Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 21, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | NXRT | ||
Entity Registrant Name | NexPoint Residential Trust, Inc. | ||
Entity Central Index Key | 0001620393 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 25,296,836 | ||
Entity Public Float | $ 774,925,308.64 | ||
Entity Interactive Data Current | Yes | ||
Entity File Number | 001-36663 | ||
Entity Tax Identification Number | 47-1881359 | ||
Entity Address, Address Line One | 300 Crescent Court | ||
Entity Address, Address Line Two | Suite 700 | ||
Entity Address, City or Town | Dallas | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75201 | ||
City Area Code | (972) | ||
Local Phone Number | 628-4100 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | MD | ||
Title of 12(b) Security | Common Stock, par value $0.01 per share | ||
Security Exchange Name | NYSE | ||
Documents Incorporated by Reference | Portions of the proxy statement for the registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Real Estate Investments | ||
Land | $ 317,886 | $ 202,347 |
Buildings and improvements | 1,472,319 | 935,604 |
Intangible lease assets | 12,414 | 3,049 |
Construction in progress | 4,375 | 1,881 |
Furniture, fixtures, and equipment | 81,038 | 61,456 |
Total Gross Operating Real Estate Investments | 1,888,032 | 1,204,337 |
Accumulated depreciation and amortization | (152,552) | (134,124) |
Total Net Operating Real Estate Investments | 1,735,480 | 1,070,213 |
Total Net Real Estate Investments | 1,781,810 | 1,087,542 |
Cash and cash equivalents | 25,671 | 19,864 |
Restricted cash | 45,511 | 23,265 |
Accounts receivable | 6,285 | 3,340 |
Prepaid and other assets | 2,336 | 9,058 |
Fair market value of interest rate swaps | 4,376 | 18,141 |
TOTAL ASSETS | 1,865,989 | 1,161,210 |
Liabilities: | ||
Mortgages payable, net | 1,145,371 | 824,702 |
Mortgages payable held for sale, net | 41,176 | 13,318 |
Credit facility, net | 216,501 | |
Accounts payable and other accrued liabilities | 11,971 | 5,765 |
Accrued real estate taxes payable | 12,206 | 12,607 |
Accrued interest payable | 3,691 | 2,852 |
Security deposit liability | 2,977 | 1,889 |
Prepaid rents | 1,658 | 1,482 |
Fair market value of interest rate swaps | 902 | |
Total Liabilities | 1,436,453 | 862,615 |
Redeemable noncontrolling interests in the Operating Partnership | 3,295 | 2,567 |
Stockholders' Equity: | ||
Preferred stock, $0.01 par value: 100,000,000 shares authorized; 0 shares issued | ||
Common stock, $0.01 par value: 500,000,000 shares authorized; 25,245,740 and 23,499,635 shares issued and outstanding, respectively | 251 | 234 |
Additional paid-in capital | 359,748 | 285,511 |
Accumulated earnings (loss) less dividends | 63,776 | (6,764) |
Accumulated other comprehensive income | 2,466 | 17,047 |
Total Stockholders' Equity | 426,241 | 296,028 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,865,989 | 1,161,210 |
Real Estate Properties Held For Sale | ||
Operating Real Estate Investments | ||
Total Net Operating Real Estate Investments | $ 46,330 | $ 17,329 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Net of accumulated depreciation | $ 7,859 | $ 897 |
Preferred stock, shares authorized | 100,000,000 | 100,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares, issued | 25,245,740 | 23,499,635 |
Common stock, shares, outstanding | 25,245,740 | 23,499,635 |
Common stock, par value | $ 0.01 | $ 0.01 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Revenues | ||||
Rental income | $ 177,162 | $ 143,158 | $ 140,882 | |
Other income | 3,904 | 3,439 | 3,353 | |
Total revenues | 181,066 | 146,597 | 144,235 | |
Expenses | ||||
Property operating expenses | 42,692 | 35,824 | 38,850 | |
Real estate taxes and insurance | 25,113 | 20,713 | 19,161 | |
Property management fees | [1] | 5,388 | 4,382 | 4,330 |
Advisory and administrative fees | [2] | 7,500 | 7,474 | 7,419 |
Corporate general and administrative expenses | 9,613 | 7,808 | 6,275 | |
Property general and administrative expenses | 6,765 | 6,134 | 6,159 | |
Depreciation and amortization | 69,086 | 47,470 | 48,752 | |
Total expenses | 166,157 | 129,805 | 130,946 | |
Operating income before gain on sales of real estate | 14,909 | 16,792 | 13,289 | |
Gain on sales of real estate | 127,684 | 13,742 | 78,365 | |
Operating income | 142,593 | 30,534 | 91,654 | |
Interest expense | (37,385) | (28,572) | (29,576) | |
Loss on extinguishment of debt and modification costs | (2,869) | (3,576) | (5,719) | |
Casualty losses | [3] | (3,488) | ||
Miscellaneous income | 587 | |||
Net income (loss) | 99,438 | (1,614) | 56,359 | |
Net income attributable to noncontrolling interests | 2,836 | |||
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership | 298 | (5) | 149 | |
Net income (loss) attributable to common stockholders | 99,140 | (1,609) | 53,374 | |
Other comprehensive income (loss) | ||||
Unrealized gains (losses) on interest rate derivatives | (14,625) | 1,931 | 4,568 | |
Total comprehensive income | 84,813 | 317 | 60,927 | |
Comprehensive income attributable to noncontrolling interests | 2,720 | |||
Comprehensive income attributable to redeemable noncontrolling interests in the Operating Partnership | 254 | 1 | 166 | |
Comprehensive income attributable to common stockholders | $ 84,559 | $ 316 | $ 58,041 | |
Weighted average common shares outstanding - basic | 24,116 | 21,189 | 21,057 | |
Weighted average common shares outstanding - diluted | 24,593 | 21,667 | 21,399 | |
Earnings (loss) per share - basic | $ 4.11 | $ (0.08) | $ 2.53 | |
Earnings (loss) per share - diluted | $ 4.03 | $ (0.08) | $ 2.49 | |
[1] | Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Notes 10 and 11). | |||
[2] | Fees incurred to the Adviser (see Note 11). | |||
[3] | Casualty losses for the year ended December 31, 2019 are related to tornado damage incurred at Cutter’s Point (see Note 5). |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands | Total | Public Offering | At The Market Offering | Common Stock | Common StockPublic Offering | Common StockAt The Market Offering | Additional Paid-in Capital | Additional Paid-in CapitalPublic Offering | Additional Paid-in CapitalAt The Market Offering | Accumulated Earnings (Loss) Less Dividends | Accumulated Other Comprehensive Income (Loss) | Common Stock Held in Treasury at Cost | Noncontrolling Interests |
Beginning Balance, Values at Dec. 31, 2016 | $ 256,102 | $ 213 | $ 241,450 | $ (14,584) | $ 9,052 | $ (4,587) | $ 24,558 | ||||||
Beginning Balance, Shares at Dec. 31, 2016 | 21,293,825 | ||||||||||||
Net income (loss) attributable to common stockholders | 53,374 | 53,374 | |||||||||||
Net income attributable to noncontrolling interests | 2,836 | 2,836 | |||||||||||
Contributions by noncontrolling interests | 38 | 38 | |||||||||||
Distributions to noncontrolling interests | (4,789) | (4,789) | |||||||||||
Purchase of noncontrolling interests | (53,840) | (31,313) | (22,527) | ||||||||||
Repurchase of common stock | (2,435) | (2,435) | |||||||||||
Retirement of common stock held in treasury | $ (4) | (7,018) | 7,022 | ||||||||||
Retirement of common stock held in treasury, Shares | (354,517) | ||||||||||||
Vesting of stock-based compensation | 3,109 | $ 1 | 3,108 | ||||||||||
Vesting of stock-based compensation, Shares | 110,257 | ||||||||||||
Common stock dividends declared | (19,502) | (19,502) | |||||||||||
Other comprehensive income (loss) | 4,551 | 4,667 | $ (116) | ||||||||||
Ending Balance, Values at Dec. 31, 2017 | 239,444 | $ 210 | 206,227 | 19,288 | 13,719 | ||||||||
Ending Balance, Shares at Dec. 31, 2017 | 21,049,565 | ||||||||||||
Cumulative effect upon adoption of ASU2017-12 | (1,403) | 1,403 | |||||||||||
Net income (loss) attributable to common stockholders | (1,609) | (1,609) | |||||||||||
Issuance of common shares | $ 84,782 | $ 27 | $ 84,755 | ||||||||||
Issuance of common shares, Shares | 2,702,500 | ||||||||||||
Repurchase of common stock | $ (9,672) | (9,672) | |||||||||||
Retirement of common stock held in treasury | $ (4) | (9,668) | $ 9,672 | ||||||||||
Retirement of common stock held in treasury, Shares | 0 | (382,941) | |||||||||||
Vesting of stock-based compensation | $ 4,198 | $ 1 | 4,197 | ||||||||||
Vesting of stock-based compensation, Shares | 130,511 | ||||||||||||
Common stock dividends declared | (22,601) | (22,601) | |||||||||||
Other comprehensive income (loss) | 1,925 | 1,925 | |||||||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership | (439) | (439) | |||||||||||
Ending Balance, Values at Dec. 31, 2018 | $ 296,028 | $ 234 | 285,511 | (6,764) | 17,047 | ||||||||
Ending Balance, Shares at Dec. 31, 2018 | 23,499,635 | 23,499,635 | |||||||||||
Net income (loss) attributable to common stockholders | $ 99,140 | 99,140 | |||||||||||
Issuance of common shares | $ 69,874 | $ 16 | $ 69,858 | ||||||||||
Issuance of common shares, Shares | 1,565,322 | ||||||||||||
Retirement of common stock held in treasury, Shares | 0 | ||||||||||||
Vesting of stock-based compensation | $ 4,380 | $ 1 | 4,379 | ||||||||||
Vesting of stock-based compensation, Shares | 180,783 | ||||||||||||
Common stock dividends declared | (28,219) | (28,219) | |||||||||||
Other comprehensive income (loss) | (14,581) | (14,581) | |||||||||||
Adjustment to reflect redemption value of redeemable noncontrolling interests in the Operating Partnership | (381) | (381) | |||||||||||
Ending Balance, Values at Dec. 31, 2019 | $ 426,241 | $ 251 | $ 359,748 | $ 63,776 | $ 2,466 | ||||||||
Ending Balance, Shares at Dec. 31, 2019 | 25,245,740 | 25,245,740 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net income (loss) | $ 99,438,000 | $ (1,614,000) | $ 56,359,000 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Gain on sales of real estate | (127,684,000) | (13,742,000) | (78,365,000) |
Depreciation and amortization | 69,086,000 | 47,470,000 | 48,752,000 |
Amortization/write-off of deferred financing costs | 3,502,000 | 3,062,000 | 2,998,000 |
Change in fair value on derivative instruments included in interest expense | (6,442,000) | (3,948,000) | 1,311,000 |
Net cash received (paid) on derivative settlements | 6,842,000 | 3,832,000 | (921,000) |
Amortization/write-off of fair market value adjustment of assumed debt | (148,000) | (169,000) | (206,000) |
Vesting of stock-based compensation | 5,130,000 | 4,198,000 | 3,109,000 |
Casualty losses | 3,488,000 | ||
Changes in operating assets and liabilities, net of effects of acquisitions: | |||
Operating assets | (350,000) | 209,000 | 1,150,000 |
Operating liabilities | (1,496,000) | 2,445,000 | 3,319,000 |
Net cash provided by operating activities | 51,366,000 | 41,743,000 | 37,506,000 |
Cash flows from investing activities | |||
Net proceeds from sales of real estate | 286,479,000 | 29,553,000 | 224,416,000 |
Prepaid acquisition costs | (7,653,000) | ||
Insurance premiums paid for casualty losses | (600,000) | ||
Insurance proceeds from casualty losses | 2,500,000 | ||
Additions to real estate investments | (44,159,000) | (26,775,000) | (21,742,000) |
Acquisitions of real estate investments | (797,349,000) | (130,373,000) | (197,649,000) |
Net cash provided by (used in) investing activities | (553,129,000) | (135,248,000) | 5,025,000 |
Cash flows from financing activities | |||
Mortgage proceeds received | 423,149,000 | 232,252,000 | 613,213,000 |
Mortgage payments | (145,821,000) | (148,942,000) | (276,235,000) |
Credit facilities proceeds received | 255,000,000 | 55,000,000 | 25,000,000 |
Credit facilities payments | (37,000,000) | (85,000,000) | (310,000,000) |
Bridge facility proceeds received | 30,000,000 | 65,875,000 | |
Bridge facility payments | (38,597,000) | (87,278,000) | |
Deferred financing costs paid | (5,120,000) | (2,410,000) | (4,047,000) |
Interest rate cap fees paid | (20,000) | (56,000) | (18,000) |
Prepayment penalties on extinguished debt | (1,449,000) | (1,706,000) | (2,701,000) |
Proceeds from the issuance of common shares through public offering, net of offering costs | 84,782,000 | ||
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs | 69,874,000 | ||
Payments for taxes related to net share settlement of stock-based compensation | (751,000) | ||
Repurchase of common stock | (9,672,000) | (2,435,000) | |
Dividends paid to common stockholders | (28,046,000) | (22,265,000) | (19,258,000) |
Distributions to redeemable noncontrolling interests in the Operating Partnership | (69,000) | ||
Contributions from noncontrolling interests | 38,000 | ||
Distributions to noncontrolling interests | (4,789,000) | ||
Purchase of noncontrolling interests | (51,840,000) | ||
Net cash provided by (used in) financing activities | 529,816,000 | 93,386,000 | (54,544,000) |
Net increase (decrease) in cash, cash equivalents and restricted cash | 28,053,000 | (119,000) | (12,013,000) |
Cash, cash equivalents and restricted cash, beginning of period | 43,129,000 | 43,248,000 | 55,261,000 |
Cash, cash equivalents and restricted cash, end of period | 71,182,000 | 43,129,000 | 43,248,000 |
Supplemental Disclosure of Cash Flow Information | |||
Interest paid | 41,053,000 | 30,261,000 | 25,467,000 |
Supplemental Disclosure of Noncash Activities | |||
Issuance of operating partnership units for purchase of noncontrolling interests | 2,000,000 | ||
Capitalized construction costs included in accounts payable and other accrued liabilities | 3,776,000 | 1,715,000 | 2,263,000 |
Change in fair value on derivative instruments designated as hedges | (14,625,000) | 1,931,000 | 4,568,000 |
Other assets acquired from acquisitions | 758,000 | 76,000 | 325,000 |
Liabilities assumed from acquisitions | 6,608,000 | 1,382,000 | 849,000 |
Fair market value adjustment of assumed debt | 980,000 | ||
Assumed debt on acquisitions | 70,486,000 | ||
Write-off of assets due to casualty losses | 7,838,000 | ||
Write-off of fully amortized in-place leases | 8,181,000 | 1,340,000 | 9,093,000 |
Write-off of deferred financing costs | 1,419,000 | 1,412,000 | 1,003,000 |
Increase in dividends payable upon vesting of restricted stock units | $ 173,000 | $ 336,000 | $ 244,000 |
Organization and Description of
Organization and Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
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 in Maryland on September 19, 2014, and has elected 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 owns its properties (the “Portfolio”) through the OP and its wholly owned taxable REIT subsidiary (“TRS”). The OP owns approximately 99.9% of the Portfolio; the TRS owns approximately 0.1% of the Portfolio. The Company’s wholly owned subsidiary, NexPoint Residential Trust Operating Partnership GP, LLC (the “OP GP”), is the sole general partner of the OP. As of December 31, 2019, there were 23,819,402 common units in the OP (“OP Units”) outstanding, of which 23,746,169, or 99.7%, were owned by the Company and 73,233, or 0.3%, were owned by a noncontrolling limited partner (see Note 10). The Company began operations on March 31, 2015 as a result of the transfer and contribution by NexPoint Strategic Opportunities Fund (fka NexPoint Credit Strategies Fund) (“NHF”) of all but one of the multifamily properties owned by NHF through its wholly owned subsidiary NexPoint Real Estate Opportunities, LLC (fka Freedom REIT, LLC) (“NREO”). We use the term “predecessor” to mean the carve-out business of NREO. 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.” The Company is externally managed by NexPoint Real Estate Advisors, L.P. (the “Adviser”), through an agreement dated March 16, 2015, as amended, and renewed on February 17, 2020 for a one-year term (the “Advisory Agreement”), by and among the Company, the OP and the Adviser. The Adviser conducts substantially all of the Company’s operations and provides asset management services for its real estate investments. The Company expects it will only have accounting employees while the Advisory Agreement is in effect. All of the Company’s investment decisions are made by the Adviser, subject to general oversight by the Adviser’s investment committee and the Company’s board of directors (the “Board”). The Adviser is wholly owned by NexPoint Advisors, L.P., which is an affiliate of NexPoint Advisors, L.P. 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 value-add program. Consistent with the Company’s policy to acquire assets for both income and capital gain, the Company intends to hold at least majority interests in its 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 its investment objectives. Economic and market conditions may influence the Company to hold properties for different periods of time. From time to time, the Company may sell a property if, among other deciding factors, the sale would be in the best interest of its stockholders. 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, OP 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 30% 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 and 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 REITs or real estate companies. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the year ended December 31, 2019. Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically 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, and pets, administrative, application and other fees and are recognized when earned. In May 2014, the FASB issued ASC 606 as ASU 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases In July 2018, the FASB issued ASU 2018-11 , Leases – Targeted Improvements For the Year Ended December 31, Lease Income Type 2019 2018 2017 Rental income $ 158,167 $ 127,964 $ 125,024 Utility reimbursements (1) 10,906 9,835 10,514 Late fees (1) 1,622 1,443 1,597 Pet fees (1) 816 618 582 Other fees (1) 5,651 3,298 3,165 Total rental income $ 177,162 $ 143,158 $ 140,882 (1) Previously classified as other income prior to December 31, 2019. The table below quantifies the effects on rental and other income for the years ended December 31, 2019, 2018 and 2017 from the adoption ASC 842: For the Year Ended December 31, 2019 2018 2017 Prior to adoption of ASC 842 Rental income $ 158,167 $ 127,964 $ 125,023 Other income 22,899 18,633 19,212 Total revenue $ 181,066 $ 146,597 $ 144,235 Post adoption of ASC 842 Rental income $ 177,162 $ 143,158 $ 140,882 Other income 3,904 3,439 3,353 Total revenue $ 181,066 $ 146,597 $ 144,235 Differences resulting in ASC 842 adoption Rental income difference $ 18,995 $ 15,194 $ 15,859 Other income difference (18,995 ) (15,194 ) (15,859 ) Total revenue difference $ — $ — $ — Certain revenue streams such as service provider income and damage recoveries did not qualify for the practical expedient and therefore remained in other income and were subjected to ASU 2014-09. Purchase Price Allocation Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations (“ASC 805”). The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures 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. Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. 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. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met, in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of December 31, 2019, there are three properties that are classified as held for sale. Approximately $0.2 million of other assets and approximately $1.0 million of other liabilities related to the held for sale assets are included on the consolidated balance sheet. Income Taxes The Company has elected 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 continue 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 (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the years ended December 31, 2019, 2018 and 2017. If the Company fails 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 December 31, 2019, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of December 31, 2019. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2018, 2017 and 2016 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income. Accounting Pronouncements Adopted in the Current Year In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments Recent Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) In August 2018, the SEC adopted SEC Release No. 33-10532, Disclosure Update and Simplification Reclassifications Certain reclassifications have been made to conform the prior period consolidated financial statements and notes to the current period presentation due to the adoption of the new accounting standards. |
Investments in Subsidiaries
Investments in Subsidiaries | 12 Months Ended |
Dec. 31, 2019 | |
Schedule Of Investments [Abstract] | |
Investments in Subsidiaries | 3. Investments in Subsidiaries The Company conducts its operations through the OP, which owns the properties through single asset limited liability companies that are special purpose entities (“SPEs”). The Company consolidates the SPEs that it controls as well as any VIEs where it is the primary beneficiary. In connection with its indirect equity investments in the properties acquired, the Company, through the OP and the TRS, directly or indirectly holds 100% of the membership interests in SPEs that directly own the properties. All of the properties the SPEs own are consolidated in the Company’s consolidated financial statements. The assets of each entity can only be used to settle obligations of that particular entity, and the creditors of each entity have no recourse to the assets of other entities or the Company. Additionally, the Company has in the past and may in the future enter into purchase and sale transactions structured as reverse like-kind exchanges (“1031 Exchanges”) under Section 1031 of the Code. For a reverse 1031 Exchange in which the Company purchases a new property prior to selling the property to be matched in the like-kind exchange (the Company refers to the new property being acquired in the 1031 Exchange prior to the sale of the related property as a “Parked Asset”), legal title to the Parked Asset is held by an Exchange Accommodation Titleholder (“EAT”) engaged to execute the 1031 Exchange until the sale transaction and the 1031 Exchange are completed. The Company, through a wholly owned subsidiary, enters into a master lease agreement with the EAT whereby the EAT leases the acquired property and all other rights acquired in connection with the acquisition to the Company. The term of the master lease agreement is the earlier of the completion of the reverse 1031 Exchange or 180 days from the date that the property was acquired. The EAT is classified as a VIE as it does not have sufficient equity investment at risk to finance its activities without additional subordinated financial support. The Company consolidates the EAT as its primary beneficiary because it has the ability to control the activities that most significantly impact the EAT’s economic performance and the Company retains all of the legal and economic benefits and obligations related to the Parked Assets prior to completion of the 1031 Exchange. As such, the Parked Assets are included in the Company’s consolidated financial statements as VIEs until legal title is transferred to the Company upon either completion of the 1031 Exchange or termination of the master lease agreement, at which time they will be consolidated as wholly owned subsidiaries. As of December 31, 2019, the Company, through the OP and the wholly owned TRS, owned 40 properties through single-asset LLCs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the single-asset LLCs that directly own the title to each property as of December 31, 2019 and 2018: Effective Ownership Percentage at December 31, Property Name Location Year 2019 2018 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Eagle Crest Irving, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % Edgewater at Sandy Springs Atlanta, Georgia 2014 — (1) 100 % Beechwood Terrace Antioch, Tennessee 2014 100 % 100 % Willow Grove (2) Nashville, Tennessee 2014 100 % 100 % Woodbridge (2) Nashville, Tennessee 2014 100 % 100 % Abbington Heights Antioch, Tennessee 2014 — (1) 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Belmont at Duck Creek Garland, Texas 2014 — (1) 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Southpoint Reserve at Stoney Creek (2) Fredericksburg, Virginia 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Ashlar Dallas, Texas 2015 — (1) 100 % Heatherstone Dallas, Texas 2015 — (1) 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % The Pointe at the Foothills Mesa, Arizona 2015 — (1) 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback (3) Phoenix, Arizona 2016 100 % 100 % Old Farm Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm Houston, Texas 2016 100 % 100 % Hollister Place Houston, Texas 2017 100 % 100 % Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments Dallas, Texas 2017 100 % 100 % Cedar Pointe (4) Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista (5) Phoenix, Arizona 2019 100 % — (8) The Enclave (5) Tempe, Arizona 2019 100 % — (8) The Heritage (5) Phoenix, Arizona 2019 100 % — (8) Summers Landing Fort Worth, Texas 2019 100 % — (8) Residences at Glenview Reserve (6) Nashville, Tennessee 2019 100 % — (8) Residences at West Place (6) Orlando, Florida 2019 100 % — (8) Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % — (8) Arbors of Brentwood Nashville, Tennessee 2019 100 % — (8) Torreyana Apartments (7) Las Vegas, Nevada 2019 100 % — (8) Bloom (7) Las Vegas, Nevada 2019 100 % — (8) Bella Solara (7) Las Vegas, Nevada 2019 100 % — (8) (1) Property was sold in 2019. (2) Property was classified as held for sale as of December 31, 2019. (3) Formerly known as The Colonnade. (4) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owned Cedar Pointe was no longer considered a VIE. (5) The EAT that directly owned Bella Vista, The Enclave and The Heritage was consolidated as a VIE at March 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on July 27, 2019, at which time legal title transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. (6) NXRT acquired two multifamily properties, Residences at Glenview Reserve and Residences at West Place on July 17, 2019. The master lease agreement with the EAT that directly owned these properties terminated on September 3, 2019, at which time legal title transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. (7) The EAT that directly owned Torreyana, Bloom and Bella Solara was consolidated as a VIE at December 31, 2019 giving the Company an effective 100% ownership interest. Legal title will transfer to the Company upon completion of the reverse 1031 Exchange or May 21, 2020, whichever comes first. Upon the transfer of title, the EAT that directly owned these properties will no longer be considered a VIE. (8) Properties were acquired in 2019; therefore, no ownership as of December 31, 2018. |
Real Estate Investments Statist
Real Estate Investments Statistics | 12 Months Ended |
Dec. 31, 2019 | |
Business Combinations [Abstract] | |
Real Estate Investments Statistics | 4. Real Estate Investments Statistics As of December 31, 2019, the Company was invested in a total of 40 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31,*(1) % Occupied as of December 31,*(2) Property Name Rentable Square Footage (in thousands)* Number of Units* Date Acquired 2019 2018 2019 2018 Arbors on Forest Ridge 155 210 1/31/2014 $ 894 $ 870 95.7 % 95.2 % Cutter's Point (3) 198 196 1/31/2014 — 1,109 — 95.4 % Eagle Crest 396 447 1/31/2014 969 922 96.6 % 94.9 % Silverbrook 526 642 1/31/2014 870 835 95.5 % 94.9 % Beechwood Terrace 272 300 7/21/2014 937 933 91.3 % 93.7 % Willow Grove (4) 229 244 7/21/2014 1,002 960 97.5 % 95.1 % Woodbridge (4) 247 220 7/21/2014 1,061 1,028 91.8 % 94.1 % The Summit at Sabal Park 205 252 8/20/2014 1,010 955 97.2 % 94.4 % Courtney Cove 225 324 8/20/2014 927 895 94.8 % 95.7 % Radbourne Lake 247 225 9/30/2014 1,118 1,082 90.7 % 96.0 % Timber Creek 248 352 9/30/2014 916 847 94.9 % 92.6 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,270 1,255 93.8 % 96.5 % Southpoint Reserve at Stoney Creek (4) 116 156 12/18/2014 1,152 1,093 92.3 % 98.1 % Cornerstone 318 430 1/15/2015 1,053 1,007 95.6 % 94.2 % The Preserve at Terrell Mill 692 752 2/6/2015 969 921 94.9 % 94.8 % Versailles 301 388 2/26/2015 923 884 93.0 % 96.4 % Seasons 704 Apartments 217 222 4/15/2015 1,155 1,130 94.6 % 96.8 % Madera Point 193 256 8/5/2015 924 866 96.1 % 94.5 % Venue at 8651 289 333 10/30/2015 924 875 96.1 % 92.8 % Parc500 266 217 7/27/2016 1,304 1,254 93.1 % 94.9 % The Venue on Camelback 256 415 10/11/2016 777 719 94.2 % 93.3 % Old Farm 697 734 12/29/2016 1,162 1,176 92.8 % 92.9 % Stone Creek at Old Farm 186 190 12/29/2016 1,194 1,173 95.8 % 96.8 % Hollister Place 246 260 2/1/2017 995 984 93.1 % 93.5 % Rockledge Apartments 802 708 6/30/2017 1,260 1,186 95.3 % 94.6 % Atera Apartments 334 380 10/25/2017 1,256 1,232 93.4 % 97.4 % Cedar Pointe 224 210 8/24/2018 1,066 1,051 91.4 % 95.7 % Crestmont Reserve 199 242 9/26/2018 902 914 94.2 % 94.6 % Brandywine I & II 414 632 9/26/2018 978 957 93.7 % 93.8 % Bella Vista 243 248 1/28/2019 1,265 — (5) 97.2 % — (5) The Enclave 194 204 1/28/2019 1,295 — (5) 93.6 % — (5) The Heritage 199 204 1/28/2019 1,265 — (5) 96.6 % — (5) Summers Landing 139 196 6/7/2019 920 — (5) 91.8 % — (5) Residences at Glenview Reserve 344 360 7/17/2019 977 — (5) 94.4 % — (5) Residences at West Place 345 342 7/17/2019 1,211 — (5) 92.7 % — (5) Avant at Pembroke Pines 1,442 1520 8/30/2019 1,498 — (5) 93.7 % — (5) Arbors of Brentwood 325 346 9/10/2019 1,192 — (5) 96.2 % — (5) Torreyana Apartments 309 315 11/22/2019 1,171 — (5) 95.6 % — (5) Bloom 498 528 11/22/2019 1,105 — (5) 90.9 % — (5) Bella Solara 271 320 11/22/2019 1,136 — (5) 91.9 % — (5) 13,378 14,920 (6) * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 2019 and December 31, 2018, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31, 2019 and December 31, 2018, respectively. