Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 06, 2020 | Jun. 28, 2019 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Entity Registrant Name | Bluerock Residential Growth REIT, Inc. | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 261,768,592 | ||
Entity Central Index Key | 0001442626 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Trading Symbol | BRG | ||
Class A Common Stock [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 24,504,832 | ||
Common Class C [Member] | |||
Document Information [Line Items] | |||
Entity Common Stock, Shares Outstanding | 76,603 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Net Real Estate Investments | ||
Land | $ 268,244,000 | $ 200,385,000 |
Buildings and improvements | 1,752,738,000 | 1,546,244,000 |
Furniture, fixtures and equipment | 67,836,000 | 55,050,000 |
Construction in progress | 68,000 | 989,000 |
Total Gross Real Estate Investments | 2,088,886,000 | 1,802,668,000 |
Accumulated depreciation | (141,566,000) | (108,911,000) |
Total Net Real Estate Investments | 1,947,320,000 | 1,693,757,000 |
Cash and cash equivalents | 31,683,000 | 24,775,000 |
Restricted cash | 19,085,000 | 27,469,000 |
Notes and accrued interest receivable from related parties | 193,781,000 | 164,084,000 |
Due from affiliates | 4,077,000 | 2,854,000 |
Accounts receivable, prepaids and other assets | 15,209,000 | 14,395,000 |
Preferred equity investments and investments in unconsolidated real estate joint ventures | 126,444,000 | 89,033,000 |
In-place lease intangible assets, net | 3,098,000 | 1,768,000 |
TOTAL ASSETS | 2,340,697,000 | 2,018,135,000 |
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Mortgages payable | 1,425,257,000 | 1,206,136,000 |
Revolving credit facilities | 18,000,000 | 82,209,000 |
Accounts payable | 1,488,000 | 1,486,000 |
Other accrued liabilities | 27,499,000 | 31,690,000 |
Due to affiliates | 790,000 | 726,000 |
Distributions payable | 13,541,000 | 12,073,000 |
Total Liabilities | 1,486,575,000 | 1,334,320,000 |
Stockholders' Equity | ||
Additional paid-in-capital | 311,683,000 | 307,938,000 |
Distributions in excess of cumulative earnings | (253,132,000) | (218,531,000) |
Total Stockholders' Equity | 127,491,000 | 158,346,000 |
Noncontrolling Interests | ||
Operating partnership units | 19,331,000 | 27,613,000 |
Partially owned properties | 28,839,000 | 28,984,000 |
Total Noncontrolling Interests | 48,170,000 | 56,597,000 |
Total Equity | 175,661,000 | 214,943,000 |
TOTAL LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | 2,340,697,000 | 2,018,135,000 |
Preferred Stock [Member] | ||
Stockholders' Equity | ||
Preferred Stock Value | 0 | 0 |
Class A Common Stock [Member] | ||
Stockholders' Equity | ||
Common Stock Value | 234,000 | 233,000 |
Noncontrolling Interests | ||
Total Equity | 234,000 | 233,000 |
Cumulative Redeemable Preferred Stock | Series A [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 140,355,000 | 139,545,000 |
Cumulative Redeemable Preferred Stock | Series C [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 56,797,000 | 56,485,000 |
Cumulative Redeemable Preferred Stock | Series D [Member] | ||
Stockholders' Equity | ||
Preferred Stock Value | 68,705,000 | 68,705,000 |
Redeemable Preferred Stock [Member] | Series B [Member] | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 480,921,000 | 272,842,000 |
Redeemable Preferred Stock [Member] | Series T | ||
LIABILITIES, REDEEMABLE PREFERRED STOCK AND EQUITY | ||
Redeemable Preferred Stock | 388,000 | 0 |
Common Class C [Member] | ||
Stockholders' Equity | ||
Common Stock Value | 1,000 | 1,000 |
Noncontrolling Interests | ||
Total Equity | $ 1,000 | $ 1,000 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred Stock, Shares Authorized | 197,900,000 | 197,900,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Redeemable Preferred Stock [Member] | Series T | ||
Preferred Stock, Dividend Rate, Percentage | 6.15% | 6.15% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 32,000,000 | 32,000,000 |
Temporary Equity, Shares Issued | 17,400 | 0 |
Temporary Equity, Shares Outstanding | 17,400 | 0 |
Cumulative Redeemable Preferred Stock | Series A [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 8.25% | 8.25% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 10,875,000 | 10,875,000 |
Temporary Equity, Shares Issued | 5,721,460 | 5,721,460 |
Temporary Equity, Shares Outstanding | 5,721,460 | 5,721,460 |
Cumulative Redeemable Preferred Stock | Series B [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 6.00% | 6.00% |
Temporary Equity, Liquidation Preference Per Share | $ 1,000 | $ 1,000 |
Temporary Equity, Shares Authorized | 1,225,000 | 1,225,000 |
Temporary Equity, Shares Issued | 536,695 | 306,009 |
Temporary Equity, Shares Outstanding | 536,695 | 306,009 |
Cumulative Redeemable Preferred Stock | Series C [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 7.625% | 7.625% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 4,000,000 | 4,000,000 |
Temporary Equity, Shares Issued | 2,323,750 | 2,323,750 |
Temporary Equity, Shares Outstanding | 2,323,750 | 2,323,750 |
Cumulative Redeemable Preferred Stock | Series D [Member] | ||
Preferred Stock, Dividend Rate, Percentage | 7.125% | 7.125% |
Temporary Equity, Liquidation Preference Per Share | $ 25 | $ 25 |
Temporary Equity, Shares Authorized | 4,000,000 | 4,000,000 |
Temporary Equity, Shares Issued | 2,850,602 | 2,850,602 |
Temporary Equity, Shares Outstanding | 2,850,602 | 2,850,602 |
Class A Common Stock [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 747,509,582 | 747,509,582 |
Common stock, shares issued | 23,422,557 | 23,322,211 |
Common stock, shares outstanding | 23,422,557 | 23,322,211 |
Common Class C [Member] | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 76,603 | 76,603 |
Common stock, shares issued | 76,603 | 76,603 |
Common stock, shares outstanding | 76,603 | 76,603 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues | |||
Rental and other property revenues | $ 185,376 | $ 162,461 | $ 115,646 |
Interest income from related parties | 24,595 | 22,255 | 7,930 |
Total revenues | 209,971 | 184,716 | 123,576 |
Expenses | |||
Property operating | 74,449 | 67,997 | 48,346 |
Property management fees | 4,899 | 4,391 | 3,185 |
General and administrative | 22,553 | 19,553 | 7,541 |
Management fees to related parties | 0 | 0 | 12,726 |
Acquisition and pursuit costs | 556 | 116 | 3,233 |
Management internalization | 0 | 0 | 43,554 |
Weather-related losses, net | 355 | 288 | 1,014 |
Depreciation and amortization | 70,452 | 62,683 | 48,624 |
Total expenses | 173,264 | 155,028 | 168,223 |
Operating income (loss) | 36,707 | 29,688 | (44,647) |
Other income (expense) | |||
Other Income | 68 | 0 | 17 |
Preferred returns on unconsolidated real estate joint ventures | 9,797 | 10,312 | 10,336 |
Gain on sale of real estate investments | 48,680 | 0 | 50,163 |
Gain on sale of non-depreciable real estate investments | 679 | 0 | 0 |
Gain on sale of real estate joint venture interests | 0 | 0 | 10,262 |
Loss on extinguishment of debt and debt modification costs | (7,258) | (2,277) | (1,639) |
Interest expense, net | (59,554) | (52,998) | (31,520) |
Total other (expense) income | (7,588) | (44,963) | 37,619 |
Net income (loss) | 29,119 | (15,275) | (7,028) |
Preferred stock dividends | (46,159) | (35,637) | (27,023) |
Preferred stock accretion | (10,335) | (5,970) | (3,011) |
Net (loss) income attributable to noncontrolling interests | |||
Operating partnership units | (6,779) | (12,839) | (9,372) |
Partially-owned properties | (845) | (1,284) | 17,989 |
Net (loss) income attributable to noncontrolling interests | (7,624) | (14,123) | 8,617 |
Net loss attributable to common stockholders | $ (19,751) | $ (42,759) | $ (45,679) |
Net loss per common share - Basic | $ (0.91) | $ (1.82) | $ (1.79) |
Net loss per common share - Diluted | $ (0.91) | $ (1.82) | $ (1.79) |
Weighted average basic common shares outstanding | 22,649,222 | 23,845,800 | 25,561,673 |
Weighted average diluted common shares outstanding | 22,649,222 | 23,845,800 | 25,561,673 |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Additional Paid-in Capital [Member] | Cumulative Distributions [Member] | Net Loss to Common Stockholders [Member] | Noncontrolling Interests [Member] | Class A Common Stock [Member] | Common Class C [Member] | Series D Preferred Stock [Member] | Total |
Balance at Dec. 31, 2016 | $ 257,403 | $ (70,807) | $ (13,824) | $ 50,833 | $ 196 | $ 0 | $ 68,760 | $ 292,561 |
Balance (in shares) at Dec. 31, 2016 | 19,567,506 | 0 | 2,850,602 | |||||
Issuance of Class A common stock, net | 57,330 | 0 | 0 | 0 | $ 46 | $ 0 | $ 0 | 57,376 |
Issuance of Class A common stock, net (in shares) | 4,604,701 | 0 | 0 | |||||
Issuance of Class C common stock | 814 | 0 | 0 | 0 | $ 0 | $ 1 | $ 0 | 815 |
Issuance of Class C common stock (in shares) | 0 | 0 | ||||||
Vesting of restricted stock compensation | 2,187 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 2,187 |
Issuance of Long-Term Incentive Plan ("LTIP") Units for director compensation | 0 | 0 | 0 | |||||
Vesting of restricted Class A common stock | 9 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 9 |
Issuance of Operating Partnership ("OP") Units for Internalization | 0 | 0 | 0 | 39,938 | 0 | 0 | 0 | 39,938 |
Issuance of LTIP Units for director compensation | 100 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 100 |
Issuance of LTIP Units for director compensation (in shares) | 0 | 0 | 0 | |||||
Issuance of LTIP units | 13,748 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 13,748 |
Issuance costs of Series D Preferred Stock (in shares) | 0 | 0 | 0 | |||||
Adjustment for noncontrolling interests ownership in Operating Partnership | 5,302 | 0 | 0 | (5,302) | $ 0 | $ 0 | $ 0 | 0 |
Conversion of OP Units into Class A common stock | 167 | 0 | 0 | (167) | $ 0 | $ 0 | $ 0 | 0 |
Conversion of OP Units into Class A common stock (in shares) | 22,367 | 0 | 0 | |||||
Conversion of LTIP Units into OP Units | (18,414) | 0 | 0 | 18,414 | $ 0 | $ 0 | $ 0 | 0 |
Deconsolidation of MDA Apartments, Crescent Perimeter and Vickers Village | 0 | 0 | 0 | (22,920) | 0 | 0 | 0 | (22,920) |
Changes in additional paid- in capital | (3,832) | 0 | 0 | 0 | 0 | 0 | 0 | (3,832) |
Issuance of Series B warrants | 3,072 | 0 | 0 | 0 | 0 | 0 | 0 | 3,072 |
Contributions from noncontrolling interests, net | 0 | 0 | 0 | 10,738 | 0 | 0 | 0 | 10,738 |
Distributions declared | 0 | (33,976) | 0 | (2,699) | 0 | 0 | 0 | (36,675) |
Series A Preferred Stock distributions declared | 0 | (11,801) | 0 | 0 | 0 | 0 | 0 | (11,801) |
Series A Preferred Stock accretion | 0 | (658) | 0 | 0 | 0 | 0 | 0 | (658) |
Series B Preferred Stock distributions declared | 0 | (5,715) | 0 | 0 | 0 | 0 | 0 | (5,715) |
Series B Preferred Stock accretion | 0 | (2,104) | 0 | 0 | 0 | 0 | 0 | (2,104) |
Series C Preferred Stock distributions declared | 0 | (4,430) | 0 | 0 | 0 | 0 | 0 | (4,430) |
Series C Preferred Stock accretion | 0 | (249) | 0 | 0 | 0 | 0 | 0 | (249) |
Series D Preferred Stock distributions declared | 0 | (5,077) | 0 | 0 | 0 | 0 | 0 | (5,077) |
Distributions to OP noncontrolling interests | 0 | 0 | 0 | (30,252) | 0 | 0 | 0 | (30,252) |
Redemption of OP Units | (16) | 0 | 0 | (29) | 0 | 0 | 0 | (45) |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 267 | 0 | 0 | 0 | $ 0 | 0 | 0 | 267 |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 23,785 | |||||||
Cash redemption of Series B Preferred Stock | 33 | 0 | 0 | 0 | $ 0 | 0 | 0 | 33 |
Adjustments to Additional Paid in Capital, Share-based Compensation, Other Long-term Incentive Plans, Requisite Service Period Recognition | 13,748 | 0 | 0 | 0 | 0 | 0 | 0 | 13,748 |
Transfer of noncontrolling interest to controlling interest | 0 | 0 | 0 | (3,825) | 0 | 0 | 0 | (3,825) |
Issuance costs of Series D Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | (55) | (55) |
Net income (loss) | 0 | 0 | (15,645) | 8,617 | 0 | 0 | 0 | (7,028) |
Balance at Dec. 31, 2017 | 318,170 | (134,817) | (29,469) | 63,346 | $ 242 | $ 1 | $ 68,705 | 286,178 |
Balance (in shares) at Dec. 31, 2017 | 24,218,359 | 76,603 | 2,850,602 | |||||
Issuance of Class A common stock, net | 25 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 25 |
Issuance of Class A common stock, net (in shares) | 2,831 | 0 | 0 | |||||
Issuance of Class A common stock due to Series B warrants exercise | 0 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 0 |
Issuance of Class A common stock due to Series B warrants exercise (in shares) | 100 | 0 | 0 | |||||
Vesting of restricted stock compensation | 0 | 0 | 0 | 5,128 | $ 0 | $ 0 | $ 0 | 5,128 |
Repurchase of Class A common stock | (9,007) | 0 | 0 | 0 | $ (11) | $ 0 | $ 0 | (9,018) |
Repurchase of Class A common stock (in shares) | (1,055,057) | 0 | 0 | |||||
Issuance of LTIP Units for director compensation | 0 | 0 | 0 | 220 | $ 0 | $ 0 | $ 0 | 220 |
Stock Issued During Period Value Issuance Of Ltip Units For Former Manager Compensation | 0 | 0 | 0 | 993 | 0 | 0 | 0 | 993 |
Issuance of LTIP units for expense reimbursements | 0 | 0 | 0 | 1,066 | 0 | 0 | 0 | 1,066 |
Issuance of Series B warrants | 1,699 | 0 | 0 | 0 | 0 | 0 | 0 | 1,699 |
Contributions from noncontrolling interests, net | 0 | 0 | 0 | 13,551 | 0 | 0 | 0 | 13,551 |
Common stock distributions declared | 0 | (11,486) | 0 | 0 | 0 | 0 | 0 | (11,486) |
Series A Preferred Stock distributions declared | 0 | (11,800) | 0 | 0 | 0 | 0 | 0 | (11,800) |
Series A Preferred Stock accretion | 0 | (744) | 0 | 0 | 0 | 0 | 0 | (744) |
Series B Preferred Stock distributions declared | 0 | (14,332) | 0 | 0 | 0 | 0 | 0 | (14,332) |
Series B Preferred Stock accretion | 0 | (4,937) | 0 | 0 | 0 | 0 | 0 | (4,937) |
Series C Preferred Stock distributions declared | 0 | (4,428) | 0 | 0 | 0 | 0 | 0 | (4,428) |
Series C Preferred Stock accretion | 0 | (289) | 0 | 0 | 0 | 0 | 0 | (289) |
Series D Preferred Stock distributions declared | 0 | (5,077) | 0 | 0 | 0 | 0 | 0 | (5,077) |
Distributions to OP noncontrolling interests | 0 | 0 | 0 | (4,139) | 0 | 0 | 0 | (4,139) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (1,786) | 0 | 0 | 0 | (1,786) |
Redemption of OP Units | (3) | 0 | 0 | (3) | 0 | 0 | 0 | (6) |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 1,563 | 0 | 0 | 0 | $ 2 | 0 | 0 | 1,565 |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 155,978 | |||||||
Cash redemption of Series B Preferred Stock | 13 | 0 | 0 | 0 | $ 0 | 0 | 0 | 13 |
Acquisition of noncontrolling interest | (10,334) | 0 | 0 | (1,844) | 0 | 0 | 0 | (12,178) |
Adjustment for noncontrolling interest ownership in the OP | 5,812 | 0 | 0 | (5,812) | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | (1,152) | (14,123) | 0 | 0 | 0 | (15,275) |
Balance at Dec. 31, 2018 | 307,938 | (187,910) | (30,621) | 56,597 | $ 233 | $ 1 | $ 68,705 | 214,943 |
Balance (in shares) at Dec. 31, 2018 | 23,322,211 | 76,603 | 2,850,602 | |||||
Issuance of Class A common stock, net | 5,320 | 0 | 0 | 0 | $ 5 | $ 0 | $ 0 | 5,325 |
Issuance of Class A common stock, net (in shares) | 456,708 | 0 | 0 | |||||
Issuance of Class A common stock due to Series B warrants exercise | 299 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 299 |
Issuance of Class A common stock due to Series B warrants exercise (in shares) | 37,391 | 0 | 0 | |||||
Vesting of restricted stock compensation | 0 | 0 | 0 | 5,293 | $ 0 | $ 0 | $ 0 | 5,293 |
Repurchase of Class A common stock | (14,073) | 0 | 0 | 0 | $ (13) | $ 0 | $ 0 | (14,086) |
Repurchase of Class A common stock (in shares) | (1,313,328) | 0 | 0 | |||||
Issuance of restricted Class A common stock | 424 | 0 | 0 | 0 | $ 1 | $ 0 | $ 0 | 425 |
Issuance of restricted Class A common stock (in shares) | 87,094 | |||||||
Issuance of LTIP Units for director compensation | 0 | 0 | 0 | 282 | $ 0 | $ 0 | $ 0 | 282 |
Issuance of LTIP Units for director compensation (in shares) | 0 | 0 | ||||||
Issuance of LTIP units for expense reimbursements | 0 | 0 | 0 | 2,238 | 0 | $ 0 | $ 0 | 2,238 |
Issuance of LTIP Units for capitalized reimbursements | 0 | 0 | 0 | 737 | 0 | 0 | 0 | 737 |
Issuance of Series B warrants | 4,413 | 0 | 0 | 0 | 0 | 0 | 0 | 4,413 |
Contributions from noncontrolling interests, net | 0 | 0 | 0 | 3,511 | 0 | 0 | 0 | 3,511 |
Common stock distributions declared | 0 | (14,850) | 0 | 0 | 0 | 0 | 0 | (14,850) |
Series A Preferred Stock distributions declared | 0 | (11,800) | 0 | 0 | 0 | 0 | 0 | (11,800) |
Series A Preferred Stock accretion | 0 | (810) | 0 | 0 | 0 | 0 | 0 | (810) |
Series B Preferred Stock distributions declared | 0 | (24,854) | 0 | 0 | 0 | 0 | 0 | (24,854) |
Series B Preferred Stock accretion | 0 | (9,213) | 0 | 0 | 0 | 0 | 0 | (9,213) |
Series C Preferred Stock distributions declared | 0 | (4,428) | 0 | 0 | 0 | 0 | 0 | (4,428) |
Series C Preferred Stock accretion | 0 | (312) | 0 | 0 | 0 | 0 | 0 | (312) |
Series D Preferred Stock distributions declared | 0 | (5,076) | 0 | 0 | 0 | 0 | 0 | (5,076) |
Series T Preferred Stock distributions declared | 0 | (1) | 0 | 0 | 0 | 0 | 0 | (1) |
Miscellaneous offering costs | (222) | 0 | 0 | 0 | 0 | 0 | 0 | (222) |
Distributions to OP noncontrolling interests | 0 | 0 | 0 | (5,749) | 0 | 0 | 0 | (5,749) |
Distributions to partially owned noncontrolling interests | 0 | 0 | 0 | (3,765) | 0 | 0 | 0 | (3,765) |
Redemption of OP Units | (15) | 0 | 0 | (10) | 0 | 0 | 0 | (25) |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock | 2,631 | 0 | 0 | 0 | $ 2 | 0 | 0 | 2,633 |
Holder redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 219,328 | |||||||
Company redemption of Series B Preferred Stock and conversion into Class A common stock | 7,188 | 0 | 0 | 0 | $ 6 | 0 | 0 | 7,194 |
Company redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 613,153 | |||||||
Cash redemption of Series B Preferred Stock | 15 | 0 | 0 | 0 | $ 0 | 0 | 0 | 15 |
Acquisition of noncontrolling interest | (6,529) | 0 | 0 | (2,390) | 0 | 0 | 0 | (8,919) |
Adjustment for noncontrolling interest in Cade Boca Raton | 0 | 0 | 0 | 3,344 | 0 | 0 | 0 | 3,344 |
Adjustment for noncontrolling interest ownership in the OP | 4,294 | 0 | 0 | (4,294) | 0 | 0 | 0 | 0 |
Net income (loss) | 0 | 0 | 36,743 | (7,624) | 0 | 0 | 0 | 29,119 |
Balance at Dec. 31, 2019 | $ 311,683 | $ (259,254) | $ 6,122 | $ 48,170 | $ 234 | $ 1 | $ 68,705 | $ 175,661 |
Balance (in shares) at Dec. 31, 2019 | 23,422,557 | 76,603 | 2,850,602 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities | |||
Net (loss) income | $ 29,119 | $ (15,275) | $ (7,028) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 74,055 | 67,004 | 51,146 |
Amortization of fair value adjustments | (335) | (434) | (319) |
Preferred returns on unconsolidated real estate joint ventures | (9,797) | (10,312) | (10,336) |
Gain on sale of real estate investments | (48,680) | 0 | (50,163) |
Gain on sale of non-depreciable real estate investments | (679) | 0 | 0 |
Gain on sale of real estate joint venture interests | 0 | 0 | (10,262) |
Fair value adjustment of interest rate caps | 2,536 | 2,846 | 0 |
Loss on extinguishment of debt | 7,258 | 0 | 0 |
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures | 9,015 | 9,464 | 9,252 |
Share-based compensation attributable to equity incentive plan | 5,575 | 5,348 | 109 |
Share-based compensation to employees - Restricted Stock Grants | 425 | 0 | 0 |
Share-based compensation to former Manager - LTIP Units | 0 | 993 | 15,935 |
Share-based expense reimbursements to BRE - LTIP Units | 2,975 | 1,066 | 0 |
Internalization Operating Partnership Units issued | 0 | 0 | 39,938 |
Internalization Class C Shares issued | 0 | 0 | 814 |
Changes in operating assets and liabilities: | |||
Due (from) affiliates, net | (283) | (2,000) | (1,565) |
Accounts receivable, prepaids and other assets | (4,484) | (2,029) | 294 |
Accounts payable and other accrued liabilities | (3,369) | 7,784 | 16,432 |
Net cash provided by operating activities | 63,331 | 64,455 | 54,247 |
Cash flows from investing activities: | |||
Acquisitions of real estate investments | (516,217) | (333,540) | (493,311) |
Capital expenditures | (21,446) | (21,240) | (46,971) |
Investment in notes receivable from related parties | (51,714) | (22,032) | (54,096) |
Repayments on notes receivable from related parties | 12,148 | 0 | 0 |
Proceeds from sale of real estate investments | 313,785 | 0 | 71,945 |
Proceeds from sale and redemption of unconsolidated real estate joint ventures | 36,620 | 0 | 17,603 |
Deconsolidation of interests in MDA Apartments, Novel Perimeter and Vickers Historic Roswell | 0 | 0 | (794) |
Adjustment for noncontrolling interests in Cade Boca Raton | 461 | 0 | 0 |
Purchase of interests from noncontrolling interests | (9,891) | (12,178) | (7,864) |
Investment in unconsolidated real estate joint venture interests | (74,307) | (17,888) | (20,989) |
Net cash used in investing activities | (310,561) | (406,878) | (534,477) |
Cash flows from financing activities: | |||
Distributions to common stockholders | (14,850) | (13,952) | (29,583) |
Distributions to noncontrolling interests | (9,129) | (6,298) | (31,363) |
Distributions to preferred stockholders | (45,075) | (35,014) | (26,042) |
Contributions from noncontrolling interests | 3,511 | 13,551 | 10,738 |
Borrowings on mortgages payable | 450,241 | 411,269 | 234,133 |
Repayments on mortgages payable including prepayment penalties | (274,715) | (141,994) | (2,581) |
Proceeds from credit facilities | 133,500 | 222,495 | 107,670 |
Repayments on credit facilities | (197,707) | (207,956) | (40,000) |
Payments of deferred financing fees | (4,815) | (7,291) | (6,627) |
Payments to purchase interest rate caps | 0 | (5,174) | 0 |
Miscellaneous offering costs | (222) | 0 | 0 |
Net proceeds from issuance of Class A common stock | 5,325 | 25 | 57,376 |
Repurchase of Class A common stock | (14,086) | (9,018) | 0 |
Payments to redeem Operating Partnership Units | (25) | (6) | (46) |
Net cash provided by financing activities | 245,754 | 330,077 | 417,371 |
Net (decrease) in cash, cash equivalents and restricted cash | (1,476) | (12,346) | (62,859) |
Cash, cash equivalents and restricted cash, beginning of year | 52,244 | 64,590 | 127,449 |
Cash, cash equivalents and restricted cash, end of year | 50,768 | 52,244 | 64,590 |
Supplemental disclosure of cash flow information | |||
Cash paid for interest (net of interest capitalized) | 53,890 | 44,837 | 28,004 |
Supplemental disclosure of non-cash investing and financing activities | |||
Conversion of preferred equity investments to notes receivable | 0 | 0 | (40,760) |
Distributions payable - declared and unpaid | 13,541 | 12,073 | 14,287 |
Mortgages assumed upon property acquisitions | 15,546 | 0 | 173,831 |
Mortgages assumed by buyer upon sale of real estate assets | 0 | 0 | 41,419 |
This element represents the information regarding Capital expenditures held in accounts payable and other accrued liabilities. | (884) | 786 | 0 |
Reduction of assets from change of control or deconsolidation | (26,383) | 0 | 110,402 |
Reduction of mortgages payable from change of control or deconsolidation | (23,500) | 0 | (49,445) |
Reduction of other liabilities from change of control or deconsolidation | 0 | 0 | (6,905) |
Reduction of noncontrolling interests from change of control or deconsolidation | (3,344) | 0 | 22,920 |
Series B Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Proceeds from Redeemable Preferred Stock | 208,913 | 107,877 | 141,244 |
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock | 4,413 | 1,699 | 3,072 |
Net proceeds from exercise of Warrants associated with the Series B Redeemable Preferred Stock | 343 | 0 | 0 |
Payments to redeem 6.0% Series B Redeemable Preferred Stock | (255) | (136) | (244) |
Series C Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Proceeds from Redeemable Preferred Stock | 0 | 0 | (148) |
Series A Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Proceeds from Redeemable Preferred Stock | 0 | 0 | (173) |
Series D Preferred Stock [Member] | |||
Cash flows from operating activities | |||
Net (loss) income | 0 | 0 | 0 |
Cash flows from financing activities: | |||
Proceeds from Redeemable Preferred Stock | 0 | 0 | (55) |
Series T Preferred Stock [Member] | |||
Cash flows from financing activities: | |||
Proceeds from Redeemable Preferred Stock | $ 387 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF CA_2
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) | 12 Months Ended |
Dec. 31, 2019 | |
Series B Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 6.00% |
Series A Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 8.25% |
Series C Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 7.625% |
Series D Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 7.125% |
Series T Preferred Stock [Member] | |
Preferred Stock, Dividend Rate, Percentage | 6.15% |
Organization and Nature of Busi
Organization and Nature of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization and Nature of Business | |
Organization and Nature of Business | Note 1 – Organization and Nature of Business Bluerock Residential Growth REIT, Inc. (the “Company”) was incorporated as a Maryland corporation on July 25, 2008. The Company’s objective is to maximize long-term stockholder value by acquiring and developing well-located institutional-quality apartment properties in knowledge economy growth markets across the United States. The Company seeks to maximize returns through investments where it believes it can drive substantial growth in its core funds from operations and net asset value primarily through its Value-Add and Invest-to-Own investment strategies. The Company has elected to be treated, and currently qualifies, as a real estate investment trust (“REIT”) for federal income tax purposes. As a REIT, the Company generally is not subject to corporate-level income taxes. To maintain its REIT status, the Company is required, among other requirements, to distribute annually at least 90% of its “REIT taxable income,” as defined by the Internal Revenue Code of 1986, as amended (the “Code”), to the Company’s stockholders. If the Company fails to qualify as a REIT in any taxable year, it would be subject to federal income tax on its taxable income at regular corporate tax rates. On October 31, 2017, the Company became an internally-managed REIT as a result of the completion of the management internalization (the “Internalization”), and it is no longer externally managed by BRG Manager, LLC (the “former Manager”). The owners of the former Manager are referred to as the Contributors. As of December 31, 2019, the Company held investments in fifty-three real estate properties, consisting of thirty-five consolidated operating properties and eighteen properties through preferred equity or mezzanine loan investments. Of the property interests held through preferred equity and mezzanine loan investments, five are under development, four are in lease-up and nine properties are stabilized. The fifty-three properties contain an aggregate of 15,627 units, comprised of 11,746 consolidated operating units and 3,881 units through preferred equity and mezzanine loan investments. As of December 31, 2019, the Company’s consolidated operating properties were approximately 94.0% occupied. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2 – Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all of the property interests acquired and investments made on the Company’s behalf. As of December 31, 2019, limited partners other than the Company owned approximately 27.66% of the common units of the Operating Partnership (19.66% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 8.00% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.95% which are not vested at December 31, 2019). Because the Company is the sole general partner of the Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company also consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. These entities are included in the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. In accordance with adoption of the lease accounting update issued in July 2018, the Company reflects all income earned pursuant to tenant leases in a single line item, “Rental and other property revenues”, in the 2019 consolidated statements of operations. See New Accounting Pronouncements below. To facilitate comparability, the Company has reclassified lease and non-lease income for prior periods to conform to the current period presentation. Summary of Significant Accounting Policies Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Topic ASC 810 and, if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change in value with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the investment whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business. If it has been determined that the Company does not have control but does have the ability to exercise significant influence over the entity, the Company accounts for these unconsolidated investments under the equity method of accounting. The equity method of accounting requires these investments to be initially recorded at cost and subsequently increased (decreased) for the Company’s share of net income (loss), including eliminations for the Company’s share of intercompany transactions, and increased (decreased) for contributions (distributions). The Company’s proportionate share of the results of operations of these investments is reflected in the Company’s earnings or losses. Financial Instrument Fair Value Disclosures As of December 31, 2019 and 2018, the carrying values of cash and cash equivalents, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable from related parties approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. Real Estate Assets Capital Additions, Depreciation and Amortization The Company capitalizes costs, including certain indirect costs, incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with capital additions activities at the apartment community level. The Company characterizes as “indirect costs” an allocation of certain department costs, including payroll, at the corporate levels that clearly relate to capital additions activities. The Company also capitalizes interest, property taxes and insurance during periods in which redevelopment, development and construction projects are in progress. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months Real Estate Purchase Price Allocations Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their relative fair values. Acquisition-related costs are capitalized in the period incurred and are recorded to the components of the real estate assets acquired. Prior to the adoption of Financial Accounting Standards Board ASU 2017‑01, “Business Combinations; Clarifying Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2019, 2018 or 2017. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. Restricted Cash Restricted cash is comprised of the following: (i) lender-imposed escrow accounts for replacement reserves, real estate taxes and insurance, and (ii) amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges. Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and reflected as a reduction of mortgages payable, and fees associated with the Company’s lines of credit are recorded within accounts receivable, prepaids and other assets on the consolidated balances sheets. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures and fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method. Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by LTIP Unit holders and OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. Revenue Recognition Rental income related to tenant leases is recognized on an accrual basis over the terms of the related leases on a straight-line basis. Amounts received in advance are recorded as a liability within other accrued liabilities. Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control. Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period). Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”) and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. Related Party Transactions On April 2, 2014, upon the completion of the initial public offering (the “IPO”), the Company entered into a management agreement with the former Manager, an affiliate of Bluerock, to be the Company’s external manager (the “Management Agreement”). Under the Management Agreement the Company paid the former Manager a base management fee and incentive fee. The Company records all related party fees as incurred. Following the Internalization on October 31, 2017, the Company, as an internally managed company, no longer pays the former Manager any fees or expense reimbursements arising from the Management Agreement. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series B Preferred Stock and the Series T Preferred Stock, the Company engaged a related party as dealer manager and pays selling commissions and dealer manager fees of 7% and 3%, respectively, of the gross offering proceeds from the offering. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers, and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. Offering costs related to each closing are recorded as a reduction of proceeds raised on the date of issue. 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, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2019, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2019, approximately 1.33% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 93.15% were return of capital, and 5.52% were capital gains, with 87.49% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2018, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2018, approximately 34.00% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 66.00% were return of capital. For the year ended December 31, 2017, 64.21% of the distributions received by the common stockholders were classified as return of capital for income tax purposes, 4.00% were ordinary income, 31.79% were capital gains, with 21.29% of the capital gains qualifying as Section 1250 gains. In addition, for the year ended December 31, 2017, 11.19% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 88.81% were capital gains, with 21.29% of the capital gains qualifying as Section 1250 gains. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2014 through 2018 tax returns (where applicable), and those positions expected to be taken on the 2019 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2019. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2019, tax returns for the calendar years 2016 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions. The Internal Revenue Service is currently conducting a routine examination of the Company’s Operating Partnership 2017 tax return. The results of such examination and impact on the Company’s results of operations are not known at this time. The Company has not been notified of any state tax examinations. Reportable Segment The Company’s current business consists of investing in and operating multifamily communities. Substantially all its consolidated net income (loss) is from investments in real estate properties that the Company owns through co-investment ventures which it either consolidates or accounts for under the equity method of accounting. The Company evaluates operating performance on an individual property level and based on the properties’ similar economic characteristics, the Company’s properties are aggregated into one reportable segment. Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Other than the adoption of new accounting pronouncements as described below, there have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10‑K for the year ended December 31, 2018. New Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 will require more timely recognition of credit losses associated with financial assets. While current GAAP includes multiple credit impairment objectives for instruments, the previous objectives generally delayed recognition of the full amount of credit losses until the loss was probable of occurring. The amendments in ASU 2016-13, whose scope is asset-based and not restricted to financial institutions, eliminate the probable initial recognition threshold in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses. The amendments in ASU 2016-13 broaden the information that the Company must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss that will be more useful to users of the financial statements. In November 2018, the FASB issued ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses” (“ASU 2018-19”). ASU 2018-19 clarifies that operating lease receivables are excluded from the scope of ASU 2016-13 and instead, impairment of operating lease receivables is to be accounted for under ASC 842. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. As of December 31, 2019, the Company has evaluated the impacts of ASU 2016-13, with a focus on the Company’s investments in mezzanine loans, on its consolidated financial statements and expects the allowance to be immaterial to the Company. In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early adoption permitted. The Company adopted ASU 2016-02 as of January 1, 2019 and elected the package of practical expedients provided by the standard which includes: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) and entity need not reassess initial direct costs for any existing leases. The adoption of ASU 2016-02 did not have a material impact to the Company’s consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”). ASU 2018-11 provides lessors with a practical expedient to not separate lease and non-lease components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company adopted the practical expedient as of January 1, 2019 to account for lease and non-lease components as a single component in lease contracts where the Company is the lessor. Lessor Accounting The Company’s current portfolio is focused predominately on apartment properties whereby the Company generates rental revenue by leasing apartments to residents in its communities. As lease revenues for apartments fall under the scope of Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s apartment leases are combined with the related lease component and accounted for as a single lease component under Topic 842. The balances of net real estate investments and related depreciation on the Company’s consolidated financial statements relate to assets for which the Company is the lessor. Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company is currently engaged in operating lease agreements that primarily relate to certain equipment leases. The Company determined that the lessee operating lease commitments have no material impact on its consolidated financial statements with the adoption of Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use-asset or liability in the future. In August 2017, the FASB issued ASU No. 2017-12 “Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”), which, among other things, requires entities to present the earnings effect of hedging instruments in the same income statement line item in which the earnings effect of the hedged item is reported. The new standard also adds new disclosure requirements. ASU 2017-12 is effective for annual periods beginning after December 15, 2018, though early adoption, including interim periods, is permissible. The Company adopted ASU 2017-12 as of January 1, 2019 and there has been no material impact to the Company’s consolidated financial statements as a result of its adoption. In May 2014, the FASB issued ASU No. 2014‑09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014‑09”). Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue is generally recognized net of allowances. In August 2015, the FASB issued ASU 2015‑14, “Revenue from Contracts with Customers-Deferral of the Effective Date” which deferred the effective date of the new revenue recognition standard until the first quarter of 2018. Therefore, ASU 2014‑09 became effective for the Company in the first quarter of the fiscal year ending December 31, 2018. The ASU allows for either full retrospective or modified retrospective adoption. The majority of the Company’s revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASU 2016‑02, discussed above. The Company’s other revenue streams, including interest income from related parties, were determined not to be within the scope of ASU 2014‑09, gains and losses from real estate dispositions as defined in Subtopic 610‑20 discussed below, and notes and accrued interest receivable from related parties, which the ASU provides to follow established guidance in Topic 310. The adoption by the Company of ASU 2014‑09 as of January 1, 2018 did not result in a cumulative adjustment and did not have a material impact on the Company’s consolidated financial statements. In addition to the comprehensive new revenue guidance, ASU 2014‑09 also introduced new standards for accounting for gains and losses from derecognition of nonfinancial assets, which was codified into ASC Topic 610‑20, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets”. The scope of ASC Topic 610‑20 was further clarified in ASU 2017‑05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017‑05”), noting that a financial asset is within the scope of Subtopic 610‑20 if it meets the definition of an in substance nonfinancial asset. ASU 2017‑05 also defines the term “in substance nonfinancial asset” and provides guidance on the recognition of gains and losses on sale of real estate investments. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete. Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset when sold. As a result, the Company may recognize a gain on a real estate disposition transaction that previously did not qualify as a sale or for full profit recognition due to the timing of the transfer of control or certain forms of continuing involvement. ASC Topic 610‑20 is effective for annual periods beginning after December 15, 2017. The Company adopted ASC Topic 610‑20 as of January 1, 2018 using the modified retrospective approach. The adoption of ASC Topic 610‑20 did not impact the accounting of the Company’s historical property sales or sales of joint venture interests and its adoption had no impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15 |
Sale of Real Estate Assets and
Sale of Real Estate Assets and Joint Venture Equity Interests and Abandonment of Development Project | 12 Months Ended |
Dec. 31, 2019 | |
