Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 11, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | NXRT | |
Entity Registrant Name | NexPoint Residential Trust, Inc. | |
Entity Central Index Key | 1,620,393 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,293,825 |
CONSOLIDATED BALANCE SHEETS (Un
CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Operating Real Estate Investments | ||
Land (including from VIEs of $144,632 and $163,462, respectively) | $ 158,322 | $ 177,152 |
Buildings and improvements (including from VIEs of $555,555 and $642,936, respectively) | 642,453 | 729,675 |
Intangible lease assets | 511 | 2,573 |
Construction in progress (including from VIEs of $2,466 and $5,070, respectively) | 3,124 | 5,346 |
Furniture, fixtures, and equipment (including from VIEs of $24,780 and $25,715, respectively) | 27,333 | 28,009 |
Total Gross Operating Real Estate Investments | 831,743 | 942,755 |
Accumulated depreciation and amortization (including from VIEs of $37,105 and $36,112, respectively) | (40,401) | (39,873) |
Total Net Operating Real Estate Investments | 791,342 | 902,882 |
Real estate held for sale (net of accumulated depreciation of $7,016 and $0, respectively) (including from VIEs of $107,556 and $0, respectively) | 107,556 | |
Total Net Real Estate Investments | 898,898 | 902,882 |
Cash and cash equivalents (including from VIEs of $11,557 and $13,271, respectively) | 17,366 | 16,226 |
Restricted cash (including from VIEs of $34,749 and $43,500, respectively) | 37,607 | 46,869 |
Accounts receivable (including from VIEs of $1,252 and $1,517, respectively) | 1,909 | 2,122 |
Prepaid and other assets (including from VIEs of $2,950 and $1,724, respectively) | 3,485 | 1,961 |
TOTAL ASSETS | 959,265 | 970,060 |
LIABILITIES AND EQUITY | ||
Bridge facility, net | 28,889 | 28,805 |
Mortgages payable, net (including from VIEs of $523,106 and $609,703, respectively) | 589,700 | 676,324 |
Mortgages payable held for sale, net (including from VIEs of $86,310 and $0, respectively) | 86,310 | |
Accounts payable and other accrued liabilities (including from VIEs of $2,438 and $4,049, respectively) | 3,320 | 5,106 |
Accrued real estate taxes payable (including from VIEs of $2,530 and $5,723, respectively) | 2,933 | 6,057 |
Accrued interest payable (including from VIEs of $1,430 and $1,332, respectively) | 1,571 | 1,462 |
Security deposit liability (including from VIEs of $1,224 and $1,277, respectively) | 1,486 | 1,544 |
Prepaid rents (including from VIEs of $1,161 and $1,633, respectively) | 1,305 | 1,824 |
Total Liabilities | $ 715,514 | $ 721,122 |
NexPoint Residential Trust, Inc. stockholders' equity: | ||
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued and outstanding as of March 31, 2016 and December 31, 2015 | ||
Common stock, $0.01 par value: 500,000,000 shares authorized; 21,293,825 shares issued and outstanding as of March 31, 2016 and December 31, 2015 | $ 213 | $ 213 |
Additional paid-in capital | 240,625 | 240,625 |
Accumulated deficit | (22,995) | (18,593) |
Accumulated other comprehensive loss | (726) | (697) |
Noncontrolling interests | 26,634 | 27,390 |
Total Equity | 243,751 | 248,938 |
TOTAL LIABILITIES AND EQUITY | $ 959,265 | $ 970,060 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Land | $ 158,322 | $ 177,152 |
Buildings and improvements | 642,453 | 729,675 |
Construction in progress | 3,124 | 5,346 |
Furniture, fixtures, and equipment | 27,333 | 28,009 |
Accumulated depreciation and amortization | 40,401 | 39,873 |
Real estate held for sale | 107,556 | |
Net of accumulated depreciation | 7,016 | 0 |
Cash and cash equivalents | 17,366 | 16,226 |
Restricted cash | 37,607 | 46,869 |
Accounts receivable | 1,909 | 2,122 |
Prepaid and other assets | 3,485 | 1,961 |
Mortgages payable, net | 589,700 | 676,324 |
Mortgages payable held for sale, net | 86,310 | |
Accounts payable and other accrued liabilities | 3,320 | 5,106 |
Accrued real estate taxes payable | 2,933 | 6,057 |
Accrued interest payable | 1,571 | 1,462 |
Security deposit liability | 1,486 | 1,544 |
Prepaid rents | $ 1,305 | $ 1,824 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 21,293,825 | 21,293,825 |
Common stock, shares, outstanding | 21,293,825 | 21,293,825 |
Common stock, par value | $ 0.01 | $ 0.01 |
VIE | ||
Land | $ 144,632 | $ 163,462 |
Buildings and improvements | 555,555 | 642,936 |
Construction in progress | 2,466 | 5,070 |
Furniture, fixtures, and equipment | 24,780 | 25,715 |
Accumulated depreciation and amortization | 37,105 | 36,112 |
Real estate held for sale | 107,556 | 0 |
Cash and cash equivalents | 11,557 | 13,271 |
Restricted cash | 34,749 | 43,500 |
Accounts receivable | 1,252 | 1,517 |
Prepaid and other assets | 2,950 | 1,724 |
Mortgages payable, net | 523,106 | 609,703 |
Mortgages payable held for sale, net | 86,310 | 0 |
Accounts payable and other accrued liabilities | 2,438 | 4,049 |
Accrued real estate taxes payable | 2,530 | 5,723 |
Accrued interest payable | 1,430 | 1,332 |
Security deposit liability | 1,224 | 1,277 |
Prepaid rents | $ 1,161 | $ 1,633 |
COMBINED CONSOLIDATED STATEMENT
COMBINED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues | ||
Rental income | $ 29,370 | $ 22,690 |
Other income | 4,141 | 2,847 |
Total revenues | 33,511 | 25,537 |
Expenses | ||
Property operating expenses | 9,382 | 7,319 |
Acquisition costs | 1,931 | |
Real estate taxes and insurance | 4,263 | 3,378 |
Property management fees (related party) | 1,005 | 759 |
Advisory and administrative fees (related party) | 1,616 | 1,277 |
Corporate general and administrative expenses | 782 | |
Property general and administrative expenses | 1,334 | 1,147 |
Depreciation and amortization | 9,612 | 11,610 |
Total expenses | 27,994 | 27,421 |
Operating income (loss) | 5,517 | (1,884) |
Interest expense | (5,226) | (4,009) |
Net income (loss) | 291 | (5,893) |
Net income (loss) attributable to noncontrolling interests | 306 | (494) |
Net income (loss) attributable to common stockholders | (15) | (5,399) |
Other comprehensive income (loss) | ||
Net losses related to interest rate cap valuations | (32) | (270) |
Total comprehensive income (loss) | 259 | (6,163) |
Comprehensive income (loss) attributable to noncontrolling interests | 303 | (518) |
Comprehensive income (loss) attributable to common stockholders | $ (44) | $ (5,645) |
Weighted average common shares outstanding - basic and diluted | 21,294 | 21,294 |
Dividends declared per common share | $ 0.206 | |
Earnings (loss) per share - basic and diluted (see Note 2) | $ 0 | $ (0.25) |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY (Unaudited) - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss | Noncontrolling Interests |
Beginning Balance, Values at Dec. 31, 2015 | $ 248,938 | $ 213 | $ 240,625 | $ (18,593) | $ (697) | $ 27,390 |
Beginning Balance, Shares at Dec. 31, 2015 | 21,293,825 | 21,294 | ||||
Distributions | (1,059) | |||||
Dividends | (4,387) | |||||
Distributions to stockholders | $ (5,446) | |||||
Other comprehensive income (loss) | (32) | (29) | (3) | |||
Net income (loss) | 291 | (15) | 306 | |||
Ending Balances, Values at Mar. 31, 2016 | $ 243,751 | $ 213 | $ 240,625 | $ (22,995) | $ (726) | $ 26,634 |
Ending Balances, Shares at Mar. 31, 2016 | 21,293,825 | 21,294 |
COMBINED CONSOLIDATED STATEMEN6
COMBINED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities | ||
Net income (loss) | $ 291 | $ (5,893) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 9,612 | 11,610 |
Amortization of deferred financing costs | 324 | 307 |
Change in fair value on derivative instruments included in interest expense | 4 | 116 |
Amortization of fair market value adjustment of assumed debt | (27) | (27) |
Noncash contributions | 1,277 | |
Changes in operating assets and liabilities, net of effects of acquisitions: | ||
Accounts receivable | 213 | (451) |
Prepaid and other assets | (1,560) | (537) |
Restricted cash | 4,879 | (273) |
Accounts payable and other accrued liabilities | (4,800) | (3,739) |
Net cash provided by operating activities | 8,936 | 2,390 |
Cash flows from investing activities | ||
Change in restricted cash | 4,383 | (12,455) |
Additions to operating real estate investments | (6,200) | (6,821) |
Acquisitions of operating real estate investments | (910,600) | (143,695) |
Net cash used in investing activities | (1,817) | (162,971) |
Cash flows from financing activities | ||
Mortgage proceeds received | 106,414 | |
Mortgage payments | (533) | (246) |
Deferred financing fees paid | (1,322) | |
Interest rate cap fees paid | (242) | |
Due to affiliates | (20) | |
Distributions to noncontrolling interests | (1,059) | |
Dividends | (4,387) | |
Contributions from noncontrolling interests | 6,526 | |
Contributions | 68,732 | |
Net cash provided by (used in) financing activities | (5,979) | 179,842 |
Net increase in cash | 1,140 | 19,261 |
Cash, beginning of period | 16,226 | 12,662 |
Cash, end of period | 17,366 | 31,923 |
Supplemental Disclosure of Cash Flow Information | ||
Interest paid | 4,756 | 3,371 |
Supplemental Disclosure of Noncash Investing and Financing Activities | ||
Capitalized construction costs included in accounts payable and other accrued liabilities | 578 | 734 |
Change in fair value on hedging instruments designated as hedges | $ 32 | 270 |
Liabilities assumed from acquisitions | 903 | |
Other assets acquired from acquisitions | 214 | |
Assumed debt on acquisitions of operating real estate investments | $ 18,000 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business NexPoint Residential Trust, Inc. (the “Company”, “we”, “our”) was incorporated on September 19, 2014, and intends to be taxed as a real estate investment trust (“REIT”). The Company is focused on “value-add” multifamily investments primarily located in the Southeastern and Southwestern United States. Substantially all of the Company’s business is conducted through NexPoint Residential Trust Operating Partnership, L.P. (the “OP”), the Company’s operating partnership. The Company holds all or a majority interest in its properties (the “Portfolio”) through the OP. The Company’s wholly owned subsidiary, NexPoint Residential Trust Operating Partnership GP, LLC (the “OP GP”) is the sole general partner of the OP. The sole limited partner of the OP is the Company. The Company began operations on March 31, 2015 as a result of the transfer and contribution by NexPoint Credit Strategies Fund (“NHF”) of all but one of the multifamily properties owned by NHF through its subsidiary Freedom REIT, LLC (“Freedom REIT”). We use the term “predecessor” to mean the carve-out business of Freedom REIT. On March 31, 2015, NHF distributed all of the outstanding shares of the Company's common stock held by NHF to holders of NHF common shares. We refer to the distribution of our common stock by NHF as the “Spin-Off.” We are externally managed by NexPoint Real Estate Advisors, L.P., (the “Adviser”), through an agreement dated March 16, 2015 (the “Advisory Agreement”), by and among the Company, the OP and our Adviser. The Advisory Agreement has a term of two years. Our Adviser conducts substantially all of our operations and provides asset management for our real estate investments. We will only have accounting employees while the Advisory Agreement is in effect. All of our investment decisions are made by our Adviser, subject to general oversight by our Adviser’s investment committee and our Board of Directors (the “Board”). Our Adviser is wholly owned by NexPoint Advisors, L.P. and is an affiliate of Highland Capital Management, L.P. (our “Sponsor” or “Highland”). The Company’s investment objectives are to maximize the cash flow and value of properties owned, acquire properties with cash flow growth potential, provide quarterly cash distributions and achieve long-term capital appreciation for its stockholders through targeted management and a capex value-add program. Consistent with the Company’s policy to acquire assets for both income and capital gain, the Company intends to hold majority interests in the properties for long-term appreciation and to engage in the business of directly or indirectly acquiring, owning, and operating well-located multifamily properties with a value-add component in large cities and suburban submarkets of large cities primarily in the Southeastern and Southwestern United States consistent with our investment objectives. The Company may also participate with third parties in property ownership, through limited liability companies (“LLCs”), funds or other types of co-ownership or acquire real estate or interests in real estate in exchange for the issuance of common stock, units, preferred stock or options to purchase stock. These types of investments may permit the Company to own interests in larger assets without unduly restricting diversification which provides flexibility in structuring the Company’s portfolio. The Company may allocate up to thirty percent of the portfolio to investments in real estate-related debt and securities with the potential for high current income or total returns. These allocations may include first and second mortgages, subordinated, bridge, mezzanine, construction and other loans, as well as debt securities related to or secured by multifamily real estate and common and preferred equity securities, which may include securities of other REIT or real estate companies. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Predecessor With the exception of a nominal amount of initial cash funded at inception, the Company did not own any assets prior to March 31, 2015. The business and operations of the Company prior to March 31, 2015 occurred under the predecessor. Our predecessor included all of the properties in our Portfolio that were held directly or indirectly by Freedom REIT, a wholly owned subsidiary of NHF, prior to the Spin-Off that occurred on March 31, 2015. However, our combined consolidated statements of operations and comprehensive income (loss) and combined consolidated statements of cash flows reflect operations of our predecessor through March 31, 2015 as if they were incurred by us. Our predecessor was determined in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). References throughout these combined consolidated financial statements to the “Company”, “we”, or “our”, include the activity of the predecessor defined above. Basis of Accounting The accompanying unaudited combined consolidated financial statements of the Company are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). The consolidated balance sheets include the accounts of the Company and its subsidiaries. Our predecessor combined consolidated financial statements were derived from the historical accounting records of our predecessor and reflect the historical results of operations and cash flows for the period prior to the Spin-Off. All intercompany balances and transactions are eliminated in combination and consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting polices consistent with those of the Company. In addition, the Company evaluates relationships with other entities to identify whether there are variable interest entities (“VIE’s”) as required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with our audited financial statements for the year ended December 31, 2015 and notes thereto included in our annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 21, 2016. Use of Estimates The preparation of the combined consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the combined consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term. Real Estate Investments Upon acquisition, in accordance with FASB ASC 805, Business Combinations, If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. Costs associated with the acquisition of a property, including acquisition fees paid, are expensed upon closing the acquisition. The results of operations for acquired properties are included in the combined consolidated statements of operations and comprehensive income (loss) from their respective acquisition dates. Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. The Company periodically classifies real estate assets as held for sale. An asset is classified as held for sale after an active program to sell the asset has commenced or the asset is under contract for sale and after the evaluation of other factors. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset, and no further depreciation expense is recorded. Upon a decision to no longer market an asset for sale, the asset is classified as an operating asset and depreciation expense is reinstated. Real estate assets and the related debt held for sale are stated separately on the accompanying consolidated balance sheets. Impairment Real estate assets that are determined to be held and used will be reviewed periodically for impairment and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the periods ended March 31, 2016 and 2015, the Company did not record any impairment charges related to real estate assets. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted Cash Restricted cash is comprised of security deposits, operating escrows, and renovation value-add reserves. Security deposits are held until they are due to tenants and are credited against the balance. Operating escrows are required and held by our first mortgage lender(s) for items such as real estate taxes, insurance, and required repairs. Lender held escrows are released back to the joint venture upon the borrower’s proof of payment of such expenses. Renovation value-add reserves are funds identified to finance our value-add renovations at each of our properties and are not required to be held in escrow by a third party. The Company may reallocate these funds, at its discretion, to pursue other investment opportunities. The following is a summary of the restricted cash held as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Security deposits $ 963 $ 1,034 Operating escrows 16,504 21,312 Renovation value-add reserves 20,140 24,523 $ 37,607 $ 46,869 Prepaid acquisition deposits The Company incurs costs in connection with future acquisitions that may include good faith deposits prior to possible acquisitions that are expected to be rolled into the costs of the closing. Until an acquisition closes, the Company reflects these costs as prepaid costs on the consolidated balance sheets. No such costs existed as of March 31, 2016 and December 31, 2015. Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to interest expense. Deferred financing costs, net of amortization, of $5.8 million and $6.0 million are recorded as a deduction from mortgages payable on the accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively. Deferred financing costs, net of amortization, of $0.1 million and $0.2 million are recorded as a deduction from the debt related to the Company’s bridge facility on the accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively. Amortization of deferred financing costs of $0.3 million and $0.3 million is included in interest expense on the combined consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2016 and 2015, respectively. Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in the joint ventures in multifamily properties that the Company consolidates. The Company reports its joint venture partners’ interests in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investment’s net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic ownership percentage. Accounting for Joint Ventures The Company first analyzes its investments in joint ventures to determine if the joint venture is a VIE in accordance with FASB ASC 810, and if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that potentially could be significant to the primary beneficiary. Variable interests in a VIE are contractual, ownership, or other financial interests that change with changes in the fair value of the VIE’s net assets. The Company assesses at each level of the joint venture whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If an entity in which the Company holds a joint venture interest qualifies as a VIE and the Company is determined to be the primary beneficiary, the joint venture is consolidated. The following table represents the Company’s investments at March 31, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at March 31, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % Cutter’s Point Richardson, Texas 2014 90 % 90 % Eagle Crest Irving, Texas 2014 90 % 90 % Meridian (2) Austin, Texas 2014 90 % 90 % Silverbrook Grand Prairie, Texas 2014 90 % 90 % Timberglen Dallas, Texas 2014 90 % 90 % Toscana Dallas, Texas 2014 90 % 90 % The Grove at Alban (2) Frederick, Maryland 2014 76 % 76 % Willowdale Crossing (2) Frederick, Maryland 2014 80 % 80 % Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % Willow Grove Nashville, Tennessee 2014 90 % 90 % Woodbridge Nashville, Tennessee 2014 90 % 90 % Abbington Heights Antioch, Tennessee 2014 90 % 90 % The Summit at Sabal Park Tampa, Florida 2014 90 % 90 % Courtney Cove Tampa, Florida 2014 90 % 90 % Colonial Forest Jacksonville, Florida 2014 90 % 90 % Park at Blanding Orange Park, Florida 2014 90 % 90 % Park at Regency (2) Jacksonville, Florida 2014 90 % 90 % Jade Park Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve (2) Jacksonville, Florida 2014 90 % 90 % Radbourne Lake Charlotte, North Carolina 2014 90 % 90 % Timber Creek Charlotte, North Carolina 2014 90 % 90 % Belmont at Duck Creek Garland, Texas 2014 90 % 90 % The Arbors Tucker, Georgia 2014 90 % 90 % The Crossings Marietta, Georgia 2014 90 % 90 % The Crossings at Holcomb Bridge Roswell, Georgia 2014 90 % 90 % The Knolls Marietta, Georgia 2014 90 % 90 % Regatta Bay Seabrook, Texas 2014 90 % 90 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 90 % 90 % Southpoint Reserve at Stoney Creek Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 90 % McMillan Place Dallas, Texas 2015 90 % 90 % Barrington Mill Marietta, Georgia 2015 90 % 90 % Dana Point Dallas, Texas 2015 90 % 90 % Heatherstone Dallas, Texas 2015 90 % 90 % Versailles Dallas, Texas 2015 90 % 90 % Seasons 704 Apartments West Palm Beach, Florida 2015 90 % 90 % Madera Point (1) Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills (1) Mesa, Arizona 2015 95 % 95 % The Place at Vanderbilt (1) Fort Worth, Texas 2015 95 % 95 % (1) The entities that own these properties are not VIEs. (2) Properties are classified as held for sale as of March 31, 2016. In connection with its indirect equity investments in the properties acquired, the Company, through the OP, directly or indirectly holds membership interests in single-asset LLCs that directly own the properties. The majority of these entities are deemed to be VIEs as we have disproportionate voting rights (in the form of substantive participating rights over all of the decisions that are made that most significantly affect economic performance) relative to our economic interests in the entities and substantially all of the activities of the entities are performed on our behalf. The Company is considered the primary beneficiary of these VIEs as no single party meets both criteria to be the primary beneficiary, and we are the member of the related party group that has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Within the related party group, the Company is the most closely associated to the VIE based on the purpose and design of the entity, the size of our ownership interests relative to the other investors, and the rights we hold with respect to the other investors’ equity interests, including our ability to preclude any transfers of their interests and ability to drag them along on the sale of our equity interest. All VIEs are consolidated in the Company’s financial statements. The assets of each VIE can only be used to settle obligations of that particular VIE, and the creditors of each entity have no recourse to the assets of other entities or the Company. The other investor in the VIEs is BH Equities, LLC (“BH Equity”) or affiliates of BH Equity. When these VIEs were formed, BH Equity invested cash in each VIE and received a proportional share of each VIE that it invested in. Each VIE has a non-recourse mortgage that has standard scope non-recourse carve outs required by agency lenders and generally call for protection by the borrower and the guarantor against losses by the lender for so-called “bad acts,” such as misrepresentations, and may include full recourse liability for more significant events such as bankruptcy. BH Equity, or its affiliates, provided non-recourse carve out guarantees for the mortgage indebtedness currently outstanding relating to each VIE. In consideration of the guarantees provided by BH Equity and its affiliates, they will earn an additional profit interest in each VIE such that distributions will be made to the members of the VIE pro rata in proportion to their relative percentage interests until the members have received an internal rate of return equal to 13%. Then, the proportion of distributions changes to a predetermined allocation according to the agreements between each VIE and BH Equity or its affiliates. Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, pets, administrative, application and other fees and are recognized when earned. Asset Management & Property Management Services Asset management fee and property management fee expenses are recognized when incurred in accordance with each management agreement (see Note 8). Income Taxes The Company intends to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (a) 85% of its ordinary income, (b) 95% of its capital gain net income and (c) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, including creating taxable REIT subsidiaries to hold assets that generate income that would not be consistent with the rules applicable for qualification as a REIT if held directly by the REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. If the Company were to fail to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of March 31, 2016, the Company believes it is in compliance with all applicable REIT requirements. Reportable Segment Substantially all of the Company’s net income (loss) is from investments in real estate properties within the multifamily sector that the Company owns through LLCs. The Company evaluates operating performance on an individual property level and views its real estate assets as one industry segment and, accordingly, its properties are aggregated into one reportable segment. Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions, including NexBank, an affiliate of our Adviser, and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, FASB ASC 820, Fair Value Measurement and Disclosures · Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. · Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. · Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes an independent third party to perform the allocation of value analysis for each property acquisition and also to perform the market valuations on the interest rate caps and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and interest rate caps are fair and consistent as of the measurement date. Per Share Data The Company began operations on March 31, 2015, as described above, and therefore the Company had no operating activities or earnings (loss) per share before March 31, 2015. However, for purposes of the combined consolidated statements of operations and comprehensive income (loss), the Company has presented basic and diluted earnings (loss) per share as if the operating activities of the predecessor were those of the Company and assuming the shares outstanding at the date of the Spin-Off were outstanding for all periods prior to the Spin-Off. Basic earnings (loss) per share will be shown for all periods presented and computed by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (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. There were no potentially dilutive securities for any of the periods presented. For the three months ended March 31, 2016 and 2015, the Company incurred earnings (loss) per share of $(0.00) and $(0.25), respectively. Recent Accounting Pronouncements Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Exchange Act, for complying with new or revised accounting standards applicable to public companies. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of this extended transition period. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates for such new or revised standards. We may elect to comply with public company effective dates at any time, and such election would be irrevocable pursuant to Section 107(b) of the JOBS Act. The following recent accounting pronouncements reflect effective dates that delay the adoption until those standards would otherwise apply to private companies. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Assets Liabilities Deferred financing costs, net Bridge facility, net Mortgages payable, net December 31, 2015 As previously presented $ 6,213 $ 29,000 $ 682,342 Reclassification of deferred financing costs, net (6,213 ) (195 ) (6,018 ) As presented herein $ — $ 28,805 $ 676,324 In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers – Deferral of the Effective Date, In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 3. Acquisitions As of March 31, 2016, through its consolidated joint ventures, the Company has invested in a total of 42 multifamily properties as listed below: Property Name Rentable Square Number of Units Date Acquired Average Effective Monthly Rent Per Unit (1) % Occupied as of March 31, 2016 (2) % Occupied as of December 31, 2015 (2) The Miramar Apartments 183,100 314 10/31/2013 $ 587 93.3 % 92.4 % Arbors on Forest Ridge 154,556 210 1/31/2014 817 95.7 % 93.8 % Cutter’s Point 197,972 196 1/31/2014 982 96.4 % 93.9 % Eagle Crest 395,951 447 1/31/2014 809 95.7 % 95.5 % Meridian (3) 148,200 200 1/31/2014 831 96.0 % 94.0 % Silverbrook 526,138 642 1/31/2014 717 95.5 % 93.6 % Timberglen 221,376 304 1/31/2014 753 93.1 % 96.1 % Toscana 115,400 192 1/31/2014 656 95.8 % 94.8 % The Grove at Alban (3) 267,300 290 3/10/2014 989 93.1 % 94.5 % Willowdale Crossing (3) 411,800 432 5/15/2014 942 91.7 % 88.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 837 93.7 % 94.5 % Beechwood Terrace 271,728 300 7/21/2014 812 94.7 % 97.3 % Willow Grove 229,140 244 7/21/2014 795 95.9 % 95.9 % Woodbridge 246,840 220 7/21/2014 899 95.5 % 96.4 % Abbington Heights 238,974 274 8/1/2014 796 94.5 % 94.5 % The Summit at Sabal Park 204,545 252 8/20/2014 859 90.5 % 92.5 % Courtney Cove 224,958 324 8/20/2014 748 96.0 % 95.4 % Colonial Forest 160,093 174 8/20/2014 645 96.6 % 94.8 % Park at Blanding 116,410 117 8/20/2014 783 97.4 % 97.4 % Park at Regency (3) 134,253 159 8/20/2014 769 95.0 % 96.2 % Jade Park 118,392 144 8/20/2014 758 95.8 % 90.3 % Mandarin Reserve (3) 449,276 520 9/15/2014 726 95.8 % 93.1 % Radbourne Lake 246,599 225 9/30/2014 967 97.3 % 96.9 % Timber Creek 248,391 352 9/30/2014 741 95.5 % 94.3 % Belmont at Duck Creek 198,279 240 9/30/2014 901 96.3 % 93.8 % The Arbors 127,536 140 10/16/2014 799 91.4 % 94.3 % The Crossings 377,840 380 10/16/2014 766 93.4 % 92.9 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 791 96.3 % 95.9 % The Knolls 311,160 312 10/16/2014 842 94.9 % 93.9 % Regatta Bay 200,440 240 11/4/2014 1,029 92.5 % 93.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 1,098 96.0 % 96.0 % Southpoint Reserve at Stoney Creek 115,712 156 12/18/2014 1,004 85.9 % 94.9 % Cornerstone 317,565 430 1/15/2015 829 94.7 % 93.3 % McMillan Place 290,051 402 1/15/2015 666 93.3 % 91.3 % Barrington Mill 692,180 752 2/6/2015 757 94.1 % 95.6 % Dana Point 206,276 264 2/26/2015 734 95.5 % 92.8 % Heatherstone 115,615 152 2/26/2015 787 94.1 % 94.1 % Versailles 300,908 388 2/26/2015 771 95.6 % 90.2 % Seasons 704 Apartments 216,891 222 4/15/2015 980 96.8 % 97.3 % Madera Point 192,880 256 8/5/2015 769 94.5 % 93.8 % The Pointe at the Foothills 472,952 528 8/5/2015 824 93.2 % 90.7 % The Place at Vanderbilt 288,532 333 10/30/2015 750 92.5 % 92.8 % 11,281,733 13,155 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2016 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2016. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2016 and December 31, 2015, divided by the total number of units, expressed as a percentage. (3) Properties are classified as held for sale as of March 31, 2016. |
Real Estate Investments
Real Estate Investments | 3 Months Ended |
Mar. 31, 2016 | |
Real Estate [Abstract] | |
Real Estate Investments | 4. Real Estate Investments As of March 31, 2016, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings Intangible Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580 $ 8,710 $ — $ 49 $ 619 $ 10,958 Arbors on Forest Ridge 2,330 10,944 — 2 546 13,822 Cutter’s Point 3,330 12,752 — 1 715 16,798 Eagle Crest 5,450 21,867 — 12 794 28,123 Silverbrook 4,860 25,004 — 44 1,557 31,465 Timberglen 2,510 14,394 — 20 736 17,660 Toscana 1,730 7,253 — 5 553 9,541 Edgewater at Sandy Springs 14,290 43,650 — 29 2,641 60,610 Beechwood Terrace 1,390 20,412 — 30 649 22,481 Willow Grove 3,940 10,625 — 1 509 15,075 Woodbridge 3,650 12,609 — 100 598 16,957 Abbington Heights 1,770 16,200 — 77 708 18,755 The Summit at Sabal Park 5,770 13,313 — 7 734 19,824 Courtney Cove 5,880 12,854 — 46 711 19,491 Colonial Forest 2,090 3,487 — — 357 5,934 Park at Blanding 2,610 4,031 — 6 314 6,961 Jade Park 1,490 6,411 — 30 419 8,350 Radbourne Lake 2,440 21,315 — 105 784 24,644 Timber Creek 11,260 13,128 — 47 598 25,033 Belmont at Duck Creek 1,910 16,953 — 77 586 19,526 The Arbors 1,730 6,515 — 4 292 8,541 The Crossings 3,982 17,366 — 197 1,044 22,589 The Crossings at Holcomb Bridge 5,560 10,704 — 42 820 17,126 The Knolls 3,410 17,605 — 3 1,122 22,140 Regatta Bay 1,660 16,125 — 54 604 18,443 Sabal Palm at Lake Buena Vista 7,580 41,027 — 45 699 49,351 Southpoint Reserve at Stoney Creek 6,120 10,927 — 139 376 17,562 Cornerstone 1,500 29,918 — 201 551 32,170 McMillan Place 3,610 17,719 — 117 624 22,070 Barrington Mill 10,170 47,369 — 336 1,480 59,355 Dana Point 4,090 12,030 — 167 728 17,015 Heatherstone 2,320 7,364 — 68 504 10,256 Versailles 6,720 19,912 — 281 1,022 27,935 Seasons 704 Apartments 7,480 13,773 — 172 405 21,830 Madera Point 4,920 16,650 — 120 536 22,226 The Pointe at the Foothills 4,840 45,411 — 379 855 51,485 The Place at Vanderbilt 2,350 16,126 511 111 543 19,641 158,322 642,453 511 3,124 27,333 831,743 Accumulated depreciation and amortization — (32,802 ) (426 ) — (7,174 ) (40,401 ) Total Operating Properties $ 158,322 $ 609,651 $ 85 $ 3,124 $ 20,159 $ 791,342 Held For Sale Properties Meridian 2,310 10,327 — 12 462 13,111 The Grove at Alban 3,640 19,012 — 18 1,108 23,778 Willowdale Crossing 4,650 35,644 — 36 873 41,203 Park at Regency 2,620 5,708 — 15 488 8,831 Mandarin Reserve 5,610 20,866 — 59 1,114 27,649 18,830 91,557 — 140 4,045 114,572 Accumulated depreciation and amortization — (5,997 ) — — (1,019 ) (7,016 ) Total Held For Sale Properties $ 18,830 $ 85,560 $ — $ 140 $ 3,026 $ 107,556 Total $ 177,152 $ 695,211 $ 85 $ 3,264 $ 23,185 $ 898,898 As of December 31, 2015, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Property Name Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580 $ 8,601 $ — $ 48 $ 603 $ 10,832 Arbors on Forest Ridge 2,330 10,948 — — 524 13,802 Cutter's Point 3,330 12,747 — 37 621 16,735 Eagle Crest 5,450 21,846 — 15 743 28,054 Meridian 2,310 10,325 — 12 419 13,066 Silverbrook 4,860 24,909 — 118 1,475 31,362 Timberglen 2,510 14,379 — 20 703 17,612 Toscana 1,730 7,256 — 4 522 9,512 The Grove at Alban 3,640 18,994 — 66 911 23,611 Willowdale Crossing 4,650 35,631 — 23 784 41,088 Edgewater at Sandy Springs 14,290 43,429 — 199 2,394 60,312 Beechwood Terrace 1,390 20,374 — 28 572 22,364 Willow Grove 3,940 10,621 — 2 483 15,046 Woodbridge 3,650 12,581 — 110 543 16,884 Abbington Heights 1,770 16,184 — 67 657 18,678 The Summit at Sabal Park 5,770 13,311 — 9 674 19,764 Courtney Cove 5,880 12,850 — 30 668 19,428 Colonial Forest 2,090 3,486 — — 328 5,904 Park at Blanding 2,610 4,025 — 4 304 6,943 Park at Regency 2,620 5,706 — 5 446 8,777 Jade Park 1,490 6,404 — 19 351 8,264 Mandarin Reserve 5,610 20,850 — — 1,021 27,481 Radbourne Lake 2,440 21,194 — 224 739 24,597 Timber Creek 11,260 13,101 — 37 541 24,939 Belmont at Duck Creek 1,910 16,948 — 47 533 19,438 The Arbors 1,730 6,512 — 4 279 8,525 The Crossings 3,982 16,696 — 759 890 22,327 The Crossings at Holcomb Bridge 5,560 10,644 — 101 749 17,054 The Knolls 3,410 17,574 — — 1,016 22,000 Regatta Bay 1,660 16,120 — 34 543 18,357 Sabal Palm at Lake Buena Vista 7,580 40,833 — 214 639 49,266 Southpoint Reserve at Stoney Creek 6,120 10,896 — 166 286 17,468 Cornerstone 1,500 29,786 — 201 411 31,898 McMillan Place 3,610 17,127 — 398 517 21,652 Barrington Mill 10,170 47,055 — 430 1,117 58,772 Dana Point 4,090 11,760 — 330 649 16,829 Heatherstone 2,320 6,962 — 403 399 10,084 Versailles 6,720 19,339 — 699 903 27,661 Seasons 704 Apartments 7,480 13,532 — 254 361 21,627 Madera Point 4,920 16,632 629 39 444 22,664 The Pointe at the Foothills 4,840 45,395 1,433 186 768 52,622 The Place at Vanderbilt 2,350 16,112 511 4 479 19,456 177,152 729,675 2,573 5,346 28,009 942,755 Accumulated depreciation and amortization — (32,350 ) (1,844 ) — (5,679 ) (39,873 ) $ 177,152 $ 697,325 $ 729 $ 5,346 $ 22,330 $ 902,882 Depreciation expense was $9.0 million and $5.8 million for the three months ended March 31, 2016 and 2015, respectively. Amortization expense related to the Company’s intangible lease assets was $0.6 million and $5.8 million for the three months ended March 31, 2016 and 2015, respectively. Amortization expense related to the Company’s intangible lease assets for the remainder of the year ended December 31, 2016 for all acquisitions completed through March 31, 2016 is expected to be |
Pro Forma Financial Information
Pro Forma Financial Information (Unaudited) | 3 Months Ended |
Mar. 31, 2016 | |
Pro Forma Financial Information [Abstract] | |
Pro Forma Financial Information (Unaudited) | 5. Pro Forma Financial Information (unaudited) The Company acquired 10 properties during the period January 1, 2015 through March 31, 2016. The following unaudited pro forma information for the three months ended March 31, 2016 and 2015 has been provided to give effect to the acquisitions of the properties as if they had occurred on January 1, 2015. This pro forma financial information is not intended to represent what the actual results of operations of the Company would have been had these acquisitions occurred on this date, nor does it purport to predict the results of operations for future periods. The following table summarizes, on an unaudited basis, the combined consolidated pro forma results of operations of the Company for the three months ended March 31, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Actual: Total revenues $ 33,511 $ 25,537 Net income (loss) 291 (5,893 ) Earnings (loss) per share - basic and diluted (see Note 2) (0.00 ) (0.25 ) Pro forma: Total revenues 33,511 30,871 Net income (loss) 934 (13,399 ) Earnings (loss) per share - basic and diluted (see Note 2) 0.04 (0.63 ) The pro forma information includes adjustments to actual revenues and expenses recorded to reflect operations of all properties acquired as of March 31, 2016, assuming each was owned by the Company and operating as of January 1, 2015. Net income (loss) has been adjusted as follows: (1) interest expense has been adjusted to reflect the additional interest expense that would have been charged had the Company acquired the properties on January 1, 2015 under the same financing arrangements as existed as of the acquisition date; (2) depreciation and amortization has been adjusted based on the Company’s basis in the properties, and half of the intangible lease assets have been amortized during the three months ended March 31, 2015 due to the six-month life of intangible assets; (3) acquisition costs have been excluded for pro forma purposes for the acquisition costs of the properties; (4) advisory and administrative fees have been adjusted to include the acquisitions on a pro forma basis; and (5) general and administrative fees expected to be incurred on a quarterly basis at a parent level have been adjusted to include the acquisitions on a pro forma basis and are estimated to be approximately $800,000 per quarter. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt Mortgages Payable The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2016: Operating Properties Type Term Amortization (months) Outstanding Principal (1) (in thousands) Interest Rate (2) Max Note Rate (3) Maturity Date The Miramar Apartments (4) Floating 120 360 $ 8,400 2.66% 5.75% 2/1/2025 Beechwood Terrace (5) Floating 84 360 17,120 2.52% 6.00% 8/1/2021 Colonial Forest (5) Floating 84 360 4,125 2.60% 6.25% 9/1/2021 Courtney Cove (5) Floating 84 360 14,210 2.52% 5.75% 9/1/2021 Edgewater at Sandy Springs (5) Floating 84 360 43,550 2.53% 5.75% 8/1/2021 Park at Blanding (5) Floating 84 360 4,875 2.60% 7.25% 9/1/2021 The Summit at Sabal Park (5) Floating 84 360 14,287 2.52% 5.75% 9/1/2021 Willow Grove (5) Floating 84 360 11,000 2.55% 6.00% 8/1/2021 Jade Park (5) Floating 84 360 5,850 2.59% 6.49% 9/1/2021 Woodbridge (5) Floating 84 360 12,800 2.53% 6.25% 8/1/2021 Southpoint Reserve at Stoney Creek (5) Floating 84 360 13,600 2.55% 6.00% 1/1/2022 Barrington Mill (5) Floating 84 360 43,500 2.40% 5.50% 3/1/2022 Dana Point (5) Floating 84 360 12,176 2.49% 5.50% 3/1/2022 Heatherstone (5) Floating 84 360 7,087 2.52% 5.50% 3/1/2022 Versailles (5) Floating 84 360 19,623 2.47% 5.50% 3/1/2022 Seasons 704 Apartments (5) Floating 84 360 12,660 2.24% 5.95% 5/1/2022 Arbors on Forest Ridge (6) Floating 84 360 10,226 3.17% 5.75% 2/1/2021 Cutter's Point (6) Floating 84 360 12,654 3.17% 5.75% 2/1/2021 Eagle Crest (6) Floating 84 360 21,822 3.17% 5.75% 2/1/2021 Silverbrook (6) Floating 84 360 24,277 3.17% 5.75% 2/1/2021 Timberglen (6) Floating 84 360 13,536 3.17% 5.75% 2/1/2021 Toscana (6) Floating 84 360 7,088 3.17% 5.75% 2/1/2021 Timber Creek (7) Floating 120 360 19,482 2.26% 5.96% 10/1/2024 Radbourne Lake (7) Floating 120 360 19,213 2.25% 6.25% 10/1/2024 The Arbors (7) Floating 120 360 5,812 2.25% 7.11% 11/1/2024 The Crossings (7) Floating 120 360 15,874 2.25% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (7) Floating 120 360 12,450 2.25% 7.35% 11/1/2024 The Knolls (7) Floating 120 360 16,038 2.25% 7.11% 11/1/2024 McMillan Place (7) Floating 120 360 15,738 2.36% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (7) Floating 120 360 37,680 2.25% 6.26% 12/1/2024 Abbington Heights (8) Fixed 120 360 10,354 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (9) Fixed 84 360 11,293 4.68% 4.68% 9/1/2018 Regatta Bay (10) Floating 60 360 14,000 2.33% N/A 11/1/2020 Cornerstone (11) Fixed 120 360 23,380 4.24% 4.24% 3/1/2023 Madera Point (12) Floating 60 360 13,515 2.34% N/A 9/1/2020 The Pointe at the Foothills (12) Floating 60 360 31,365 2.33% N/A 9/1/2020 The Place at Vanderbilt (13) Floating 84 360 13,824 2.67% 5.75% 1/1/2022 $ 594,484 Fair market value adjustment 265 (14) Deferred financing costs, net (5,049 ) $ 589,700 Held For Sale Properties The Grove at Alban (5) Floating 84 360 18,720 2.98% 6.50% 4/1/2021 Park at Regency (5) Floating 84 360 6,225 2.60% 7.01% 9/1/2021 Mandarin Reserve (5) Floating 84 360 19,465 2.54% 5.50% 10/1/2021 Willowdale Crossing (5) Floating 84 360 32,800 2.71% 5.75% 6/1/2021 Meridian (6) Floating 84 360 9,823 3.17% 5.75% 2/1/2021 $ 87,033 Deferred financing costs, net (723 ) $ 86,310 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on one-month LIBOR plus an applicable margin, except for Abbington Heights (based on fixed rate of 3.79%), Belmont at Duck Creek (based on fixed rate of 4.68%), Regatta Bay (based on three-month LIBOR, subject to a floor of 0.25%, plus 1.70%) and Cornerstone (based on a blended fixed rate of 4.24%). One-month and three-month LIBOR as of March 31, 2016 were 0.4373% and 0.6286%, respectively. (3) Represents the maximum rate payable on each note (see Note 7). (4) Loan cannot be pre-paid in the first 12 months of the term. Starting in the 13 th th (5) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. (6) Loan can be pre-paid in the first 24 months of the term at par plus 5.00%. Starting in the 25th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. (7) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th th (8) Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last three months of the term. (9) Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last six months of the term. (10) Loan can be pre-paid in the first 12 months of the term at par plus 1.00% of the unpaid principal balance and at par thereafter. Loan’s unpaid principal balance can be declared due and payable in full, at the lender’s discretion, on November 1, 2018 and November 1, 2019. (11) Debt in the amount of $18.0 million was assumed upon acquisition of this property at approximated fair value. The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from month 13 through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. Concurrently with the acquisition of the property, we placed a supplemental second mortgage on the property with a principal amount of approximately $5.8 million, a fixed rate of 4.70%, and with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of March 31, 2016, the total indebtedness secured by the property is approximately $23.4 million and has a blended interest rate of 4.24%. (12) Loan can be pre-paid starting in the 13 th th (13) Debt was assumed upon acquisition of this property at approximated fair value. The assumed debt was originally issued on December 22, 2014 and matures on January 1, 2022. The loan only required interest only payments for the first 12 months (interest only period ended January 31, 2016) after which time the loan began amortizing. The loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th st (14) The Company reflected a valuation adjustment on its fixed rate debt for Belmont at Duck Creek to adjust it to fair market value on the date of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining term of the mortgage. The weighted average interest rate of our mortgage indebtedness was 2.66% as of March 31, 2016 and 2.67% as of December 31, 2015. Each of our mortgages is a non-recourse obligation subject to customary provisions. The loan agreements contain customary events of default, including defaults in the payment of principal or interest, defaults in compliance with the covenants contained in the documents evidencing the loan, defaults in payments under any other security instrument covering any part of the property, whether junior or senior to the loan, and bankruptcy or other insolvency events. As of March 31, 2016, the Company believes it is in compliance with all provisions. Bridge Facility On August 5, 2015, the Company executed a bridge facility (the “Bridge Facility”) with KeyBank, N.A. in the amount of $29.0 million. The proceeds from the Bridge Facility were used to fund a portion of the purchase price of the Madera Point and The Pointe at the Foothills acquisitions. The Bridge Facility is payable in full on August 4, 2016, but is pre-payable at any time without penalty. The Bridge Facility is non-amortizing during the term it is outstanding and accrues interest at an annual rate of 4.00% plus one-month LIBOR. The Bridge Facility is recourse to the Company and is secured by the equity interests in Madera Point and The Pointe at the Foothills. We are in discussions with KeyBank, N.A. to convert the Bridge Facility to a revolving credit facility and extend the maturity date, alleviating the need to repay the Bridge Facility in full in August 2016. If we are unable to convert the Bridge Facility, we plan to use proceeds from sales of properties, cash on hand, proceeds from the refinancing of current debt in amounts in excess of the current balances, or proceeds from a future equity offering or issuance of debt to repay the Bridge Facility. The bridge facility agreement contains customary provisions with respect to events of default, covenants and borrowing conditions. Certain prepayments may be required upon a breach of covenants or borrowing conditions. As of March 31, 2016, the Company believes it is in compliance with all provisions. Schedule of Debt Maturities Debt maturities scheduled for the remainder of 2016, each of the next four years and thereafter, are as follows (in thousands): Operating Properties & Bridge Facility Held For Sale Properties Total Remainder of 2016 31,842 (1) 1,122 32,964 2017 5,828 1,907 7,735 2018 21,403 1,948 23,351 2019 11,217 1,987 13,204 2020 70,317 2,024 72,341 Thereafter 482,877 78,045 560,922 Total $ 623,484 $ 87,033 $ 710,517 (1) The scheduled maturity for 2016 is inclusive of the Bridge Facility of $29.0 million with KeyBank, N.A. that matures on August 4, 2016. |