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2019 and 2018, divided by the total number of units, expressed as a percentage. (3) Cutter’s Point incurred significant tornado damage on October 20, 2019 which resulted in the property ceasing operations in order to start reconstruction (see Note 5). ( 4 ) Property was classified as held for sale as of December 31, 2019. ( 5 ) Properties were acquired in 2019. (6) Represents total units owned by the Company as of December 31, 2019 inclusive of Cutter’s Point. Cutter’s Point is currently undergoing repairs after being struck by a tornado as discussed in Note 5, and as such, has been excluded from all other portfolio metrics such as occupancy percentage and weighted average rent per unit, etc. Total units exclusive of Cutter’s Point are 14,724 as of December 31, 2019. |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Real Estate Investments | 5. Real Estate Investments As of December 31, 2019, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,585 $ — $ — $ 1,520 $ 15,435 Cutter's Point 3,330 2,563 — 2,648 1,878 10,419 Eagle Crest 5,450 23,830 — — 1,832 31,112 Silverbrook 4,860 27,091 — — 4,630 36,581 Beechwood Terrace 1,390 22,000 — 70 2,535 25,995 The Summit at Sabal Park 5,770 13,600 — — 1,598 20,968 Courtney Cove 5,880 13,413 — 2 1,982 21,277 Radbourne Lake 2,440 22,465 — — 1,997 26,902 Timber Creek 11,260 13,993 — — 2,939 28,192 Sabal Palm at Lake Buena Vista 7,580 41,841 — 492 2,108 52,021 Cornerstone 1,500 30,653 — — 2,977 35,130 The Preserve at Terrell Mill 10,170 49,216 — 8 6,183 65,577 Versailles 6,720 21,688 — 8 3,736 32,152 Seasons 704 Apartments 7,480 14,336 — — 1,482 23,298 Madera Point 4,920 17,615 — — 2,042 24,577 Venue at 8651 2,350 18,192 — 21 3,330 23,893 Parc500 3,860 20,821 — 193 3,202 28,076 The Venue on Camelback 8,340 37,992 — — 2,086 48,418 Old Farm 11,078 70,670 — 40 2,950 84,738 Stone Creek at Old Farm 3,493 19,436 — 1 716 23,646 Hollister Place 2,782 21,788 — — 2,159 26,729 Rockledge Apartments 17,451 96,108 — 134 4,759 118,452 Atera Apartments 22,371 37,442 — 8 2,044 61,865 Cedar Pointe 2,372 24,193 — 24 1,268 27,857 Crestmont Reserve 4,124 20,613 — — 1,272 26,009 Brandywine I & II 6,237 73,004 — 58 3,148 82,447 Bella Vista 10,942 36,690 — — 1,500 49,132 The Enclave 11,046 30,224 — 24 1,176 42,470 The Heritage 6,835 34,580 — — 1,246 42,661 Summers Landing 1,798 16,958 — 35 528 19,319 Residences at Glenview Reserve 3,367 40,202 — 11 837 44,417 Residences at West Place 3,345 50,884 — 244 810 55,283 Avant at Pembroke Pines 48,436 266,103 6,989 217 5,376 327,121 Arbors of Brentwood 6,346 54,995 1,215 137 779 63,472 Torreyana Apartments 23,823 42,721 1,201 — 655 68,400 Bloom 23,805 80,365 1,851 — 1,095 107,116 Bella Solara 12,605 52,449 1,158 — 663 66,875 317,886 1,472,319 12,414 4,375 81,038 1,888,032 Accumulated depreciation and amortization — (105,335 ) (6,171 ) — (41,046 ) (152,552 ) Total Operating Properties $ 317,886 $ 1,366,984 $ 6,243 $ 4,375 $ 39,992 $ 1,735,480 Held For Sale Property Southpoint Reserve at Stoney Creek 6,120 11,502 — 1 968 18,591 Woodbridge 3,650 13,296 — — 1,934 18,880 Willow Grove 3,940 10,946 — — 1,832 16,718 Accumulated depreciation and amortization — (5,390 ) — — (2,469 ) (7,859 ) Total Held For Sale Property $ 13,710 $ 30,354 $ — $ 1 $ 2,265 $ 46,330 Total $ 331,596 $ 1,397,338 $ 6,243 $ 4,376 $ 42,257 $ 1,781,810 As of December 31, 2018, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,319 $ — $ — $ 1,047 $ 14,696 Cutter's Point 3,330 13,347 — — 1,320 17,997 Eagle Crest 5,450 22,969 — — 1,563 29,982 Silverbrook 4,860 26,485 — 60 3,230 34,635 Edgewater at Sandy Springs 14,290 44,186 — 349 5,083 63,908 Beechwood Terrace 1,390 21,123 — 31 1,670 24,214 Willow Grove 3,940 10,829 — — 1,231 16,000 Woodbridge 3,650 13,125 — — 1,536 18,311 Abbington Heights 1,770 17,140 — — 1,539 20,449 The Summit at Sabal Park 5,770 13,447 — 43 1,347 20,607 Courtney Cove 5,880 13,170 — — 1,268 20,318 Radbourne Lake 2,440 22,138 — 72 1,536 26,186 Timber Creek 11,260 13,582 — — 1,556 26,398 Belmont at Duck Creek 1,910 17,397 — — 1,471 20,778 Sabal Palm at Lake Buena Vista 7,580 41,336 — — 1,280 50,196 Cornerstone 1,500 30,513 — — 1,885 33,898 The Preserve at Terrell Mill 10,170 49,091 — 57 4,843 64,161 The Ashlar 4,090 12,845 — — 2,017 18,952 Heatherstone 2,320 8,132 — — 1,199 11,651 Versailles 6,720 21,513 — — 3,033 31,266 Seasons 704 Apartments 7,480 14,223 — — 1,288 22,991 Madera Point 4,920 17,570 — — 1,431 23,921 The Pointe at the Foothills 4,840 46,998 — — 2,078 53,916 Venue at 8651 2,350 18,084 — — 2,499 22,933 Parc500 3,860 20,692 — 37 2,600 27,189 The Colonnade 8,340 37,086 — 567 1,604 47,597 Old Farm 11,078 70,471 — — 1,800 83,349 Stone Creek at Old Farm 3,493 19,394 — — 467 23,354 Hollister Place 2,782 21,389 — 135 1,410 25,716 Rockledge Apartments 17,451 95,484 — 428 3,314 116,677 Atera Apartments 22,371 36,563 — 86 1,151 60,171 Cedar Pointe (1) 2,371 23,458 600 16 441 26,886 Crestmont Reserve 4,124 19,544 687 — 504 24,859 Brandywine I & II 6,237 70,961 1,762 — 1,215 80,175 202,347 935,604 3,049 1,881 61,456 1,204,337 Accumulated depreciation and amortization — (95,364 ) (1,625 ) — (37,135 ) (134,124 ) Total Operating Properties $ 202,347 $ 840,240 $ 1,424 $ 1,881 $ 24,321 $ 1,070,213 Held For Sale Properties Southpoint Reserve at Stoney Creek 6,120 11,319 — — 787 18,226 Accumulated depreciation and amortization — (736 ) — — (161 ) (897 ) Total Held For Sale Properties $ 6,120 $ 10,583 $ — $ — $ 626 $ 17,329 Total $ 208,467 $ 850,823 $ 1,424 $ 1,881 $ 24,947 $ 1,087,542 (1) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owned Cedar Pointe was no longer considered a VIE. Depreciation expense was $56.4 million, $45.0 million and $39.9 million for the years ended December 31, 2019, 2018 and 2017, respectively. Amortization expense related to the Company’s intangible lease assets was $12.7 million, $2.5 million and $8.9 for the years ended December 31, 2019, 2018 and 2017, respectively. Amortization expense related to the Company’s intangible lease assets for all acquisitions completed through December 31, 2019 is expected to be $6.2 million in 2020. Due to the six-month useful life attributable to intangible lease assets, the value of intangible lease assets on any acquisition prior to June 30, 2019 has been fully amortized and the assets and related accumulated amortization have been written off as of December 31, 2019. Acquisitions The Company acquired 11 properties during the year ended December 31, 2019, as detailed in the table below (dollars in thousands). The Company acquired three properties for a combined purchase price of approximately $131.0 million during the year ended December 31, 2018. See Notes 3, 4 and 6 for additional information. Property Name Location Date of Acquisition Purchase Price Mortgage Debt (1) # Units Effective Ownership Bella Vista Phoenix, Arizona January 28, 2019 $ 48,400 $ 29,040 248 100 % The Enclave Tempe, Arizona January 28, 2019 41,800 25,322 204 100 % The Heritage Phoenix, Arizona January 28, 2019 41,900 24,625 204 100 % Summers Landing Fort Worth, Texas June 7, 2019 19,396 10,109 196 100 % Residences at Glenview Reserve Nashville, Tennessee July 17, 2019 45,000 26,560 360 100 % Residences at West Place Orlando, Florida July 17, 2019 55,000 33,817 342 100 % Avant at Pembroke Pines Pembroke Pines, Florida August 30, 2019 322,000 177,100 1,520 100 % Arbors of Brentwood Nashville, Tennessee September 10, 2019 62,250 34,237 346 100 % Torreyana Apartments Las Vegas, Nevada November 22, 2019 68,000 37,400 315 100 % Bloom Las Vegas, Nevada November 22, 2019 106,500 58,850 528 100 % Bella Solara Las Vegas, Nevada November 22, 2019 66,500 36,575 320 100 % $ 876,746 $ 493,635 4,583 (1) For additional information regarding the Company’s debt, see Note 6. Dispositions The Company sold six properties during the year ended December 31, 2019, as detailed in the table below (in thousands). The Company sold one property for approximately $30.0 million during the year ended December 31, 2018. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate Edgewater at Sandy Springs Atlanta, Georgia August 28, 2019 $ 101,250 $ 100,120 $ 47,332 Abbington Heights Antioch, Tennessee August 30, 2019 28,050 27,605 10,887 Belmont at Duck Creek Garland, Texas August 28, 2019 29,500 29,102 11,993 The Ashlar Dallas, Texas August 28, 2019 29,400 29,029 13,205 Heatherstone Dallas, Texas August 28, 2019 16,275 16,032 6,366 The Pointe at the Foothills Mesa, Arizona August 28, 2019 85,400 84,591 37,901 $ 289,875 $ 286,479 $ 127,684 (1) Represents sales price, net of closing costs. Cutter’s Point Casualty Losses On October 20, 2019, as a result of a tornado, the Cutter’s Point property suffered significant property damage. The damage incurred rendered the Property inoperable; therefore, the Company has ceased operations at the property as it is under reconstruction. In relation to this event, the Company wrote down the carrying value of Cutter’s Point by approximately $7.8 million in accordance with ASC 610 Other Income , the Company recognized approximately $3.5 million in casualty losses on the consolidated statement of operations and comprehensive income during the year ended December 31, 2019. Also, the Company filed a business interruption insurance claim and recognized approximately $0.6 million for the lost rent, which is included in miscellaneous income on the consolidated statement of operations and comprehensive income for the year ended . As of , Cutter’s Point was excluded from the portfolio’s total unit count and all same store pools due to the property temporarily ceasing operations while it under goes reconstruction which is estimated to be completed in 2021. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt Mortgage Debt The following table contains summary information concerning the mortgage debt of the Company as of December 31, 2019 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 3.44% 7/1/2024 Cutter's Point (3) Floating 84 16,640 3.44% 7/1/2024 Eagle Crest (3) Floating 84 29,510 3.44% 7/1/2024 Silverbrook (3) Floating 84 30,590 3.44% 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 3.20% 9/1/2025 The Summit at Sabal Park (3) Floating 84 13,560 3.38% 7/1/2024 Courtney Cove (3) Floating 84 13,680 3.38% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 3.38% 7/1/2024 Versailles (3) Floating 84 23,880 3.38% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 3.38% 7/1/2024 Madera Point (3) Floating 84 15,150 3.38% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 3.54% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 3.44% 7/1/2024 Old Farm (3) Floating 84 52,886 3.44% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 3.44% 7/1/2024 Timber Creek (3) Floating 84 24,100 3.02% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 3.05% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 3.06% 9/1/2025 Cornerstone (4) Fixed 120 21,772 4.24% 3/1/2023 Parc500 (5) Fixed 120 15,221 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 3.10% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 3.33% 7/1/2024 Atera Apartments (3) Floating 84 29,500 3.24% 11/1/2024 Cedar Pointe (6) Floating 84 17,300 3.11% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 2.94% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 2.94% 10/1/2025 Bella Vista (7) Floating 84 29,040 3.08% 2/1/2026 The Enclave (7) Floating 84 25,322 3.08% 2/1/2026 The Heritage (7) Floating 84 24,625 3.08% 2/1/2026 Summers Landing (8) Floating 84 10,109 2.94% 10/1/2025 Residences at Glenview Reserve (9) Floating 84 26,560 3.20% 10/1/2025 Residences at West Place (9) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,100 3.19% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 3.19% 10/1/2026 Torreyana Apartments (10) Floating 84 37,400 3.46% 12/1/2026 Bloom (10) Floating 84 58,850 3.46% 12/1/2026 Bella Solara (10) Floating 84 36,575 3.46% 12/1/2026 $ 1,151,867 Fair market value adjustment 1,463 (11) Deferred financing costs, net of accumulated amortization of $2,494 (7,959 ) $ 1,145,371 Held For Sale Properties Southpoint Reserve at Stoney Creek (3) Floating 84 $ 13,166 3.87% 1/1/2022 Woodbridge (3) Floating 84 13,677 3.54% 7/1/2024 Willow Grove (3) Floating 84 14,818 3.54% 7/1/2024 $ 41,661 Deferred financing costs, net of accumulated amortization of $362 (485 ) $ 41,176 (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 fixed rate mortgage debt. One-month LIBOR as of December 31, 2019 was 1.7625%. (3) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (4) Debt in the amount of $18.0 million was assumed upon acquisition of this property and recorded 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 the 13 th (5) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term. (6) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (7) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (8) Debt was assumed upon acquisition of this property and recorded at approximated fair value. It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (9) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term. (10) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (1 1 ) The Company reflected a valuation adjustment on its fixed rate debt for Parc500 and Residences at West Place to adjust it to fair market value on their respective dates 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 terms of the mortgages. During the year ended December 31, 2019, the Company sold six properties and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) Edgewater at Sandy Springs August 28, 2019 Floating $ 52,000 Abbington Heights August 30, 2019 Floating 16,920 Belmont at Duck Creek August 28, 2019 Floating 17,760 The Ashlar August 28, 2019 Floating 14,520 Heatherstone August 28, 2019 Floating 8,880 The Pointe at the Foothills August 28, 2019 Floating 34,800 $ 144,880 (1) Represents the outstanding principal balance when the loan was repaid. The weighted average interest rate of the Company’s mortgage indebtedness was 3.34% as of December 31, 2019 and 4.07% as of December 31, 2018. The decrease between the periods is primarily related to a decrease in one-month LIBOR of approximately 74 basis points to 1.7625% as of December 31, 2019 from 2.5027% as of December 31, 2018. As of December 31, 2019, the adjusted weighted average interest rate of the Company’s mortgage indebtedness was 3.06%. For purposes of calculating the adjusted weighted average interest rate of the outstanding mortgage indebtedness, the Company has included the weighted average fixed rate of 1.4147% for one-month LIBOR on its combined $975.0 million notional amount of interest rate swap agreements, which effectively fix the interest rate on $975.0 million of the Company’s floating rate mortgage indebtedness (see Note 7). Each of the Company’s 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 December 31, 2019, the Company believes it is in compliance with all provisions. Freddie Mac Multifamily Green Advantage . In order to obtain more favorable pricing on the Company’s mortgage debt financing with Freddie Mac, the Company has decided to participate in Freddie Mac’s new Multifamily Green Advantage program (the “Green Program”). In the second quarter of 2017, the Company escrowed approximately $4.2 million to finance smarter, greener property improvements at 18 of its properties. In connection with the three acquisitions and seven refinancings the Company completed in 2018, the Company escrowed approximately $1.2 million related to the Green Program. As of December 31, 2019, the Company has completed its Green Program improvements on all but two properties. Due to changes in Freddie Mac’s requirements to participate in the Green Program, we are not implementing this on acquisitions going forward. Credit Facility The following table contains summary information concerning the Company’s credit facility as of December 31, 2019 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 41,700 3.69% 1/28/2021 Corporate Credit Facility Floating 24 19,000 3.74% 1/28/2021 Corporate Credit Facility Floating 24 111,000 3.76% 1/28/2021 Corporate Credit Facility Floating 24 46,300 3.80% 1/28/2021 Deferred financing costs, net of accumulated amortization of $553 (1,499 ) $ 216,501 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of December 31, 2019 was 1.7625%. Corporate Credit Facility . On January 28, 2019, the Company, through the OP, entered into a $75.0 million credit facility (the “Corporate Credit Facility”) with SunTrust Bank, as administrative agent and the lenders party thereto, and immediately drew $52.5 million to fund a portion of the purchase price of Bella Vista, The Enclave, and The Heritage. The Corporate Credit Facility is a full-term, interest-only facility with an initial 24-month term, that can be extended 12-months at the option of the Company for a minimal fee provided that the Company is not in default. The Company meets the conditions and expects to meet them going forward. The Company has the right to request an increase in the facility amount up to $150 million (the “Accordion Feature”). The facility bears interest at a rate of one-month LIBOR plus a range from 2.00% to 2.50%, depending on the Company’s leverage level as determined under the Corporate Credit Facility agreement, and is guaranteed by the Company. On June 29, 2019, the Company, through the OP, exercised its option under the Accordion Feature of the Corporate Credit Facility and increased the amount of the facility from $75 million to $125 million. In conjunction with the increase in the facility, the Company incurred costs of $0.5 million in obtaining the additional financing through the Accordion Feature (see “Deferred Financing Costs” below). On August 28, 2019, the Company, through the OP, increased the amount of the Corporate Credit Facility by $25 million, resulting in incurred costs of $0.2 million of deferred financing costs. On November 20, 2019, the Company, through the OP, increased the amount of the Corporate Credit Facility by $75 million, resulting in aggregate commitments of $225 million as of December 31, 2019. In conjunction with the increase in the facility, the Company incurred costs of $0.8 million of deferred financing costs. $60 Million Credit Facility . On December 29, 2016, the Company, through the OP, entered into a $30.0 million credit facility (the “$30 Million Credit Facility”) with KeyBank National Association (“KeyBank”). On April 27, 2018, the Company, through the OP, amended the $30 Million Credit Facility to temporarily increase the loan commitment by $5.0 million (the “Temporary Increase”) and immediately drew $5.0 million. The $5.0 million drawn under the Temporary Increase was repaid in full on July 25, 2018. The Company accounted for the Temporary Increase as an extinguishment of a debt instrument. As such, the Company wrote-off the unamortized deferred financing costs of approximately $0.1 million as of April 27, 2018, which is recorded in loss on extinguishment of debt and modification costs on the accompanying consolidated statements of operations and comprehensive income. On September 26, 2018, the Company, through the OP, repaid the $30.0 million outstanding under the $30 Million Credit Facility and amended the loan agreement, extending the maturity date to September 26, 2020 and increasing the loan commitment to $60.0 million (the “$60 Million Credit Facility”). The Company accounted for the refinancing as an extinguishment of a debt instrument. The Company, through the OP, immediately drew $50.0 million to fund a portion of the purchase price of Brandywine I & II and Crestmont Reserve. The $60 Million Credit Facility was a full-term, interest-only facility with a 24-month term and was guaranteed by the Company. Interest accrued on the $60 Million Credit Facility at an interest rate of one-month LIBOR plus 2.00%. In November 2018, the Company, through the OP, used net proceeds from the 2018 Offering (as defined below) (see Note 8) to repay the $50.0 million outstanding under the $60 Million Credit Facility, which retired the credit facility. In connection with the repayment, the Company, through the OP, received a commitment fee rebate of approximately $0.8 million from KeyBank, which was previously capitalized as a deferred financing cost on the Company’s consolidated balance sheet as of September 30, 2018. $30 Million Bridge Facility . On September 26, 2018, the Company, through the OP, entered into a $30.0 million bridge facility (the “$30 Million Bridge Facility”) with KeyBank and immediately drew $30.0 million to fund a portion of the purchase price of Brandywine I & II and Crestmont Reserve. The $30 Million Bridge Facility was a full-term, interest-only facility with a six-month term and was guaranteed by the Company. Interest accrued on the $30 Million Bridge Facility at an interest rate of one-month LIBOR plus 2.00%. In November 2018, the Company, through the OP, used net proceeds from the 2018 Offering to repay the $30.0 million outstanding under the $30 Million Bridge Facility, which retired the bridge facility. In connection with the repayment, the Company, through the OP, received a commitment fee rebate of approximately $0.3 million from KeyBank, which was previously capitalized as a deferred financing cost on the Company’s consolidated balance sheet as of September 30, 2018. 2017 Bridge Facility . On June 30, 2017 , the Company, through the OP, entered into a $65.9 million bridge facility (the “2017 Bridge Facility”) with KeyBank. The 2017 Bridge Facility was a full-term, interest-only facility with an initial four-month term and was guaranteed by the Company. Interest accrued on the 2017 Bridge Facility at an interest rate of one-month LIBOR plus 3.75%. In July 2017, the Company used proceeds from the sale of Regatta Bay to pay down $11.3 million on the 2017 Bridge Facility. In October 2017, the Company used proceeds from the sale of four properties to pay down approximately $46.0 million on the 2017 Bridge Facility, bringing the outstanding balance to approximately $8.6 million, and also extended the maturity date to March 31, 2018. In February 2018, the Company used proceeds from the sale of Timberglen to pay the remaining $8.6 million outstanding on the 2017 Bridge Facility, which retired the bridge facility. 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. Deferred financing costs, net of amortization, are recorded as a reduction from the related debt on the Company’s consolidated balance sheets. Upon repayment of or in conjunction with a material change in the terms of the underlying debt agreement, any unamortized costs are charged to loss on extinguishment of debt and modification costs (see “Loss on Extinguishment of Debt and Modification Costs” below). For the years ended December 31, 2019, 2018 and 2017, the Company wrote-off deferred financing costs of approximately $1.4 million, $1.4 million and $1.0 million, respectively, which is included in loss on extinguishment of debt and modification costs on the consolidated statements of operations and comprehensive income. For the years ended December 31, 2019, 2018 and 2017, amortization of deferred financing costs of approximately $2.1 million, $1.7 million and $2.0 million, respectively, is included in interest expense on the consolidated statements of operations and comprehensive income. Loss on Extinguishment of Debt and Modification Costs Loss on extinguishment of debt and modification costs includes prepayment penalties and defeasance costs incurred on the early repayment of debt, costs incurred in a debt modification that are not capitalized as deferred financing costs and other costs incurred in a debt extinguishment. Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2019 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2020 $ 744 $ 262 $ — $ 1,006 2021 872 281 218,000 219,153 2022 1,367 12,622 — 13,989 2023 21,155 — — 21,155 2024 424,558 28,496 — 453,054 Thereafter 703,171 — — 703,171 Total $ 1,151,867 $ 41,661 $ 218,000 $ 1,411,528 |
Fair Value of Derivative and Fi
Fair Value of Derivative and Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measures and Derivative Financial Instruments | 7. Fair Value of Derivatives and Financial Instruments 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, ASC 820 establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy): • 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 independent third parties to perform the allocation of value analysis for each property acquisition and to perform the market valuations on its derivative financial instruments and has established policies, as described above, processes and procedures intended to ensure that the valuation methodologies for investments and derivative financial instruments are fair and consistent as of the measurement date. 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 payments principally related to the Company’s borrowings. In order to minimize counterparty credit risk, the Company enters into and expects to enter into hedging arrangements only with major financial institutions that have high credit ratings. The Company utilizes an independent third party to perform the market valuations on its derivative financial instruments. The valuation of these instruments is determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the market standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates (forward curves) derived from observable market interest rate curves. The fair values of interest rate caps are determined using the market standard methodology of discounting the future expected cash receipts that would occur if variable interest rates rise above the strike rate of the caps. The variable interest rates used in the calculation of projected receipts on the cap are based on an expectation of future interest rates derived from observable market interest rate curves and volatilities. To comply with the provisions of ASC 820, the Company incorporates credit valuation adjustments to appropriately reflect both the Company’s own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of the Company’s derivative contracts for the effect of nonperformance risk, the Company has considered the impact of netting and any applicable credit enhancements, such as collateral postings, thresholds, mutual puts and guarantees. Although the Company has determined that the majority of the inputs used to value its derivatives fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with the Company’s derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has determined that the significance of the impact of the credit valuation adjustments made to its derivative contracts, which determination was based on the fair value of each individual contract, was not significant to the overall valuation. As a result, all of the Company’s derivatives held as of December 31, 2019, 2018 and 2017 were classified as Level 2 of the fair value hierarchy. The Company’s main objective in using interest rate derivatives is to add stability to interest expense related to floating rate debt. To accomplish this objective, the Company primarily uses interest rate swaps and caps as part of its interest rate risk management strategy. Interest rate swaps involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The interest rate swaps have terms ranging from four to five years. 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 interest rate caps have terms ranging from three to four years. During the years ended December 31, 2019, 2018 and 2017, interest rate cap derivatives were used to hedge the variable cash flows associated with a portion of the Company’s floating rate debt. The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $346.5 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.74%. The changes in the fair value of derivative financial instruments that are designated as cash flow hedges are recorded in OCI and are subsequently reclassified into net income (loss) in the period that the hedged forecasted transaction affects earnings. Amounts reported in OCI related to derivatives will be reclassified to interest expense as interest payments are made on the Company’s floating rate debt. Prior to the Company’s adoption of ASU 2017-12 on January 1, 2018, the ineffective portion of changes in the fair value of the Company’s derivatives designated as cash flow hedges was recognized directly in net income (loss) as interest expense. The adoption of ASU 2017-12 eliminates the separate measurement of effectiveness and ineffectiveness, and all changes in the fair value of derivatives that are designated as cash flow hedges are recorded directly in OCI. Therefore, during the years ended December 31, 2019 and 2018, the Company recorded no gain or loss related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges. During the year ended December 31, 2017, the Company recorded approximately $0.3 million of gain related to the ineffective portion of changes in the fair value of its derivatives designated as cash flow hedges, which is recorded as a decrease to interest expense on the accompanying consolidated statements of operations and comprehensive income. In order to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness when repaid early or refinanced), the Company, through the OP, has entered into 10 interest rate swap transactions with KeyBank and one with SunTrust (the “Counterparties”) with a combined notional amount of $975.0 million. The interest rate swaps the Company has entered into effectively replace the floating interest rate (one-month LIBOR) with respect to that amount with a weighted average fixed rate of 1.4147%. The Company has designated these interest rate swaps as cash flow hedges of interest rate risk. As of December 31, 2019, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Termination Date Counterparty Notional Fixed Rate (1) July 1, 2016 June 1, 2021 KeyBank $ 100,000 1.1055 % July 1, 2016 June 1, 2021 KeyBank 100,000 1.0210 % July 1, 2016 June 1, 2021 KeyBank 100,000 0.9000 % September 1, 2016 June 1, 2021 KeyBank 100,000 0.9560 % April 1, 2017 April 1, 2022 KeyBank 100,000 1.9570 % May 1, 2017 April 1, 2022 KeyBank 50,000 1.9610 % July 1, 2017 July 1, 2022 KeyBank 100,000 1.7820 % June 1, 2019 June 1, 2024 KeyBank 50,000 2.0020 % June 1, 2019 June 1, 2024 SunTrust 50,000 2.0020 % September 1, 2019 September 1, 2026 KeyBank 100,000 1.4620 % September 1, 2019 September 1, 2026 KeyBank 125,000 1.3020 % $ 975,000 1.4147 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2019, one-month LIBOR was 1.7625%. (2) Represents the weighted average fixed rate of the interest rate swaps. Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements but either do not meet the strict requirements to apply hedge accounting in accordance with FASB ASC 815, Derivatives and Hedging As of December 31, 2019, 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 15 $ 346,542 As of December 31, 2018, the Company had 12 interest rate cap derivatives, with a notional amount of $255.2 million, which were not designated as hedges in qualifying hedging relationships. As of December 31, 2017, the Company had 16 interest rate cap derivatives, with a notional amount of $273.5 million, which were not designated as hedges in qualifying hedging relationships. The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2019 and 2018 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 7,298 $ 18,141 $ 3,824 $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets — 10 — — Total $ 7,298 $ 18,151 $ 3,824 $ — The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017 (in thousands): Amount of gain (loss) recognized in OCI Location of gain (loss) reclassified from accumulated Amount of gain (loss) reclassified from OCI into income Location of gain (loss) recognized Amount of gain (loss) recognized in income 2019 2018 (1) 2017 (1) OCI into income 2019 2018 (1) 2017 (1) in income 2019 2018 *(2) 2017 *(2)(3) Derivatives designated as hedging instruments: For the year ended December 31, Interest rate products $ (8,153 ) $ 5,928 $ 2,967 Interest expense $ 6,472 $ 3,997 $ (1,416 ) Interest expense $ — $ — $ 124 * Includes amounts excluded from effectiveness testing. (1) Represents the effective portion of changes in fair value. (2) Represents the ineffective portion of changes in fair value. (3) Includes approximately $185,000 of loss reclassified from OCI for missed forecasted transactions due to hedged forecasted transactions being no longer probable. Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2019 2018 2017 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate products Interest expense $ (30 ) $ (49 ) $ (19 ) Other Financial Instruments Carried at Fair Value Redeemable noncontrolling interests in the OP have a redemption feature and are marked to their redemption value if such value exceeds the carrying value of the redeemable noncontrolling interests in the OP (see Note 10). The redemption value is based on the fair value of the Company’s common stock at the redemption date, and therefore, is calculated based on the fair value of the Company’s common stock at the balance sheet date. Since the valuation is based on observable inputs such as quoted prices for similar instruments in active markets, redeemable noncontrolling interests in the OP are classified as Level 2 if they are adjusted to their redemption value. Financial Instruments Not Carried at Fair Value At December 31, 2019 and 2018, the fair values of cash and cash equivalents, restricted cash, accounts receivable, prepaid assets, accounts payable and other accrued liabilities, accrued real estate taxes payable, accrued interest payable, security deposits and prepaid rent approximated their carrying values because of the short term nature of these instruments. The estimated fair values of other financial instruments were determined by the Company using available market information and appropriate valuation methodologies. Considerable judgment is necessary to interpret market data and develop estimated fair values. Accordingly, the estimates presented herein are not necessarily indicative of the amounts the Company would realize on the disposition of the financial instruments. The use of different market assumptions or estimation methodologies may have a material effect on the estimated fair value amounts. Long-term indebtedness is carried at amounts that reasonably approximate their fair value. In calculating the fair value of its long-term indebtedness, the Company used interest rate and spread assumptions that reflect current credit worthiness and market conditions available for the issuance of long-term debt with similar terms and remaining maturities. These financial instruments utilize Level 2 inputs. Real estate assets are reviewed for impairment 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. 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 asset. For the year ended December 31, 2019, the Company noted there was no impairment, but incurred a casualty loss that resulted in a net write down of approximately $7.8 million on Cutter’s Point (see Note 5). The Company did not record any write downs related to real estate assets for the years ended December 31, 2018 and 2017. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity Common Stock On March 15, 2017, the Company filed a registration statement on Form S-3 (the “Registration Statement”), registering an indeterminate aggregate principal amount and number of securities of each identified class of securities therein up to a proposed aggregate offering price of $200,000,000, which may be offered from time to time in unspecified numbers and at indeterminate prices, as may be issued upon conversion, redemption, repurchase, exchange or exercise of any securities registered thereunder, including under any applicable anti-dilution provisions. The Registration Statement also covers an indeterminate number of securities that may become issuable as a result of stock splits, stock dividends or similar transactions relating to the securities registered thereunder. On November 14, 2018, the Company issued 2,702,500 shares of common stock, par value $0.01 per share, at a public offering price of $33.00 per share (before underwriters’ discounts and offering costs) for gross proceeds of approximately $89.2 million (the “2018 Offering”). The common stock was offered and sold pursuant to a prospectus supplement, dated November 14, 2018, and a base prospectus, dated April 24, 2017, relating to the Registration Statement. The Company contributed the net proceeds from the 2018 Offering to the OP in exchange for 2,702,500 OP Units, and the OP in turn used a majority of the net proceeds to repay the $50.0 million outstanding under the $60 Million Credit Facility and the $30.0 million outstanding under the $30 Million Bridge Facility. During the year ended December 31, 2019, the Company issued 180,783 shares of common stock pursuant to its long-term incentive plan (see “Long Term Incentive Plan” below) and 1,565,322 pursuant to its at-the-market offering (see “At-the-Market Offering” below). As of December 31, 2019, the Company had 25,245,740 shares of common stock, par value $0.01 per share, issued and outstanding. Share Repurchase Program On June 15, 2016, the Board authorized the Company to repurchase up to $30.0 million of its common stock, par value $0.01 per share, during a two-year period that was set to expire on June 15, 2018 (the “Share Repurchase Program”). On April 30, 2018, the Board increased the Share Repurchase Program to up to $40.0 million and extended it by an additional two years to June 15, 2020. The Company may utilize various methods to effect the repurchases, and the timing and extent of the repurchases will depend upon several factors, including market and business conditions, regulatory requirements and other corporate considerations, including whether the Company’s common stock is trading at a significant discount to net asset value per share. Repurchases under this program may be discontinued at any time. Treasury Stock From time to time, in accordance with the Company’s share repurchase program, the Company may repurchase shares of its common stock in the open market. Until any such shares are retired, the cost of the shares is included in common stock held in treasury at cost on the consolidated balance sheet. The number of shares of common stock classified as treasury shares reduces the number of shares of the Company’s common stock outstanding and, accordingly, are considered in the weighted average number of shares outstanding during the period. During the years ended December 31, 2019 and 2018, the Company retired no shares of its common stock held in treasury. As of December 31, 2019 and 2018, the Company had no shares of common stock held in treasury. Long Term Incentive Plan On June 15, 2016, the Company’s stockholders approved a long-term incentive plan (the “2016 LTIP”) and the Company filed a registration statement on Form S-8 registering 2,100,000 shares of common stock, par value $0.01 per share, which the Company may issue pursuant to the 2016 LTIP. The 2016 LTIP authorizes the compensation committee of the Board to provide equity-based compensation in the form of stock options, appreciation rights, restricted shares, restricted stock units, performance shares, performance units and certain other awards denominated or payable in, or otherwise based on, the Company’s common stock or factors that may influence the value of the Company’s common stock, plus cash incentive awards, for the purpose of providing the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries), the Company’s non-employee directors, and potentially certain non-employees who perform employee-type functions, incentives and rewards for performance. Restricted Stock Units . Under the 2016 LTIP, restricted stock units may be granted to the Company’s directors, officers and other key employees (and those of the Adviser and the Company’s subsidiaries) and typically vest over a three to five-year period for officers, employees and certain key employees of the Adviser and annually for directors. Beginning on the date of grant, restricted stock units earn dividends that are payable in cash on the vesting date. On August 11, 2016, pursuant to the 2016 LTIP, the Company granted 209,797 restricted stock units to its directors and officers. On March 16, 2017, pursuant to the 2016 LTIP, the Company granted 219,802 restricted stock units to its directors and officers. On February 15, 2018, pursuant to the 2016 LTIP, the Company granted 275,795 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. On February 21, 2019, pursuant to the 2016 LTIP, the Company granted 186,662 restricted stock units to its directors, officers, employees and certain key employees of the Adviser. The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of December 31, 2019: 2019 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 464,626 $ 22.80 Granted 186,662 37.50 Vested (197,863 ) (1) 23.10 Forfeited (6,386 ) — Outstanding December 31, 447,039 (2) $ 29.13 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 180,783 shares being issued as shown on the Consolidated Statement of Stockholders’ Equity. (2) 108,613 restricted stock units vest in February 2020, 69,530 vest in March 2020, 99,564 vest in February 2021, 99,563 vest in February 2022, 34,883 vest in February 2023 and 34,886 vest in February 2024. As of December 31, 2019, the Company had issued 421,551 shares of common stock under the 2016 LTIP. For the years ended December 31, 2019, 2018 and 2017, the Company recognized approximately $5.1 million, $4.2 million and $3.1 million, respectively, of equity-based compensation expense related to grants of restricted stock units, which is included in corporate general and administrative expenses on the consolidated statements of operations and comprehensive income. As of December 31, 2019, the Company had recognized a liability of approximately $0.8 million related to dividends earned on restricted stock units that are payable in cash upon vesting. At-the-Market Offering On February 20, 2019, the Company, the OP and the Adviser entered into separate equity distribution agreements with each of Jefferies LLC (“Jefferies”), Raymond James & Associates, Inc. (“Raymond James”) and SunTrust Robinson Humphrey, Inc. (together with Raymond James and Jefferies, the “Sales Agents”), pursuant to which the Company may issue and sell from time to time shares of the Company’s common stock, par value $0.01 per share, having an aggregate sales price of up to $100,000,000 (the “ATM Program”). Sales of shares of common stock, if any, may be made in transactions that are deemed to be “at the market” offerings, as defined in Rule 415 under the Securities Act of 1933, as amended (the “Securities Act”), including, without limitation, sales made by means of ordinary brokers’ transactions on the New York Stock Exchange, to or through a market maker at market prices prevailing at the time of sale, at prices related to prevailing market prices or at negotiated prices based on prevailing market prices. In addition to the issuance and sale of shares of common stock, the Company may enter into forward sale agreements with each of Jefferies and Raymond James, or their respective affiliates, through the ATM Program. During the year ended December 31, 2019, the Company issued 1,565,322 shares of common stock at an average price of $45.98 per share for gross proceeds of approximately $72.0 million. The Company paid approximately $1.1 million in fees to the Sales Agents with respect to such sales and incurred other issuance costs of approximately $1.0 million, both of which were netted against the gross proceeds and recorded in additional paid in capital. The following table contains summary information of the ATM Program: Gross proceeds $ 71,973,433 Common shares sold 1,565,322 Gross average sale price per share $ 45.98 Sales commissions $ 1,079,601 Offering costs 1,019,778 Net proceeds 69,874,054 Average price per share, net $ 44.64 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | 9. Earnings (Loss) Per Share Basic earnings (loss) per share is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of the Company’s common stock outstanding, which is adjusted for shares classified as treasury shares during the period and excludes any unvested restricted stock units issued pursuant to the 2016 LTIP. Diluted earnings (loss) per share is computed by adjusting basic earnings (loss) per share for the dilutive effect of the assumed vesting of restricted stock units. During periods of net loss, the assumed vesting of restricted stock units is anti-dilutive and is not included in the calculation of earnings (loss) per share. The effect of the conversion of OP Units held by noncontrolling limited partners is not reflected in the computation of basic and diluted earnings (loss) per share, as they are exchangeable for common stock on a one-for-one basis. The income (loss) allocable to such units is allocated on this same basis and reflected as net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership in the accompanying consolidated statements of operations and comprehensive income. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings (loss) per share. See Note 10 for additional information. The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Year Ended December 31, 2019 2018 2017 Numerator for earnings (loss) per share: Net income (loss) $ 99,438 $ (1,614 ) $ 56,359 Net income attributable to noncontrolling interests — — 2,836 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership 298 (5 ) 149 Net income (loss) attributable to common stockholders $ 99,140 $ (1,609 ) $ 53,374 Denominator for earnings (loss) per share: Weighted average common shares outstanding 24,116 21,189 21,057 Denominator for basic earnings (loss) per share 24,116 21,189 21,057 Weighted average unvested restricted stock units 477 478 342 Denominator for diluted earnings (loss) per share 24,593 21,667 21,399 Earnings (loss) per weighted average common share: Basic $ 4.11 $ (0.08 ) $ 2.53 Diluted $ 4.03 $ (0.08 ) $ 2.49 |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 10. Noncontrolling Interests Redeemable Noncontrolling Interests in the OP Interests in the OP held by limited partners are represented by OP Units. Net income (loss) is allocated to holders of OP Units based upon net income (loss) attributable to common stockholders and the weighted average number of OP Units outstanding to total common shares plus OP Units outstanding during the period. Capital contributions, distributions, and profits and losses are allocated to OP Units in accordance with the terms of the partnership agreement of the OP. Each time the OP distributes cash to the Company, outside limited partners of the OP receive their pro-rata share of the distribution. On June 30, 2017, the Company and the OP entered into a contribution agreement (the “Contribution Agreement”) with BH Equities, LLC and its affiliates (collectively, “BH Equity”), whereby the Company purchased 100% of the joint venture interests in the Portfolio owned by BH Equity, representing approximately 8.4% ownership in the Portfolio (the “BH Buyout”), for total consideration of approximately $51.7 million (the “Purchase Amount”). The Purchase Amount consisted of approximately $49.7 million in cash that was paid on June 30, 2017 and 73,233 OP Units (initially valued at $2.0 million) that were issued on August 1, 2017. The number of OP Units issued was calculated by dividing $2.0 million by the midpoint of the range of the Company’s net asset value as publicly disclosed in connection with the Company’s release of its second quarter of 2017 earnings results, which was $27.31 per share. In connection with the issuance of OP Units to BH Equity on August 1, 2017, the Company and the OP amended the partnership agreement of the OP (the “Amendment”). Pursuant to the Amendment, limited partners holding OP Units have the right to cause the OP to redeem their units at a redemption price equal to and in the form of the Cash Amount (as defined in the partnership agreement of the OP), provided that such OP Units have been outstanding for at least one year. The Company, through the OP GP, as the general partner of the OP may, in its sole discretion, purchase the OP Units by paying to the limited partner either the Cash Amount or the REIT Share Amount (one share of common stock of the Company for each OP Unit), as defined in the partnership agreement of the OP. Notwithstanding the foregoing, a limited partner will not be entitled to exercise its redemption right to the extent the issuance of the Company’s common stock to the redeeming limited partner would (1) be prohibited, as determined in the Company’s sole discretion, under the Company’s charter or (2) cause the acquisition of common stock by such redeeming limited partner to be “integrated” with any other distribution of the Company’s common stock for purposes of complying with the Securities Act of 1933, as amended. Accordingly, the Company records the OP Units held by noncontrolling limited partners outside of permanent equity and reports the OP Units at the greater of their carrying value or their redemption value using the Company’s stock price at each balance sheet date. The following table sets forth the redeemable noncontrolling interests in the OP for the year ended December 31, 2019 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2018 $ 2,567 Net income attributable to redeemable noncontrolling interests in the OP 298 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (44 ) Contributions from redeemable noncontrolling interests in the OP 140 Distributions to redeemable noncontrolling interests in the OP (47 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 381 Redeemable noncontrolling interests in the OP, December 31, 2019 $ 3,295 Noncontrolling Interests Noncontrolling interests have in the past and may in the future be comprised of joint venture partners’ interests in joint ventures the Company consolidates. When applicable, the Company reports its joint venture partners’ interests in its consolidated 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, equity contributions, return of capital, and distributions. Generally, 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. On June 30, 2017, in connection with the BH Buyout, the Company purchased 100% of the outstanding noncontrolling interests in its joint ventures for approximately $51.7 million. On June 30, 2017, prior to the BH Buyout, the carrying value of such noncontrolling interests was approximately $20.5 million. On June 30, 2017, the Company eliminated the carrying value of such noncontrolling interests on its consolidated balance sheet. The remaining $31.2 million of the Purchase Amount resulted in a reduction to additional paid-in capital on the Company’s consolidated balance sheet. 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 and an independently owned third party, who manages the Company’s properties and supervises the implementation of the Company’s value-add program. BH is an affiliate of BH Equity, who was a noncontrolling interest member of the Company’s joint ventures prior to the BH Buyout on June 30, 2017. Through BH Equity’s noncontrolling interests in such joint ventures, BH Equity was deemed to be a related party. With the completion of the BH Buyout, BH Equity is no longer deemed to be a related party. BH Equity became a noncontrolling limited partner of the OP upon execution of the Amendment. BH and its affiliates do not have common ownership in any joint venture with the Adviser; there is also no common ownership between BH and its affiliates and the Adviser. The property management fee paid to BH is approximately 3% of the monthly gross income from each property managed. Currently, BH manages all of the Company’s properties. Additionally, the Company may pay BH certain other fees, including: (1) a fee of $15-25 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 at cost for various operating expenses it pays on behalf of the properties. 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 years ended December 31, 2019, 2018 and 2017 (in thousands): For the Year Ended December 31, 2019 2018 2017 Fees incurred Property management fees (1) $ 5,363 $ 4,382 $ 4,330 Construction supervision fees (2) 1,549 974 869 Design fees (2) 255 102 — Acquisition fees (3) 1,465 348 675 Reimbursements Payroll and benefits (4) 18,148 14,100 15,344 Other reimbursements (5) 3,286 2,200 1,982 (1) Included in property management fees on the consolidated statements of operations and comprehensive income. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income. (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions Asset Management Fee Until the BH Buyout on June 30, 2017, in accordance with the operating agreement of each entity that owns the properties, the Company earned an asset management fee for services provided in connection with monitoring the operations of the properties. The asset management fee was 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 year ended December 31, 2017, the properties incurred asset management fees to the Company of approximately $0.4 million. Since the fees were paid to the Company (and not the Adviser) by consolidated properties, they have been eliminated in consolidation. However, because the Company’s previous joint venture partners owned a portion of each of a majority of the properties in the Portfolio, prior to the Company’s purchase of 100% of their joint venture interests, they absorbed their pro rata share of the asset management fee. This amount is reflected on the consolidated statements of operations and comprehensive income in the net income attributable to noncontrolling interests. Advisory and Administrative Fee 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 the Company’s Adviser under the terms of the Advisory Agreement include, but are not limited to: providing daily management for the Company, selecting and working with third party service providers, managing the Company’s properties or overseeing the third party property manager, formulating an investment strategy for the Company and selecting suitable properties and investments, managing the Company’s outstanding debt and its 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 is 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 paid to the Adviser on the Contributed Assets (as defined below) are subject to an annual cap of approximately $5.4 million (the “Contributed Assets Cap”) (see “Expense Cap” below). 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, 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, and compensation expenses under the 2016 LTIP. Operating Expenses do not include expenses for the advisory and administrative services described in the Advisory Agreement. Certain Operating Expenses, such as the Company’s 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, may be billed monthly to the Company 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 years ended December 31, 2019, 2018 and 2017, the Adviser did not bill any Operating Expenses or Offering Expenses to the Company and any such expenses the Adviser incurred during the periods are considered to be permanently waived. Expense Cap Pursuant to the terms of the Advisory Agreement, expenses paid or incurred by the Company 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. The Contributed Assets Cap is not reduced for dispositions of such assets subsequent to the Spin-Off. Advisory and administrative fees on New Assets are not subject to the above limitation and are based on an annual rate of 1.2% on Average Real Estate Assets, but are subject to the Expense Cap. New Assets are all Real Estate Assets that are not Contributed Assets. For the years ended December 31, 2019, 2018 and 2017, the Company incurred advisory and administrative fees of $7.5 million, $7.5 million and $7.4 million, respectively. The amount paid for the years ended December 31, 2019, 2018 and 2017 represents the maximum fee allowed on Contributed Assets under the Advisory Agreement plus approximately $2.1 million, $2.1 million and $2.0 million, respectively, of advisory and administrative fees incurred on New Assets. For the year ended December 31, 2019, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on properties acquired subsequent to October 2016 (19 properties waived from January through August and 17 properties waived from September through December), which totaled approximately $9.1 million. For the year ended December 31, 2018, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the eight properties acquired subsequent to October 2016, which totaled approximately $4.1 million. For the year ended December 31, 2017, the Adviser elected to voluntarily waive the advisory and administrative fees incurred on the five properties acquired subsequent to October 2016, which totaled approximately $2.4 million. The advisory and administrative fees waived by the Adviser for the years ended December 31, 2019, 2018 and 2017 are considered to be permanently waived for the periods. The Adviser is not contractually obligated to waive fees on New Assets in the future and may cease waiving fees on New Assets at its discretion. Other Related Party Transactions The Company has in the past, and may in the future, utilize the services of affiliated parties. For the years ended December 31, 2019, 2018 and 2017, the Company paid approximately $0.3 million, $0.3 million and $1.2 million, respectively, to NexBank Title, Inc. (“NexBank Title”). NexBank Title is an affiliate of the Adviser through common beneficial ownership. NexBank Title provides title insurance and work related to providing title insurance on properties related to acquisitions, dispositions and refinancing transactions. These amounts are either capitalized as real estate assets or deferred financing costs, expensed as loss on extinguishment of debt and modification costs, or expensed as selling costs when determining gain (loss) on sales of real estate, depending on the appropriate accounting as determined for each specific transaction. In the normal course of business, the Company may purchase properties from affiliates of the Adviser. During the year ended December 31, 2019, the Company purchased Residences at Glenview Reserve and Residences at West Place from an affiliate of the Adviser for approximately $100.0 million (see Note 5 to our consolidated financial statements for additional details related to acquisitions during the period). The Company’s Audit Committee authorized, approved and ratified the acquisition of these properties. On November 14, 2018, as part of the 2018 Offering, affiliates of the Adviser purchased 207,971 shares from the underwriters. The shares were purchased on the same terms as other investors at a public offering price of $33.00 per share. However, no underwriters’ discount applied to the purchase of such shares. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 12. 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. As of December 31, 2019, 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 of the Company. The Company is not involved in any material litigation nor, to management’s knowledge, is any material litigation currently threatened against the Company or its properties or subsidiaries. The Company is not aware of any material environmental liability with respect to the properties that could have a material adverse effect on the Company’s 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 the Company’s results of operations and cash flows. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events Dividends Declared On February 17, 2020, the Company’s board of directors declared a quarterly dividend of $0.3125 per share, payable on March 31, 2020 to stockholders of record on March 16, 2020. Dispositions On January 23, 2020 the Company, through the OP, entered into a purchase and sale agreement with a large real estate investment firm (the “Buyer”) for the sale of the following proprieties. Closing of the disposition is subject to Buyer due diligence and customary closing conditions. The sales of the properties are expected to close on or before March 31, 2020. Property Name (1) Location Sales Price Debt Outstanding (2) Real Estate Carrying Value, net (2) Woodbridge Nashville, Tennessee $ 31,700 $ 13,677 $ 15,183 Willow Grove Nashville, Tennessee 31,300 14,818 13,453 $ 63,000 $ 28,495 $ 28,636 (1) Properties were classified as held for sale as of December 31, 2019. (2) As of December 31, 2019. $92.5 Million Swap On January 16, 2020, NexPoint Residential Trust, Inc. (the “Company”), through its operating partnership, NexPoint Residential Trust Operating Partnership, L.P., entered into an interest rate swap transaction with KeyBank National Association (the “Swap”). The Company entered into the Swap to fix a portion of, and mitigate the risk associated with, the Company’s floating rate indebtedness (without incurring substantial prepayment penalties or defeasance costs typically associated with fixed rate indebtedness). The Swap has an effective date of January 16, 2020 and a termination date of January 1, 2027. Beginning on February 1, 2020, the Company will be required to make monthly fixed rate payments of 1.798% calculated on a notional amount of $92.5 million, while the counterparty will be obligated to make monthly floating rate payments based on one-month LIBOR to the Company referencing the same notional amount. |
Quarterly Results (unaudited)
Quarterly Results (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results (unaudited) | 14. Quarterly Results (unaudited) Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2019, 2018 and 2017 (in thousands, except per share amounts): 2019 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 41,491 $ 43,066 $ 46,833 $ 49,676 Net income (loss) (4,373 ) (1,987 ) 119,104 (13,306 ) Net income (loss) attributable to common stockholders (4,360 ) (1,981 ) 118,747 (13,266 ) Earnings (loss) per share - basic (1) (0.19 ) (0.08 ) 4.93 (0.53 ) Earnings (loss) per share - diluted (1) (0.19 ) (0.08 ) 4.84 (0.53 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the loss per share amount calculated for the year ended December 31, 2019. 2018 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 35,057 $ 35,655 $ 36,495 $ 39,390 Net income (loss) 10,094 (1,666 ) (5,260 ) (4,782 ) Net income (loss) attributable to common stockholders 10,064 (1,661 ) (5,245 ) (4,767 ) Earnings (loss) per share - basic (1) 0.48 (0.08 ) (0.25 ) (0.21 ) Earnings (loss) per share - diluted (1) 0.47 (0.08 ) (0.25 ) (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2018. 2017 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 36,991 $ 35,234 $ 37,097 $ 34,913 Net income (3,304 ) 9,930 54,076 (4,343 ) Net income (loss) attributable to common stockholders (3,616 ) 7,406 53,914 (4,330 ) Earnings (loss) per share - basic (1) (0.17 ) 0.35 2.56 (0.21 ) Earnings (loss) per share - diluted (1) (0.17 ) 0.34 2.53 (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2017. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation and Amortization | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate And Accumulated Depreciation Disclosure [Abstract] | |
Schedule III- Real Estate and Accumulated Depreciation | SCHEDULE III DECEMBER 31, 2019 (in thousands) Initial Cost to Company Costs Capitalized Gross Amount Carried at December 31, 2019 Accumulated Property Name Location Encumbrances (1) Land Buildings and Improvements (2) Total Subsequent to Acquisition Land Buildings and Improvements (3) Total (4) Depreciation and Amortization (5) (6) Date Acquired Arbors on Forest Ridge Bedford, Texas $ 13,130 $ 2,330 $ 10,475 $ 12,805 $ 2,942 $ 2,330 $ 13,105 $ 15,435 $ (3,472 ) 1/31/2014 Cutter's Point Richardson, Texas 16,640 3,330 12,515 15,845 (5,074 ) 3,330 7,089 10,419 (1,086 ) 1/31/2014 Eagle Crest Irving, Texas 29,510 5,450 21,875 27,325 4,441 5,450 25,662 31,112 (6,031 ) 1/31/2014 Silverbrook Grand Prairie, Texas 30,590 4,860 25,540 30,400 6,974 4,860 31,721 36,581 (8,507 ) 1/31/2014 Beechwood Terrace Antioch, Tennessee 23,365 1,390 20,010 21,400 5,004 1,390 24,605 25,995 (5,620 ) 7/21/2014 Willow Grove Nashville, Tennessee 14,818 3,940 9,810 13,750 3,266 3,940 12,778 16,718 (3,265 ) 7/21/2014 Woodbridge Nashville, Tennessee 13,677 3,650 12,350 16,000 3,214 3,650 15,230 18,880 (3,697 ) 7/21/2014 The Summit at Sabal Park Tampa, Florida 13,560 5,770 13,280 19,050 2,322 5,770 15,198 20,968 (3,941 ) 8/20/2014 Courtney Cove Tampa, Florida 13,680 5,880 13,070 18,950 2,758 5,880 15,397 21,277 (3,777 ) 8/20/2014 Radbourne Lake Charlotte, North Carolina 20,000 2,440 21,810 24,250 3,304 2,440 24,462 26,902 (5,578 ) 9/30/2014 Timber Creek Charlotte, North Carolina 24,100 11,260 11,490 22,750 6,241 11,260 16,932 28,192 (4,428 ) 9/30/2014 Sabal Palm at Lake Buena Vista Orlando, Florida 42,100 7,580 41,920 49,500 3,908 7,580 44,441 52,021 (8,606 ) 11/5/2014 Southpoint Reserve at Stoney Creek Fredericksburg, Virginia 13,166 6,120 10,880 17,000 2,083 6,120 12,471 18,591 (897 ) 12/18/2014 Cornerstone Orlando, Florida 21,772 1,500 30,050 31,550 4,474 1,500 33,630 35,130 (7,086 ) 1/15/2015 The Preserve at Terrell Mill Marietta, Georgia 42,480 10,170 47,830 58,000 9,391 10,170 55,407 65,577 (13,129 ) 2/6/2015 Versailles Dallas, Texas 23,880 6,720 19,445 26,165 6,568 6,720 25,432 32,152 (6,152 ) 2/26/2015 Seasons 704 Apartments West Palm Beach, Florida 17,460 7,480 13,520 21,000 2,699 7,480 15,818 23,298 (3,636 ) 4/15/2015 Madera Point Mesa, Arizona 15,150 4,920 17,605 22,525 2,681 4,920 19,657 24,577 (4,077 ) 8/5/2015 Venue at 8651 Fort Worth, Texas 13,734 2,350 16,900 19,250 5,154 2,350 21,543 23,893 (4,811 ) 10/30/2015 Parc500 West Palm Beach, Florida 15,221 3,860 19,424 23,284 5,283 3,860 24,216 28,076 (4,375 ) 7/27/2016 The Venue on Camelback Phoenix, Arizona 28,093 8,340 36,520 44,860 4,281 8,340 40,078 48,418 (5,532 ) 10/11/2016 Old Farm Houston, Texas 52,886 11,078 73,986 85,064 3,028 11,078 73,660 84,738 (9,002 ) 12/29/2016 Stone Creek at Old Farm Houston, Texas 15,274 3,493 19,937 23,430 788 3,493 20,153 23,646 (2,444 ) 12/29/2016 Hollister Place Houston, Texas 14,811 2,782 21,902 24,684 2,977 2,782 23,947 26,729 (3,217 ) 2/1/2017 Rockledge Apartments Marietta, Georgia 68,100 17,451 96,577 114,028 7,445 17,451 101,001 118,452 (10,798 ) 6/30/2017 Atera Apartments Dallas, Texas 29,500 22,371 37,090 59,461 3,744 22,371 39,494 61,865 (3,682 ) 10/25/2017 Cedar Pointe Antioch, Tennessee 17,300 2,371 24,410 26,781 1,075 2,371 25,485 27,856 (1,415 ) 8/24/2018 Crestmont Reserve Dallas, Texas 12,061 4,124 20,667 24,791 1,218 4,124 21,885 26,009 (1,171 ) 9/26/2018 Brandywine I & II Nashville, Tennessee 43,835 6,237 73,870 80,107 2,340 6,237 76,210 82,447 (3,867 ) 9/26/2018 Bella Vista Phoenix, Arizona 29,040 10,942 37,661 48,603 529 10,942 38,190 49,132 (1,477 ) 1/28/2019 The Enclave Tempe, Arizona 25,322 11,046 30,933 41,979 491 11,046 31,424 42,470 (1,209 ) 1/28/2019 The Heritage Phoenix, Arizona 24,625 6,835 35,244 42,079 582 6,835 35,826 42,661 (1,338 ) 1/28/2019 Summers Landing Fort Worth, Texas 10,109 1,798 17,628 19,426 (107 ) 1,798 17,521 19,319 (423 ) 6/7/2019 Residences at Glenview Reserve Nashville, Tennessee 26,560 3,367 41,652 45,019 (602 ) 3,367 41,050 44,417 (824 ) 7/17/2019 Residences at West Place Orlando, Florida 33,817 3,345 52,657 56,002 (719 ) 3,345 51,938 55,283 (967 ) 7/17/2019 Avant at Pembroke Pines Pembroke Pines, Florida 177,100 48,436 275,671 324,107 3,015 48,437 278,685 327,122 (8,076 ) 8/30/2019 Arbors of Brentwood Nashville, Tennessee 34,237 6,346 56,409 62,755 717 6,346 57,126 63,472 (1,523 ) 9/10/2019 Torreyana Apartments Las Vegas, Nevada 37,400 23,823 44,560 68,383 17 23,823 44,577 68,400 (342 ) 11/22/2019 Bloom Las Vegas, Nevada 58,850 23,805 83,288 107,093 23 23,805 83,311 107,116 (571 ) 11/22/2019 Bella Solara Las Vegas, Nevada 36,575 12,605 54,262 66,867 8 12,605 54,270 66,875 (362 ) 11/22/2019 $ 1,193,528 $ 331,595 $ 1,524,723 $ 1,856,318 $ 108,483 $ 331,596 $ 1,610,625 $ 1,942,221 $ (160,411 ) (1) Encumbrances includes mortgage debt. (2) Includes gross intangible lease assets of approximately $29.6 million and buildings, improvements and furniture, fixtures and equipment of approximately $1.5 billion, which includes total acquisition costs of approximately $7.0 million incurred on the acquisitions of The Colonnade, Old Farm, Stone Creek at Old Farm, Hollister Place, Rockledge Apartments, Atera Apartments, Cedar Pointe, Crestmont Reserve, Brandywine I & II, Bella Vista, The Enclave, The Heritage, Summers Landing, Residences at Glenview Reserve, Residences at West Place, Avant at Pembroke Pines, Arbors of Brentwood, Torreyana, Bloom, and Bella Solara and a fair market value adjustment, a premium of approximately $0.9 million, related to the assumption of debt in connection with the acquisition of Parc500. (3) Includes gross intangible lease assets of approximately $12.4 million, construction in progress of approximately $4.4 million, and furniture, fixtures and equipment of approximately $85.8 million. (4) The aggregate cost, net of accumulated depreciation, for Federal income tax purposes as of December 31, 2019 was approximately $1.8 billion (unaudited). (5) Includes accumulated amortization of intangible lease assets of approximately $6.2 million. (6) Depreciation and amortization are computed on a straight-line basis over the estimated useful lives. The estimated useful life to compute depreciation for buildings is 30 years, for improvements is 15 years, and for furniture, fixtures and equipment is three years. The estimated useful life to compute amortization for intangible lease assets is six months. NEXPOINT RESIDENTIAL TRUST, INC. AND SUBSIDIARIES SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION DECEMBER 31, 2019 A summary of activity for real estate and accumulated depreciation for the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands): For the Year Ended December 31, 2019 2018 2017 Real Estate: Balance, beginning of year $ 1,222,563 $ 1,082,805 $ 1,029,349 Additions: Real estate acquired 882,313 131,679 198,173 Improvements 47,739 28,809 25,748 Deductions: Real estate sold (191,203 ) (18,311 ) (160,250 ) Write-off of fully amortized assets and other (19,191 ) (2,419 ) (10,215 ) Balance, end of year $ 1,942,221 $ 1,222,563 $ 1,082,805 Accumulated Depreciation and Amortization: Balance, beginning of year $ 135,021 $ 91,649 $ 66,312 Depreciation expense 56,360 45,002 39,812 Amortization expense 12,726 2,468 8,940 Accumulated depreciation on sales (32,408 ) (2,500 ) (14,199 ) Write-off of fully amortized assets and other (11,288 ) (1,598 ) (9,216 ) Balance, end of year $ 160,411 $ 135,021 $ 91,649 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting | Basis of Accounting The accompanying consolidated financial statements are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent liabilities at the dates of the consolidated financial statements and the amounts of revenues and expenses during the reporting periods. Actual amounts realized or paid could differ from those estimates. All significant intercompany accounts and transactions have been eliminated in consolidation. There have been no significant changes to the Company’s significant accounting policies during the year ended December 31, 2019. |