Sale of Real Estate Assets and Joint Venture Equity Interests and Abandonment of Development Project | |
Sale of Real Estate Assets and Joint Venture Equity Interests and Abandonment of Development Project | Note 3 – Sale of Real Estate Assets and Joint Venture Equity Interests and Abandonment of Development Project Sale of Village Green Ann Arbor On February 22, 2017, the Company closed on the sale of the Village Green Ann Arbor property, located in Ann Arbor, Michigan. The property was sold for approximately $71.4 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the Village Green Ann Arbor property in the amount of $41.4 million and payment of closing costs and fees of $1.3 million, the sale of the property generated net proceeds of approximately $28.6 million and a gain on sale of approximately $16.7 million, of which the Company’s pro rata share of proceeds was approximately $13.6 million and pro rata share of the gain was approximately $7.8 million. Sale of Lansbrook Village On April 26, 2017, the Company closed on the sale of Lansbrook Village, located in Palm Harbor, Florida. The 90% owned property was sold for approximately $82.4 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for assumption of the existing mortgage indebtedness encumbering Lansbrook Village in the amount of $57.2 million and payment of closing costs and fees of $1.2 million, the sale of the property generated net proceeds of approximately $24.1 million and a gain on sale of approximately $22.8 million, of which the Company’s pro rata share of proceeds was approximately $19.1 million and pro rata share of the gain was approximately $16.1 million. Sale of Fox Hill On May 24, 2017, the Company closed on the sale of the Fox Hill property, located in Austin, Texas. The property was sold for approximately $46.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of the existing mortgage indebtedness encumbering the Fox Hill property in the amount of $26.7 million, the payment of early extinguishment of debt costs of $1.6 million and payment of closing costs and fees of $0.5 million, the sale of the property generated net proceeds of approximately $19.2 million and a gain on sale of approximately $10.7 million, of which the Company’s pro rata share of proceeds was approximately $16.4 million and pro rata share of the gain was approximately $10.3 million. Sale of MDA Apartments On June 30, 2017, the Company closed on the sale of its interest in MDA Apartments, located in Chicago, Illinois. The Company’s 35% interest in the property was sold for approximately $18.3 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payment of closing costs and fees of $0.7 million, the sale of the joint venture interest in the property generated net proceeds of approximately $17.6 million and gain on sale of $10.2 million, of which the Company’s pro rata share of proceeds was approximately $11.0 million and pro rata share of the gain was approximately $6.4 million. Election to Abandon East San Marco Development On November 24, 2015, the Company entered into a cost-sharing agreement to pursue the acquisition of a tract of real property located in Jacksonville, Florida for the development of a 266‑unit, Class A multifamily apartment community with 44,276 square feet of retail space, or the East San Marco Property. In 2017 the Company elected to abandon pursuit of the development of the East San Marco Property due to significant cost escalations arising from scope changes imposed on the project after the start and from both general and market specific labor and material inflation, which negatively impacted the risk and return profile of the project. The Company had invested approximately $2.9 million in a controlling equity position in the East San Marco Property prior to abandonment , all of which was recorded within acquisition and pursuit costs on the consolidated statements of operations. Sale of Wesley Village II On March 1, 2019, the Company closed on the sale of an undeveloped parcel of land known as Wesley Village II located in Charlotte, North Carolina. The parcel was sold for approximately $1.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for closing costs and fees, the sale of the parcel generated net proceeds of approximately $1.0 million, resulting in a gain on sale of approximately $0.7 million. Sale of ARIUM Palms, Leigh House, Preston View, Sorrel and Sovereign (the “Topaz Portfolio”) On July 15, 2019, the Company closed on the sale of three of the five properties in the Topaz Portfolio: Preston View, Sorrel and Sovereign. The properties are located in Morrisville, North Carolina, Frisco, Texas and Fort Worth, Texas, respectively. The three properties were sold for approximately $174.9 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the properties in the amount of $108.0 million, the payment of early extinguishment of debt costs of $1.8 million and payment of closing costs and fees of $2.0 million, the sale of the properties generated net proceeds of approximately $63.0 million and a gain on sale of approximately $30.9 million. The Company recorded a loss on extinguishment of debt of $2.3 million related to the sale. Additionally, the Company held a preferred equity investment in Leigh House, the fourth property in the Topaz Portfolio, located in Raleigh, North Carolina. Prior to the sale, the Company purchased additional interests in Leigh House from Bluerock Special Opportunity + Income Fund II, LLC (“Fund II”) for approximately $3.2 million in accordance with the agreement governing its investment. The Company sold its interests as part of the Topaz Portfolio for net proceeds of approximately $17.4 million, which included payment for its original preferred investment of $14.2 million and its additional investment of approximately $3.2 million. On August 29, 2019, the Company closed on the sale of the fifth property in the Topaz Portfolio, ARIUM Palms, located in Orlando, Florida. The property was sold for approximately $46.8 million, subject to certain prorations and adjustments typical in such real estate transactions. After deductions for the payoff of the existing mortgage indebtedness encumbering the ARIUM Palms property in the amount of $30.3 million, the payment of early extinguishment of debt costs of $0.3 million and payment of closing costs and fees of $1.0 million, the sale of the property generated net proceeds of approximately $15.3 million and a gain on sale of approximately $13.4 million. The Company recorded a loss on extinguishment of debt of $0.9 million related to the sale. Sale of Marquis at Crown Ridge and Marquis at Stone Oak On September 20, 2019, the Company closed on the sale of its interests in two properties located in San Antonio, Texas: Marquis at Crown Ridge and Marquis at Stone Oak. The properties were sold for approximately $95.0 million, subject to certain prorations and adjustments typical in such real estate transactions. After deductions for the payoff of the existing mortgage indebtedness encumbering the properties in the amount of $70.3 million and payment of closing costs and fees of $0.2 million, the sale of the properties generated net proceeds of approximately $24.5 million and a gain on sale of approximately $5.1 million, of which the Company’s pro rata share of the proceeds was approximately $22.2 million and pro rata share of the gain was approximately $4.6 million. The Company recorded a loss on extinguishment of debt of $0.6 million related to the sale. |
Investments in Real Estate
Investments in Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Real Estate | |
Investments in Real Estate | Note 4 – Investments in Real Estate As of December 31, 2019, the Company held investments in thirty-five consolidated operating properties and eighteen properties through preferred equity or mezzanine loan investments. The following tables provide summary information regarding the Company’s consolidated operating properties and preferred equity and mezzanine loan investments, which are either consolidated or accounted for under the equity method of accounting. Consolidated Operating Properties Number of Date Built / Ownership Multifamily Community Name Location Units Renovated (1) Interest ARIUM Glenridge Atlanta, GA 480 90 % ARIUM Grandewood Orlando, FL 306 100 % ARIUM Hunter’s Creek Orlando, FL 532 100 % ARIUM Metrowest Orlando, FL 510 100 % ARIUM Westside Atlanta, GA 336 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Ashton Reserve Charlotte, NC 473 100 % Cade Boca Raton Boca Raton, FL 90 81 % Chattahoochee Ridge Atlanta, GA 358 90 % Citrus Tower Orlando, FL 336 97 % Denim Scottsdale, AZ 645 100 % Element Las Vegas, NV 200 100 % Enders Place at Baldwin Park Orlando, FL 220 92 % Gulfshore Apartment Homes, formerly ARIUM Gulfshore Naples, FL 368 100 % James at South First Austin, TX 250 90 % Marquis at The Cascades Tyler, TX 582 90 % Marquis at TPC San Antonio, TX 139 90 % Navigator Villas Pasco, WA 176 90 % Outlook at Greystone Birmingham, AL 300 100 % Park & Kingston Charlotte, NC 168 100 % Pine Lakes Preserve, formerly ARIUM Pine Lakes Port St. Lucie, FL 320 100 % Plantation Park Lake Jackson, TX 238 80 % Providence Trail Mount Juliet, TN 334 100 % Roswell City Walk Roswell, GA 320 98 % Sands Parc Daytona Beach, FL 264 100 % The Brodie Austin, TX 324 93 % The District at Scottsdale Scottsdale, AZ 332 100 % The Links at Plum Creek Castle Rock, CO 264 88 % The Mills Greenville, SC 304 100 % The Preserve at Henderson Beach Destin, FL 340 100 % The Reserve at Palmer Ranch, formerly ARIUM at Palmer Ranch Sarasota, FL 320 100 % The Sanctuary Las Vegas, NV 320 100 % Veranda at Centerfield Houston, TX 400 93 % Villages of Cypress Creek Houston, TX 384 % Wesley Village Charlotte, NC % Total (1) Represents date of last significant renovation or year built if there were no renovations. Depreciation expense was $63.7 million, $53.9 million and $35.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. Intangibles related to the Company’s consolidated investments in real estate consist of the value of in-place leases. In-place leases are amortized over the remaining term of the in-place leases, which is approximately six months. Amortization expense related to the in-place leases was $6.8 million, $8.8 million and $13.1 million for the years ended December 31, 2019, 2018 and 2017, respectively. The Company’s real estate assets are leased to tenants under operating leases for which the terms and expirations vary. The leases may have provisions to extend the lease agreements, options for early termination after paying a specified penalty and other terms and conditions as negotiated. The Company retains substantially all the risks and benefits of ownership of the consolidated real estate assets leased to tenants. Generally, upon the execution of a lease, the Company requires security deposits from tenants in the form of a cash deposit. Amounts required as a security deposit vary depending upon the terms of the respective leases and the creditworthiness of the tenant, but generally are not individually significant amounts. Therefore, exposure to credit risk exists to the extent that a receivable from a tenant exceeds the amount of their security deposit. Security deposits received in cash related to tenant leases are included in other accrued liabilities in the accompanying consolidated balance sheets and totaled $2.6 million and $2.4 million as of December 31, 2019 and 2018, respectively, for the Company’s consolidated real estate properties. No individual tenant represents over 10% of the Company’s annualized base rent for the consolidated real estate properties. Preferred Equity and Mezzanine Loan Investments Actual / Actual / Estimated Actual / Estimated Planned Initial Construction Multifamily Community Name Location Number of Units Occupancy Completion Lease-up Investments Vickers Historic Roswell Roswell, GA 79 2Q 2018 3Q 2018 Domain at The One Forty Garland, TX 299 2Q 2018 4Q 2018 Arlo Charlotte, NC 286 2Q 2018 1Q 2019 Novel Perimeter Atlanta, GA 320 3Q 2018 1Q 2019 Total lease-up units 984 Development Investments Motif, formerly Flagler Village Fort Lauderdale, FL 385 2Q 2020 3Q 2020 North Creek Apartments Leander, TX 259 3Q 2020 4Q 2020 Riverside Apartments Austin, TX 222 4Q 2020 1Q 2021 Wayforth at Concord Concord, NC 150 2Q 2020 3Q 2021 The Park at Chapel Hill (1) Chapel Hill, NC — — — Total development units 1,016 Multifamily Community Name Location Number of Units Operating Investments (2) Alexan CityCentre Houston, TX 340 Alexan Southside Place Houston, TX 270 Belmont Crossing (3) Smyrna, GA 192 Helios (4) Atlanta, GA 282 Mira Vista Austin, TX 200 Sierra Terrace (3) Atlanta, GA 135 Sierra Village (3) Atlanta, GA 154 Thornton Flats Austin, TX 104 Whetstone Apartments Durham, NC 204 Total operating units 1,881 Total units 3,881 (1) The development is in the planning phase; project specifications are in process. (2) Stabilized operating properties in which the Company has a preferred equity investment. Refer to Note 7 for further information. (3) Belmont Crossing, Sierra Terrace and Sierra Village are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. (4) Helios was a preferred equity investment through December 10, 2019, the date the Company redeemed its preferred interest into common interest. The Company accounted for Helios under the equity method at December 31, 2019. Helios property was subsequently sold on January 8, 2020. |
Acquisition of Real Estate
Acquisition of Real Estate | 12 Months Ended |
Dec. 31, 2019 | |
Acquisition of Real Estate | |
Acquisition of Real Estate | Note 5 – Acquisition of Real Estate The following describes the Company’s significant acquisition activity and related financing during the years ended December 31, 2019 and 2018 (dollars in thousands): Ownership Purchase Property Location Date Interest Price Mortgage The Links at Plum Creek Castle Rock, CO March 26, 2018 88 % $ 61,100 $ 40,000 Sands Parc Daytona Beach, FL May 1, 2018 100 % 46,200 (1) Plantation Park Lake Jackson, TX June 14, 2018 80 % 35,600 26,625 Veranda at Centerfield Houston, TX July 26, 2018 93 % 40,150 26,100 Ashford Belmar Lakewood, CO November 15, 2018 85 % 143,444 100,675 Element Las Vegas, NV June 27,2019 100 % 41,750 29,260 Providence Trail Mount Juliet, TN June 27,2019 100 % 68,500 47,950 Denim Scottsdale, AZ July 24,2019 100 % 141,250 91,634 The Sanctuary Las Vegas, NV July 31,2019 100 % 51,750 33,707 Chattahoochee Ridge Atlanta, GA November 12,2019 90 % 69,750 45,338 The District at Scottsdale Scottsdale, AZ December 11, 2019 100 % 124,000 82,200 Navigator Villas Pasco, WA December 18, 2019 90 % 28,500 20,515 (1) Funded, in part, with the Company’s Senior Credit Facility secured by the property. Refer to Note 8 for further information about the Company’s Secured Credit Facility. Purchase Price Allocation The real estate acquisitions above have been accounted for as asset acquisitions. The purchase prices were allocated to the acquired assets and assumed liabilities based on their estimated fair values at the dates of acquisition. The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the year ended December 31, 2019 (amounts in thousands): Purchase Price Allocation Land $ 93,989 Building 353,649 Building improvements 11,647 Land improvements 53,820 Furniture and fixtures 10,913 In-place leases 7,745 Total assets acquired $ 531,763 Mortgages assumed $ 14,800 Fair value adjustments 746 Total liabilities assumed $ 15,546 Acquisition of Additional Interests in Properties In addition to the property acquisitions discussed above, the Company also acquired the noncontrolling partner’s interest in the following properties (dollars in thousands): Property Date Amount Previous Interest New Interest Gulfshore Apartment Homes, formerly ARIUM Gulfshore April 26,2018 $ 4,838 95 % 100 % The Reserve at Palmer Ranch, formerly ARIUM at Palmer Ranch April 26,2018 4,174 95 % 100 % ARIUM Palms (1) August 29,2018 3,023 95 % 100 % Pine Lakes Preserve, formerly ARIUM Pine Lakes January 29,2019 7,769 85 % 100 % Sorrel (1) June 25,2019 738 95 % 100 % Sovereign (1) June 25,2019 1,204 95 % 100 % (1) ARIUM Palms, Sorrel and Sovereign were subsequently disposed of in 2019 as part of the Topaz Portfolio sale. Refer to Note 3 for further information. |
Notes and Interest Receivable d
Notes and Interest Receivable due from Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Notes and Interest Receivable due from Related Parties | |
Notes and Interest Receivable due from Related Parties | Note 6 – Notes and Interest Receivable due from Related Parties Following is a summary of the notes and accrued interest receivable due from related parties as of December 31, 2019 and 2018 (amounts in thousands): Property 2019 2018 Arlo $ 27,605 $ 24,893 Cade Boca Raton — 11,854 Domain at The One Forty 23,430 20,536 Motif, formerly Flagler Village 75,436 75,436 Novel Perimeter 20,867 20,867 The Park at Chapel Hill 34,819 — Vickers Historic Roswell 11,624 10,498 Total $ 193,781 $ 164,084 Following is a summary of the interest income from related parties for the years ended December 31, 2019 and 2018 (amounts in thousands): Property 2019 2018 Arlo $ 3,757 $ 3,687 Cade Boca Raton 1,925 1,694 Domain at The One Forty 3,280 3,042 Motif, formerly Flagler Village 9,626 9,249 Novel Perimeter 3,091 3,091 The Park at Chapel Hill 1,273 — Vickers Historic Roswell 1,643 1,492 Total $ 24,595 $ 22,255 The occupancy percentages of the Company’s related party properties at December 31, 2019 and 2018 are as follows: Property 2019 2018 Arlo 82.2 % 37.4 % Cade Boca Raton (1) 92.2 % 7.8 % Domain at The One Forty 85.6 % 34.4 % Motif, formerly Flagler Village (2) (2) Novel Perimeter 79.4 % 22.2 % The Park at Chapel Hill (3) — Vickers Historic Roswell 74.7 % 40.5 % (1) The Company consolidated Cade Boca Raton as of December 31, 2019. Refer to below for further information. (2) The development has not commenced lease-up. (3) The development is in the planning phase; project specifications are in process . Arlo Mezzanine Financing The Company has provided a $27.5 million mezzanine loan (the “Arlo Mezz Loan”), of which $27.3 million has been funded as of December 31, 2019, to BR Morehead JV Member, LLC (the “Arlo JV Member”). The Arlo Mezz Loan is secured by the Arlo JV Member’s approximate 95.0% interest in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an unaffiliated third party (the “Arlo JV”), which developed a 286‑unit Class A apartment community located in Charlotte, North Carolina. The Arlo Mezz Loan matures on the earliest to occur of: (i) the latest to occur of (a) September 26, 2022 and (b) the applicable maturity date under any extension granted under any construction financing, or (ii) the date of sale or transfer of property, or (iii) such earlier date, by declaration of acceleration or otherwise, on which the final payment of principal becomes due. The Arlo Mezz Loan bears interest at a fixed rate of 15% with regular monthly payments being interest only and can be prepaid without penalty. In conjunction with the Arlo development, the Arlo property owner, which is owned by an entity in which the Company has an equity interest, entered into a $34.5 million construction loan (the “Arlo Construction Loan”) with an unaffiliated party, of which $33.8 million is outstanding at December 31, 2019, and which is secured by the Arlo property. The Arlo Construction Loan matures on June 29, 2020 and has a one-year extension option, subject to certain conditions. The Arlo Construction Loan bears interest on a floating basis on the amount drawn based on LIBOR plus 3.75%, subject to a minimum of 4.25%. In addition, the Arlo property owner entered into a $7.3 million mezzanine loan with an unaffiliated party, of which $7.3 million is outstanding at December 31, 2019, and which is secured by the membership interest in the joint venture developing the Arlo property. The mezzanine loan matures on June 29, 2020 and has two one-year extension options, subject to certain conditions. The loan bears interest at a fixed rate of 11.5%. Cade Boca Raton Mezzanine Financing The Company provided a $14.0 million mezzanine loan (the “Boca Mezz Loan”) to BRG Boca JV Member, LLC (the “Boca JV Member”), an affiliate of the former Manager. The Boca Mezz Loan was secured by the Boca JV Member’s approximate 90.0% interest in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an unaffiliated third party (the “Boca JV”), which developed a 90‑unit Class A apartment community located in Boca Raton, Florida known as Cade Boca Raton. The Boca Mezz Loan bore interest at a fixed rate of 15.0% with regular monthly payments being interest-only. The Boca Mezz Loan was to mature on March 11, 2022 and could be prepaid without penalty. On December 19, 2019, the Company received a paydown of $3.6 million on the Boca Mezz Loan, reducing the outstanding principal balance to $10.1 million. Additionally, the Company negotiated with Fund II to contribute the remaining balance of the Boca Mezz Loan in exchange for 89.25% of the common membership interest in Boca JV Member and sole management control of Boca JV Member . At December 31, 2019, the Company consolidated the Boca JV Member. Domain at The One Forty Mezzanine Financing The Company has provided a $24.5 million mezzanine loan (the “Domain Mezz Loan”), of which $23.1 million has been funded as of December 31, 2019, to BR Member Domain Phase 1, LLC (the “Domain JV Member”), an affiliate of the former Manager. The Domain Mezz Loan is secured by the Domain JV Member’s approximate 95% interest in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an unaffiliated third party (the “Domain JV”), which developed a 299‑unit Class A apartment community located in Garland, Texas known as Domain at The One Forty. The Domain Mezz Loan matures on the earliest to occur of: (i) the latest to occur of (a) March 11, 2022 and (b) the applicable maturity date under any extension granted under any construction financing, or (ii) the date of sale or transfer of property, or (iii) such earlier date, by declaration of acceleration or otherwise, on which the final payment of principal becomes due. The Domain Mezz Loan bears interest at 15% in 2019, 5.5% in 2020, 4.0% in 2021 and 3.0% thereafter, and has regular monthly payments that are interest-only. The Domain Mezz Loan can be prepaid without penalty. The Company has a 50.0% participation in any profits achieved in a sale after repayment of the Domain Mezz Loan and the Company and Fund II each receive full return of their respective capital contributions. In conjunction with the Domain at The One Forty development, the Domain at The One Forty property owner, which is owned by an entity in which the Company has an equity interest: (i) entered into a $30.3 million construction loan (the “Domain Construction Loan”) secured by the Domain at The One Forty property, and (ii) entered into a $6.4 million mezzanine loan secured by the membership interest in the joint-venture developing the Domain at The One Forty property. Both the Domain Construction Loan and the mezzanine loan were entered into with unaffiliated parties and had maturity dates of March 3, 2020. The Domain Construction Loan could be prepaid without penalty, whereas the mezzanine loan could be prepaid provided the lender received a minimum profit and 1.0% exit fee. On December 12, 2019, the Domain at The One Forty property owner refinanced the Domain Construction Loan and entered into a $39.2 million senior mortgage loan (the “Domain Senior Loan”) secured by the Domain at The One Forty property and used the proceeds in part to pay off the outstanding balances, in full, of the Domain Construction Loan and mezzanine loan. The Domain Senior Loan matures on January 5, 2023 and bears interest at a floating basis of LIBOR plus 2.20%, but no less than 3.95%, with interest-only payments through the initial term of the loan. The Domain Senior Loan contains two one-year extension options, and if extended, payments during the extension period shall be based on thirty-year amortization. On or after July 5, 2021, the senior loan may be prepaid without penalty. Motif Mezzanine Financing, formerly Flagler Village The Company has provided a $74.6 million mezzanine loan (the “Flagler Mezz Loan”), of which all has been funded as of December 31, 2019, to BR Flagler JV Member, LLC (the “Flagler JV Member”), an affiliate of the former Manager. The Flagler Mezz Loan is secured by the Flagler JV Member’s 97% interest in a multi-tiered joint venture along with Fund II and Bluerock Special Opportunity + Income Fund III, LLC (“Fund III”), affiliates of the former Manager, and an unaffiliated third party (the “Flagler JV”), which is developing a 385-unit Class A apartment community located in Fort Lauderdale, Florida known as Motif. The Flagler Mezz Loan bears interest at 12.9% and has regular monthly payments that are interest-only. The Flagler Mezz Loan has a maturity date of March 28, 2023 and can be prepaid without penalty. The Company has the right of first offer to purchase the member’s ownership interests in the Flagler JV Member, or, if applicable, to purchase Motif if the Flagler JV Member exercises its rights under the Flagler JV to cause the sale of Motif. In conjunction with the Motif development, the Motif property owner, which is owned by an entity in which the Company has an equity interest, entered into an approximately $70.4 million construction loan (the “Motif Construction Loan”) with an unaffiliated party, of which $48.2 million is outstanding as of December 31, 2019, and which is secured by the Motif development. The Motif Construction Loan matures on March 28, 2022, contains a one-year extension option, subject to certain conditions, and can be prepaid subject to payment of a make-whole premium and exit fee. The Motif Construction Loan bears interest at the greater of 5.0% or a rate of LIBOR plus 3.85%, with interest only payments until March 28, 2022 and future payments after extension based on thirty-year amortization. Novel Perimeter Mezzanine Financing The Company has provided a $20.6 million mezzanine loan (the “Perimeter Mezz Loan”), of which all has been funded as of December 31, 2019, to BR Perimeter JV Member, LLC (the “Perimeter JV Member”), an affiliate of the former Manager. The Perimeter Mezz Loan is secured by the Perimeter JV Member’s approximate 60% interest in a multi-tiered joint venture along with Fund III, an affiliate of the former Manager, and an unaffiliated third party, which developed a 320‑unit Class A apartment community located in Atlanta, Georgia known as Novel Perimeter. The Perimeter Mezz Loan matures on the later of December 29, 2021 or the maturity date of the Novel Perimeter Construction Loan, as defined below, as extended, and bears interest at a fixed rate of 15.0%. Regular monthly payments are interest-only during the initial term. The Perimeter Mezz Loan can be prepaid without penalty. In conjunction with the Novel Perimeter development, the Novel Perimeter property owner, which is owned by an entity in which the Company has an equity interest, entered into an approximately $44.7 million construction loan (the “Novel Perimeter Construction Loan”) with an unaffiliated party, of which $44.7 million is outstanding at December 31, 2019, and which is secured by the Novel Perimeter development. The Novel Perimeter Construction Loan matures December 12, 2020, contains a one-year extension option, subject to certain conditions, and can be prepaid without penalty. The Novel Perimeter Construction Loan bears interest at a rate of LIBOR plus 3.00%, with interest only payments until December 12, 2020 and future payments based on thirty-year amortization. The Park at Chapel Hill Financing On November 1, 2019, the Company entered into an agreement to provide a mezzanine loan (“the Chapel Hill Mezz Loan”) in an amount up to $40.0 million to BR Chapel Hill JV, LLC (“BR Chapel Hill JV”), of which $29.5 million was funded upon execution of the agreement. BR Chapel Hill JV owns a 100% interest in BR Chapel Hill, LLC (“BR Chapel Hill”) and is a joint venture with common interests held by Bluerock Special Opportunity + Income Fund, Fund II, and BR Chapel Hill Investment, LLC, all managed by affiliates of the former Manager. The Chapel Hill Mezz Loan bears interest at a fixed rate of 11.0% per annum with regular monthly payments being interest-only during the initial term. The Chapel Hill Mezz Loan matures on the earliest to occur of: (i) the latest to occur of (a) March 31, 2024 and (b) the applicable maturity date under any extension granted under any construction financing, or (ii) the date of sale or transfer of property, or (iii) such earlier date, by declaration of acceleration or otherwise, on which the final payment of principal becomes due. The Chapel Hill Mezz Loan is secured by the Chapel Hill property and can be prepaid without penalty. In conjunction with the Chapel Hill Mezz Loan, the Company provided a $5.0 million senior loan to BR Chapel Hill. The senior loan is secured by BR Chapel Hill’s fee simple interest in the Chapel Hill property. The senior loan matures on March 31, 2024 and bears interest at a fixed rate of 10.0% per annum. Regular monthly payments are interest-only during the initial term. The senior loan can be prepaid without penalty. Vickers Historic Roswell Mezzanine Financing The Company has provided an $11.8 million mezzanine loan (the “Vickers Mezz Loan”), of which $11.5 million has been funded as of December 31, 2019, to BR Vickers Roswell JV Member, LLC (the “Vickers JV Member”), an affiliate of the former Manager. The Vickers Mezz Loan is secured by the Vickers JV Member’s approximate 80% interest in a multi-tiered joint venture along with Fund III, an affiliate of the former Manager, and an unaffiliated third party (the “Vickers JV”), which developed a 79-unit Class A apartment community located in Roswell, Georgia known as Vickers Historic Roswell. The Vickers Mezz Loan bears interest at a fixed rate of 15.0% and regular monthly payments are interest-only. The Vickers Mezz Loan matures on the earliest to occur of: (i) the latest to occur of (a) February 26, 2022 and (b) the applicable maturity date under any extension granted under any construction financing, or (ii) the date of sale or transfer of property, or (iii) such earlier date, by declaration of acceleration or otherwise, on which the final payment of principal becomes due. The Vickers Mezz Loan can be prepaid without penalty. In conjunction with the Vickers Historic Roswell development, the Vickers Historic Roswell property owner, which is owned by an entity in which the Company has an equity interest, entered into an approximately $18.0 million construction loan (the “Vickers Construction Loan”) with an unaffiliated party, which was secured by the Vickers Historic Roswell development. The Vickers Construction Loan was to mature on December 1, 2020 and could be prepaid without penalty. On December 13, 2019, the Vickers Historic Roswell property owner refinanced the Vickers Construction Loan and entered into a $22.0 million senior mortgage loan (the “Vickers Senior Loan”) secured by the Vickers Historic Roswell property and used the proceeds in part to pay off the outstanding balance, in full, of the Vickers Construction Loan. The Vickers Senior Loan matures on January 1, 2030 and bears interest at a floating basis of LIBOR plus 1.99%, with interest-only payments through the term of the loan. On or after September 28, 2029, the loan may be prepaid without penalty. |
Preferred Equity Investments an
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | Note 7 – Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of December 31, 2019 and 2018 is summarized in the table below (amounts in thousands): Property 2019 2018 Alexan CityCentre $ 12,788 $ 11,205 Alexan Southside Place 24,866 22,801 Helios 23,663 19,189 Leigh House 80 13,319 Mira Vista 5,250 — North Creek Apartments 14,964 5,892 Riverside Apartments 12,342 3,600 Strategic Portfolio (1) 10,183 — Thornton Flats 4,600 — Wayforth at Concord 4,683 — Whetstone Apartments 12,932 12,932 Other 93 95 Total $ 126,444 $ 89,033 (1) Belmont Crossing, Sierra Terrace and Sierra Village are collectively known as the Strategic Portfolio. As of December 31, 2019, the Company, through wholly-owned subsidiaries of the Operating Partnership, had outstanding equity investments in fifteen joint ventures. Nine of the fifteen equity investments, Alexan CityCentre, Alexan Southside Place, Mira Vista, North Creek Apartments, Riverside Apartments, Strategic Portfolio, Thornton Flats, Wayforth at Concord and Whetstone Apartments, are preferred investments, generate a stated preferred return on outstanding capital contributions, and the Company is not allocated any of the income or loss in the joint ventures. The joint venture is the controlling member in an entity whose purpose is to develop or operate a multifamily property. Six of the fifteen equity investments, Arlo, Cade Boca Raton, Domain at The One Forty, Motif (formerly known as Flagler Village), Novel Perimeter and Vickers Historic Roswell, represent a remaining 0.5% common interest in joint ventures where the Company has previously redeemed its preferred equity investment in the joint ventures and provided a mezzanine loan. Refer to Note 6 for further information. The preferred returns on the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2019, 2018 and 2017 is summarized below (amounts in thousands): Property 2019 2018 2017 Alexan CityCentre $ 2,108 $ 1,668 $ 1,395 Alexan Southside Place 1,583 3,201 2,879 Helios 1,343 2,459 2,454 Leigh House 1,155 1,910 1,770 Mira Vista 155 — — North Creek Apartments 1,375 108 — Riverside Apartments 879 31 — Strategic Portfolio 33 — — Thornton Flats 110 — — Wayforth at Concord 121 — — Whetstone Apartments 935 935 1,730 Other — — 108 Preferred returns on unconsolidated joint ventures $ 9,797 $ 10,312 $ 10,336 The occupancy percentages of the Company’s unconsolidated real estate joint ventures at December 31, 2019 and 2018 are as follows: Property 2019 2018 Alexan CityCentre 90.9 % 93.2 % Alexan Southside Place 95.2 % 84.8 % Helios 95.7 % 90.1 % Mira Vista 93.5 % — North Creek Apartments (1) (1) Riverside Apartments (1) (1) Strategic Portfolio Belmont Crossing 89.6 % — Sierra Terrace 97.0 % — Sierra Village 86.4 % — Thornton Flats 90.4 % — Wayforth at Concord (1) (1) Whetstone Apartments 94.1 % 96.6 % (1) The development has not commenced lease-up. Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 is as follows (amounts in thousands): 2019 2018 Balance Sheets: Real estate, net of depreciation $ 678,073 $ 577,624 Other assets 51,212 45,324 Total assets $ 729,285 $ 622,948 Mortgage payable $ 570,573 $ 480,903 Other liabilities 36,129 21,250 Total liabilities $ 606,702 $ 502,153 Members’ equity 122,583 120,795 Total liabilities and members’ equity $ 729,285 $ 622,948 2019 2018 2017 Operating Statement: Rental revenues $ 37,220 $ 19,222 $ 5,517 Operating expenses (21,904) (14,824) (4,990) Income before debt service and depreciation and amortization 15,316 4,398 527 Interest expense, net (31,775) (12,935) (3,098) Depreciation and amortization (16,125) (10,385) (3,384) Net operating loss (32,584) (18,922) (5,955) Gain on sale of Leigh House 13,871 — — Net loss $ (18,713) $ (18,922) $ (5,955) Alexan CityCentre Interests The Company has made a $12.8 million preferred equity investment in a multi-tiered joint venture along with Bluerock Growth Fund, LLC (“BGF”), Bluerock Growth Fund II, LLC (“BGF II”), Fund II and Fund III, all affiliates of the former Manager, and an unaffiliated third party (the “Alexan CityCentre JV”), which developed a 340‑unit Class A apartment community located in Houston, Texas, known as Alexan CityCentre. The Company earns a preferred return of 15.0% and 20.0% on its $6.5 million and $6.3 million preferred equity investments, respectively. The Alexan CityCentre JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which is six months following the maturity of the construction loan, detailed below, including extension and refinancing, or any earlier acceleration or due date. The Alexan CityCentre property owner, which is owned by an entity in which the Company has an equity interest, entered into a $55.1 million construction loan modification agreement, which was secured by its interest in the Alexan CityCentre property (the “Alexan Development”). The loan was to mature on January 1, 2020 and bore interest per annum equal to the prime rate plus 0.5% or LIBOR plus 3.0%, at the borrower’s option. On April 26, 2019, the Alexan CityCentre owner: (i) entered into a $46.0 million senior mortgage loan, (ii) entered into a $11.5 million mezzanine loan with an unaffiliated party, and (iii) used the proceeds from the senior loan and mezzanine loan to pay off the outstanding balance, in full, of the construction loan. The senior loan and mezzanine loan both provide for earnout advances, subject to certain restrictions, of $2.0 million and $0.5 million, respectively, for total loan commitments of $48.0 million and $12.0 million, respectively. The loans bear interest at a floating basis of the greater of LIBOR plus 1.50% or 3.99% on the senior loan, and the greater of LIBOR plus 6.00% or 8.49% on the mezzanine loan. The senior loan and mezzanine loan both: (i) have regular monthly payments that are interest-only during the initial term, (ii) have initial maturity dates of May 9, 2022, (iii) contain two one-year extension options, and (iv) can be prepaid in whole prior to maturity provided the lender receives a stated spread maintenance premium. Alexan Southside Place Interests The Company has made a $24.9 million preferred equity investment in a multi-tiered joint venture along with Fund II and Fund III, affiliates of the former Manager, and an unaffiliated third party (the “Alexan Southside JV”), which developed a 270‑unit Class A apartment community located in Houston, Texas, known as Alexan Southside Place. Alexan Southside Place is developed upon a tract of land under an 85‑year ground lease. The joint venture adopted ASU No. 2016-02 as of January 1, 2019, and as such, has recorded a right-of-use asset and lease liability of $17.1 million as of December 31, 2019. The Alexan Southside JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which is six months following the maturity of the loan, detailed below, including extension and refinancing, or any earlier acceleration or due date. In conjunction with the Alexan Southside development, the joint venture, which is owned by an entity in which the Company has an equity interest, entered into a $31.8 million construction loan secured by its interest in the Alexan Southside Place property. The loan was to mature in April 2019 and bore interest on a floating basis on the amount drawn based on the base rate plus 1.25% or LIBOR plus 2.25%, at the borrower’s option. On April 12, 2019, the joint venture: (i) entered into a $26.4 million senior mortgage loan, (ii) entered into a $6.6 million mezzanine loan with an unaffiliated party, and (iii) used the proceeds from the senior loan and mezzanine loan to pay off the outstanding balance, in full, of the construction loan. The senior loan and mezzanine loan both provide for earnout advances, subject to certain restrictions, of $2.4 million and $0.6 million, respectively, for total loan commitments of $28.8 million and $7.2 million, respectively. The loans bear interest at a floating basis of the greater of LIBOR plus 1.50% or 3.99% on the senior loan, and the greater of LIBOR plus 6.00% or 8.49% on the mezzanine loan. The senior loan and mezzanine loan both: (i) have regular monthly payments that are interest-only during the initial term, (ii) have initial maturity dates of May 9, 2022, (iii) contain two one-year extension options, and (iv) can be prepaid in whole prior to maturity provided the lender receives a stated spread maintenance premium. On November 9, 2018, the Company entered into an amended agreement with Fund II and Fund III (together “the Funds”) that reduced the Company’s preferred return in exchange for certain grants made by the Funds. The Company’s previous per annum preferred return of 15.0% was reduced as follows: 6.5% in 2019, 5.0% in 2020 and 3.5% thereafter. The Funds agreed to (i) grant the Company a right to compel a sale of the project beginning November 1, 2021 and (ii) grant the Company a 50.0% participation in any profits achieved in a sale after the Company receives its full preferred return and repayment of principal, and the Funds receive full return of their capital contributions. The Funds are obligated to fund their prorata share of future capital calls, absent a default event. If a default event shall occur and is continuing at the time of a sale, the Company would be entitled to 100.0% of the profits after the Funds receive full return of their capital contributions. Additionally, the Company agreed to extend the mandatory redemption date of its preferred equity to be reflective of any changes in the construction loan maturity date as a result of refinancing. Helios Interests The Company made a $19.2 million preferred equity investment in a multi-tiered joint venture along with Fund III, an affiliate of the former Manager, and an unaffiliated third party (the “Helios JV”), which developed a 282‑unit Class A apartment community located in Atlanta, Georgia known as Helios. On December 28, 2018, the Helios property owner entered into a $39.5 million senior mortgage loan (“senior loan”) secured by the Helios property. The senior loan matures on January 1, 2029 and bears interest at a floating basis of LIBOR plus 1.75%, with interest only payments through January 2023, and then monthly payments based on thirty-year amortization. On or after September 29, 2028, the loan may be prepaid without prepayment fee or yield maintenance. On November 9, 2018, the Company entered into an amended agreement with Fund III that reduced the Company’s preferred return in exchange for certain grants made by Fund III. The Company’s previous per annum preferred return of 15.0% was reduced as follows: 7.0% in 2019, 6.0% in 2020 and 4.5% thereafter. Fund III agreed to (i) grant the Company a right to compel a sale of the project beginning November 1, 2021 and (ii) grant the Company a 50.0% participation in any profits achieved in a sale after the Company receives its full preferred return and repayment of principal, and Fund III receives full return of its