Fair Value Measures and Derivat
Fair Value Measures and Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measures and Derivative Financial Instruments | 7. Fair Value Measures and Derivative Financial Instruments From time to time, the Company records certain assets and liabilities at fair value. Real estate assets are recorded at fair value at acquisition and may be stated at fair value if they become impaired in a given period and may be stated at fair value if they are held for sale and the fair value of such assets is below historical cost. Additionally, the Company records derivative financial instruments at fair value. Real estate acquisitions As of March 31, 2016 and as further discussed in Notes 2 and 3, the Company had acquired 42 properties for approximately $910.6 million. The purchase prices of these properties were allocated as follows: land of approximately $177.3 million, buildings, building improvements, furniture, fixtures and equipment of approximately $708.0 million, and intangible lease assets of approximately $25.3 million based on their estimated fair values using Level 3 inputs. Of the 42 properties acquired, there were five properties with assumed debt which was recorded based on their estimated fair value using Level 2 inputs. As discussed in Note 2, fair value measurements at the time of acquisition were determined by management using available market information and appropriate valuation methodologies available to management for the period ended March 31, 2016 and at December 31, 2015. Critical estimates in valuing certain assets and liabilities and the assumptions of what marketplace participants would use in making estimates of fair value include, but are not limited to: future expected cash flows, estimated carrying costs, estimated origination costs, lease up periods and tenant risk attributes, as well as assumptions about the period of time the acquired lease will continue to be used in the Company’s portfolio and discount rates used in these calculations. Management’s estimates of fair value are based upon assumptions believed to be reasonable, but which are inherently uncertain and unpredictable. Assumptions may not always reflect unanticipated events and changes in circumstances may occur. In making such estimates, management uses a number of sources, including appraisals, third party cost segregation studies or other market data, as well as, information obtained in its pre-acquisition due diligence, marketing and leasing activities. Considerable judgment is necessary to interpret market data and estimate fair value. Accordingly, there can be no assurance that the estimates discussed herein, using Level 3 inputs, are indicative of the amounts the Company could realize on disposition of the real estate assets or other financial instruments. The use of different market assumptions and/or estimation methodologies could have a material effect on the estimated fair value amounts. The following table represents critical assumptions used and the ranges for those assumptions: Going-in cap rate 4.8% - 6.2% Terminal cap rate 5.2% - 6.8% Discount rate 5.5% - 10.7% Growth rate revenues 1.6% - 3.3% Growth rate operating costs 1.6% - 3.3% Derivative financial instruments and hedging activities The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company may enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments and borrowings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. These market valuations are based on estimated fair values using Level 3 inputs. The Company’s objectives in using interest rate derivatives are to add stability to interest expense related to mortgage debt and to manage its exposure to interest rate movements. To accomplish this objective, the Company primarily uses interest rate caps to cap the total amount of interest expense the Company may pay in a rising interest rate environment. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. The rate caps have terms ranging from 3-4 years. During the three months ended March 31, 2016 and 2015, such derivatives were used to hedge the variable cash flows associated with most of our existing variable-rate debt. The derivative financial instruments that we employ cap our variable interest rate at a weighted average interest rate of 5.99%. The effective portion of changes in the fair value of derivative financial instruments that are designated as cash flow hedges is recorded in accumulated other comprehensive loss (“OCI”) and is subsequently reclassified into net income or loss in the period that the hedged forecasted transaction affects earnings. Amounts reported in accumulated OCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s variable-rate debt. The ineffective portion of the change in fair value of the derivatives is recognized directly in net income as interest expense. During the three months ended March 31, 2016 and 2015, the Company recorded no ineffectiveness in earnings attributable to derivatives designated as cash flow hedges. As of March 31, 2015, the Company had 14 derivatives designated as cash flow hedges. As of March 31, 2016, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Product Number of Instruments Notional Interest rate caps 15 $ 259,659 Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but do not meet the strict hedge accounting requirements of FASB ASC 815, Derivatives and Hedging Product Number of Instruments Notional Interest rate caps 21 $ 318,687 The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2016 and December 31, 2015 (in thousands): Asset Derivative Liability Derivative Balance Sheet Location March 31, 2016 December 31, 2015 Balance Sheet Location March 31, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 23 $ 61 Other $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Other assets 2 6 Other liabilities — — Total $ 25 $ 67 $ — $ — The tables below present the effect of the Company’s derivative financial instruments on the combined consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2016 and 2015 (in thousands): Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from accumulated OCI into income Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative (ineffective portion) 2016 2015 (effective portion) 2016 2015 (ineffective portion) 2016 2015 Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate caps $ (32 ) $ (270 ) Interest expense $ (6 ) $ — Interest expense $ — $ — Amount of gain (loss) recognized in income Location of gain (loss) recognized in income 2016 2015 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate caps Interest expense $ (4 ) $ (116 ) Other financial instruments Cash equivalents, rents and accounts receivables, accounts payable, accrued expenses and other liabilities are carried at amounts that reasonably approximate their fair values because of the short-term nature of these instruments. Long-term indebtedness is carried at amounts that reasonably approximate their fair value. The Company used market spreads from quoted prices on similar long-term debt, which are classified as Level 2 in the fair value hierarchy, to determine the estimated fair values for the Company’s long-term indebtedness. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions Fees and reimbursements to BH and its affiliates The Company has entered into management agreements with BH Management Services, LLC (“BH”), the Company’s property manager, who manages the Company’s properties and supervises the implementation of the Company’s value-add program. BH is an affiliate of the noncontrolling interest members of the Company by virtue of ownership in certain VIEs through BH’s affiliates. The property management fee is approximately 3% of the monthly gross income from each property managed. Currently, BH manages all of our properties. Additionally, the Company may pay BH certain other fees, including: (1) a fee of $15.00 per unit for the one-time setup and inspection of properties, (2) a construction supervision fee of 5-6% of total project costs, which is capitalized, (3) acquisition fees and due diligence costs reimbursements, and (4) other owner approved fees at $55 per hour. BH also acts as a paymaster for the properties and is reimbursed for various operating expenses it pays on their behalf. The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Fees incurred Property management fees (1) $ 1,005 $ 759 Construction supervision fees (2) 205 141 Acquisition fees (3) — 1,191 Reimbursements Payroll and benefits (4) 4,191 3,034 Other reimbursements (5) 300 249 (1) Included in property management fees on the combined consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs and are included in acquisition costs on the combined consolidated statements of operations and comprehensive income (loss). (4) Included in property operating expenses on the combined consolidated statements of operations and comprehensive income (loss). (5) Includes various operating expenses such as repairs and maintenance costs and property general and administrative expenses. Asset Management Fee In accordance with the operating agreement of each entity that owns the real estate properties, the Company earns an asset management fee for services provided in connection with monitoring the operations of the properties. The asset management fee is equal to 0.5% per annum of the aggregate effective gross income of the properties, as defined in each of the operating agreements. For the three months ended March 31, 2016 and 2015, the properties incurred asset management fees to the Company of approximately $0.2 million and $0.1 million, respectively. Since the fees are paid to the Company (and not the Adviser) by consolidated properties, they have been eliminated in consolidation. However, because our joint venture partners own a portion of each entity, with the exception of The Miramar Apartments, they absorb their pro rata share of the asset management fee. This amount is reflected on the combined consolidated statements of operations and comprehensive income (loss) in the net income (loss) attributable to noncontrolling interests. Advisory and Administrative Fee Prior to the Spin-Off, the predecessor paid NexPoint Advisors, an affiliate of the Adviser, an annual advisory fee, paid monthly, in an amount equal to 1.00% of the average weekly value of the predecessor’s “Managed Assets.” The predecessor’s Managed Assets were an amount equal to the total assets of the predecessor, including any form of leverage, minus all accrued expenses incurred in the normal course of operations, but not excluding any liabilities or obligations attributable to investment leverage obtained through (i) indebtedness of any type (including, without limitation, borrowing through a credit facility or the issuance of debt securities), (ii) the issuance of preferred stock or other preference securities, (iii) the reinvestment of collateral received for securities loaned in accordance with the predecessor’s investment objectives and policies, and/or (iv) any other means. Additionally, the predecessor paid NexPoint Advisors an administrative fee for services to the predecessor. The administrative fee was payable monthly, in an amount equal to 0.20% of the average weekly value of the predecessor’s Managed Assets. The advisory and administrative fees were paid by the predecessor on behalf of the Company. Following the Spin-Off and in accordance with the Advisory Agreement, the Company pays the Adviser an advisory fee equal to 1.00% of the Average Real Estate Assets (as defined below). The duties performed by our Adviser under the terms of the Advisory Agreement include but are not limited to: providing daily management for us, selecting and working with third party service providers, managing our properties or overseeing the third party property manager, formulating an investment strategy for us and selecting suitable properties and investments for us, managing our outstanding debt on properties, managing our interest rate exposure through derivative instruments, determining when to sell assets, and managing the value add program or overseeing a third party vendor that implements the value-add program. “Average Real Estate Assets” means the average of the aggregate book value of Real Estate Assets before reserves for depreciation or other non-cash reserves, computed by taking the average of the book value of real estate assets at the end of each month (1) for which any fee under the Advisory Agreement is calculated or (2) during the year for which any expense reimbursement under the Advisory Agreement is calculated. “Real Estate Assets” is defined broadly in the Advisory Agreement to include, among other things, investments in real estate-related securities and mortgages and reserves for capital expenditures (the value-add program). The advisory fee is payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the advisory fee in shares of common stock, subject to certain limitations. In accordance with the Advisory Agreement, the Company also pays the Adviser an administrative fee equal to 0.20% of the Average Real Estate Assets. The administrative fee will be payable monthly in arrears in cash, unless the Adviser elects, in its sole discretion, to receive all or a portion of the administrative fee in shares of common stock, subject to certain limitations. The advisory and administrative fees to be paid to the Adviser on the Contributed Assets (as defined below) are subject to a stipulated cap. Pursuant to the terms of the Advisory Agreement, the Company will reimburse the Adviser for all documented Operating Expenses and Offering Expenses it incurs on behalf of the Company. Operating Expenses include legal, accounting, financial and due diligence services performed by the Adviser that outside professionals or outside consultants would otherwise perform, and the Company’s pro rata share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses of the Adviser required for the Company’s operations. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. Certain Operating Expenses, such as our ratable share of rent, telephone, utilities, office furniture, equipment, machinery and other office, internal and overhead expenses incurred by the Adviser or its affiliates that relate to the operations of the Company, will be billed monthly to us under a shared services agreement. Offering Expenses include all expenses (other than underwriters’ discounts) in connection with an offering, including, without limitation, legal, accounting, printing, mailing and filing fees and other documented offering expenses. For the three months ended March 31, 2016, the Adviser did not bill any operating or offering expenses to the Company and any such expenses the Adviser incurred during the period are considered to be permanently waived. Expense Cap Pursuant to the terms of the Advisory Agreement, expenses paid or incurred by us for advisory and administrative fees payable to the Adviser and Operating Expenses will not exceed 1.5% of Average Real Estate Assets per calendar year (or part thereof that the Advisory Agreement is in effect (the “Expense Cap”)). The Expense Cap does not limit the reimbursement of expenses related to Offering Expenses. The Expense Cap also does not apply to legal, accounting, financial, due diligence and other service fees incurred in connection with mergers and acquisitions, extraordinary litigation or other events outside the Company’s ordinary course of business or any out-of-pocket acquisitions or due diligence expenses incurred in connection with the acquisition or disposition of real estate assets. Also, advisory and administrative fees are further limited on Contributed Assets to approximately $5.4 million in any calendar year. Contributed Assets refers to all Real Estate Assets contributed to the Company as part of the Spin-Off. Advisory and administrative fees on New Assets are not subject to the above limitation but are subject to the Expense Cap. New Assets are all Real Estate Assets that are not Contributed Assets. The amount of advisory and administrative fees incurred were $1.6 million and $1.3 million for the three months ended March 31, 2016 and 2015, respectively. These fees are reflected on the combined consolidated statements of operations and comprehensive income (loss) in advisory and administrative fees. The allocation of advisory and administrative fees prior to the Spin-Off is based on the terms of the Advisory Agreement between our predecessor and NexPoint Advisors. In management’s estimation, the allocation methodologies used are reasonable and result in a reasonable allocation of operating costs borne by our predecessor; however, these allocations may not be indicative of the cost of future operations or the amount of future allocations. The amount paid for the three months ended March 31, 2016 represents the maximum fee allowed on Contributed Assets under the Advisory Agreement plus approximately $0.3 million of advisory and administrative fees incurred on Madera Point, The Pointe at the Foothills, and The Place at Vanderbilt, defined as New Assets pursuant to the terms of the Advisory Agreement. |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Commitments In the normal course of business, the Company enters into various rehabilitation construction related purchase commitments with parties that provide these goods and services. In the event the Company were to terminate rehabilitation construction services prior to the completion of projects, the Company could potentially be committed to satisfy outstanding or uncompleted purchase orders with such parties. At March 31, 2016, management does not anticipate any material deviations from schedule or budget related to rehabilitation projects currently in process. Contingencies In the normal course of business, the Company is subject to claims, lawsuits and legal proceedings. While it is not possible to ascertain the ultimate outcome of all such matters, management believes that the aggregate amount of such liabilities, if any, in excess of amounts provided or covered by insurance, will not have a material adverse effect on the consolidated balance sheets or consolidated statements of operations and comprehensive income (loss) of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against us or our properties or subsidiaries. The Company is not aware of any environmental liability with respect to the properties that could have a material adverse effect on our business, assets or results of operations. However, there can be no assurance that such a material environmental liability does not exist. The existence of any such material environmental liability could have an adverse effect on our results of operations and cash flows. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events Sale of Multifamily Property The Company sold the following property subsequent to March 31, 2016 (in thousands) (unaudited): Property Name Location Date of Sale Real Estate Carrying Value, net Debt Outstanding Meridian Austin, Texas May 10, 2016 12,177 9,823 This property was classified as held for sale as of March 31, 2016. The sales price of the property was approximately $17.3 million. Dividends Declared On May 9, 2016, the Company’s board of directors declared a quarterly dividend of $0.206 per share, payable on June 30, 2016 to stockholders of record on June 15, 2016. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Predecessor | Predecessor With the exception of a nominal amount of initial cash funded at inception, the Company did not own any assets prior to March 31, 2015. The business and operations of the Company prior to March 31, 2015 occurred under the predecessor. Our predecessor included all of the properties in our Portfolio that were held directly or indirectly by Freedom REIT, a wholly owned subsidiary of NHF, prior to the Spin-Off that occurred on March 31, 2015. However, our combined consolidated statements of operations and comprehensive income (loss) and combined consolidated statements of cash flows reflect operations of our predecessor through March 31, 2015 as if they were incurred by us. Our predecessor was determined in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). References throughout these combined consolidated financial statements to the “Company”, “we”, or “our”, include the activity of the predecessor defined above. |