Principles of Consolidation | Principles of Consolidation The Company accounts for subsidiary partnerships, joint ventures and other similar entities in which it holds an ownership interest in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 810, Consolidation |
Revenue Recognition | Revenue Recognition The Company’s primary operations consist of rental income earned from its residents under lease agreements typically 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, and pets, administrative, application and other fees and are recognized when earned. In May 2014, the FASB issued ASC 606 as ASU 2014-09, Revenue from Contracts with Customers In February 2016, the FASB issued ASU 2016-02, Leases In July 2018, the FASB issued ASU 2018-11 , Leases – Targeted Improvements For the Year Ended December 31, Lease Income Type 2019 2018 2017 Rental income $ 158,167 $ 127,964 $ 125,024 Utility reimbursements (1) 10,906 9,835 10,514 Late fees (1) 1,622 1,443 1,597 Pet fees (1) 816 618 582 Other fees (1) 5,651 3,298 3,165 Total rental income $ 177,162 $ 143,158 $ 140,882 (1) Previously classified as other income prior to December 31, 2019. The table below quantifies the effects on rental and other income for the years ended December 31, 2019, 2018 and 2017 from the adoption ASC 842: For the Year Ended December 31, 2019 2018 2017 Prior to adoption of ASC 842 Rental income $ 158,167 $ 127,964 $ 125,023 Other income 22,899 18,633 19,212 Total revenue $ 181,066 $ 146,597 $ 144,235 Post adoption of ASC 842 Rental income $ 177,162 $ 143,158 $ 140,882 Other income 3,904 3,439 3,353 Total revenue $ 181,066 $ 146,597 $ 144,235 Differences resulting in ASC 842 adoption Rental income difference $ 18,995 $ 15,194 $ 15,859 Other income difference (18,995 ) (15,194 ) (15,859 ) Total revenue difference $ — $ — $ — Certain revenue streams such as service provider income and damage recoveries did not qualify for the practical expedient and therefore remained in other income and were subjected to ASU 2014-09. |
Purchase Price Allocation | Purchase Price Allocation Upon acquisition of a property, the purchase price and related acquisition costs (“total consideration”) are allocated to land, buildings, improvements, furniture, fixtures, and equipment, and intangible lease assets in accordance with FASB ASC 805, Business Combinations (“ASC 805”). The allocation of total consideration, which is determined using inputs that are classified within Level 3 of the fair value hierarchy established by FASB ASC 820, Fair Value Measurement and Disclosures 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. |
Impairment | Impairment Real estate assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The key inputs into our impairment analysis include, but are not limited to, the holding period, net operating income, and capitalization rates. 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. The Company’s impairment analysis identifies and evaluates events or changes in circumstances that indicate the carrying amount of a real estate investment may not be recoverable, including determining the period the Company will hold the rental property, net operating income, and the estimated capitalization rate for each respective real estate investment. |
Held-for-Sale | Held for Sale The Company periodically classifies real estate assets as held for sale when certain criteria are met, in accordance with GAAP. At that time, the Company presents the net real estate assets and the net debt associated with the real estate held for sale separately in its consolidated balance sheet, and the Company ceases recording depreciation and amortization expense related to that property. Real estate held for sale is reported at the lower of its carrying amount or its estimated fair value less estimated costs to sell. As of December 31, 2019, there are three properties that are classified as held for sale. Approximately $0.2 million of other assets and approximately $1.0 million of other liabilities related to the held for sale assets are included on the consolidated balance sheet. |
Income Taxes | Income Taxes The Company has elected 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 continue 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 (1) 85% of its ordinary income, (2) 95% of its capital gain net income and (3) 100% of its undistributed income from prior years. The Company intends to operate in such a manner so as to qualify as a REIT, but no assurance can be given that the Company will operate in a manner so as to qualify as a REIT. Taxable income from certain non-REIT activities is managed through a TRS and is subject to applicable federal, state, and local income and margin taxes. The Company had no significant taxes associated with its TRS for the years ended December 31, 2019, 2018 and 2017. If the Company fails 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 December 31, 2019, the Company believes it is in compliance with all applicable REIT requirements. The Company evaluates the accounting and disclosure of tax positions taken or expected to be taken in the course of preparing the Company’s tax returns to determine whether the tax positions are “more-likely-than-not” (greater than 50 percent probability) of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold would be recorded as a tax benefit or expense in the current year. The Company’s management is required to analyze all open tax years, as defined by the statute of limitations, for all major jurisdictions, which include federal and certain states. The Company has no examinations in progress and none are expected at this time. The Company recognizes its tax positions and evaluates them using a two-step process. First, the Company determines whether a tax position is more likely than not to be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. Second, the Company will determine the amount of benefit to recognize and record the amount that is more likely than not to be realized upon ultimate settlement. The Company had no material unrecognized tax benefit or expense, accrued interest or penalties as of December 31, 2019. The Company and its subsidiaries are subject to federal income tax as well as income tax of various state and local jurisdictions. The 2018, 2017 and 2016 tax years remain open to examination by tax jurisdictions to which the Company and its subsidiaries are subject. When applicable, the Company recognizes interest and/or penalties related to uncertain tax positions on its consolidated statements of operations and comprehensive income. |
Recent Accounting Pronouncements | Accounting Pronouncements Adopted in the Current Year In January 2016, the FASB issued ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities In August 2016, the FASB issued ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments Recent Accounting Pronouncements In August 2017, the FASB issued ASU 2017-12, Derivatives and Hedging (Topic 815) In August 2018, the SEC adopted SEC Release No. 33-10532, Disclosure Update and Simplification |
Reclassifications | Reclassifications Certain reclassifications have been made to conform the prior period consolidated financial statements and notes to the current period presentation due to the adoption of the new accounting standards. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Summary of Components of Rental Income and its Oher Components were Previously Classified as Other Income | The table below outlines the components of rental income and its other components which were previously classified as other income for the years ended December 31, 2019, 2018 and 2017: For the Year Ended December 31, Lease Income Type 2019 2018 2017 Rental income $ 158,167 $ 127,964 $ 125,024 Utility reimbursements (1) 10,906 9,835 10,514 Late fees (1) 1,622 1,443 1,597 Pet fees (1) 816 618 582 Other fees (1) 5,651 3,298 3,165 Total rental income $ 177,162 $ 143,158 $ 140,882 (1) Previously classified as other income prior to December 31, 2019. |
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 |
Accounting Standards Update 2018-11 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |
Summary of Effects on Rental and Other Income from Adoption of ASC 842 | The table below quantifies the effects on rental and other income for the years ended December 31, 2019, 2018 and 2017 from the adoption ASC 842: For the Year Ended December 31, 2019 2018 2017 Prior to adoption of ASC 842 Rental income $ 158,167 $ 127,964 $ 125,023 Other income 22,899 18,633 19,212 Total revenue $ 181,066 $ 146,597 $ 144,235 Post adoption of ASC 842 Rental income $ 177,162 $ 143,158 $ 140,882 Other income 3,904 3,439 3,353 Total revenue $ 181,066 $ 146,597 $ 144,235 Differences resulting in ASC 842 adoption Rental income difference $ 18,995 $ 15,194 $ 15,859 Other income difference (18,995 ) (15,194 ) (15,859 ) Total revenue difference $ — $ — $ — |
Investments in Subsidiaries (Ta
Investments in Subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Schedule Of Investments [Abstract] | |
Schedule of Ownership in Each Property | As of December 31, 2019, the Company, through the OP and the wholly owned TRS, owned 40 properties through single-asset LLCs. The following table represents the Company’s ownership in each property by virtue of its 100% ownership of the single-asset LLCs that directly own the title to each property as of December 31, 2019 and 2018: Effective Ownership Percentage at December 31, Property Name Location Year 2019 2018 Arbors on Forest Ridge Bedford, Texas 2014 100 % 100 % Cutter's Point Richardson, Texas 2014 100 % 100 % Eagle Crest Irving, Texas 2014 100 % 100 % Silverbrook Grand Prairie, Texas 2014 100 % 100 % Edgewater at Sandy Springs Atlanta, Georgia 2014 — (1) 100 % Beechwood Terrace Antioch, Tennessee 2014 100 % 100 % Willow Grove (2) Nashville, Tennessee 2014 100 % 100 % Woodbridge (2) Nashville, Tennessee 2014 100 % 100 % Abbington Heights Antioch, Tennessee 2014 — (1) 100 % The Summit at Sabal Park Tampa, Florida 2014 100 % 100 % Courtney Cove Tampa, Florida 2014 100 % 100 % Radbourne Lake Charlotte, North Carolina 2014 100 % 100 % Timber Creek Charlotte, North Carolina 2014 100 % 100 % Belmont at Duck Creek Garland, Texas 2014 — (1) 100 % Sabal Palm at Lake Buena Vista Orlando, Florida 2014 100 % 100 % Southpoint Reserve at Stoney Creek (2) Fredericksburg, Virginia 2014 100 % 100 % Cornerstone Orlando, Florida 2015 100 % 100 % The Ashlar Dallas, Texas 2015 — (1) 100 % Heatherstone Dallas, Texas 2015 — (1) 100 % The Preserve at Terrell Mill Marietta, Georgia 2015 100 % 100 % Versailles Dallas, Texas 2015 100 % 100 % Seasons 704 Apartments West Palm Beach, Florida 2015 100 % 100 % Madera Point Mesa, Arizona 2015 100 % 100 % The Pointe at the Foothills Mesa, Arizona 2015 — (1) 100 % Venue at 8651 Fort Worth, Texas 2015 100 % 100 % Parc500 West Palm Beach, Florida 2016 100 % 100 % The Venue on Camelback (3) Phoenix, Arizona 2016 100 % 100 % Old Farm Houston, Texas 2016 100 % 100 % Stone Creek at Old Farm Houston, Texas 2016 100 % 100 % Hollister Place Houston, Texas 2017 100 % 100 % Rockledge Apartments Marietta, Georgia 2017 100 % 100 % Atera Apartments Dallas, Texas 2017 100 % 100 % Cedar Pointe (4) Antioch, Tennessee 2018 100 % 100 % Crestmont Reserve Dallas, Texas 2018 100 % 100 % Brandywine I & II Nashville, Tennessee 2018 100 % 100 % Bella Vista (5) Phoenix, Arizona 2019 100 % — (8) The Enclave (5) Tempe, Arizona 2019 100 % — (8) The Heritage (5) Phoenix, Arizona 2019 100 % — (8) Summers Landing Fort Worth, Texas 2019 100 % — (8) Residences at Glenview Reserve (6) Nashville, Tennessee 2019 100 % — (8) Residences at West Place (6) Orlando, Florida 2019 100 % — (8) Avant at Pembroke Pines Pembroke Pines, Florida 2019 100 % — (8) Arbors of Brentwood Nashville, Tennessee 2019 100 % — (8) Torreyana Apartments (7) Las Vegas, Nevada 2019 100 % — (8) Bloom (7) Las Vegas, Nevada 2019 100 % — (8) Bella Solara (7) Las Vegas, Nevada 2019 100 % — (8) (1) Property was sold in 2019. (2) Property was classified as held for sale as of December 31, 2019. (3) Formerly known as The Colonnade. (4) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owned Cedar Pointe was no longer considered a VIE. (5) The EAT that directly owned Bella Vista, The Enclave and The Heritage was consolidated as a VIE at March 31, 2019. The master lease agreement with the EAT that directly owned these properties terminated on July 27, 2019, at which time legal title transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. (6) NXRT acquired two multifamily properties, Residences at Glenview Reserve and Residences at West Place on July 17, 2019. The master lease agreement with the EAT that directly owned these properties terminated on September 3, 2019, at which time legal title transferred to the Company. Upon the transfer of title, the EAT that directly owned these properties was no longer considered a VIE. (7) The EAT that directly owned Torreyana, Bloom and Bella Solara was consolidated as a VIE at December 31, 2019 giving the Company an effective 100% ownership interest. Legal title will transfer to the Company upon completion of the reverse 1031 Exchange or May 21, 2020, whichever comes first. Upon the transfer of title, the EAT that directly owned these properties will no longer be considered a VIE. (8) Properties were acquired in 2019; therefore, no ownership as of December 31, 2018. |
Real Estate Investments Stati_2
Real Estate Investments Statistics (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Multifamily Properties | |
Business Acquisition [Line Items] | |
Summary of Investment in Multifamily Properties | As of December 31, 2019, the Company was invested in a total of 40 multifamily properties, as listed below: Average Effective Monthly Rent Per Unit as of December 31,*(1) % Occupied as of December 31,*(2) Property Name Rentable Square Footage (in thousands)* Number of Units* Date Acquired 2019 2018 2019 2018 Arbors on Forest Ridge 155 210 1/31/2014 $ 894 $ 870 95.7 % 95.2 % Cutter's Point (3) 198 196 1/31/2014 — 1,109 — 95.4 % Eagle Crest 396 447 1/31/2014 969 922 96.6 % 94.9 % Silverbrook 526 642 1/31/2014 870 835 95.5 % 94.9 % Beechwood Terrace 272 300 7/21/2014 937 933 91.3 % 93.7 % Willow Grove (4) 229 244 7/21/2014 1,002 960 97.5 % 95.1 % Woodbridge (4) 247 220 7/21/2014 1,061 1,028 91.8 % 94.1 % The Summit at Sabal Park 205 252 8/20/2014 1,010 955 97.2 % 94.4 % Courtney Cove 225 324 8/20/2014 927 895 94.8 % 95.7 % Radbourne Lake 247 225 9/30/2014 1,118 1,082 90.7 % 96.0 % Timber Creek 248 352 9/30/2014 916 847 94.9 % 92.6 % Sabal Palm at Lake Buena Vista 371 400 11/5/2014 1,270 1,255 93.8 % 96.5 % Southpoint Reserve at Stoney Creek (4) 116 156 12/18/2014 1,152 1,093 92.3 % 98.1 % Cornerstone 318 430 1/15/2015 1,053 1,007 95.6 % 94.2 % The Preserve at Terrell Mill 692 752 2/6/2015 969 921 94.9 % 94.8 % Versailles 301 388 2/26/2015 923 884 93.0 % 96.4 % Seasons 704 Apartments 217 222 4/15/2015 1,155 1,130 94.6 % 96.8 % Madera Point 193 256 8/5/2015 924 866 96.1 % 94.5 % Venue at 8651 289 333 10/30/2015 924 875 96.1 % 92.8 % Parc500 266 217 7/27/2016 1,304 1,254 93.1 % 94.9 % The Venue on Camelback 256 415 10/11/2016 777 719 94.2 % 93.3 % Old Farm 697 734 12/29/2016 1,162 1,176 92.8 % 92.9 % Stone Creek at Old Farm 186 190 12/29/2016 1,194 1,173 95.8 % 96.8 % Hollister Place 246 260 2/1/2017 995 984 93.1 % 93.5 % Rockledge Apartments 802 708 6/30/2017 1,260 1,186 95.3 % 94.6 % Atera Apartments 334 380 10/25/2017 1,256 1,232 93.4 % 97.4 % Cedar Pointe 224 210 8/24/2018 1,066 1,051 91.4 % 95.7 % Crestmont Reserve 199 242 9/26/2018 902 914 94.2 % 94.6 % Brandywine I & II 414 632 9/26/2018 978 957 93.7 % 93.8 % Bella Vista 243 248 1/28/2019 1,265 — (5) 97.2 % — (5) The Enclave 194 204 1/28/2019 1,295 — (5) 93.6 % — (5) The Heritage 199 204 1/28/2019 1,265 — (5) 96.6 % — (5) Summers Landing 139 196 6/7/2019 920 — (5) 91.8 % — (5) Residences at Glenview Reserve 344 360 7/17/2019 977 — (5) 94.4 % — (5) Residences at West Place 345 342 7/17/2019 1,211 — (5) 92.7 % — (5) Avant at Pembroke Pines 1,442 1520 8/30/2019 1,498 — (5) 93.7 % — (5) Arbors of Brentwood 325 346 9/10/2019 1,192 — (5) 96.2 % — (5) Torreyana Apartments 309 315 11/22/2019 1,171 — (5) 95.6 % — (5) Bloom 498 528 11/22/2019 1,105 — (5) 90.9 % — (5) Bella Solara 271 320 11/22/2019 1,136 — (5) 91.9 % — (5) 13,378 14,920 (6) * Information is unaudited. (1) Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 2019 and December 31, 2018, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31, 2019 and December 31, 2018, respectively. (2) Percent occupied is calculated as the number of units occupied as of December 31, 2019 and 2018, divided by the total number of units, expressed as a percentage. (3) Cutter’s Point incurred significant tornado damage on October 20, 2019 which resulted in the property ceasing operations in order to start reconstruction (see Note 5). ( 4 ) Property was classified as held for sale as of December 31, 2019. ( 5 ) Properties were acquired in 2019. (6) Represents total units owned by the Company as of December 31, 2019 inclusive of Cutter’s Point. Cutter’s Point is currently undergoing repairs after being struck by a tornado as discussed in Note 5, and as such, has been excluded from all other portfolio metrics such as occupancy percentage and weighted average rent per unit, etc. Total units exclusive of Cutter’s Point are 14,724 as of December 31, 2019. |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Real Estate [Abstract] | |
Summary of Major Components of Investments in Multifamily Properties | As of December 31, 2019, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,585 $ — $ — $ 1,520 $ 15,435 Cutter's Point 3,330 2,563 — 2,648 1,878 10,419 Eagle Crest 5,450 23,830 — — 1,832 31,112 Silverbrook 4,860 27,091 — — 4,630 36,581 Beechwood Terrace 1,390 22,000 — 70 2,535 25,995 The Summit at Sabal Park 5,770 13,600 — — 1,598 20,968 Courtney Cove 5,880 13,413 — 2 1,982 21,277 Radbourne Lake 2,440 22,465 — — 1,997 26,902 Timber Creek 11,260 13,993 — — 2,939 28,192 Sabal Palm at Lake Buena Vista 7,580 41,841 — 492 2,108 52,021 Cornerstone 1,500 30,653 — — 2,977 35,130 The Preserve at Terrell Mill 10,170 49,216 — 8 6,183 65,577 Versailles 6,720 21,688 — 8 3,736 32,152 Seasons 704 Apartments 7,480 14,336 — — 1,482 23,298 Madera Point 4,920 17,615 — — 2,042 24,577 Venue at 8651 2,350 18,192 — 21 3,330 23,893 Parc500 3,860 20,821 — 193 3,202 28,076 The Venue on Camelback 8,340 37,992 — — 2,086 48,418 Old Farm 11,078 70,670 — 40 2,950 84,738 Stone Creek at Old Farm 3,493 19,436 — 1 716 23,646 Hollister Place 2,782 21,788 — — 2,159 26,729 Rockledge Apartments 17,451 96,108 — 134 4,759 118,452 Atera Apartments 22,371 37,442 — 8 2,044 61,865 Cedar Pointe 2,372 24,193 — 24 1,268 27,857 Crestmont Reserve 4,124 20,613 — — 1,272 26,009 Brandywine I & II 6,237 73,004 — 58 3,148 82,447 Bella Vista 10,942 36,690 — — 1,500 49,132 The Enclave 11,046 30,224 — 24 1,176 42,470 The Heritage 6,835 34,580 — — 1,246 42,661 Summers Landing 1,798 16,958 — 35 528 19,319 Residences at Glenview Reserve 3,367 40,202 — 11 837 44,417 Residences at West Place 3,345 50,884 — 244 810 55,283 Avant at Pembroke Pines 48,436 266,103 6,989 217 5,376 327,121 Arbors of Brentwood 6,346 54,995 1,215 137 779 63,472 Torreyana Apartments 23,823 42,721 1,201 — 655 68,400 Bloom 23,805 80,365 1,851 — 1,095 107,116 Bella Solara 12,605 52,449 1,158 — 663 66,875 317,886 1,472,319 12,414 4,375 81,038 1,888,032 Accumulated depreciation and amortization — (105,335 ) (6,171 ) — (41,046 ) (152,552 ) Total Operating Properties $ 317,886 $ 1,366,984 $ 6,243 $ 4,375 $ 39,992 $ 1,735,480 Held For Sale Property Southpoint Reserve at Stoney Creek 6,120 11,502 — 1 968 18,591 Woodbridge 3,650 13,296 — — 1,934 18,880 Willow Grove 3,940 10,946 — — 1,832 16,718 Accumulated depreciation and amortization — (5,390 ) — — (2,469 ) (7,859 ) Total Held For Sale Property $ 13,710 $ 30,354 $ — $ 1 $ 2,265 $ 46,330 Total $ 331,596 $ 1,397,338 $ 6,243 $ 4,376 $ 42,257 $ 1,781,810 As of December 31, 2018, the major components of the Company’s investments in multifamily properties were as follows (in thousands): Operating Properties Land Buildings and Improvements Intangible Lease Assets Construction in Progress Furniture, Fixtures and Equipment Totals Arbors on Forest Ridge $ 2,330 $ 11,319 $ — $ — $ 1,047 $ 14,696 Cutter's Point 3,330 13,347 — — 1,320 17,997 Eagle Crest 5,450 22,969 — — 1,563 29,982 Silverbrook 4,860 26,485 — 60 3,230 34,635 Edgewater at Sandy Springs 14,290 44,186 — 349 5,083 63,908 Beechwood Terrace 1,390 21,123 — 31 1,670 24,214 Willow Grove 3,940 10,829 — — 1,231 16,000 Woodbridge 3,650 13,125 — — 1,536 18,311 Abbington Heights 1,770 17,140 — — 1,539 20,449 The Summit at Sabal Park 5,770 13,447 — 43 1,347 20,607 Courtney Cove 5,880 13,170 — — 1,268 20,318 Radbourne Lake 2,440 22,138 — 72 1,536 26,186 Timber Creek 11,260 13,582 — — 1,556 26,398 Belmont at Duck Creek 1,910 17,397 — — 1,471 20,778 Sabal Palm at Lake Buena Vista 7,580 41,336 — — 1,280 50,196 Cornerstone 1,500 30,513 — — 1,885 33,898 The Preserve at Terrell Mill 10,170 49,091 — 57 4,843 64,161 The Ashlar 4,090 12,845 — — 2,017 18,952 Heatherstone 2,320 8,132 — — 1,199 11,651 Versailles 6,720 21,513 — — 3,033 31,266 Seasons 704 Apartments 7,480 14,223 — — 1,288 22,991 Madera Point 4,920 17,570 — — 1,431 23,921 The Pointe at the Foothills 4,840 46,998 — — 2,078 53,916 Venue at 8651 2,350 18,084 — — 2,499 22,933 Parc500 3,860 20,692 — 37 2,600 27,189 The Colonnade 8,340 37,086 — 567 1,604 47,597 Old Farm 11,078 70,471 — — 1,800 83,349 Stone Creek at Old Farm 3,493 19,394 — — 467 23,354 Hollister Place 2,782 21,389 — 135 1,410 25,716 Rockledge Apartments 17,451 95,484 — 428 3,314 116,677 Atera Apartments 22,371 36,563 — 86 1,151 60,171 Cedar Pointe (1) 2,371 23,458 600 16 441 26,886 Crestmont Reserve 4,124 19,544 687 — 504 24,859 Brandywine I & II 6,237 70,961 1,762 — 1,215 80,175 202,347 935,604 3,049 1,881 61,456 1,204,337 Accumulated depreciation and amortization — (95,364 ) (1,625 ) — (37,135 ) (134,124 ) Total Operating Properties $ 202,347 $ 840,240 $ 1,424 $ 1,881 $ 24,321 $ 1,070,213 Held For Sale Properties Southpoint Reserve at Stoney Creek 6,120 11,319 — — 787 18,226 Accumulated depreciation and amortization — (736 ) — — (161 ) (897 ) Total Held For Sale Properties $ 6,120 $ 10,583 $ — $ — $ 626 $ 17,329 Total $ 208,467 $ 850,823 $ 1,424 $ 1,881 $ 24,947 $ 1,087,542 (1) The EAT that directly owned Cedar Pointe was consolidated as a VIE at December 31, 2018. The master lease agreement with the EAT that directly owned Cedar Pointe terminated on February 20, 2019, at which time legal title to Cedar Pointe transferred to the Company. Upon the transfer of title, the entity that directly owned Cedar Pointe was no longer considered a VIE. |
Summary of Acquired Properties | The Company acquired 11 properties during the year ended December 31, 2019, as detailed in the table below (dollars in thousands). The Company acquired three properties for a combined purchase price of approximately $131.0 million during the year ended December 31, 2018. See Notes 3, 4 and 6 for additional information. Property Name Location Date of Acquisition Purchase Price Mortgage Debt (1) # Units Effective Ownership Bella Vista Phoenix, Arizona January 28, 2019 $ 48,400 $ 29,040 248 100 % The Enclave Tempe, Arizona January 28, 2019 41,800 25,322 204 100 % The Heritage Phoenix, Arizona January 28, 2019 41,900 24,625 204 100 % Summers Landing Fort Worth, Texas June 7, 2019 19,396 10,109 196 100 % Residences at Glenview Reserve Nashville, Tennessee July 17, 2019 45,000 26,560 360 100 % Residences at West Place Orlando, Florida July 17, 2019 55,000 33,817 342 100 % Avant at Pembroke Pines Pembroke Pines, Florida August 30, 2019 322,000 177,100 1,520 100 % Arbors of Brentwood Nashville, Tennessee September 10, 2019 62,250 34,237 346 100 % Torreyana Apartments Las Vegas, Nevada November 22, 2019 68,000 37,400 315 100 % Bloom Las Vegas, Nevada November 22, 2019 106,500 58,850 528 100 % Bella Solara Las Vegas, Nevada November 22, 2019 66,500 36,575 320 100 % $ 876,746 $ 493,635 4,583 (1) For additional information regarding the Company’s debt, see Note 6. |
Schedule of Sale of Properties | The Company sold six properties during the year ended December 31, 2019, as detailed in the table below (in thousands). The Company sold one property for approximately $30.0 million during the year ended December 31, 2018. Property Name Location Date of Sale Sales Price Net Cash Proceeds Gain on Sale of Real Estate Edgewater at Sandy Springs Atlanta, Georgia August 28, 2019 $ 101,250 $ 100,120 $ 47,332 Abbington Heights Antioch, Tennessee August 30, 2019 28,050 27,605 10,887 Belmont at Duck Creek Garland, Texas August 28, 2019 29,500 29,102 11,993 The Ashlar Dallas, Texas August 28, 2019 29,400 29,029 13,205 Heatherstone Dallas, Texas August 28, 2019 16,275 16,032 6,366 The Pointe at the Foothills Mesa, Arizona August 28, 2019 85,400 84,591 37,901 $ 289,875 $ 286,479 $ 127,684 (1) Represents sales price, net of closing costs. |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 December 31, 2019 (dollars in thousands): Operating Properties Type Term Outstanding Principal (1) Interest Rate (2) Maturity Date Arbors on Forest Ridge (3) Floating 84 $ 13,130 3.44% 7/1/2024 Cutter's Point (3) Floating 84 16,640 3.44% 7/1/2024 Eagle Crest (3) Floating 84 29,510 3.44% 7/1/2024 Silverbrook (3) Floating 84 30,590 3.44% 7/1/2024 Beechwood Terrace (3) Floating 84 23,365 3.20% 9/1/2025 The Summit at Sabal Park (3) Floating 84 13,560 3.38% 7/1/2024 Courtney Cove (3) Floating 84 13,680 3.38% 7/1/2024 The Preserve at Terrell Mill (3) Floating 84 42,480 3.38% 7/1/2024 Versailles (3) Floating 84 23,880 3.38% 7/1/2024 Seasons 704 Apartments (3) Floating 84 17,460 3.38% 7/1/2024 Madera Point (3) Floating 84 15,150 3.38% 7/1/2024 Venue at 8651 (3) Floating 84 13,734 3.54% 7/1/2024 The Venue on Camelback (3) Floating 84 28,093 3.44% 7/1/2024 Old Farm (3) Floating 84 52,886 3.44% 7/1/2024 Stone Creek at Old Farm (3) Floating 84 15,274 3.44% 7/1/2024 Timber Creek (3) Floating 84 24,100 3.02% 10/1/2025 Radbourne Lake (3) Floating 84 20,000 3.05% 10/1/2025 Sabal Palm at Lake Buena Vista (3) Floating 84 42,100 3.06% 9/1/2025 Cornerstone (4) Fixed 120 21,772 4.24% 3/1/2023 Parc500 (5) Fixed 120 15,221 4.49% 8/1/2025 Hollister Place (3) Floating 84 14,811 3.10% 10/1/2025 Rockledge Apartments (3) Floating 84 68,100 3.33% 7/1/2024 Atera Apartments (3) Floating 84 29,500 3.24% 11/1/2024 Cedar Pointe (6) Floating 84 17,300 3.11% 9/1/2025 Crestmont Reserve (3) Floating 84 12,061 2.94% 10/1/2025 Brandywine I & II (3) Floating 84 43,835 2.94% 10/1/2025 Bella Vista (7) Floating 84 29,040 3.08% 2/1/2026 The Enclave (7) Floating 84 25,322 3.08% 2/1/2026 The Heritage (7) Floating 84 24,625 3.08% 2/1/2026 Summers Landing (8) Floating 84 10,109 2.94% 10/1/2025 Residences at Glenview Reserve (9) Floating 84 26,560 3.20% 10/1/2025 Residences at West Place (9) Fixed 120 33,817 4.24% 10/1/2028 Avant at Pembroke Pines (3) Floating 84 177,100 3.19% 9/1/2026 Arbors of Brentwood (3) Floating 84 34,237 3.19% 10/1/2026 Torreyana Apartments (10) Floating 84 37,400 3.46% 12/1/2026 Bloom (10) Floating 84 58,850 3.46% 12/1/2026 Bella Solara (10) Floating 84 36,575 3.46% 12/1/2026 $ 1,151,867 Fair market value adjustment 1,463 (11) Deferred financing costs, net of accumulated amortization of $2,494 (7,959 ) $ 1,145,371 Held For Sale Properties Southpoint Reserve at Stoney Creek (3) Floating 84 $ 13,166 3.87% 1/1/2022 Woodbridge (3) Floating 84 13,677 3.54% 7/1/2024 Willow Grove (3) Floating 84 14,818 3.54% 7/1/2024 $ 41,661 Deferred financing costs, net of accumulated amortization of $362 (485 ) $ 41,176 (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 fixed rate mortgage debt. One-month LIBOR as of December 31, 2019 was 1.7625%. (3) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (4) Debt in the amount of $18.0 million was assumed upon acquisition of this property and recorded 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 the 13 th (5) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term. (6) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (7) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (8) Debt was assumed upon acquisition of this property and recorded at approximated fair value. It can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (9) Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in the last three months of the term. (10) Loan can be pre-paid in the first 12 months of the term in certain circumstances at par plus 5.00%. Starting in the 13 th st (1 1 ) The Company reflected a valuation adjustment on its fixed rate debt for Parc500 and Residences at West Place to adjust it to fair market value on their respective dates 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 terms of the mortgages. |
Sale of Properties and Repayment of Related Mortgage Loans | During the year ended December 31, 2019, the Company sold six properties and repaid the related mortgage loans that encumbered the properties, as detailed in the table below (in thousands): Property Name Date of Sale Type Outstanding Principal (1) Edgewater at Sandy Springs August 28, 2019 Floating $ 52,000 Abbington Heights August 30, 2019 Floating 16,920 Belmont at Duck Creek August 28, 2019 Floating 17,760 The Ashlar August 28, 2019 Floating 14,520 Heatherstone August 28, 2019 Floating 8,880 The Pointe at the Foothills August 28, 2019 Floating 34,800 $ 144,880 (1) Represents the outstanding principal balance when the loan was repaid. |
Schedule of Credit Facility | The following table contains summary information concerning the Company’s credit facility as of December 31, 2019 (dollars in thousands): Type Term Outstanding Principal Interest Rate (1) Maturity Date Corporate Credit Facility Floating 24 $ 41,700 3.69% 1/28/2021 Corporate Credit Facility Floating 24 19,000 3.74% 1/28/2021 Corporate Credit Facility Floating 24 111,000 3.76% 1/28/2021 Corporate Credit Facility Floating 24 46,300 3.80% 1/28/2021 Deferred financing costs, net of accumulated amortization of $553 (1,499 ) $ 216,501 (1) Interest rate is based on one-month LIBOR plus an applicable margin. One-month LIBOR as of December 31, 2019 was 1.7625%. |
Schedule of Debt Maturities | Schedule of Debt Maturities The aggregate scheduled maturities, including amortizing principal payments, of total debt for the next five calendar years subsequent to December 31, 2019 are as follows (in thousands): Operating Properties Held For Sale Property Credit Facility Total 2020 $ 744 $ 262 $ — $ 1,006 2021 872 281 218,000 219,153 2022 1,367 12,622 — 13,989 2023 21,155 — — 21,155 2024 424,558 28,496 — 453,054 Thereafter 703,171 — — 703,171 Total $ 1,151,867 $ 41,661 $ 218,000 $ 1,411,528 |