capital contribution. Fund III is obligated to fund its prorata share of future capital calls, absent a default event. If a default event shall occur and is continuing at the time of a sale, the Company would be entitled to 100.0% of the profits after Fund III receives full return of its capital contribution. Additionally, the Company agreed to extend the mandatory redemption date of its preferred equity to be reflective of any changes in the loan maturity date as a result of refinancing. On December 10, 2019, the Company entered into a membership interest purchase agreement to purchase 100% of the common membership interest in the joint venture from Fund III and the Helios JV for $2.5 million and $1.8 million, respectively, based on fair market value after consideration of the $19.2 million preferred equity investment previously funded by the Company. As ownership in the Helios real property is in the form of undivided interests, the Company continued to account for the Helios property under the equity method as of December 31, 2019. The Company closed on the sale of the Helios investment in January 2020. Refer to Note 16 for further information. Leigh House Interests The Company made a $14.2 million preferred equity investment in a multi-tiered joint venture along with Fund II, an affiliate of the former Manager, and an unaffiliated third party (the “Leigh House JV”), which developed a 245‑unit Class A apartment community located in Raleigh, North Carolina known as Leigh House. The Company earned a preferred return of 15.0% and 20.0% on its $11.9 million and $2.3 million preferred equity investments, respectively. The Leigh House JV was required to redeem the Company’s preferred membership interest plus any accrued but unpaid return on the earlier date which was six months following the maturity of the construction loan, detailed below, including extension, or any earlier acceleration or due date. The Leigh House investment was sold on July 15, 2019 as part of the Topaz Portfolio sale. Refer to Note 3 for further information. Mira Vista Interests On September 17, 2019, the Company made a $5.3 million preferred equity investment in a joint venture (the “Mira Vista JV”) with an unaffiliated third party for a stabilized property in Austin, Texas known as Mira Vista. Through September 17, 2026, the Company will earn a 7.0% current return and a 3.1% accrued return, for a total preferred return of 10.1%. After September 17, 2026, the Company will earn a 7.0% current return and a 4.0% accrued return for a total preferred return of 11.0%. The Mira Vista JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on January 1, 2030 or earlier upon the occurrence of certain events. North Creek Apartments Interests The Company made a $17.9 million preferred equity investment, of which $15.0 million has been funded as of December 31, 2019, in a multi-tiered joint venture (the “North Creek JV”) with an unaffiliated third party to develop an approximately 259‑unit Class A apartment community located in Leander, Texas to be known as North Creek Apartments. The Company will earn an 8.5% current return and a 4.0% accrued return for a total preferred return of 12.5%. The North Creek JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on October 29, 2023 (extended by one year if the property has not yet reached stabilization) or earlier upon the occurrence of certain events. In conjunction with the North Creek Apartments development, the North Creek Apartments property owner, which is owned by an entity in which the Company has an equity interest, entered into a $23.6 million construction loan, of which $7.3 million is outstanding as of December 31, 2019. The loan matures on October 29, 2021 and is secured by the fee simple interest in the North Creek Apartments property. The loan contains two one-year extension options, subject to certain conditions. The loan bears interest on a floating basis on the amount drawn based on the greater of 6.06% or one-month LIBOR plus 3.75%. Regular monthly payments are interest-only through April 2021, and future monthly payments are based on thirty-year amortization. The loan can be prepaid without penalty, subject to a make-whole provision. Riverside Apartments Interests The Company made a $15.6 million preferred equity investment, of which $12.3 million has been funded as of December 31, 2019, in a multi-tiered joint venture (the "Riverside JV") with an unaffiliated third party to develop an approximately 222‑unit Class A apartment community located in Austin, Texas to be known as Riverside Apartments. The Company will earn an 8.5% current return and a 4.0% accrued return for a total preferred return of 12.5%. The Riverside JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on November 21, 2023 (extended by one year if the property has not yet reached stabilization) or earlier upon the occurrence of certain events. In conjunction with the Riverside Apartments development, the Riverside Apartments property owner, which is owned by an entity in which the Company has an equity interest, entered into a $20.2 million construction loan, of which $6,308 is outstanding as of December 31, 2019. The loan matures on December 6, 2021 and is secured by the fee simple interest in the Riverside Apartments property. The loan contains two one-year extension options, subject to certain conditions. The loan bears interest on a floating basis on the amount drawn based on the greater of 6.14% or one-month LIBOR plus 3.75%. Regular monthly payments are interest-only through June 2021, and future monthly payments are based on thirty-year amortization. The loan can be prepaid without penalty, subject to a make-whole provision. Strategic Portfolio On December 20, 2019, the Company made a $10.2 million preferred equity investment in a joint venture (the “Strategic JV”) with an unaffiliated third party for the following three stabilized properties: Belmont Crossing, located in Smyrna, Georgia, and Sierra Terrace and Sierra Village, both located in Atlanta, Georgia. The three properties are collectively known as the Strategic Portfolio. As part of the agreement, the Company intends to make additional preferred equity investments in the Strategic JV for additional properties to be included in the Strategic Portfolio. The Company will earn a 7.5% current return and a 3.0% accrued return for a total preferred return of 10.5%. The Strategic JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return in each property on the earlier date which is: (i) the sale of the property, (ii) the refinancing of the loan related to the property, or (iii) the maturity date of the property loan. Thornton Flats Interests On September 25, 2019, the Company made a $4.6 million preferred equity investment in a joint venture (the “Thornton JV”) with an unaffiliated third party for a stabilized property in Austin, Texas known as Thornton Flats. The Company may fund additional capital contributions totaling $1.5 million after January 1, 2020, subject to certain debt yield and gross revenue conditions being satisfied. The Company will earn an 8.0% current return and a 1.0% accrued return for a total preferred return of 9.0%. The Thornton JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on September 25, 2024 or earlier upon the occurrence of certain events. Wayforth at Concord Interests The Company made a $6.5 million preferred equity investment, of which $4.7 million has been funded as of December 31, 2019, in a joint venture (the “Wayforth JV”) with an unaffiliated third party to develop an approximately 150‑unit Class A apartment community located in Concord, North Carolina to be known as Wayforth at Concord. In accordance with the Wayforth operating agreement, the Company began funding its capital once the unaffiliated third party had contributed its full common equity commitment. The Company will earn a 9.0% current return and a 4.0% accrued return for a total preferred return of 13.0%. The Wayforth JV is required to redeem the Company’s preferred membership interest plus any accrued but unpaid preferred return on November 9, 2023 (extended one year if the property has not yet reached stabilization) or earlier upon the occurrence of certain events. In conjunction with the Wayforth at Concord development, the Wayforth at Concord property owner, which is owned by an entity in which the Company has an equity interest, entered into a $22.3 million construction loan, of which none is outstanding as of December 31, 2019. The loan matures on November 9, 2021 and is secured by the fee simple interest in the Wayforth at Concord property. The loan contains two one-year extension options, subject to certain conditions. The loan bears interest on a floating basis on the amount drawn based on one-month LIBOR plus 2.5%. Regular monthly payments are interest-only during the initial term, with payments during the extension period based on thirty-year amortization. The loan can be prepaid without penalty. Whetstone Apartments Interests The Company made a $12.9 million preferred equity investment in a multi-tiered joint venture along with Fund III, an affiliate of the former Manager, and an unaffiliated third party, to acquire a 204‑unit Class A apartment community located in Durham, North Carolina known as Whetstone Apartments. The Company earns a 6.5% preferred return on its investment. Effective April 1, 2017, Whetstone Apartments ceased paying its preferred return on a current basis. The preferred return is being accrued, except for payments totaling $0.5 million received in 2019. The accrued preferred return of $2.6 million and $2.2 million as of December 31, 2019 and December 31, 2018, respectively, is included in due from affiliates in the consolidated balance sheets. The Company has evaluated the preferred equity investment and accrued preferred return and determined that the investment is fully recoverable. On October 6, 2016, the Whetstone Apartments property owner, which is owned by an entity in which the Company has an equity interest, entered into a mortgage loan of approximately $26.5 million, of which $25.5 million is outstanding as of December 31, 2019. The loan matures on November 1, 2023 and is secured by the Whetstone Apartments property. The loan bears interest at a fixed rate of 3.81% and regular monthly payments are based on thirty-year amortization. The loan may be prepaid with the greater of 1.0% prepayment fee or yield maintenance until October 31, 2021, and thereafter at par. The loan is nonrecourse to the Company and its joint venture partners with certain standard scope non-recourse carve-outs for certain deeds, acts or failures to act on the part of the Company and the joint venture partners. The Company closed on the sale of Whetstone Apartments in January 2020 and recovered its preferred equity investment and accrued preferred return. Refer to Note 16 for further information. |
Revolving credit facility
Revolving credit facility | 12 Months Ended |
Dec. 31, 2019 | |
Revolving credit facilities | |
Revolving credit facilities | Note 8 – Revolving credit facility The outstanding balances on the revolving credit facilities as of December 31, 2019 and 2018 are as follows (amounts in thousands): Revolving Credit Facilities 2019 2018 Senior Credit Facility $ 18,000 $ 67,709 Second Amended Junior Credit Facility — 14,500 Total $ 18,000 $ 82,209 Senior Credit Facility On October 4, 2017, the Company, through its Operating Partnership, entered into a credit agreement (the “Senior Credit Facility”) with KeyBank National Association (“KeyBank”) and a syndicate of other lenders. The Senior Credit Facility provides for a loan commitment amount of $75 million, which commitment contained an accordion feature to a maximum commitment of up to $175 million. The Senior Credit Facility matures on October 4, 2020 and contains a one-year extension option, subject to certain conditions and the payment of an extension fee. Borrowings under the Senior Credit Facility bear interest, at the Company’s option, at LIBOR plus 1.80% to 2.45% or the base rate plus 0.80% to 1.45%, depending on the Company’s leverage ratio. The weighted average interest rate was 3.99% at December 31, 2019. The Company pays an unused fee at an annual rate of 0.20% to 0.25% of the unused portion of the Senior Credit Facility, depending on the amount of borrowings outstanding. The Senior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, and minimum tangible net worth. At December 31, 2019, the Company was in compliance with all covenants under the Senior Credit Facility. The Company has guaranteed the obligations under the Senior Credit Facility and provided certain properties as collateral. Second Amended Junior Credit Facility On March 20, 2018, the Company, through a subsidiary of its Operating Partnership, entered into a credit agreement (the “Junior Credit Facility”) with KeyBank and other lenders. The Junior Credit Facility provided for a maximum loan commitment amount of $50 million and had a maturity date of March 20, 2019. Borrowings under the Junior Credit Facility bore interest, at the Company’s option, at LIBOR plus 4.0% or the base rate plus 3.0%. The Company paid an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the Junior Credit Facility, depending on the amount of borrowings outstanding. On December 21, 2018, the Company, through a subsidiary of its Operating Partnership, entered into an amended and restated, in its entirety, Junior Credit Facility (the “Amended Junior Credit Facility”). The Amended Junior Credit Facility provided for a revolving loan facility and a term loan facility with maximum commitment amounts of $50 million and $25 million, respectively. The revolving loan facility had a maturity date of December 21, 2019, with borrowings thereunder bearing interest, at the Company’s option, at LIBOR plus 3.5% or the base rate plus 2.5%.The Company paid an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the revolving loan facility, depending on the amount of borrowings outstanding. The term loan facility matured on July 19, 2019,the date on which the Company paid off the outstanding borrowings. On November 6, 2019, the Company, through a subsidiary of its Operating Partnership, entered into a second amended and restated, in its entirety, Junior Credit Facility (the “Second Amended Junior Credit Facility”). The Second Amended Junior Credit Facility provides for a revolving loan facility with a maximum commitment amount of $72.5 million with a maturity date of December 21, 2021. Borrowings under the Second Amended Junior Credit Facility bear interest, at the Company’s option, at LIBOR plus 2.75% to 3.25% or the base rate plus 1.75% to 2.25%, depending on the Company’s leverage ratio. The Company pays an unused fee at an annual rate of 0.35% to 0.40% of the unused portion of the Second Amended Junior Credit Facility, depending on the borrowings outstanding. The Second Amended Junior Credit Facility contains certain financial and operating covenants, including a maximum leverage ratio, minimum liquidity, minimum debt service coverage ratio, minimum tangible net worth and minimum equity raise and collateral values. At December 31, 2019, the Company was in compliance with all covenants under the Second Amended Junior Credit Facility. The Company has guaranteed the obligations under the Second Amended Junior Credit Facility and has pledged certain assets as collateral. The availability of borrowings under the revolving credit facilities at December 31, 2019 is based on the assets pledged as collateral and compliance with various ratios related to those assets and was approximately $83.0 million. |
Mortgages Payable
Mortgages Payable | 12 Months Ended |
Dec. 31, 2019 | |
Mortgages Payable | |
Mortgages Payable | Note 9 – Mortgages Payable The following table summarizes certain information as of December 31, 2019 and 2018, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of December 31, 2019 Interest-only Property 2019 2018 Interest Rate through date Maturity Date Fixed Rate: ARIUM Grandewood (1) $ 19,713 $ 19,713 4.35 % July 2020 July 1, 2025 ARIUM Hunter’s Creek 72,183 72,294 3.65 % (2) November 1, 2024 ARIUM Metrowest 64,559 64,559 4.43 % May 2021 May 1, 2025 ARIUM Westside 52,150 52,150 3.68 % August 2021 August 1, 2023 Ashford Belmar 100,675 100,675 4.53 % December 2022 December 1, 2025 Ashton Reserve I 30,329 30,878 4.67 % (2) December 1, 2025 Chattahoochee Ridge 45,338 — 3.25 % December 2022 December 5,2024 Citrus Tower 41,325 41,438 4.07 % (2) October 1, 2024 Denim 91,634 — 3.32 % August 2024 August 1, 2029 Element 29,260 — 3.63 % July 2022 July 1,2026 Enders Place at Baldwin Park (3) 23,337 23,822 4.30 % (2) November 1, 2022 Gulfshore Apartment Homes (4) 46,345 — 3.26 % September 2022 September 1, 2029 James on South First 26,111 26,500 4.35 % (2) January 1, 2024 Navigator Villas (5) 20,515 — 4.56 % June 2021 June 1, 2028 Outlook at Greystone 22,105 22,105 4.30 % June 2021 June 1, 2025 Park & Kingston 19,600 18,432 3.32 % November 2024 November 1, 2026 Pine Lakes Preserve (6) 26,950 26,950 3.95 % Interest-only November 1, 2023 Plantation Park 26,625 26,625 4.64 % July 2024 July 1, 2028 Providence Trail 47,950 — 3.54 % July 2021 July 1, 2026 Roswell City Walk 51,000 51,000 3.63 % (2) December 1, 2026 Sovereign — 28,227 The Brodie 34,198 34,825 3.71 % (2) December 1, 2023 The Links at Plum Creek 40,000 40,000 4.31 % April 2020 October 1, 2025 The Mills 25,797 26,298 4.21 % (2) January 1, 2025 The Preserve at Henderson Beach 48,490 35,602 3.26 % September 2028 September 1, 2029 The Reserve at Palmer Ranch (7) 41,348 41,348 4.41 % May 2020 May 1, 2025 The Sanctuary 33,707 — 3.31 % Interest-only August 1, 2029 Villages of Cypress Creek 26,200 26,200 3.23 % October 2020 October 1, 2022 (8) Wesley Village 40,111 40,545 4.25 % (2) April 1, 2024 Total Fixed Rate 1,147,555 850,186 Floating Rate (9) : ARIUM Glenridge 49,500 49,500 3.03 % September 2021 September 1, 2025 ARIUM Grandewood (1) 19,672 19,672 3.10 % July 2020 July 1, 2025 ARIUM Palms — 30,320 Ashton Reserve II 15,213 15,213 3.20 % August 2022 August 1, 2025 Cade Boca Raton 23,500 — 3.20 % June 2022 January 1, 2025 Marquis at Crown Ridge — 28,634 Marquis at Stone Oak — 42,725 Marquis at The Cascades I 32,284 32,899 3.31 % (2) June 1, 2024 (10) Marquis at The Cascades II 22,531 22,960 3.31 % (2) June 1, 2024 (10) Marquis at TPC 16,468 16,826 3.31 % (2) June 1, 2024 (10) Preston View — 41,657 Sorrel — 38,684 The District at Scottsdale (11) 82,200 — 2.97 % Interest-only December 11, 2020 (12) Veranda at Centerfield 26,100 26,100 2.96 % July 2021 July 26, 2023 (8) Total Floating Rate 287,468 365,190 Total 1,435,023 1,215,376 Fair value adjustments 1,815 2,204 Deferred financing costs, net (11,581) (11,444) Total $ 1,425,257 $ 1,206,136 (1) ARIUM Grandewood has a fixed rate loan and a floating rate loan. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $15.8 million loan at a fixed rate of 3.97% and a $7.5 million supplemental loan at a fixed rate of 5.01%. (4) Gulfshore Apartment Homes, formerly ARIUM Gulfshore (5) The principal balance includes a $14.8 million loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23%. (6) Pine Lakes Preserve, formerly ARIUM Pine Lakes (7) The Reserve at Palmer Ranch, formerly ARIUM at Palmer Ranch (8) The loan has two one-year extension options subject to certain conditions. (9) Other than The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In December 2019, one-month LIBOR in effect was 1.70%. LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (10) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan. (11) The loan bears interest at a floating rate of one or three-month LIBOR + margin, at the Company’s discretion. The loan is not subject to a rate cap. (12) The loan has a six-month extension option, subject to certain conditions. Deferred financing costs Costs incurred in obtaining long-term financing are amortized on a straight-line basis to interest expense over the terms of the related financing agreements, as applicable, which approximates the effective interest method. Amortization of deferred financing costs, including the amounts related to the Revolving credit facilities, was $3.6 million, $4.3 million and $2.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. Fair value adjustments of debt The Company records a fair value adjustment based upon the fair value of the loans on the date they were assumed in conjunction with acquisitions. The fair value adjustments are being amortized to interest expense over the remaining life of the loans. Amortization of fair value adjustments was $0.3 million, $0.4 million and $0.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. Loss on Extinguishment of Debt and Modification Costs Upon repayment of or in conjunction with a material change (i.e. a 10% or greater difference in the cash flows between instruments) in the terms of an underlying debt agreement, the Company writes-off any unamortized deferred financing costs and fair market value adjustments related to the original debt that was extinguished. Prepayment penalties incurred on the early repayment of debt and costs incurred in a debt modification that are not capitalized are also included in loss on extinguishment of debt and debt modification costs on the consolidated statements of operations. Refinancing of The Preserve at Henderson Beach On August 14, 2019, the Company entered into a $48.5 million loan, which is secured by The Preserve at Henderson Beach,and paid off the previous loan of $35.1 million. The Company accounted for the refinancing as an extinguishment of debt and recorded a loss on extinguishment of debt of $3.1 million. Refinancing of Gulfshore Apartment Homes On August 21, 2019, the Company entered into a $46.3 million loan, which is secured by Gulfshore Apartment Homes, and paid off borrowings of $40.5 million on the Senior Credit Facility. The Company accounted for the refinancing as an extinguishment of debt. Refinancing of Park & Kingston On October 24, 2019, the Company entered into a $19.6 million loan, which is secured by Park & Kingston, and paid off the previous loans totaling $18.4 million. The Company accounted for the refinancing as an extinguishment of debt and recorded a loss on extinguishment of debt of $0.2 million. Master Credit Facility with Fannie Mae On April 30, 2018, the Company, through certain subsidiaries of the Operating Partnership, entered into a Master Credit Facility Agreement (the “Fannie Facility”), which was issued through Fannie Mae’s Multifamily Delegated Underwriting and Servicing Program. The Fannie Facility includes certain restrictive covenants, including indebtedness, liens, investments, mergers and asset sales, and distributions. The Fannie Facility also contains events of default, including payment defaults, covenant defaults, bankruptcy events, and change of control events. Each note under the Fannie Facility is cross-defaulted and cross-collateralized and the Company has guaranteed the obligations under the Fannie Facility. As of December 31, 2019, the mortgage loans secured by ARIUM Grandewood, ARIUM Metrowest, Ashton Reserve II and Outlook at Greystone were issued under the Fannie Facility. The Company may request future fixed rate advances or floating rate advances under the Fannie Facility either by borrowing against the value of the mortgaged properties (based on the valuation methodology established in the Fannie Facility) or adding eligible properties to the collateral pool, subject to customary conditions, including satisfaction of minimum debt service coverage and maximum loan-to-value tests. The proceeds of any future advances made under the Fannie Facility may be used, among other things, for the acquisition and refinancing of additional properties to be identified in the future. Debt maturities As of December 31, 2019, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2020 $ 91,075 2021 12,444 2022 63,293 2023 153,439 2024 289,591 Thereafter 825,181 $ 1,435,023 Add: Unamortized fair value debt adjustment 1,815 Subtract: Deferred financing costs (11,581) Total $ 1,425,257 The net book value of real estate assets providing collateral for these above borrowings, including the Senior Credit Facility, Second Amended Junior Credit Facility and Fannie Facility, was $1,946.5 million as of December 31, 2019. The mortgage loans encumbering the Company’s properties are generally nonrecourse, subject to certain exceptions for which the Company would be liable for any resulting losses incurred by the lender. These exceptions vary from loan to loan but generally include fraud or a material misrepresentation, misstatement or omission by the borrower, intentional or grossly negligent conduct by the borrower that harms the property or results in a loss to the lender, filing of a bankruptcy petition by the borrower, either directly or indirectly, and certain environmental liabilities. In addition, upon the occurrence of certain events, such as fraud or filing of a bankruptcy petition by the borrower, the Company or our joint ventures would be liable for the entire outstanding balance of the loan, all interest accrued thereon and certain other costs, including penalties and expenses. The mortgage loans generally have a period where a prepayment fee or yield maintenance would be required. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value of Financial Instruments | |
Fair Value of Financial Instruments | Note 10 – Fair Value of Financial Instruments Fair Value Measurements For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would expect to receive to sell an asset, or pay to transfer a liability, in an orderly transaction with a market participant at the measurement date under current market conditions. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions; preference is given to observable inputs. In accordance with accounting principles generally accepted in the Unites States of America (“GAAP”) and as defined in ASC Topic 820, “Fair Value Measurement”, these two types of inputs create the following fair value hierarchy: · Level 1: · Level 2: · Level 3: If the inputs used to measure the fair value fall within different levels of the hierarchy, the fair value is determined based upon the lowest level input that is significant to the fair value measurement. Whenever possible, the Company uses quoted market prices to determine fair value. In the absence of quoted market prices, the Company uses independent sources and data to determine fair value. Financial Instrument Fair Value Disclosures As of December 31, 2019 and 2018, the carrying values of cash and cash equivalents, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable from related parties approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. Derivative Financial Instruments The estimated fair values of derivative financial instruments are valued 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 volatility. The fair value of interest rate caps is determined using the market-standard methodology of discounting the future expected cash receipts which would occur if floating interest rates rise above the strike rate of the caps. The floating 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. The inputs used in the valuation of interest rate caps fall within Level 2 of the fair value hierarchy. Notes and Accrued Interest Receivable from Related Parties The Company recognizes interest income on notes receivable on the accrual method unless a significant uncertainty of collection exists. If a significant uncertainty exists, interest income is recognized as collected. Costs incurred to originate notes receivable are deferred and amortized using the effective interest method over the term of the related notes receivable. The Company evaluates the collectability of both interest and principal on each of its notes receivable to determine whether the loans are impaired. A note receivable is considered impaired when, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the existing contractual terms. When a note receivable is considered impaired, the amount of loss is calculated by comparing the recorded investment to the value determined by discounting the expected future cash flows at the loan’s effective interest rate or to the fair value of the underlying collateral (if the note receivable is collateralized) less costs to sell. During 2019, there was no significant uncertainty of collection; therefore, interest income was recognized. As of December 31, 2019, the Company determined that no allowance for collectability on the notes receivable was necessary. As of December 31, 2019 and December 31, 2018, based on the discounted amount of future cash flows using rates currently available to the Company for similar liabilities, the fair value of the Company’s mortgages payable is estimated at $1,436.2 million and $1,205.0 million, respectively, compared to the carrying amounts, before adjustments for deferred financing costs, net, of $1,436.8 million and $1,217.6 million, respectively. The fair value of mortgages payable is estimated based on the Company’s current interest rates (Level 3 inputs, as defined in ASC Topic 820, “Fair Value Measurement”) for similar types of borrowing arrangements. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Financial Instruments | |
Derivative Financial Instruments | Note 11 – Derivative Financial Instruments Risk Management Objective of Using Derivatives The Company is exposed to certain risk 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 assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters 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. The Company’s objectives in using interest rate derivative financial instruments are to add stability to interest expense and to manage the Company’s exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate caps as part of its interest rate risk management strategy. 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 Company has not designated any of the interest rate derivatives as hedges. Although these derivative financial instruments were not designated or did not qualify for hedge accounting, the Company believes the derivative financial instruments are effective economic hedges against increases in interest rates. The Company does not use derivative financial instruments for trading or speculative purposes. As of December 31, 2019, the Company had interest rate caps which effectively limit the Company’s exposure to interest rate risk by providing a ceiling on the underlying floating interest rate for $205.3 million of the Company’s floating rate mortgage debt. The Company also has an interest rate cap of $50.0 million covering its credit facilities which currently have $18.0 million outstanding as of December 31, 2019. 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 (amounts in thousands): Derivatives not designated as hedging Fair values of derivative instruments under ASC 815‑20 Balance Sheet Location instruments 2019 2018 Interest rate caps Accounts receivable, prepaids and other assets $ 22 $ 2,596 The table below presents the effect of Company's derivative financial instruments as well as their classification on the consolidated statements of operations for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands): The Effect of Derivative Derivatives not designated as hedging Location of Gain or (Loss) Instruments on the Statements of instruments under ASC 815‑20 Recognized in Income Operations 2019 2018 2017 Interest rate caps Interest Expense $ (2,536) $ (2,846) $ — Credit-risk-related Contingent Features The Company has agreements with each of its derivative counterparties that contain a provision where the Company could be declared in default on its derivative obligations if repayment of the underlying indebtedness is accelerated by the lender due to the Company’s default on the indebtedness. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions | |
Related Party Transactions | Note 12 – Related Party Transactions Management Agreement While the Company was externally managed prior to the Internalization, the Management Agreement required the former Manager to manage the Company’s business affairs in conformity with the investment guidelines and other policies that were approved and monitored by the Company’s Board. The former Manager acted under the supervision and direction of the Board. Specifically, the former Manager was responsible for: (i) the selection, purchase and sale of the Company’s investment portfolio, (ii) the Company’s financing activities, and (iii) providing the Company with advisory and management services. The former Manager provided the Company with a management team, including a chief executive officer, president, chief accounting officer and chief operating officer, along with appropriate support personnel. The Company paid the former Manager a base management fee calculated quarterly based on the Company’s stockholders’ existing and contributed equity for the most recently completed calendar quarter and payable in quarterly installments in arrears. The base management fee was payable independent of the performance of the Company’s investments. The Company amended the Management Agreement to provide that the base management fee could be payable in cash or LTIP Units, at the election of the Board. The number of LTIP Units issued for the base management fee or incentive fee was based on the fees earned divided by the 5‑day trailing average Class A common stock price prior to issuance. For the year ended December 31, 2017, base management fees for the former Manager of $8.7 million were expensed and paid through the issuance of 783,881 LTIP Units. The Company also paid the former Manager an incentive fee with respect to each calendar quarter in arrears. For the year ended December 31, 2017, incentive fees of $4.0 million were expensed and paid through the issuance of 333,848 LTIP Units. In 2017,management fee expense was recorded related to the vesting of 179,562 LTIP Units granted in connection with the IPO and was based on the Class A common stock closing price at the vesting date or end of the period, as applicable. These LTIP Units vested over a three-year period that began in April 2014. For the year ended December 31, 2017, the management fee expense related to the vesting of these LTIP Units and recorded as part of general and administrative expenses was $0.01 million. In 2015 and 2016, the Company issued grants of LTIP Units under the 2014 Incentive Plans to the former Manager. These LTIP Units would vest ratably over a three-year period that began in the month of issuance, subject to certain terms and conditions. In conjunction with the Internalization, 212,203 outstanding LTIP Units (consisting of 94,463 LTIP Units and 117,740 LTIP Units issued in 2015 and 2016, respectively) issued as incentive equity to our former Manager became vested in accordance with their original terms. These LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock. LTIP expense of $2.2 million was recorded as part of general and administrative expenses for the year ended December 31, 2017 related to these LTIP Units. The expense recognized during 2017 was based on the Class A common stock closing price at the vesting date or the end of the period, as applicable. The Company was also required to reimburse the former Manager for certain expenses and pay all operating expenses, except those specifically required to be borne by the former Manager under the Management Agreement. Reimbursements of $1.5 million were expensed during the year ended December 31, 2017 and were recorded as part of general and administrative expenses. The initial term of the Management Agreement expired on April 2, 2017 (the third anniversary of the closing of the IPO) and automatically renewed for a one-year term expiring April 2, 2018. On August 4, 2017, the Company and the former Manager announced that the parties had entered into a Contribution Agreement (as amended by that certain Amendment No. 1 thereto, dated August 9, 2017) and other definitive agreements providing for the acquisition of a newly-formed entity to own the assets used by the former Manager in its performance of the management functions then provided to the Company pursuant to the Management Agreement. A special committee comprised entirely of independent and disinterested members of the Board, (the “Special Committee”), which retained independent legal and financial advisors, unanimously determined that the entry into the Contribution Agreement and the completion of the Internalization were in the best interests of the Company. The Board, by unanimous vote, made a similar determination, and on October 26, 2017, the Company held its annual meeting of stockholders, at which the Company’s stockholders approved the proposals necessary for the completion of the Internalization. On October 31, 2017, the Company completed the Internalization pursuant to the Contribution Agreement for total consideration of approximately $41.2 million (which was recorded as management internalization expense for the year ended December 31, 2017) as determined pursuant to a formula established in the Management Agreement at the time of the IPO in April 2014. Upon completion of the Internalization, the current management and investment teams, who were previously employed by an affiliate of the former Manager, became employed by the Company’s indirect subsidiary, and the Company became an internally managed real estate investment trust. In order to further align the interests of management with those of the Company’s stockholders, payment of the aggregate Internalization consideration was paid 99.9% in equity. The Company caused the Operating Partnership to issue an aggregate of 3,753,593 OP Units, and the Company issued an aggregate of 76,603 shares of a newly reclassified Class C common stock and paid an aggregate of approximately $40,794 in cash to the applicable Contributors and its affiliates and related persons in connection with the Internalization. The former Manager retained, at its sole cost and expense, the services of such persons and firms as the former Manager deemed necessary in connection with the Company’s management and operations (including accountants, legal counsel and other professional service providers), provided that such expenses were in amounts no greater than those that would be payable to third-party professionals or consultants engaged to perform such services pursuant to agreements negotiated on an arm’s-length basis. All the Company’s executive officers and one of its directors are also executive officers, managers and/or holders of a direct or indirect controlling interest in the former Manager and other Bluerock-affiliated entities. As a result, they owe fiduciary duties to each of these entities, their members, limited partners and investors, which fiduciary duties may from time to time conflict with the fiduciary duties that they owe to the Company and its stockholders. Administrative Services Agreement In connection with the closing of the Internalization, the Company entered into an Administrative Services Agreement (the “Administrative Services Agreement”) with Bluerock Real Estate, LLC and its affiliate, Bluerock Real Estate Holdings, LLC (together “BRE”). Pursuant to the Administrative Services Agreement, BRE provides the Company with certain human resources, investor relations, marketing, legal and other administrative services (the “Services”) that facilitate a smooth transition in the Company’s management of its operations, enable the Company to benefit from operational efficiencies created by access to such services, and give the Company time to develop such services in-house or to hire other third-party service providers for such services. The Services are provided on an at-cost basis, generally allocated based on the use of such Services for the benefit of the Company’s business, and are invoiced on a quarterly basis. In addition, the Administrative Services Agreement permits, from time to time, certain employees of the Company to provide or cause to be provided services to BRE, on an at-cost basis, generally allocated based on the use of such services for the benefit of the business of BRE, and otherwise subject to the terms of the Services provided by BRE to the Company under the Administrative Services Agreement. Payment by the Company of invoices and other amounts payable under the Administrative Services Agreement will be made in cash or, at the sole discretion of the Board, in the form of fully-vested LTIP Units. The initial term of the Administrative Services Agreement was one year from the date of execution and was to expire on October 31, 2018, subject to the Company’s right to renew for successive one-year terms upon sixty (60) days written notice prior to expiration. The Company renewed the Administrative Services Agreement for a one-year term in 2018, and on August 2, 2019, the Company delivered written notice to BRE of the Company’s intention to renew the Administrative Services Agreement for an additional one-year term, to expire on October 31, 2020. The Administrative Services Agreement will automatically terminate (i) upon termination by the Company of all Services, or (ii) in the event of non-renewal by the Company. Any Company party will also be able to terminate the Administrative Services Agreement with respect to any individual Service upon written notice to the applicable BRE entity, in which case the specified Service will discontinue as of the date stated in such notice, which date must be at least ninety (90) days from the date of such notice. Further, either BRE entity may terminate the Administrative Services Agreement at any time upon the occurrence of a “Change of Control Event” (as defined therein) upon at least one hundred eighty (180) days prior written notice to the Company. Pursuant to the Administrative Services Agreement, BRE is responsible for the payment of all employee benefits and any other direct and indirect compensation for the employees of BRE (or their affiliates or permitted subcontractors) assigned to perform the Services, as well as such employees’ worker’s compensation insurance, employment taxes, and other applicable employer liabilities relating to such employees. Recorded as part of general and administrative expenses, operating expense reimbursements of $1.7 million and $2.2 million were expensed