Basis of Accounting | Basis of Accounting The accompanying unaudited combined consolidated financial statements of the Company are prepared in accordance with Generally Accepted Accounting Principles (“GAAP”). The consolidated balance sheets include the accounts of the Company and its subsidiaries. Our predecessor combined consolidated financial statements were derived from the historical accounting records of our predecessor and reflect the historical results of operations and cash flows for the period prior to the Spin-Off. All intercompany balances and transactions are eliminated in combination and consolidation. The financial statements of the Company’s subsidiaries are prepared using accounting polices consistent with those of the Company. In addition, the Company evaluates relationships with other entities to identify whether there are variable interest entities (“VIE’s”) as required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation The unaudited information included in this quarterly report on Form 10-Q should be read in conjunction with our audited financial statements for the year ended December 31, 2015 and notes thereto included in our annual report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on March 21, 2016. |
Use of Estimates | Use of Estimates The preparation of the combined consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the date of the combined consolidated financial statements, and the reported amounts of revenues and expenses during the reporting periods. It is at least reasonably possible that these estimates could change in the near term. |
Real Estate Investments | Real Estate Investments Upon acquisition, in accordance with FASB ASC 805, Business Combinations, If any debt is assumed in an acquisition, the difference between the fair value and the face value of debt is recorded as a premium or discount and amortized to interest expense over the life of the debt assumed. Costs associated with the acquisition of a property, including acquisition fees paid, are expensed upon closing the acquisition. The results of operations for acquired properties are included in the combined consolidated statements of operations and comprehensive income (loss) from their respective acquisition dates. Real estate assets, including land, buildings, improvements, furniture, fixtures and equipment, and intangible lease assets are stated at historical cost less accumulated depreciation and amortization. Costs incurred in making repairs and maintaining real estate assets are expensed as incurred. Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months Construction in progress includes the cost of renovation projects being performed at the various properties. Once a project is complete, the historical cost of the renovation is placed into service in one of the categories above depending on the type of renovation project and is depreciated over the estimated useful lives as described in the table above. The Company periodically classifies real estate assets as held for sale. An asset is classified as held for sale after an active program to sell the asset has commenced or the asset is under contract for sale and after the evaluation of other factors. Upon the classification of a real estate asset as held for sale, the carrying value of the asset is reduced to the lower of its net book value or its estimated fair value, less costs to sell the asset, and no further depreciation expense is recorded. Upon a decision to no longer market an asset for sale, the asset is classified as an operating asset and depreciation expense is reinstated. Real estate assets and the related debt held for sale are stated separately on the accompanying consolidated balance sheets. |
Impairment | Impairment Real estate assets that are determined to be held and used will be reviewed periodically for impairment and whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. In such cases, the Company will evaluate the recoverability of such real estate assets based on estimated future cash flows and the estimated liquidation value of such real estate assets, and provide for impairment if such undiscounted cash flows are insufficient to recover the carrying amount of the real estate asset. If impaired, the real estate asset will be written down to its estimated fair value. For the periods ended March 31, 2016 and 2015, the Company did not record any impairment charges related to real estate assets. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. |
Restricted Cash | Restricted Cash Restricted cash is comprised of security deposits, operating escrows, and renovation value-add reserves. Security deposits are held until they are due to tenants and are credited against the balance. Operating escrows are required and held by our first mortgage lender(s) for items such as real estate taxes, insurance, and required repairs. Lender held escrows are released back to the joint venture upon the borrower’s proof of payment of such expenses. Renovation value-add reserves are funds identified to finance our value-add renovations at each of our properties and are not required to be held in escrow by a third party. The Company may reallocate these funds, at its discretion, to pursue other investment opportunities. The following is a summary of the restricted cash held as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Security deposits $ 963 $ 1,034 Operating escrows 16,504 21,312 Renovation value-add reserves 20,140 24,523 $ 37,607 $ 46,869 |
Prepaid Acquisition Deposits | Prepaid acquisition deposits The Company incurs costs in connection with future acquisitions that may include good faith deposits prior to possible acquisitions that are expected to be rolled into the costs of the closing. Until an acquisition closes, the Company reflects these costs as prepaid costs on the consolidated balance sheets. No such costs existed as of March 31, 2016 and December 31, 2015. |
Deferred Financing Costs | Deferred Financing Costs The Company defers costs incurred in obtaining financing and amortizes the costs over the terms of the related loans using the straight-line method, which approximates the effective interest method. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to interest expense. Deferred financing costs, net of amortization, of $5.8 million and $6.0 million are recorded as a deduction from mortgages payable on the accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively. Deferred financing costs, net of amortization, of $0.1 million and $0.2 million are recorded as a deduction from the debt related to the Company’s bridge facility on the accompanying consolidated balance sheets as of March 31, 2016 and December 31, 2015, respectively. Amortization of deferred financing costs of $0.3 million and $0.3 million is included in interest expense on the combined consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2016 and 2015, respectively. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in the joint ventures in multifamily properties that the Company consolidates. The Company reports its joint venture partners’ interests in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investment’s net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder based on its economic ownership percentage. |
Accounting for Joint Ventures | Accounting for Joint Ventures The Company first analyzes its investments in joint ventures to determine if the joint venture is a VIE in accordance with FASB ASC 810, and if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that potentially could be significant to the primary beneficiary. Variable interests in a VIE are contractual, ownership, or other financial interests that change with changes in the fair value of the VIE’s net assets. The Company assesses at each level of the joint venture whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If an entity in which the Company holds a joint venture interest qualifies as a VIE and the Company is determined to be the primary beneficiary, the joint venture is consolidated. The following table represents the Company’s investments at March 31, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at March 31, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % Cutter’s Point Richardson, Texas 2014 90 % 90 % Eagle Crest Irving, Texas 2014 90 % 90 % Meridian (2) Austin, Texas 2014 90 % 90 % Silverbrook Grand Prairie, Texas 2014 90 % 90 % Timberglen Dallas, Texas 2014 90 % 90 % Toscana Dallas, Texas 2014 90 % 90 % The Grove at Alban (2) Frederick, Maryland 2014 76 % 76 % Willowdale Crossing (2) Frederick, Maryland 2014 80 % 80 % Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % Willow Grove Nashville, Tennessee 2014 90 % 90 % Woodbridge Nashville, Tennessee 2014 90 % 90 % Abbington Heights Antioch, Tennessee 2014 90 % 90 % The Summit at Sabal Park Tampa, Florida 2014 90 % 90 % Courtney Cove Tampa, Florida 2014 90 % 90 % Colonial Forest Jacksonville, Florida 2014 90 % 90 % Park at Blanding Orange Park, Florida 2014 90 % 90 % Park at Regency (2) Jacksonville, Florida 2014 90 % 90 % Jade Park Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve (2) Jacksonville, Florida 2014 90 % 90 % Radbourne Lake Charlotte, North Carolina 2014 90 % 90 % Timber Creek Charlotte, North Carolina 2014 90 % 90 % Belmont at Duck Creek Garland, Texas 2014 90 % 90 % The Arbors Tucker, Georgia 2014 90 % 90 % The Crossings Marietta, Georgia 2014 90 % 90 % The Crossings at Holcomb Bridge Roswell, Georgia 2014 90 % 90 % The Knolls Marietta, Georgia 2014 90 % 90 % Regatta Bay Seabrook, Texas 2014 90 % 90 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 90 % 90 % Southpoint Reserve at Stoney Creek Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 90 % McMillan Place Dallas, Texas 2015 90 % 90 % Barrington Mill Marietta, Georgia 2015 90 % 90 % Dana Point Dallas, Texas 2015 90 % 90 % Heatherstone Dallas, Texas 2015 90 % 90 % Versailles Dallas, Texas 2015 90 % 90 % Seasons 704 Apartments West Palm Beach, Florida 2015 90 % 90 % Madera Point (1) Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills (1) Mesa, Arizona 2015 95 % 95 % The Place at Vanderbilt (1) Fort Worth, Texas 2015 95 % 95 % (1) The entities that own these properties are not VIEs. (2) Properties are classified as held for sale as of March 31, 2016. In connection with its indirect equity investments in the properties acquired, the Company, through the OP, directly or indirectly holds membership interests in single-asset LLCs that directly own the properties. The majority of these entities are deemed to be VIEs as we have disproportionate voting rights (in the form of substantive participating rights over all of the decisions that are made that most significantly affect economic performance) relative to our economic interests in the entities and substantially all of the activities of the entities are performed on our behalf. The Company is considered the primary beneficiary of these VIEs as no single party meets both criteria to be the primary beneficiary, and we are the member of the related party group that has both the power to direct the activities that most significantly impact economic performance of the VIE and the obligation to absorb losses or the right to receive benefits that could potentially be significant to the VIE. Within the related party group, the Company is the most closely associated to the VIE based on the purpose and design of the entity, the size of our ownership interests relative to the other investors, and the rights we hold with respect to the other investors’ equity interests, including our ability to preclude any transfers of their interests and ability to drag them along on the sale of our equity interest. All VIEs are consolidated in the Company’s financial statements. The assets of each VIE can only be used to settle obligations of that particular VIE, and the creditors of each entity have no recourse to the assets of other entities or the Company. The other investor in the VIEs is BH Equities, LLC (“BH Equity”) or affiliates of BH Equity. When these VIEs were formed, BH Equity invested cash in each VIE and received a proportional share of each VIE that it invested in. Each VIE has a non-recourse mortgage that has standard scope non-recourse carve outs required by agency lenders and generally call for protection by the borrower and the guarantor against losses by the lender for so-called “bad acts,” such as misrepresentations, and may include full recourse liability for more significant events such as bankruptcy. BH Equity, or its affiliates, provided non-recourse carve out guarantees for the mortgage indebtedness currently outstanding relating to each VIE. In consideration of the guarantees provided by BH Equity and its affiliates, they will earn an additional profit interest in each VIE such that distributions will be made to the members of the VIE pro rata in proportion to their relative percentage interests until the members have received an internal rate of return equal to 13%. Then, the proportion of distributions changes to a predetermined allocation according to the agreements between each VIE and BH Equity or its affiliates. |
Revenue Recognition | Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements with terms of one year or less. Rental income is recognized when earned. This policy effectively results in income recognition on the straight-line method over the related terms of the leases. Resident reimbursements and other income consist of charges billed to residents for utilities, carport and garage rental, pets, administrative, application and other fees and are recognized when earned. |
Asset Management & Property Management Services | Asset Management & Property Management Services Asset management fee and property management fee expenses are recognized when incurred in accordance with each management agreement (see Note 8). |
Income Taxes | Income Taxes The Company intends to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”), and expects to qualify as a REIT. To qualify as a REIT, the Company must meet a number of organizational and operational requirements, including a requirement to distribute annually at least 90% of its “REIT taxable income,” as defined by the Code, to its stockholders. As a REIT, the Company will be subject to federal income tax on its undistributed REIT taxable income and net capital gain and to a 4% nondeductible excise tax on any amount by which distributions it pays with respect to any calendar year are less than the sum of (a) 85% of its ordinary income, (b) 95% of its capital gain net income and (c) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, including creating taxable REIT subsidiaries to hold assets that generate income that would not be consistent with the rules applicable for qualification as a REIT if held directly by the REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. If the Company were to fail to meet these requirements, it could be subject to federal income tax on all of the Company’s taxable income at regular corporate rates for that year. The Company would not be able to deduct distributions paid to stockholders in any year in which it fails to qualify as a REIT. Additionally, the Company will also be disqualified from electing to be taxed as a REIT for the four taxable years following the year during which qualification was lost unless the Company is entitled to relief under specific statutory provisions. As of March 31, 2016, the Company believes it is in compliance with all applicable REIT requirements. |
Reportable Segment | Reportable Segment Substantially all of the Company’s net income (loss) is from investments in real estate properties within the multifamily sector that the Company owns through LLCs. The Company evaluates operating performance on an individual property level and views its real estate assets as one industry segment and, accordingly, its properties are aggregated into one reportable segment. |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions, including NexBank, an affiliate of our Adviser, and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. |
Fair Value Measurements | Fair Value Measurements Fair value measurements are determined based on the assumptions that market participants would use in pricing an asset or liability. As a basis for considering market participant assumptions in fair value measurements, FASB ASC 820, Fair Value Measurement and Disclosures · Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. · Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices), such as interest rates and yield curves that are observable at commonly quoted intervals. · Level 3 inputs are the unobservable inputs for the asset or liability, which are typically based on an entity’s own assumption, as there is little, if any, related market activity. In instances where the determination of the fair value measurement is based on input from different levels of the fair value hierarchy, the level in the fair value hierarchy within which the entire fair value measurement falls is based on the lowest level input that is significant to the fair value measurement in its entirety. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment and considers factors specific to the asset or liability. The Company utilizes an independent third party to perform the allocation of value analysis for each property acquisition and also to perform the market valuations on the interest rate caps and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and interest rate caps are fair and consistent as of the measurement date. |
Per Share Data | Per Share Data The Company began operations on March 31, 2015, as described above, and therefore the Company had no operating activities or earnings (loss) per share before March 31, 2015. However, for purposes of the combined consolidated statements of operations and comprehensive income (loss), the Company has presented basic and diluted earnings (loss) per share as if the operating activities of the predecessor were those of the Company and assuming the shares outstanding at the date of the Spin-Off were outstanding for all periods prior to the Spin-Off. Basic earnings (loss) per share will be shown for all periods presented and computed by dividing net income (loss) by the weighted average number of shares of the Company’s common stock outstanding during the period. Diluted earnings (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. There were no potentially dilutive securities for any of the periods presented. For the three months ended March 31, 2016 and 2015, the Company incurred earnings (loss) per share of $(0.00) and $(0.25), respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Section 107 of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section 13(a) of the Exchange Act, for complying with new or revised accounting standards applicable to public companies. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected to take advantage of this extended transition period. As a result of this election, our financial statements may not be comparable to companies that comply with public company effective dates for such new or revised standards. We may elect to comply with public company effective dates at any time, and such election would be irrevocable pursuant to Section 107(b) of the JOBS Act. The following recent accounting pronouncements reflect effective dates that delay the adoption until those standards would otherwise apply to private companies. In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements Assets Liabilities Deferred financing costs, net Bridge facility, net Mortgages payable, net December 31, 2015 As previously presented $ 6,213 $ 29,000 $ 682,342 Reclassification of deferred financing costs, net (6,213 ) (195 ) (6,018 ) As presented herein $ — $ 28,805 $ 676,324 In February 2015, the FASB issued ASU 2015-02, Amendments to the Consolidation Analysis In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers Revenue from Contracts with Customers – Deferral of the Effective Date, In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities, |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Estimated Useful Lives of Assets | Expenditures for improvements, renovations, and replacements are capitalized at cost. Real estate-related depreciation and amortization are computed on a straight-line basis over the estimated useful lives as described in the following table: Land Not depreciated Buildings 30 years Improvements 15 years Furniture, fixtures, and equipment 3 years Intangible lease assets 6 months |
Summary of Restricted Cash Held | The following is a summary of the restricted cash held as of March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 December 31, 2015 Security deposits $ 963 $ 1,034 Operating escrows 16,504 21,312 Renovation value-add reserves 20,140 24,523 $ 37,607 $ 46,869 |
Schedule of Investments | The following table represents the Company’s investments at March 31, 2016 and December 31, 2015: Property Name Location Year Effective Ownership Percentage at March 31, 2016 Effective Ownership Percentage at December 31, 2015 The Miramar Apartments (1) Dallas, Texas 2013 100 % 100 % Arbors on Forest Ridge Bedford, Texas 2014 90 % 90 % Cutter’s Point Richardson, Texas 2014 90 % 90 % Eagle Crest Irving, Texas 2014 90 % 90 % Meridian (2) Austin, Texas 2014 90 % 90 % Silverbrook Grand Prairie, Texas 2014 90 % 90 % Timberglen Dallas, Texas 2014 90 % 90 % Toscana Dallas, Texas 2014 90 % 90 % The Grove at Alban (2) Frederick, Maryland 2014 76 % 76 % Willowdale Crossing (2) Frederick, Maryland 2014 80 % 80 % Edgewater at Sandy Springs Atlanta, Georgia 2014 90 % 90 % Beechwood Terrace Nashville, Tennessee 2014 90 % 90 % Willow Grove Nashville, Tennessee 2014 90 % 90 % Woodbridge Nashville, Tennessee 2014 90 % 90 % Abbington Heights Antioch, Tennessee 2014 90 % 90 % The Summit at Sabal Park Tampa, Florida 2014 90 % 90 % Courtney Cove Tampa, Florida 2014 90 % 90 % Colonial Forest Jacksonville, Florida 2014 90 % 90 % Park at Blanding Orange Park, Florida 2014 90 % 90 % Park at Regency (2) Jacksonville, Florida 2014 90 % 90 % Jade Park Daytona Beach, Florida 2014 90 % 90 % Mandarin Reserve (2) Jacksonville, Florida 2014 90 % 90 % Radbourne Lake Charlotte, North Carolina 2014 90 % 90 % Timber Creek Charlotte, North Carolina 2014 90 % 90 % Belmont at Duck Creek Garland, Texas 2014 90 % 90 % The Arbors Tucker, Georgia 2014 90 % 90 % The Crossings Marietta, Georgia 2014 90 % 90 % The Crossings at Holcomb Bridge Roswell, Georgia 2014 90 % 90 % The Knolls Marietta, Georgia 2014 90 % 90 % Regatta Bay Seabrook, Texas 2014 90 % 90 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 90 % 90 % Southpoint Reserve at Stoney Creek Fredericksburg, Virginia 2014 85 % 85 % Cornerstone Orlando, Florida 2015 90 % 90 % McMillan Place Dallas, Texas 2015 90 % 90 % Barrington Mill Marietta, Georgia 2015 90 % 90 % Dana Point Dallas, Texas 2015 90 % 90 % Heatherstone Dallas, Texas 2015 90 % 90 % Versailles Dallas, Texas 2015 90 % 90 % Seasons 704 Apartments West Palm Beach, Florida 2015 90 % 90 % Madera Point (1) Mesa, Arizona 2015 95 % 95 % The Pointe at the Foothills (1) Mesa, Arizona 2015 95 % 95 % The Place at Vanderbilt (1) Fort Worth, Texas 2015 95 % 95 % (1) The entities that own these properties are not VIEs. (2) Properties are classified as held for sale as of March 31, 2016. |