Fair Value of Derivative and _2
Fair Value of Derivative and Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Company's Outstanding Interest Rate Swaps | As of December 31, 2019, the Company had the following outstanding interest rate swaps that were designated as cash flow hedges of interest rate risk (dollars in thousands): Effective Date Termination Date Counterparty Notional Fixed Rate (1) July 1, 2016 June 1, 2021 KeyBank $ 100,000 1.1055 % July 1, 2016 June 1, 2021 KeyBank 100,000 1.0210 % July 1, 2016 June 1, 2021 KeyBank 100,000 0.9000 % September 1, 2016 June 1, 2021 KeyBank 100,000 0.9560 % April 1, 2017 April 1, 2022 KeyBank 100,000 1.9570 % May 1, 2017 April 1, 2022 KeyBank 50,000 1.9610 % July 1, 2017 July 1, 2022 KeyBank 100,000 1.7820 % June 1, 2019 June 1, 2024 KeyBank 50,000 2.0020 % June 1, 2019 June 1, 2024 SunTrust 50,000 2.0020 % September 1, 2019 September 1, 2026 KeyBank 100,000 1.4620 % September 1, 2019 September 1, 2026 KeyBank 125,000 1.3020 % $ 975,000 1.4147 % (2) (1) The floating rate option for the interest rate swaps is one-month LIBOR. As of December 31, 2019, one-month LIBOR was 1.7625%. (2) Represents the weighted average fixed rate of the interest rate swaps. |
Schedule of Outstanding Interest Rate Derivatives | As of December 31, 2019, 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 15 $ 346,542 |
Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet | The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of December 31, 2019 and 2018 (in thousands): Asset Derivatives Liability Derivatives Balance Sheet Location December 31, 2019 December 31, 2018 December 31, 2019 December 31, 2018 Derivatives designated as hedging instruments: Interest rate swaps Fair market value of interest rate swaps $ 7,298 $ 18,141 $ 3,824 $ — Derivatives not designated as hedging instruments: Interest rate caps Prepaid and other assets — 10 — — Total $ 7,298 $ 18,151 $ 3,824 $ — |
Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income | The tables below present the effect of the Company’s derivative financial instruments on the consolidated statements of operations and comprehensive income for the years ended December 31, 2019, 2018 and 2017 (in thousands): Amount of gain (loss) recognized in OCI Location of gain (loss) reclassified from accumulated Amount of gain (loss) reclassified from OCI into income Location of gain (loss) recognized Amount of gain (loss) recognized in income 2019 2018 (1) 2017 (1) OCI into income 2019 2018 (1) 2017 (1) in income 2019 2018 *(2) 2017 *(2)(3) Derivatives designated as hedging instruments: For the year ended December 31, Interest rate products $ (8,153 ) $ 5,928 $ 2,967 Interest expense $ 6,472 $ 3,997 $ (1,416 ) Interest expense $ — $ — $ 124 * Includes amounts excluded from effectiveness testing. (1) Represents the effective portion of changes in fair value. (2) Represents the ineffective portion of changes in fair value. (3) Includes approximately $185,000 of loss reclassified from OCI for missed forecasted transactions due to hedged forecasted transactions being no longer probable. Location of gain (loss) Amount of gain (loss) recognized in income recognized in income 2019 2018 2017 Derivatives not designated as hedging instruments: For the year ended December 31, Interest rate products Interest expense $ (30 ) $ (49 ) $ (19 ) |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Summary of Restricted Stock Units | The following table includes the number of restricted stock units granted, vested, forfeited and outstanding as of December 31, 2019: 2019 Number of Units Weighted Average Grant Date Fair Value Outstanding January 1, 464,626 $ 22.80 Granted 186,662 37.50 Vested (197,863 ) (1) 23.10 Forfeited (6,386 ) — Outstanding December 31, 447,039 (2) $ 29.13 (1) Certain key employees of the Adviser elected to net the taxes owed upon vesting against the shares issued resulting in 180,783 shares being issued as shown on the Consolidated Statement of Stockholders’ Equity. (2) 108,613 restricted stock units vest in February 2020, 69,530 vest in March 2020, 99,564 vest in February 2021, 99,563 vest in February 2022, 34,883 vest in February 2023 and 34,886 vest in February 2024. |
Summary Information of ATM Program | The following table contains summary information of the ATM Program: Gross proceeds $ 71,973,433 Common shares sold 1,565,322 Gross average sale price per share $ 45.98 Sales commissions $ 1,079,601 Offering costs 1,019,778 Net proceeds 69,874,054 Average price per share, net $ 44.64 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share | The following table sets forth the computation of basic and diluted earnings (loss) per share for the periods presented (in thousands, except per share amounts): For the Year Ended December 31, 2019 2018 2017 Numerator for earnings (loss) per share: Net income (loss) $ 99,438 $ (1,614 ) $ 56,359 Net income attributable to noncontrolling interests — — 2,836 Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership 298 (5 ) 149 Net income (loss) attributable to common stockholders $ 99,140 $ (1,609 ) $ 53,374 Denominator for earnings (loss) per share: Weighted average common shares outstanding 24,116 21,189 21,057 Denominator for basic earnings (loss) per share 24,116 21,189 21,057 Weighted average unvested restricted stock units 477 478 342 Denominator for diluted earnings (loss) per share 24,593 21,667 21,399 Earnings (loss) per weighted average common share: Basic $ 4.11 $ (0.08 ) $ 2.53 Diluted $ 4.03 $ (0.08 ) $ 2.49 |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Noncontrolling Interest [Abstract] | |
Schedule of Redeemable Noncontrolling Interests | The following table sets forth the redeemable noncontrolling interests in the OP for the year ended December 31, 2019 (in thousands): Redeemable noncontrolling interests in the OP, December 31, 2018 $ 2,567 Net income attributable to redeemable noncontrolling interests in the OP 298 Other comprehensive loss attributable to redeemable noncontrolling interests in the OP (44 ) Contributions from redeemable noncontrolling interests in the OP 140 Distributions to redeemable noncontrolling interests in the OP (47 ) Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP 381 Redeemable noncontrolling interests in the OP, December 31, 2019 $ 3,295 |
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 years ended December 31, 2019, 2018 and 2017 (in thousands): For the Year Ended December 31, 2019 2018 2017 Fees incurred Property management fees (1) $ 5,363 $ 4,382 $ 4,330 Construction supervision fees (2) 1,549 974 869 Design fees (2) 255 102 — Acquisition fees (3) 1,465 348 675 Reimbursements Payroll and benefits (4) 18,148 14,100 15,344 Other reimbursements (5) 3,286 2,200 1,982 (1) Included in property management fees on the consolidated statements of operations and comprehensive income. (2) Capitalized on the consolidated balance sheets and reflected in buildings and improvements. (3) Includes due diligence costs. Acquisition fees are capitalized to real estate assets on the consolidated balance sheets. (4) Included in property operating expenses on the consolidated statements of operations and comprehensive income. (5) Includes property operating expenses such as repairs and maintenance costs and certain property general and administrative expenses, which are included on the consolidated statements of operations and comprehensive income. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Schedule of Purchase and Sale Agreement of Real Estate Property | On January 23, 2020 the Company, through the OP, entered into a purchase and sale agreement with a large real estate investment firm (the “Buyer”) for the sale of the following proprieties. Closing of the disposition is subject to Buyer due diligence and customary closing conditions. The sales of the properties are expected to close on or before March 31, 2020. Property Name (1) Location Sales Price Debt Outstanding (2) Real Estate Carrying Value, net (2) Woodbridge Nashville, Tennessee $ 31,700 $ 13,677 $ 15,183 Willow Grove Nashville, Tennessee 31,300 14,818 13,453 $ 63,000 $ 28,495 $ 28,636 (1) Properties were classified as held for sale as of December 31, 2019. (2) As of December 31, 2019. |
Quarterly Results (unaudited) (
Quarterly Results (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of the Unaudited Quarterly Consolidated Financial Information | Presented below is a summary of the unaudited quarterly consolidated financial information for the years ended December 31, 2019, 2018 and 2017 (in thousands, except per share amounts): 2019 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 41,491 $ 43,066 $ 46,833 $ 49,676 Net income (loss) (4,373 ) (1,987 ) 119,104 (13,306 ) Net income (loss) attributable to common stockholders (4,360 ) (1,981 ) 118,747 (13,266 ) Earnings (loss) per share - basic (1) (0.19 ) (0.08 ) 4.93 (0.53 ) Earnings (loss) per share - diluted (1) (0.19 ) (0.08 ) 4.84 (0.53 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the loss per share amount calculated for the year ended December 31, 2019. 2018 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 35,057 $ 35,655 $ 36,495 $ 39,390 Net income (loss) 10,094 (1,666 ) (5,260 ) (4,782 ) Net income (loss) attributable to common stockholders 10,064 (1,661 ) (5,245 ) (4,767 ) Earnings (loss) per share - basic (1) 0.48 (0.08 ) (0.25 ) (0.21 ) Earnings (loss) per share - diluted (1) 0.47 (0.08 ) (0.25 ) (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2018. 2017 Quarters Ended March 31 June 30 September 30 December 31 Total revenues $ 36,991 $ 35,234 $ 37,097 $ 34,913 Net income (3,304 ) 9,930 54,076 (4,343 ) Net income (loss) attributable to common stockholders (3,616 ) 7,406 53,914 (4,330 ) Earnings (loss) per share - basic (1) (0.17 ) 0.35 2.56 (0.21 ) Earnings (loss) per share - diluted (1) (0.17 ) 0.34 2.53 (0.21 ) (1) Quarterly earnings (loss) per share amounts are based on the weighted average common shares outstanding during the respective quarter and, therefore, may not agree in total with the earnings per share amount calculated for the year ended December 31, 2017. |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019shares | |
Real Estate Properties [Line Items] | |
Date of incorporation | Sep. 19, 2014 |
OP Units, outstanding | 23,819,402 |
OP Units owned | 23,746,169 |
Maximum | |
Real Estate Properties [Line Items] | |
Investments in real estate-related debt and securities | 30.00% |
NexPoint Residential Trust Operating Partnership LP | |
Real Estate Properties [Line Items] | |
Percentage of OP Units, outstanding owned by company | 99.70% |
B H Equity | |
Real Estate Properties [Line Items] | |
Percentage of OP Units, outstanding owned by noncontrolling limited partner | 0.30% |
OP | |
Real Estate Properties [Line Items] | |
Percentage of ownership in portfolio | 99.90% |
TRS | |
Real Estate Properties [Line Items] | |
Percentage of ownership in portfolio | 0.10% |
Noncontrolling Limited Partner | B H Equity | |
Real Estate Properties [Line Items] | |
OP Units owned | 73,233 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Components of Rental Income and its Oher Components were Previously Classified as Other Income (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Accounting Policies [Abstract] | ||||
Rental income | $ 158,167 | $ 127,964 | $ 125,024 | |
Utility reimbursements | [1] | 10,906 | 9,835 | 10,514 |
Late fees | [1] | 1,622 | 1,443 | 1,597 |
Pet fees | [1] | 816 | 618 | 582 |
Other fees | [1] | 5,651 | 3,298 | 3,165 |
Total rental income | $ 177,162 | $ 143,158 | $ 140,882 | |
[1] | Previously classified as other income prior to December 31, 2019. |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Effects on Rental and Other Income from Adoption of ASC 842 (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||||||
Rental income | $ 177,162 | $ 143,158 | $ 140,882 | ||||||||||||
Other income | 3,904 | 3,439 | 3,353 | ||||||||||||
Total revenues | $ 49,676 | $ 46,833 | $ 43,066 | $ 41,491 | $ 39,390 | $ 36,495 | $ 35,655 | $ 35,057 | $ 34,913 | $ 37,097 | $ 35,234 | $ 36,991 | 181,066 | 146,597 | 144,235 |
Accounting Standards Update 2018-11 | |||||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||||||
Rental income | 177,162 | 143,158 | 140,882 | ||||||||||||
Other income | 3,904 | 3,439 | 3,353 | ||||||||||||
Total revenues | 181,066 | 146,597 | 144,235 | ||||||||||||
Accounting Standards Update 2018-11 | Prior to Adoption of ASC 842 | |||||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||||||
Rental income | 158,167 | 127,964 | 125,023 | ||||||||||||
Other income | 22,899 | 18,633 | 19,212 | ||||||||||||
Total revenues | 181,066 | 146,597 | 144,235 | ||||||||||||
Accounting Standards Update 2018-11 | Differences Resulting in ASC 842 Adoption | |||||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||||||
Rental income | 18,995 | 15,194 | 15,859 | ||||||||||||
Other income | $ (18,995) | $ (15,194) | $ (15,859) |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Estimated Useful Lives of Assets (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 Accoun_7
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019USD ($)Property | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of properties held for sale | Property | 3 |
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% |
Unrecognized tax benefit or expense, accrued interest or penalties | $ 0 |
Accounting Standards Update 2017-12 | |
Summary Of Significant Accounting Policies [Line Items] | |
Cumulative effect upon adoption of ASU2017-12 | $ 1,400,000 |
Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Percentage of uncertain tax positions likelihood of being sustained | 50.00% |
Held for Sale | |
Summary Of Significant Accounting Policies [Line Items] | |
Other assets | $ 200,000 |
Other liabilities | $ 1,000,000 |
Investments in Subsidiaries - A
Investments in Subsidiaries - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019subsidiary | |
Schedule Of Investments [Abstract] | |
Consolidated investment in SPEs | 100.00% |
Number of wholly owned subsidiaries | 40 |
Investments in Subsidiaries - S
Investments in Subsidiaries - Schedule of Ownership in Each Property (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Arbors on Forest Ridge | Bedford, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Cutter's Point | Richardson, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Eagle Crest | Irving, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Silverbrook | Grand Prairie, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Edgewater at Sandy Springs | Atlanta, Georgia | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Beechwood Terrace | Antioch, Tennessee | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Willow Grove | Nashville, Tennessee | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Woodbridge | Nashville, Tennessee | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Abbington Heights | Antioch, Tennessee | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
The Summit at Sabal Park | Tampa, Florida | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Courtney Cove | Tampa, Florida | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Radbourne Lake | Charlotte, North Carolina | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Timber Creek | Charlotte, North Carolina | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Belmont at Duck Creek | Garland, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Sabal Palm at Lake Buena Vista | Orlando, Florida | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Southpoint Reserve at Stoney Creek | Fredericksburg, Virginia | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2014 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Cornerstone | Orlando, Florida | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2015 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
The Ashlar | Dallas, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2015 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Heatherstone | Dallas, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2015 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
The Preserve at Terrell Mill | Marietta, Georgia | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2015 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Versailles | Dallas, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2015 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Seasons 704 Apartments | West Palm Beach, Florida | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2015 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Madera Point | Mesa, Arizona | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2015 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
The Pointe at the Foothills | Mesa, Arizona | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2015 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Venue at 8651 | Fort Worth, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2015 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Parc500 | West Palm Beach, Florida | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2016 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
The Venue on Camelback | Phoenix, Arizona | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2016 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Old Farm | Houston, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2016 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Stone Creek at Old Farm | Houston, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2016 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Hollister Place | Houston, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2017 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Rockledge Apartments | Marietta, Georgia | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2017 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Atera Apartments | Dallas, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2017 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Cedar Pointe | Antioch, Tennessee | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2018 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Crestmont Reserve | Dallas, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2018 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Brandywine I & II | Nashville, Tennessee | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2018 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | 100.00% |
Bella Vista | Phoenix, Arizona | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2019 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
The Enclave | Tempe, Arizona | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2019 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
The Heritage | Phoenix, Arizona | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2019 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Summers Landing | Fort Worth, Texas | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2019 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Residences at Glenview Reserve | Nashville, Tennessee | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2019 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Residences at West Place | Orlando, Florida | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2019 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Avant at Pembroke Pines | Pembroke Pines, Florida | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2019 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Arbors of Brentwood | Nashville, Tennessee | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2019 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Torreyana Apartments | Las Vegas, Nevada | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2019 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Bloom | Las Vegas, Nevada | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2019 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Bella Solara | Las Vegas, Nevada | ||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | ||
Year of acquisition | 2019 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% |
Investments in Subsidiaries -_2
Investments in Subsidiaries - Schedule of Ownership in Each Property (Parenthetical) (Details) - Property | Jul. 17, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | |||
Number of properties acquired | 11 | 3 | |
Consolidated investment in SPEs | 100.00% | ||
Torreyana, Bloom and Bella Solara | |||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | |||
Consolidated investment in SPEs | 100.00% | ||
Multifamily Properties | |||
Wholly Owned Subsidiaries And Variable Interest Entities [Line Items] | |||
Number of properties acquired | 2 |
Real Estate Investments Stati_3
Real Estate Investments Statistics - Additional Information (Details) | Dec. 31, 2019Property |
Multifamily Properties | |
Business Acquisition [Line Items] | |
Number of multifamily properties | 40 |
Real Estate Investments Stati_4
Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Details) ft² in Thousands | 12 Months Ended | ||
Dec. 31, 2019ft²Property$ / Property | Dec. 31, 2018$ / Property | ||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 13,378 | ||
Number of Units | Property | [1] | 14,920 | |
Arbors on Forest Ridge | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 155 | ||
Number of Units | Property | 210 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 894 | 870 |
% Occupied | [3] | 95.70% | 95.20% |
Cutter's Point | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | [4] | 198 | |
Number of Units | Property | [4] | 196 | |
Date Acquired | [4] | Jan. 31, 2014 | |
Average Effective Monthly Rent Per Unit | $ / Property | [2],[4] | 1,109 | |
% Occupied | [3],[4] | 95.40% | |
Eagle Crest | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 396 | ||
Number of Units | Property | 447 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 969 | 922 |
% Occupied | [3] | 96.60% | 94.90% |
Silverbrook | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 526 | ||
Number of Units | Property | 642 | ||
Date Acquired | Jan. 31, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 870 | 835 |
% Occupied | [3] | 95.50% | 94.90% |
Beechwood Terrace | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 272 | ||
Number of Units | Property | 300 | ||
Date Acquired | Jul. 21, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 937 | 933 |
% Occupied | [3] | 91.30% | 93.70% |
Willow Grove | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | [5] | 229 | |
Number of Units | Property | [5] | 244 | |
Date Acquired | [5] | Jul. 21, 2014 | |
Average Effective Monthly Rent Per Unit | $ / Property | [2],[5] | 1,002 | 960 |
% Occupied | [3],[5] | 97.50% | 95.10% |
Woodbridge | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | [5] | 247 | |
Number of Units | Property | [5] | 220 | |
Date Acquired | [5] | Jul. 21, 2014 | |
Average Effective Monthly Rent Per Unit | $ / Property | [2],[5] | 1,061 | 1,028 |
% Occupied | [3],[5] | 91.80% | 94.10% |
The Summit at Sabal Park | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 205 | ||
Number of Units | Property | 252 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,010 | 955 |
% Occupied | [3] | 97.20% | 94.40% |
Courtney Cove | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 225 | ||
Number of Units | Property | 324 | ||
Date Acquired | Aug. 20, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 927 | 895 |
% Occupied | [3] | 94.80% | 95.70% |
Radbourne Lake | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 247 | ||
Number of Units | Property | 225 | ||
Date Acquired | Sep. 30, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,118 | 1,082 |
% Occupied | [3] | 90.70% | 96.00% |
Timber Creek | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 248 | ||
Number of Units | Property | 352 | ||
Date Acquired | Sep. 30, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 916 | 847 |
% Occupied | [3] | 94.90% | 92.60% |
Sabal Palm at Lake Buena Vista | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 371 | ||
Number of Units | Property | 400 | ||
Date Acquired | Nov. 5, 2014 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,270 | 1,255 |
% Occupied | [3] | 93.80% | 96.50% |
Southpoint Reserve at Stoney Creek | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | [5] | 116 | |
Number of Units | Property | [5] | 156 | |
Date Acquired | [5] | Dec. 18, 2014 | |
Average Effective Monthly Rent Per Unit | $ / Property | [2],[5] | 1,152 | 1,093 |
% Occupied | [3],[5] | 92.30% | 98.10% |
Cornerstone | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 318 | ||
Number of Units | Property | 430 | ||
Date Acquired | Jan. 15, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,053 | 1,007 |
% Occupied | [3] | 95.60% | 94.20% |
The Preserve at Terrell Mill | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 692 | ||
Number of Units | Property | 752 | ||
Date Acquired | Feb. 6, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 969 | 921 |
% Occupied | [3] | 94.90% | 94.80% |
Versailles | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 301 | ||
Number of Units | Property | 388 | ||
Date Acquired | Feb. 26, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 923 | 884 |
% Occupied | [3] | 93.00% | 96.40% |
Seasons 704 Apartments | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 217 | ||
Number of Units | Property | 222 | ||
Date Acquired | Apr. 15, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,155 | 1,130 |
% Occupied | [3] | 94.60% | 96.80% |
Madera Point | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 193 | ||
Number of Units | Property | 256 | ||
Date Acquired | Aug. 5, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 924 | 866 |
% Occupied | [3] | 96.10% | 94.50% |
Venue at 8651 | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 289 | ||
Number of Units | Property | 333 | ||
Date Acquired | Oct. 30, 2015 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 924 | 875 |
% Occupied | [3] | 96.10% | 92.80% |
Parc500 | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 266 | ||
Number of Units | Property | 217 | ||
Date Acquired | Jul. 27, 2016 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,304 | 1,254 |
% Occupied | [3] | 93.10% | 94.90% |
The Venue on Camelback | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 256 | ||
Number of Units | Property | 415 | ||
Date Acquired | Oct. 11, 2016 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 777 | 719 |
% Occupied | [3] | 94.20% | 93.30% |
Old Farm | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 697 | ||
Number of Units | Property | 734 | ||
Date Acquired | Dec. 29, 2016 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,162 | 1,176 |
% Occupied | [3] | 92.80% | 92.90% |
Stone Creek at Old Farm | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 186 | ||
Number of Units | Property | 190 | ||
Date Acquired | Dec. 29, 2016 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,194 | 1,173 |
% Occupied | [3] | 95.80% | 96.80% |
Hollister Place | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 246 | ||
Number of Units | Property | 260 | ||
Date Acquired | Feb. 1, 2017 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 995 | 984 |
% Occupied | [3] | 93.10% | 93.50% |
Rockledge Apartments | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 802 | ||
Number of Units | Property | 708 | ||
Date Acquired | Jun. 30, 2017 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,260 | 1,186 |
% Occupied | [3] | 95.30% | 94.60% |
Atera Apartments | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 334 | ||
Number of Units | Property | 380 | ||
Date Acquired | Oct. 25, 2017 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,256 | 1,232 |
% Occupied | [3] | 93.40% | 97.40% |
Cedar Pointe | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 224 | ||
Number of Units | Property | 210 | ||
Date Acquired | Aug. 24, 2018 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,066 | 1,051 |
% Occupied | [3] | 91.40% | 95.70% |
Crestmont Reserve | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 199 | ||
Number of Units | Property | 242 | ||
Date Acquired | Sep. 26, 2018 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 902 | 914 |
% Occupied | [3] | 94.20% | 94.60% |
Brandywine I & II | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 414 | ||
Number of Units | Property | 632 | ||
Date Acquired | Sep. 26, 2018 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 978 | 957 |
% Occupied | [3] | 93.70% | 93.80% |
Bella Vista | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 243 | ||
Number of Units | Property | 248 | ||
Date Acquired | Jan. 28, 2019 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,265 | |
% Occupied | [3] | 97.20% | |
The Enclave | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 194 | ||
Number of Units | Property | 204 | ||
Date Acquired | Jan. 28, 2019 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,295 | |
% Occupied | [3] | 93.60% | |
The Heritage | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 199 | ||
Number of Units | Property | 204 | ||
Date Acquired | Jan. 28, 2019 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,265 | |
% Occupied | [3] | 96.60% | |
Summers Landing | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 139 | ||
Number of Units | Property | 196 | ||
Date Acquired | Jun. 7, 2019 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 920 | |
% Occupied | [3] | 91.80% | |
Residences at Glenview Reserve | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 344 | ||
Number of Units | Property | 360 | ||
Date Acquired | Jul. 17, 2019 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 977 | |
% Occupied | [3] | 94.40% | |
Residences at West Place | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 345 | ||
Number of Units | Property | 342 | ||
Date Acquired | Jul. 17, 2019 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,211 | |
% Occupied | [3] | 92.70% | |
Avant at Pembroke Pines | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 1,442 | ||
Number of Units | Property | 1,520 | ||
Date Acquired | Aug. 30, 2019 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,498 | |
% Occupied | [3] | 93.70% | |
Arbors of Brentwood | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 325 | ||
Number of Units | Property | 346 | ||
Date Acquired | Sep. 10, 2019 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,192 | |
% Occupied | [3] | 96.20% | |
Torreyana Apartments | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 309 | ||
Number of Units | Property | 315 | ||
Date Acquired | Nov. 22, 2019 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,171 | |
% Occupied | [3] | 95.60% | |
Bloom | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 498 | ||
Number of Units | Property | 528 | ||
Date Acquired | Nov. 22, 2019 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,105 | |
% Occupied | [3] | 90.90% | |
Bella Solara | |||
Real Estate Properties [Line Items] | |||
Rentable Square Footage | ft² | 271 | ||
Number of Units | Property | 320 | ||
Date Acquired | Nov. 22, 2019 | ||
Average Effective Monthly Rent Per Unit | $ / Property | [2] | 1,136 | |
% Occupied | [3] | 91.90% | |
[1] | Represents total units owned by the Company as of December 31, 2019 inclusive of Cutter’s Point. Cutter’s Point is currently undergoing repairs after being struck by a tornado as discussed in Note 5, and as such, has been excluded from all other portfolio metrics such as occupancy percentage and weighted average rent per unit, etc. Total units exclusive of Cutter’s Point are 14,724 as of December 31, 2019. | ||
[2] | Average effective monthly rent per unit is equal to the average of the contractual rent for commenced leases as of December 31, 2019 and December 31, 2018, respectively, minus any tenant concessions over the term of the lease, divided by the number of units under commenced leases as of December 31, 2019 and December 31, 2018, respectively | ||
[3] | Percent occupied is calculated as the number of units occupied as of December 31, 2019 and 2018, divided by the total number of units, expressed as a percentage. | ||
[4] | Cutter’s Point incurred significant tornado damage on October 20, 2019 which resulted in the property ceasing operations in order to start reconstruction (see Note 5). | ||
[5] | Property was classified as held for sale as of December 31, 2019. |
Real Estate Investments Stati_5
Real Estate Investments Statistics - Summary of Investment in Multifamily Properties (Parenthetical) (Details) | Dec. 31, 2019Property | |
Business Acquisition [Line Items] | ||
Number of Units | 14,920 | [1] |
Exclusive Cutter’s Point | ||
Business Acquisition [Line Items] | ||