during the years ended December 31, 2019 and 2018, respectively. Operating expense reimbursements of $0.4 million were expensed for November and December 2017, the period after the Internalization. In connection with the closing of the Internalization, BRE and the former Manager entered into a use and occupancy agreement (the "NY Agreement") for certain corporate space located in New York, NY and for certain space located in Southfield, MI (the "MI Premises"). On December 1, 2017, BRE and Bluerock REIT Operator, LLC (the "Manager Sub") entered into a sublease for the MI Premises ("MI Sublease"). Pursuant to the NY Agreement and MI Sublease, collectively, BRE permits the Manager Sub and certain of its subsidiaries and/or affiliates to share occupancy of the Premises. Expense reimbursements paid by the Company related to its shared occupancy under the MI Sublease are included in amounts presented in the table below. For expense reimbursements related to the NY Agreement, please refer to the Leasehold-Cost Sharing Agreement noted below. In connection with the Company moving its New York (Manhattan) headquarters, effective on February 15, 2019, BRE and the Company jointly and severally, on the one hand, and an unaffiliated third party landlord, on the other hand, entered into a sublease for separate corporate space (the "Current NY Premises Sublease") located at 1345 Avenue of the Americas, New York, New York (the "Current NY Premises"). The Current NY Premises Sublease became effective upon the date of the landlord's consent thereto, which occurred on March 18, 2019. BRE and the Company have also entered into a Leasehold Cost-Sharing Agreement dated as of February 15, 2019 (the "Leasehold Cost-Sharing Agreement") with respect to the Current NY Premises, to provide for the allocation and sharing between BRE and the Company of the costs under the Current NY Premises Sublease, including costs associated with tenant improvements. The Current NY Premises Sublease permit the Company and certain of their respective subsidiaries and/or affiliates to share occupancy of the Current NY Premises with BRE. Under the Leasehold Cost-Sharing Agreement, if there is a change in control of either BRE or the Company: (i) the allocation of costs under the Current NY Premises Sublease shall be modified to thereafter allocate such costs based on the average of the cost-sharing percentages between BRE and the Company over the four most recently-completed calendar quarters immediately preceding the change in control date (or shall be the average cost-sharing percentages over such shorter period, if the change in control occurs earlier than the completion of four calendar quarters) and (ii) the entity for which the change in control occurs shall be responsible, at its own cost and expense, to obtain the approval of the landlord and refit the Current NY Premises into physically separated workspaces, one for BRE and one for the Company, with the percentage of space for each approximately equal to the average of the historical cost-sharing percentages discussed immediately above. Under the Current NY Premises Sublease, an affiliate of BRE has arranged for the posting of a $750,000 letter of credit as a security deposit, and BRE and the Company are obligated under the Leasehold Cost-Sharing Agreement to indemnify and hold such affiliate harmless from loss if there is a claim under such letter of credit. Payment by the Company of any amounts payable under the Leasehold Cost-Sharing Agreement to BRE will be made in cash or, in the sole discretion of the Board, in the form of fully-vested LTIP Units. Pursuant to the terms of the Administrative Services Agreement and the Leasehold Cost-Sharing Agreement, summarized below are the related party amounts payable to BRE as of December 31, 2019 and 2018 (amounts in thousands): 2019 2018 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 281 $ 568 Offering expense reimbursements 183 158 Total expense reimbursement amounts payable to BRE $ 464 $ 726 Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement Operating and direct expense reimbursements $ 186 $ — Capital improvement cost reimbursements 40 — Total expense and cost reimbursement amounts payable to BRE $ 226 $ — Total $ 690 $ 726 As of December 31, 2019, the Company had $0.1 million in payables due to related parties other than BRE. The Company did not have any payables due to related parties other than BRE as of December 31, 2018. As of December 31, 2019 and 2018, the Company had $4.1 million and $2.9 million, respectively, in receivables due from related parties other than from BRE, primarily for accrued preferred returns on unconsolidated real estate investments for the most recent month. Stockholders Agreement In connection with the closing of the Internalization, the Company and the Contributors entered into a Stockholders Agreement, (the “Stockholders Agreement”), pursuant to which the Company may grant certain registration rights for the benefit of the Contributors and impose certain limitations on the voting rights of the Class C Common Stock. Pursuant to the Stockholders Agreement, each Contributor, in respect of any Class A Common Stock that they may receive in connection with any redemption or conversion, as applicable, of any OP Units or Class C Common Stock received as a result of the Internalization (“Registrable Shares”), may require the Company from time to time to register the resale of their Registrable Shares under the Securities Act on a registration statement filed with the SEC. The Stockholders Agreement grants each Contributor certain rights to demand a registration of some or all of their Registrable Shares (a “Demand Registration”) or to request the inclusion of some or all of their Registrable Shares in a registration being effected by the Company for itself or on behalf of another person (a “Piggyback Registration”), in each case subject to certain customary restrictions, limitations, registration procedures and indemnity provisions. The Company is obligated to use commercially reasonable efforts to prepare and file a registration statement within specified time periods and to cause that registration statement to be declared effective by the SEC as soon as reasonably practicable thereafter. The ability to cause the Company to affect a Demand Registration is subject to certain conditions. The Company is not required to effect such registration within 180 days of the effective date of any prior registration statement with respect to the Company’s Class A Common Stock and may delay the filing for up to 60 days under certain circumstances. If, pursuant to an underwritten Demand Registration or Piggyback Registration, the managing underwriter advises that the number of Registrable Shares requested to be included in such registration exceeds a maximum number that the underwriter believes can be sold without delaying or jeopardizing the success of the proposed offering, the Stockholders Agreement specifies the priority in which Registrable Shares are to be included. Pursuant to the Stockholders Agreement, the Contributors have agreed to limit certain of their voting rights with respect to the Class C Common Stock. If, as of the record date for determining the stockholders of the Company entitled to vote at any annual or special meeting of the stockholders of the Company or for determining the stockholders of the Company entitled to consent to any corporate action by written consent, the holders of the Class C Common Stock own shares of Class C Common Stock (the “Subject Shares”) representing in the aggregate more than 9.9% of the voting rights of the then-outstanding shares of capital stock of the Company that have voting rights on the matters being voted upon at such meeting (such number of Subject Shares representing in the aggregate more than 9.9% of the voting rights of the then-outstanding shares of capital stock of the Company with voting rights being referred to as the “Excess Shares”), then at each such meeting or in each such action by written consent the holders of the Subject Shares will vote or furnish a written consent in respect of the Excess Shares, or cause the Excess Shares to be voted or consented, in each case, in such manner as directed by a majority of the members of our Board. All Subject Shares other than the Excess Shares may be voted for or against any matter in the Class C Common Stock Holder’s sole and absolute discretion. Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series B Preferred Stock and Series T Preferred Stock, the Company engaged a related party, as dealer manager, and pays up to 10% of the gross offering proceeds from the offering as selling commissions and dealer manager fees. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. For the years ended December 31, 2019 and 2018, the Company has incurred $16.9 million and $8.7 million in selling commissions and discounts, respectively, and $7.2 million and $3.7 million in dealer manager fees and discounts, respectively. In addition, BRE was reimbursed for offering costs in conjunction with the Series B Preferred and Series T Preferred Offerings of $1.0 million and $1.3 million for the years ended December 31, 2019 and 2018, respectively. The selling commissions, dealer manager fees, discounts and reimbursements for offering costs were recorded as a reduction to the proceeds of the offering. Notes and interest receivable from related parties The Company provides mezzanine loans to related parties in conjunction with the developments of multifamily communities. Please refer to Notes 6 and 7 for further information. Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company invests with related parties in various joint ventures in which the Company owns either preferred or common interests. Please refer to Note 7 for further information. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity | |
Stockholders' Equity | Note 13 – Stockholders’ Equity Net Loss Per Common Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders, less dividends on restricted stock and LTIP Units expected to vest, by the weighted average number of common shares outstanding for the period. Diluted net loss per common share is computed by dividing net loss attributable to common stockholders by the sum of the weighted average number of common shares outstanding and any potential dilutive shares for the period. Net loss attributable to common stockholders is computed by adjusting net loss for the non-forfeitable dividends paid on restricted stock and non-vested LTIP Units. The Company considers the requirements of the two-class method when preparing earnings per share. The Company has two classes of common stock outstanding: Class A common stock, $0.01 par value per share, and Class C common stock, $0.01 par value per share. Earnings per share is not affected by the two-class method because the Company’s Class A and C common stock participate in dividends on a one-for-one basis. The following table reconciles the components of basic and diluted net loss per common share for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands, except share and per share amounts): 2019 2018 2017 Net loss attributable to common stockholders $ (19,751) $ (42,759) $ (45,679) Dividends on LTIP Units expected to vest (953) (674) — Basic net loss attributable to common stockholders $ (20,704) $ (43,433) $ (45,679) Weighted average common shares outstanding (1) 22,649,222 23,845,800 25,561,673 Potential dilutive shares (2) — — — Weighted average common shares outstanding and potential dilutive shares (1) 22,649,222 23,845,800 25,561,673 Net loss per common share, basic $ (0.91) $ (1.82) $ (1.79) Net loss per common share, diluted $ (0.91) $ (1.82) $ (1.79) The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A Common Stock on a one-for-one basis. The income allocable to such OP Units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. (1) For 2019 and 2018, amounts relate to shares of the Company’s Class A and Class C common stock outstanding. For 2017, amounts relate to shares of Class A and Class C common stock and LTIP Units outstanding. (2) For the year ended December 31, 2019, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 140,334 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 22,807 shares of Class A common stock.Excludes no shares and 391 shares for the years ended December 31, 2018 and 2017, respectively. Series B Preferred Stock Offering During the year ended December 31, 2019, the Company issued 240,876 shares of Series B Preferred Stock under a continuous registered offering with net proceeds of approximately $216.8 million after commissions, dealer manager fees and discounts of approximately $24.1 million. As of December 31, 2019, the Company has sold 549,154 shares of Series B Preferred Stock and 549,154 Warrants to purchase 10,983,080 shares of Class A common stock for net proceeds of approximately $494.2 million after commissions, dealer manager fees and discounts. During the year ended December 31, 2019, the Company redeemed 9,923 Series B Preferred shares through the issuance of 832,481 Class A common shares and redeemed 267 Series B Preferred shares for $0.25 million in cash. Series T Preferred Stock Offering During the year ended December 31, 2019, the Company issued 17,400 shares of Series T Preferred Stock under a continuous registered offering with net proceeds of approximately $0.39 million after commissions, dealer manager fees and discounts of approximately $0.04 million. The Company did not redeem any shares of Series T Preferred Stock during the year. At-the-Market Offerings On August 8, 2016, the Company, its Operating Partnership and its former Manager entered into an At Market Issuance Sales Agreement (the “Original Sales Agreement”) with FBR Capital Markets & Co. (“FBR”). Pursuant to the Original Sales Agreement, FBR acted as distribution agent with respect to the offering and sale of up to $100,000,000 in shares of Class A common stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE American, or on any other existing trading market for Class A common stock or through a market maker (the “Original Class A Common Stock ATM Offering”). The Company did not commence any sales through the Original Class A Common Stock ATM Offering before it expired on January 29, 2019. On September 13, 2019, the Company and its Operating Partnership entered into an At Market Issuance Sales Agreement with B. Riley FBR, Inc. (“FBR”, formerly FBR Capital Markets & Co.) as sales agent. On November 20, 2019, and again on December 18, 2019, the At Market Issuance Sales Agreement (the “Sales Agreement”) was amended to add Robert W. Baird & Co. Incorporated, Compass Point Research & Trading, LLC, JMP Securities LLC and Morgan Stanley & Co. LLC with FBR (collectively, the “Sales Agents”) as sales agents. Pursuant to the Sales Agreement, the Sales Agents will act as distribution agents with respect to the offering and sale of up to $100,000,000 in shares of Class A common stock in “at the market offerings” as defined in Rule 415 under the Securities Act, including without limitation sales made directly on or through the NYSE American, or on any other existing trading market for Class A common stock or through a market maker (the “Class A Common Stock ATM Offering”). As of December 31, 2019, the Company has issued 454,237 shares through the Class A Common Stock ATM Offering with net proceeds of $5.3 million. Class A common stock repurchase program In February 2018, the Company authorized the repurchase of up to $25 million of the Company’s outstanding shares of Class A common stock over a period of one year pursuant to a stock repurchase plan. In December 2018, the Company renewed the stock repurchase plan for a period of one year and announced a new plan for the repurchase of up to $5.0 million of the outstanding shares of Class A common stock in accordance with the guidelines specified under Rule 10b5-1 of the Exchange Act, which shares will be applied against the $25 million under the original stock repurchase plan. On December 20, 2019, the Company authorized new stock repurchase plans for the repurchase of up to an aggregate of $50 million of the Company’s outstanding shares of Class A common stock, to be conducted in accordance with the Rules 10b5-1 and 10b-18 of the Exchange Act. The stock repurchase will terminate upon the earlier to occur of certain specified events as set forth therein. The extent to which the Company repurchases shares of its Class A common stock under the repurchase plans, and the timing of any such repurchases, depends on a variety of factors including general business and market conditions and other corporate considerations. Repurchases under the stock repurchase plans may be made in the open market or through privately negotiated transactions, subject to certain price limitations and other conditions established thereunder. Open market repurchases will be structured to occur within the method, timing, price and volume requirements of Rule 10b-18 of the Exchange Act. During the years ended December 31, 2019 and 2018, the Company purchased 1,313,328 shares and 1,055,057 shares, respectively, of Class A common stock for a total purchase price of approximately $23.1 million. The following table is a summary of the Class A common stock repurchase activity for the years ended December 31, 2019 and 2018: Cumulative Number of Maximum Dollar Value Total Number Weighted Shares Purchased as of Shares that May Yet of Shares Average Price Part of the Publicly Be Purchased Under Period Purchased Paid Per Share Announced Plan the Plan 2018 First quarter 2018 530,693 $ 7.92 530,693 $ 20,795,897 Second quarter 2018 107,040 8.96 637,733 19,837,157 Third quarter 2018 — — 637,733 19,837,157 Fourth quarter 2018 417,324 9.24 1,055,057 15,982,102 2019 First quarter 505,797 1,560,854 10,919,065 Second quarter 749,648 2,310,502 2,578,184 Third quarter — — 2,310,502 2,578,184 2019- Under New Repurchase Plans (1) 50,000,000 Fourth quarter 57,883 57,883 49,317,624 (1) Shares repurchased in the fourth quarter were under the new stock repurchase plans authorized on December 20, 2019. Class C Common Stock The Class C Common Stock is equivalent in all material respects to, and ranks on parity with, the Class A Common Stock, except that each share of Class C Common Stock entitles the holder thereof to fifty (50) votes, which mirrors the aggregate number of OP Units (which are redeemable for cash or, at our sole option, for shares of our Class A Common Stock, on a one-to-one basis) and shares of Class C Common Stock issued as consideration in the Internalization. The Class C Common Stock provides its holders a right to vote that is proportionate to the outstanding non-voting economic interest in the Company attributable to such holders or their affiliates by virtue of the OP Units issued in the Internalization, as if all such OP Units were redeemed by us for shares of Class A Common Stock, but without providing any disproportionate voting rights. Shares of Class C Common Stock will only be issued (a) to the Contributors, (b) in conjunction with the issuance of OP Units as consideration in the Internalization, and (c) in a ratio of no more than one (1) share of Class C Common Stock for every forty-nine (49) OP Units so issued. See Note 12 Related Party Transactions – Stockholders Agreement for limitations on voting rights of the Class C Common Stock. 8.250% Series A Cumulative Redeemable Preferred Stock The Series A Preferred Stock ranks senior to common stock and on parity with the Series B Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon our liquidation, dissolution or winding up. The Series A Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. Commencing October 21, 2022, the annual dividend rate will increase by 2.0% annually, up to a maximum of 14.0%, if not redeemed by the holder or not previously redeemed by the Company. Commencing on October 21, 2022, holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. The Company may not redeem the Series A Preferred Stock before October 21, 2020, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. After October 21, 2020, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. At the date of issuance, the carrying amount of the Series A Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. Series B Redeemable Preferred Stock The Series B Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series C Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon our liquidation, dissolution or winding up. The Series B Preferred Stock is entitled to priority cumulative dividends to be paid monthly, in arrears, when, as and if authorized by the Board. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 13% redemption fee. After year one, the redemption fee decreases to 10%, after year three it decreases to 5%, after year four it decreases to 3%, and after year five there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series B Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock. At the Company's annual meeting of stockholders on September 30, 2019, the Company's common stockholders approved the Articles of Amendment (the "Articles of Amendment") to the Articles Supplementary dated February 26, 2016 for the Company's Series B Redeemable Preferred Stock. Under the Articles of Amendment, and effective October 28, 2019, the calculation to determine the number of Class A common shares issued for redemptions of Series B Preferred Stock will be based on the closing price of the Class A common stock on the single trading day prior to the redemption date, replacing the previous calculation based on the volume weighted average price for the Class A common shares for the 20 trading days prior to the redemption. On December 20, 2019, the Company made the final issuance of Series B Preferred Stock pursuant to the Series B Preferred Offering, and on February 11, 2020, the Board formally approved the termination of the Series B Preferred Offering. On November 12, 2019, the Company began initiating redemptions of the Series B Preferred Stock, and as of December 31, 2019, redemptions initiated by the Company have resulted in 7,300 shares of Series B Preferred Stock redeemed through the issuance of 613,153 Class A common shares. At the date of issuance, the carrying amount of the Series B Preferred Stock was less than the redemption value. As a result of the Company’s determination that holder redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. 7.625% Series C Cumulative Redeemable Preferred Stock The Series C Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series B Preferred Stock, the Series D Preferred Stock and the Series T Preferred Stock as to rights upon liquidation, dissolution or winding up. The Series C Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. Commencing July 19, 2023, the annual dividend rate will increase by 2.0% annually, up to a maximum of 14.0%, if not redeemed by the holder or not previously redeemed by the Company. Commencing on July 19, 2023, holders may, at their option, elect to have the Company redeem their shares at a redemption price of $25.00 per share, plus an amount equal to accrued but unpaid dividends, payable by the Company at its option in cash or shares of Class A common stock. The Company may not redeem the Series C Preferred Stock before July 19, 2021, except in limited circumstances related to its qualification as a REIT, complying with an asset coverage ratio or upon a change in control. After July 19, 2021, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. At the date of issuance, the carrying amount of the Series C Preferred Stock was less than the redemption value. As a result of the Company’s determination that redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders’ Equity. 7.125% Series D Cumulative Preferred Stock The Series D Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock and the Series T Preferred Stock as to rights upon liquidation, dissolution or winding up. The Series D Preferred Stock is entitled to priority cumulative dividends to be paid quarterly, in arrears, when, as and if authorized by the Board. After October 13, 2021, the Company can redeem for a redemption price of $25.00 per share plus any accrued and unpaid dividends. Series T Redeemable Preferred Stock The Series T Preferred Stock ranks senior to common stock and on parity with the Series A Preferred Stock, the Series B Preferred Stock, the Series C Preferred Stock and the Series D Preferred Stock as to rights upon our liquidation, dissolution or winding up. The Series T Preferred Stock is entitled, when, as and if authorized by the Board, to: (i) priority cumulative cash dividends to be paid monthly in arrears, and (ii) a stock dividend to be paid annually. Holders may, at their option, elect to have the Company redeem their shares through the first year from issuance subject to a 12% redemption fee. After year one, the redemption fee decreases to 9%, after year two it decreases to 6%, after year three it decreases to 3%, and after year four there is no redemption fee. Any redeemed shares are entitled to any accrued but unpaid dividends at the time of the redemption, payable by the Company at its option in cash or shares of Class A common stock. The Company may redeem the Series T Preferred Stock beginning two years from the original issuance for the liquidation preference per share plus any accrued and unpaid dividends in either cash or shares of Class A common stock. The calculation to determine the number of Class A common shares issued for redemptions of Series T Preferred Stock is based on the closing price of the Class A common stock on the single trading day prior to the redemption date. At the date of issuance, the carrying amount of the Series T Preferred Stock was less than the redemption value. As a result of the Company's determination that holder redemption is probable, the carrying value will be increased by periodic accretions so that the carrying value will equal the redemption amount at the earliest redemption date without discount. Such accretion is recorded as a preferred stock dividend on the Statements of Stockholders' Equity. Operating Partnership and Long-Term Incentive Plan Units On April 2, 2014, concurrently with the completion of the IPO, the Company entered into the Second Amended and Restated Agreement of Limited Partnership of its Operating Partnership, Bluerock Residential Holdings, L.P. (the “Partnership Agreement”). Pursuant to the amendment, the Company is the sole general partner of the Operating Partnership and may not be removed as general partner by the limited partners with or without cause. The Partnership Agreement, as amended, provides, among other things, that the Operating Partnership initially has two classes of limited partnership interests: OP Units and LTIP Units. In calculating the percentage interests of the partners in the Operating Partnership, LTIP Units are treated as OP Units. In general, LTIP Units will receive the same per-unit distributions as the OP Units. Initially, each LTIP Unit will have a capital account balance of zero and, therefore, will not have full parity with OP Units with respect to any liquidating distributions. However, the Partnership Agreement, as amended provides that “book gain,” or economic appreciation, in the Company’s assets realized by the Operating Partnership as a result of the actual sale of all or substantially all of the Operating Partnership’s assets, or the revaluation of the Operating Partnership’s assets as provided by applicable U.S. Department of Treasury regulations, will be allocated first to the holders of LTIP Units until their capital account per unit is equal to the average capital account per-unit of the Company’s OP Unit holders in the Operating Partnership. The Company expects that the Operating Partnership will issue OP Units to limited partners, and the Company, in exchange for capital contributions of cash or property, will issue LTIP Units pursuant to the Company’s Incentive Plans, as defined below, to persons who provide services to the Company, including the Company’s officers, directors and employees. As of December 31, 2019, limited partners other than the Company owned approximately 27.66% of the common units of the Operating Partnership (6,384,467 OP Units, or 19.66%, is held by OP Unit holders, and 2,598,465 LTIP Units, or 8.00%, is held by LTIP Unit holders, including 3.95% which are not vested at December 31, 2019). Subject to certain restrictions set forth in the Operating Partnership’s Partnership Agreement, OP Units are exchangeable for Class A common stock on a one-for-one basis, or, at the Company’s election, redeemable for cash. LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company’s Class A common stock, or, at the Company’s election, cash. The Operating Partnership, in conjunction with the issuance of preferred stock by the Company, has issued preferred OP Units which provide for similar rights as for each class of preferred stock. Equity Incentive Plans LTIP Unit Grants to the former Manager On August 3, 2016, the Company issued a grant of LTIP Units under the 2014 Incentive Plans to the former Manager. The equity grant consisted of 176,610 LTIP Units (the "2016 LTIP Units"). The 2016 LTIP Units vest ratably over a three-year period that began in August 2016, subject to certain terms and conditions. In conjunction with the Internalization, 212,203 outstanding LTIP Units issued as incentive equity to our former Manager (of which,117,740 were 2016 LTIP Units and 94,463 were 2015 LTIP Units) became vested in accordance with their original terms. These LTIP Units may be convertible into OP Units under certain conditions and then may be settled in shares of the Company's Class A common stock. LTIP expense of $2.2 million was recorded as part of general and administrative expenses for the year ended December 31, 2017 related to the 2015 LTIP Units and the 2016 LTIP Units. The expense recognized during 2017 was based on the Class A common stock closing price at the vesting date or the end of the period, as applicable. LTIP Unit Grants On January 1, 2018, the Company granted certain equity grants of LTIP Units of the Company's Operating Partnership to various executive officers under the 2014 Incentive Plans pursuant to the executive officers' employment and service agreements as time-based LTIP Units and performance-based LTIP Units. All such grants of LTIP Units require continuous employment for vesting. Due to a limitation on the number of LTIP Units then available for issuance under the 2014 Incentive Plans, the long-term performance awards were, in aggregate, approximately 81,000 LTIP Units (the "Shortfall LTIP Units") lower than those to which the recipients were entitled pursuant to the terms of their respective employment and service agreements, with the Company planning to issue the remaining LTIP Units at such time as such LTIP Units became available under the Incentive Plans. The time-based LTIP Units were comprised of 770,854 LTIP Units that vest over approximately five years and 160,192 LTIP Units that vest over approximately three years. The performance-based LTIPs were comprised of 125,165 LTIP Units (the "Initial Long-Term Performance Award"), which are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions. Performance criteria are primarily based on a mixture of objective internal achievement goals and relative performance against its industry peers, with a minimum, threshold, and maximum performance standard for performance criteria. After the determination of the achievement of the performance criteria, any performance-based LTIP Units that were awarded but do not vest will be canceled. In addition, on January 1, 2018, the Company granted 6,263 LTIP Units under the 2014 Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance and the Company recognized expense of $0.2 million immediately based on the fair value at the date of grant. On September 28, 2018, the Company’s stockholders approved the amendment and restatement of each of the 2014 Individuals Plan (the “Third Amended 2014 Individuals Plan”) and the 2014 Entities Plan (the “Third Amended 2014 Entities Plan”, and together with the Third Amended 2014 Individuals Plan, the “Third Amended 2014 Incentive Plans,” and together with the 2014 Incentive Plans, the “Incentive Plans”). The Third Amended 2014 Incentive Plans, which superseded and replaced in their entirety the 2014 Incentive Plans, allow for the issuance of up to an aggregate of 2,250,000 additional shares of Class A common stock. The Third Amended 2014 Incentive Plans provide for the grant of options to purchase shares of the Company’s common stock, stock awards, stock appreciation rights, performance units, incentive awards and other equity-based awards. On October 4, 2018, the Company granted an aggregate of 80,798 Shortfall LTIP Units to the executive officers pursuant to their employment and service agreements. The Shortfall LTIP Units vest over a period of three years from the date of grant of each Initial Long-Term Performance Award, followed by immediate vesting thereafter based on successful achievement of the performance conditions. In addition, on October 4, 2018, the Company granted 3,165 LTIP Units pursuant to the Third Amended 2014 Incentive Plans to the newly appointed independent member of the Board in payment of the prorated portion of her annual retainer. Such LTIP Units were fully vested upon issuance and the Company recognized expense of $0.03 million immediately based on the fair value at the date of grant. On January 1, 2019, the Company granted certain equity grants of LTIP Units to various executive officers under the Third Amended 2014 Incentive Plans pursuant to the executive officers' employment and service agreements as time-based LTIP Units and performance-based LTIP Units. All such LTIP Unit grants require continuous employment for vesting. The time-based LTIP Units were comprised of 196,023 LTIP Units that vest over approximately three years. The performance-based LTIP Units were comprised of 294,031 LTIP Units, which are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions and any performance-based LTIP Units that were awarded but do not vest will be cancelled. On April 1, 2019, the Company appointed a new executive officer. On June 25, 2019, the Company, under the Third Amended 2014 Incentive Plans pursuant to the executive officer's employment agreement, granted certain equity grants of LTIP Units as time-based LTIP Units and performance-based LTIP Units to the executive officer. The time-based LTIP Units were comprised of 10,518 LTIP Units and have a similar vesting period to those granted to the other executive officers. The performance-based LTIP Units were comprised of 15,776 LTIP Units, which are subject to a similar performance period to those granted to the other executive officers and will thereafter vest upon successful achievement of performance-based conditions. In addition, on January 1, 2019, the Company granted 6,836 LTIP Units pursuant to the Third Amended 2014 Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance and the Company recognized expense of $0.2 million immediately based on the fair value at the date of grant. On August 9, 2019, the Company granted 2,929 LTIP Units pursuant to the Third Amended 2014 Incentive Plans to a newly appointed independent member of the Board in payment of the prorated portion of his annual retainer. The LTIP Units vested immediately upon issuance. A summary of the status of the Company’s non-vested shares/LTIP Units under the Incentive Plans for individuals as of December 31, 2019, 2018 and 2017 is as follows (dollars in thousands): Weighted average grant- Non-Vested shares/LTIP Units Shares / LTIPs date fair value Balance at January 1, 2017 659 $ 22.75 Granted 7,500 13.34 Vested (8,159) 14.10 Forfeited — — Balance at December 31, 2017 — $ — Granted 1,158,963 10.06 Vested (183,754) 10.10 Forfeited — — Balance at December 31, 2018 975,209 $ 10.05 Granted 637,315 9.36 Vested (237,841) 10.01 Forfeited (3,600) 10.65 Balance at December 31, 2019 1,371,083 $ 9.72 For time-based LTIP Units, the Company recognizes compensation expense ratably over the requisite service periods based on the fair value at the date of grant; thus, the Company recognized compensation expense of approximately $3.6 million, $4.6 million and $0.1 million during the years ended December 31, 2019, 2018 and 2017, respectively. For performance-based LTIP Units, the Company recognizes compensation expense based on the fair value at the date of grant and the probability of achievement of performance criteria over the performance period; thus, the Company recognized compensation expense of approximately $1.6 million, $0.5 million and none during the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, there was $5.7 million of total unrecognized compensation cost related to unvested LTIP Units granted under the Incentive Plans. The remaining cost is expected to be recognized over a period of 2.1 years. The Company currently uses authorized and unissued shares to satisfy share award grants. Restricted Stock Grants On April 1, 2019, the Company provided restricted stock grants (“RSGs”) to employees under the Incentive Plans. The RSGs vest in three equal consecutive one-year tranches from the date of grant. The RSGs were comprised of 90,694 shares of Class A common stock with a fair value of $10.65 per RSG and a total fair value of $1.0 million. The Company recognized compensation expense of approximately $0.4 million during the year ended December 31, 2019. The remaining compensation expense of $0.5 million is expected to be recognized over the remaining 2.25 years. Distributions Payable to stockholders Declaration Date of record as of Amount Date Paid or Payable Class A Common Stock December 7, 2018 December 24, 2018 $ 0.162500 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.162500 April 5, 2019 June 7, 2019 June 25, 2019 $ 0.162500 July 5, 2019 September 13, 2019 September 25, 2019 $ 0.162500 October 4, 2019 December 6, 2019 December 24, 2019 $ 0.162500 January 3, 2020 Class C Common Stock December 7,2018 December 24, 2018 $ 0.162500 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.162500 April 5, 2019 June 7,2019 June 25, 2019 $ 0.162500 July 5, 2019 September 13, 2019 September 25, 2019 $ 0.162500 October 4, 2019 December 6, 2019 December 24, 2019 $ 0.162500 January 3, 2020 Series A Preferred Stock December 7, 2018 December 24, 2018 $ 0.515625 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.515625 April 5, 2019 June 7, 2019 June 25, 2019 $ 0.515625 July 5, 2019 September 13, 2019 September 25, 2019 $ 0.515625 October 4, 2019 December 6, 2019 December 24, 2019 $ 0.515625 January 3, 2020 Series B Preferred Stock (1) October 12, 2018 December 24, 2018 $ 5.00 January 4, 2019 January 11, 2019 January 25, 2019 $ 5.00 February 5, 2019 January 11, 2019 February 25, 2019 $ 5.00 March 5, 2019 January 11, 2019 March 25, 2019 $ 5.00 April 5, 2019 April 12, 2019 April 25, 2019 $ 5.00 May 3, 2019 April 12, 2019 May 24, 2019 $ 5.00 June 5, 2019 April 12, 2019 June 25, 2019 $ 5.00 July 5, 2019 July 12, 2019 July 25, 2019 $ 5.00 August 5, 2019 July 12, 2019 August 23 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 14 – Commitments and Contingencies The Company is subject to various legal actions and claims arising in the ordinary course of business. Although the outcome of any legal matter cannot be predicted with certainty, management does not believe that any of these legal proceedings or matters will have a material adverse effect on the consolidated financial position or results of operations or liquidity of the Company. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Data | |
Selected Quarterly Financial Data | Note 15 - Selected Quarterly Financial Data (Unaudited) The following table sets forth summarized quarterly financial data for the year ended December 31, 2019: Quarters Ended 2019 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 51,466 $ 52,437 $ 53,547 $ 52,520 Operating income $ 8,734 $ 10,701 $ 8,738 $ 8,536 Net (loss) income $ (4,365) $ (1,932) $ 38,175 (1) $ (2,759) Net (loss) income attributable to common stockholders $ (12,093) $ (10,990) $ 17,160 (1) $ (13,827) (Loss) income per common share, basic: (2) $ (0.53) $ (0.50) $ 0.76 $ (0.62) (Loss) income per common share, diluted: (2) $ (0.53) $ (0.50) $ 0.75 $ (0.62) (1) Net income is due to gain on sale of real estate investments of $48.7 million during the three months ended September 30, 2019. (2) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2019. The following table sets forth summarized quarterly financial data for the year ended December 31, 2018: Quarters Ended 2018 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 41,871 $ 44,959 $ 47,877 $ 50,011 Operating income $ 4,701 $ 7,636 $ 8,629 $ 8,728 Net loss $ (2,955) $ (3,432) $ (3,111) $ (5,772) Net (loss) income attributable to common stockholders $ (9,425) $ (10,212) $ (10,334) $ (12,785) Loss per common share, basic: (1) $ (0.40) $ (0.44) $ (0.44) $ (0.55) Loss per common share, diluted: (1) $ (0.40) $ (0.44) $ (0.44) $ (0.55) (1) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2018. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events | |