Schedule of Reclassification of Deferred Financing Costs | At December 31, 2015, the following amounts of deferred financing costs were reclassified (in thousands): Assets Liabilities Deferred financing costs, net Bridge facility, net Mortgages payable, net December 31, 2015 As previously presented $ 6,213 $ 29,000 $ 682,342 Reclassification of deferred financing costs, net (6,213 ) (195 ) (6,018 ) As presented herein $ — $ 28,805 $ 676,324 |
Acquisitions (Tables)
Acquisitions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Multifamily Properties | |
Business Acquisition [Line Items] | |
Summary of Investment in Multifamily Properties | As of March 31, 2016, through its consolidated joint ventures, the Company has invested in a total of 42 multifamily properties as listed below: Property Name Rentable Square Number of Units Date Acquired Average Effective Monthly Rent Per Unit (1) % Occupied as of March 31, 2016 (2) % Occupied as of December 31, 2015 (2) The Miramar Apartments 183,100 314 10/31/2013 $ 587 93.3 % 92.4 % Arbors on Forest Ridge 154,556 210 1/31/2014 817 95.7 % 93.8 % Cutter’s Point 197,972 196 1/31/2014 982 96.4 % 93.9 % Eagle Crest 395,951 447 1/31/2014 809 95.7 % 95.5 % Meridian (3) 148,200 200 1/31/2014 831 96.0 % 94.0 % Silverbrook 526,138 642 1/31/2014 717 95.5 % 93.6 % Timberglen 221,376 304 1/31/2014 753 93.1 % 96.1 % Toscana 115,400 192 1/31/2014 656 95.8 % 94.8 % The Grove at Alban (3) 267,300 290 3/10/2014 989 93.1 % 94.5 % Willowdale Crossing (3) 411,800 432 5/15/2014 942 91.7 % 88.9 % Edgewater at Sandy Springs 726,774 760 7/18/2014 837 93.7 % 94.5 % Beechwood Terrace 271,728 300 7/21/2014 812 94.7 % 97.3 % Willow Grove 229,140 244 7/21/2014 795 95.9 % 95.9 % Woodbridge 246,840 220 7/21/2014 899 95.5 % 96.4 % Abbington Heights 238,974 274 8/1/2014 796 94.5 % 94.5 % The Summit at Sabal Park 204,545 252 8/20/2014 859 90.5 % 92.5 % Courtney Cove 224,958 324 8/20/2014 748 96.0 % 95.4 % Colonial Forest 160,093 174 8/20/2014 645 96.6 % 94.8 % Park at Blanding 116,410 117 8/20/2014 783 97.4 % 97.4 % Park at Regency (3) 134,253 159 8/20/2014 769 95.0 % 96.2 % Jade Park 118,392 144 8/20/2014 758 95.8 % 90.3 % Mandarin Reserve (3) 449,276 520 9/15/2014 726 95.8 % 93.1 % Radbourne Lake 246,599 225 9/30/2014 967 97.3 % 96.9 % Timber Creek 248,391 352 9/30/2014 741 95.5 % 94.3 % Belmont at Duck Creek 198,279 240 9/30/2014 901 96.3 % 93.8 % The Arbors 127,536 140 10/16/2014 799 91.4 % 94.3 % The Crossings 377,840 380 10/16/2014 766 93.4 % 92.9 % The Crossings at Holcomb Bridge 247,982 268 10/16/2014 791 96.3 % 95.9 % The Knolls 311,160 312 10/16/2014 842 94.9 % 93.9 % Regatta Bay 200,440 240 11/4/2014 1,029 92.5 % 93.3 % Sabal Palm at Lake Buena Vista 370,768 400 11/5/2014 1,098 96.0 % 96.0 % Southpoint Reserve at Stoney Creek 115,712 156 12/18/2014 1,004 85.9 % 94.9 % Cornerstone 317,565 430 1/15/2015 829 94.7 % 93.3 % McMillan Place 290,051 402 1/15/2015 666 93.3 % 91.3 % Barrington Mill 692,180 752 2/6/2015 757 94.1 % 95.6 % Dana Point 206,276 264 2/26/2015 734 95.5 % 92.8 % Heatherstone 115,615 152 2/26/2015 787 94.1 % 94.1 % Versailles 300,908 388 2/26/2015 771 95.6 % 90.2 % Seasons 704 Apartments 216,891 222 4/15/2015 980 96.8 % 97.3 % Madera Point 192,880 256 8/5/2015 769 94.5 % 93.8 % The Pointe at the Foothills 472,952 528 8/5/2015 824 93.2 % 90.7 % The Place at Vanderbilt 288,532 333 10/30/2015 750 92.5 % 92.8 % 11,281,733 13,155 (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2016 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2016. (2) Percent occupied is calculated as the number of units occupied as of March 31, 2016 and December 31, 2015, divided by the total number of units, expressed as a percentage. (3) Properties are classified as held for sale as of March 31, 2016. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Real Estate [Abstract] | |
Summary of Major Components of Investments in Multifamily Properties | As of March 31, 2016, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings Intangible Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580 $ 8,710 $ — $ 49 $ 619 $ 10,958 Arbors on Forest Ridge 2,330 10,944 — 2 546 13,822 Cutter’s Point 3,330 12,752 — 1 715 16,798 Eagle Crest 5,450 21,867 — 12 794 28,123 Silverbrook 4,860 25,004 — 44 1,557 31,465 Timberglen 2,510 14,394 — 20 736 17,660 Toscana 1,730 7,253 — 5 553 9,541 Edgewater at Sandy Springs 14,290 43,650 — 29 2,641 60,610 Beechwood Terrace 1,390 20,412 — 30 649 22,481 Willow Grove 3,940 10,625 — 1 509 15,075 Woodbridge 3,650 12,609 — 100 598 16,957 Abbington Heights 1,770 16,200 — 77 708 18,755 The Summit at Sabal Park 5,770 13,313 — 7 734 19,824 Courtney Cove 5,880 12,854 — 46 711 19,491 Colonial Forest 2,090 3,487 — — 357 5,934 Park at Blanding 2,610 4,031 — 6 314 6,961 Jade Park 1,490 6,411 — 30 419 8,350 Radbourne Lake 2,440 21,315 — 105 784 24,644 Timber Creek 11,260 13,128 — 47 598 25,033 Belmont at Duck Creek 1,910 16,953 — 77 586 19,526 The Arbors 1,730 6,515 — 4 292 8,541 The Crossings 3,982 17,366 — 197 1,044 22,589 The Crossings at Holcomb Bridge 5,560 10,704 — 42 820 17,126 The Knolls 3,410 17,605 — 3 1,122 22,140 Regatta Bay 1,660 16,125 — 54 604 18,443 Sabal Palm at Lake Buena Vista 7,580 41,027 — 45 699 49,351 Southpoint Reserve at Stoney Creek 6,120 10,927 — 139 376 17,562 Cornerstone 1,500 29,918 — 201 551 32,170 McMillan Place 3,610 17,719 — 117 624 22,070 Barrington Mill 10,170 47,369 — 336 1,480 59,355 Dana Point 4,090 12,030 — 167 728 17,015 Heatherstone 2,320 7,364 — 68 504 10,256 Versailles 6,720 19,912 — 281 1,022 27,935 Seasons 704 Apartments 7,480 13,773 — 172 405 21,830 Madera Point 4,920 16,650 — 120 536 22,226 The Pointe at the Foothills 4,840 45,411 — 379 855 51,485 The Place at Vanderbilt 2,350 16,126 511 111 543 19,641 158,322 642,453 511 3,124 27,333 831,743 Accumulated depreciation and amortization — (32,802 ) (426 ) — (7,174 ) (40,401 ) Total Operating Properties $ 158,322 $ 609,651 $ 85 $ 3,124 $ 20,159 $ 791,342 Held For Sale Properties Meridian 2,310 10,327 — 12 462 13,111 The Grove at Alban 3,640 19,012 — 18 1,108 23,778 Willowdale Crossing 4,650 35,644 — 36 873 41,203 Park at Regency 2,620 5,708 — 15 488 8,831 Mandarin Reserve 5,610 20,866 — 59 1,114 27,649 18,830 91,557 — 140 4,045 114,572 Accumulated depreciation and amortization — (5,997 ) — — (1,019 ) (7,016 ) Total Held For Sale Properties $ 18,830 $ 85,560 $ — $ 140 $ 3,026 $ 107,556 Total $ 177,152 $ 695,211 $ 85 $ 3,264 $ 23,185 $ 898,898 As of December 31, 2015, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Property Name Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals The Miramar Apartments $ 1,580 $ 8,601 $ — $ 48 $ 603 $ 10,832 Arbors on Forest Ridge 2,330 10,948 — — 524 13,802 Cutter's Point 3,330 12,747 — 37 621 16,735 Eagle Crest 5,450 21,846 — 15 743 28,054 Meridian 2,310 10,325 — 12 419 13,066 Silverbrook 4,860 24,909 — 118 1,475 31,362 Timberglen 2,510 14,379 — 20 703 17,612 Toscana 1,730 7,256 — 4 522 9,512 The Grove at Alban 3,640 18,994 — 66 911 23,611 Willowdale Crossing 4,650 35,631 — 23 784 41,088 Edgewater at Sandy Springs 14,290 43,429 — 199 2,394 60,312 Beechwood Terrace 1,390 20,374 — 28 572 22,364 Willow Grove 3,940 10,621 — 2 483 15,046 Woodbridge 3,650 12,581 — 110 543 16,884 Abbington Heights 1,770 16,184 — 67 657 18,678 The Summit at Sabal Park 5,770 13,311 — 9 674 19,764 Courtney Cove 5,880 12,850 — 30 668 19,428 Colonial Forest 2,090 3,486 — — 328 5,904 Park at Blanding 2,610 4,025 — 4 304 6,943 Park at Regency 2,620 5,706 — 5 446 8,777 Jade Park 1,490 6,404 — 19 351 8,264 Mandarin Reserve 5,610 20,850 — — 1,021 27,481 Radbourne Lake 2,440 21,194 — 224 739 24,597 Timber Creek 11,260 13,101 — 37 541 24,939 Belmont at Duck Creek 1,910 16,948 — 47 533 19,438 The Arbors 1,730 6,512 — 4 279 8,525 The Crossings 3,982 16,696 — 759 890 22,327 The Crossings at Holcomb Bridge 5,560 10,644 — 101 749 17,054 The Knolls 3,410 17,574 — — 1,016 22,000 Regatta Bay 1,660 16,120 — 34 543 18,357 Sabal Palm at Lake Buena Vista 7,580 40,833 — 214 639 49,266 Southpoint Reserve at Stoney Creek 6,120 10,896 — 166 286 17,468 Cornerstone 1,500 29,786 — 201 411 31,898 McMillan Place 3,610 17,127 — 398 517 21,652 Barrington Mill 10,170 47,055 — 430 1,117 58,772 Dana Point 4,090 11,760 — 330 649 16,829 Heatherstone 2,320 6,962 — 403 399 10,084 Versailles 6,720 19,339 — 699 903 27,661 Seasons 704 Apartments 7,480 13,532 — 254 361 21,627 Madera Point 4,920 16,632 629 39 444 22,664 The Pointe at the Foothills 4,840 45,395 1,433 186 768 52,622 The Place at Vanderbilt 2,350 16,112 511 4 479 19,456 177,152 729,675 2,573 5,346 28,009 942,755 Accumulated depreciation and amortization — (32,350 ) (1,844 ) — (5,679 ) (39,873 ) $ 177,152 $ 697,325 $ 729 $ 5,346 $ 22,330 $ 902,882 |
Pro Forma Financial Informati21
Pro Forma Financial Information (Unaudited) (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Pro Forma Financial Information [Abstract] | |
Summary of Unaudited Combined Consolidated Pro Forma Results of Operations | The following table summarizes, on an unaudited basis, the combined consolidated pro forma results of operations of the Company for the three months ended March 31, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended March 31, 2016 2015 Actual: Total revenues $ 33,511 $ 25,537 Net income (loss) 291 (5,893 ) Earnings (loss) per share - basic and diluted (see Note 2) (0.00 ) (0.25 ) Pro forma: Total revenues 33,511 30,871 Net income (loss) 934 (13,399 ) Earnings (loss) per share - basic and diluted (see Note 2) 0.04 (0.63 ) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Mortgage Debt of Company and Encumbers Multifamily Properties | The following table contains summary information concerning the mortgage debt of the Company as of March 31, 2016: Operating Properties Type Term Amortization (months) Outstanding Principal (1) (in thousands) Interest Rate (2) Max Note Rate (3) Maturity Date The Miramar Apartments (4) Floating 120 360 $ 8,400 2.66% 5.75% 2/1/2025 Beechwood Terrace (5) Floating 84 360 17,120 2.52% 6.00% 8/1/2021 Colonial Forest (5) Floating 84 360 4,125 2.60% 6.25% 9/1/2021 Courtney Cove (5) Floating 84 360 14,210 2.52% 5.75% 9/1/2021 Edgewater at Sandy Springs (5) Floating 84 360 43,550 2.53% 5.75% 8/1/2021 Park at Blanding (5) Floating 84 360 4,875 2.60% 7.25% 9/1/2021 The Summit at Sabal Park (5) Floating 84 360 14,287 2.52% 5.75% 9/1/2021 Willow Grove (5) Floating 84 360 11,000 2.55% 6.00% 8/1/2021 Jade Park (5) Floating 84 360 5,850 2.59% 6.49% 9/1/2021 Woodbridge (5) Floating 84 360 12,800 2.53% 6.25% 8/1/2021 Southpoint Reserve at Stoney Creek (5) Floating 84 360 13,600 2.55% 6.00% 1/1/2022 Barrington Mill (5) Floating 84 360 43,500 2.40% 5.50% 3/1/2022 Dana Point (5) Floating 84 360 12,176 2.49% 5.50% 3/1/2022 Heatherstone (5) Floating 84 360 7,087 2.52% 5.50% 3/1/2022 Versailles (5) Floating 84 360 19,623 2.47% 5.50% 3/1/2022 Seasons 704 Apartments (5) Floating 84 360 12,660 2.24% 5.95% 5/1/2022 Arbors on Forest Ridge (6) Floating 84 360 10,226 3.17% 5.75% 2/1/2021 Cutter's Point (6) Floating 84 360 12,654 3.17% 5.75% 2/1/2021 Eagle Crest (6) Floating 84 360 21,822 3.17% 5.75% 2/1/2021 Silverbrook (6) Floating 84 360 24,277 3.17% 5.75% 2/1/2021 Timberglen (6) Floating 84 360 13,536 3.17% 5.75% 2/1/2021 Toscana (6) Floating 84 360 7,088 3.17% 5.75% 2/1/2021 Timber Creek (7) Floating 120 360 19,482 2.26% 5.96% 10/1/2024 Radbourne Lake (7) Floating 120 360 19,213 2.25% 6.25% 10/1/2024 The Arbors (7) Floating 120 360 5,812 2.25% 7.11% 11/1/2024 The Crossings (7) Floating 120 360 15,874 2.25% 7.21% 11/1/2024 The Crossings at Holcomb Bridge (7) Floating 120 360 12,450 2.25% 7.35% 11/1/2024 The Knolls (7) Floating 120 360 16,038 2.25% 7.11% 11/1/2024 McMillan Place (7) Floating 120 360 15,738 2.36% 5.92% 2/1/2025 Sabal Palm at Lake Buena Vista (7) Floating 120 360 37,680 2.25% 6.26% 12/1/2024 Abbington Heights (8) Fixed 120 360 10,354 3.79% 3.79% 9/1/2022 Belmont at Duck Creek (9) Fixed 84 360 11,293 4.68% 4.68% 9/1/2018 Regatta Bay (10) Floating 60 360 14,000 2.33% N/A 11/1/2020 Cornerstone (11) Fixed 120 360 23,380 4.24% 4.24% 3/1/2023 Madera Point (12) Floating 60 360 13,515 2.34% N/A 9/1/2020 The Pointe at the Foothills (12) Floating 60 360 31,365 2.33% N/A 9/1/2020 The Place at Vanderbilt (13) Floating 84 360 13,824 2.67% 5.75% 1/1/2022 $ 594,484 Fair market value adjustment 265 (14) Deferred financing costs, net (5,049 ) $ 589,700 Held For Sale Properties The Grove at Alban (5) Floating 84 360 18,720 2.98% 6.50% 4/1/2021 Park at Regency (5) Floating 84 360 6,225 2.60% 7.01% 9/1/2021 Mandarin Reserve (5) Floating 84 360 19,465 2.54% 5.50% 10/1/2021 Willowdale Crossing (5) Floating 84 360 32,800 2.71% 5.75% 6/1/2021 Meridian (6) Floating 84 360 9,823 3.17% 5.75% 2/1/2021 $ 87,033 Deferred financing costs, net (723 ) $ 86,310 (1) Mortgage debt that is non-recourse to the Company and encumbers the multifamily properties. (2) Interest rate is based on one-month LIBOR plus an applicable margin, except for Abbington Heights (based on fixed rate of 3.79%), Belmont at Duck Creek (based on fixed rate of 4.68%), Regatta Bay (based on three-month LIBOR, subject to a floor of 0.25%, plus 1.70%) and Cornerstone (based on a blended fixed rate of 4.24%). One-month and three-month LIBOR as of March 31, 2016 were 0.4373% and 0.6286%, respectively. (3) Represents the maximum rate payable on each note (see Note 7). (4) Loan cannot be pre-paid in the first 12 months of the term. Starting in the 13 th th (5) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. (6) Loan can be pre-paid in the first 24 months of the term at par plus 5.00%. Starting in the 25th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. (7) Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th th (8) Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last three months of the term. (9) Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last six months of the term. (10) Loan can be pre-paid in the first 12 months of the term at par plus 1.00% of the unpaid principal balance and at par thereafter. Loan’s unpaid principal balance can be declared due and payable in full, at the lender’s discretion, on November 1, 2018 and November 1, 2019. (11) Debt in the amount of $18.0 million was assumed upon acquisition of this property at approximated fair value. The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only. At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from month 13 through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. Concurrently with the acquisition of the property, we placed a supplemental second mortgage on the property with a principal amount of approximately $5.8 million, a fixed rate of 4.70%, and with a maturity date that is the same time as the first mortgage. The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. As of March 31, 2016, the total indebtedness secured by the property is approximately $23.4 million and has a blended interest rate of 4.24%. (12) Loan can be pre-paid starting in the 13 th th (13) Debt was assumed upon acquisition of this property at approximated fair value. The assumed debt was originally issued on December 22, 2014 and matures on January 1, 2022. The loan only required interest only payments for the first 12 months (interest only period ended January 31, 2016) after which time the loan began amortizing. The loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13 th st (14) The Company reflected a valuation adjustment on its fixed rate debt for Belmont at Duck Creek to adjust it to fair market value on the date of acquisition for the difference between the fair value and the assumed principal amount of debt. The difference is amortized into interest expense over the remaining term of the mortgage. |
Schedule of Debt Maturities | Debt maturities scheduled for the remainder of 2016, each of the next four years and thereafter, are as follows (in thousands): Operating Properties & Bridge Facility Held For Sale Properties Total Remainder of 2016 31,842 (1) 1,122 32,964 2017 5,828 1,907 7,735 2018 21,403 1,948 23,351 2019 11,217 1,987 13,204 2020 70,317 2,024 72,341 Thereafter 482,877 78,045 560,922 Total $ 623,484 $ 87,033 $ 710,517 (1) The scheduled maturity for 2016 is inclusive of the Bridge Facility of $29.0 million with KeyBank, N.A. that matures on August 4, 2016. |
Fair Value Measures and Deriv23
Fair Value Measures and Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Critical Assumptions | The following table represents critical assumptions used and the ranges for those assumptions: Going-in cap rate 4.8% - 6.2% Terminal cap rate 5.2% - 6.8% Discount rate 5.5% - 10.7% Growth rate revenues 1.6% - 3.3% Growth rate operating costs 1.6% - 3.3% |
Schedule of Outstanding Interest Rate Derivatives | As of March 31, 2016, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollars in thousands): Product Number of Instruments Notional Interest rate caps 15 $ 259,659 As of March 31, 2016, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollars in thousands): Product Number of Instruments Notional Interest rate caps 21 $ 318,687 |
Summary of Derivative Financial Instruments and Classification on the Combined Consolidated Balance Sheet | The tables below present the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of March 31, 2016 and December 31, 2015 (in thousands): Asset Derivative Liability Derivative Balance Sheet Location March 31, 2016 December 31, 2015 Balance Sheet Location March 31, 2016 December 31, 2015 Derivatives designated as hedging instruments: Interest rate caps Other assets $ 23 $ 61 Other $ — $ — Derivatives not designated as hedging instruments: Interest rate caps Other assets 2 6 Other liabilities — — Total $ 25 $ 67 $ — $ — |
Summary of Derivative Financial Instruments and Combined Consolidated Statements of Operations and Comprehensive Loss | The tables below present the effect of the Company’s derivative financial instruments on the combined consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2016 and 2015 (in thousands): Amount of gain (loss) recognized in OCI on derivative (effective portion) Location of gain (loss) reclassified from accumulated OCI into income Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) Location of gain (loss) recognized in income on derivative Amount of gain (loss) recognized in income on derivative (ineffective portion) 2016 2015 (effective portion) 2016 2015 (ineffective portion) 2016 2015 Derivatives designated as hedging instruments: For the three months ended March 31, Interest rate caps $ (32 ) $ (270 ) Interest expense $ (6 ) $ — Interest expense $ — $ — Amount of gain (loss) recognized in income Location of gain (loss) recognized in income 2016 2015 Derivatives not designated as hedging instruments: For the three months ended March 31, Interest rate caps Interest expense $ (4 ) $ (116 ) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH | The following is a summary of fees that the properties incurred to BH and its affiliates, as well as reimbursements paid to BH from the properties for various operating expenses, for the three months ended March 31, 2016 and 2015 (in thousands): Three Months Ended March 31, 2016 2015 Fees incurred Property management fees (1) $ 1,005 $ 759 Construction supervision fees (2) 205 141 Acquisition fees (3) — 1,191 Reimbursements Payroll and benefits (4) 4,191 3,034 Other reimbursements (5) 300 249 (1) Included in property management fees on the combined consolidated statements of operations and comprehensive income (loss). (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs and are included in acquisition costs on the combined consolidated statements of operations and comprehensive income (loss). (4) Included in property operating expenses on the combined consolidated statements of operations and comprehensive income (loss). (5) Includes various operating expenses such as repairs and maintenance costs and property general and administrative expenses. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Multifamily Properties | |
Subsequent Event [Line Items] | |
Summary of Sold Property | The Company sold the following property subsequent to March 31, 2016 (in thousands) (unaudited): Property Name Location Date of Sale Real Estate Carrying Value, net Debt Outstanding Meridian Austin, Texas May 10, 2016 12,177 9,823 |
Organization and Description 26
Organization and Description of Business - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Real Estate Properties [Line Items] | |
Date of incorporation | Sep. 19, 2014 |
Term of advisory agreement | 2 years |
Maximum | |
Real Estate Properties [Line Items] | |
Investments in real estate-related debt and securities | 30.00% |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Land | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | Not depreciated |
Buildings | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 30 years |
Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 15 years |
Furniture, Fixtures, and Equipment | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 3 years |
Intangible Lease Assets | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of assets | 6 months |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Additional Information (Details) | 3 Months Ended | ||
Mar. 31, 2016USD ($)Segment$ / sharesshares | Mar. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2015USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Impairment charges related to real estate assets | $ 0 | $ 0 | |
Deferred financing costs, net | 5,800,000 | $ 6,000,000 | |
Amortization of deferred financing fees | $ 324,000 | $ 307,000 | |
Minimum percentage of distributed taxable income to qualify as REIT | 90.00% | ||
Percentage of non-deductible excise tax on distribution | 4.00% | ||
Percentage of ordinary income considered for payment of distribution | 85.00% | ||
Percentage of capital gain net income considered for payment of distribution | 95.00% | ||
Percentage of undistributed income of prior considered for payment of distribution | 100.00% | ||
Number of reportable segments | Segment | 1 | ||
Earnings (loss) per share: Basic and diluted | $ / shares | $ 0 | $ (0.25) | |
Potentially dilutive securities | shares | 0 | 0 | |
Reclassification of deferred financing costs, net | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred financing costs, net | (6,213,000) | ||
Maximum | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Internal rate of return in VIE | 13.00% | ||
Bridge Facility | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred financing costs, net | $ 100,000 | $ 200,000 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Summary of Restricted Cash Held (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounting Policies [Abstract] | ||
Security deposits | $ 963 | $ 1,034 |
Operating escrows | 16,504 | 21,312 |
Renovation value-add reserves | 20,140 | 24,523 |
Restricted cash held | $ 37,607 | $ 46,869 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Schedule of Investments (Details) - VIE | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