Number of Units | 14,724 | |
[1] | Represents total units owned by the Company as of December 31, 2019 inclusive of Cutter’s Point. Cutter’s Point is currently undergoing repairs after being struck by a tornado as discussed in Note 5, and as such, has been excluded from all other portfolio metrics such as occupancy percentage and weighted average rent per unit, etc. Total units exclusive of Cutter’s Point are 14,724 as of December 31, 2019. |
Real Estate Investments - Summa
Real Estate Investments - Summary of Major Components of Investments in Multifamily Properties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Real Estate Properties [Line Items] | ||
Land | $ 317,886 | $ 202,347 |
Buildings and improvements | 1,472,319 | 935,604 |
Intangible lease assets | 12,414 | 3,049 |
Construction in progress | 4,375 | 1,881 |
Furniture, fixtures, and equipment | 81,038 | 61,456 |
Real estate investment, gross | 1,888,032 | 1,204,337 |
Accumulated depreciation and amortization | (152,552) | (134,124) |
Total Net Operating Real Estate Investments | 1,735,480 | 1,070,213 |
Accumulated depreciation and amortization | (7,859) | (897) |
Total Net Real Estate Investments | 1,781,810 | 1,087,542 |
Real Estate Properties Held For Sale | ||
Real Estate Properties [Line Items] | ||
Total Net Operating Real Estate Investments | 46,330 | 17,329 |
Multifamily Properties | ||
Real Estate Properties [Line Items] | ||
Accumulated depreciation and amortization | (7,859) | (897) |
Total Net Real Estate Investments | 1,781,810 | 1,087,542 |
Multifamily Properties | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Total Net Real Estate Investments | 6,243 | 1,424 |
Multifamily Properties | Land | ||
Real Estate Properties [Line Items] | ||
Total Net Real Estate Investments | 331,596 | 208,467 |
Multifamily Properties | Buildings and Improvements | ||
Real Estate Properties [Line Items] | ||
Accumulated depreciation and amortization | (5,390) | (736) |
Total Net Real Estate Investments | 1,397,338 | 850,823 |
Multifamily Properties | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Total Net Real Estate Investments | 4,376 | 1,881 |
Multifamily Properties | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Accumulated depreciation and amortization | (2,469) | (161) |
Total Net Real Estate Investments | 42,257 | 24,947 |
Multifamily Properties | Real Estate Properties Held For Sale | ||
Real Estate Properties [Line Items] | ||
Total Net Operating Real Estate Investments | 46,330 | 17,329 |
Multifamily Properties | Real Estate Properties Held For Sale | Land | ||
Real Estate Properties [Line Items] | ||
Total Net Operating Real Estate Investments | 13,710 | 6,120 |
Multifamily Properties | Real Estate Properties Held For Sale | Buildings and Improvements | ||
Real Estate Properties [Line Items] | ||
Total Net Operating Real Estate Investments | 30,354 | 10,583 |
Multifamily Properties | Real Estate Properties Held For Sale | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Total Net Operating Real Estate Investments | 1 | |
Multifamily Properties | Real Estate Properties Held For Sale | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Total Net Operating Real Estate Investments | 2,265 | 626 |
Multifamily Properties | Arbors on Forest Ridge | ||
Real Estate Properties [Line Items] | ||
Land | 2,330 | 2,330 |
Buildings and improvements | 11,585 | 11,319 |
Furniture, fixtures, and equipment | 1,520 | 1,047 |
Real estate investment, gross | 15,435 | 14,696 |
Multifamily Properties | Cutter's Point | ||
Real Estate Properties [Line Items] | ||
Land | 3,330 | 3,330 |
Buildings and improvements | 2,563 | 13,347 |
Construction in progress | 2,648 | |
Furniture, fixtures, and equipment | 1,878 | 1,320 |
Real estate investment, gross | 10,419 | 17,997 |
Multifamily Properties | Eagle Crest | ||
Real Estate Properties [Line Items] | ||
Land | 5,450 | 5,450 |
Buildings and improvements | 23,830 | 22,969 |
Furniture, fixtures, and equipment | 1,832 | 1,563 |
Real estate investment, gross | 31,112 | 29,982 |
Multifamily Properties | Silverbrook | ||
Real Estate Properties [Line Items] | ||
Land | 4,860 | 4,860 |
Buildings and improvements | 27,091 | 26,485 |
Construction in progress | 60 | |
Furniture, fixtures, and equipment | 4,630 | 3,230 |
Real estate investment, gross | 36,581 | 34,635 |
Multifamily Properties | Beechwood Terrace | ||
Real Estate Properties [Line Items] | ||
Land | 1,390 | 1,390 |
Buildings and improvements | 22,000 | 21,123 |
Construction in progress | 70 | 31 |
Furniture, fixtures, and equipment | 2,535 | 1,670 |
Real estate investment, gross | 25,995 | 24,214 |
Multifamily Properties | Willow Grove | ||
Real Estate Properties [Line Items] | ||
Land | 3,940 | |
Buildings and improvements | 10,829 | |
Furniture, fixtures, and equipment | 1,231 | |
Real estate investment, gross | 16,000 | |
Multifamily Properties | Willow Grove | Real Estate Properties Held For Sale | ||
Real Estate Properties [Line Items] | ||
Land | 3,940 | |
Buildings and improvements | 10,946 | |
Furniture, fixtures, and equipment | 1,832 | |
Real estate investment, gross | 16,718 | |
Multifamily Properties | Woodbridge | ||
Real Estate Properties [Line Items] | ||
Land | 3,650 | |
Buildings and improvements | 13,125 | |
Furniture, fixtures, and equipment | 1,536 | |
Real estate investment, gross | 18,311 | |
Multifamily Properties | Woodbridge | Real Estate Properties Held For Sale | ||
Real Estate Properties [Line Items] | ||
Land | 3,650 | |
Buildings and improvements | 13,296 | |
Furniture, fixtures, and equipment | 1,934 | |
Real estate investment, gross | 18,880 | |
Multifamily Properties | The Summit at Sabal Park | ||
Real Estate Properties [Line Items] | ||
Land | 5,770 | 5,770 |
Buildings and improvements | 13,600 | 13,447 |
Construction in progress | 43 | |
Furniture, fixtures, and equipment | 1,598 | 1,347 |
Real estate investment, gross | 20,968 | 20,607 |
Multifamily Properties | Courtney Cove | ||
Real Estate Properties [Line Items] | ||
Land | 5,880 | 5,880 |
Buildings and improvements | 13,413 | 13,170 |
Construction in progress | 2 | |
Furniture, fixtures, and equipment | 1,982 | 1,268 |
Real estate investment, gross | 21,277 | 20,318 |
Multifamily Properties | Radbourne Lake | ||
Real Estate Properties [Line Items] | ||
Land | 2,440 | 2,440 |
Buildings and improvements | 22,465 | 22,138 |
Construction in progress | 72 | |
Furniture, fixtures, and equipment | 1,997 | 1,536 |
Real estate investment, gross | 26,902 | 26,186 |
Multifamily Properties | Timber Creek | ||
Real Estate Properties [Line Items] | ||
Land | 11,260 | 11,260 |
Buildings and improvements | 13,993 | 13,582 |
Furniture, fixtures, and equipment | 2,939 | 1,556 |
Real estate investment, gross | 28,192 | 26,398 |
Multifamily Properties | Sabal Palm at Lake Buena Vista | ||
Real Estate Properties [Line Items] | ||
Land | 7,580 | 7,580 |
Buildings and improvements | 41,841 | 41,336 |
Construction in progress | 492 | |
Furniture, fixtures, and equipment | 2,108 | 1,280 |
Real estate investment, gross | 52,021 | 50,196 |
Multifamily Properties | Cornerstone | ||
Real Estate Properties [Line Items] | ||
Land | 1,500 | 1,500 |
Buildings and improvements | 30,653 | 30,513 |
Furniture, fixtures, and equipment | 2,977 | 1,885 |
Real estate investment, gross | 35,130 | 33,898 |
Multifamily Properties | The Preserve at Terrell Mill | ||
Real Estate Properties [Line Items] | ||
Land | 10,170 | 10,170 |
Buildings and improvements | 49,216 | 49,091 |
Construction in progress | 8 | 57 |
Furniture, fixtures, and equipment | 6,183 | 4,843 |
Real estate investment, gross | 65,577 | 64,161 |
Multifamily Properties | The Venue on Camelback | ||
Real Estate Properties [Line Items] | ||
Land | 8,340 | |
Buildings and improvements | 37,992 | |
Furniture, fixtures, and equipment | 2,086 | |
Real estate investment, gross | 48,418 | |
Multifamily Properties | Versailles | ||
Real Estate Properties [Line Items] | ||
Land | 6,720 | 6,720 |
Buildings and improvements | 21,688 | 21,513 |
Construction in progress | 8 | |
Furniture, fixtures, and equipment | 3,736 | 3,033 |
Real estate investment, gross | 32,152 | 31,266 |
Multifamily Properties | Seasons 704 Apartments | ||
Real Estate Properties [Line Items] | ||
Land | 7,480 | 7,480 |
Buildings and improvements | 14,336 | 14,223 |
Furniture, fixtures, and equipment | 1,482 | 1,288 |
Real estate investment, gross | 23,298 | 22,991 |
Multifamily Properties | Madera Point | ||
Real Estate Properties [Line Items] | ||
Land | 4,920 | 4,920 |
Buildings and improvements | 17,615 | 17,570 |
Furniture, fixtures, and equipment | 2,042 | 1,431 |
Real estate investment, gross | 24,577 | 23,921 |
Multifamily Properties | Venue at 8651 | ||
Real Estate Properties [Line Items] | ||
Land | 2,350 | 2,350 |
Buildings and improvements | 18,192 | 18,084 |
Construction in progress | 21 | |
Furniture, fixtures, and equipment | 3,330 | 2,499 |
Real estate investment, gross | 23,893 | 22,933 |
Multifamily Properties | Parc500 | ||
Real Estate Properties [Line Items] | ||
Land | 3,860 | 3,860 |
Buildings and improvements | 20,821 | 20,692 |
Construction in progress | 193 | 37 |
Furniture, fixtures, and equipment | 3,202 | 2,600 |
Real estate investment, gross | 28,076 | 27,189 |
Multifamily Properties | Old Farm | ||
Real Estate Properties [Line Items] | ||
Land | 11,078 | 11,078 |
Buildings and improvements | 70,670 | 70,471 |
Construction in progress | 40 | |
Furniture, fixtures, and equipment | 2,950 | 1,800 |
Real estate investment, gross | 84,738 | 83,349 |
Multifamily Properties | Bella Vista | ||
Real Estate Properties [Line Items] | ||
Land | 10,942 | |
Buildings and improvements | 36,690 | |
Furniture, fixtures, and equipment | 1,500 | |
Real estate investment, gross | 49,132 | |
Multifamily Properties | Stone Creek at Old Farm | ||
Real Estate Properties [Line Items] | ||
Land | 3,493 | 3,493 |
Buildings and improvements | 19,436 | 19,394 |
Construction in progress | 1 | |
Furniture, fixtures, and equipment | 716 | 467 |
Real estate investment, gross | 23,646 | 23,354 |
Multifamily Properties | The Enclave | ||
Real Estate Properties [Line Items] | ||
Land | 11,046 | |
Buildings and improvements | 30,224 | |
Construction in progress | 24 | |
Furniture, fixtures, and equipment | 1,176 | |
Real estate investment, gross | 42,470 | |
Multifamily Properties | Hollister Place | ||
Real Estate Properties [Line Items] | ||
Land | 2,782 | 2,782 |
Buildings and improvements | 21,788 | 21,389 |
Construction in progress | 135 | |
Furniture, fixtures, and equipment | 2,159 | 1,410 |
Real estate investment, gross | 26,729 | 25,716 |
Multifamily Properties | The Heritage | ||
Real Estate Properties [Line Items] | ||
Land | 6,835 | |
Buildings and improvements | 34,580 | |
Furniture, fixtures, and equipment | 1,246 | |
Real estate investment, gross | 42,661 | |
Multifamily Properties | Rockledge Apartments | ||
Real Estate Properties [Line Items] | ||
Land | 17,451 | 17,451 |
Buildings and improvements | 96,108 | 95,484 |
Construction in progress | 134 | 428 |
Furniture, fixtures, and equipment | 4,759 | 3,314 |
Real estate investment, gross | 118,452 | 116,677 |
Multifamily Properties | Summers Landing | ||
Real Estate Properties [Line Items] | ||
Land | 1,798 | |
Buildings and improvements | 16,958 | |
Construction in progress | 35 | |
Furniture, fixtures, and equipment | 528 | |
Real estate investment, gross | 19,319 | |
Multifamily Properties | Atera Apartments | ||
Real Estate Properties [Line Items] | ||
Land | 22,371 | 22,371 |
Buildings and improvements | 37,442 | 36,563 |
Construction in progress | 8 | 86 |
Furniture, fixtures, and equipment | 2,044 | 1,151 |
Real estate investment, gross | 61,865 | 60,171 |
Multifamily Properties | Residences at Glenview Reserve | ||
Real Estate Properties [Line Items] | ||
Land | 3,367 | |
Buildings and improvements | 40,202 | |
Construction in progress | 11 | |
Furniture, fixtures, and equipment | 837 | |
Real estate investment, gross | 44,417 | |
Multifamily Properties | Cedar Pointe | ||
Real Estate Properties [Line Items] | ||
Land | 2,372 | 2,371 |
Buildings and improvements | 24,193 | 23,458 |
Intangible lease assets | 600 | |
Construction in progress | 24 | 16 |
Furniture, fixtures, and equipment | 1,268 | 441 |
Real estate investment, gross | 27,857 | 26,886 |
Multifamily Properties | Residences at West Place | ||
Real Estate Properties [Line Items] | ||
Land | 3,345 | |
Buildings and improvements | 50,884 | |
Construction in progress | 244 | |
Furniture, fixtures, and equipment | 810 | |
Real estate investment, gross | 55,283 | |
Multifamily Properties | Crestmont Reserve | ||
Real Estate Properties [Line Items] | ||
Land | 4,124 | 4,124 |
Buildings and improvements | 20,613 | 19,544 |
Intangible lease assets | 687 | |
Furniture, fixtures, and equipment | 1,272 | 504 |
Real estate investment, gross | 26,009 | 24,859 |
Multifamily Properties | Avant at Pembroke Pines | ||
Real Estate Properties [Line Items] | ||
Land | 48,436 | |
Buildings and improvements | 266,103 | |
Intangible lease assets | 6,989 | |
Construction in progress | 217 | |
Furniture, fixtures, and equipment | 5,376 | |
Real estate investment, gross | 327,121 | |
Multifamily Properties | Brandywine I & II | ||
Real Estate Properties [Line Items] | ||
Land | 6,237 | 6,237 |
Buildings and improvements | 73,004 | 70,961 |
Intangible lease assets | 1,762 | |
Construction in progress | 58 | |
Furniture, fixtures, and equipment | 3,148 | 1,215 |
Real estate investment, gross | 82,447 | 80,175 |
Multifamily Properties | Arbors of Brentwood | ||
Real Estate Properties [Line Items] | ||
Land | 6,346 | |
Buildings and improvements | 54,995 | |
Intangible lease assets | 1,215 | |
Construction in progress | 137 | |
Furniture, fixtures, and equipment | 779 | |
Real estate investment, gross | 63,472 | |
Multifamily Properties | Torreyana Apartments | ||
Real Estate Properties [Line Items] | ||
Land | 23,823 | |
Buildings and improvements | 42,721 | |
Intangible lease assets | 1,201 | |
Furniture, fixtures, and equipment | 655 | |
Real estate investment, gross | 68,400 | |
Multifamily Properties | Bloom | ||
Real Estate Properties [Line Items] | ||
Land | 23,805 | |
Buildings and improvements | 80,365 | |
Intangible lease assets | 1,851 | |
Furniture, fixtures, and equipment | 1,095 | |
Real estate investment, gross | 107,116 | |
Multifamily Properties | Southpoint Reserve at Stoney Creek | Real Estate Properties Held For Sale | ||
Real Estate Properties [Line Items] | ||
Land | 6,120 | 6,120 |
Buildings and improvements | 11,502 | 11,319 |
Construction in progress | 1 | |
Furniture, fixtures, and equipment | 968 | 787 |
Real estate investment, gross | 18,591 | 18,226 |
Multifamily Properties | Bella Solara | ||
Real Estate Properties [Line Items] | ||
Land | 12,605 | |
Buildings and improvements | 52,449 | |
Intangible lease assets | 1,158 | |
Furniture, fixtures, and equipment | 663 | |
Real estate investment, gross | 66,875 | |
Multifamily Properties | Operating Properties | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,888,032 | 1,204,337 |
Accumulated depreciation and amortization | (152,552) | (134,124) |
Total Net Operating Real Estate Investments | 1,735,480 | 1,070,213 |
Multifamily Properties | Operating Properties | Intangible Lease Assets | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 12,414 | 3,049 |
Accumulated depreciation and amortization | (6,171) | (1,625) |
Total Net Operating Real Estate Investments | 6,243 | 1,424 |
Multifamily Properties | Operating Properties | Land | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 317,886 | 202,347 |
Total Net Operating Real Estate Investments | 317,886 | 202,347 |
Multifamily Properties | Operating Properties | Buildings and Improvements | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 1,472,319 | 935,604 |
Accumulated depreciation and amortization | (105,335) | (95,364) |
Total Net Operating Real Estate Investments | 1,366,984 | 840,240 |
Multifamily Properties | Operating Properties | Construction in Progress | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 4,375 | 1,881 |
Total Net Operating Real Estate Investments | 4,375 | 1,881 |
Multifamily Properties | Operating Properties | Furniture, Fixtures, and Equipment | ||
Real Estate Properties [Line Items] | ||
Real estate investment, gross | 81,038 | 61,456 |
Accumulated depreciation and amortization | (41,046) | (37,135) |
Total Net Operating Real Estate Investments | $ 39,992 | 24,321 |
Multifamily Properties | Edgewater at Sandy Springs | ||
Real Estate Properties [Line Items] | ||
Land | 14,290 | |
Buildings and improvements | 44,186 | |
Construction in progress | 349 | |
Furniture, fixtures, and equipment | 5,083 | |
Real estate investment, gross | 63,908 | |
Multifamily Properties | Abbington Heights | ||
Real Estate Properties [Line Items] | ||
Land | 1,770 | |
Buildings and improvements | 17,140 | |
Furniture, fixtures, and equipment | 1,539 | |
Real estate investment, gross | 20,449 | |
Multifamily Properties | Belmont at Duck Creek | ||
Real Estate Properties [Line Items] | ||
Land | 1,910 | |
Buildings and improvements | 17,397 | |
Furniture, fixtures, and equipment | 1,471 | |
Real estate investment, gross | 20,778 | |
Multifamily Properties | The Ashlar | ||
Real Estate Properties [Line Items] | ||
Land | 4,090 | |
Buildings and improvements | 12,845 | |
Furniture, fixtures, and equipment | 2,017 | |
Real estate investment, gross | 18,952 | |
Multifamily Properties | Heatherstone | ||
Real Estate Properties [Line Items] | ||
Land | 2,320 | |
Buildings and improvements | 8,132 | |
Furniture, fixtures, and equipment | 1,199 | |
Real estate investment, gross | 11,651 | |
Multifamily Properties | The Pointe at the Foothills | ||
Real Estate Properties [Line Items] | ||
Land | 4,840 | |
Buildings and improvements | 46,998 | |
Furniture, fixtures, and equipment | 2,078 | |
Real estate investment, gross | 53,916 | |
Multifamily Properties | The Colonnade | ||
Real Estate Properties [Line Items] | ||
Land | 8,340 | |
Buildings and improvements | 37,086 | |
Construction in progress | 567 | |
Furniture, fixtures, and equipment | 1,604 | |
Real estate investment, gross | $ 47,597 |
Real Estate Investments - Addit
Real Estate Investments - Additional Information (Details) | Oct. 20, 2019USD ($) | Oct. 31, 2017Property | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | |
Real Estate Properties [Line Items] | ||||||
Depreciation expense | $ 56,400,000 | $ 45,000,000 | $ 39,900,000 | |||
Amortization expense of intangible lease assets | $ 12,726,000 | $ 2,468,000 | 8,940,000 | |||
Number of properties acquired | Property | 11 | 3 | ||||
Purchase Price | $ 876,746,000 | $ 131,000,000 | ||||
Number of real estate properties sold | Property | 4 | 6 | 1 | |||
Sales of real estate | $ 30,000,000 | |||||
Impairment write down | $ 0 | $ 0 | $ 0 | |||
Casualty losses recognized | [1] | 3,488,000 | ||||
Business interruption insurance claim and recognized | 600,000 | |||||
Capitalized cost | 200,000 | |||||
Cutter's Point | ||||||
Real Estate Properties [Line Items] | ||||||
Impairment write down | $ 7,800,000 | 7,800,000 | ||||
Intangible Lease Assets | ||||||
Real Estate Properties [Line Items] | ||||||
Amortization expense, 2020 | $ 6,200,000 | |||||
[1] | Casualty losses for the year ended December 31, 2019 are related to tornado damage incurred at Cutter’s Point (see Note 5). |
Real Estate Investments - Sum_2
Real Estate Investments - Summary of Acquired Properties (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($) | |
Real Estate Properties [Line Items] | ||
Purchase Price | $ 876,746 | $ 131,000 |
Mortgage Debt | $ 493,635 | |
Number of Units | Property | 4,583 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Bella Vista | Phoenix, Arizona | ||
Real Estate Properties [Line Items] | ||
Date of Acquisition | Jan. 28, 2019 | |
Purchase Price | $ 48,400 | |
Mortgage Debt | $ 29,040 | |
Number of Units | Property | 248 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
The Enclave | Tempe, Arizona | ||
Real Estate Properties [Line Items] | ||
Date of Acquisition | Jan. 28, 2019 | |
Purchase Price | $ 41,800 | |
Mortgage Debt | $ 25,322 | |
Number of Units | Property | 204 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
The Heritage | Phoenix, Arizona | ||
Real Estate Properties [Line Items] | ||
Date of Acquisition | Jan. 28, 2019 | |
Purchase Price | $ 41,900 | |
Mortgage Debt | $ 24,625 | |
Number of Units | Property | 204 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Summers Landing | Fort Worth, Texas | ||
Real Estate Properties [Line Items] | ||
Date of Acquisition | Jun. 7, 2019 | |
Purchase Price | $ 19,396 | |
Mortgage Debt | $ 10,109 | |
Number of Units | Property | 196 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Residences at Glenview Reserve | Nashville, Tennessee | ||
Real Estate Properties [Line Items] | ||
Date of Acquisition | Jul. 17, 2019 | |
Purchase Price | $ 45,000 | |
Mortgage Debt | $ 26,560 | |
Number of Units | Property | 360 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Residences at West Place | Orlando, Florida | ||
Real Estate Properties [Line Items] | ||
Date of Acquisition | Jul. 17, 2019 | |
Purchase Price | $ 55,000 | |
Mortgage Debt | $ 33,817 | |
Number of Units | Property | 342 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Avant at Pembroke Pines | Pembroke Pines, Florida | ||
Real Estate Properties [Line Items] | ||
Date of Acquisition | Aug. 30, 2019 | |
Purchase Price | $ 322,000 | |
Mortgage Debt | $ 177,100 | |
Number of Units | Property | 1,520 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Arbors of Brentwood | Nashville, Tennessee | ||
Real Estate Properties [Line Items] | ||
Date of Acquisition | Sep. 10, 2019 | |
Purchase Price | $ 62,250 | |
Mortgage Debt | $ 34,237 | |
Number of Units | Property | 346 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Torreyana Apartments | Las Vegas, Nevada | ||
Real Estate Properties [Line Items] | ||
Date of Acquisition | Nov. 22, 2019 | |
Purchase Price | $ 68,000 | |
Mortgage Debt | $ 37,400 | |
Number of Units | Property | 315 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Bloom | Las Vegas, Nevada | ||
Real Estate Properties [Line Items] | ||
Date of Acquisition | Nov. 22, 2019 | |
Purchase Price | $ 106,500 | |
Mortgage Debt | $ 58,850 | |
Number of Units | Property | 528 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% | |
Bella Solara | Las Vegas, Nevada | ||
Real Estate Properties [Line Items] | ||
Date of Acquisition | Nov. 22, 2019 | |
Purchase Price | $ 66,500 | |
Mortgage Debt | $ 36,575 | |
Number of Units | Property | 320 | |
Effective ownership percentage, wholly owned subsidiary | 100.00% |
Real Estate Investments - Sum_3
Real Estate Investments - Summary of Sale of Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate Properties [Line Items] | |||
Sales Price | $ 289,875 | ||
Net Cash Proceeds | 286,479 | $ 29,553 | $ 224,416 |
Gain on Sale of Real Estate | $ 127,684 | $ 13,742 | $ 78,365 |
Edgewater at Sandy Springs | Atlanta, Georgia | |||
Real Estate Properties [Line Items] | |||
Date of Sale | Aug. 28, 2019 | ||
Sales Price | $ 101,250 | ||
Net Cash Proceeds | 100,120 | ||
Gain on Sale of Real Estate | $ 47,332 | ||
Abbington Heights | Antioch, Tennessee | |||
Real Estate Properties [Line Items] | |||
Date of Sale | Aug. 30, 2019 | ||
Sales Price | $ 28,050 | ||
Net Cash Proceeds | 27,605 | ||
Gain on Sale of Real Estate | $ 10,887 | ||
Belmont at Duck Creek | Garland, Texas | |||
Real Estate Properties [Line Items] | |||
Date of Sale | Aug. 28, 2019 | ||
Sales Price | $ 29,500 | ||
Net Cash Proceeds | 29,102 | ||
Gain on Sale of Real Estate | $ 11,993 | ||
The Ashlar | Dallas, Texas | |||
Real Estate Properties [Line Items] | |||
Date of Sale | Aug. 28, 2019 | ||
Sales Price | $ 29,400 | ||
Net Cash Proceeds | 29,029 | ||
Gain on Sale of Real Estate | $ 13,205 | ||
Heatherstone | Dallas, Texas | |||
Real Estate Properties [Line Items] | |||
Date of Sale | Aug. 28, 2019 | ||
Sales Price | $ 16,275 | ||
Net Cash Proceeds | 16,032 | ||
Gain on Sale of Real Estate | $ 6,366 | ||
The Pointe at the Foothills | Mesa, Arizona | |||
Real Estate Properties [Line Items] | |||
Date of Sale | Aug. 28, 2019 | ||
Sales Price | $ 85,400 | ||
Net Cash Proceeds | 84,591 | ||
Gain on Sale of Real Estate | $ 37,901 |
Debt - Summary of Mortgage Debt
Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Mortgages payable, net | $ 1,145,371 | $ 824,702 |
Mortgages Payable | Operating Properties | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | 1,151,867 | |
Fair market value adjustment | 1,463 | |
Deferred financing costs, net of accumulated amortization | (7,959) | |
Mortgages payable, net | $ 1,145,371 | |
Mortgages Payable | Arbors on Forest Ridge | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 13,130 | |
Interest Rate | 3.44% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Cutter's Point | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 16,640 | |
Interest Rate | 3.44% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Eagle Crest | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 29,510 | |
Interest Rate | 3.44% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Silverbrook | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 30,590 | |
Interest Rate | 3.44% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Beechwood Terrace | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 23,365 | |
Interest Rate | 3.20% | |
Maturity Date | Sep. 1, 2025 | |
Mortgages Payable | The Summit at Sabal Park | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 13,560 | |
Interest Rate | 3.38% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Courtney Cove | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 13,680 | |
Interest Rate | 3.38% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | The Preserve at Terrell Mill | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 42,480 | |
Interest Rate | 3.38% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | The Venue on Camelback | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 28,093 | |
Interest Rate | 3.44% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Versailles | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 23,880 | |
Interest Rate | 3.38% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Seasons 704 Apartments | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 17,460 | |
Interest Rate | 3.38% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Madera Point | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 15,150 | |
Interest Rate | 3.38% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Venue at 8651 | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 13,734 | |
Interest Rate | 3.54% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Old Farm | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 52,886 | |
Interest Rate | 3.44% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Stone Creek at Old Farm | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 15,274 | |
Interest Rate | 3.44% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Timber Creek | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 24,100 | |
Interest Rate | 3.02% | |
Maturity Date | Oct. 1, 2025 | |
Mortgages Payable | Radbourne Lake | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 20,000 | |
Interest Rate | 3.05% | |
Maturity Date | Oct. 1, 2025 | |
Mortgages Payable | Sabal Palm at Lake Buena Vista | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 42,100 | |
Interest Rate | 3.06% | |
Maturity Date | Sep. 1, 2025 | |
Mortgages Payable | Cornerstone | Debt With Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Outstanding Principal | $ 21,772 | |
Interest Rate | 4.24% | |
Maturity Date | Mar. 1, 2023 | |
Mortgages Payable | Bella Vista | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 29,040 | |
Interest Rate | 3.08% | |
Maturity Date | Feb. 1, 2026 | |
Mortgages Payable | Parc500 | Debt With Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Outstanding Principal | $ 15,221 | |
Interest Rate | 4.49% | |
Maturity Date | Aug. 1, 2025 | |
Mortgages Payable | The Enclave | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 25,322 | |
Interest Rate | 3.08% | |
Maturity Date | Feb. 1, 2026 | |
Mortgages Payable | Hollister Place | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 14,811 | |
Interest Rate | 3.10% | |
Maturity Date | Oct. 1, 2025 | |
Mortgages Payable | The Heritage | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 24,625 | |
Interest Rate | 3.08% | |
Maturity Date | Feb. 1, 2026 | |
Mortgages Payable | Rockledge Apartments | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 68,100 | |
Interest Rate | 3.33% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Summers Landing | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 10,109 | |
Interest Rate | 2.94% | |
Maturity Date | Oct. 1, 2025 | |
Mortgages Payable | Atera Apartments | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 29,500 | |
Interest Rate | 3.24% | |
Maturity Date | Nov. 1, 2024 | |
Mortgages Payable | Residences at Glenview Reserve | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 26,560 | |
Interest Rate | 3.20% | |
Maturity Date | Oct. 1, 2025 | |
Mortgages Payable | Cedar Pointe | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 17,300 | |
Interest Rate | 3.11% | |
Maturity Date | Sep. 1, 2025 | |
Mortgages Payable | Residences at West Place | Debt With Fixed Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 120 months | |
Outstanding Principal | $ 33,817 | |
Interest Rate | 4.24% | |
Maturity Date | Oct. 1, 2028 | |
Mortgages Payable | Crestmont Reserve | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 12,061 | |
Interest Rate | 2.94% | |
Maturity Date | Oct. 1, 2025 | |
Mortgages Payable | Avant at Pembroke Pines | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 177,100 | |
Interest Rate | 3.19% | |
Maturity Date | Sep. 1, 2026 | |
Mortgages Payable | Brandywine I & II | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 43,835 | |
Interest Rate | 2.94% | |
Maturity Date | Oct. 1, 2025 | |
Mortgages Payable | Arbors of Brentwood | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 34,237 | |
Interest Rate | 3.19% | |
Maturity Date | Oct. 1, 2026 | |
Mortgages Payable | Torreyana Apartments | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 37,400 | |
Interest Rate | 3.46% | |
Maturity Date | Dec. 1, 2026 | |
Mortgages Payable | Bloom | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 58,850 | |
Interest Rate | 3.46% | |
Maturity Date | Dec. 1, 2026 | |
Mortgages Payable | Bella Solara | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 36,575 | |
Interest Rate | 3.46% | |
Maturity Date | Dec. 1, 2026 | |
Mortgages Payable | Real Estate Properties Held For Sale | ||
Debt Instrument [Line Items] | ||
Outstanding Principal | $ 41,661 | |
Deferred financing costs, net of accumulated amortization | (485) | |
Mortgages payable, net | $ 41,176 | |
Mortgages Payable | Real Estate Properties Held For Sale | Willow Grove | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 14,818 | |
Interest Rate | 3.54% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Real Estate Properties Held For Sale | Woodbridge | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 13,677 | |
Interest Rate | 3.54% | |
Maturity Date | Jul. 1, 2024 | |
Mortgages Payable | Real Estate Properties Held For Sale | Southpoint Reserve at Stoney Creek | Debt With Floating Interest Rate | ||
Debt Instrument [Line Items] | ||
Term (months) | 84 months | |
Outstanding Principal | $ 13,166 | |
Interest Rate | 3.87% | |
Maturity Date | Jan. 1, 2022 |
Debt - Summary of Mortgage De_2
Debt - Summary of Mortgage Debt Nonrecourse to Company and Encumbers Multifamily Properties (Parenthetical) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Deferred financing costs, net of accumulated amortization | $ 2,494 |
Cornerstone | Debt With Fixed Interest Rate | |
Debt Instrument [Line Items] | |
Interest Rate | 4.09% |
Fair value of debt assumed upon acquisition | $ 18,000 |
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. |
Blended pay rate | 4.24% |
Residences at Glenview Reserve and West Place | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan can be prepaid at the greater of par plus 1.00% of the unpaid principal balance or the product obtained by multiplying the present value of the principal being prepaid by the excess of the monthly fixed interest rate of the loan over a daily discount rate. The loan is open to pre-payment in 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% |
13th month through 81st month | Cedar Pointe | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Loan can be pre-paid in the first 12 months of the term in certain circumstances 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% |