Subsequent Events | Note 16 – Subsequent Events Issuance of LTIP Units under the Third Amended 2014 Incentive Plans On January 1, 2020, the Company granted certain equity grants of LTIPs of the Company’s operating partnership to various executive officers under the Third Amended 2014 Incentive Plans pursuant to the executive officers’ employment and service agreements as time-based LTIP Units and performance-based LTIP Units. All such LTIP Unit grants require continuous employment for vesting. The time-based LTIP Units were comprised of 247,138 LTIPs that vest over approximately three years. The performance-based LTIP Units were comprised of 494,279 LTIP Units, which are subject to a three-year performance period and will thereafter vest upon successful achievement of performance-based conditions. In addition, on January 1, 2020, the Company granted 7,126 LTIP Units pursuant to the Third Amended 2014 Incentive Plans to each independent member of the Board in payment of the equity portion of their respective annual retainers. Such LTIP Units were fully vested upon issuance. Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount (1) Paid / Payable Date Series B Preferred Stock January 13, 2020 January 24, 2020 $ 5.00 February 5, 2020 January 13, 2020 February 25, 2020 $ 5.00 March 5, 2020 January 13, 2020 March 25, 2020 $ 5.00 April 3, 2020 Series T Preferred Stock January 13, 2020 January 24, 2020 $ 0.128125 February 5, 2020 January 13, 2020 February 25, 2020 $ 0.128125 March 5, 2020 January 13, 2020 March 25, 2020 $ 0.128125 April 3, 2020 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. Distributions Paid The following distributions were paid to the Company’s stockholders, as well as holders of OP and LTIP Units, subsequent to December 31, 2019 (amounts in thousands): Distributions Total Shares Declaration Date Record Date Date Paid per Share Distribution Class A Common Stock December 6, 2019 December 24, 2019 January 3, 2020 $ 0.1625000 $ 3,816 Class C Common Stock December 6, 2019 December 24, 2019 January 3, 2020 $ 0.1625000 $ 12 Series A Preferred Stock December 6, 2019 December 24, 2019 January 3, 2020 $ 0.5156250 $ 2,950 Series B Preferred Stock October 31, 2019 December 24, 2019 January 3, 2020 $ 5.0000000 $ 2,616 Series C Preferred Stock December 6, 2019 December 24, 2019 January 3, 2020 $ 0.4765625 $ 1,107 Series D Preferred Stock December 6, 2019 December 24, 2019 January 3, 2020 $ 0.4453125 $ 1,269 Series T Preferred Stock December 20, 2019 December 24, 2019 January 3, 2020 $ 0.1281250 $ 1 OP Units December 6, 2019 December 24, 2019 January 3, 2020 $ 0.1625000 $ 1,038 LTIP Units December 6, 2019 December 24, 2019 January 3, 2020 $ 0.1625000 $ 347 Series B Preferred Stock January 13, 2020 January 24, 2020 February 5, 2020 $ 5.0000000 $ 2,651 Series T Preferred Stock January 13, 2020 January 24, 2020 February 5, 2020 $ 0.1281250 $ 23 Total $ 15,830 Stock Activity Subsequent to December 31, 2019 and as of February 20, 2020, the Company has completed the following activity as it relates to its Class A common stock and Series B Preferred Stock (refer to Note 13 for further information): · sold 166,873 shares of Class A common stock through the Class A ATM Offering with net proceeds of $2.0 million; · initiated the redemption of 15,822 shares of Series B Preferred Stock through the issuance of 1,334,501 Class A common shares; and · purchased 351,255 shares of Class A common stock under the stock repurchase plan for a total purchase price of approximately $4.1 million. Sale of Helios On January 8, 2020, an underlying asset of an unconsolidated joint venture located in Atlanta, Georgia known as Helios was sold for approximately $65.6 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $39.5 million and the payment of early extinguishment of debt costs, closing costs and fees, the Company’s pro rata share of the net proceeds was $22.7 million, which included payment for its original investment of $19.2 million and its additional investment of approximately$3.5 million. Acquisition of Avenue 25 On January 23, 2020, the Company, through subsidiaries of its Operating Partnership, acquired a 100% interest in a 254- unit apartment community located in Phoenix, Arizona known as Avenue 25 for approximately$55.6 million. The purchase price of $55.6 million was funded, in part, with a $29.7 million loan assumption and a $6.9 million supplemental loan secured by the Avenue 25 property. Sale of Whetstone Apartments On January 22, 2020, BRG Whetstone Durham, LLC entered into a membership interest purchase agreement to purchase 100% of the common membership interest in BR Whetstone Member, LLC from Fund III. In conjunction with this transaction, BR Whetstone Member, LLC, along with BRG Avenue 25 TRS, LLC, a wholly-owned subsidiary of the Company’s Operating Partnership, entered into a membership purchase agreement to purchase the right to all the economic interest promote and the common membership interest of 7.5% held in the joint venture from an unaffiliated member of the joint venture. On January 24, 2020, the Company, through a subsidiary of its Operating Partnership, closed on the sale of Whetstone Apartments located in Durham, North Carolina for approximately $46.5 million, subject to certain prorations and adjustments typical in such real estate transactions. After deduction for the payoff of existing mortgage indebtedness encumbering the property in the amount of $25.4 million and the payment of early extinguishment of debt costs, closing costs and fees, the Company’s net proceeds were $19.6 million, which included payment for its original investment of $12.9 million, payment of its accrued preferred return of $2.7 million, and its additional investment of approximately $4.0 million. |
Schedule III - Real Estate and
Schedule III - Real Estate and Accumulated Depreciation | 12 Months Ended |
Dec. 31, 2019 | |
Schedule III - Real Estate and Accumulated Depreciation | |
Schedule III - Real Estate and Accumulated Depreciation | Schedule III - Real Estate and Accumulated Depreciation December 31, 2019 COLUMN A COLUMN B COLUMN C COLUMN D COLUMN E COLUMN F COLUMN G COLUMN H Life on Which Costs Depreciation in Initial Cost Capitalized Gross Amount at Which Carried at Close of Period Latest Income Building and Subsequent Building and Accumulated Date of Statement is Property Location Encumbrance Land Improvements to Acquisition Land Improvements Total Depreciation Acquisition Computed Real Estate Held for Investment Enders Place at Baldwin Park FL 23,337 4,750 20,171 5,506 5,453 24,974 30,427 6,394 3 - 40 Years ARIUM Grandewood FL 39,385 5,200 37,220 1,869 5,200 39,089 44,289 6,908 3 - 40 Years Park & Kingston NC 19,600 3,060 24,353 3,251 3,360 27,304 30,664 4,557 3 - 40 Years Ashton I NC 30,329 4,000 40,944 525 4,000 41,469 45,469 6,516 3 - 40 Years Ashton II NC 15,213 1,900 19,517 207 1,900 19,724 21,624 2,829 3 - 40 Years The Reserve at Palmer Ranch FL 41,348 7,800 30,597 4,635 7,800 35,232 43,032 5,404 3 - 40 Years Gulfshore Apartment Homes FL 46,345 10,000 36,047 4,483 10,000 40,530 50,530 6,176 3 - 40 Years The Preserve at Henderson Beach FL 48,490 4,100 50,117 2,342 4,100 52,459 56,559 6,645 3 - 40 Years ARIUM Westside GA 52,150 8,657 63,402 2,754 8,657 66,156 74,813 7,244 3 - 40 Years ARIUM Glenridge GA 49,500 14,513 52,324 9,057 14,513 61,381 75,894 7,022 3 - 40 Years Pine Lakes Preserve FL 26,950 5,760 31,854 1,919 5,760 33,773 39,533 5,162 3 - 40 Years The Brodie TX 34,198 5,400 42,497 2,177 5,400 44,674 50,074 5,785 3 - 40 Years Roswell City Walk GA 51,000 8,423 66,249 346 8,423 66,595 75,018 7,031 3 - 40 Years James on South First TX 26,111 3,500 32,471 762 3,500 33,233 36,733 3,623 3 - 40 Years Wesley Village NC 40,111 5,600 50,062 1,702 5,600 51,764 57,364 4,409 3 - 40 Years Marquis at The Cascades I TX 32,284 3,200 41,120 1,260 3,200 42,380 45,580 3,782 3 - 40 Years Marquis at The Cascades II TX 22,531 2,450 25,827 1,116 2,450 26,943 29,393 2,463 3 - 40 Years Marquis at TPC TX 16,468 1,900 18,795 812 1,900 19,607 21,507 2,065 3 - 40 Years Villages at Cypress Creek TX 26,200 4,650 35,990 2,164 4,650 38,154 42,804 3,238 3 - 40 Years Citrus Tower FL 41,325 5,208 49,388 1,549 5,208 50,937 56,145 4,418 3 - 40 Years Outlook at Greystone AL 22,105 3,950 31,664 3,415 3,950 35,079 39,029 2,930 3 - 40 Years ARIUM Hunter’s Creek FL 72,183 9,600 86,202 3,610 9,600 89,812 99,412 6,992 3 - 40 Years ARIUM Metrowest FL 64,559 10,200 74,768 2,232 10,200 77,000 87,200 6,230 3 - 40 Years The Mills SC 25,797 3,300 36,969 729 3,300 37,698 40,998 2,686 3 - 40 Years The Links at Plum Creek CO 40,000 2,960 57,803 3,810 2,960 61,613 64,573 4,259 3 - 40 Years Sands Parc FL — (1) 3,170 42,443 3,170 42,656 45,826 2,402 3 - 40 Years Plantation Park TX 26,625 1,600 34,065 146 1,600 34,211 35,811 1,834 3 - 40 Years Veranda at Centerfield TX 26,100 5,120 35,506 2,111 5,120 37,617 42,737 2,118 3 - 40 Years Ashford Belmar CO 100,675 18,400 124,149 2,911 18,400 127,060 145,460 5,602 3 - 40 Years Element NV 29,260 8,056 33,346 215 8,056 33,561 41,617 692 3 - 40 Years Providence Trail TN 47,950 5,362 62,620 274 5,362 62,894 68,256 1,069 3 - 40 Years Denim AZ 91,634 43,182 96,361 493 43,182 96,854 140,036 1,566 3 - 40 Years The Sanctuary NV 33,707 5,406 45,805 247 5,406 46,052 51,458 811 3 - 40 Years Chattahoochee Ridge GA 45,338 9,660 59,457 12 9,660 59,469 69,129 316 3 - 40 Years The District at Scottsdale AZ 82,200 20,297 103,423 — 20,297 103,423 123,720 256 3 - 40 Years Navigator Villas WA 20,515 2,026 27,206 — 2,026 27,206 29,232 — 3 - 40 Years Cade Boca Raton FL 23,500 4,881 31,119 — 4,881 31,119 36,000 — 3 - 40 Years Subtotal 1,435,023 267,241 1,751,851 68,854 268,244 1,819,702 2,087,946 141,434 Non-Real Estate assets REIT Operator MI — — 185 755 — 940 940 132 5 Years Subtotal — — 185 755 — 940 940 132 Total $ 1,435,023 $ 267,241 $ 1,752,036 $ 69,609 $ 268,244 $ 1,820,642 $ 2,088,886 $ 141,566 (1) Sands Parc was funded, in part, by a secured credit facility. As of December 31, 2019, the outstanding credit facility balance is $18.0 million. Bluerock Residential Growth REIT, Inc. Notes to Schedule III 1. Reconciliation of Real Estate Properties The following table reconciles the Real Estate Properties from January 1, 2017 to December 31, 2019. 2019 2018 2017 Balance at January 1 $ 1,802,668 $ 1,452,759 $ 1,029,214 Construction and acquisition cost 580,208 349,909 701,262 Disposition of real estate (293,990) — (277,717) Balance at December 31 $ 2,088,886 $ 1,802,668 $ 1,452,759 2. Reconciliation of Accumulated Depreciation The following table reconciles the Real Estate Properties from January 1, 2017 to December 31, 2019. 2019 2018 2017 Balance at January 1 $ 108,911 $ 55,177 $ 42,137 Current year depreciation expense 63,709 53,734 35,538 Disposition of real estate (31,054) — (22,498) Balance at December 31 $ 141,566 $ 108,911 $ 55,177 |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Basis of Presentation and Summary of Significant Accounting Policies | |
Principles of Consolidation and Basis of Presentation | Principles of Consolidation and Basis of Presentation The Company operates as an umbrella partnership REIT in which Bluerock Residential Holdings, L.P. (its “Operating Partnership”), or the Operating Partnership’s wholly-owned subsidiaries, owns substantially all of the property interests acquired and investments made on the Company’s behalf. As of December 31, 2019, limited partners other than the Company owned approximately 27.66% of the common units of the Operating Partnership (19.66% is held by holders of limited partnership interest in the Operating Partnership (“OP Units”) and 8.00% is held by holders of the Operating Partnership’s long-term incentive plan units (“LTIP Units”), including 3.95% which are not vested at December 31, 2019). Because the Company is the sole general partner of the Operating Partnership and has unilateral control over its management and major operating decisions (even if additional limited partners are admitted to the Operating Partnership), the accounts of the Operating Partnership are consolidated in its consolidated financial statements. The Company also consolidates entities in which it controls more than 50% of the voting equity and in which control does not rest with other investors. Investments in real estate joint ventures in which the Company has the ability to exercise significant influence, but does not have financial or operating control, are accounted for using the equity method of accounting. These entities are included in the Company’s consolidated financial statements as “Preferred equity investments and investments in unconsolidated real estate joint ventures.” All significant intercompany accounts and transactions have been eliminated in the consolidated financial statements. The Company will consider future investments for consolidation in accordance with the provisions required by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 810: Consolidation. In accordance with adoption of the lease accounting update issued in July 2018, the Company reflects all income earned pursuant to tenant leases in a single line item, “Rental and other property revenues”, in the 2019 consolidated statements of operations. See New Accounting Pronouncements below. To facilitate comparability, the Company has reclassified lease and non-lease income for prior periods to conform to the current period presentation. |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures The Company first analyzes an investment to determine if it is a variable interest entity (“VIE”) in accordance with Topic ASC 810 and, if so, whether the Company is the primary beneficiary requiring consolidation. A VIE is an entity that has (i) insufficient equity to permit it to finance its activities without additional subordinated financial support or (ii) equity holders that lack the characteristics of a controlling financial interest. VIEs are consolidated by the primary beneficiary, which is the entity that has both the power to direct the activities that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the entity that potentially could be significant to the entity. Variable interests in a VIE are contractual, ownership, or other financial interests in a VIE that change in value with changes in the fair value of the VIE’s net assets. The Company continuously re-assesses at each level of the investment whether the entity is (i) a VIE, and (ii) if the Company is the primary beneficiary of the VIE. If it was determined that an entity in which the Company holds an interest qualified as a VIE and the Company was the primary beneficiary, the entity would be consolidated. If, after consideration of the VIE accounting literature, the Company has determined that an entity is not a VIE, the Company assesses the need for consolidation under all other provisions of ASC 810. These provisions provide for consolidation of majority-owned entities through a majority voting interest held by the Company providing control. In assessing whether the Company is in control of and requiring consolidation of the limited liability company and partnership venture structures, the Company evaluates the respective rights and privileges afforded each member or partner (collectively referred to as “member”). The Company’s member would not be deemed to control the entity if any of the other members have either (i) substantive kickout rights providing the ability to dissolve (liquidate) the entity or otherwise remove the managing member or general partner without cause or (ii) has substantive participating rights in the entity. Substantive participating rights (whether granted by contract or law) provide for the ability to effectively participate in significant decisions of the entity that would be expected to be made in the ordinary course of business. If it has been determined that the Company does not have control but does have the ability to exercise significant influence over the entity, the Company accounts for these unconsolidated investments under the equity method of accounting. The equity method of accounting requires these investments to be initially recorded at cost and subsequently increased (decreased) for the Company’s share of net income (loss), including eliminations for the Company’s share of intercompany transactions, and increased (decreased) for contributions (distributions). The Company’s proportionate share of the results of operations of these investments is reflected in the Company’s earnings or losses. |
Financial Instrument Fair Value Disclosures | Financial Instrument Fair Value Disclosures As of December 31, 2019 and 2018, the carrying values of cash and cash equivalents, accounts receivable, due to and due from affiliates, accounts payable, accrued liabilities, and distributions payable approximate their fair value based on their highly-liquid nature and/or short-term maturities. The carrying values of notes receivable from related parties approximate fair value because stated interest rate terms are consistent with interest rate terms on new deals with similar leverage and risk profiles. The fair values of notes receivable are classified in Level 3 of the fair value hierarchy due to the significant unobservable inputs that are utilized in their respective valuations. |
Real Estate Assets | Real Estate Assets Capital Additions, Depreciation and Amortization The Company capitalizes costs, including certain indirect costs, incurred in connection with its capital additions activities, including redevelopment, development and construction projects, other tangible apartment community improvements, and replacements of existing apartment community components. Included in these capitalized costs are payroll costs associated with time spent by employees in connection with capital additions activities at the apartment community level. The Company characterizes as “indirect costs” an allocation of certain department costs, including payroll, at the corporate levels that clearly relate to capital additions activities. The Company also capitalizes interest, property taxes and insurance during periods in which redevelopment, development and construction projects are in progress. Cost capitalization begins once the development or construction activity commences and ceases when the asset is ready for its intended use. Repair and maintenance and tenant turnover costs are expensed as incurred. Repair and maintenance and tenant turnover costs include all costs that do not extend the useful life of the real estate asset. Depreciation and amortization expense are computed on the straight-line method over the asset’s estimated useful life. The Company considers the period of future benefit of an asset to determine its appropriate useful life and anticipates the estimated useful lives of assets by class to be generally as follows: Buildings 30 – 40 years Building improvements 5 – 15 years Land improvements 5 – 15 years Furniture, fixtures and equipment 3 – 7 years In-place leases 6 months |
Real Estate Purchase Price Allocations | Real Estate Purchase Price Allocations Upon the acquisition of real estate properties which do not constitute the definition of a business, the Company recognizes the assets acquired, the liabilities assumed, and any noncontrolling interest as of the acquisition date, measured at their relative fair values. Acquisition-related costs are capitalized in the period incurred and are recorded to the components of the real estate assets acquired. Prior to the adoption of Financial Accounting Standards Board ASU 2017‑01, “Business Combinations; Clarifying Intangible assets include the value of in-place leases, which represents the estimated fair value of the net cash flows of leases in place at the time of acquisition, as compared to the net cash flows that would have occurred had the property been vacant at the time of acquisition and subject to lease-up. The Company amortizes the value of in-place leases to expense over the remaining non-cancelable term of the respective leases, which is on average six months. Estimates of the fair values of the tangible assets, identifiable intangibles and assumed liabilities require the Company to make significant assumptions to estimate market lease rates, property operating expenses, carrying costs during lease-up periods, discount rates, market absorption periods, prevailing interest rates and the number of years the property will be held for investment. The use of inappropriate assumptions could result in an incorrect valuation of acquired tangible assets, identifiable intangible assets and assumed liabilities, which could impact the amount of the Company’s net income (loss). Differences in the amount attributed to the fair value estimate of the various assets acquired can be significant based upon the assumptions made in calculating these estimates. |
Impairment of Real Estate Assets | Impairment of Real Estate Assets The Company continually monitors events and changes in circumstances that could indicate that the carrying amounts of the Company’s real estate and related intangible assets may not be recoverable. When indicators of potential impairment suggest that the carrying value of real estate and related intangible assets may not be recoverable, the Company assesses the recoverability of the assets by estimating whether the Company will recover the carrying value of the asset through its undiscounted future cash flows and its eventual disposition. Based on this analysis, if the Company does not believe that it will be able to recover the carrying value of the real estate and related intangible assets and liabilities, the Company will record an impairment loss to the extent that the carrying value exceeds the estimated fair value of the real estate and related intangible assets. No impairment charges were recorded in 2019, 2018 or 2017. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents may include cash and short-term investments. Short-term investments are stated at cost, which approximates fair value. |
Restricted Cash | Restricted Cash Restricted cash is comprised of the following: (i) lender-imposed escrow accounts for replacement reserves, real estate taxes and insurance, and (ii) amounts set aside for reinvestment in accordance with Internal Revenue Service Code Section 1031 related to like-kind exchanges. |
Concentration of Credit Risk | Concentration of Credit Risk The Company maintains cash balances with high quality financial institutions and periodically evaluates the creditworthiness of such institutions and believes that the Company is not exposed to significant credit risk. Cash balances may be in excess of the amounts insured by the Federal Deposit Insurance Corporation. |
Rents and Other Receivables | Rents and Other Receivables The Company will periodically evaluate the collectability of amounts due from tenants and maintain an allowance for doubtful accounts for estimated losses resulting from the inability of tenants to make required payments under lease agreements. The Company exercises judgment in establishing these allowances and considers payment history and current credit status of tenants in developing these estimates. |
Deferred Financing Fees | Deferred Financing Fees Deferred financing fees represent commitment fees, legal fees and other third-party costs associated with obtaining financing. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures are capitalized and reflected as a reduction of mortgages payable, and fees associated with the Company’s lines of credit are recorded within accounts receivable, prepaids and other assets on the consolidated balances sheets. Deferred financing fees paid by the Company on behalf of its consolidated joint ventures and fees associated with its lines of credit are amortized to interest expense over the terms of the financing agreements using the straight-line method, which approximates the effective interest method. |
Noncontrolling Interests | Noncontrolling Interests Noncontrolling interests are comprised of the Company’s joint venture partners’ interests in consolidated joint ventures, as well as interests held by LTIP Unit holders and OP Unit holders. The Company reports its joint venture partners’ interest in its consolidated real estate joint ventures and other subsidiary interests held by third parties as noncontrolling interests. The Company records these noncontrolling interests at their initial fair value, adjusting the basis prospectively for their share of the respective consolidated investments’ net income or loss and equity contributions and distributions. These noncontrolling interests are not redeemable by the equity holders and are presented as part of permanent equity. Income and losses are allocated to the noncontrolling interest holder pursuant to each joint venture’s operating agreement. |
Revenue Recognition | Revenue Recognition Rental income related to tenant leases is recognized on an accrual basis over the terms of the related leases on a straight-line basis. Amounts received in advance are recorded as a liability within other accrued liabilities. Other property revenues are recognized in the period earned. The Company recognizes a gain or loss on the sale of real estate assets when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtains control. |
Stock-Based Compensation | Stock-Based Compensation The Company expenses the fair value of share awards in accordance with the fair value recognition requirements of ASC Topic 718 “Compensation-Stock Compensation.” ASC Topic 718 requires companies to measure the cost of the recipient services received in exchange for an award of an equity instrument based on the grant-date fair value of the award. The cost of the share award is expensed over the requisite service period (usually the vesting period). |
Distribution Policy | Distribution Policy The Company expects to authorize and declare regular cash distributions to its stockholders in order to maintain its REIT status. Distributions to stockholders will be determined by the Company’s board of directors (the “Board”) and will be dependent upon a number of factors, including funds available for the payment of distributions, financial condition, the timing of property acquisitions, capital expenditure requirements, and annual distribution requirements in order to maintain the Company’s status as a REIT, and other considerations as the Board may deem relevant. Distributions are recorded as a reduction of stockholders’ equity in the period in which they are declared. |
Related Party Transactions | Related Party Transactions On April 2, 2014, upon the completion of the initial public offering (the “IPO”), the Company entered into a management agreement with the former Manager, an affiliate of Bluerock, to be the Company’s external manager (the “Management Agreement”). Under the Management Agreement the Company paid the former Manager a base management fee and incentive fee. The Company records all related party fees as incurred. Following the Internalization on October 31, 2017, the Company, as an internally managed company, no longer pays the former Manager any fees or expense reimbursements arising from the Management Agreement. |
Selling Commissions and Dealer Manager Fees | Selling Commissions and Dealer Manager Fees In conjunction with the offering of the Series B Preferred Stock and the Series T Preferred Stock, the Company engaged a related party as dealer manager and pays selling commissions and dealer manager fees of 7% and 3%, respectively, of the gross offering proceeds from the offering. The dealer manager re-allows the substantial majority of the selling commissions and dealer manager fees to participating broker-dealers, and incurs costs in excess of the 10%, which costs are borne by the dealer manager without reimbursement by the Company. Offering costs related to each closing are recorded as a reduction of proceeds raised on the date of issue. |
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, and has qualified since the taxable year ended December 31, 2010. To qualify as a REIT, the Company must meet certain organizational and operational requirements, including a requirement to distribute at least 90% of its annual REIT taxable income to stockholders (which is computed without regard to the dividends paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). As a REIT, the Company generally will not be subject to federal income tax to the extent it distributes qualifying dividends to its stockholders. Even if the Company qualifies for taxation as a REIT, the Company may be subject to certain state and local taxes on its income and property, and federal income and excise taxes on its undistributed income. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the Internal Revenue Service grants it relief under certain statutory provisions. Such an event could materially adversely affect the Company’s net income (loss) and net cash available for distribution to stockholders. However, the Company intends to continue to organize and operate in such a manner as to remain qualified for treatment as a REIT. For the year ended December 31, 2019, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2019, approximately 1.33% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes, 93.15% were return of capital, and 5.52% were capital gains, with 87.49% of the capital gains qualifying as Section 1250 gains. For the year ended December 31, 2018, 100% of the distributions received by the common stockholders were classified as return of capital for income tax purposes and none were ordinary income. In addition, for the year ended December 31, 2018, approximately 34.00% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 66.00% were return of capital. For the year ended December 31, 2017, 64.21% of the distributions received by the common stockholders were classified as return of capital for income tax purposes, 4.00% were ordinary income, 31.79% were capital gains, with 21.29% of the capital gains qualifying as Section 1250 gains. In addition, for the year ended December 31, 2017, 11.19% of the distributions received by the preferred stockholders were classified as ordinary income for income tax purposes and 88.81% were capital gains, with 21.29% of the capital gains qualifying as Section 1250 gains. ASC Topic 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements. It requires a recognition threshold and measurement attribute for financial statement disclosure of tax positions taken, or expected to be taken, in an income tax return. This interpretation also provides guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition. Management has considered all positions taken on the 2014 through 2018 tax returns (where applicable), and those positions expected to be taken on the 2019 tax returns, and concluded that tax positions taken will more likely than not be sustained at the full amount upon examination. Accordingly, the Company has concluded that there are no significant uncertain tax positions requiring recognition in its consolidated financial statements. The Company expects no significant increases or decreases in unrecognized tax benefits due to changes in tax positions within one year of December 31, 2019. If any income tax exposure was identified, the Company would recognize an estimated liability for income tax items that meet the criteria for accrual. Neither the Company nor its subsidiaries have been assessed interest or penalties by any major tax jurisdictions. If any interest and penalties related to income tax assessments arose, the Company would record them as income tax expense. As of December 31, 2019, tax returns for the calendar years 2016 and subsequent remain subject to examination by the Internal Revenue Service and various state tax jurisdictions. The Internal Revenue Service is currently conducting a routine examination of the Company’s Operating Partnership 2017 tax return. The results of such examination and impact on the Company’s results of operations are not known at this time. The Company has not been notified of any state tax examinations. |
Reportable Segment | Reportable Segment The Company’s current business consists of investing in and operating multifamily communities. Substantially all its consolidated net income (loss) is from investments in real estate properties that the Company owns through co-investment ventures which it either consolidates or accounts for under the equity method of accounting. The Company evaluates operating performance on an individual property level and based on the properties’ similar economic characteristics, the Company’s properties are aggregated into one reportable segment. |
Use of Estimates | Use of Estimates The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Other than the adoption of new accounting pronouncements as described below, there have been no significant changes to the Company’s accounting policies since it filed its audited consolidated financial statements in its Annual Report on Form 10‑K for the year ended December 31, 2018. |
New Accounting Pronouncements | New Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13 “Measurement of Credit Losses on Financial Instruments” (“ASU 2016-13”). ASU 2016-13 will require more timely recognition of credit losses associated with financial assets. While current GAAP includes multiple credit impairment objectives for instruments, the previous objectives generally delayed recognition of the full amount of credit losses until the loss was probable of occurring. The amendments in ASU 2016-13, whose scope is asset-based and not restricted to financial institutions, eliminate the probable initial recognition threshold in current GAAP and, instead, reflect an entity’s current estimate of all expected credit losses. The amendments in ASU 2016-13 broaden the information that the Company must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss that will be more useful to users of the financial statements. In November 2018, the FASB issued ASU No. 2018-19 “Codification Improvements to Topic 326, Financial Instruments-Credit Losses” (“ASU 2018-19”). ASU 2018-19 clarifies that operating lease receivables are excluded from the scope of ASU 2016-13 and instead, impairment of operating lease receivables is to be accounted for under ASC 842. ASU 2016-13 is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. As of December 31, 2019, the Company has evaluated the impacts of ASU 2016-13, with a focus on the Company’s investments in mezzanine loans, on its consolidated financial statements and expects the allowance to be immaterial to the Company. In February 2016, the FASB issued ASU No. 2016-02 “Leases (Topic 842)” (“ASU 2016-02”). Under ASU 2016-02, an entity will be required to recognize right-of-use assets and lease liabilities on its balance sheet and disclose key information about leasing arrangements. ASU 2016-02 offers specific accounting guidance for a lessee, a lessor and sale and leaseback transactions. Lessees and lessors are required to disclose qualitative and quantitative information about leasing arrangements to enable a user of the financial statements to assess the amount, timing and uncertainty of cash flows arising from leases. For public companies, ASU 2016-02 is effective for annual reporting periods beginning after December 15, 2018, including interim periods within that reporting period, with early adoption permitted. The Company adopted ASU 2016-02 as of January 1, 2019 and elected the package of practical expedients provided by the standard which includes: (i) an entity need not reassess whether any expired or existing contract is a lease or contains a lease, (ii) an entity need not reassess the lease classification of any expired or existing leases, and (iii) and entity need not reassess initial direct costs for any existing leases. The adoption of ASU 2016-02 did not have a material impact to the Company’s consolidated financial statements. In July 2018, the FASB issued ASU No. 2018-11, “Leases (Topic 842): Targeted Improvements” (“ASU 2018-11”). ASU 2018-11 provides lessors with a practical expedient to not separate lease and non-lease components if both (i) the timing and pattern of revenue recognition for the non-lease component and the related lease component are the same and (ii) the combined single lease component would be classified as an operating lease. The Company adopted the practical expedient as of January 1, 2019 to account for lease and non-lease components as a single component in lease contracts where the Company is the lessor. Lessor Accounting The Company’s current portfolio is focused predominately on apartment properties whereby the Company generates rental revenue by leasing apartments to residents in its communities. As lease revenues for apartments fall under the scope of Topic 842, such lease revenues are classified as operating leases with straight-line recognition over the terms of the relevant lease agreement and inclusion within rental revenue. Resident leases are generally for one-year or month-to-month terms and are renewable by mutual agreement between the Company and the resident. Non-lease components of the Company’s apartment leases are combined with the related lease component and accounted for as a single lease component under Topic 842. The balances of net real estate investments and related depreciation on the Company’s consolidated financial statements relate to assets for which the Company is the lessor. Lessee Accounting The Company determines if an arrangement is a lease at inception. The Company is currently engaged in operating lease agreements that primarily relate to certain equipment leases. The Company determined that the lessee operating lease commitments have no material impact on its consolidated financial statements with the adoption of Topic 842. The Company will continue to assess any modification of existing lease agreements and execution of any new lease agreements for the potential requirement of recording a right-of-use-asset or liability in the future. In August 2017, the FASB issued ASU No. 2017-12 “Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities” (“ASU 2017-12”), which, among other things, requires entities to present the earnings effect of hedging instruments in the same income statement line item in which the earnings effect of the hedged item is reported. The new standard also adds new disclosure requirements. ASU 2017-12 is effective for annual periods beginning after December 15, 2018, though early adoption, including interim periods, is permissible. The Company adopted ASU 2017-12 as of January 1, 2019 and there has been no material impact to the Company’s consolidated financial statements as a result of its adoption. In May 2014, the FASB issued ASU No. 2014‑09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014‑09”). Under the new standard, revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred, the fee is fixed or determinable, and collectability is probable. Revenue is generally recognized net of allowances. In August 2015, the FASB issued ASU 2015‑14, “Revenue from Contracts with Customers-Deferral of the Effective Date” which deferred the effective date of the new revenue recognition standard until the first quarter of 2018. Therefore, ASU 2014‑09 became effective for the Company in the first quarter of the fiscal year ending December 31, 2018. The ASU allows for either full retrospective or modified retrospective adoption. The majority of the Company’s revenue is derived from rental income, which is scoped out from this standard and will be accounted for under ASU 2016‑02, discussed above. The Company’s other revenue streams, including interest income from related parties, were determined not to be within the scope of ASU 2014‑09, gains and losses from real estate dispositions as defined in Subtopic 610‑20 discussed below, and notes and accrued interest receivable from related parties, which the ASU provides to follow established guidance in Topic 310. The adoption by the Company of ASU 2014‑09 as of January 1, 2018 did not result in a cumulative adjustment and did not have a material impact on the Company’s consolidated financial statements. In addition to the comprehensive new revenue guidance, ASU 2014‑09 also introduced new standards for accounting for gains and losses from derecognition of nonfinancial assets, which was codified into ASC Topic 610‑20, “Other Income – Gains and Losses from the Derecognition of Nonfinancial Assets”. The scope of ASC Topic 610‑20 was further clarified in ASU 2017‑05, “Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets” (“ASU 2017‑05”), noting that a financial asset is within the scope of Subtopic 610‑20 if it meets the definition of an in substance nonfinancial asset. ASU 2017‑05 also defines the term “in substance nonfinancial asset” and provides guidance on the recognition of gains and losses on sale of real estate investments. The Company recognizes the sale, and associated gain or loss from the disposition, provided that the earnings process is complete. Subsequent to the adoption of the new standard, a gain or loss is recognized when the criteria for an asset to be derecognized are met, which include when (i) a contract exists and (ii) the buyer obtained control of the nonfinancial asset when sold. As a result, the Company may recognize a gain on a real estate disposition transaction that previously did not qualify as a sale or for full profit recognition due to the timing of the transfer of control or certain forms of continuing involvement. ASC Topic 610‑20 is effective for annual periods beginning after December 15, 2017. The Company adopted ASC Topic 610‑20 as of January 1, 2018 using the modified retrospective approach. The adoption of ASC Topic 610‑20 did not impact the accounting of the Company’s historical property sales or sales of joint venture interests and its adoption had no impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15 "Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40)" (“ASU 2018-15”). ASU 2018-15 aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). ASU 2018-15 is effective for annual periods (including interim periods within those periods) beginning after December 15, 2019, though early adoption, including adoption in interim periods, is permissible. The Company early adopted ASU 2018-15 as of July 1, 2018 and there has been no material impact to the Company’s consolidated financial statements as a result of its adoption. |
Investments in Real Estate (Tab
Investments in Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments in Real Estate | |
Schedule Of Equity Method Investments And Consolidation Accounting Investments | Consolidated Operating Properties Number of Date Built / Ownership Multifamily Community Name Location Units Renovated (1) Interest ARIUM Glenridge Atlanta, GA 480 90 % ARIUM Grandewood Orlando, FL 306 100 % ARIUM Hunter’s Creek Orlando, FL 532 100 % ARIUM Metrowest Orlando, FL 510 100 % ARIUM Westside Atlanta, GA 336 90 % Ashford Belmar Lakewood, CO 512 1988/1993 85 % Ashton Reserve Charlotte, NC 473 100 % Cade Boca Raton Boca Raton, FL 90 81 % Chattahoochee Ridge Atlanta, GA 358 90 % Citrus Tower Orlando, FL 336 97 % Denim Scottsdale, AZ 645 100 % Element Las Vegas, NV 200 100 % Enders Place at Baldwin Park Orlando, FL 220 92 % Gulfshore Apartment Homes, formerly ARIUM Gulfshore Naples, FL 368 100 % James at South First Austin, TX 250 90 % Marquis at The Cascades Tyler, TX 582 90 % Marquis at TPC San Antonio, TX 139 90 % Navigator Villas Pasco, WA 176 90 % Outlook at Greystone Birmingham, AL 300 100 % Park & Kingston Charlotte, NC 168 100 % Pine Lakes Preserve, formerly ARIUM Pine Lakes Port St. Lucie, FL 320 100 % Plantation Park Lake Jackson, TX 238 80 % Providence Trail Mount Juliet, TN 334 100 % Roswell City Walk Roswell, GA 320 98 % Sands Parc Daytona Beach, FL 264 100 % The Brodie Austin, TX 324 93 % The District at Scottsdale Scottsdale, AZ 332 100 % The Links at Plum Creek Castle Rock, CO 264 88 % The Mills Greenville, SC 304 100 % The Preserve at Henderson Beach Destin, FL 340 100 % The Reserve at Palmer Ranch, formerly ARIUM at Palmer Ranch Sarasota, FL 320 100 % The Sanctuary Las Vegas, NV 320 100 % Veranda at Centerfield Houston, TX 400 93 % Villages of Cypress Creek Houston, TX 384 % Wesley Village Charlotte, NC % Total (1) Represents date of last significant renovation or year built if there were no renovations. |