The Miramar Apartments | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,013 | |
Effective ownership percentage | 100.00% | 100.00% |
Arbors on Forest Ridge | Bedford | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Cutter's Point | Richardson | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Eagle Crest | Irving | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Meridian | Austin | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Silverbrook | Grand Prairie | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Timberglen | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Toscana | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Grove at Alban | Frederick | Maryland | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 76.00% | 76.00% |
Willowdale Crossing | Frederick | Maryland | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 80.00% | 80.00% |
Edgewater at Sandy Springs | Atlanta | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Beechwood Terrace | Nashville | Tennessee | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Willow Grove | Nashville | Tennessee | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Woodbridge | Nashville | Tennessee | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Abbington Heights | Antioch | Tennessee | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Summit at Sabal Park | Tampa | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Courtney Cove | Tampa | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Colonial Forest | Jacksonville | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Park at Blanding | Orange Park | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Park at Regency | Jacksonville | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Jade Park | Daytona Beach | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Mandarin Reserve | Jacksonville | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Radbourne Lake | Charlotte | North Carolina | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Timber Creek | Charlotte | North Carolina | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Belmont at Duck Creek | Garland | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Arbors | Tucker | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Crossings | Marietta | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Crossings at Holcomb Bridge | Roswell | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
The Knolls | Marietta | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Regatta Bay | Seabrook | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Sabal Palm at Lake Buena Vista | Orlando | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 90.00% | 90.00% |
Southpoint Reserve at Stoney Creek | Fredericksburg | Virginia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,014 | |
Effective ownership percentage | 85.00% | 85.00% |
Cornerstone | Orlando | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 90.00% |
McMillan Place | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 90.00% |
Barrington Mill | Marietta | Georgia | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 90.00% |
Dana Point | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 90.00% |
Heatherstone | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 90.00% |
Versailles | Dallas | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 90.00% |
Seasons 704 Apartments | West Palm Beach | Florida | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 90.00% | 90.00% |
Madera Point | Mesa | Arizona | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 95.00% | 95.00% |
The Pointe at the Foothills | Mesa | Arizona | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 95.00% | 95.00% |
The Place at Vanderbilt | Fort Worth | Texas | ||
Schedule Of Equity Method Investments [Line Items] | ||
Year of acquisition | 2,015 | |
Effective ownership percentage | 95.00% | 95.00% |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Schedule of Reclassification of Deferred Financing Costs (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Deferred financing costs, net | $ 5,800 | $ 6,000 |
Bridge facility, net | 28,889 | 28,805 |
Mortgages payable, net | $ 589,700 | 676,324 |
As previously presented | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Deferred financing costs, net | 6,213 | |
Bridge facility, net | 29,000 | |
Mortgages payable, net | 682,342 | |
Reclassification of deferred financing costs, net | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Deferred financing costs, net | (6,213) | |
Bridge facility, net | (195) | |
Mortgages payable, net | $ (6,018) |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) | Mar. 31, 2016Property |
Business Acquisition [Line Items] | |
Number of multifamily properties | 42 |
Multifamily Properties | |
Business Acquisition [Line Items] | |
Number of multifamily properties | 42 |
Acquisitions - Summary of Inves
Acquisitions - Summary of Investment in Multifamily Properties (Details) | 3 Months Ended | ||
Mar. 31, 2016ft²Property$ / Units | Dec. 31, 2015 | ||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 11,281,733 | ||
Number of Units | Property | 13,155 | ||
The Miramar Apartments | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 183,100 | ||
Number of Units | Property | 314 | ||
Date Acquired | Oct. 31, 2013 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 587 | |
% Occupied | [2] | 93.30% | 92.40% |
Arbors on Forest Ridge | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 154,556 | ||
Number of Units | Property | 210 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 817 | |
% Occupied | [2] | 95.70% | 93.80% |
Cutter's Point | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 197,972 | ||
Number of Units | Property | 196 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 982 | |
% Occupied | [2] | 96.40% | 93.90% |
Eagle Crest | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 395,951 | ||
Number of Units | Property | 447 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 809 | |
% Occupied | [2] | 95.70% | 95.50% |
Meridian | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | [3] | 148,200 | |
Number of Units | Property | [3] | 200 | |
Date Acquired | [3] | Jan. 31, 2014 | |
Average Effective Monthly Rent Per Unit | $ / Units | [1],[3] | 831 | |
% Occupied | [2],[3] | 96.00% | 94.00% |
Silverbrook | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 526,138 | ||
Number of Units | Property | 642 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 717 | |
% Occupied | [2] | 95.50% | 93.60% |
Timberglen | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 221,376 | ||
Number of Units | Property | 304 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 753 | |
% Occupied | [2] | 93.10% | 96.10% |
Toscana | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 115,400 | ||
Number of Units | Property | 192 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 656 | |
% Occupied | [2] | 95.80% | 94.80% |
The Grove at Alban | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | [3] | 267,300 | |
Number of Units | Property | [3] | 290 | |
Date Acquired | [3] | Mar. 10, 2014 | |
Average Effective Monthly Rent Per Unit | $ / Units | [1],[3] | 989 | |
% Occupied | [2],[3] | 93.10% | 94.50% |
Willowdale Crossing | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | [3] | 411,800 | |
Number of Units | Property | [3] | 432 | |
Date Acquired | [3] | May 15, 2014 | |
Average Effective Monthly Rent Per Unit | $ / Units | [1],[3] | 942 | |
% Occupied | [2],[3] | 91.70% | 88.90% |
Edgewater at Sandy Springs | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 726,774 | ||
Number of Units | Property | 760 | ||
Date Acquired | Jul. 18, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 837 | |
% Occupied | [2] | 93.70% | 94.50% |
Beechwood Terrace | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 271,728 | ||
Number of Units | Property | 300 | ||
Date Acquired | Jul. 21, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 812 | |
% Occupied | [2] | 94.70% | 97.30% |
Willow Grove | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 229,140 | ||
Number of Units | Property | 244 | ||
Date Acquired | Jul. 21, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 795 | |
% Occupied | [2] | 95.90% | 95.90% |
Woodbridge | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 246,840 | ||
Number of Units | Property | 220 | ||
Date Acquired | Jul. 21, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 899 | |
% Occupied | [2] | 95.50% | 96.40% |
Abbington Heights | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 238,974 | ||
Number of Units | Property | 274 | ||
Date Acquired | Aug. 1, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 796 | |
% Occupied | [2] | 94.50% | 94.50% |
The Summit at Sabal Park | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 204,545 | ||
Number of Units | Property | 252 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 859 | |
% Occupied | [2] | 90.50% | 92.50% |
Courtney Cove | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 224,958 | ||
Number of Units | Property | 324 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 748 | |
% Occupied | [2] | 96.00% | 95.40% |
Colonial Forest | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 160,093 | ||
Number of Units | Property | 174 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 645 | |
% Occupied | [2] | 96.60% | 94.80% |
Park at Blanding | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 116,410 | ||
Number of Units | Property | 117 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 783 | |
% Occupied | [2] | 97.40% | 97.40% |
Park at Regency | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | [3] | 134,253 | |
Number of Units | Property | [3] | 159 | |
Date Acquired | [3] | Aug. 20, 2014 | |
Average Effective Monthly Rent Per Unit | $ / Units | [1],[3] | 769 | |
% Occupied | [2],[3] | 95.00% | 96.20% |
Jade Park | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 118,392 | ||
Number of Units | Property | 144 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 758 | |
% Occupied | [2] | 95.80% | 90.30% |
Mandarin Reserve | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | [3] | 449,276 | |
Number of Units | Property | [3] | 520 | |
Date Acquired | [3] | Sep. 15, 2014 | |
Average Effective Monthly Rent Per Unit | $ / Units | [1],[3] | 726 | |
% Occupied | [2],[3] | 95.80% | 93.10% |
Radbourne Lake | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 246,599 | ||
Number of Units | Property | 225 | ||
Date Acquired | Sep. 30, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 967 | |
% Occupied | [2] | 97.30% | 96.90% |
Timber Creek | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 248,391 | ||
Number of Units | Property | 352 | ||
Date Acquired | Sep. 30, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 741 | |
% Occupied | [2] | 95.50% | 94.30% |
Belmont at Duck Creek | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 198,279 | ||
Number of Units | Property | 240 | ||
Date Acquired | Sep. 30, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 901 | |
% Occupied | [2] | 96.30% | 93.80% |
The Arbors | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 127,536 | ||
Number of Units | Property | 140 | ||
Date Acquired | Oct. 16, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 799 | |
% Occupied | [2] | 91.40% | 94.30% |
The Crossings | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 377,840 | ||
Number of Units | Property | 380 | ||
Date Acquired | Oct. 16, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 766 | |
% Occupied | [2] | 93.40% | 92.90% |
The Crossings at Holcomb Bridge | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 247,982 | ||
Number of Units | Property | 268 | ||
Date Acquired | Oct. 16, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 791 | |
% Occupied | [2] | 96.30% | 95.90% |
The Knolls | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 311,160 | ||
Number of Units | Property | 312 | ||
Date Acquired | Oct. 16, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 842 | |
% Occupied | [2] | 94.90% | 93.90% |
Regatta Bay | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 200,440 | ||
Number of Units | Property | 240 | ||
Date Acquired | Nov. 4, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 1,029 | |
% Occupied | [2] | 92.50% | 93.30% |
Sabal Palm at Lake Buena Vista | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 370,768 | ||
Number of Units | Property | 400 | ||
Date Acquired | Nov. 5, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 1,098 | |
% Occupied | [2] | 96.00% | 96.00% |
Southpoint Reserve at Stoney Creek | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 115,712 | ||
Number of Units | Property | 156 | ||
Date Acquired | Dec. 18, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 1,004 | |
% Occupied | [2] | 85.90% | 94.90% |
Cornerstone | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 317,565 | ||
Number of Units | Property | 430 | ||
Date Acquired | Jan. 15, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 829 | |
% Occupied | [2] | 94.70% | 93.30% |
McMillan Place | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 290,051 | ||
Number of Units | Property | 402 | ||
Date Acquired | Jan. 15, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 666 | |
% Occupied | [2] | 93.30% | 91.30% |
Barrington Mill | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 692,180 | ||
Number of Units | Property | 752 | ||
Date Acquired | Feb. 6, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 757 | |
% Occupied | [2] | 94.10% | 95.60% |
Dana Point | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 206,276 | ||
Number of Units | Property | 264 | ||
Date Acquired | Feb. 26, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 734 | |
% Occupied | [2] | 95.50% | 92.80% |
Heatherstone | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 115,615 | ||
Number of Units | Property | 152 | ||
Date Acquired | Feb. 26, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 787 | |
% Occupied | [2] | 94.10% | 94.10% |
Versailles | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 300,908 | ||
Number of Units | Property | 388 | ||
Date Acquired | Feb. 26, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 771 | |
% Occupied | [2] | 95.60% | 90.20% |
Seasons 704 Apartments | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 216,891 | ||
Number of Units | Property | 222 | ||
Date Acquired | Apr. 15, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 980 | |
% Occupied | [2] | 96.80% | 97.30% |
Madera Point | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 192,880 | ||
Number of Units | Property | 256 | ||
Date Acquired | Aug. 5, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 769 | |
% Occupied | [2] | 94.50% | 93.80% |
The Pointe at the Foothills | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 472,952 | ||
Number of Units | Property | 528 | ||
Date Acquired | Aug. 5, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 824 | |
% Occupied | [2] | 93.20% | 90.70% |
The Place at Vanderbilt | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 288,532 | ||
Number of Units | Property | 333 | ||
Date Acquired | Oct. 30, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Units | [1] | 750 | |
% Occupied | [2] | 92.50% | 92.80% |
[1] | Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of March 31, 2016 minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of March 31, 2016 | ||
[2] | Percent occupied is calculated as the number of units occupied as of March 31, 2016 and December 31, 2015, divided by the total number of units, expressed as a percentage. | ||
[3] | Properties are classified as held for sale as of March 31, 2016. |
Real Estate Investments - Summa
Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Real Estate Properties [Line Items] | ||
Real estate investment, gross | $ 831,743 | $ 942,755 |
Accumulated depreciation and amortization | (40,401) | (39,873) |
Total Net Operating Real Estate Investments | 791,342 | 902,882 |
Total Net Real Estate Investments | 898,898 | 902,882 |
Multifamily Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 831,743 | 942,755 |
Accumulated depreciation and amortization | (40,401) | (39,873) |
Total Net Operating Real Estate Investments | 791,342 | 902,882 |
Total Net Real Estate Investments | 898,898 | |
Multifamily Properties | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 511 | 2,573 |
Accumulated depreciation and amortization | (426) | (1,844) |
Total Net Operating Real Estate Investments | 85 | 729 |
Total Net Real Estate Investments | 85 | |
Multifamily Properties | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 114,572 | |
Accumulated depreciation and amortization | (7,016) | |
Total Net Operating Real Estate Investments | 107,556 | |
Multifamily Properties | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 158,322 | 177,152 |
Total Net Operating Real Estate Investments | 158,322 | 177,152 |
Total Net Real Estate Investments | 177,152 | |
Multifamily Properties | Land | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 18,830 | |
Total Net Operating Real Estate Investments | 18,830 | |
Multifamily Properties | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 642,453 | 729,675 |
Accumulated depreciation and amortization | (32,802) | (32,350) |
Total Net Operating Real Estate Investments | 609,651 | 697,325 |
Total Net Real Estate Investments | 695,211 | |
Multifamily Properties | Building and Improvements | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 91,557 | |
Accumulated depreciation and amortization | (5,997) | |
Total Net Operating Real Estate Investments | 85,560 | |
Multifamily Properties | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,124 | 5,346 |
Total Net Operating Real Estate Investments | 3,124 | 5,346 |
Total Net Real Estate Investments | 3,264 | |
Multifamily Properties | Construction in Progress | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 140 | |
Total Net Operating Real Estate Investments | 140 | |
Multifamily Properties | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 27,333 | 28,009 |
Accumulated depreciation and amortization | (7,174) | (5,679) |
Total Net Operating Real Estate Investments | 20,159 | 22,330 |
Total Net Real Estate Investments | 23,185 | |
Multifamily Properties | Furniture, Fixtures, and Equipment | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,045 | |
Accumulated depreciation and amortization | (1,019) | |
Total Net Operating Real Estate Investments | 3,026 | |
Multifamily Properties | The Miramar Apartments | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,958 | 10,832 |
Multifamily Properties | The Miramar Apartments | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,580 | 1,580 |
Multifamily Properties | The Miramar Apartments | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 8,710 | 8,601 |
Multifamily Properties | The Miramar Apartments | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 49 | 48 |
Multifamily Properties | The Miramar Apartments | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 619 | 603 |
Multifamily Properties | Arbors on Forest Ridge | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 13,822 | 13,802 |
Multifamily Properties | Arbors on Forest Ridge | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,330 | 2,330 |
Multifamily Properties | Arbors on Forest Ridge | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,944 | 10,948 |
Multifamily Properties | Arbors on Forest Ridge | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2 | |
Multifamily Properties | Arbors on Forest Ridge | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 546 | 524 |
Multifamily Properties | Cutter's Point | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,798 | 16,735 |
Multifamily Properties | Cutter's Point | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,330 | 3,330 |
Multifamily Properties | Cutter's Point | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12,752 | 12,747 |
Multifamily Properties | Cutter's Point | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1 | 37 |
Multifamily Properties | Cutter's Point | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 715 | 621 |
Multifamily Properties | Eagle Crest | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 28,123 | 28,054 |
Multifamily Properties | Eagle Crest | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,450 | 5,450 |
Multifamily Properties | Eagle Crest | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 21,867 | 21,846 |
Multifamily Properties | Eagle Crest | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12 | 15 |
Multifamily Properties | Eagle Crest | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 794 | 743 |
Multifamily Properties | Silverbrook | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 31,465 | 31,362 |
Multifamily Properties | Silverbrook | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,860 | 4,860 |
Multifamily Properties | Silverbrook | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 25,004 | 24,909 |
Multifamily Properties | Silverbrook | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 44 | 118 |
Multifamily Properties | Silverbrook | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,557 | 1,475 |
Multifamily Properties | Timberglen | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 17,660 | 17,612 |
Multifamily Properties | Timberglen | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,510 | 2,510 |
Multifamily Properties | Timberglen | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 14,394 | 14,379 |
Multifamily Properties | Timberglen | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 20 | 20 |
Multifamily Properties | Timberglen | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 736 | 703 |
Multifamily Properties | Toscana | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 9,541 | 9,512 |
Multifamily Properties | Toscana | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,730 | 1,730 |
Multifamily Properties | Toscana | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 7,253 | 7,256 |
Multifamily Properties | Toscana | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5 | 4 |
Multifamily Properties | Toscana | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 553 | 522 |
Multifamily Properties | Edgewater at Sandy Springs | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 60,610 | 60,312 |
Multifamily Properties | Edgewater at Sandy Springs | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 14,290 | 14,290 |
Multifamily Properties | Edgewater at Sandy Springs | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 43,650 | 43,429 |
Multifamily Properties | Edgewater at Sandy Springs | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 29 | 199 |
Multifamily Properties | Edgewater at Sandy Springs | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,641 | 2,394 |
Multifamily Properties | Beechwood Terrace | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 22,481 | 22,364 |
Multifamily Properties | Beechwood Terrace | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,390 | 1,390 |