13th month through 81st month | Bella Vista | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Loan can be pre-paid in the first 12 months of the term in certain circumstances 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% |
13th month through 81st month | Summers Landing | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Debt was assumed upon acquisition of this property and recorded at approximated fair value. It can be pre-paid in the first 12 months of the term in certain circumstances 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% |
13th month through 81st month | Torreyana, Bloom and Bella Solara | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Loan can be pre-paid in the first 12 months of the term in certain circumstances 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% |
First 12 months | |
Debt Instrument [Line Items] | |
Loan prepayment fee as a percentage of unpaid principal balance | 5.00% |
First 12 months | Cedar Pointe | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Loan prepayment fee as a percentage of unpaid principal balance | 5.00% |
First 12 months | Bella Vista | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Loan prepayment fee as a percentage of unpaid principal balance | 5.00% |
First 12 months | Summers Landing | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Loan prepayment fee as a percentage of unpaid principal balance | 5.00% |
First 12 months | Torreyana, Bloom and Bella Solara | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Loan prepayment fee as a percentage of unpaid principal balance | 5.00% |
First Mortgage | Cornerstone | 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 the 13th month through August 31, 2022 and is pre-payable at par September 1, 2022 until maturity. |
Second Mortgage | Cornerstone | 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 | $ 5,800 |
Last Four Months | Parc500 | |
Debt Instrument [Line Items] | |
Mortgage loans payable description | Debt was assumed upon acquisition of this property and recorded at approximated fair value. The loan is open to pre-payment in the last four months of the term. |
One-month LIBOR | |
Debt Instrument [Line Items] | |
Interest Rate | 1.7625% |
Real Estate Properties Held For Sale | |
Debt Instrument [Line Items] | |
Deferred financing costs, net of accumulated amortization | $ 362 |
Debt - Sale of Property and Rep
Debt - Sale of Property and Repayment of Related Mortgage Loan That Encumbered (Details) - Mortgages Loan - Debt With Floating Interest Rate $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Outstanding Principal | $ 144,880 |
Edgewater at Sandy Springs | |
Debt Instrument [Line Items] | |
Date of Sale | Aug. 28, 2019 |
Outstanding Principal | $ 52,000 |
Abbington Heights | |
Debt Instrument [Line Items] | |
Date of Sale | Aug. 30, 2019 |
Outstanding Principal | $ 16,920 |
Belmont at Duck Creek | |
Debt Instrument [Line Items] | |
Date of Sale | Aug. 28, 2019 |
Outstanding Principal | $ 17,760 |
The Ashlar | |
Debt Instrument [Line Items] | |
Date of Sale | Aug. 28, 2019 |
Outstanding Principal | $ 14,520 |
Heatherstone | |
Debt Instrument [Line Items] | |
Date of Sale | Aug. 28, 2019 |
Outstanding Principal | $ 8,880 |
The Pointe at the Foothills | |
Debt Instrument [Line Items] | |
Date of Sale | Aug. 28, 2019 |
Outstanding Principal | $ 34,800 |
Debt - Additional Information (
Debt - Additional Information (Details) | Nov. 20, 2019USD ($) | Aug. 28, 2019USD ($) | Jan. 28, 2019USD ($) | Nov. 14, 2018USD ($) | Sep. 26, 2018USD ($) | Jul. 25, 2018USD ($) | Apr. 27, 2018USD ($) | Jun. 30, 2017USD ($) | Nov. 30, 2018USD ($) | Oct. 31, 2017USD ($)Property | Jul. 31, 2017USD ($) | Jun. 30, 2017USD ($)Property | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($)Property | Dec. 31, 2017USD ($) | Jun. 29, 2019USD ($) | Feb. 28, 2018USD ($) | Dec. 29, 2016USD ($) |
Debt Instrument [Line Items] | ||||||||||||||||||
Number of properties acquired | Property | 11 | 3 | ||||||||||||||||
Credit facility proceeds received | $ 255,000,000 | $ 55,000,000 | $ 25,000,000 | |||||||||||||||
Repayment of credit facility | 37,000,000 | 85,000,000 | 310,000,000 | |||||||||||||||
Write-off deferred financing costs | $ 1,400,000 | $ 1,400,000 | 1,000,000 | |||||||||||||||
Number of properties sold | Property | 4 | 6 | 1 | |||||||||||||||
Interest expense | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Amortization of deferred financing fees | $ 2,100,000 | $ 1,700,000 | $ 2,000,000 | |||||||||||||||
2017 Bridge Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate description | one-month LIBOR plus 3.75%. | |||||||||||||||||
Bridge facility | $ 30,000,000 | $ 65,900,000 | $ 65,900,000 | |||||||||||||||
Repayments of bridge loan | 30,000,000 | $ 46,000,000 | $ 11,300,000 | |||||||||||||||
Bridge facility, net | $ 8,600,000 | $ 8,600,000 | ||||||||||||||||
Maturity Date | Mar. 31, 2018 | |||||||||||||||||
Bridge facility extension term | 4 months | |||||||||||||||||
KeyBank | $30 Million Bridge Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate description | one-month LIBOR plus 2.00% | |||||||||||||||||
Commitment fee rebate received | $ 300,000 | |||||||||||||||||
Bridge facility | $ 30,000,000 | |||||||||||||||||
Drawn from bridge facility | $ 30,000,000 | |||||||||||||||||
Term (months) | 6 months | |||||||||||||||||
Repayments of bridge loan | 30,000,000 | |||||||||||||||||
Corporate Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Costs incurred on additional financing | 1,499,000 | |||||||||||||||||
Corporate Credit Facility | SunTrust Bank | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 75,000,000 | 225,000,000 | ||||||||||||||||
Credit facility proceeds received | $ 52,500,000 | |||||||||||||||||
Facility, term | 24 months | |||||||||||||||||
Line of credit facility, extended term | 12 months | |||||||||||||||||
Interest rate description | one-month LIBOR plus a range from 2.00% to 2.50% | |||||||||||||||||
Line of credit facility, increase in facility amount | $ 75,000,000 | $ 25,000,000 | ||||||||||||||||
Increase in deferred financing cost | $ 200,000 | $ 800,000 | ||||||||||||||||
Corporate Credit Facility | SunTrust Bank | Accordion Feature | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 75,000,000 | $ 125,000,000 | ||||||||||||||||
Costs incurred on additional financing | $ 500,000 | |||||||||||||||||
Corporate Credit Facility | SunTrust Bank | Accordion Feature | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility, increase in facility amount | $ 150,000,000 | |||||||||||||||||
$60 Million Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility, maximum borrowing capacity | 60,000,000 | |||||||||||||||||
Credit facility proceeds received | $ 50,000,000 | |||||||||||||||||
Facility, term | 24 months | |||||||||||||||||
Interest rate description | one-month LIBOR plus 2.00%. | |||||||||||||||||
Line of credit facility, current borrowing capacity | $ 60,000,000 | |||||||||||||||||
Repayment of credit facility | $ 50,000,000 | 50,000,000 | ||||||||||||||||
$60 Million Credit Facility | KeyBank | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 30,000,000 | |||||||||||||||||
Credit facility proceeds received | 5,000,000 | |||||||||||||||||
Line of credit facility, increase in facility amount | $ 5,000,000 | |||||||||||||||||
Line of credit facility, current borrowing capacity | $ 30,000,000 | |||||||||||||||||
Repayment of credit facility | $ 5,000,000 | |||||||||||||||||
Line of credit facility, expiration date | Jul. 25, 2018 | |||||||||||||||||
Write-off deferred financing costs | $ 100,000 | |||||||||||||||||
Commitment fee rebate received | $ 800,000 | |||||||||||||||||
$30 Million Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Repayment of credit facility | $ 30,000,000 | |||||||||||||||||
Line of credit facility extended maturity date | Sep. 26, 2020 | |||||||||||||||||
Freddie Mac Multifamily Green Advantage Program | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage debt financing, amount escrowed | $ 4,200,000 | $ 4,200,000 | $ 1,200,000 | |||||||||||||||
Number of properties covered under mortgage loan program | Property | 18 | 2 | ||||||||||||||||
Number of properties acquired | Property | 3 | |||||||||||||||||
Number of properties refinanced | Property | 7 | |||||||||||||||||
One-month LIBOR | KeyBank | $30 Million Bridge Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 2.00% | |||||||||||||||||
One-month LIBOR | Corporate Credit Facility | SunTrust Bank | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Period of LIBOR | 1 month | |||||||||||||||||
One-month LIBOR | Corporate Credit Facility | SunTrust Bank | Maximum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 2.50% | |||||||||||||||||
One-month LIBOR | Corporate Credit Facility | SunTrust Bank | Minimum | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 2.00% | |||||||||||||||||
One-month LIBOR | $60 Million Credit Facility | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Interest rate | 2.00% | |||||||||||||||||
Mortgages Payable | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted average interest rate of mortgage indebtedness | 3.34% | 4.07% | ||||||||||||||||
Adjusted weighted average interest rate | 3.06% | |||||||||||||||||
Weighted average fixed rate | 1.4147% | |||||||||||||||||
Mortgages Payable | One-month LIBOR | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Weighted average interest rate of mortgage indebtedness | 1.7625% | 2.5027% | ||||||||||||||||
Weighted average decrease of spread in basis points | 0.74% | |||||||||||||||||
Mortgages Payable | Floating Interest Rate Swap | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Combined notional amount | $ 975,000,000 | |||||||||||||||||
Mortgages Payable | Interest Rate Swap | ||||||||||||||||||
Debt Instrument [Line Items] | ||||||||||||||||||
Mortgage indebtedness | $ 975,000,000 |
Debt - Summary of the Company's
Debt - Summary of the Company's Credit Facility (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Debt Instrument [Line Items] | |
Credit facilities, net | $ 216,501 |
Corporate Credit Facility | |
Debt Instrument [Line Items] | |
Deferred financing costs, net of accumulated amortization | (1,499) |
Credit facilities, net | $ 216,501 |
Corporate Credit Facility | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Term (months) | 24 months |
Interest Rate | 3.69% |
Maturity Date | Jan. 28, 2021 |
Credit facilities | $ 41,700 |
Corporate Credit Facility | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Term (months) | 24 months |
Interest Rate | 3.74% |
Maturity Date | Jan. 28, 2021 |
Credit facilities | $ 19,000 |
Corporate Credit Facility | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Term (months) | 24 months |
Interest Rate | 3.76% |
Maturity Date | Jan. 28, 2021 |
Credit facilities | $ 111,000 |
Corporate Credit Facility | Debt With Floating Interest Rate | |
Debt Instrument [Line Items] | |
Term (months) | 24 months |
Interest Rate | 3.80% |
Maturity Date | Jan. 28, 2021 |
Credit facilities | $ 46,300 |
Debt - Summary of the Company_2
Debt - Summary of the Company's Credit Facility (Parenthetical) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
Deferred financing costs, net of accumulated amortization | $ 2,494 |
One-month LIBOR | |
Debt Instrument [Line Items] | |
Interest Rate | 1.7625% |
Corporate Credit Facility | |
Debt Instrument [Line Items] | |
Deferred financing costs, net of accumulated amortization | $ 553 |
Debt - Schedule of Debt Maturit
Debt - Schedule of Debt Maturities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 1,006 |
2021 | 219,153 |
2022 | 13,989 |
2023 | 21,155 |
2024 | 453,054 |
Thereafter | 703,171 |
Total | 1,411,528 |
Operating Properties | |
Debt Instrument [Line Items] | |
2020 | 744 |
2021 | 872 |
2022 | 1,367 |
2023 | 21,155 |
2024 | 424,558 |
Thereafter | 703,171 |
Total | 1,151,867 |
Credit Facility | |
Debt Instrument [Line Items] | |
2021 | 218,000 |
Total | 218,000 |
Held For Sale Properties | |
Debt Instrument [Line Items] | |
2020 | 262 |
2021 | 281 |
2022 | 12,622 |
2024 | 28,496 |
Total | $ 41,661 |
Fair Value of Derivative and _3
Fair Value of Derivative and Financial Instruments - Additional Information (Details) | Oct. 20, 2019USD ($) | Dec. 31, 2019USD ($)DerivativeInstrument | Dec. 31, 2018USD ($)DerivativeInstrument | Dec. 31, 2017USD ($)DerivativeInstrument |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Derivative financial instruments cap weighted average rate | 5.74% | |||
Impairment write down | $ 0 | $ 0 | $ 0 | |
Cutter's Point | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Impairment write down | $ 7,800,000 | 7,800,000 | ||
Designated as hedging instrument | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Gain (loss) ineffectiveness to derivatives designated as cash flow hedges | 0 | $ 0 | $ 300,000 | |
Interest Rate Swap | One-month LIBOR | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Combined notional amount | $ 975,000,000 | |||
Interest rate description | floating interest rate (one-month LIBOR) | |||
Weighted average fixed rate | 1.4147% | |||
Interest rate caps | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Combined notional amount | $ 346,500,000 | |||
Interest rate description | The interest rate cap agreements the Company has entered into effectively cap one-month LIBOR on $346.5 million of the Company’s floating rate mortgage indebtedness at a weighted average rate of 5.74%. | |||
Interest rate caps | Not designated as hedging instrument | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Interest rate caps | DerivativeInstrument | 15 | 12 | 16 | |
Derivative notional amount | $ 346,542,000 | $ 255,200,000 | $ 273,500,000 | |
Minimum | Interest Rate Swap | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Interest rate term range | 4 years | |||
Minimum | Interest rate caps | One-month LIBOR | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Interest rate term range | 3 years | |||
Maximum | Interest Rate Swap | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Interest rate term range | 5 years | |||
Maximum | Interest rate caps | One-month LIBOR | ||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||||
Interest rate term range | 4 years |
Fair Value of Derivative and _4
Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Key Bank And Sun Trust Bank | |
Debt Instrument [Line Items] | |
Notional Amount | $ 975,000,000 |
Fixed Rate | 1.4147% |
Interest Rate Swap Transaction One | KeyBank | |
Debt Instrument [Line Items] | |
Effective Date | Jul. 1, 2016 |
Termination Date | Jun. 1, 2021 |
Notional Amount | $ 100,000,000 |
Fixed Rate | 1.1055% |
Interest Rate Swap Transaction Two | KeyBank | |
Debt Instrument [Line Items] | |
Effective Date | Jul. 1, 2016 |
Termination Date | Jun. 1, 2021 |
Notional Amount | $ 100,000,000 |
Fixed Rate | 1.021% |
Interest Rate Swap Transaction Three | KeyBank | |
Debt Instrument [Line Items] | |
Effective Date | Jul. 1, 2016 |
Termination Date | Jun. 1, 2021 |
Notional Amount | $ 100,000,000 |
Fixed Rate | 0.90% |
Interest Rate Swap Transaction Four | KeyBank | |
Debt Instrument [Line Items] | |
Effective Date | Sep. 1, 2016 |
Termination Date | Jun. 1, 2021 |
Notional Amount | $ 100,000,000 |
Fixed Rate | 0.956% |
Interest Rate Swap Transaction Five | KeyBank | |
Debt Instrument [Line Items] | |
Effective Date | Apr. 1, 2017 |
Termination Date | Apr. 1, 2022 |
Notional Amount | $ 100,000,000 |
Fixed Rate | 1.957% |
Interest Rate Swap Transaction Six | KeyBank | |
Debt Instrument [Line Items] | |
Effective Date | May 1, 2017 |
Termination Date | Apr. 1, 2022 |
Notional Amount | $ 50,000,000 |
Fixed Rate | 1.961% |
Interest Rate Swap Transaction Seven | KeyBank | |
Debt Instrument [Line Items] | |
Effective Date | Jul. 1, 2017 |
Termination Date | Jul. 1, 2022 |
Notional Amount | $ 100,000,000 |
Fixed Rate | 1.782% |
Interest Rate Swap Transaction Eight | KeyBank | |
Debt Instrument [Line Items] | |
Effective Date | Jun. 1, 2019 |
Termination Date | Jun. 1, 2024 |
Notional Amount | $ 50,000,000 |
Fixed Rate | 2.002% |
Interest Rate Swap Transaction Nine | SunTrust Bank | |
Debt Instrument [Line Items] | |
Effective Date | Jun. 1, 2019 |
Termination Date | Jun. 1, 2024 |
Notional Amount | $ 50,000,000 |
Fixed Rate | 2.002% |
Interest Rate Swap Transaction Ten | KeyBank | |
Debt Instrument [Line Items] | |
Effective Date | Sep. 1, 2019 |
Termination Date | Sep. 1, 2026 |
Notional Amount | $ 100,000,000 |
Fixed Rate | 1.462% |
Interest Rate Swap Transaction Eleven | KeyBank | |
Debt Instrument [Line Items] | |
Effective Date | Sep. 1, 2019 |
Termination Date | Sep. 1, 2026 |
Notional Amount | $ 125,000,000 |
Fixed Rate | 1.302% |
Fair Value of Derivative and _5
Fair Value of Derivative and Financial Instruments - Summary of Company's Outstanding Interest Rate Swaps (Parenthetical) (Details) | Dec. 31, 2019 |
One-month LIBOR | Key Bank And Sun Trust Bank | |
Debt Instrument [Line Items] | |
LIBOR, interest rate | 1.7625% |
Fair Value of Derivative and _6
Fair Value of Derivative and 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 | Dec. 31, 2019USD ($)DerivativeInstrument | Dec. 31, 2018USD ($)DerivativeInstrument | Dec. 31, 2017USD ($)DerivativeInstrument |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | |||
Number of Instruments | DerivativeInstrument | 15 | 12 | 16 |
Derivative notional amount | $ | $ 346,542,000 | $ 255,200,000 | $ 273,500,000 |
Fair Value of Derivative and _7
Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments and Classification on the Consolidated Balance Sheet (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Asset Derivatives | $ 7,298 | $ 18,151 |
Liability Derivatives | 3,824 | |
Fair Market Value Of Interest Rate Swaps | Interest Rate Swap | Designated as hedging instrument | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Asset Derivatives | 7,298 | 18,141 |
Liability Derivatives | $ 3,824 | |
Prepaid and Other Assets | Interest rate caps | Not designated as hedging instrument | ||
Derivative Instruments And Hedging Activities Disclosures [Line Items] | ||
Asset Derivatives | $ 10 |
Fair Value of Derivative and _8
Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in OCI | $ (14,625) | $ 1,931 | $ 4,568 |
Interest rate products | Interest expense | |||
Derivative Instruments Gain Loss [Line Items] | |||
Amount of gain (loss) recognized in OCI | (8,153) | 5,928 | 2,967 |
Amount of gain (loss) reclassified from OCI into income | 6,472 | 3,997 | (1,416) |
Amount of gain (loss) recognized in income | 124 | ||
Amount of gain (loss) recognized in income | $ (30) | $ (49) | $ (19) |
Fair Value of Derivative and _9
Fair Value of Derivative and Financial Instruments - Summary of Derivative Financial Instruments on Consolidated Statements of Operations and Comprehensive Income (Parenthetical) (Details) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Fair Value Disclosures [Abstract] | |
Loss reclassified from OCI | $ 185,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | Feb. 21, 2019 | Feb. 20, 2019 | Nov. 14, 2018 | Apr. 30, 2018 | Feb. 15, 2018 | Mar. 16, 2017 | Aug. 11, 2016 | Jun. 15, 2016 | Nov. 30, 2018 | Oct. 31, 2017 | Jul. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 15, 2017 | Dec. 31, 2016 |
Class Of Stock [Line Items] | |||||||||||||||||
Common stock, proposed aggregate offering price | $ 200,000,000 | ||||||||||||||||
Common stock shares issued | 1,565,322 | 2,702,500 | |||||||||||||||
Common stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||||||
Public offering price per share | $ 33 | ||||||||||||||||
Proceeds from issuance of common stock | $ 71,973,433 | $ 89,200,000 | $ 69,874,000 | ||||||||||||||
OP units exchanged | 2,702,500 | ||||||||||||||||
Repayment of credit facility | $ 37,000,000 | $ 85,000,000 | $ 310,000,000 | ||||||||||||||
Common stock, shares, issued | 25,245,740 | 23,499,635 | |||||||||||||||
Common stock, shares, outstanding | 25,245,740 | 23,499,635 | |||||||||||||||
Share repurchase program, authorized amount | $ 40,000,000 | $ 30,000,000 | |||||||||||||||
Stock repurchase program, expiration date | Jun. 15, 2020 | Jun. 15, 2018 | |||||||||||||||
Stock repurchase program period in force | 2 years | 2 years | |||||||||||||||
Common stock, shares, retired | 0 | 0 | |||||||||||||||
Treasury stock, shares | 0 | 0 | |||||||||||||||
Equity-based compensation expense | $ 3,100,000 | ||||||||||||||||
Shares issued average price per share | $ 44.64 | ||||||||||||||||
Common Stock | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Common stock, shares, issued | 25,245,740 | 23,499,635 | 21,049,565 | 21,293,825 | |||||||||||||
Common stock, shares, retired | 382,941 | 354,517 | |||||||||||||||
Restricted Stock Units | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Restricted stock units, granted | 186,662 | ||||||||||||||||
At-the-Market Offering | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Proceeds from issuance of common stock | $ 72,000,000 | ||||||||||||||||
Shares, issued | 1,565,322 | ||||||||||||||||
Aggregate sale price of common stock | $ 69,874,000 | ||||||||||||||||
Shares issued average price per share | $ 45.98 | ||||||||||||||||
Stock issuance costs | $ 1,100,000 | ||||||||||||||||
Other stock issuance costs | $ 1,000,000 | ||||||||||||||||
At-the-Market Offering | Common Stock | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Common stock shares issued | 1,565,322 | ||||||||||||||||
Common stock, par value | $ 0.01 | ||||||||||||||||
Aggregate sale price of common stock | $ 16,000 | ||||||||||||||||
At-the-Market Offering | Maximum | Common Stock | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Aggregate sale price of common stock | $ 100,000,000 | ||||||||||||||||
2016 LTIP | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Common stock, par value | $ 0.01 | ||||||||||||||||
Common stock, shares, issued | 180,783 | ||||||||||||||||
Common stock, shares, issued | 421,551 | ||||||||||||||||
Number of shares authorized to issue | 2,100,000 | ||||||||||||||||
2016 LTIP | Restricted Stock Units | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Equity-based compensation expense | $ 5,100,000 | $ 4,200,000 | |||||||||||||||
Dividends earned on restricted stock units | $ 800,000 | ||||||||||||||||
2016 LTIP | Restricted Stock Units | Director | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Vesting period description | annually | ||||||||||||||||
2016 LTIP | Restricted Stock Units | Directors and Officers | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Restricted stock units, granted | 219,802 | 209,797 | |||||||||||||||
2016 LTIP | Restricted Stock Units | Directors, Officers, Employees and Certain Key Employees of Adviser | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Restricted stock units, granted | 186,662 | 275,795 | |||||||||||||||
2016 LTIP | Restricted Stock Units | Minimum | Officers, Employees and Certain Key Employees of Adviser | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Restricted stock units, vesting period | 3 years | ||||||||||||||||
2016 LTIP | Restricted Stock Units | Maximum | Officers, Employees and Certain Key Employees of Adviser | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Restricted stock units, vesting period | 5 years | ||||||||||||||||
2017 Bridge Facility | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Bridge facility | $ 30,000,000 | $ 65,900,000 | |||||||||||||||
Repayments of bridge loan | 30,000,000 | $ 46,000,000 | $ 11,300,000 | ||||||||||||||
$60 Million Credit Facility | |||||||||||||||||
Class Of Stock [Line Items] | |||||||||||||||||
Line of credit facility, maximum borrowing capacity | 60,000,000 | ||||||||||||||||
Repayment of credit facility | $ 50,000,000 | $ 50,000,000 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Restricted Stock Units (Details) - Restricted Stock Units | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Units, Outstanding at beginning of the period | 464,626 |
Number of Units, Granted | 186,662 |
Number of Units, Vested | (197,863) |
Number of Units, Forfeited | (6,386) |
Number of Units, Outstanding at ending of the period | 447,039 |
Weighted Average Grant Date Fair Value, Outstanding at beginning of the period | $ / shares | $ 22.80 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 37.50 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 23.10 |
Weighted Average Grant Date Fair Value, Outstanding at ending of the period | $ / shares | $ 29.13 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Restricted Stock Units (Parenthetical) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Vest in February 2020 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock units, vested | 108,613 | ||
Vest in March 2020 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock units, vested | 69,530 | ||
Vest in February 2021 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock units, vested | 99,564 | ||
Vest in February 2022 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock units, vested | 99,563 | ||
Vest in February 2023 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock units, vested | 34,883 | ||
Vest in February 2024 | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Restricted stock units, vested | 34,886 | ||
Common Stock | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Stock issued upon vesting awards | 180,783 | 130,511 | 110,257 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary Information of ATM Program (Details) - USD ($) | Feb. 20, 2019 | Nov. 14, 2018 | Dec. 31, 2019 |
Stockholders Equity Note [Abstract] | |||
Proceeds from the issuance of common shares through at-the-market offering, net of offering costs | $ 71,973,433 | $ 89,200,000 | $ 69,874,000 |
Issuance of common shares, Shares | 1,565,322 | 2,702,500 | |
Gross average sale price per share | $ 45.98 | ||
Sales commissions | $ 1,079,601 | ||
Offering costs | 1,019,778 | ||
Net proceeds | $ 69,874,054 | ||
Average price per share, net | $ 44.64 |
Earnings (Loss) Per Share - Add
Earnings (Loss) Per Share - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Stock conversion ratio | 100.00% |
Earnings (Loss) Per Share - Sch
Earnings (Loss) Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator for earnings (loss) per share: | |||||||||||||||
Net income (loss) | $ (13,306) | $ 119,104 | $ (1,987) | $ (4,373) | $ (4,782) | $ (5,260) | $ (1,666) | $ 10,094 | $ (4,343) | $ 54,076 | $ 9,930 | $ (3,304) | $ 99,438 | $ (1,614) | $ 56,359 |
Net income attributable to noncontrolling interests | 2,836 | ||||||||||||||
Net income (loss) attributable to redeemable noncontrolling interests in the Operating Partnership | 298 | (5) | 149 | ||||||||||||
Net income (loss) attributable to common stockholders | $ 99,140 | $ (1,609) | $ 53,374 | ||||||||||||
Denominator for earnings (loss) per share: | |||||||||||||||
Weighted average common shares outstanding - basic | 24,116 | 21,189 | 21,057 | ||||||||||||
Weighted average unvested restricted stock units | 477 | 478 | 342 | ||||||||||||
Denominator for diluted earnings (loss) per share | 24,593 | 21,667 | 21,399 | ||||||||||||
Earnings (loss) per weighted average common share: | |||||||||||||||
Basic | $ (0.53) | $ 4.93 | $ (0.08) | $ (0.19) | $ (0.21) | $ (0.25) | $ (0.08) | $ 0.48 | $ (0.21) | $ 2.56 | $ 0.35 | $ (0.17) | $ 4.11 | $ (0.08) | $ 2.53 |
Diluted | $ (0.53) | $ 4.84 | $ (0.08) | $ (0.19) | $ (0.21) | $ (0.25) | $ (0.08) | $ 0.47 | $ (0.21) | $ 2.53 | $ 0.34 | $ (0.17) | $ 4.03 | $ (0.08) | $ 2.49 |
Noncontrolling Interests - Addi
Noncontrolling Interests - Additional Information (Details) | Jun. 30, 2017USD ($) | Dec. 31, 2019$ / Property$ / h | Aug. 01, 2017USD ($)$ / sharesshares |
Minority Interest [Line Items] | |||
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders, per share | $ / shares | $ 27.31 | ||
Amount used for calculation of OP units of net asset value | $ 2,000,000 | ||
BH Equity Portfolio | |||
Minority Interest [Line Items] | |||
Percentage of noncontrolling interests in joint ventures acquired | 100.00% | ||
Consideration transferred to acquire ownership interest in properties of noncontrolling interest holders | $ 51,700,000 | ||
Payment to acquire ownership interest in properties of noncontrolling interest holders | 49,700,000 | ||
Common units transferred to acquire ownership interest in properties of noncontrolling interest holders | shares | 73,233 | ||
Value of common units transferred to acquire ownership interest in properties of noncontrolling interest holders | $ 2,000,000 | ||
Carrying value of noncontrolling interests | 20,500,000 | ||
Reduction in additional paid in capital | $ 31,200,000 | ||
BH Equity Portfolio | B H Equity | |||
Minority Interest [Line Items] | |||
Percentage of ownership interests in portfolio | 8.40% | ||
BH Management Services, LLC | |||
Minority Interest [Line Items] | |||
Property management fee percent | 3.00% | ||
Other owner approved fees, per hour | $ / h | 55 | ||
BH Management Services, LLC | Minimum | |||
Minority Interest [Line Items] | |||
Inspection of properties fee, per unit | $ / Property | 15 | ||
Construction supervision fee, percent fee | 5.00% | ||
BH Management Services, LLC | Maximum | |||
Minority Interest [Line Items] | |||
Inspection of properties fee, per unit | $ / Property | 25 | ||
Construction supervision fee, percent fee | 6.00% |
Noncontrolling Interests - Sche
Noncontrolling Interests - Schedule of Redeemable Noncontrolling Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Noncontrolling Interest [Abstract] | ||
Redeemable noncontrolling interests in the OP, December 31, 2018 | $ 2,567 | |
Net income attributable to redeemable noncontrolling interests in the OP | 298 | |
Other comprehensive loss attributable to redeemable noncontrolling interests in the OP | (44) | |
Contributions from redeemable noncontrolling interests in the OP | 140 | |
Distributions to redeemable noncontrolling interests in the OP | (47) | |
Adjustment to reflect redemption value of redeemable noncontrolling interests in the OP | 381 | $ 439 |
Redeemable noncontrolling interests in the OP, December 31, 2019 | $ 3,295 | $ 2,567 |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summary of Fees Incurred to BH And Its Affiliates As Well As Reimbursements Paid to BH (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Fees incurred | ||||
Property management fees | [1] | $ 5,388 | $ 4,382 | $ 4,330 |
BH Management Services, LLC | ||||
Fees incurred | ||||
Property management fees | 5,363 | 4,382 | 4,330 | |
Construction supervision fees | 1,549 | 974 | 869 | |
Design fees | 255 | 102 | ||
Acquisition fees | 1,465 | 348 | 675 | |
Reimbursements | ||||
Payroll and benefits | 18,148 | 14,100 | 15,344 | |
Other reimbursements | $ 3,286 | $ 2,200 | $ 1,982 | |
[1] | Fees incurred to an unaffiliated third party that is an affiliate of the noncontrolling limited partner of the Company’s Operating Partnership (see Notes 10 and 11). |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) | Feb. 20, 2019shares | Nov. 14, 2018$ / sharesshares | Dec. 31, 2019Property | Aug. 31, 2019Property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2017Property | Dec. 31, 2018Property |
Related Party Transaction [Line Items] | |||||||||
Common stock shares issued | shares | 1,565,322 | 2,702,500 | |||||||
Public offering price per share | $ / shares | $ 33 | ||||||||
Advisory and Administrative Fees | |||||||||
Related Party Transaction [Line Items] | |||||||||
Advisory fees waived for number of properties acquired | Property | 17 | 19 | 5 | 8 | |||||
Operating Agreement | |||||||||
Related Party Transaction [Line Items] | |||||||||
Asset management fee percent | 0.50% | ||||||||
Asset management fees | $ 400,000 | ||||||||
Effective ownership percentage, variable interest entities | 100.00% | ||||||||
NexPoint Real Estate Advisors, L.P | |||||||||
Related Party Transaction [Line Items] | |||||||||
Percentage of annual advisory, paid monthly | 1.00% | ||||||||
Percentage of annual administrative fee, paid monthly | 0.20% | ||||||||
Advisory and administrative fees on contributed assets | $ 5,400,000 | ||||||||
Advisory and administrative fees percentage | 1.20% | ||||||||
Advisory and administrative fees | $ 7,500,000 | $ 7,500,000 | 7,400,000 | ||||||
Additional advisory and administrative fees | 2,100,000 | 2,100,000 | 2,000,000 | ||||||
Advisory and administrative fees waived | 9,100,000 | 4,100,000 | 2,400,000 | ||||||
NexPoint Real Estate Advisors, L.P | Maximum | |||||||||
Related Party Transaction [Line Items] | |||||||||
Advisory and administrative fees on contributed assets | $ 5,400,000 | ||||||||
Advisory and administrative fees percentage | 1.50% | ||||||||
NexBank Title, Inc. | |||||||||
Related Party Transaction [Line Items] | |||||||||
Payment to affiliate for services rendered | $ 300,000 | $ 300,000 | $ 1,200,000 | ||||||
Affiliates of the Adviser | |||||||||
Related Party Transaction [Line Items] | |||||||||
Purchase of residences from affiliate of Adviser | $ 100,000,000 | ||||||||
Common stock shares issued | shares | 207,971 | ||||||||