Schedule Of Development Properties In Real Estate | Preferred Equity and Mezzanine Loan Investments Actual / Actual / Estimated Actual / Estimated Planned Initial Construction Multifamily Community Name Location Number of Units Occupancy Completion Lease-up Investments Vickers Historic Roswell Roswell, GA 79 2Q 2018 3Q 2018 Domain at The One Forty Garland, TX 299 2Q 2018 4Q 2018 Arlo Charlotte, NC 286 2Q 2018 1Q 2019 Novel Perimeter Atlanta, GA 320 3Q 2018 1Q 2019 Total lease-up units 984 Development Investments Motif, formerly Flagler Village Fort Lauderdale, FL 385 2Q 2020 3Q 2020 North Creek Apartments Leander, TX 259 3Q 2020 4Q 2020 Riverside Apartments Austin, TX 222 4Q 2020 1Q 2021 Wayforth at Concord Concord, NC 150 2Q 2020 3Q 2021 The Park at Chapel Hill (1) Chapel Hill, NC — — — Total development units 1,016 Multifamily Community Name Location Number of Units Operating Investments (2) Alexan CityCentre Houston, TX 340 Alexan Southside Place Houston, TX 270 Belmont Crossing (3) Smyrna, GA 192 Helios (4) Atlanta, GA 282 Mira Vista Austin, TX 200 Sierra Terrace (3) Atlanta, GA 135 Sierra Village (3) Atlanta, GA 154 Thornton Flats Austin, TX 104 Whetstone Apartments Durham, NC 204 Total operating units 1,881 Total units 3,881 (1) The development is in the planning phase; project specifications are in process. (2) Stabilized operating properties in which the Company has a preferred equity investment. Refer to Note 7 for further information. (3) Belmont Crossing, Sierra Terrace and Sierra Village are collectively known as the Strategic Portfolio. Refer to Note 7 for further information. (4) Helios was a preferred equity investment through December 10, 2019, the date the Company redeemed its preferred interest into common interest. The Company accounted for Helios under the equity method at December 31, 2019. Helios property was subsequently sold on January 8, 2020. |
Acquisition of Real Estate (Tab
Acquisition of Real Estate (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Acquisition of Real Estate | |
Schedule of acquistion of real estate Properties | The following describes the Company’s significant acquisition activity and related financing during the years ended December 31, 2019 and 2018 (dollars in thousands): Ownership Purchase Property Location Date Interest Price Mortgage The Links at Plum Creek Castle Rock, CO March 26, 2018 88 % $ 61,100 $ 40,000 Sands Parc Daytona Beach, FL May 1, 2018 100 % 46,200 (1) Plantation Park Lake Jackson, TX June 14, 2018 80 % 35,600 26,625 Veranda at Centerfield Houston, TX July 26, 2018 93 % 40,150 26,100 Ashford Belmar Lakewood, CO November 15, 2018 85 % 143,444 100,675 Element Las Vegas, NV June 27,2019 100 % 41,750 29,260 Providence Trail Mount Juliet, TN June 27,2019 100 % 68,500 47,950 Denim Scottsdale, AZ July 24,2019 100 % 141,250 91,634 The Sanctuary Las Vegas, NV July 31,2019 100 % 51,750 33,707 Chattahoochee Ridge Atlanta, GA November 12,2019 90 % 69,750 45,338 The District at Scottsdale Scottsdale, AZ December 11, 2019 100 % 124,000 82,200 Navigator Villas Pasco, WA December 18, 2019 90 % 28,500 20,515 (1) Funded, in part, with the Company’s Senior Credit Facility secured by the property. Refer to Note 8 for further information about the Company’s Secured Credit Facility. |
Schedule of Real Estate Properties | The following table summarizes the assets acquired and liabilities assumed at the acquisition date for acquisitions made during the year ended December 31, 2019 (amounts in thousands): Purchase Price Allocation Land $ 93,989 Building 353,649 Building improvements 11,647 Land improvements 53,820 Furniture and fixtures 10,913 In-place leases 7,745 Total assets acquired $ 531,763 Mortgages assumed $ 14,800 Fair value adjustments 746 Total liabilities assumed $ 15,546 |
Schedule of acquisition of noncontrolling partners interest in real estate Properties | In addition to the property acquisitions discussed above, the Company also acquired the noncontrolling partner’s interest in the following properties (dollars in thousands): Property Date Amount Previous Interest New Interest Gulfshore Apartment Homes, formerly ARIUM Gulfshore April 26,2018 $ 4,838 95 % 100 % The Reserve at Palmer Ranch, formerly ARIUM at Palmer Ranch April 26,2018 4,174 95 % 100 % ARIUM Palms (1) August 29,2018 3,023 95 % 100 % Pine Lakes Preserve, formerly ARIUM Pine Lakes January 29,2019 7,769 85 % 100 % Sorrel (1) June 25,2019 738 95 % 100 % Sovereign (1) June 25,2019 1,204 95 % 100 % (1) ARIUM Palms, Sorrel and Sovereign were subsequently disposed of in 2019 as part of the Topaz Portfolio sale. Refer to Note 3 for further information. |
Notes and Interest Receivable_2
Notes and Interest Receivable due from Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes and Interest Receivable due from Related Parties | |
Summary of the notes and accrued interest receivable due from related parties | Following is a summary of the notes and accrued interest receivable due from related parties as of December 31, 2019 and 2018 (amounts in thousands): Property 2019 2018 Arlo $ 27,605 $ 24,893 Cade Boca Raton — 11,854 Domain at The One Forty 23,430 20,536 Motif, formerly Flagler Village 75,436 75,436 Novel Perimeter 20,867 20,867 The Park at Chapel Hill 34,819 — Vickers Historic Roswell 11,624 10,498 Total $ 193,781 $ 164,084 |
Summary of the interest income from related parties | Following is a summary of the interest income from related parties for the years ended December 31, 2019 and 2018 (amounts in thousands): Property 2019 2018 Arlo $ 3,757 $ 3,687 Cade Boca Raton 1,925 1,694 Domain at The One Forty 3,280 3,042 Motif, formerly Flagler Village 9,626 9,249 Novel Perimeter 3,091 3,091 The Park at Chapel Hill 1,273 — Vickers Historic Roswell 1,643 1,492 Total $ 24,595 $ 22,255 |
Schedule of occupancy percentages of the Company's related parties | The occupancy percentages of the Company’s related party properties at December 31, 2019 and 2018 are as follows: Property 2019 2018 Arlo 82.2 % 37.4 % Cade Boca Raton (1) 92.2 % 7.8 % Domain at The One Forty 85.6 % 34.4 % Motif, formerly Flagler Village (2) (2) Novel Perimeter 79.4 % 22.2 % The Park at Chapel Hill (3) — Vickers Historic Roswell 74.7 % 40.5 % (1) The Company consolidated Cade Boca Raton as of December 31, 2019. Refer to below for further information. (2) The development has not commenced lease-up. (3) The development is in the planning phase; project specifications are in process . |
Preferred Equity Investments _2
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |
Schedule of Equity Method Investments | The carrying amount of the Company’s preferred equity investments and investments in unconsolidated real estate joint ventures as of December 31, 2019 and 2018 is summarized in the table below (amounts in thousands): Property 2019 2018 Alexan CityCentre $ 12,788 $ 11,205 Alexan Southside Place 24,866 22,801 Helios 23,663 19,189 Leigh House 80 13,319 Mira Vista 5,250 — North Creek Apartments 14,964 5,892 Riverside Apartments 12,342 3,600 Strategic Portfolio (1) 10,183 — Thornton Flats 4,600 — Wayforth at Concord 4,683 — Whetstone Apartments 12,932 12,932 Other 93 95 Total $ 126,444 $ 89,033 (1) Belmont Crossing, Sierra Terrace and Sierra Village are collectively known as the Strategic Portfolio. |
Schedule of preferred returns on the company | The preferred returns on the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2019, 2018 and 2017 is summarized below (amounts in thousands): Property 2019 2018 2017 Alexan CityCentre $ 2,108 $ 1,668 $ 1,395 Alexan Southside Place 1,583 3,201 2,879 Helios 1,343 2,459 2,454 Leigh House 1,155 1,910 1,770 Mira Vista 155 — — North Creek Apartments 1,375 108 — Riverside Apartments 879 31 — Strategic Portfolio 33 — — Thornton Flats 110 — — Wayforth at Concord 121 — — Whetstone Apartments 935 935 1,730 Other — — 108 Preferred returns on unconsolidated joint ventures $ 9,797 $ 10,312 $ 10,336 |
Schedule Of Occupancy Percentages Of The Companys Unconsolidated Real Estate Joint Ventures | The occupancy percentages of the Company’s unconsolidated real estate joint ventures at December 31, 2019 and 2018 are as follows: Property 2019 2018 Alexan CityCentre 90.9 % 93.2 % Alexan Southside Place 95.2 % 84.8 % Helios 95.7 % 90.1 % Mira Vista 93.5 % — North Creek Apartments (1) (1) Riverside Apartments (1) (1) Strategic Portfolio Belmont Crossing 89.6 % — Sierra Terrace 97.0 % — Sierra Village 86.4 % — Thornton Flats 90.4 % — Wayforth at Concord (1) (1) Whetstone Apartments 94.1 % 96.6 % (1) The development has not commenced lease-up. |
Schedule of combined financial information for the company's investments in unconsolidated real estate joint ventures | Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017 is as follows (amounts in thousands): 2019 2018 Balance Sheets: Real estate, net of depreciation $ 678,073 $ 577,624 Other assets 51,212 45,324 Total assets $ 729,285 $ 622,948 Mortgage payable $ 570,573 $ 480,903 Other liabilities 36,129 21,250 Total liabilities $ 606,702 $ 502,153 Members’ equity 122,583 120,795 Total liabilities and members’ equity $ 729,285 $ 622,948 2019 2018 2017 Operating Statement: Rental revenues $ 37,220 $ 19,222 $ 5,517 Operating expenses (21,904) (14,824) (4,990) Income before debt service and depreciation and amortization 15,316 4,398 527 Interest expense, net (31,775) (12,935) (3,098) Depreciation and amortization (16,125) (10,385) (3,384) Net operating loss (32,584) (18,922) (5,955) Gain on sale of Leigh House 13,871 — — Net loss $ (18,713) $ (18,922) $ (5,955) |
Revolving credit facilities (Ta
Revolving credit facilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revolving credit facilities | |
Schedule of Line of Credit Facilities | The outstanding balances on the revolving credit facilities as of December 31, 2019 and 2018 are as follows (amounts in thousands): Revolving Credit Facilities 2019 2018 Senior Credit Facility $ 18,000 $ 67,709 Second Amended Junior Credit Facility — 14,500 Total $ 18,000 $ 82,209 |
Mortgages Payable (Tables)
Mortgages Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Mortgages Payable | |
Schedule of senior mortgage indebtedness | The following table summarizes certain information as of December 31, 2019 and 2018, with respect to the Company’s senior mortgage indebtedness (amounts in thousands): Outstanding Principal As of December 31, 2019 Interest-only Property 2019 2018 Interest Rate through date Maturity Date Fixed Rate: ARIUM Grandewood (1) $ 19,713 $ 19,713 4.35 % July 2020 July 1, 2025 ARIUM Hunter’s Creek 72,183 72,294 3.65 % (2) November 1, 2024 ARIUM Metrowest 64,559 64,559 4.43 % May 2021 May 1, 2025 ARIUM Westside 52,150 52,150 3.68 % August 2021 August 1, 2023 Ashford Belmar 100,675 100,675 4.53 % December 2022 December 1, 2025 Ashton Reserve I 30,329 30,878 4.67 % (2) December 1, 2025 Chattahoochee Ridge 45,338 — 3.25 % December 2022 December 5,2024 Citrus Tower 41,325 41,438 4.07 % (2) October 1, 2024 Denim 91,634 — 3.32 % August 2024 August 1, 2029 Element 29,260 — 3.63 % July 2022 July 1,2026 Enders Place at Baldwin Park (3) 23,337 23,822 4.30 % (2) November 1, 2022 Gulfshore Apartment Homes (4) 46,345 — 3.26 % September 2022 September 1, 2029 James on South First 26,111 26,500 4.35 % (2) January 1, 2024 Navigator Villas (5) 20,515 — 4.56 % June 2021 June 1, 2028 Outlook at Greystone 22,105 22,105 4.30 % June 2021 June 1, 2025 Park & Kingston 19,600 18,432 3.32 % November 2024 November 1, 2026 Pine Lakes Preserve (6) 26,950 26,950 3.95 % Interest-only November 1, 2023 Plantation Park 26,625 26,625 4.64 % July 2024 July 1, 2028 Providence Trail 47,950 — 3.54 % July 2021 July 1, 2026 Roswell City Walk 51,000 51,000 3.63 % (2) December 1, 2026 Sovereign — 28,227 The Brodie 34,198 34,825 3.71 % (2) December 1, 2023 The Links at Plum Creek 40,000 40,000 4.31 % April 2020 October 1, 2025 The Mills 25,797 26,298 4.21 % (2) January 1, 2025 The Preserve at Henderson Beach 48,490 35,602 3.26 % September 2028 September 1, 2029 The Reserve at Palmer Ranch (7) 41,348 41,348 4.41 % May 2020 May 1, 2025 The Sanctuary 33,707 — 3.31 % Interest-only August 1, 2029 Villages of Cypress Creek 26,200 26,200 3.23 % October 2020 October 1, 2022 (8) Wesley Village 40,111 40,545 4.25 % (2) April 1, 2024 Total Fixed Rate 1,147,555 850,186 Floating Rate (9) : ARIUM Glenridge 49,500 49,500 3.03 % September 2021 September 1, 2025 ARIUM Grandewood (1) 19,672 19,672 3.10 % July 2020 July 1, 2025 ARIUM Palms — 30,320 Ashton Reserve II 15,213 15,213 3.20 % August 2022 August 1, 2025 Cade Boca Raton 23,500 — 3.20 % June 2022 January 1, 2025 Marquis at Crown Ridge — 28,634 Marquis at Stone Oak — 42,725 Marquis at The Cascades I 32,284 32,899 3.31 % (2) June 1, 2024 (10) Marquis at The Cascades II 22,531 22,960 3.31 % (2) June 1, 2024 (10) Marquis at TPC 16,468 16,826 3.31 % (2) June 1, 2024 (10) Preston View — 41,657 Sorrel — 38,684 The District at Scottsdale (11) 82,200 — 2.97 % Interest-only December 11, 2020 (12) Veranda at Centerfield 26,100 26,100 2.96 % July 2021 July 26, 2023 (8) Total Floating Rate 287,468 365,190 Total 1,435,023 1,215,376 Fair value adjustments 1,815 2,204 Deferred financing costs, net (11,581) (11,444) Total $ 1,425,257 $ 1,206,136 (1) ARIUM Grandewood has a fixed rate loan and a floating rate loan. (2) The loan requires monthly payments of principal and interest. (3) The principal balance includes a $15.8 million loan at a fixed rate of 3.97% and a $7.5 million supplemental loan at a fixed rate of 5.01%. (4) Gulfshore Apartment Homes, formerly ARIUM Gulfshore (5) The principal balance includes a $14.8 million loan at a fixed rate of 4.31% and a $5.7 million supplemental loan at a fixed rate of 5.23%. (6) Pine Lakes Preserve, formerly ARIUM Pine Lakes (7) The Reserve at Palmer Ranch, formerly ARIUM at Palmer Ranch (8) The loan has two one-year extension options subject to certain conditions. (9) Other than The District at Scottsdale, all the Company’s floating rate loans bear interest at one-month LIBOR + margin. In December 2019, one-month LIBOR in effect was 1.70%. LIBOR rate is subject to a rate cap. Please refer to Note 11 for further information. (10) The loan can be extended, subject to certain conditions, in connection with an election to convert to a fixed interest rate loan. (11) The loan bears interest at a floating rate of one or three-month LIBOR + margin, at the Company’s discretion. The loan is not subject to a rate cap. (12) The loan has a six-month extension option, subject to certain conditions. |
Schedule of contractual principal payments | As of December 31, 2019, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands): Year Total 2020 $ 91,075 2021 12,444 2022 63,293 2023 153,439 2024 289,591 Thereafter 825,181 $ 1,435,023 Add: Unamortized fair value debt adjustment 1,815 Subtract: Deferred financing costs (11,581) Total $ 1,425,257 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Derivative Financial Instruments | |
Schedule of the fair value of the Company's derivative financial instruments | 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 (amounts in thousands): Derivatives not designated as hedging Fair values of derivative instruments under ASC 815‑20 Balance Sheet Location instruments 2019 2018 Interest rate caps Accounts receivable, prepaids and other assets $ 22 $ 2,596 The table below presents the effect of Company's derivative financial instruments as well as their classification on the consolidated statements of operations for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands): The Effect of Derivative Derivatives not designated as hedging Location of Gain or (Loss) Instruments on the Statements of instruments under ASC 815‑20 Recognized in Income Operations 2019 2018 2017 Interest rate caps Interest Expense $ (2,536) $ (2,846) $ — |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions | |
Summary of related party amounts payable to BRE | Pursuant to the terms of the Administrative Services Agreement and the Leasehold Cost-Sharing Agreement, summarized below are the related party amounts payable to BRE as of December 31, 2019 and 2018 (amounts in thousands): 2019 2018 Amounts Payable to BRE under the Administrative Services Agreement, net Operating and direct expense reimbursements $ 281 $ 568 Offering expense reimbursements 183 158 Total expense reimbursement amounts payable to BRE $ 464 $ 726 Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement Operating and direct expense reimbursements $ 186 $ — Capital improvement cost reimbursements 40 — Total expense and cost reimbursement amounts payable to BRE $ 226 $ — Total $ 690 $ 726 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity | |
Schedule of reconciliation of components of basic and diluted net loss per common share | The following table reconciles the components of basic and diluted net loss per common share for the years ended December 31, 2019, 2018 and 2017 (amounts in thousands, except share and per share amounts): 2019 2018 2017 Net loss attributable to common stockholders $ (19,751) $ (42,759) $ (45,679) Dividends on LTIP Units expected to vest (953) (674) — Basic net loss attributable to common stockholders $ (20,704) $ (43,433) $ (45,679) Weighted average common shares outstanding (1) 22,649,222 23,845,800 25,561,673 Potential dilutive shares (2) — — — Weighted average common shares outstanding and potential dilutive shares (1) 22,649,222 23,845,800 25,561,673 Net loss per common share, basic $ (0.91) $ (1.82) $ (1.79) Net loss per common share, diluted $ (0.91) $ (1.82) $ (1.79) The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A Common Stock on a one-for-one basis. The income allocable to such OP Units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these OP Units would have no net impact on the determination of diluted earnings per share. (1) For 2019 and 2018, amounts relate to shares of the Company’s Class A and Class C common stock outstanding. For 2017, amounts relate to shares of Class A and Class C common stock and LTIP Units outstanding. (2) For the year ended December 31, 2019, the following are excluded from the diluted shares calculation as the effect is antidilutive: a) warrants outstanding from issuances in conjunction with the Company’s Series B Preferred Stock offerings that are potentially exercisable for 140,334 shares of Class A common stock, and b) potential vesting of restricted stock to employees for 22,807 shares of Class A common stock.Excludes no shares and 391 shares for the years ended December 31, 2018 and 2017, respectively. |
Summary of Class A common stock repurchase activity | The following table is a summary of the Class A common stock repurchase activity for the years ended December 31, 2019 and 2018: Cumulative Number of Maximum Dollar Value Total Number Weighted Shares Purchased as of Shares that May Yet of Shares Average Price Part of the Publicly Be Purchased Under Period Purchased Paid Per Share Announced Plan the Plan 2018 First quarter 2018 530,693 $ 7.92 530,693 $ 20,795,897 Second quarter 2018 107,040 8.96 637,733 19,837,157 Third quarter 2018 — — 637,733 19,837,157 Fourth quarter 2018 417,324 9.24 1,055,057 15,982,102 2019 First quarter 505,797 1,560,854 10,919,065 Second quarter 749,648 2,310,502 2,578,184 Third quarter — — 2,310,502 2,578,184 2019- Under New Repurchase Plans (1) 50,000,000 Fourth quarter 57,883 57,883 49,317,624 (1) Shares repurchased in the fourth quarter were under the new stock repurchase plans authorized on December 20, 2019. |
Summary of the status of the Company's non-vested shares/LTIP Units under the Incentive Plans for individuals | A summary of the status of the Company’s non-vested shares/LTIP Units under the Incentive Plans for individuals as of December 31, 2019, 2018 and 2017 is as follows (dollars in thousands): Weighted average grant- Non-Vested shares/LTIP Units Shares / LTIPs date fair value Balance at January 1, 2017 659 $ 22.75 Granted 7,500 13.34 Vested (8,159) 14.10 Forfeited — — Balance at December 31, 2017 — $ — Granted 1,158,963 10.06 Vested (183,754) 10.10 Forfeited — — Balance at December 31, 2018 975,209 $ 10.05 Granted 637,315 9.36 Vested (237,841) 10.01 Forfeited (3,600) 10.65 Balance at December 31, 2019 1,371,083 $ 9.72 |
Schedule of distributions | Distributions Payable to stockholders Declaration Date of record as of Amount Date Paid or Payable Class A Common Stock December 7, 2018 December 24, 2018 $ 0.162500 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.162500 April 5, 2019 June 7, 2019 June 25, 2019 $ 0.162500 July 5, 2019 September 13, 2019 September 25, 2019 $ 0.162500 October 4, 2019 December 6, 2019 December 24, 2019 $ 0.162500 January 3, 2020 Class C Common Stock December 7,2018 December 24, 2018 $ 0.162500 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.162500 April 5, 2019 June 7,2019 June 25, 2019 $ 0.162500 July 5, 2019 September 13, 2019 September 25, 2019 $ 0.162500 October 4, 2019 December 6, 2019 December 24, 2019 $ 0.162500 January 3, 2020 Series A Preferred Stock December 7, 2018 December 24, 2018 $ 0.515625 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.515625 April 5, 2019 June 7, 2019 June 25, 2019 $ 0.515625 July 5, 2019 September 13, 2019 September 25, 2019 $ 0.515625 October 4, 2019 December 6, 2019 December 24, 2019 $ 0.515625 January 3, 2020 Series B Preferred Stock (1) October 12, 2018 December 24, 2018 $ 5.00 January 4, 2019 January 11, 2019 January 25, 2019 $ 5.00 February 5, 2019 January 11, 2019 February 25, 2019 $ 5.00 March 5, 2019 January 11, 2019 March 25, 2019 $ 5.00 April 5, 2019 April 12, 2019 April 25, 2019 $ 5.00 May 3, 2019 April 12, 2019 May 24, 2019 $ 5.00 June 5, 2019 April 12, 2019 June 25, 2019 $ 5.00 July 5, 2019 July 12, 2019 July 25, 2019 $ 5.00 August 5, 2019 July 12, 2019 August 23, 2019 $ 5.00 September 5, 2019 July 12, 2019 September 25, 2019 $ 5.00 October 4, 2019 October 14, 2019 October 25, 2019 $ 5.00 November 5, 2019 October 31, 2019 November 25, 2019 $ 5.00 December 5, 2019 October 31, 2019 December 24, 2019 $ 5.00 January 3, 2020 Series C Preferred Stock December 7, 2018 December 24, 2018 $ 0.4765625 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.4765625 April 5, 2019 June 7, 2019 June 25, 2019 $ 0.4765625 July 5, 2019 September 13, 2019 September 25, 2019 $ 0.4765625 October 4, 2019 December 6, 2019 December 24, 2019 $ 0.4765625 January 3, 2020 Series D Preferred Stock December 7, 2018 December 24, 2018 $ 0.4453125 January 4, 2019 March 8, 2019 March 25, 2019 $ 0.4453125 April 5, 2019 June 7, 2019 June 25, 2019 $ 0.4453125 July 5, 2019 September 13, 2019 September 25, 2019 $ 0.4453125 October 4, 2019 December 6, 2019 December 24, 2019 $ 0.4453125 January 3, 2020 Series T Preferred Stock (1) December 20, 2019 December 24, 2019 $ January 3, 2020 (1) Shares of Series B Preferred Stock newly issued on or after October 28, 2019 and all newly issued shares of Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series B Preferred Stock and Series T Preferred Stock was outstanding. |
Summary of distributions declared and paid | Distributions declared and paid for the year ended December 31, 2019 were as follows (amounts in thousands): Distributions 2019 Declared Paid First Quarter Class A Common Stock $ 3,727 $ 3,820 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 5,058 4,842 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,038 1,038 LTIP Units 383 262 Total first quarter 2019 $ 15,544 $ 15,300 Second Quarter Class A Common Stock $ 3,623 $ 3,726 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 5,693 5,443 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,038 1,058 LTIP Units 392 309 Total second quarter 2019 $ 16,084 $ 15,874 Third Quarter Class A Common Stock $ 3,636 $ 3,621 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 6,562 6,259 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 OP Units 1,038 1,018 LTIP Units 399 316 Total third quarter 2019 $ 16,973 $ 16,552 Fourth Quarter Class A Common Stock 3,816 3,635 Class C Common Stock 12 12 Series A Preferred Stock 2,950 2,950 Series B Preferred Stock 7,541 7,227 Series C Preferred Stock 1,107 1,107 Series D Preferred Stock 1,269 1,269 Series T Preferred Stock 1 — OP Units 1,038 1,038 LTIP Units 423 325 Total fourth quarter 2019 $ 18,157 $ 17,563 Total $ 66,758 $ 65,289 |
Selected Quarterly Financial _2
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Selected Quarterly Financial Data | |
Schedule of summarized quarterly financial data | The following table sets forth summarized quarterly financial data for the year ended December 31, 2019: Quarters Ended 2019 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 51,466 $ 52,437 $ 53,547 $ 52,520 Operating income $ 8,734 $ 10,701 $ 8,738 $ 8,536 Net (loss) income $ (4,365) $ (1,932) $ 38,175 (1) $ (2,759) Net (loss) income attributable to common stockholders $ (12,093) $ (10,990) $ 17,160 (1) $ (13,827) (Loss) income per common share, basic: (2) $ (0.53) $ (0.50) $ 0.76 $ (0.62) (Loss) income per common share, diluted: (2) $ (0.53) $ (0.50) $ 0.75 $ (0.62) (1) Net income is due to gain on sale of real estate investments of $48.7 million during the three months ended September 30, 2019. (2) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2019. The following table sets forth summarized quarterly financial data for the year ended December 31, 2018: Quarters Ended 2018 March 31 June 30 September 30 December 31 (In thousands, except per share amounts) Total revenue $ 41,871 $ 44,959 $ 47,877 $ 50,011 Operating income $ 4,701 $ 7,636 $ 8,629 $ 8,728 Net loss $ (2,955) $ (3,432) $ (3,111) $ (5,772) Net (loss) income attributable to common stockholders $ (9,425) $ (10,212) $ (10,334) $ (12,785) Loss per common share, basic: (1) $ (0.40) $ (0.44) $ (0.44) $ (0.55) Loss per common share, diluted: (1) $ (0.40) $ (0.44) $ (0.44) $ (0.55) EPS amounts are based on weighted average common shares outstanding during the quarter and, therefore, may not agree with the EPS calculated for the year ended December 31, 2018. |
Subsequent Events (Tables)
Subsequent Events (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events | |
Schedule of Declaration of Dividends | Declaration of Dividends Payable to stockholders Declaration Date of record as of Amount (1) Paid / Payable Date Series B Preferred Stock January 13, 2020 January 24, 2020 $ 5.00 February 5, 2020 January 13, 2020 February 25, 2020 $ 5.00 March 5, 2020 January 13, 2020 March 25, 2020 $ 5.00 April 3, 2020 Series T Preferred Stock January 13, 2020 January 24, 2020 $ 0.128125 February 5, 2020 January 13, 2020 February 25, 2020 $ 0.128125 March 5, 2020 January 13, 2020 March 25, 2020 $ 0.128125 April 3, 2020 (1) Shares of newly issued Series T Preferred Stock that are held only a portion of the applicable monthly dividend period will receive a prorated dividend based on the actual number of days in the applicable dividend period during which each such share of Series T Preferred Stock was outstanding. |
Schedule of Distributions Paid | The following distributions were paid to the Company’s stockholders, as well as holders of OP and LTIP Units, subsequent to December 31, 2019 (amounts in thousands): Distributions Total Shares Declaration Date Record Date Date Paid per Share Distribution Class A Common Stock December 6, 2019 December 24, 2019 January 3, 2020 $ 0.1625000 $ 3,816 Class C Common Stock December 6, 2019 December 24, 2019 January 3, 2020 $ 0.1625000 $ 12 Series A Preferred Stock December 6, 2019 December 24, 2019 January 3, 2020 $ 0.5156250 $ 2,950 Series B Preferred Stock October 31, 2019 December 24, 2019 January 3, 2020 $ 5.0000000 $ 2,616 Series C Preferred Stock December 6, 2019 December 24, 2019 January 3, 2020 $ 0.4765625 $ 1,107 Series D Preferred Stock December 6, 2019 December 24, 2019 January 3, 2020 $ 0.4453125 $ 1,269 Series T Preferred Stock December 20, 2019 December 24, 2019 January 3, 2020 $ 0.1281250 $ 1 OP Units December 6, 2019 December 24, 2019 January 3, 2020 $ 0.1625000 $ 1,038 LTIP Units December 6, 2019 December 24, 2019 January 3, 2020 $ 0.1625000 $ 347 Series B Preferred Stock January 13, 2020 January 24, 2020 February 5, 2020 $ 5.0000000 $ 2,651 Series T Preferred Stock January 13, 2020 January 24, 2020 February 5, 2020 $ 0.1281250 $ 23 Total $ 15,830 Stock Activity Subsequent to December 31, 2019 and as of February 20, 2020, the Company has completed the following activity as it relates to its Class A common stock and Series B Preferred Stock (refer to Note 13 for further information): · sold 166,873 shares of Class A common stock through the Class A ATM Offering with net proceeds of $2.0 million; · initiated the redemption of 15,822 shares of Series B Preferred Stock through the issuance of 1,334,501 Class A common shares; and · purchased 351,255 shares of Class A common stock under the stock repurchase plan for a total purchase price of approximately $4.1 million. |
Organization and Nature of Bu_2
Organization and Nature of Business (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Organization and Nature of Business [Line Items] | |
Percent of Real Estate Properties Occupied | 94.00% |
Number of Units in Real Estate Property | 15,627 |
Annual Distribution Percentage Rate | 90.00% |
Operating Units [Member] | |
Organization and Nature of Business [Line Items] | |
Number of Units in Real Estate Property | 11,746 |
Under Development [Member] | |
Organization and Nature of Business [Line Items] | |
Number of Units in Real Estate Property | 3,881 |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Line Items] | |||
Percentage of Voting Equity | 50.00% | ||
Selling Commissions And Dealer Manager Fees Percentage Rate Range Maximum | 7.00% | ||
Selling Commissions And Dealer Manager Fees Percentage Rate Range Minimum | 3.00% | ||
Selling Commissions And Dealer Manager Fees Percentage Rate | 10.00% | ||
Percentage Of Minimum Distributions Of Taxable Income | 90.00% | ||
Percentage Of Distributions Classified As Return On Capital | 100.00% | 64.21% | |
Percentage Of Distributions Classified As Capital Gains | 5.52% | 31.79% | |
Percentage Of Ordinary Income From Return On Capital | 0.00% | 0.00% | 4.00% |
Common Stock Holders [Member] | |||
Accounting Policies [Line Items] | |||
Percentage Of Distributions Classified As Return On Capital | 100.00% | ||
Percentage Realization From Sale Of Depreciable Real Estate | 21.29% | ||
Preferred Stock Holders [Member] | |||
Accounting Policies [Line Items] | |||
Percentage Of Distributions Classified As Return On Capital | 93.15% | 66.00% | |
Percentage Of Preferred Stock Classified As Ordinary Income | 1.33% | 34.00% | 11.19% |
Percentage Of Distributions Classified As Capital Gains | 88.81% | ||
Percentage Realization From Sale Of Depreciable Real Estate | 21.29% | ||
Building [Member] | Minimum [Member] | |||
Accounting Policies [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 30 years | ||
Building [Member] | Maximum [Member] | |||
Accounting Policies [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||
Building Improvements [Member] | Minimum [Member] | |||
Accounting Policies [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Building Improvements [Member] | Maximum [Member] | |||
Accounting Policies [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | ||
Land Improvements [Member] | Minimum [Member] | |||
Accounting Policies [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||
Land Improvements [Member] | Maximum [Member] | |||
Accounting Policies [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 15 years | ||
Furniture and Fixtures [Member] | Minimum [Member] | |||
Accounting Policies [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||
Furniture and Fixtures [Member] | Maximum [Member] | |||
Accounting Policies [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 7 years | ||
In Place Lease [Member] | |||
Accounting Policies [Line Items] | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 6 months | ||
Ltip Unit [Member] | |||
Accounting Policies [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 8.00% | ||
Op Unit [Member] | |||
Accounting Policies [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 19.66% | ||
Percentage Of Unvested Incentive Plan In Operating Partnership | 3.95% | ||
Op Ltip Unit [Member] | |||
Accounting Policies [Line Items] | |||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 27.66% |
Sale of Real Estate Assets an_2
Sale of Real Estate Assets and Joint Venture Equity Interests and Abandonment of Development Project - Additional Information (Details) $ in Thousands | Sep. 30, 2019USD ($) | Sep. 20, 2019USD ($) | Aug. 29, 2019USD ($) | Jul. 15, 2019USD ($) | May 01, 2019USD ($) | Jun. 30, 2017USD ($) | May 24, 2017USD ($) | Apr. 26, 2017USD ($) | Feb. 22, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 24, 2015USD ($)ft² |
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Disposition Fees | $ 1,300 | ||||||||||||
Proceeds from Sale of Real Estate Gross | 71,400 | ||||||||||||
Payments for Mortgage on Real Estate Sold | 41,400 | ||||||||||||
Proceeds from Sale of Real Estate | 28,600 | ||||||||||||
Gain (Loss) on Disposition of Assets | 16,700 | ||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 313,785 | $ 0 | $ 71,945 | ||||||||||
Loss on extinguishment of debt | (7,258) | (2,277) | (1,639) | ||||||||||
Payments to Acquire Real Estate Held-for-investment | 516,217 | 333,540 | 493,311 | ||||||||||
Proceeds from sale of interests | 36,620 | 0 | 17,603 | ||||||||||
Payments to Acquire Equity Method Investments | $ 74,307 | $ 17,888 | $ 20,989 | ||||||||||
East San Marco Property [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Area of Real Estate Property | ft² | 44,276 | ||||||||||||
Real Estate Investment Property, Net | $ 2,900 | ||||||||||||
Fox Hill Property [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Disposition Fees | $ 500 | ||||||||||||
Proceeds from Sale of Real Estate Gross | 46,500 | ||||||||||||
Proceeds from Sale of Real Estate | 19,200 | ||||||||||||
Gain (Loss) on Disposition of Assets | 10,700 | ||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 1,600 | ||||||||||||
Fox Hill Property [Member] | Mortgages [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Payments for Mortgage on Real Estate Sold | 26,700 | ||||||||||||
Fox Hill Property [Member] | Pro Rata [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Gain (Loss) on Disposition of Assets | 10,300 | ||||||||||||
Proceeds from Sale of Property Held-for-sale | $ 16,400 | ||||||||||||
Wesley Village II [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Gain (Loss) on Disposition of Assets | $ 700 | ||||||||||||
Gross Proceeds From Sale Of Real Estate Held for Investment | 1,000 | ||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | $ 1,000 | ||||||||||||
Preston View, Sorrel and Sovereign [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Gain (Loss) on Disposition of Assets | $ 30,900 | ||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 1,800 | ||||||||||||
Gross Proceeds From Sale Of Real Estate Held for Investment | 174,900 | ||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | 63,000 | ||||||||||||
Payoff of Mortgage Indebtedness | 108,000 | ||||||||||||
Payments for Closing Costs and Fees on Real Estate Investments | 2,000 | ||||||||||||
Loss on extinguishment of debt | 2,300 | ||||||||||||
Leigh House [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Payments to Acquire Real Estate Held-for-investment | 3,200 | ||||||||||||
Proceeds from sale of interests | 17,400 | ||||||||||||
Payments to Acquire Equity Method Investments | 14,200 | ||||||||||||
Payments to Acquire Real Estate Held-for-investment, Additional Amount | $ 3,200 | ||||||||||||
ARIUM Palms [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Gain (Loss) on Disposition of Assets | $ 13,400 | ||||||||||||
Payment for Debt Extinguishment or Debt Prepayment Cost | 300 | ||||||||||||
Gross Proceeds From Sale Of Real Estate Held for Investment | 46,800 | ||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | 15,300 | ||||||||||||
Payoff of Mortgage Indebtedness | 30,300 | ||||||||||||
Payments for Closing Costs and Fees on Real Estate Investments | 1,000 | ||||||||||||
Loss on extinguishment of debt | $ 900 | ||||||||||||
Marquis at Crown Ridge and Marquis at Stone Oak [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Gain (Loss) on Disposition of Assets | $ 5,100 | ||||||||||||
Gross Proceeds From Sale Of Real Estate Held for Investment | 95,000 | ||||||||||||
Proceeds from Sale of Real Estate Held-for-investment | 24,500 | ||||||||||||
Payoff of Mortgage Indebtedness | 70,300 | ||||||||||||
Payments for Closing Costs and Fees on Real Estate Investments | 200 | ||||||||||||
Loss on extinguishment of debt | $ 600 | ||||||||||||
Marquis at Crown Ridge and Marquis at Stone Oak [Member] | Pro Rata [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Gain (Loss) on Disposition of Assets | $ 22,200 | ||||||||||||
Proceeds from Sale of Property Held-for-sale | $ 4,600 | ||||||||||||
Mda Apartments [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Limited Liability Company (LLC) or Limited Partnership (LP), Managing Member or General Partner, Ownership Interest | 35.00% | ||||||||||||
Lansbrook Village Properties [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Disposition Fees | $ 1,200 | ||||||||||||
Proceeds from Sale of Real Estate | 24,100 | ||||||||||||
Gain (Loss) on Disposition of Assets | 22,800 | ||||||||||||
Proceeds from Sale of Property Held-for-sale | 82,400 | ||||||||||||
Lansbrook Village Properties [Member] | Mortgages [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Payments for Mortgage on Real Estate Sold | 57,200 | ||||||||||||
Lansbrook Village Properties [Member] | Pro Rata [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Gain (Loss) on Disposition of Assets | 16,100 | ||||||||||||
Proceeds from Sale of Property Held-for-sale | $ 19,100 | ||||||||||||
Mda Apartments [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Disposition Fees | $ 700 | ||||||||||||
Proceeds from Sale of Real Estate | 17,600 | ||||||||||||
Gain (Loss) on Disposition of Assets | 6,400 | ||||||||||||
Proceeds from Sale of Property Held-for-sale | 18,300 | ||||||||||||
Gain On Sale Of Equity Interests | 10,200 | ||||||||||||
Mda Apartments [Member] | Pro Rata [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Proceeds from Sale of Property Held-for-sale | $ 11,000 | ||||||||||||
Bluerock Residential Growth ReitInc [Member] | |||||||||||||
Real Estate Assets Held for Development and Sale [Line Items] | |||||||||||||
Gain (Loss) on Disposition of Assets | 7,800 | ||||||||||||
Proceeds from Sale of Property Held-for-sale | $ 13,600 |
Investments in Real Estate (Det
Investments in Real Estate (Details) - item | 12 Months Ended | |
Dec. 31, 2019 | Apr. 26, 2017 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 11,746 | |
Total lease-up units | 984 | |
Total operating units | 1,881 | |
Total development units | 1,016 | |
Actual / Planned Number of Units | 3,881 | |
Alexan CityCentre [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Houston, TX | |
Total operating units | 340 | |
Belmont Crossing [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Smyrna, GA | |
Total operating units | 192 | |
Helios [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Total operating units | 282 | |
Mira Vista [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Austin, TX | |
Total operating units | 200 | |
Sierra Terrace [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Total operating units | 135 | |
Sierra Village [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Total operating units | 154 | |
Thornton Flats [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Austin, TX | |
Total operating units | 104 | |
Whetstone Apartments [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Durham, NC | |
Total operating units | 204 | |
Alexan Southside Place [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Houston, TX | |
Total operating units | 270 | |
Vickers Historic Roswell [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Roswell, GA | |
Total lease-up units | 79 | |
Actual Or Estimated Initial Occupancy | 2Q 2018 | |
Actual Or Estimated Construction Completion | 3Q 2018 | |
Domain at The One Forty [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Garland, TX | |
Total lease-up units | 299 | |
Actual Or Estimated Initial Occupancy | 2Q 2018 | |
Actual Or Estimated Construction Completion | 4Q 2018 | |
Arlo [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Charlotte, NC | |
Total lease-up units | 286 | |
Actual Or Estimated Initial Occupancy | 2Q 2018 | |
Actual Or Estimated Construction Completion | 1Q 2019 | |
Novel Perimeter, formerly Crescent Perimeter [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Total lease-up units | 320 | |
Actual Or Estimated Initial Occupancy | 3Q 2018 | |
Actual Or Estimated Construction Completion | 1Q 2019 | |
Motif, formerly Flagler Village [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Fort Lauderdale, FL | |
Total development units | 385 | |
Actual Or Estimated Initial Occupancy | 2Q 2020 | |
Actual Or Estimated Construction Completion | 3Q 2020 | |
North Creek Apartments [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Leander, TX | |
Total development units | 259 | |
Actual Or Estimated Initial Occupancy | 3Q 2020 | |
Actual Or Estimated Construction Completion | 4Q 2020 | |
Riverside Apartments [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Austin, TX | |
Total development units | 222 | |
Actual Or Estimated Initial Occupancy | 4Q 2020 | |