Multifamily Properties | Beechwood Terrace | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 20,412 | 20,374 |
Multifamily Properties | Beechwood Terrace | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 30 | 28 |
Multifamily Properties | Beechwood Terrace | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 649 | 572 |
Multifamily Properties | Willow Grove | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 15,075 | 15,046 |
Multifamily Properties | Willow Grove | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,940 | 3,940 |
Multifamily Properties | Willow Grove | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,625 | 10,621 |
Multifamily Properties | Willow Grove | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1 | 2 |
Multifamily Properties | Willow Grove | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 509 | 483 |
Multifamily Properties | Woodbridge | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,957 | 16,884 |
Multifamily Properties | Woodbridge | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,650 | 3,650 |
Multifamily Properties | Woodbridge | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12,609 | 12,581 |
Multifamily Properties | Woodbridge | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 100 | 110 |
Multifamily Properties | Woodbridge | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 598 | 543 |
Multifamily Properties | Abbington Heights | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 18,755 | 18,678 |
Multifamily Properties | Abbington Heights | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,770 | 1,770 |
Multifamily Properties | Abbington Heights | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,200 | 16,184 |
Multifamily Properties | Abbington Heights | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 77 | 67 |
Multifamily Properties | Abbington Heights | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 708 | 657 |
Multifamily Properties | The Summit at Sabal Park | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 19,824 | 19,764 |
Multifamily Properties | The Summit at Sabal Park | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,770 | 5,770 |
Multifamily Properties | The Summit at Sabal Park | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 13,313 | 13,311 |
Multifamily Properties | The Summit at Sabal Park | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 7 | 9 |
Multifamily Properties | The Summit at Sabal Park | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 734 | 674 |
Multifamily Properties | Courtney Cove | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 19,491 | 19,428 |
Multifamily Properties | Courtney Cove | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,880 | 5,880 |
Multifamily Properties | Courtney Cove | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12,854 | 12,850 |
Multifamily Properties | Courtney Cove | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 46 | 30 |
Multifamily Properties | Courtney Cove | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 711 | 668 |
Multifamily Properties | Colonial Forest | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,934 | 5,904 |
Multifamily Properties | Colonial Forest | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,090 | 2,090 |
Multifamily Properties | Colonial Forest | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,487 | 3,486 |
Multifamily Properties | Colonial Forest | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 357 | 328 |
Multifamily Properties | Park at Blanding | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,961 | 6,943 |
Multifamily Properties | Park at Blanding | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,610 | 2,610 |
Multifamily Properties | Park at Blanding | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,031 | 4,025 |
Multifamily Properties | Park at Blanding | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6 | 4 |
Multifamily Properties | Park at Blanding | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 314 | 304 |
Multifamily Properties | Jade Park | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 8,350 | 8,264 |
Multifamily Properties | Jade Park | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,490 | 1,490 |
Multifamily Properties | Jade Park | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,411 | 6,404 |
Multifamily Properties | Jade Park | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 30 | 19 |
Multifamily Properties | Jade Park | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 419 | 351 |
Multifamily Properties | Radbourne Lake | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 24,644 | 24,597 |
Multifamily Properties | Radbourne Lake | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,440 | 2,440 |
Multifamily Properties | Radbourne Lake | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 21,315 | 21,194 |
Multifamily Properties | Radbourne Lake | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 105 | 224 |
Multifamily Properties | Radbourne Lake | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 784 | 739 |
Multifamily Properties | Timber Creek | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 25,033 | 24,939 |
Multifamily Properties | Timber Creek | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 11,260 | 11,260 |
Multifamily Properties | Timber Creek | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 13,128 | 13,101 |
Multifamily Properties | Timber Creek | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 47 | 37 |
Multifamily Properties | Timber Creek | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 598 | 541 |
Multifamily Properties | Belmont at Duck Creek | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 19,526 | 19,438 |
Multifamily Properties | Belmont at Duck Creek | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,910 | 1,910 |
Multifamily Properties | Belmont at Duck Creek | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,953 | 16,948 |
Multifamily Properties | Belmont at Duck Creek | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 77 | 47 |
Multifamily Properties | Belmont at Duck Creek | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 586 | 533 |
Multifamily Properties | The Arbors | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 8,541 | 8,525 |
Multifamily Properties | The Arbors | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,730 | 1,730 |
Multifamily Properties | The Arbors | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,515 | 6,512 |
Multifamily Properties | The Arbors | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4 | 4 |
Multifamily Properties | The Arbors | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 292 | 279 |
Multifamily Properties | The Crossings | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 22,589 | 22,327 |
Multifamily Properties | The Crossings | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,982 | 3,982 |
Multifamily Properties | The Crossings | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 17,366 | 16,696 |
Multifamily Properties | The Crossings | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 197 | 759 |
Multifamily Properties | The Crossings | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,044 | 890 |
Multifamily Properties | The Crossings at Holcomb Bridge | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 17,126 | 17,054 |
Multifamily Properties | The Crossings at Holcomb Bridge | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,560 | 5,560 |
Multifamily Properties | The Crossings at Holcomb Bridge | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,704 | 10,644 |
Multifamily Properties | The Crossings at Holcomb Bridge | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 42 | 101 |
Multifamily Properties | The Crossings at Holcomb Bridge | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 820 | 749 |
Multifamily Properties | The Knolls | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 22,140 | 22,000 |
Multifamily Properties | The Knolls | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,410 | 3,410 |
Multifamily Properties | The Knolls | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 17,605 | 17,574 |
Multifamily Properties | The Knolls | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3 | |
Multifamily Properties | The Knolls | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,122 | 1,016 |
Multifamily Properties | Regatta Bay | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 18,443 | 18,357 |
Multifamily Properties | Regatta Bay | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,660 | 1,660 |
Multifamily Properties | Regatta Bay | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,125 | 16,120 |
Multifamily Properties | Regatta Bay | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 54 | 34 |
Multifamily Properties | Regatta Bay | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 604 | 543 |
Multifamily Properties | Sabal Palm at Lake Buena Vista | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 49,351 | 49,266 |
Multifamily Properties | Sabal Palm at Lake Buena Vista | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 7,580 | 7,580 |
Multifamily Properties | Sabal Palm at Lake Buena Vista | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 41,027 | 40,833 |
Multifamily Properties | Sabal Palm at Lake Buena Vista | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 45 | 214 |
Multifamily Properties | Sabal Palm at Lake Buena Vista | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 699 | 639 |
Multifamily Properties | Southpoint Reserve at Stoney Creek | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 17,562 | 17,468 |
Multifamily Properties | Southpoint Reserve at Stoney Creek | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,120 | 6,120 |
Multifamily Properties | Southpoint Reserve at Stoney Creek | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,927 | 10,896 |
Multifamily Properties | Southpoint Reserve at Stoney Creek | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 139 | 166 |
Multifamily Properties | Southpoint Reserve at Stoney Creek | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 376 | 286 |
Multifamily Properties | Cornerstone | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 32,170 | 31,898 |
Multifamily Properties | Cornerstone | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,500 | 1,500 |
Multifamily Properties | Cornerstone | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 29,918 | 29,786 |
Multifamily Properties | Cornerstone | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 201 | 201 |
Multifamily Properties | Cornerstone | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 551 | 411 |
Multifamily Properties | McMillan Place | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 22,070 | 21,652 |
Multifamily Properties | McMillan Place | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,610 | 3,610 |
Multifamily Properties | McMillan Place | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 17,719 | 17,127 |
Multifamily Properties | McMillan Place | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 117 | 398 |
Multifamily Properties | McMillan Place | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 624 | 517 |
Multifamily Properties | Barrington Mill | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 59,355 | 58,772 |
Multifamily Properties | Barrington Mill | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,170 | 10,170 |
Multifamily Properties | Barrington Mill | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 47,369 | 47,055 |
Multifamily Properties | Barrington Mill | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 336 | 430 |
Multifamily Properties | Barrington Mill | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,480 | 1,117 |
Multifamily Properties | Dana Point | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 17,015 | 16,829 |
Multifamily Properties | Dana Point | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,090 | 4,090 |
Multifamily Properties | Dana Point | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12,030 | 11,760 |
Multifamily Properties | Dana Point | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 167 | 330 |
Multifamily Properties | Dana Point | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 728 | 649 |
Multifamily Properties | Heatherstone | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,256 | 10,084 |
Multifamily Properties | Heatherstone | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,320 | 2,320 |
Multifamily Properties | Heatherstone | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 7,364 | 6,962 |
Multifamily Properties | Heatherstone | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 68 | 403 |
Multifamily Properties | Heatherstone | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 504 | 399 |
Multifamily Properties | Versailles | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 27,935 | 27,661 |
Multifamily Properties | Versailles | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 6,720 | 6,720 |
Multifamily Properties | Versailles | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 19,912 | 19,339 |
Multifamily Properties | Versailles | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 281 | 699 |
Multifamily Properties | Versailles | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,022 | 903 |
Multifamily Properties | Seasons 704 Apartments | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 21,830 | 21,627 |
Multifamily Properties | Seasons 704 Apartments | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 7,480 | 7,480 |
Multifamily Properties | Seasons 704 Apartments | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 13,773 | 13,532 |
Multifamily Properties | Seasons 704 Apartments | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 172 | 254 |
Multifamily Properties | Seasons 704 Apartments | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 405 | 361 |
Multifamily Properties | Madera Point | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 22,226 | 22,664 |
Multifamily Properties | Madera Point | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 629 | |
Multifamily Properties | Madera Point | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,920 | 4,920 |
Multifamily Properties | Madera Point | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,650 | 16,632 |
Multifamily Properties | Madera Point | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 120 | 39 |
Multifamily Properties | Madera Point | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 536 | 444 |
Multifamily Properties | The Pointe at the Foothills | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 51,485 | 52,622 |
Multifamily Properties | The Pointe at the Foothills | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,433 | |
Multifamily Properties | The Pointe at the Foothills | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,840 | 4,840 |
Multifamily Properties | The Pointe at the Foothills | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 45,411 | 45,395 |
Multifamily Properties | The Pointe at the Foothills | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 379 | 186 |
Multifamily Properties | The Pointe at the Foothills | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 855 | 768 |
Multifamily Properties | The Place at Vanderbilt | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 19,641 | 19,456 |
Multifamily Properties | The Place at Vanderbilt | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 511 | 511 |
Multifamily Properties | The Place at Vanderbilt | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,350 | 2,350 |
Multifamily Properties | The Place at Vanderbilt | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 16,126 | 16,112 |
Multifamily Properties | The Place at Vanderbilt | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 111 | 4 |
Multifamily Properties | The Place at Vanderbilt | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 543 | 479 |
Multifamily Properties | Meridian | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 13,066 | |
Multifamily Properties | Meridian | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 13,111 | |
Multifamily Properties | Meridian | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,310 | |
Multifamily Properties | Meridian | Land | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,310 | |
Multifamily Properties | Meridian | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,325 | |
Multifamily Properties | Meridian | Building and Improvements | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 10,327 | |
Multifamily Properties | Meridian | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12 | |
Multifamily Properties | Meridian | Construction in Progress | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12 | |
Multifamily Properties | Meridian | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 419 | |
Multifamily Properties | Meridian | Furniture, Fixtures, and Equipment | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 462 | |
Multifamily Properties | The Grove at Alban | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 23,611 | |
Multifamily Properties | The Grove at Alban | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 23,778 | |
Multifamily Properties | The Grove at Alban | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,640 | |
Multifamily Properties | The Grove at Alban | Land | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 3,640 | |
Multifamily Properties | The Grove at Alban | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 18,994 | |
Multifamily Properties | The Grove at Alban | Building and Improvements | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 19,012 | |
Multifamily Properties | The Grove at Alban | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 66 | |
Multifamily Properties | The Grove at Alban | Construction in Progress | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 18 | |
Multifamily Properties | The Grove at Alban | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 911 | |
Multifamily Properties | The Grove at Alban | Furniture, Fixtures, and Equipment | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,108 | |
Multifamily Properties | Willowdale Crossing | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 41,088 | |
Multifamily Properties | Willowdale Crossing | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 41,203 | |
Multifamily Properties | Willowdale Crossing | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,650 | |
Multifamily Properties | Willowdale Crossing | Land | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,650 | |
Multifamily Properties | Willowdale Crossing | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 35,631 | |
Multifamily Properties | Willowdale Crossing | Building and Improvements | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 35,644 | |
Multifamily Properties | Willowdale Crossing | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 23 | |
Multifamily Properties | Willowdale Crossing | Construction in Progress | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 36 | |
Multifamily Properties | Willowdale Crossing | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 784 | |
Multifamily Properties | Willowdale Crossing | Furniture, Fixtures, and Equipment | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 873 | |
Multifamily Properties | Park at Regency | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 8,777 | |
Multifamily Properties | Park at Regency | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 8,831 | |
Multifamily Properties | Park at Regency | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,620 | |
Multifamily Properties | Park at Regency | Land | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 2,620 | |
Multifamily Properties | Park at Regency | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,706 | |
Multifamily Properties | Park at Regency | Building and Improvements | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,708 | |
Multifamily Properties | Park at Regency | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5 | |
Multifamily Properties | Park at Regency | Construction in Progress | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 15 | |
Multifamily Properties | Park at Regency | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 446 | |
Multifamily Properties | Park at Regency | Furniture, Fixtures, and Equipment | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 488 | |
Multifamily Properties | Mandarin Reserve | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 27,481 | |
Multifamily Properties | Mandarin Reserve | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 27,649 | |
Multifamily Properties | Mandarin Reserve | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,610 | |
Multifamily Properties | Mandarin Reserve | Land | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 5,610 | |
Multifamily Properties | Mandarin Reserve | Building and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 20,850 | |
Multifamily Properties | Mandarin Reserve | Building and Improvements | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 20,866 | |
Multifamily Properties | Mandarin Reserve | Construction in Progress | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 59 | |
Multifamily Properties | Mandarin Reserve | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | $ 1,021 | |
Multifamily Properties | Mandarin Reserve | Furniture, Fixtures, and Equipment | Held For Sale Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | $ 1,114 |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Real Estate Properties [Line Items] | ||
Depreciation expense | $ 9 | $ 5.8 |
Amortization expense of intangible lease assets | 0.6 | $ 5.8 |
Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Amortization expense, remainder of fiscal year | $ 0.1 |
Pro Forma Financial Informati36
Pro Forma Financial Information (Unaudited) - Additional Information (Details) | 3 Months Ended | 15 Months Ended |
Mar. 31, 2016USD ($) | Mar. 31, 2016Property | |
Business Acquisition Pro Forma Information [Abstract] | ||
Number of properties acquired | Property | 10 | |
General and administrative fees expected | $ | $ 800,000 |
Pro Forma Financial Informati37
Pro Forma Financial Information (Unaudited) - Summary of Unaudited Combined Consolidated Pro Forma Results of Operations (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Business Acquisition Pro Forma Information [Abstract] | ||
Total revenues, actual | $ 33,511 | $ 25,537 |
Net income (loss), actual | $ 291 | $ (5,893) |
Earnings (loss) per share: Basic and diluted | $ 0 | $ (0.25) |
Total revenues, pro forma | $ 33,511 | $ 30,871 |
Net income (loss), pro forma | $ 934 | $ (13,399) |
Earnings (loss) per share - basic and diluted, pro forma | $ 0.04 | $ (0.63) |
Debt - Summary of Mortgage Debt
Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Dec. 31, 2015 | |