Public offering price per share | $ / shares | $ 33 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - USD ($) | Feb. 17, 2020 | Jan. 16, 2020 |
Subsequent Event [Line Items] | ||
Dividends payable, amount per share | $ 0.3125 | |
Dividends payable, date declared | Feb. 17, 2020 | |
Dividends payable, date to be paid | Mar. 31, 2020 | |
Dividends payable, date of record | Mar. 16, 2020 | |
Interest Rate Swap Transaction Twelve | KeyBank | ||
Subsequent Event [Line Items] | ||
Effective date | Jan. 16, 2020 | |
Termination date | Jan. 1, 2027 | |
Fixed Rate | 1.798% | |
Combined notional amount | $ 92,500,000 |
Subsequent Events - Schedule of
Subsequent Events - Schedule of Purchase and Sale Agreement of Real Estate Property (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Subsequent Event [Line Items] | ||||
Real Estate Carrying Value, net | $ 1,942,221 | $ 1,222,563 | $ 1,082,805 | $ 1,029,349 |
Woodbridge | Nashville, Tennessee | ||||
Subsequent Event [Line Items] | ||||
Real Estate Carrying Value, net | 18,880 | |||
Willow Grove | Nashville, Tennessee | ||||
Subsequent Event [Line Items] | ||||
Real Estate Carrying Value, net | 16,718 | |||
Purchase and Sale Agreement | ||||
Subsequent Event [Line Items] | ||||
Sales Price | 63,000 | |||
Debt Outstanding | 28,495 | |||
Real Estate Carrying Value, net | 28,636 | |||
Purchase and Sale Agreement | Woodbridge | Nashville, Tennessee | ||||
Subsequent Event [Line Items] | ||||
Sales Price | 31,700 | |||
Debt Outstanding | 13,677 | |||
Real Estate Carrying Value, net | 15,183 | |||
Purchase and Sale Agreement | Willow Grove | Nashville, Tennessee | ||||
Subsequent Event [Line Items] | ||||
Sales Price | 31,300 | |||
Debt Outstanding | 14,818 | |||
Real Estate Carrying Value, net | $ 13,453 |
Quarterly Results (unaudited) -
Quarterly Results (unaudited) - Summary of the Unaudited Quarterly Consolidated Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||
Total revenues | $ 49,676 | $ 46,833 | $ 43,066 | $ 41,491 | $ 39,390 | $ 36,495 | $ 35,655 | $ 35,057 | $ 34,913 | $ 37,097 | $ 35,234 | $ 36,991 | $ 181,066 | $ 146,597 | $ 144,235 |
Net income (loss) | (13,306) | 119,104 | (1,987) | (4,373) | (4,782) | (5,260) | (1,666) | 10,094 | (4,343) | 54,076 | 9,930 | (3,304) | 99,438 | (1,614) | 56,359 |
Net income (loss) attributable to common stockholders | $ (13,266) | $ 118,747 | $ (1,981) | $ (4,360) | $ (4,767) | $ (5,245) | $ (1,661) | $ 10,064 | $ (4,330) | $ 53,914 | $ 7,406 | $ (3,616) | $ 99,140 | $ (1,609) | $ 53,374 |
Earnings (loss) per share - basic | $ (0.53) | $ 4.93 | $ (0.08) | $ (0.19) | $ (0.21) | $ (0.25) | $ (0.08) | $ 0.48 | $ (0.21) | $ 2.56 | $ 0.35 | $ (0.17) | $ 4.11 | $ (0.08) | $ 2.53 |
Earnings (loss) per share - diluted | $ (0.53) | $ 4.84 | $ (0.08) | $ (0.19) | $ (0.21) | $ (0.25) | $ (0.08) | $ 0.47 | $ (0.21) | $ 2.53 | $ 0.34 | $ (0.17) | $ 4.03 | $ (0.08) | $ 2.49 |
Schedule III - Real Estate an_2
Schedule III - Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 1,193,528 | ||||
Initial Cost to Company, Land | 331,595 | ||||
Initial Cost to Company, Buildings and Improvements | 1,524,723 | ||||
Initial Cost to Company, Total | 1,856,318 | ||||
Costs Capitalized Subsequent to Acquisition | 108,483 | ||||
Gross Amount Carried , Land | 331,596 | ||||
Gross Amount Carried , Buildings and Improvements | 1,610,625 | ||||
Gross Amount Carried , Total | 1,942,221 | $ 1,222,563 | $ 1,082,805 | $ 1,029,349 | |
Accumulated Depreciation and Amortization | $ (160,411) | ||||
Arbors on Forest Ridge | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Jan. 31, 2014 | ||||
Arbors on Forest Ridge | Bedford, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 13,130 | ||||
Initial Cost to Company, Land | 2,330 | ||||
Initial Cost to Company, Buildings and Improvements | 10,475 | ||||
Initial Cost to Company, Total | 12,805 | ||||
Costs Capitalized Subsequent to Acquisition | 2,942 | ||||
Gross Amount Carried , Land | 2,330 | ||||
Gross Amount Carried , Buildings and Improvements | 13,105 | ||||
Gross Amount Carried , Total | $ 15,435 | ||||
Date Acquired | Jan. 31, 2014 | ||||
Accumulated Depreciation and Amortization | $ (3,472) | ||||
Cutter's Point | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | [1] | Jan. 31, 2014 | |||
Cutter's Point | Richardson, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 16,640 | ||||
Initial Cost to Company, Land | 3,330 | ||||
Initial Cost to Company, Buildings and Improvements | 12,515 | ||||
Initial Cost to Company, Total | 15,845 | ||||
Costs Capitalized Subsequent to Acquisition | (5,074) | ||||
Gross Amount Carried , Land | 3,330 | ||||
Gross Amount Carried , Buildings and Improvements | 7,089 | ||||
Gross Amount Carried , Total | $ 10,419 | ||||
Date Acquired | Jan. 31, 2014 | ||||
Accumulated Depreciation and Amortization | $ (1,086) | ||||
Eagle Crest | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Jan. 31, 2014 | ||||
Eagle Crest | Irving, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 29,510 | ||||
Initial Cost to Company, Land | 5,450 | ||||
Initial Cost to Company, Buildings and Improvements | 21,875 | ||||
Initial Cost to Company, Total | 27,325 | ||||
Costs Capitalized Subsequent to Acquisition | 4,441 | ||||
Gross Amount Carried , Land | 5,450 | ||||
Gross Amount Carried , Buildings and Improvements | 25,662 | ||||
Gross Amount Carried , Total | $ 31,112 | ||||
Date Acquired | Jan. 31, 2014 | ||||
Accumulated Depreciation and Amortization | $ (6,031) | ||||
Silverbrook | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Jan. 31, 2014 | ||||
Silverbrook | Grand Prairie, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 30,590 | ||||
Initial Cost to Company, Land | 4,860 | ||||
Initial Cost to Company, Buildings and Improvements | 25,540 | ||||
Initial Cost to Company, Total | 30,400 | ||||
Costs Capitalized Subsequent to Acquisition | 6,974 | ||||
Gross Amount Carried , Land | 4,860 | ||||
Gross Amount Carried , Buildings and Improvements | 31,721 | ||||
Gross Amount Carried , Total | $ 36,581 | ||||
Date Acquired | Jan. 31, 2014 | ||||
Accumulated Depreciation and Amortization | $ (8,507) | ||||
Beechwood Terrace | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Jul. 21, 2014 | ||||
Beechwood Terrace | Antioch, Tennessee | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 23,365 | ||||
Initial Cost to Company, Land | 1,390 | ||||
Initial Cost to Company, Buildings and Improvements | 20,010 | ||||
Initial Cost to Company, Total | 21,400 | ||||
Costs Capitalized Subsequent to Acquisition | 5,004 | ||||
Gross Amount Carried , Land | 1,390 | ||||
Gross Amount Carried , Buildings and Improvements | 24,605 | ||||
Gross Amount Carried , Total | $ 25,995 | ||||
Date Acquired | Jul. 21, 2014 | ||||
Accumulated Depreciation and Amortization | $ (5,620) | ||||
Willow Grove | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | [2] | Jul. 21, 2014 | |||
Willow Grove | Nashville, Tennessee | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 14,818 | ||||
Initial Cost to Company, Land | 3,940 | ||||
Initial Cost to Company, Buildings and Improvements | 9,810 | ||||
Initial Cost to Company, Total | 13,750 | ||||
Costs Capitalized Subsequent to Acquisition | 3,266 | ||||
Gross Amount Carried , Land | 3,940 | ||||
Gross Amount Carried , Buildings and Improvements | 12,778 | ||||
Gross Amount Carried , Total | $ 16,718 | ||||
Date Acquired | Jul. 21, 2014 | ||||
Accumulated Depreciation and Amortization | $ (3,265) | ||||
Woodbridge | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | [2] | Jul. 21, 2014 | |||
Woodbridge | Nashville, Tennessee | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 13,677 | ||||
Initial Cost to Company, Land | 3,650 | ||||
Initial Cost to Company, Buildings and Improvements | 12,350 | ||||
Initial Cost to Company, Total | 16,000 | ||||
Costs Capitalized Subsequent to Acquisition | 3,214 | ||||
Gross Amount Carried , Land | 3,650 | ||||
Gross Amount Carried , Buildings and Improvements | 15,230 | ||||
Gross Amount Carried , Total | $ 18,880 | ||||
Date Acquired | Jul. 21, 2014 | ||||
Accumulated Depreciation and Amortization | $ (3,697) | ||||
The Summit at Sabal Park | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Aug. 20, 2014 | ||||
The Summit at Sabal Park | Tampa, Florida | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 13,560 | ||||
Initial Cost to Company, Land | 5,770 | ||||
Initial Cost to Company, Buildings and Improvements | 13,280 | ||||
Initial Cost to Company, Total | 19,050 | ||||
Costs Capitalized Subsequent to Acquisition | 2,322 | ||||
Gross Amount Carried , Land | 5,770 | ||||
Gross Amount Carried , Buildings and Improvements | 15,198 | ||||
Gross Amount Carried , Total | $ 20,968 | ||||
Date Acquired | Aug. 20, 2014 | ||||
Accumulated Depreciation and Amortization | $ (3,941) | ||||
Courtney Cove | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Aug. 20, 2014 | ||||
Courtney Cove | Tampa, Florida | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 13,680 | ||||
Initial Cost to Company, Land | 5,880 | ||||
Initial Cost to Company, Buildings and Improvements | 13,070 | ||||
Initial Cost to Company, Total | 18,950 | ||||
Costs Capitalized Subsequent to Acquisition | 2,758 | ||||
Gross Amount Carried , Land | 5,880 | ||||
Gross Amount Carried , Buildings and Improvements | 15,397 | ||||
Gross Amount Carried , Total | $ 21,277 | ||||
Date Acquired | Aug. 20, 2014 | ||||
Accumulated Depreciation and Amortization | $ (3,777) | ||||
Radbourne Lake | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Sep. 30, 2014 | ||||
Radbourne Lake | Charlotte, North Carolina | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 20,000 | ||||
Initial Cost to Company, Land | 2,440 | ||||
Initial Cost to Company, Buildings and Improvements | 21,810 | ||||
Initial Cost to Company, Total | 24,250 | ||||
Costs Capitalized Subsequent to Acquisition | 3,304 | ||||
Gross Amount Carried , Land | 2,440 | ||||
Gross Amount Carried , Buildings and Improvements | 24,462 | ||||
Gross Amount Carried , Total | $ 26,902 | ||||
Date Acquired | Sep. 30, 2014 | ||||
Accumulated Depreciation and Amortization | $ (5,578) | ||||
Timber Creek | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Sep. 30, 2014 | ||||
Timber Creek | Charlotte, North Carolina | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 24,100 | ||||
Initial Cost to Company, Land | 11,260 | ||||
Initial Cost to Company, Buildings and Improvements | 11,490 | ||||
Initial Cost to Company, Total | 22,750 | ||||
Costs Capitalized Subsequent to Acquisition | 6,241 | ||||
Gross Amount Carried , Land | 11,260 | ||||
Gross Amount Carried , Buildings and Improvements | 16,932 | ||||
Gross Amount Carried , Total | $ 28,192 | ||||
Date Acquired | Sep. 30, 2014 | ||||
Accumulated Depreciation and Amortization | $ (4,428) | ||||
Sabal Palm at Lake Buena Vista | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Nov. 5, 2014 | ||||
Sabal Palm at Lake Buena Vista | Orlando, Florida | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 42,100 | ||||
Initial Cost to Company, Land | 7,580 | ||||
Initial Cost to Company, Buildings and Improvements | 41,920 | ||||
Initial Cost to Company, Total | 49,500 | ||||
Costs Capitalized Subsequent to Acquisition | 3,908 | ||||
Gross Amount Carried , Land | 7,580 | ||||
Gross Amount Carried , Buildings and Improvements | 44,441 | ||||
Gross Amount Carried , Total | $ 52,021 | ||||
Date Acquired | Nov. 5, 2014 | ||||
Accumulated Depreciation and Amortization | $ (8,606) | ||||
Southpoint Reserve at Stoney Creek | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | [2] | Dec. 18, 2014 | |||
Southpoint Reserve at Stoney Creek | Fredericksburg, Virginia | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 13,166 | ||||
Initial Cost to Company, Land | 6,120 | ||||
Initial Cost to Company, Buildings and Improvements | 10,880 | ||||
Initial Cost to Company, Total | 17,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,083 | ||||
Gross Amount Carried , Land | 6,120 | ||||
Gross Amount Carried , Buildings and Improvements | 12,471 | ||||
Gross Amount Carried , Total | $ 18,591 | ||||
Date Acquired | Dec. 18, 2014 | ||||
Accumulated Depreciation and Amortization | $ (897) | ||||
Cornerstone | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Jan. 15, 2015 | ||||
Cornerstone | Orlando, Florida | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 21,772 | ||||
Initial Cost to Company, Land | 1,500 | ||||
Initial Cost to Company, Buildings and Improvements | 30,050 | ||||
Initial Cost to Company, Total | 31,550 | ||||
Costs Capitalized Subsequent to Acquisition | 4,474 | ||||
Gross Amount Carried , Land | 1,500 | ||||
Gross Amount Carried , Buildings and Improvements | 33,630 | ||||
Gross Amount Carried , Total | $ 35,130 | ||||
Date Acquired | Jan. 15, 2015 | ||||
Accumulated Depreciation and Amortization | $ (7,086) | ||||
The Preserve at Terrell Mill | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Feb. 6, 2015 | ||||
The Preserve at Terrell Mill | Marietta, Georgia | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 42,480 | ||||
Initial Cost to Company, Land | 10,170 | ||||
Initial Cost to Company, Buildings and Improvements | 47,830 | ||||
Initial Cost to Company, Total | 58,000 | ||||
Costs Capitalized Subsequent to Acquisition | 9,391 | ||||
Gross Amount Carried , Land | 10,170 | ||||
Gross Amount Carried , Buildings and Improvements | 55,407 | ||||
Gross Amount Carried , Total | $ 65,577 | ||||
Date Acquired | Feb. 6, 2015 | ||||
Accumulated Depreciation and Amortization | $ (13,129) | ||||
Versailles | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Feb. 26, 2015 | ||||
Versailles | Dallas, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 23,880 | ||||
Initial Cost to Company, Land | 6,720 | ||||
Initial Cost to Company, Buildings and Improvements | 19,445 | ||||
Initial Cost to Company, Total | 26,165 | ||||
Costs Capitalized Subsequent to Acquisition | 6,568 | ||||
Gross Amount Carried , Land | 6,720 | ||||
Gross Amount Carried , Buildings and Improvements | 25,432 | ||||
Gross Amount Carried , Total | $ 32,152 | ||||
Date Acquired | Feb. 26, 2015 | ||||
Accumulated Depreciation and Amortization | $ (6,152) | ||||
Seasons 704 Apartments | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Apr. 15, 2015 | ||||
Seasons 704 Apartments | West Palm Beach, Florida | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 17,460 | ||||
Initial Cost to Company, Land | 7,480 | ||||
Initial Cost to Company, Buildings and Improvements | 13,520 | ||||
Initial Cost to Company, Total | 21,000 | ||||
Costs Capitalized Subsequent to Acquisition | 2,699 | ||||
Gross Amount Carried , Land | 7,480 | ||||
Gross Amount Carried , Buildings and Improvements | 15,818 | ||||
Gross Amount Carried , Total | $ 23,298 | ||||
Date Acquired | Apr. 15, 2015 | ||||
Accumulated Depreciation and Amortization | $ (3,636) | ||||
Madera Point | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Aug. 5, 2015 | ||||
Madera Point | Mesa, Arizona | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 15,150 | ||||
Initial Cost to Company, Land | 4,920 | ||||
Initial Cost to Company, Buildings and Improvements | 17,605 | ||||
Initial Cost to Company, Total | 22,525 | ||||
Costs Capitalized Subsequent to Acquisition | 2,681 | ||||
Gross Amount Carried , Land | 4,920 | ||||
Gross Amount Carried , Buildings and Improvements | 19,657 | ||||
Gross Amount Carried , Total | $ 24,577 | ||||
Date Acquired | Aug. 5, 2015 | ||||
Accumulated Depreciation and Amortization | $ (4,077) | ||||
Venue at 8651 | Fort Worth, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | 13,734 | ||||
Initial Cost to Company, Land | 2,350 | ||||
Initial Cost to Company, Buildings and Improvements | 16,900 | ||||
Initial Cost to Company, Total | 19,250 | ||||
Costs Capitalized Subsequent to Acquisition | 5,154 | ||||
Gross Amount Carried , Land | 2,350 | ||||
Gross Amount Carried , Buildings and Improvements | 21,543 | ||||
Gross Amount Carried , Total | $ 23,893 | ||||
Date Acquired | Oct. 30, 2015 | ||||
Accumulated Depreciation and Amortization | $ (4,811) | ||||
Parc500 | West Palm Beach, Florida | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | 15,221 | ||||
Initial Cost to Company, Land | 3,860 | ||||
Initial Cost to Company, Buildings and Improvements | 19,424 | ||||
Initial Cost to Company, Total | 23,284 | ||||
Costs Capitalized Subsequent to Acquisition | 5,283 | ||||
Gross Amount Carried , Land | 3,860 | ||||
Gross Amount Carried , Buildings and Improvements | 24,216 | ||||
Gross Amount Carried , Total | $ 28,076 | ||||
Date Acquired | Jul. 27, 2016 | ||||
Accumulated Depreciation and Amortization | $ (4,375) | ||||
The Venue on Camelback | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Oct. 11, 2016 | ||||
The Venue on Camelback | Phoenix, Arizona | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 28,093 | ||||
Initial Cost to Company, Land | 8,340 | ||||
Initial Cost to Company, Buildings and Improvements | 36,520 | ||||
Initial Cost to Company, Total | 44,860 | ||||
Costs Capitalized Subsequent to Acquisition | 4,281 | ||||
Gross Amount Carried , Land | 8,340 | ||||
Gross Amount Carried , Buildings and Improvements | 40,078 | ||||
Gross Amount Carried , Total | 48,418 | ||||
Accumulated Depreciation and Amortization | $ (5,532) | ||||
Old Farm | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Dec. 29, 2016 | ||||
Old Farm | Houston, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 52,886 | ||||
Initial Cost to Company, Land | 11,078 | ||||
Initial Cost to Company, Buildings and Improvements | 73,986 | ||||
Initial Cost to Company, Total | 85,064 | ||||
Costs Capitalized Subsequent to Acquisition | 3,028 | ||||
Gross Amount Carried , Land | 11,078 | ||||
Gross Amount Carried , Buildings and Improvements | 73,660 | ||||
Gross Amount Carried , Total | $ 84,738 | ||||
Date Acquired | Dec. 29, 2016 | ||||
Accumulated Depreciation and Amortization | $ (9,002) | ||||
Stone Creek at Old Farm | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Dec. 29, 2016 | ||||
Stone Creek at Old Farm | Houston, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 15,274 | ||||
Initial Cost to Company, Land | 3,493 | ||||
Initial Cost to Company, Buildings and Improvements | 19,937 | ||||
Initial Cost to Company, Total | 23,430 | ||||
Costs Capitalized Subsequent to Acquisition | 788 | ||||
Gross Amount Carried , Land | 3,493 | ||||
Gross Amount Carried , Buildings and Improvements | 20,153 | ||||
Gross Amount Carried , Total | $ 23,646 | ||||
Date Acquired | Dec. 29, 2016 | ||||
Accumulated Depreciation and Amortization | $ (2,444) | ||||
Hollister Place | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Feb. 1, 2017 | ||||
Hollister Place | Houston, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 14,811 | ||||
Initial Cost to Company, Land | 2,782 | ||||
Initial Cost to Company, Buildings and Improvements | 21,902 | ||||
Initial Cost to Company, Total | 24,684 | ||||
Costs Capitalized Subsequent to Acquisition | 2,977 | ||||
Gross Amount Carried , Land | 2,782 | ||||
Gross Amount Carried , Buildings and Improvements | 23,947 | ||||
Gross Amount Carried , Total | $ 26,729 | ||||
Date Acquired | Feb. 1, 2017 | ||||
Accumulated Depreciation and Amortization | $ (3,217) | ||||
Rockledge Apartments | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Jun. 30, 2017 | ||||
Rockledge Apartments | Marietta, Georgia | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 68,100 | ||||
Initial Cost to Company, Land | 17,451 | ||||
Initial Cost to Company, Buildings and Improvements | 96,577 | ||||
Initial Cost to Company, Total | 114,028 | ||||
Costs Capitalized Subsequent to Acquisition | 7,445 | ||||
Gross Amount Carried , Land | 17,451 | ||||
Gross Amount Carried , Buildings and Improvements | 101,001 | ||||
Gross Amount Carried , Total | $ 118,452 | ||||
Date Acquired | Jun. 30, 2017 | ||||
Accumulated Depreciation and Amortization | $ (10,798) | ||||
Atera Apartments | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Oct. 25, 2017 | ||||
Atera Apartments | Dallas, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 29,500 | ||||
Initial Cost to Company, Land | 22,371 | ||||
Initial Cost to Company, Buildings and Improvements | 37,090 | ||||
Initial Cost to Company, Total | 59,461 | ||||
Costs Capitalized Subsequent to Acquisition | 3,744 | ||||
Gross Amount Carried , Land | 22,371 | ||||
Gross Amount Carried , Buildings and Improvements | 39,494 | ||||
Gross Amount Carried , Total | $ 61,865 | ||||
Date Acquired | Oct. 25, 2017 | ||||
Accumulated Depreciation and Amortization | $ (3,682) | ||||
Cedar Pointe | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Aug. 24, 2018 | ||||
Cedar Pointe | Antioch, Tennessee | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 17,300 | ||||
Initial Cost to Company, Land | 2,371 | ||||
Initial Cost to Company, Buildings and Improvements | 24,410 | ||||
Initial Cost to Company, Total | 26,781 | ||||
Costs Capitalized Subsequent to Acquisition | 1,075 | ||||
Gross Amount Carried , Land | 2,371 | ||||
Gross Amount Carried , Buildings and Improvements | 25,485 | ||||
Gross Amount Carried , Total | $ 27,856 | ||||
Date Acquired | Aug. 24, 2018 | ||||
Accumulated Depreciation and Amortization | $ (1,415) | ||||
Crestmont Reserve | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Sep. 26, 2018 | ||||
Crestmont Reserve | Dallas, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 12,061 | ||||
Initial Cost to Company, Land | 4,124 | ||||
Initial Cost to Company, Buildings and Improvements | 20,667 | ||||
Initial Cost to Company, Total | 24,791 | ||||
Costs Capitalized Subsequent to Acquisition | 1,218 | ||||
Gross Amount Carried , Land | 4,124 | ||||
Gross Amount Carried , Buildings and Improvements | 21,885 | ||||
Gross Amount Carried , Total | $ 26,009 | ||||
Date Acquired | Sep. 26, 2018 | ||||
Accumulated Depreciation and Amortization | $ (1,171) | ||||
Brandywine I & II | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Sep. 26, 2018 | ||||
Brandywine I & II | Nashville, Tennessee | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 43,835 | ||||
Initial Cost to Company, Land | 6,237 | ||||
Initial Cost to Company, Buildings and Improvements | 73,870 | ||||
Initial Cost to Company, Total | 80,107 | ||||
Costs Capitalized Subsequent to Acquisition | 2,340 | ||||
Gross Amount Carried , Land | 6,237 | ||||
Gross Amount Carried , Buildings and Improvements | 76,210 | ||||
Gross Amount Carried , Total | $ 82,447 | ||||
Date Acquired | Sep. 26, 2018 | ||||
Accumulated Depreciation and Amortization | $ (3,867) | ||||
Bella Vista | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Jan. 28, 2019 | ||||
Bella Vista | Phoenix, Arizona | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 29,040 | ||||
Initial Cost to Company, Land | 10,942 | ||||
Initial Cost to Company, Buildings and Improvements | 37,661 | ||||
Initial Cost to Company, Total | 48,603 | ||||
Costs Capitalized Subsequent to Acquisition | 529 | ||||
Gross Amount Carried , Land | 10,942 | ||||
Gross Amount Carried , Buildings and Improvements | 38,190 | ||||
Gross Amount Carried , Total | $ 49,132 | ||||
Date Acquired | Jan. 28, 2019 | ||||
Accumulated Depreciation and Amortization | $ (1,477) | ||||
The Enclave | Tempe, Arizona | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | 25,322 | ||||
Initial Cost to Company, Land | 11,046 | ||||
Initial Cost to Company, Buildings and Improvements | 30,933 | ||||
Initial Cost to Company, Total | 41,979 | ||||
Costs Capitalized Subsequent to Acquisition | 491 | ||||
Gross Amount Carried , Land | 11,046 | ||||
Gross Amount Carried , Buildings and Improvements | 31,424 | ||||
Gross Amount Carried , Total | $ 42,470 | ||||
Date Acquired | Jan. 28, 2019 | ||||
Accumulated Depreciation and Amortization | $ (1,209) | ||||
The Heritage | Phoenix, Arizona | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | 24,625 | ||||
Initial Cost to Company, Land | 6,835 | ||||
Initial Cost to Company, Buildings and Improvements | 35,244 | ||||
Initial Cost to Company, Total | 42,079 | ||||
Costs Capitalized Subsequent to Acquisition | 582 | ||||
Gross Amount Carried , Land | 6,835 | ||||
Gross Amount Carried , Buildings and Improvements | 35,826 | ||||
Gross Amount Carried , Total | $ 42,661 | ||||
Date Acquired | Jan. 28, 2019 | ||||
Accumulated Depreciation and Amortization | $ (1,338) | ||||
Summers Landing | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Jun. 7, 2019 | ||||
Summers Landing | Fort Worth, Texas | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 10,109 | ||||
Initial Cost to Company, Land | 1,798 | ||||
Initial Cost to Company, Buildings and Improvements | 17,628 | ||||
Initial Cost to Company, Total | 19,426 | ||||
Costs Capitalized Subsequent to Acquisition | (107) | ||||
Gross Amount Carried , Land | 1,798 | ||||
Gross Amount Carried , Buildings and Improvements | 17,521 | ||||
Gross Amount Carried , Total | $ 19,319 | ||||
Date Acquired | Jun. 7, 2019 | ||||
Accumulated Depreciation and Amortization | $ (423) | ||||
Residences at Glenview Reserve | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Jul. 17, 2019 | ||||
Residences at Glenview Reserve | Nashville, Tennessee | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 26,560 | ||||
Initial Cost to Company, Land | 3,367 | ||||
Initial Cost to Company, Buildings and Improvements | 41,652 | ||||
Initial Cost to Company, Total | 45,019 | ||||
Costs Capitalized Subsequent to Acquisition | (602) | ||||
Gross Amount Carried , Land | 3,367 | ||||
Gross Amount Carried , Buildings and Improvements | 41,050 | ||||
Gross Amount Carried , Total | $ 44,417 | ||||
Date Acquired | Jul. 17, 2019 | ||||
Accumulated Depreciation and Amortization | $ (824) | ||||
Residences at West Place | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Jul. 17, 2019 | ||||
Residences at West Place | Orlando, Florida | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 33,817 | ||||
Initial Cost to Company, Land | 3,345 | ||||
Initial Cost to Company, Buildings and Improvements | 52,657 | ||||
Initial Cost to Company, Total | 56,002 | ||||
Costs Capitalized Subsequent to Acquisition | (719) | ||||
Gross Amount Carried , Land | 3,345 | ||||
Gross Amount Carried , Buildings and Improvements | 51,938 | ||||
Gross Amount Carried , Total | $ 55,283 | ||||
Date Acquired | Jul. 17, 2019 | ||||
Accumulated Depreciation and Amortization | $ (967) | ||||
Avant at Pembroke Pines | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Aug. 30, 2019 | ||||
Avant at Pembroke Pines | Pembroke Pines, Florida | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 177,100 | ||||
Initial Cost to Company, Land | 48,436 | ||||
Initial Cost to Company, Buildings and Improvements | 275,671 | ||||
Initial Cost to Company, Total | 324,107 | ||||
Costs Capitalized Subsequent to Acquisition | 3,015 | ||||
Gross Amount Carried , Land | 48,437 | ||||
Gross Amount Carried , Buildings and Improvements | 278,685 | ||||
Gross Amount Carried , Total | $ 327,122 | ||||
Date Acquired | Aug. 30, 2019 | ||||
Accumulated Depreciation and Amortization | $ (8,076) | ||||
Arbors of Brentwood | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Sep. 10, 2019 | ||||
Arbors of Brentwood | Nashville, Tennessee | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 34,237 | ||||
Initial Cost to Company, Land | 6,346 | ||||
Initial Cost to Company, Buildings and Improvements | 56,409 | ||||
Initial Cost to Company, Total | 62,755 | ||||
Costs Capitalized Subsequent to Acquisition | 717 | ||||
Gross Amount Carried , Land | 6,346 | ||||
Gross Amount Carried , Buildings and Improvements | 57,126 | ||||
Gross Amount Carried , Total | $ 63,472 | ||||
Date Acquired | Sep. 10, 2019 | ||||
Accumulated Depreciation and Amortization | $ (1,523) | ||||
Torreyana Apartments | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Nov. 22, 2019 | ||||
Torreyana Apartments | Las Vegas, Nevada | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 37,400 | ||||
Initial Cost to Company, Land | 23,823 | ||||
Initial Cost to Company, Buildings and Improvements | 44,560 | ||||
Initial Cost to Company, Total | 68,383 | ||||
Costs Capitalized Subsequent to Acquisition | 17 | ||||
Gross Amount Carried , Land | 23,823 | ||||
Gross Amount Carried , Buildings and Improvements | 44,577 | ||||
Gross Amount Carried , Total | $ 68,400 | ||||
Date Acquired | Nov. 22, 2019 | ||||
Accumulated Depreciation and Amortization | $ (342) | ||||
Bloom | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Nov. 22, 2019 | ||||
Bloom | Las Vegas, Nevada | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 58,850 | ||||
Initial Cost to Company, Land | 23,805 | ||||
Initial Cost to Company, Buildings and Improvements | 83,288 | ||||
Initial Cost to Company, Total | 107,093 | ||||
Costs Capitalized Subsequent to Acquisition | 23 | ||||
Gross Amount Carried , Land | 23,805 | ||||
Gross Amount Carried , Buildings and Improvements | 83,311 | ||||
Gross Amount Carried , Total | $ 107,116 | ||||
Date Acquired | Nov. 22, 2019 | ||||
Accumulated Depreciation and Amortization | $ (571) | ||||
Bella Solara | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Date Acquired | Nov. 22, 2019 | ||||
Bella Solara | Las Vegas, Nevada | |||||
Real Estate And Accumulated Depreciation [Line Items] | |||||
Encumbrances | $ 36,575 | ||||
Initial Cost to Company, Land | 12,605 | ||||
Initial Cost to Company, Buildings and Improvements | 54,262 | ||||
Initial Cost to Company, Total | 66,867 | ||||
Costs Capitalized Subsequent to Acquisition | 8 | ||||
Gross Amount Carried , Land | 12,605 | ||||
Gross Amount Carried , Buildings and Improvements | 54,270 | ||||
Gross Amount Carried , Total | $ 66,875 | ||||
Date Acquired | Nov. 22, 2019 | ||||
Accumulated Depreciation and Amortization | $ (362) | ||||
[1] | Cutter’s Point incurred significant tornado damage on October 20, 2019 which resulted in the property ceasing operations in order to start reconstruction (see Note 5). | ||||
[2] | Property was classified as held for sale as of December 31, 2019. |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation (Parenthetical) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Real Estate And Accumulated Depreciation [Line Items] | |
Initial Cost to Company, Buildings and Improvements | $ 1,524,723 |
Gross Amount Carried , Buildings and Improvements | 1,610,625 |
Aggregate cost of real estate investment for Federal Income Tax purposes net of accumulated depreciation | 1,800,000 |
The Colonnade, Old Farm, Stone Creek at Old Farm, Hollister Place, Rockledge Apartments, Atera Apartments, Cedar Pointe, Crestmont Reserve and Brandywine I & II | |
Real Estate And Accumulated Depreciation [Line Items] | |
Total acquisition costs | 7,000 |
Parc500 | |
Real Estate And Accumulated Depreciation [Line Items] | |
Debt instrument, unamortized premium | 900 |
Buildings and Improvements and Furniture, Fixtures, and Equipment | |
Real Estate And Accumulated Depreciation [Line Items] | |
Initial Cost to Company, Buildings and Improvements | 1,500,000 |
Construction in Progress | |
Real Estate And Accumulated Depreciation [Line Items] | |
Gross Amount Carried , Buildings and Improvements | 4,400 |
Furniture, Fixtures, and Equipment | |
Real Estate And Accumulated Depreciation [Line Items] | |
Gross Amount Carried , Buildings and Improvements | $ 85,800 |
Estimated useful lives of assets | 3 years |
Buildings | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of assets | 30 years |
Improvements | |
Real Estate And Accumulated Depreciation [Line Items] | |
Estimated useful lives of assets | 15 years |
Gross Intangible Lease Assets | |
Real Estate And Accumulated Depreciation [Line Items] | |
Initial Cost to Company, Buildings and Improvements | $ 29,600 |
Gross Amount Carried , Buildings and Improvements | 12,400 |
Intangible Lease Assets | |
Real Estate And Accumulated Depreciation [Line Items] | |
Accumulated amortization of intangible assets | $ 6,200 |
Estimated useful lives of assets | 6 months |
Schedule III - Summary Of Activ
Schedule III - Summary Of Activity For Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate: | |||
Balance, beginning of year | $ 1,222,563 | $ 1,082,805 | $ 1,029,349 |
Additions: | |||
Real estate acquired | 882,313 | 131,679 | 198,173 |
Improvements | 47,739 | 28,809 | 25,748 |
Deductions: | |||
Real estate sold | (191,203) | (18,311) | (160,250) |
Write-off of fully amortized assets and other | (19,191) | (2,419) | (10,215) |
Balance, end of year | 1,942,221 | 1,222,563 | 1,082,805 |
Accumulated Depreciation and Amortization: | |||
Balance, beginning of year | 135,021 | 91,649 | 66,312 |
Depreciation expense | 56,360 | 45,002 | 39,812 |
Amortization expense | 12,726 | 2,468 | 8,940 |
Accumulated depreciation on sales | (32,408) | (2,500) | (14,199) |
Write-off of fully amortized assets and other | (11,288) | (1,598) | (9,216) |
Balance, end of year | $ 160,411 | $ 135,021 | $ 91,649 |