Actual Or Estimated Construction Completion | 1Q 2021 | |
Wayforth at Concord [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Concord, NC | |
Total development units | 150 | |
Actual Or Estimated Initial Occupancy | 2Q 2020 | |
Actual Or Estimated Construction Completion | 3Q 2021 | |
The Park at Chapel Hill [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Chapel Hill, NC | |
Total development units | - | |
Actual Or Estimated Initial Occupancy | - | |
Actual Or Estimated Construction Completion | - | |
ARIUM Glenridge [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Number of Units | 480 | |
Date Built / Renovated | 1990 | |
Ownership Interest | 90.00% | |
ARIUM Grandewood [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Orlando, FL | |
Number of Units | 306 | |
Date Built / Renovated | 2005 | |
Ownership Interest | 100.00% | |
ARIUM Hunter's Creek [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Orlando, FL | |
Number of Units | 532 | |
Date Built / Renovated | 1999 | |
Ownership Interest | 100.00% | |
ARIUM Metrowest [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Orlando, FL | |
Number of Units | 510 | |
Date Built / Renovated | 2001 | |
Ownership Interest | 100.00% | |
ARIUM Westside [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Number of Units | 336 | |
Date Built / Renovated | 2008 | |
Ownership Interest | 90.00% | |
Ashford Belmar [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Lakewood, CO | |
Number of Units | 512 | |
Date Built / Renovated | 1988/1993 | |
Ownership Interest | 85.00% | |
Ashton Reserve [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Charlotte, NC | |
Number of Units | 473 | |
Date Built / Renovated | 2015 | |
Ownership Interest | 100.00% | |
Cade Boca Raton [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Boca Raton, FL | |
Number of Units | 90 | |
Date Built / Renovated | 2019 | |
Ownership Interest | 81.00% | |
Chattahoochee Ridge [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Atlanta, GA | |
Number of Units | 358 | |
Date Built / Renovated | 1996 | |
Ownership Interest | 90.00% | |
Citrus Tower [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Orlando, FL | |
Number of Units | 336 | |
Date Built / Renovated | 2006 | |
Ownership Interest | 97.00% | |
Denim [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Scottsdale, AZ | |
Number of Units | 645 | |
Date Built / Renovated | 1979 | |
Ownership Interest | 100.00% | |
Element [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Las Vegas, NV | |
Number of Units | 200 | |
Date Built / Renovated | 1995 | |
Ownership Interest | 100.00% | |
Enders Place at Baldwin Park [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Orlando, FL | |
Number of Units | 220 | |
Date Built / Renovated | 2003 | |
Ownership Interest | 92.00% | |
Gulfshore Apartment Homes Naples, FL [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Naples, FL | |
Number of Units | 368 | |
Date Built / Renovated | 2016 | |
Ownership Interest | 100.00% | |
James at South First [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Austin, TX | |
Number of Units | 250 | |
Date Built / Renovated | 2016 | |
Ownership Interest | 90.00% | |
Marquis at The Cascades [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Tyler, TX | |
Number of Units | 582 | |
Date Built / Renovated | 2009 | |
Ownership Interest | 90.00% | |
Marquis at TPC [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | San Antonio, TX | |
Number of Units | 139 | |
Date Built / Renovated | 2008 | |
Ownership Interest | 90.00% | |
Navigator Villas [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Pasco, WA | |
Number of Units | 176 | |
Date Built / Renovated | 2013 | |
Ownership Interest | 90.00% | |
Outlook at Greystone [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Birmingham, AL | |
Number of Units | 300 | |
Date Built / Renovated | 2007 | |
Ownership Interest | 100.00% | |
Park & Kingston [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Charlotte, NC | |
Number of Units | 168 | |
Date Built / Renovated | 2015 | |
Ownership Interest | 100.00% | |
Pine Lakes Preserve, Formerly Arium Pine Lakes [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Port St. Lucie, FL | |
Number of Units | 320 | |
Date Built / Renovated | 2003 | |
Ownership Interest | 100.00% | |
Plantation Park [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Lake Jackson, TX | |
Number of Units | 238 | |
Date Built / Renovated | 2016 | |
Ownership Interest | 80.00% | |
Providence Trail [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Mount Juliet, TN | |
Number of Units | 334 | |
Date Built / Renovated | 2007 | |
Ownership Interest | 100.00% | |
Roswell City Walk [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Roswell, GA | |
Number of Units | 320 | |
Date Built / Renovated | 2015 | |
Ownership Interest | 98.00% | |
Sands Parc [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Daytona Beach, FL | |
Number of Units | 264 | |
Date Built / Renovated | 2017 | |
Ownership Interest | 100.00% | |
The Brodie [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Austin, TX | |
Number of Units | 324 | |
Date Built / Renovated | 2001 | |
Ownership Interest | 93.00% | |
The District At Scottsdale [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Scottsdale, AZ | |
Number of Units | 332 | |
Date Built / Renovated | 2018 | |
Ownership Interest | 100.00% | |
The Links at Plum Creek [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Castle Rock, CO | |
Number of Units | 264 | |
Date Built / Renovated | 2000 | |
Ownership Interest | 88.00% | |
The Mills [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Greenville, SC | |
Number of Units | 304 | |
Date Built / Renovated | 2013 | |
Ownership Interest | 100.00% | |
The Preserve at Henderson Beach [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Destin, FL | |
Number of Units | 340 | |
Date Built / Renovated | 2009 | |
Ownership Interest | 100.00% | |
The Reserve at Palmer Ranch, Formerly Arium at Palmer Ranch [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Sarasota, FL | |
Number of Units | 320 | |
Date Built / Renovated | 2016 | |
Ownership Interest | 100.00% | |
The Sanctuary [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Las Vegas, NV | |
Number of Units | 320 | |
Date Built / Renovated | 1988 | |
Ownership Interest | 100.00% | |
Veranda at Centerfield [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Houston, TX | |
Number of Units | 400 | |
Date Built / Renovated | 1999 | |
Ownership Interest | 93.00% | |
Villages of Cypress Creek [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Houston, TX | |
Date Built / Renovated | 2001 | |
Ownership Interest | 80.00% | |
Wesley Village [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Real Estate Property Location | Charlotte, NC | |
Number of Units | 301 | |
Date Built / Renovated | 2010 | |
Ownership Interest | 100.00% | |
Average [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of Units | 384 | |
Lansbrook Village Properties [Member] | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Ownership Interest | 90.00% |
Investments in Real Estate - Ad
Investments in Real Estate - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments in Real Estate | |||
Investments in real estate of depreciation expense | $ 63.7 | $ 53.9 | $ 35.5 |
Amortization of Deferred Leasing Fees | 6.8 | 8.8 | $ 13.1 |
Other Accrued Liabilities | $ 2.6 | $ 2.4 |
Acquisition of Real Estate - Ac
Acquisition of Real Estate - Acquisition activity and related new financing (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Business Acquisition [Line Items] | |
Mortgage | $ 14,800 |
Sands Parc [Member] | |
Business Acquisition [Line Items] | |
Location | Daytona Beach, FL |
Date | May 1, 2018 |
Interest | 100.00% |
Amount | $ 46,200 |
Plantation Park [Member] | |
Business Acquisition [Line Items] | |
Location | Lake Jackson, TX |
Date | Jun. 14, 2018 |
Interest | 80.00% |
Amount | $ 35,600 |
Mortgage | $ 26,625 |
Veranda at Centerfield [Member] | |
Business Acquisition [Line Items] | |
Location | Houston, TX |
Date | Jul. 26, 2018 |
Interest | 93.00% |
Amount | $ 40,150 |
Mortgage | $ 26,100 |
Ashford Belmar [Member] | |
Business Acquisition [Line Items] | |
Location | Lakewood, CO |
Date | Nov. 15, 2018 |
Interest | 85.00% |
Amount | $ 143,444 |
Mortgage | $ 100,675 |
The Links at Plum Creek [Member] | |
Business Acquisition [Line Items] | |
Location | Castle Rock, CO |
Date | Mar. 26, 2018 |
Interest | 88.00% |
Amount | $ 61,100 |
Mortgage | $ 40,000 |
Element, Las Vegas, NV [Member] | |
Business Acquisition [Line Items] | |
Location | Las Vegas, NV |
Date | Jun. 27, 2019 |
Interest | 100.00% |
Amount | $ 41,750 |
Mortgage | $ 29,260 |
Providence Trail, Mount Juliet, TN [Member] | |
Business Acquisition [Line Items] | |
Location | Mount Juliet, TN |
Date | Jun. 27, 2019 |
Interest | 100.00% |
Amount | $ 68,500 |
Mortgage | $ 47,950 |
Denim [Member] | |
Business Acquisition [Line Items] | |
Location | Scottsdale, AZ |
Date | Jul. 24, 2019 |
Interest | 100.00% |
Amount | $ 141,250 |
Mortgage | $ 91,634 |
The Sanctuary [Member] | |
Business Acquisition [Line Items] | |
Location | Las Vegas, NV |
Date | Jul. 31, 2019 |
Interest | 100.00% |
Amount | $ 51,750 |
Mortgage | $ 33,707 |
Chattahoochee Ridge [Member] | |
Business Acquisition [Line Items] | |
Location | Atlanta, GA |
Date | Nov. 12, 2019 |
Interest | 90.00% |
Amount | $ 69,750 |
Mortgage | $ 45,338 |
The District At Scottsdale [Member] | |
Business Acquisition [Line Items] | |
Location | Scottsdale, AZ |
Date | Dec. 11, 2019 |
Interest | 100.00% |
Amount | $ 124,000 |
Mortgage | $ 82,200 |
Navigator Villas [Member] | |
Business Acquisition [Line Items] | |
Location | Pasco, WA |
Date | Dec. 18, 2019 |
Interest | 90.00% |
Amount | $ 28,500 |
Mortgage | $ 20,515 |
Acquisition of Real Estate - As
Acquisition of Real Estate - Assets acquired (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Preliminary Purchase Price Allocation | |
Land | $ 93,989 |
Building | 353,649 |
Building improvements | 11,647 |
Land improvements | 53,820 |
Furniture and fixtures | 10,913 |
In-place leases | 7,745 |
Total assets acquired | 531,763 |
Mortgages assumed | 14,800 |
Fair value adjustments | 746 |
Total liabilities assumed | $ 15,546 |
Acquisition of Real Estate - No
Acquisition of Real Estate - Noncontrolling Partner's Interest (Details) $ in Thousands | Dec. 31, 2019USD ($) |
ARIUM Gulfshore [Member] | |
Business Acquisition [Line Items] | |
Price | $ 4,838 |
ARIUM Gulfshore [Member] | Previous Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 95.00% |
ARIUM Gulfshore [Member] | New Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 100.00% |
ARIUM at Palmer Ranch [Member] | |
Business Acquisition [Line Items] | |
Price | $ 4,174 |
ARIUM at Palmer Ranch [Member] | Previous Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 95.00% |
ARIUM at Palmer Ranch [Member] | New Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 100.00% |
ARIUM Palms [Member] | |
Business Acquisition [Line Items] | |
Price | $ 3,023 |
ARIUM Palms [Member] | Previous Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 95.00% |
ARIUM Palms [Member] | New Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 100.00% |
Pine Lakes Preserve [Member] | |
Business Acquisition [Line Items] | |
Price | $ 7,769 |
Pine Lakes Preserve [Member] | Previous Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 85.00% |
Pine Lakes Preserve [Member] | New Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 100.00% |
Sorrel [Member] | |
Business Acquisition [Line Items] | |
Price | $ 738 |
Sorrel [Member] | Previous Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 95.00% |
Sorrel [Member] | New Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 100.00% |
Sovereign [Member] | |
Business Acquisition [Line Items] | |
Price | $ 1,204 |
Sovereign [Member] | Previous Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 95.00% |
Sovereign [Member] | New Interest [Member] | |
Business Acquisition [Line Items] | |
Indirect Ownership Interest Percentage Of Investment | 100.00% |
Notes and Interest Receivable_3
Notes and Interest Receivable due from Related Parties - Summary of the notes and accrued interest receivable due from related parties (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Notes Receivable, Related Parties | $ 193,781 | $ 164,084 |
Arlo [Member] | ||
Notes Receivable, Related Parties | 27,605 | 24,893 |
Cade Boca Raton [Member] | ||
Notes Receivable, Related Parties | 11,854 | |
Domain at The One Forty [Member] | ||
Notes Receivable, Related Parties | 23,430 | 20,536 |
Flagler Village [Member] | ||
Notes Receivable, Related Parties | 75,436 | 75,436 |
Novel Perimeter, formerly Crescent Perimeter [Member] | ||
Notes Receivable, Related Parties | 20,867 | 20,867 |
The Park at Chapel Hill [Member] | ||
Notes Receivable, Related Parties | 34,819 | |
Vickers Historic Roswell [Member] | ||
Notes Receivable, Related Parties | $ 11,624 | $ 10,498 |
Notes and Interest Receivable_4
Notes and Interest Receivable due from Related Parties - Summary of the interest income from related parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Interest Income, Related Party | $ 24,595 | $ 22,255 | $ 7,930 |
Arlo [Member] | |||
Interest Income, Related Party | 3,757 | 3,687 | |
Cade Boca Raton [Member] | |||
Interest Income, Related Party | 1,925 | 1,694 | |
Domain at The One Forty [Member] | |||
Interest Income, Related Party | 3,280 | 3,042 | |
Flagler Village [Member] | |||
Interest Income, Related Party | 9,626 | 9,249 | |
Novel Perimeter, formerly Crescent Perimeter [Member] | |||
Interest Income, Related Party | 3,091 | 3,091 | |
The Park at Chapel Hill [Member] | |||
Interest Income, Related Party | 1,273 | ||
Vickers Historic Roswell [Member] | |||
Interest Income, Related Party | $ 1,643 | $ 1,492 |
Notes and Interest Receivable_5
Notes and Interest Receivable due from Related Parties - Schedule of occupancy percentages of the Company's related parties (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
Arlo [Member] | ||
Development Leased | 82.20% | 37.40% |
Cade Boca Raton [Member] | ||
Development Leased | 92.20% | 7.80% |
Domain 1 property Owner [Member] | ||
Development Leased | 85.60% | 34.40% |
Novel Perimeter, formerly Crescent Perimeter [Member] | ||
Development Leased | 79.40% | 22.20% |
Vickers Historic Roswell [Member] | ||
Development Leased | 74.70% | 40.50% |
Notes and Interest Receivable_6
Notes and Interest Receivable due from Related Parties - Additional Information (Details) | Dec. 19, 2019USD ($) | Nov. 01, 2019USD ($) | Mar. 03, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 29, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 12, 2019USD ($) | Jan. 06, 2017USD ($) | Dec. 22, 2016USD ($) |
The Park at Chapel Hill Financing [Member] | |||||||||
Related party due, funded | $ 29,500,000 | ||||||||
Fixed rate for loan | 11.00% | ||||||||
The Park at Chapel Hill Financing [Member] | Maximum [Member] | |||||||||
Due from Related Parties | $ 40,000,000 | ||||||||
Arlo Mezzanine [Member] | |||||||||
Related party due, funded | $ 27,300,000 | ||||||||
Interest | 95.00% | ||||||||
Fixed rate for loan | 15.00% | ||||||||
Due from Related Parties | $ 27,500,000 | ||||||||
Due From Unaffiliated Lender | 7,300,000 | ||||||||
Arlo Mezzanine [Member] | Mezzanine Type Loan Member | |||||||||
Due from Related Parties | $ 7,300,000 | ||||||||
BRG Domain 1 [Member] | |||||||||
Unaffiliated Lender Transaction Interest Rate Description | 50.0% | ||||||||
BRG Boca, LLC [Member] | |||||||||
Interest | 90.00% | ||||||||
Due from Related Parties | $ 14,000,000 | ||||||||
BR Chapel Hill JV LLC [Member] | |||||||||
Interest | 100.00% | ||||||||
Fixed rate for loan | 10.00% | ||||||||
Due from Related Parties | $ 500,000 | ||||||||
Domain 1 property Owner [Member] | |||||||||
Interest | 95.00% | ||||||||
Due from Related Parties | $ 24,500,000 | ||||||||
BR Perimeter JV,LLC [Member] | |||||||||
Related Party Transaction, Date | Dec. 29, 2021 | ||||||||
Due from Related Parties | $ 20,600,000 | ||||||||
BR Vickers Roswell JV, LLC [Member] | |||||||||
Related Party Transaction, Date | Dec. 31, 2019 | ||||||||
Boca Mezz Loan [Member] | |||||||||
Paydown from related party | $ 3,600,000 | ||||||||
Outstanding principal balance | $ 10,100,000 | ||||||||
Fixed rate for loan | 89.25% | 15.00% | |||||||
Vickers Historic Roswell [Member] | |||||||||
Interest | 80.00% | ||||||||
Outstanding principal balance | $ 11,500,000 | ||||||||
Spread on variable rate | 1.99% | ||||||||
Fixed rate for loan | 15.00% | ||||||||
Due from Related Parties | $ 11,800,000 | ||||||||
Due From Unaffiliated Lender | $ 18,000,000 | $ 18,000,000 | |||||||
Vickers Historic Roswell [Member] | Senior Loans [Member] | |||||||||
Additional Capital Contribution | $ 2,200,000 | ||||||||
Arlo [Member] | |||||||||
Spread on variable rate | 3.75% | ||||||||
Fixed rate for loan | 11.50% | ||||||||
Due from Related Parties | $ 34,500,000 | ||||||||
Due From Unaffiliated Lender | 33,800,000 | ||||||||
Domain at The One Forty [Member] | |||||||||
Related party due, funded | $ 23,100,000 | ||||||||
Domain at The One Forty [Member] | Mezzanine Type Loan Member | |||||||||
Spread on variable rate | 2.20% | ||||||||
Fixed rate for loan | 15.00% | ||||||||
Due From Unaffiliated Lender | $ 30,300,000 | $ 6,400,000 | $ 39,200,000 | ||||||
Minimum discount to fair market value | 1.00% | ||||||||
2020 | 5.50% | ||||||||
2021 | 4.00% | ||||||||
2022 and thereafter | 3 | ||||||||
Participation in profit achieved in sale (as a percent) | 50.00% | ||||||||
Domain at The One Forty [Member] | Mezzanine Type Loan Member | Maximum [Member] | |||||||||
Spread on variable rate | 3.95% | ||||||||
Flagler Mezz Loan [Member] | |||||||||
Interest | 12.90% | ||||||||
Percentage Of Loan Secured | 97.00% | ||||||||
Flagler Mezz Loan [Member] | Mezzanine Type Loan Member | |||||||||
Due from Related Parties | $ 74,600,000 | ||||||||
Motif Construction Loan [Member] | |||||||||
Interest | 5.00% | ||||||||
Outstanding principal balance | $ 48,200,000 | ||||||||
Spread on variable rate | 3.85% | ||||||||
Due From Unaffiliated Lender | $ 70,400,000 | ||||||||
Perimeter Mezz Loan [Member] | |||||||||
Interest | 60.00% | ||||||||
Outstanding principal balance | $ 44,700,000 | ||||||||
Spread on variable rate | 3.00% | ||||||||
Fixed rate for loan | 15.00% | ||||||||
Due from Related Parties | $ 20,600,000 | ||||||||
Due From Unaffiliated Lender | $ 44,700,000 |
Preferred Equity Investments _3
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | $ 126,444 | $ 89,033 |
Alexan CityCentre [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 12,788 | 11,205 |
Alexan Southside Place [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 24,866 | 22,801 |
Helios [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 23,663 | 19,189 |
Leigh House [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 80 | 13,319 |
Mira Vista [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 5,250 | 0 |
North Creek Apartments [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 14,964 | 5,892 |
Riverside Apartments [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 12,342 | 3,600 |
Strategic Portfolio [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 10,183 | 0 |
Thornton Flats [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 4,600 | 0 |
Wayforth at Concord [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 4,683 | 0 |
Whetstone Apartments [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | 12,932 | 12,932 |
Other Property [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Equity Method Investments | $ 93 | $ 95 |
Preferred Equity Investments _4
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Preferred returns (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | $ 9,797 | $ 10,312 | $ 10,336 |
Alexan CityCentre [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | 2,108 | 1,668 | 1,395 |
Alexan Southside Place [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | 1,583 | 3,201 | 2,879 |
Helios [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | 1,343 | 2,459 | 2,454 |
Leigh House [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | 1,155 | 1,910 | 1,770 |
Mira Vista [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | 155 | 0 | 0 |
North Creek Apartments [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | 1,375 | 108 | 0 |
Riverside Apartments [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | 879 | 31 | 0 |
Strategic Portfolio [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | 33 | 0 | 0 |
Thornton Flats [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | 110 | 0 | 0 |
Wayforth at Concord [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | 121 | 0 | 0 |
Whetstone Apartments [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | 935 | 935 | 1,730 |
Other Property [Member] | |||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | |||
Preferred returns on unconsolidated joint ventures | $ 0 | $ 0 | $ 108 |
Preferred Equity Investments _5
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Occupancy percentages (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Alexan CityCentre [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 90.90% | 93.20% |
Alexan Southside Place [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 95.20% | 84.80% |
Helios [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 95.70% | 90.10% |
Mira Vista [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 93.50% | |
Belmont Crossing [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 89.60% | |
Sierra Terrace [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 97.00% | |
Sierra Village [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 86.40% | |
Thornton Flats [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 90.40% | |
Whetstone Apartments [Member] | ||
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures | ||
Percentage of Number of Units Occupied | 94.10% | 96.60% |
Preferred Equity Investments _6
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Summary of combined financial information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Balance Sheets: | |||
Real estate, net of depreciation | $ 678,073 | $ 577,624 | |
Other assets | 51,212 | 45,324 | |
Total assets | 729,285 | 622,948 | |
Mortgages payable | 570,573 | 480,903 | |
Other liabilities | 36,129 | 21,250 | |
Total liabilities | 606,702 | 502,153 | |
Members' equity | 122,583 | 120,795 | |
Total liabilities and members' equity | 729,285 | 622,948 | |
Operating Statement: | |||
Rental revenues | 37,220 | 19,222 | $ 5,517 |
Operating expenses | (21,904) | (14,824) | (4,990) |
Income before debt service, acquisition costs, and depreciation and amortization | 15,316 | 4,398 | 527 |
Interest expense, net | (31,775) | (12,935) | (3,098) |
Depreciation and amortization | (16,125) | (10,385) | (3,384) |
Net operating loss | (32,584) | (18,922) | (5,955) |
Gain on sale of Leigh House | 13,871 | 0 | 0 |
Net income (loss) | $ (18,713) | $ (18,922) | $ (5,955) |
Preferred Equity Investments _7
Preferred Equity Investments and Investments in Unconsolidated Real Estate Joint Ventures - Additional Information (Details) | Sep. 25, 2019USD ($) | Sep. 17, 2019USD ($) | Jan. 20, 2019USD ($) | Nov. 09, 2018USD ($)item | Nov. 09, 2018USD ($)item | Jun. 07, 2016USD ($) | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019USD ($)item | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 12, 2020USD ($) | Dec. 10, 2019 | Jan. 01, 2019USD ($) | Dec. 28, 2018USD ($) | Oct. 29, 2018USD ($)item | Oct. 06, 2016USD ($) | Jul. 01, 2014 |
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 126,444,000 | $ 89,033,000 | ||||||||||||||||
Due from Affiliates | 4,077,000 | 2,854,000 | ||||||||||||||||
Consideration of preferred equity investment | 19,200,000 | |||||||||||||||||
Payments to Acquire Equity Method Investments | 74,307,000 | $ 17,888,000 | $ 20,989,000 | |||||||||||||||
Alexan CityCentre [Member] | 15% Percent Preferred Stock [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 6,500,000 | |||||||||||||||||
Expected Preferred Return On Related Party Debt | 15.00% | |||||||||||||||||
Alexan CityCentre [Member] | Twenty Percent Preferred Stock [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 6,300,000 | |||||||||||||||||
Expected Preferred Return On Related Party Debt | 20.00% | |||||||||||||||||
Alexan CityCentre [Member] | Class A Common Stock [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Number of Real Estate Properties, Fee Simple | 340 | |||||||||||||||||
Alexan CityCentre [Member] | Construction Loan Payable [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 0.50% | |||||||||||||||||
Construction Loan | $ 55,100,000 | |||||||||||||||||
Debt Instrument, Periodic Payment, Principal | $ 46 | |||||||||||||||||
Alexan CityCentre [Member] | Construction Loan Payable [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 3.00% | |||||||||||||||||
Alexan Southside Place Interests / Refinance [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Ground Lease Term | 85 years | |||||||||||||||||
Preferred return | 6.50% | |||||||||||||||||
Equity Method Investments | $ 24,900,000 | |||||||||||||||||
Construction Loan | $ 31,800,000 | |||||||||||||||||
Percentage of Participation in Profit | 50.00% | 50.00% | ||||||||||||||||
Percentage of Profit Entitled in Occurance of a Default Event | 100.00% | |||||||||||||||||
Alexan Southside Place Interests / Refinance [Member] | Scenario, Forecast [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Preferred return | 3.50% | 5.00% | ||||||||||||||||
Alexan Southside Place Interests / Refinance [Member] | 15% Percent Preferred Stock [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Preferred return | 15.00% | |||||||||||||||||
Alexan Southside Place Interests / Refinance [Member] | Class A Common Stock [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 270 | |||||||||||||||||
Alexan Southside Place Interests / Refinance [Member] | Accounting Standards Update 2016-02 [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Operating Lease, Right-of-Use Asset | $ 17,100,000 | |||||||||||||||||
Operating Lease, Liability | $ 17,100,000 | |||||||||||||||||
Alexan Southside Place Interests / Refinance [Member] | Base Rate [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 1.25% | |||||||||||||||||
Alexan Southside Place Interests / Refinance [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 2.25% | |||||||||||||||||
Helios [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Preferred return | 15.00% | 7.00% | 20.00% | |||||||||||||||
Equity Method Investments | $ 1,800,000 | |||||||||||||||||
Percentage of Participation in Profit | 50.00% | 50.00% | ||||||||||||||||
Percentage of Profit Entitled in Occurance of a Default Event | 100.00% | |||||||||||||||||
Payments to Acquire Equity Method Investments | $ 19,200,000 | |||||||||||||||||
Common membership interest percentage agreed to acquire | 100 | |||||||||||||||||
Helios [Member] | Scenario, Forecast [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Preferred return | 4.50% | 6.00% | ||||||||||||||||
Helios [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 1.75% | |||||||||||||||||
Helios [Member] | Fund III [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Equity Method Investments | $ 2,500,000 | |||||||||||||||||
Leigh House [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Preferred return | 15.00% | |||||||||||||||||
Payments to Acquire Equity Method Investments | $ 11,900,000 | $ 2,300,000 | ||||||||||||||||
Leigh House [Member] | Class A Common Stock [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 245 | |||||||||||||||||
Mira Vista [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Accrued return through September 17, 2026 | 3.1 | |||||||||||||||||
Current return through September 17, 2026 | 7 | |||||||||||||||||
Preferred return through September 17, 2026 | 10.1 | |||||||||||||||||
Current return after September 17, 2026 | 7 | |||||||||||||||||
Accrued return after September 17, 2026 | 4 | |||||||||||||||||
Preferred return after September 17, 2026 | 11 | |||||||||||||||||
Equity Method Investments | $ 5,300,000 | |||||||||||||||||
North Creek Apartments Interests [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Extension term | 1 year | |||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 259 | |||||||||||||||||
Current return | 8.50% | |||||||||||||||||
Preferred return | 12.50% | |||||||||||||||||
Accrued return | 4.00% | |||||||||||||||||
Equity Method Investments | $ 15,000,000 | |||||||||||||||||
Construction Loan | $ 23,600,000 | |||||||||||||||||
Long-term Construction Loan | $ 7,300,000 | |||||||||||||||||
North Creek Apartments Interests [Member] | Class A Common Stock [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 259 | |||||||||||||||||
North Creek Apartments Interests [Member] | Base Rate [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 6.06% | |||||||||||||||||
North Creek Apartments Interests [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 3.75% | |||||||||||||||||
Riverside Apartments Interests [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Current return | 8.50% | |||||||||||||||||
Preferred return | 12.50% | |||||||||||||||||
Accrued return | 4.00% | |||||||||||||||||
Equity Method Investments | $ 15,600,000 | |||||||||||||||||
Funded Amount | 12,300,000 | |||||||||||||||||
Construction Loan | 20,200,000 | |||||||||||||||||
Long-term Construction Loan | $ 6,308 | |||||||||||||||||
Riverside Apartments Interests [Member] | Class A Common Stock [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 222 | |||||||||||||||||
Riverside Apartments Interests [Member] | Base Rate [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 6.14% | |||||||||||||||||
Riverside Apartments Interests [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 3.75% | |||||||||||||||||
Strategic Portfolio [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Current return | 7.50% | |||||||||||||||||
Preferred return | 10.50% | |||||||||||||||||
Accrued return | 3.00% | |||||||||||||||||
Equity Method Investments | $ 10,200,000 | |||||||||||||||||
Thornton Flats [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Additional capital contributions | $ 1,500,000 | |||||||||||||||||
Current return | 8.00% | |||||||||||||||||
Preferred return | 9.00% | |||||||||||||||||
Accrued return | 1.00% | |||||||||||||||||
Equity Method Investments | $ 4,600,000 | |||||||||||||||||
Wayforth at Concord [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 2.50% | |||||||||||||||||
Current return | 9.00% | |||||||||||||||||
Preferred return | 13.00% | |||||||||||||||||
Accrued return | 4.00% | |||||||||||||||||
Construction Loan | $ 22,300,000 | $ 22,300,000 | ||||||||||||||||
Wayforth at Concord [Member] | Class A Common Stock [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 150 | 150 | ||||||||||||||||
Whetstone Interests [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Preferred return | 6.50% | |||||||||||||||||
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 3.81% | |||||||||||||||||
Percentage Of Prepayment Premium | 1.00% | |||||||||||||||||
Secured Debt, Current | $ 25,500,000 | $ 26,500,000 | ||||||||||||||||
Due from Affiliates | 2,600,000 | $ 2,200,000 | ||||||||||||||||
Total loan commitments | $ 500,000 | |||||||||||||||||
Whetstone Interests [Member] | Class A Common Stock [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Number of Real Estate Properties, Fee Simple | item | 204 | |||||||||||||||||
Senior Loans [Member] | Alexan CityCentre [Member] | Construction Loan Payable [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Earnout advances | $ 2,000,000 | |||||||||||||||||
Total Loan Commitment | 48,000,000 | |||||||||||||||||
Senior Loans [Member] | Alexan Southside Place Interests / Refinance [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Earnout advances | 2,400,000 | |||||||||||||||||
Construction Loan | $ 26,400,000 | |||||||||||||||||
Total loan commitments | 28,800,000 | |||||||||||||||||
Senior Loans [Member] | Helios [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Construction Loan | $ 39,500,000 | |||||||||||||||||
Mezzanine loan [Member] | Alexan CityCentre [Member] | Construction Loan Payable [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Earnout advances | 500,000 | |||||||||||||||||
Total Loan Commitment | 12,000,000 | |||||||||||||||||
Mezzanine loan [Member] | Alexan Southside Place Interests / Refinance [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Earnout advances | 600,000 | |||||||||||||||||
Construction Loan | $ 6,600,000 | |||||||||||||||||
Total loan commitments | $ 7,200,000 | |||||||||||||||||
Minimum [Member] | Senior Loans [Member] | Alexan CityCentre [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 1.50% | |||||||||||||||||
Minimum [Member] | Senior Loans [Member] | Alexan Southside Place Interests / Refinance [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 1.50% | |||||||||||||||||
Minimum [Member] | Mezzanine loan [Member] | Alexan CityCentre [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 6.00% | |||||||||||||||||
Minimum [Member] | Mezzanine loan [Member] | Alexan Southside Place Interests / Refinance [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 6.00% | |||||||||||||||||
Maximum [Member] | Senior Loans [Member] | Alexan CityCentre [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 3.99% | |||||||||||||||||
Maximum [Member] | Senior Loans [Member] | Alexan Southside Place Interests / Refinance [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 3.99% | |||||||||||||||||
Maximum [Member] | Mezzanine loan [Member] | Alexan CityCentre [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 8.49% | |||||||||||||||||
Maximum [Member] | Mezzanine loan [Member] | Alexan Southside Place Interests / Refinance [Member] | ||||||||||||||||||
Equity Method Investment And Joint Venture [Line Items] | ||||||||||||||||||
Spread on variable rate | 8.49% |
Revolving credit facilities (De
Revolving credit facilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term Line of Credit | $ 18,000 | $ 82,209 |
Senior Credit Facility [Member] | ||
Long-term Line of Credit | $ 18,000 | 67,709 |
Amended Junior Credit Facility [Member] | ||
Long-term Line of Credit | $ 14,500 |
Revolving credit facilities - A
Revolving credit facilities - Additional Information (Details) - USD ($) $ in Millions | Nov. 06, 2019 | Dec. 21, 2018 | Dec. 21, 2018 | Mar. 20, 2018 | Oct. 04, 2017 | Mar. 20, 2018 | Dec. 31, 2019 |
Minimum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | 0.35% | |||||
Maximum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.40% | 0.40% | |||||
Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | $ 50 | |||||
Line of Credit Facility, Remaining Borrowing Capacity | $ 83 | ||||||
Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||||
Spread on variable rate | 3.50% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.50% | ||||||
Revolving Credit Facility [Member] | Base Rate [Member] | |||||||
Spread on variable rate | 2.50% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.50% | ||||||
Amended Junior Credit Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 72.5 | ||||||
Amended Junior Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | |||||||
Spread on variable rate | 2.75% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.75% | ||||||
Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum [Member] | |||||||
Spread on variable rate | 1.75% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||
Amended Junior Credit Facility [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum [Member] | |||||||
Spread on variable rate | 2.25% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.25% | ||||||
Amended Junior Credit Facility [Member] | Key Bank National Association [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 50 | $ 50 | |||||
Amended Junior Credit Facility [Member] | Key Bank National Association [Member] | Minimum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.35% | ||||||
Amended Junior Credit Facility [Member] | Key Bank National Association [Member] | Maximum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.40% | ||||||
Amended Junior Credit Facility [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | |||||||
Spread on variable rate | 4.00% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 4.00% | ||||||
Amended Junior Credit Facility [Member] | Key Bank National Association [Member] | Base Rate [Member] | Line of Credit [Member] | |||||||
Spread on variable rate | 3.00% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 3.00% | ||||||
Senior Credit Facility [Member] | Key Bank National Association [Member] | |||||||
Debt, Weighted Average Interest Rate | 3.99% | ||||||
Senior Credit Facility [Member] | Key Bank National Association [Member] | Minimum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.20% | ||||||
Senior Credit Facility [Member] | Key Bank National Association [Member] | Maximum [Member] | |||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.25% | ||||||
Senior Credit Facility [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Minimum [Member] | |||||||
Spread on variable rate | 1.80% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.80% | ||||||
Senior Credit Facility [Member] | Key Bank National Association [Member] | London Interbank Offered Rate (LIBOR) [Member] | Line of Credit [Member] | Maximum [Member] | |||||||
Spread on variable rate | 2.45% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 2.45% | ||||||
Senior Credit Facility [Member] | Key Bank National Association [Member] | Base Rate [Member] | Line of Credit [Member] | Minimum [Member] | |||||||
Spread on variable rate | 0.80% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 0.80% | ||||||
Senior Credit Facility [Member] | Key Bank National Association [Member] | Base Rate [Member] | Line of Credit [Member] | Maximum [Member] | |||||||
Spread on variable rate | 1.45% | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.45% | ||||||
Senior Credit Facility [Member] | Key Bank National Association [Member] | Revolving Credit Facility [Member] | |||||||
Line of Credit Facility, Current Borrowing Capacity | $ 75 | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 175 | ||||||
Term Loan Facility [Member] | |||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25 | $ 25 |
Mortgages Payable (Details)
Mortgages Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Oct. 24, 2019 | Dec. 31, 2018 | |
Line of Credit Facility [Line Items] | |||
Fair value adjustments | $ 1,815 | $ 2,204 | |
Deferred financing costs, net | (11,581) | (11,444) | |
Total | 1,425,257 | 1,206,136 | |
Total Outstanding Principal | 1,147,555 | 850,186 | |
Mortgages [Member] | |||
Line of Credit Facility [Line Items] | |||
Total | 1,435,023 | 1,215,376 | |
Total Outstanding Principal | 287,468 | 365,190 | |
ARIUM Grandewood [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 19,713 | 19,713 | |
Interest rate (as a percent) | 4.35% | ||
ARIUM Grandewood [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 19,672 | 19,672 | |
Interest rate (as a percent) | 3.10% | ||
ARIUM Hunters Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 72,183 | 72,294 | |
Interest rate (as a percent) | 3.65% | ||
ARIUM Metrowest [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 64,559 | 64,559 | |
Interest rate (as a percent) | 4.43% | ||
ARIUM Westside [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 52,150 | 52,150 | |
Interest rate (as a percent) | 3.68% | ||
Ashford Belmar [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 100,675 | 100,675 | |
Interest rate (as a percent) | 4.53% | ||
Ashton Reserve I [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 30,329 | 30,878 | |
Interest rate (as a percent) | 4.67% | ||
Chattahoochee Ridge [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 45,338 | 0 | |
Interest rate (as a percent) | 3.25% | ||
Citrus Tower [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 41,325 | 41,438 | |
Interest rate (as a percent) | 4.07% | ||
Denim [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 91,634 | 0 | |
Interest rate (as a percent) | 3.32% | ||
Element [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 29,260 | 0 | |
Interest rate (as a percent) | 3.63% | ||
Enders Place at Baldwin Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 23,337 | 23,822 | |
Interest rate (as a percent) | 4.30% | ||
Gulfshore Apartment Homes [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 46,345 | 0 | |
Interest rate (as a percent) | 3.26% | ||
James on South First [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 26,111 | 26,500 | |
Interest rate (as a percent) | 4.35% | ||
Navigator Villas [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 20,515 | 0 | |
Interest rate (as a percent) | 4.56% | ||
Outlook at Greystone [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 22,105 | 22,105 | |
Interest rate (as a percent) | 4.30% | ||
Park & Kingston [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 18,400 | $ 19,600 | |
Park & Kingston [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 19,600 | 18,432 | |
Interest rate (as a percent) | 3.32% | ||
Pine Lakes Preserve [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 26,950 | 26,950 | |
Interest rate (as a percent) | 3.95% | ||
Plantation Park [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 26,625 | 26,625 | |
Interest rate (as a percent) | 4.64% | ||
Providence Trail [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 47,950 | 0 | |
Interest rate (as a percent) | 3.54% | ||
Rosewell City Walk [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 51,000 | 51,000 | |
Interest rate (as a percent) | 3.63% | ||
Sovereign [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 0 | 28,227 | |
Interest Only Through Date | |||
The Brodie [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 34,198 | 34,825 | |
Interest rate (as a percent) | 3.71% | ||
The Links at Plum Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 40,000 | 40,000 | |
Interest rate (as a percent) | 4.31% | ||
The Mills [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 25,797 | 26,298 | |
Interest rate (as a percent) | 4.21% | ||
The Preserve at Henderson Beach [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 48,490 | 35,602 | |