Debt Instrument [Line Items] | ||
Deferred financing costs, net | $ (5,800) | $ (6,000) |
Mortgages Payable | $ 589,700 | $ 676,324 |
The Place at Vanderbilt | ||
Debt Instrument [Line Items] | ||
Maturity Date | Jan. 1, 2022 | |
Mortgages Payable | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 594,484 | |
Fair market value adjustment | 265 | |
Deferred financing costs, net | (5,049) | |
Mortgages Payable | $ 589,700 | |
Mortgages Payable | The Miramar Apartments | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 8,400 | |
Interest Rate | 2.66% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2025 | |
Mortgages Payable | Beechwood Terrace | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 17,120 | |
Interest Rate | 2.52% | |
Max Note Rate | 6.00% | |
Maturity Date | Aug. 1, 2021 | |
Mortgages Payable | Colonial Forest | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 4,125 | |
Interest Rate | 2.60% | |
Max Note Rate | 6.25% | |
Maturity Date | Sep. 1, 2021 | |
Mortgages Payable | Courtney Cove | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 14,210 | |
Interest Rate | 2.52% | |
Max Note Rate | 5.75% | |
Maturity Date | Sep. 1, 2021 | |
Mortgages Payable | Edgewater at Sandy Springs | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 43,550 | |
Interest Rate | 2.53% | |
Max Note Rate | 5.75% | |
Maturity Date | Aug. 1, 2021 | |
Mortgages Payable | Park at Blanding | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 4,875 | |
Interest Rate | 2.60% | |
Max Note Rate | 7.25% | |
Maturity Date | Sep. 1, 2021 | |
Mortgages Payable | The Summit at Sabal Park | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 14,287 | |
Interest Rate | 2.52% | |
Max Note Rate | 5.75% | |
Maturity Date | Sep. 1, 2021 | |
Mortgages Payable | Willow Grove | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 11,000 | |
Interest Rate | 2.55% | |
Max Note Rate | 6.00% | |
Maturity Date | Aug. 1, 2021 | |
Mortgages Payable | Jade Park | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 5,850 | |
Interest Rate | 2.59% | |
Max Note Rate | 6.49% | |
Maturity Date | Sep. 1, 2021 | |
Mortgages Payable | Woodbridge | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 12,800 | |
Interest Rate | 2.53% | |
Max Note Rate | 6.25% | |
Maturity Date | Aug. 1, 2021 | |
Mortgages Payable | Southpoint Reserve at Stoney Creek | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 13,600 | |
Interest Rate | 2.55% | |
Max Note Rate | 6.00% | |
Maturity Date | Jan. 1, 2022 | |
Mortgages Payable | Barrington Mill | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 43,500 | |
Interest Rate | 2.40% | |
Max Note Rate | 5.50% | |
Maturity Date | Mar. 1, 2022 | |
Mortgages Payable | Dana Point | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 12,176 | |
Interest Rate | 2.49% | |
Max Note Rate | 5.50% | |
Maturity Date | Mar. 1, 2022 | |
Mortgages Payable | Heatherstone | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 7,087 | |
Interest Rate | 2.52% | |
Max Note Rate | 5.50% | |
Maturity Date | Mar. 1, 2022 | |
Mortgages Payable | Versailles | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 19,623 | |
Interest Rate | 2.47% | |
Max Note Rate | 5.50% | |
Maturity Date | Mar. 1, 2022 | |
Mortgages Payable | Seasons 704 Apartments | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 12,660 | |
Interest Rate | 2.24% | |
Max Note Rate | 5.95% | |
Maturity Date | May 1, 2022 | |
Mortgages Payable | Arbors on Forest Ridge | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 10,226 | |
Interest Rate | 3.17% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
Mortgages Payable | Cutter's Point | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 12,654 | |
Interest Rate | 3.17% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
Mortgages Payable | Eagle Crest | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 21,822 | |
Interest Rate | 3.17% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
Mortgages Payable | Silverbrook | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 24,277 | |
Interest Rate | 3.17% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
Mortgages Payable | Timberglen | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 13,536 | |
Interest Rate | 3.17% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
Mortgages Payable | Toscana | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 7,088 | |
Interest Rate | 3.17% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 | |
Mortgages Payable | Timber Creek | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 19,482 | |
Interest Rate | 2.26% | |
Max Note Rate | 5.96% | |
Maturity Date | Oct. 1, 2024 | |
Mortgages Payable | Radbourne Lake | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 19,213 | |
Interest Rate | 2.25% | |
Max Note Rate | 6.25% | |
Maturity Date | Oct. 1, 2024 | |
Mortgages Payable | The Arbors | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 5,812 | |
Interest Rate | 2.25% | |
Max Note Rate | 7.11% | |
Maturity Date | Nov. 1, 2024 | |
Mortgages Payable | The Crossings | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 15,874 | |
Interest Rate | 2.25% | |
Max Note Rate | 7.21% | |
Maturity Date | Nov. 1, 2024 | |
Mortgages Payable | The Crossings at Holcomb Bridge | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 12,450 | |
Interest Rate | 2.25% | |
Max Note Rate | 7.35% | |
Maturity Date | Nov. 1, 2024 | |
Mortgages Payable | The Knolls | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 16,038 | |
Interest Rate | 2.25% | |
Max Note Rate | 7.11% | |
Maturity Date | Nov. 1, 2024 | |
Mortgages Payable | McMillan Place | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 15,738 | |
Interest Rate | 2.36% | |
Max Note Rate | 5.92% | |
Maturity Date | Feb. 1, 2025 | |
Mortgages Payable | Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 37,680 | |
Interest Rate | 2.25% | |
Max Note Rate | 6.26% | |
Maturity Date | Dec. 1, 2024 | |
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 10,354 | |
Interest Rate | 3.79% | |
Max Note Rate | 3.79% | |
Maturity Date | Sep. 1, 2022 | |
Mortgages Payable | Belmont at Duck Creek | Debt With Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 11,293 | |
Interest Rate | 4.68% | |
Max Note Rate | 4.68% | |
Maturity Date | Sep. 1, 2018 | |
Mortgages Payable | Regatta Bay | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 60 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 14,000 | |
Interest Rate | 2.33% | |
Maturity Date | Nov. 1, 2020 | |
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 23,380 | |
Interest Rate | 4.24% | |
Max Note Rate | 4.24% | |
Maturity Date | Mar. 1, 2023 | |
Mortgages Payable | Madera Point | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 60 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 13,515 | |
Interest Rate | 2.34% | |
Maturity Date | Sep. 1, 2020 | |
Mortgages Payable | The Pointe at the Foothills | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 60 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 31,365 | |
Interest Rate | 2.33% | |
Maturity Date | Sep. 1, 2020 | |
Mortgages Payable | The Place at Vanderbilt | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 13,824 | |
Interest Rate | 2.67% | |
Max Note Rate | 5.75% | |
Maturity Date | Jan. 1, 2022 | |
Mortgages Payable | Held For Sale Properties | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 87,033 | |
Deferred financing costs, net | (723) | |
Mortgages Payable | $ 86,310 | |
Mortgages Payable | Held For Sale Properties | The Grove at Alban | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 18,720 | |
Interest Rate | 2.98% | |
Max Note Rate | 6.50% | |
Maturity Date | Apr. 1, 2021 | |
Mortgages Payable | Held For Sale Properties | Park at Regency | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 6,225 | |
Interest Rate | 2.60% | |
Max Note Rate | 7.01% | |
Maturity Date | Sep. 1, 2021 | |
Mortgages Payable | Held For Sale Properties | Mandarin Reserve | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 19,465 | |
Interest Rate | 2.54% | |
Max Note Rate | 5.50% | |
Maturity Date | Oct. 1, 2021 | |
Mortgages Payable | Held For Sale Properties | Willowdale Crossing | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 32,800 | |
Interest Rate | 2.71% | |
Max Note Rate | 5.75% | |
Maturity Date | Jun. 1, 2021 | |
Mortgages Payable | Held For Sale Properties | Meridian | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Amortization (months) | 360 months | |
Outstanding Principal | $ 9,823 | |
Interest Rate | 3.17% | |
Max Note Rate | 5.75% | |
Maturity Date | Feb. 1, 2021 |
Debt - Summary of Mortgage De39
Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
25th month through 81st month | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Loan can be pre-paid in the first 24 months of the term at par plus 5.00%. Starting in the 25th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. |
Loan prepayment fee as a percentage of unpaid principal balance | 1.00% |
First 24 months | |
Debt Instrument [Line Items] | |
Loan prepayment fee as a percentage of unpaid principal balance | 5.00% |
13th month through 116th month | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 116th month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last four months of the term. |
Loan prepayment fee as a percentage of unpaid principal balance | 1.00% |
First 12 months | |
Debt Instrument [Line Items] | |
Loan prepayment fee as a percentage of unpaid principal balance | 5.00% |
13th month through 57th month | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Loan can be pre-paid starting in the 13th month through the 57th month of the term at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. |
Loan prepayment fee as a percentage of unpaid principal balance | 1.00% |
13th month through 81st month | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. |
Loan prepayment fee as a percentage of unpaid principal balance | 1.00% |
Abbington Heights | Last Three Months | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last three months of the term. |
Belmont at Duck Creek | Last Six Months | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Debt was assumed upon acquisition of this property at approximated fair value. The loan is open to pre-payment in the last six months of the term. |
Regatta Bay | First 12 months | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Loan can be pre-paid in the first 12 months of the term at par plus 1.00% of the unpaid principal balance and at par thereafter. Loan’s unpaid principal balance can be declared due and payable in full, at the lender’s discretion, on November 1, 2018 and November 1, 2019. |
Loan prepayment fee as a percentage of unpaid principal balance | 1.00% |
Cornerstone | Debt With Fixed Interest Rate | |
Debt Instrument [Line Items] | |
Interest Rate | 4.09% |
Fair value of debt assumed upon acquisition | $ 18 |
Debt instrument, payment terms | The assumed debt carries a 4.09% fixed rate, was originally issued in March 2013 and had a term of 120 months with an initial 24 months of interest only. |
Indebtedness secured by property | $ 23.4 |
Blended pay rate | 4.24% |
Cornerstone | First Mortgage | Debt With Fixed Interest Rate | |
Debt Instrument [Line Items] | |
Debt instrument, payment terms | At the time of acquisition, the principal balance of the first mortgage remained unchanged and had a remaining term of 98 months with 2 months of interest only. The first mortgage is pre-payable and subject to yield maintenance from month 13 through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. |
Cornerstone | Second Mortgage | Debt With Fixed Interest Rate | |
Debt Instrument [Line Items] | |
Interest Rate | 4.70% |
Debt instrument, payment terms | The supplemental second mortgage is pre-payable and subject to yield maintenance from the date of issuance through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. |
Acquired property mortgage loan principle amount | $ 5.8 |
The Miramar Apartments | 13th month through 117th month | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Loan cannot be pre-paid in the first 12 months of the term. Starting in the 13th month of the term through the 117th month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par the last three months of the term. |
Loan prepayment fee as a percentage of unpaid principal balance | 1.00% |
The Place at Vanderbilt | |
Debt Instrument [Line Items] | |
Debt issued date | Dec. 22, 2014 |
Maturity Date | Jan. 1, 2022 |
The Place at Vanderbilt | First 12 months | |
Debt Instrument [Line Items] | |
Loan prepayment fee as a percentage of unpaid principal balance | 5.00% |
The Place at Vanderbilt | 13th month through 81st month | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | The assumed debt was originally issued on December 22, 2014 and matures on January 1, 2022. The loan only required interest only payments for the first 12 months (interest only period ended January 31, 2016) after which time the loan began amortizing. The loan can be pre-paid in the first 12 months of the term at par plus 5.00%. Starting in the 13th month of the term through the 81st month of the term, the loan can be pre-paid at par plus 1.00% of the unpaid principal balance and at par during the last three months of the term. |
Loan prepayment fee as a percentage of unpaid principal balance | 1.00% |
Mortgages Payable | Three-month LIBOR | |
Debt Instrument [Line Items] | |
LIBOR, interest rate | 0.6286% |
Mortgages Payable | One-month LIBOR | |
Debt Instrument [Line Items] | |
LIBOR, interest rate | 0.4373% |
Mortgages Payable | Abbington Heights | |
Debt Instrument [Line Items] | |
Interest Rate | 3.79% |
Mortgages Payable | Abbington Heights | Debt With Fixed Interest Rate | |
Debt Instrument [Line Items] | |
LIBOR, interest rate | 3.79% |
Maturity Date | Sep. 1, 2022 |
Mortgages Payable | Belmont at Duck Creek | |
Debt Instrument [Line Items] | |
Interest Rate | 4.68% |
Mortgages Payable | Belmont at Duck Creek | Debt With Fixed Interest Rate | |
Debt Instrument [Line Items] | |
LIBOR, interest rate | 4.68% |
Maturity Date | Sep. 1, 2018 |
Mortgages Payable | Regatta Bay | Floor Rate | |
Debt Instrument [Line Items] | |
LIBOR, three month interest rate | 0.25% |
Mortgages Payable | Regatta Bay | Three-month LIBOR | |
Debt Instrument [Line Items] | |
LIBOR, three month interest rate | 1.70% |
Mortgages Payable | Cornerstone | |
Debt Instrument [Line Items] | |
Interest Rate | 4.24% |
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate | |
Debt Instrument [Line Items] | |
LIBOR, interest rate | 4.24% |
Maturity Date | Mar. 1, 2023 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) $ in Thousands | Aug. 05, 2015 | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||
Weighted average interest rate of mortgage indebtedness | 2.66% | 2.67% | |
Bridge facility | $ 28,889 | $ 28,805 | |
Key Bank, N.A. | |||
Debt Instrument [Line Items] | |||
Bridge facility | $ 29,000 | ||
Bridge Loan | |||
Debt Instrument [Line Items] | |||
Bridge facility accrued interest rate description | 4.00% plus one-month LIBOR. | ||
Bridge facility accrued interest rate | 4.00% |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) $ in Thousands | Mar. 31, 2016USD ($) |
Debt Instrument [Line Items] | |
Remainder of 2016 | $ 32,964 |
2,017 | 7,735 |
2,018 | 23,351 |
2,019 | 13,204 |
2,020 | 72,341 |
Thereafter | 560,922 |
Total | 710,517 |
Operating Properties & Bridge Facility | |
Debt Instrument [Line Items] | |
Remainder of 2016 | 31,842 |
2,017 | 5,828 |
2,018 | 21,403 |
2,019 | 11,217 |
2,020 | 70,317 |
Thereafter | 482,877 |
Total | 623,484 |
Held For Sale Properties | |
Debt Instrument [Line Items] | |
Remainder of 2016 | 1,122 |
2,017 | 1,907 |
2,018 | 1,948 |
2,019 | 1,987 |
2,020 | 2,024 |
Thereafter | 78,045 |
Total | $ 87,033 |
Debt - Schedule of Debt Matur42
Debt - Schedule of Debt Maturities (Parenthetical) (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Key Bank, N.A. | Bridge Loan | |
Debt Instrument [Line Items] | |
Maturity Date | Aug. 4, 2016 |
Fair Value Measures and Deriv43
Fair Value Measures and Derivative Financial Instruments - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2016USD ($)Property | Mar. 31, 2015USD ($)DerivativeInstrument | |
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Properties acquired | Property | 42 | |
Properties acquired for cash | $ 910,600,000 | $ 143,695,000 |
Purchased price of land | 177,300,000 | |
Building, building improvements, furniture, fixtures and equipment | 708,000,000 | |
Intangible lease assets gross | $ 25,300,000 | |
Derivative financial instruments cap weighted average interest rate | 5.99% | |
Earnings ineffectiveness to derivatives designated as cash flow hedges | $ 0 | $ 0 |
Number of derivatives designated as cash flow hedges | DerivativeInstrument | 14 | |
Minimum | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Interest rate caps term range | 3 years | |
Maximum | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Interest rate caps term range | 4 years | |
Level 2 Inputs | ||
Fair Value Inputs Assets Quantitative Information [Line Items] | ||
Number of properties acquired with assumed debt | Property | 5 |
Fair Value Measures and Deriv44
Fair Value Measures and Derivative Financial Instruments - Summary of Critical Assumptions (Details) | 3 Months Ended |
Mar. 31, 2016 | |
Minimum | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Discount rate | 5.50% |
Growth rate revenues | 1.60% |
Growth rate operating costs | 1.60% |
Minimum | Going-in cap rate | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Going-in cap rate | 4.80% |
Minimum | Terminal cap rate | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Going-in cap rate | 5.20% |
Maximum | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Discount rate | 10.70% |
Growth rate revenues | 3.30% |
Growth rate operating costs | 3.30% |
Maximum | Going-in cap rate | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Going-in cap rate | 6.20% |
Maximum | Terminal cap rate | |
Fair Value Inputs Assets Quantitative Information [Line Items] | |
Going-in cap rate | 6.80% |
Fair Value Measures and Deriv45
Fair Value Measures and Derivative Financial Instruments - Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Designated as hedging instrument - Interest rate caps | Mar. 31, 2016USD ($)DerivativeInstrument |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |
Interest rate caps | DerivativeInstrument | 15 |
Interest rate caps | $ | $ 259,659,000 |
Fair Value Measures and Deriv46
Fair Value Measures and Derivative Financial Instruments - Outstanding Interest Rate Derivatives Not Designated as Cash Flow Hedges of Interest Rate Risk (Details) - Not designated as hedging instrument - Interest rate caps | Mar. 31, 2016USD ($)DerivativeInstrument |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |
Interest rate caps | DerivativeInstrument | 21 |
Interest rate caps | $ | $ 318,687,000 |
Fair Value Measures and Deriv47
Fair Value Measures and Derivative Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Combined Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Interest rate caps | $ 25 | $ 67 |
Other assets | Interest rate caps | Designated as hedging instrument | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Interest rate caps | 23 | 61 |
Other assets | Interest rate caps | Not designated as hedging instrument | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Interest rate caps | $ 2 | $ 6 |
Fair Value Measures and Deriv48
Fair Value Measures and Derivative Financial Instruments - Summary of Derivative Financial Instruments and Combined Consolidated Statements of Operations and Comprehensive Loss (Details) - Interest rate caps - Interest Expense - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Derivative Instruments Gain Loss [Line Items] | ||
Amount of gain (loss) recognized in OCI on derivative (effective portion) | $ (32) | $ (270) |
Amount of gain (loss) reclassified from accumulated OCI into income (effective portion) | (6) | |
Amount of gain (loss) recognized in income | $ (4) | $ (116) |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / Property$ / h | Mar. 31, 2015USD ($) | |
Operating Agreement | ||
Related Party Transaction [Line Items] | ||
Asset management fee percent | 0.50% | |
Asset management fees | $ 0.2 | $ 0.1 |
NexPoint Real Estate Advisors, L.P | ||
Related Party Transaction [Line Items] | ||
Percentage of annual administrative fee, paid monthly | 0.20% | |
Advisory fee percentage, paid monthly | 1.00% | |
Advisory and administrative fees | $ 1.6 | $ 1.3 |
Additional advisory and administrative fees | $ 0.3 | |
NexPoint Real Estate Advisors, L.P | Predecessor | ||
Related Party Transaction [Line Items] | ||
Percentage of annual advisory, paid monthly | 1.00% | |
Percentage of annual administrative fee, paid monthly | 0.20% | |
Maximum | NexPoint Real Estate Advisors, L.P | ||
Related Party Transaction [Line Items] | ||
Advisory and administrative fees percentage | 1.50% | |
Advisory and administrative fees on contributed assets | $ 5.4 | |
BH Management Services, LLC | ||
Related Party Transaction [Line Items] | ||
Property management fee percent | 3.00% | |
Inspection of properties fee, per unit | $ / Property | 15 | |
Other owner approved fees, per hour | $ / h | 55 | |
BH Management Services, LLC | Maximum | ||
Related Party Transaction [Line Items] | ||
Construction supervision fee, percent fee | 6.00% | |
BH Management Services, LLC | Minimum | ||
Related Party Transaction [Line Items] | ||
Construction supervision fee, percent fee | 5.00% |
Related Party Transactions - Su
Related Party Transactions - Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH (Details) - BH Management Services, LLC - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fees incurred | ||
Property management fees | $ 1,005 | $ 759 |
Construction supervision fees | 205 | 141 |
Acquisition fees | 1,191 | |
Reimbursements | ||
Payroll and benefits | 4,191 | 3,034 |
Other reimbursements | $ 300 | $ 249 |
Subsequent Events - Summary of
Subsequent Events - Summary of Sold Property (Details) - USD ($) $ in Thousands | May. 10, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Subsequent Event [Line Items] | |||
Real Estate Carrying Value, net | $ 791,342 | $ 902,882 | |
Multifamily Properties | |||
Subsequent Event [Line Items] | |||
Real Estate Carrying Value, net | $ 791,342 | $ 902,882 | |
Subsequent Event | Multifamily Properties | Meridian | Austin | Texas | |||
Subsequent Event [Line Items] | |||
Date of Sale | May 10, 2016 | ||
Real Estate Carrying Value, net | $ 12,177 | ||
Outstanding Principal | $ 9,823 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2016 | |
Subsequent Event [Line Items] | ||
Dividends payable, date declared | May 9, 2016 | |
Dividends payable, date of record | Jun. 15, 2016 | |
Dividends payable, date to be paid | Jun. 30, 2016 | |
Scenario, Forecast | ||
Subsequent Event [Line Items] | ||
Dividends payable, amount per share | $ 0.206 | |
Multifamily Properties | ||
Subsequent Event [Line Items] | ||
Sale price of property held for sale | $ 17.3 |