. 13, 2015 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Amortization of stock-based compensation | $ 60,721 | $ 66,019 | ||||
Operating expenses | $ 63,826,710 | $ 49,722,720 | 164,633,173 | 145,620,462 | ||
Director Annual Retainer Expense [Member] | Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Amount payable | 235,750 | 235,750 | $ 55,750 | |||
Common Stock [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Proceeds from issuance of common stock | 2,000,000 | |||||
Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of equal annual vesting installments | 4 years | |||||
Amortization of stock-based compensation | 33,044 | 32,263 | 60,721 | 66,019 | ||
Directors [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Annual amount | 55,000 | |||||
Annual amount, additional due audit committee chairperson | 10,000 | |||||
Board meeting attendance fee | 2,500 | |||||
Committee meeting attendance fee | 1,500 | |||||
Teleconference attendance fee | 1,000 | |||||
Teleconference attendance fee, daily maximum | 4,000 | |||||
Operating expenses | $ 235,750 | $ 66,250 | $ 353,250 | $ 186,750 | ||
Directors [Member] | Independent Directors Compensation Plan [Member] | Restricted Stock [Member] | IPO [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares received under plan (in shares) | 3,333 | |||||
Shares entitled to be received upon re-election to Board of Directors (in shares) | 1,666 | |||||
Shares of restricted stock vesting percentage | 25.00% | |||||
Number of equal annual vesting installments | 3 years |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Interest Rate Derivatives (Details) - Interest Rate Cap [Member] | Sep. 30, 2018USD ($)instrument | Dec. 31, 2017USD ($)instrument |
Derivative [Line Items] | ||
Fair Value | $ 347,409 | |
Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member] | ||
Derivative [Line Items] | ||
Number of Instruments | instrument | 24 | 29 |
Notional Amount | $ 821,198,450 | $ 888,368,100 |
Weighted Average Rate Cap | 3.60% | 3.17% |
Fair Value | $ 761,622 | $ 347,409 |
Cash Flow Hedging [Member] | Not Designated as Hedging Instrument [Member] | One-Month LIBOR [Member] | ||
Derivative [Line Items] | ||
Variable Rate | 2.26% | 1.56% |
Derivative Financial Instrume_4
Derivative Financial Instruments - Narrative (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | Dec. 31, 2017 | |
Derivative [Line Items] | |||||
Unrealized gain (loss) | $ 641,013 | $ (438,261) | |||
Purchase of interest rate cap agreements | 43,200 | 0 | |||
Proceeds from settlement of interest rate cap agreements | 270,000 | 0 | |||
Interest Rate Cap [Member] | |||||
Derivative [Line Items] | |||||
Unrealized gain (loss) | $ 62,119 | $ (42,607) | 641,013 | (438,261) | |
Purchase of interest rate cap agreements | 43,200 | 43,200 | |||
Proceeds from settlement of interest rate cap agreements | 270,000 | ||||
Fair value of interest rate cap agreements | $ 347,409 | ||||
Interest Rate Cap [Member] | Deferred Financing Costs [Member] | |||||
Derivative [Line Items] | |||||
Fair value of interest rate cap agreements | 761,622 | 761,622 | |||
Interest Rate Cap [Member] | Interest Expense [Member] | |||||
Derivative [Line Items] | |||||
Unrealized gain (loss) | $ 62,119 | $ (42,607) | $ 641,013 | $ (438,261) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Nov. 06, 2018 | Nov. 01, 2018 | Oct. 31, 2018 | Oct. 01, 2018 | Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 |
Subsequent Event [Line Items] | ||||||||
Distributions paid, common stock, including distribution reinvestment plan | $ 11,647,415 | $ 11,436,822 | $ 34,539,830 | $ 33,848,519 | ||||
Payments of ordinary dividends, common stock | $ 5,941,991 | $ 5,561,473 | $ 17,364,466 | $ 16,302,516 | ||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.002466 | |||||||
Subsequent Event [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Distributions paid, common stock, including distribution reinvestment plan | $ 3,946,664 | $ 3,809,169 | ||||||
Share repurchased (in shares) | 142,328 | |||||||
Shares repurchased | $ 1,999,999.883033 | |||||||
Average cost per share (in dollars per share) | $ 14.05 | |||||||
Common share, distribution rate per share per day, declared (in dollars per share) | $ 0.002466 | |||||||
Subsequent Event [Member] | Dividend Paid [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Payments of ordinary dividends, common stock | 2,059,520 | 1,971,496 | ||||||
Shares issued pursuant to DRP (in shares) | $ 1,887,144 | $ 1,837,673 |