Interest rate (as a percent) | 3.26% | ||
The Reserve at Palmer Ranch [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 41,348 | 41,348 | |
Interest rate (as a percent) | 4.41% | ||
The Sanctuary [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 33,707 | 0 | |
Interest rate (as a percent) | 3.31% | ||
Villages of Cypress Creek [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 26,200 | 26,200 | |
Interest rate (as a percent) | 3.23% | ||
Wesley Village [Member] | Mortgages [Member] | Fixed Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 40,111 | 40,545 | |
Interest rate (as a percent) | 4.25% | ||
ARIUM Glenridge [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 49,500 | 49,500 | |
Interest rate (as a percent) | 3.03% | ||
ARIUM Palms [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 0 | 30,320 | |
Ashton Reserve II [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 15,213 | 15,213 | |
Interest rate (as a percent) | 3.20% | ||
Cade Boca Raton [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 23,500 | 0 | |
Interest rate (as a percent) | 3.20% | ||
Marquis at Crown Ridge [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 0 | 28,634 | |
Interest Only Through Date | |||
Maturity Date | Jun. 1, 2024 | ||
Marquis at Stone Oak [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 0 | 42,725 | |
Interest Only Through Date | |||
Marquis at the Cascades I [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 32,284 | 32,899 | |
Interest rate (as a percent) | 3.31% | ||
Marquis at the Cascades II [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 22,531 | 22,960 | |
Interest rate (as a percent) | 3.31% | ||
Marquis at TPC [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 16,468 | 16,826 | |
Interest rate (as a percent) | 3.31% | ||
Preston View [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 0 | 41,657 | |
Sorrel [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | 0 | 38,684 | |
The District At Scottsdale [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 82,200 | 0 | |
Interest rate (as a percent) | 2.97% | ||
Veranda at Centerfield [Member] | Mortgages [Member] | Floating Interest Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Total Outstanding Principal | $ 26,100 | $ 26,100 | |
Interest rate (as a percent) | 2.96% |
Mortgages Payable - Debt maturi
Mortgages Payable - Debt maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Mortgages Payable [Abstract] | ||
2020 | $ 91,075 | |
2021 | 12,444 | |
2022 | 63,293 | |
2023 | 153,439 | |
2024 | 289,591 | |
Thereafter | 825,181 | |
Long-term Debt | 1,435,023 | |
Add: Unamortized fair value debt adjustment | 1,815 | $ 2,204 |
Subtract: Deferred financing costs | (11,581) | $ (11,444) |
Total | $ 1,425,257 |
Mortgages Payable - Additional
Mortgages Payable - Additional Information (Details) - USD ($) $ in Thousands | Oct. 24, 2019 | Aug. 21, 2019 | Aug. 14, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Line of Credit Facility [Line Items] | ||||||
Secured Long-term Debt, Noncurrent | $ 48,500 | |||||
Real Estate Investments, Net | $ 1,947,320 | $ 1,693,757 | ||||
Loss on extinguishment of debt | 7,258 | 2,277 | $ 1,639 | |||
Amortization of Debt Issuance Costs | 3,600 | 4,300 | 2,500 | |||
Amortisation Of Fair Value Adjustments Of Debt | 300 | 400 | $ 300 | |||
Secured Debt | 1,147,555 | 850,186 | ||||
Senior Credit Facility [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Real Estate Investments, Net | $ 1,946,500 | |||||
Mortgages [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Debt Instrument Prepayment Fee Percentage | 1.70% | |||||
Secured Debt | $ 287,468 | 365,190 | ||||
Enders Place at Baldwin Park [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Secured Long-term Debt, Noncurrent | $ 15,800 | |||||
Debt Instrument, Basis Spread on Variable Rate | 3.97% | |||||
Enders Place at Baldwin Park [Member] | Supplemental Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Secured Long-term Debt, Noncurrent | $ 7,500 | |||||
Debt Instrument, Basis Spread on Variable Rate | 5.01% | |||||
Park & Kingston [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Secured Long-term Debt, Noncurrent | $ 14,800 | |||||
Debt Instrument, Basis Spread on Variable Rate | 4.31% | |||||
Extinguishment of Debt, Amount | $ 200 | |||||
Secured Debt | $ 19,600 | $ 18,400 | ||||
Park & Kingston [Member] | Supplemental Loan [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Secured Long-term Debt, Noncurrent | $ 5,700 | |||||
Debt Instrument, Basis Spread on Variable Rate | 5.23% | |||||
The Preserve at Henderson Beach [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Extinguishment of Debt, Amount | 35,100 | |||||
Loss on extinguishment of debt | $ 3,100 | |||||
Gulfshore Apartment Homes [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Secured Long-term Debt, Noncurrent | $ 46,300 | |||||
Extinguishment of Debt, Amount | $ 40,500 | |||||
Secured Debt | $ 46,345 | $ 0 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value of Financial Instruments | ||
Long-term Debt, Fair Value | $ 1,436.2 | $ 1,205 |
Mortgage Payable At Carrying Value | $ 1,436.8 | $ 1,217.6 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Fair Value of company's derivative financial instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair value adjustment of interest rate Caps | $ 2,536 | $ 2,846 | $ 0 |
Interest Rate Cap [Member] | Interest Expense [Member] | |||
Derivative, Fair Value, Net | (2,536) | (2,846) | |
Accounts Receivable, Prepaids and Other Assets [Member] | Interest Rate Cap [Member] | |||
Derivative, Fair Value, Net | $ 22 | $ 2,596 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 22, 2016 | |
Vickers Historic Roswell [Member] | ||
Interest rate cap covered, credit facilities outstanding balance | $ 18 | $ 18 |
Interest Rate Cap [Member] | ||
Amount Of Debt Covered By Derivatives | 205.3 | |
Interest rate of covering credit facilities | $ 50 |
Related Party Transactions - Re
Related Party Transactions - Related party amounts payable to BRE (Details) - BRE Entities [Member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Related Party Transactions | ||
Total related-party amounts payable | $ 690 | $ 726 |
Amounts Payable to BRE under the Administrative Services Agreement, net [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 464 | 726 |
Operating expense reimbursements and direct expense reimbursements [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 281 | 568 |
Offering expense reimbursements [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 183 | $ 158 |
Amounts Payable to BRE under the Leasehold Cost-Sharing Agreement [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 226 | |
Reimbursable Operating Expenses, Leasehold Cost-Sharing Agreement [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | 186 | |
Capital cost reimbursements [Member] | ||
Related Party Transactions | ||
Total related-party amounts payable | $ 40 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Feb. 15, 2019 | |
Related Party Transactions | |||||
Due to Affiliates Excluding Former Advisor | $ 100,000 | $ 0 | |||
Due From Affiliates Excluding Former Advisor | $ 4,100,000 | 2,900,000 | |||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 333,848 | ||||
Issuance Of Preferred Stock Dealer Manager Fee Percentage | 10.00% | ||||
Issuance of Preferred Stock, Commission Fee Percentage | 10.00% | ||||
Commissions Payable to Broker-Dealers and Clearing Organizations | $ 16,900,000 | 8,700,000 | |||
Dealer manager fees and discounts | 7,200,000 | 3,700,000 | |||
Business Combination, Consideration Transferred | 19,200,000 | ||||
Internatization Member [Member] | |||||
Related Party Transactions | |||||
BusinessAcquisitionPercentageOfPaymentInEquity | 99.90% | ||||
Business Combination, Acquisition Related Costs | $ 40,794 | ||||
Business Combination, Consideration Transferred | $ 41,200,000 | ||||
General and Administrative Expense [Member] | |||||
Related Party Transactions | |||||
Reimbursement of Payroll Operating Costs | $ 1,700,000 | 2,200,000 | $ 400,000 | ||
Reimbursement Of Offering Costs | 1,500,000 | ||||
Base Management Fee Expense | 10,000 | ||||
Allocated Share-based Compensation Expense | 2,200,000 | ||||
Long-term Incentive Plan Units One [Member] | |||||
Related Party Transactions | |||||
Base Management Fee Expense | $ 8,700,000 | ||||
Long TermIncentive Plan Units Granted | 179,562 | ||||
Long-term Incentive Plan Units One [Member] | Two Thousand Fourteen Inventive Plan [Member] | |||||
Related Party Transactions | |||||
Long Term Incentive Plan Units Vesteded | 212,203 | ||||
Long-term Incentive Plan Units One [Member] | 2016 Long term Incentive Plan Units [Member] | |||||
Related Party Transactions | |||||
Long Term Incentive Plan Units Vesteded | 117,740 | ||||
Long-term Incentive Plan Units One [Member] | LongTermIncentivePlanUnits2015Member [Member] | |||||
Related Party Transactions | |||||
Long Term Incentive Plan Units Vesteded | 94,463 | ||||
Opertating Partnership Units [Member] | |||||
Related Party Transactions | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 3,753,593 | ||||
LTIP Units [Member] | Long-term Incentive Plan Units One [Member] | |||||
Related Party Transactions | |||||
Stock Issued During Period, Shares, Share-based Compensation, Gross | 783,881 | ||||
Manager [Member] | |||||
Related Party Transactions | |||||
Incentive Fee Expense | $ 4,000,000 | ||||
Affiliated Entity [Member] | |||||
Related Party Transactions | |||||
Security Deposit Liability | $ 750,000 | ||||
Series B and Series T Preferred Stock [Member] | Former Manager [Member] | |||||
Related Party Transactions | |||||
Reimbursement Of Offering Costs | $ 1,000,000 | $ 1,300,000 | |||
Common Class C [Member] | |||||
Related Party Transactions | |||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 76,603 |
Stockholders' Equity - Reconcil
Stockholders' Equity - Reconciliation of components of basic and diluted net loss per common share (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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity | |||||||||||
Net loss attributable to common stockholders | $ (13,827) | $ 17,160 | $ (10,990) | $ (12,093) | $ (12,785) | $ (10,334) | $ (10,212) | $ (9,425) | $ (19,751) | $ (42,759) | $ (45,679) |
Dividends on LTIP Units expected to vest | (953) | (674) | 0 | ||||||||
Basic net loss attributable to common stockholders | $ (20,704) | $ (43,433) | $ (45,679) | ||||||||
Weighted average common shares outstanding | 22,649,222 | 23,845,800 | 25,561,673 | ||||||||
Potential dilutive shares | 0 | 0 | 0 | ||||||||
Weighted average common shares outstanding and potential dilutive shares | 22,649,222 | 23,845,800 | 25,561,673 | ||||||||
Net loss per common share, basic | $ (0.62) | $ 0.76 | $ (0.50) | $ (0.53) | $ (0.55) | $ (0.44) | $ (0.44) | $ (0.40) | $ (0.91) | $ (1.82) | $ (1.79) |
Nel loss per common share, diluted | $ (0.62) | $ 0.75 | $ (0.50) | $ (0.53) | $ (0.55) | $ (0.44) | $ (0.44) | $ (0.40) | $ (0.91) | $ (1.82) | $ (1.79) |
Stockholders' Equity - Class A
Stockholders' Equity - Class A common stock repurchase - (Details) - Class A Common Stock [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Stock Repurchased During Period, Shares | 1,313,328 | 1,055,057 |
First quarter 2018 | ||
Stock Repurchased During Period, Shares | 530,693 | |
Stock Repurchased During Period, Per Share | $ 7.92 | |
Second quarter 2018 | ||
Stock Repurchased During Period, Shares | 107,040 | |
Stock Repurchased During Period, Per Share | $ 8.96 | |
Third quarter 2018 | ||
Stock Repurchased During Period, Shares | 0 | |
Stock Repurchased During Period, Per Share | $ 0 | |
Fourth quarter 2018 | ||
Stock Repurchased During Period, Shares | 417,324 | |
Stock Repurchased During Period, Per Share | $ 9.24 | |
First quarter 2019 | ||
Stock Repurchased During Period, Shares | 505,797 | |
Stock Repurchased During Period, Per Share | $ 10.01 | |
Second quarter 2019 | ||
Stock Repurchased During Period, Shares | 749,648 | |
Stock Repurchased During Period, Per Share | $ 11.13 | |
Third quarter 2019 | ||
Stock Repurchased During Period, Shares | 0 | |
Stock Repurchased During Period, Per Share | $ 0 | |
Fourth quarter 2019 | ||
Stock Repurchased During Period, Shares | 57,883 | |
Stock Repurchased During Period, Per Share | $ 11.79 | |
Publicly Announced Plan [Member] | ||
Stock Repurchased Maximum Dollar Value of Shares | $ 50,000,000 | |
Publicly Announced Plan [Member] | First quarter 2018 | ||
Stock Repurchased During Period, Shares | 530,693 | |
Stock Repurchased Maximum Dollar Value of Shares | $ 20,795,897 | |
Publicly Announced Plan [Member] | Second quarter 2018 | ||
Stock Repurchased During Period, Shares | 637,733 | |
Stock Repurchased Maximum Dollar Value of Shares | $ 19,837,157 | |
Publicly Announced Plan [Member] | Third quarter 2018 | ||
Stock Repurchased During Period, Shares | 637,733 | |
Stock Repurchased Maximum Dollar Value of Shares | $ 19,837,157 | |
Publicly Announced Plan [Member] | Fourth quarter 2018 | ||
Stock Repurchased During Period, Shares | 1,055,057 | |
Stock Repurchased Maximum Dollar Value of Shares | $ 15,982,102 | |
Publicly Announced Plan [Member] | First quarter 2019 | ||
Stock Repurchased During Period, Shares | 1,560,854 | |
Stock Repurchased Maximum Dollar Value of Shares | $ 10,919,065 | |
Publicly Announced Plan [Member] | Second quarter 2019 | ||
Stock Repurchased During Period, Shares | 2,310,502 | |
Stock Repurchased Maximum Dollar Value of Shares | $ 2,578,184 | |
Publicly Announced Plan [Member] | Third quarter 2019 | ||
Stock Repurchased During Period, Shares | 2,310,502 | |
Stock Repurchased Maximum Dollar Value of Shares | $ 2,578,184 | |
Publicly Announced Plan [Member] | Fourth quarter 2019 | ||
Stock Repurchased During Period, Shares | 57,883 | |
Stock Repurchased Maximum Dollar Value of Shares | $ 49,317,624 |
Stockholders' Equity Company's
Stockholders' Equity Company's non-vested shares/LTIP units under the incentive plans (Details) - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Stockholders' Equity | |||
Non Vested shares, Balance (in shares) | 975,209 | 659 | |
Non Vested shares, Granted (in shares) | 637,315 | 1,158,963 | 7,500 |
Non Vested shares, Vested (in shares) | (237,841) | (183,754) | (8,159) |
Non Vested shares, Forfeited (in shares) | (3,600) | 0 | 0 |
Non Vested shares, Balance (in shares) | 1,371,083 | 975,209 | |
Weighted average grant-date fair value, Balance (in dollars) | $ 10.05 | $ 22.75 | |
Weighted average grant-date fair value, Granted (in dollars) | 9.36 | $ 10.06 | 13.34 |
Weighted average grant-date fair value, Vested (in dollars) | 10.01 | 10.10 | 14.10 |
Weighted average grant-date fair value, Forfeited (in dollars) | 10.65 | 0 | $ 0 |
Weighted average grant-date fair value, Balance (in dollars) | $ 9.72 | $ 10.05 |
Stockholders' Equity - Distribu
Stockholders' Equity - Distributions (Details) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Class A Common Stock [Member] | |
Amount | $ 0.162500 |
Common Class A One [Member] | |
Amount | 0.162500 |
Common Class A two [Member] | |
Amount | 0.162500 |
Common Class A Three [Member] | |
Amount | 0.162500 |
Common Class A Four [Member] | |
Amount | 0.162500 |
Common Class C [Member] | |
Amount | 0.162500 |
Common Class C One [Member] | |
Amount | 0.162500 |
Common Class C Two [Member] | |
Amount | 0.162500 |
Common Class C Three [Member] | |
Amount | 0.162500 |
Common Class C Four [Member] | |
Amount | 0.162500 |
Series A Preferred Stock [Member] | |
Amount | 0.515625 |
Series Preferred Stock One [Member] | |
Amount | 0.515625 |
Series A Preferred Stock Two [Member] | |
Amount | 0.515625 |
Series A Preferred Stock three [Member] | |
Amount | 0.515625 |
Series A Preferred Stock Four [Member] | |
Amount | 0.515625 |
Series B Preferred Stock [Member] | |
Amount | 5 |
Series B Preferred Stock One [Member] | |
Amount | 5 |
Series B Preferred Stock Two [Member] | |
Amount | 5 |
Series B Preferred Stock Three [Member] | |
Amount | 5 |
Series B Preferred Stock Four [Member] | |
Amount | 5 |
Series B Preferred Stock Five [Member] | |
Amount | 5 |
Series B Preferred Stock Six [Member] | |
Amount | 5 |
Series B Preferred Stock seven [Member] | |
Amount | 5 |
Series B Preferred Stock eight [Member] | |
Amount | 5 |
Series B Preferred Stock Nine [Member] | |
Amount | 5 |
Series B Preferred Stock Ten [Member] | |
Amount | 5 |
Series B Preferred Stock Eleven [Member] | |
Amount | 5 |
Series B Preferred Stock Twelve [Member] | |
Amount | 5 |
Series C Preferred Stock [Member] | |
Amount | 0.4765625 |
Series C Preferred Stock One [Member] | |
Amount | 0.4765625 |
Series C Preferred Stock Two [Member] | |
Amount | 0.4765625 |
Series C Preferred Stock three [Member] | |
Amount | 0.4765625 |
Series C Preferred Stock Four [Member] | |
Amount | 0.4765625 |
Series D Preferred Stock [Member] | |
Amount | 0.4453125 |
Series D Preferred Stock One [Member] | |
Amount | 0.4453125 |
Series D Preferred Stock Two [Member] | |
Amount | 0.4453125 |
Series D Preferred Stock three [Member] | |
Amount | 0.4453125 |
Series D Preferred Stock Four [Member] | |
Amount | 0.4453125 |
Series T Preferred Stock [Member] | |
Amount | $ 0.128125 |
Stockholders' Equity - Distri_2
Stockholders' Equity - Distributions declared and paid (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2019 | |
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | $ 18,157 | $ 16,973 | $ 16,084 | $ 15,544 | $ 66,758 |
Distributions Paid | 17,563 | 16,552 | 15,874 | 15,300 | $ 65,289 |
Class A Common Stock [Member] | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 3,816 | 3,636 | 3,623 | 3,727 | |
Distributions Paid | 3,635 | 3,621 | 3,726 | 3,820 | |
Common Class C [Member] | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 12 | 12 | 12 | 12 | |
Distributions Paid | 12 | 12 | 12 | 12 | |
Series A Preferred Stock [Member] | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 2,950 | 2,950 | 2,950 | 2,950 | |
Distributions Paid | 2,950 | 2,950 | 2,950 | 2,950 | |
Series B Preferred Stock [Member] | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 7,541 | 6,562 | 5,693 | 5,058 | |
Distributions Paid | 7,227 | 6,259 | 5,443 | 4,842 | |
Series C Preferred Stock [Member] | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 1,107 | 1,107 | 1,107 | 1,107 | |
Distributions Paid | 1,107 | 1,107 | 1,107 | 1,107 | |
Series D Preferred Stock [Member] | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 1,269 | 1,269 | 1,269 | 1,269 | |
Distributions Paid | 1,269 | 1,269 | 1,269 | 1,269 | |
Series T Preferred Stock [Member] | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 1 | ||||
Operating Partnership Units One [Member] | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 1,038 | 1,038 | 1,038 | 1,038 | |
Distributions Paid | 1,038 | 1,018 | 1,058 | 1,038 | |
Long-term Incentive Plan Units One [Member] | |||||
Distribution Made to Unit-holder Of Limited Partnership [Line Items] | |||||
Distributions Declared | 423 | 399 | 392 | 383 | |
Distributions Paid | $ 325 | $ 316 | $ 309 | $ 262 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) | Nov. 12, 2019 | Aug. 09, 2019 | Jun. 25, 2019 | Apr. 01, 2019 | Jan. 01, 2019 | Oct. 04, 2018 | Jan. 01, 2018 | Aug. 03, 2016 | Sep. 28, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 20, 2019 | Sep. 13, 2019 | Feb. 28, 2018 | Oct. 13, 2016 | Aug. 08, 2016 |
Class of Stock [Line Items] | |||||||||||||||||
Shares included in the diluted shares calculations | 0 | 0 | 0 | ||||||||||||||
Proceeds from Issuance of Common Stock | $ 5,325,000 | $ 25,000 | $ 57,376,000 | ||||||||||||||
Stock Repurchased During Period, Value | $ 14,086,000 | $ 9,018,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 637,315,000 | 1,158,963,000 | 7,500,000 | ||||||||||||||
Preferred Stock Redemption Fee percentage | 13.00% | ||||||||||||||||
Preferred Stock Redemption Fee percentageafter One Year | 10.00% | ||||||||||||||||
Preferred Stock Redemption Fee percentage after Three Year | 5.00% | ||||||||||||||||
Preferred Stock Redemption Fee percentage after Four Year | 3.00% | ||||||||||||||||
OP Unit holders [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 19.66% | ||||||||||||||||
Partners' Capital Account, Units | 6,384,467 | ||||||||||||||||
LTIP Unit holders [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 8.00% | ||||||||||||||||
Partners' Capital Account, Units | 2,598,465 | ||||||||||||||||
OP And LTIP Unit holders [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Limited Liability Company or Limited Partnership, Members or Limited Partners, Ownership Interest | 27.66% | ||||||||||||||||
OP [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Percentage Of Unvested Incentive Plan In Operating Partnership | 3.95% | ||||||||||||||||
2015 Long term Incentive Plan Units [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Long Term Incentive Plan Units Vesteded | 94,463 | ||||||||||||||||
General and Administrative Expense [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Compensation cost recognized | $ 2,200,000 | ||||||||||||||||
Restricted Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Share-based Compensation | $ 400,000 | ||||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 500,000 | ||||||||||||||||
Fair value per RSG | $ 10.65 | ||||||||||||||||
Total fair value | $ 1,000,000 | ||||||||||||||||
Remaining compensation cost is expected to be recognized (in years) | 2 years 3 months | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 90,694 | ||||||||||||||||
Long-term Incentive Plan Units One [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 80,798 | ||||||||||||||||
Compensation cost recognized | $ 1,600,000 | $ 500,000 | $ 0 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,600,000 | 4,600,000 | 100,000 | ||||||||||||||
Long-term Incentive Plan Units One [Member] | Performance Based LTIP Units [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 125,165 | ||||||||||||||||
Long-term Incentive Plan Units One [Member] | 2016 Long term Incentive Plan Units [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Long Term Incentive Plan Units Vesteded | 117,740 | ||||||||||||||||
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member] | Time-based LTIP Units [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 10,518 | 196,023 | 770,854 | ||||||||||||||
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche One [Member] | Performance Based LTIP Units [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Performance Period | 3 years | 3 years | |||||||||||||||
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche Two [Member] | Time-based LTIP Units [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 294,031 | 160,192 | |||||||||||||||
Long-term Incentive Plan Units One [Member] | Share-based Compensation Award, Tranche Two [Member] | Performance Based LTIP Units [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 15,776 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Performance Period | 3 years | 3 years | |||||||||||||||
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units One [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 2,929 | 6,836 | 3,165 | 6,263 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years 1 month 6 days | ||||||||||||||||
Share-based Compensation | $ 200,000 | $ 200,000 | |||||||||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 5,700,000 | ||||||||||||||||
Compensation cost recognized | $ 30,000 | ||||||||||||||||
Incentive Plans 2014 [Member] | Long-term Incentive Plan Units One [Member] | Executive Officer [Member] | Shortfall LTIP Units [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Aggregate of number of shares unavailable for issuance | 81,000 | ||||||||||||||||
Incentive Plan [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 176,610 | 212,203 | |||||||||||||||
Class A Common Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 456,708 | 2,831 | 4,604,701 | ||||||||||||||
Stock Repurchased During Period, Shares | 1,313,328 | 1,055,057 | |||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 613,153 | ||||||||||||||||
Preferred Stock, Value, Issued | $ 100,000,000 | $ 100,000,000 | |||||||||||||||
Common Stock, Shares, Issued | 23,422,557 | 23,322,211 | |||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 25,000,000 | ||||||||||||||||
Stock Repurchased During Period, Value | $ 13,000 | $ 11,000 | |||||||||||||||
Class A Common Stock [Member] | New Plan [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Repurchase Program, Authorized Amount | $ 5,000,000 | $ 50,000,000 | |||||||||||||||
Class A Common Stock [Member] | Stock Offering [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 10,983,080 | ||||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 832,481 | ||||||||||||||||
Stock Repurchased During Period, Value | $ 23,100,000 | ||||||||||||||||
Class A Common Stock [Member] | Incentive Plans 2014 [Member] | Long-term Incentive Plan Units One [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,250,000 | ||||||||||||||||
At The Market Offerings [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Proceeds from Issuance of Common Stock | $ 5,300,000 | ||||||||||||||||
Common Stock, Shares, Issued | 454,237 | ||||||||||||||||
Series B Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 549,154 | ||||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 7,300 | ||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.00% | ||||||||||||||||
Series B Preferred Stock [Member] | Stock Offering [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 240,876 | ||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 216,800,000 | ||||||||||||||||
Class of Warrant or Right, Outstanding | 549,154 | ||||||||||||||||
Proceeds from Issuance of Common Stock | $ 494,200,000 | ||||||||||||||||
Stock Repurchased During Period, Shares | 9,923 | ||||||||||||||||
Payments for Repurchase of Preferred Stock and Preference Stock | $ 250,000 | ||||||||||||||||
Proceeds from Issuance or Sale of Equity | $ 24,100,000 | ||||||||||||||||
Series T Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 6.15% | ||||||||||||||||
Series T Preferred Stock [Member] | Stock Offering [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 17,400 | ||||||||||||||||
Proceeds from Issuance of Preferred Stock and Preference Stock | $ 390,000 | ||||||||||||||||
Preferred Stock Offering Commissions And Dealer Manager Fees | $ 40,000 | ||||||||||||||||
Common Class C [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | |||||||||||||||
Stock Issued During Period, Shares, New Issues | 0 | 0 | 0 | ||||||||||||||
Stock Repurchased During Period, Shares | 0 | 0 | |||||||||||||||
Common Stock, Shares, Issued | 76,603 | 76,603 | |||||||||||||||
Stock Repurchased During Period, Value | $ 0 | $ 0 | |||||||||||||||
Series C Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock Increase In Annual Dividend Rate | 2.00% | ||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | ||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.625% | ||||||||||||||||
Series C Cumulative Redeemable Preferred Stock [Member] | Maximum [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock Increase In Annual Dividend Rate | 14.00% | ||||||||||||||||
Redeemable Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Redemption Price Per Share | $ 25 | ||||||||||||||||
Redeemable Preferred Stock [Member] | Maximum [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock Increase In Annual Dividend Rate | 14.00% | ||||||||||||||||
Redeemable Preferred Stock [Member] | Minimum [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock Increase In Annual Dividend Rate | 2.00% | ||||||||||||||||
Series D Cumulative Redeemable Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Shares Issued, Price Per Share | $ 25 | ||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 7.125% | ||||||||||||||||
Series T Redeemable Preferred Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock Redemption Fee percentage | 12.00% | ||||||||||||||||
Preferred Stock Redemption Fee percentageafter One Year | 9.00% | ||||||||||||||||
Preferred Stock Redemption Fee percentage after Three Year | 6.00% | ||||||||||||||||
Preferred Stock Redemption Fee percentage after Four Year | 3.00% | ||||||||||||||||
Cumulative Redeemable Preferred Stock | Series A [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Preferred Stock, Dividend Rate, Percentage | 8.25% | 8.25% | |||||||||||||||
Common Stock [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Shares excluded from the diluted shares calculations | 140,334 | 22,807 | 391 | ||||||||||||||
Common Class B [Member] | Stock Offering [Member] | |||||||||||||||||
Class of Stock [Line Items] | |||||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | 267 |
Selected Quarterly Financial _3
Selected Quarterly Financial Data (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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Selected Quarterly Financial Data | |||||||||||
Total revenue | $ 52,520 | $ 53,547 | $ 52,437 | $ 51,466 | $ 50,011 | $ 47,877 | $ 44,959 | $ 41,871 | $ 209,971 | $ 184,716 | $ 123,576 |
Operating income | 8,536 | 8,738 | 10,701 | 8,734 | 8,728 | 8,629 | 7,636 | 4,701 | 36,707 | 29,688 | (44,647) |
Net (loss) income | (2,759) | 38,175 | (1,932) | (4,365) | (5,772) | (3,111) | (3,432) | (2,955) | 29,119 | (15,275) | (7,028) |
Net (loss) income attributable to common stockholders | $ (13,827) | $ 17,160 | $ (10,990) | $ (12,093) | $ (12,785) | $ (10,334) | $ (10,212) | $ (9,425) | $ (19,751) | $ (42,759) | $ (45,679) |
(Loss) income per common share, basic | $ (0.62) | $ 0.76 | $ (0.50) | $ (0.53) | $ (0.55) | $ (0.44) | $ (0.44) | $ (0.40) | $ (0.91) | $ (1.82) | $ (1.79) |
Nel loss per common share, diluted | $ (0.62) | $ 0.75 | $ (0.50) | $ (0.53) | $ (0.55) | $ (0.44) | $ (0.44) | $ (0.40) | $ (0.91) | $ (1.82) | $ (1.79) |
Gain on sale of real estate investments | $ 48,680 | $ 0 | $ 50,163 |
Subsequent Events - Declaration
Subsequent Events - Declaration of Dividends (Details) | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Series B Preferred Stock [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | $ 5 |
Series B Preferred Stock [Member] | February 5, 2020 | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 5 |
Series B Preferred Stock [Member] | March 5, 2020 | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 5 |
Series B Preferred Stock [Member] | April 3, 2020 | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 5 |
Series T Preferred Stock [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 0.128125 |
Series T Preferred Stock [Member] | February 5, 2020 | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 0.128125 |
Series T Preferred Stock [Member] | March 5, 2020 | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | 0.128125 |
Series T Preferred Stock [Member] | April 3, 2020 | Dividend Declared [Member] | |
Subsequent Event [Line Items] | |
Declaration of Dividends, Amount | $ 0.128125 |
Subsequent Events - Distributio
Subsequent Events - Distribution paid (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 13, 2020 | Dec. 31, 2019 |
Subsequent Event [Member] | ||
Subsequent Events | ||
Dividends, Total Distribution | $ 15,830 | |
Subsequent Event [Member] | Long-term Incentive Plan Units One [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 0.1625000 | |
Dividends, Total Distribution | $ 347 | |
Class A Common Stock [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 0.162500 | |
Class A Common Stock [Member] | Subsequent Event [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 0.1625000 | |
Dividends, Total Distribution | $ 3,816 | |
Common Class C [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | 0.162500 | |
Common Class C [Member] | Subsequent Event [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 0.1625000 | |
Dividends, Total Distribution | $ 12 | |
Series A Preferred Stock [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | 0.515625 | |
Series A Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 0.5156250 | |
Dividends, Total Distribution | $ 2,950 | |
Series B Preferred Stock [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | 5 | |
Series B Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 5 | |
Dividends, Total Distribution | $ 2,616 | |
Series C Preferred Stock [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | 0.4765625 | |
Series C Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 0.4765625 | |
Dividends, Total Distribution | $ 1,107 | |
Series D Preferred Stock [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | 0.4453125 | |
Series D Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 0.4453125 | |
Dividends, Total Distribution | $ 1,269 | |
Series T Preferred Stock [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 0.128125 | |
Series T Preferred Stock [Member] | Subsequent Event [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 0.1281250 | |
Dividends, Total Distribution | $ 1 | |
Operating Partnership Units One [Member] | Subsequent Event [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 0.1625000 | |
Dividends, Total Distribution | $ 1,038 | |
Series B Preferred Stock One [Member] | Subsequent Event [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 5 | |
Dividends, Total Distribution | $ 2,651 | |
Series T Preferred Stock One [Member] | Subsequent Event [Member] | ||
Subsequent Events | ||
Declaration of Dividends, Amount | $ 0.1281250 | |
Dividends, Total Distribution | $ 23 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | Feb. 20, 2020USD ($)shares | Jan. 24, 2020USD ($) | Jan. 23, 2020USD ($) | Jan. 22, 2020 | Jan. 08, 2020USD ($) | Jan. 01, 2020shares | Nov. 12, 2019shares | Aug. 09, 2019shares | Jan. 01, 2019shares | Oct. 04, 2018shares | Jan. 01, 2018shares | Sep. 28, 2018shares | Feb. 22, 2017USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Net proceeds from issuance of Class A common stock | $ 5,325 | $ 25 | $ 57,376 | |||||||||||||
Repurchase of Class A common stock | 14,086 | $ 9,018 | ||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 71,400 | |||||||||||||||
Payments for Mortgage on Real Estate Sold | 41,400 | |||||||||||||||
Proceeds from Sale of Real Estate | $ 28,600 | |||||||||||||||
Mortgages assumed | $ 14,800 | |||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 months | |||||||||||||||
Long-term Incentive Plan Units One [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 80,798 | |||||||||||||||
Long-term Incentive Plan Units One [Member] | Performance Based LTIP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 125,165 | |||||||||||||||
Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 2,929 | 6,836 | 3,165 | 6,263 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 2 years 1 month 6 days | |||||||||||||||
Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | Subsequent Event [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 7,126 | |||||||||||||||
Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | Subsequent Event [Member] | Time-based LTIP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 247,138 | |||||||||||||||
Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | Subsequent Event [Member] | Performance Based LTIP Units [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 494,279 | |||||||||||||||
Class A Common Stock [Member] | ||||||||||||||||
Issuance of Class A common stock, net (in shares) | shares | 456,708 | 2,831 | 4,604,701 | |||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | shares | 613,153 | |||||||||||||||
Repurchase of Class A common stock (in shares) | shares | 1,313,328 | 1,055,057 | ||||||||||||||
Repurchase of Class A common stock | $ 13 | $ 11 | ||||||||||||||
Class A Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||
Issuance of Class A common stock, net (in shares) | shares | 166,873 | |||||||||||||||
Net proceeds from issuance of Class A common stock | $ 2,000 | |||||||||||||||
Repurchase of Class A common stock (in shares) | shares | 351,255 | |||||||||||||||
Repurchase of Class A common stock | $ 4,100 | |||||||||||||||
Class A Common Stock [Member] | Long-term Incentive Plan Units One [Member] | Incentive Plans 2014 [Member] | ||||||||||||||||
Issuance of Class A common stock, net (in shares) | shares | 2,250,000 | |||||||||||||||
Series B Preferred Stock [Member] | ||||||||||||||||
Issuance of Class A common stock, net (in shares) | shares | 549,154 | |||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | shares | 7,300 | |||||||||||||||
Helios [Member] | Subsequent Event [Member] | ||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 65,600 | |||||||||||||||
Payments for Mortgage on Real Estate Sold | 39,500 | |||||||||||||||
Proceeds from Sale of Real Estate | 22,700 | |||||||||||||||
Payment for original investment | 19,200 | |||||||||||||||
Payment for additional investment | $ 3,500 | |||||||||||||||
Location | Atlanta | |||||||||||||||
Date | Jan. 8, 2020 | |||||||||||||||
Avenue 25 [Member] | Subsequent Event [Member] | ||||||||||||||||
Business Acquisition Indirect Ownership, Amount | $ 55,600 | |||||||||||||||
Equity Method Investment, Ownership Percentage | 100.00% | |||||||||||||||
Location | Phoenix | |||||||||||||||
Interest | 100.00% | |||||||||||||||
Price | $ 55,600 | |||||||||||||||
Mortgages assumed | 29,700 | |||||||||||||||
Supplemental loan assumption | $ 6,900 | |||||||||||||||
Unaffiliated Lender Transaction Date | Jan. 23, 2020 | |||||||||||||||
Whetstone Apartments [Member] | ||||||||||||||||
Location | Durham, NC | |||||||||||||||
Whetstone Apartments [Member] | Subsequent Event [Member] | ||||||||||||||||
Proceeds from Sale of Real Estate, Gross | $ 46,500 | |||||||||||||||
Payments for Mortgage on Real Estate Sold | 25,400 | |||||||||||||||
Proceeds from Sale of Real Estate | 19,600 | |||||||||||||||
Payment for original investment | 12,900 | |||||||||||||||
Payment for additional investment | $ 4,000 | |||||||||||||||
Location | Durham | |||||||||||||||
Date | Jan. 24, 2020 | Jan. 22, 2020 | ||||||||||||||
Payment for accrued preferred return | $ 2,700 | |||||||||||||||
BR Whetstone Member, LLC [Member] | Whetstone Apartments [Member] | BRG Whetstone Durham LLC [Member] | Subsequent Event [Member] | ||||||||||||||||
Common membership interest percentage agreed to acquire | 100 | |||||||||||||||
BR Whetstone Member, LLC [Member] | Whetstone Apartments [Member] | BRG Whetstone JV Member, LLC [Member] | Subsequent Event [Member] | ||||||||||||||||
Common membership interest percentage agreed to acquire | 7.5 | |||||||||||||||
Stock Offering [Member] | Class A Common Stock [Member] | ||||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | shares | 832,481 | |||||||||||||||
Repurchase of Class A common stock | $ 23,100 | |||||||||||||||
Stock Offering [Member] | Class A Common Stock [Member] | Subsequent Event [Member] | ||||||||||||||||
Issuance of Class A common stock, net (in shares) | shares | 1,334,501 | |||||||||||||||
Redemption of Series B Preferred Stock and conversion into Class A common stock (in shares) | shares | 15,822 | |||||||||||||||
Stock Offering [Member] | Series B Preferred Stock [Member] | ||||||||||||||||
Issuance of Class A common stock, net (in shares) | shares | 240,876 | |||||||||||||||
Net proceeds from issuance of Class A common stock | $ 494,200 | |||||||||||||||
Repurchase of Class A common stock (in shares) | shares | 9,923 |
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 | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 1,435,023 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 267,241 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,752,036 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 69,609 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 268,244 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,820,642 | ||||
SEC Schedule III, Real Estate, Gross, Total | 2,088,886 | $ 1,802,668 | $ 1,452,759 | $ 1,029,214 | |
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | 141,566 | 108,911 | $ 55,177 | $ 42,137 | |
Line of Credit Facility, Outstanding | 18,000 | $ 82,209 | |||
Enders Place at Baldwin Park [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | 23,337 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,750 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 20,171 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 5,506 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,453 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 24,974 | ||||
SEC Schedule III, Real Estate, Gross, Total | 30,427 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 6,394 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2012 | ||||
Enders Place at Baldwin Park [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Enders Place at Baldwin Park [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
ARIUM Grandewood [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 39,385 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,200 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 37,220 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,869 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,200 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 39,089 | ||||
SEC Schedule III, Real Estate, Gross, Total | 44,289 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 6,908 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2014 | ||||
ARIUM Grandewood [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
ARIUM Grandewood [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Park And Kingston [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 19,600 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,060 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 24,353 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,251 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,360 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 27,304 | ||||
SEC Schedule III, Real Estate, Gross, Total | 30,664 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 4,557 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2015 | ||||
Park And Kingston [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Park And Kingston [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Ashton I [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 30,329 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,000 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 40,944 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 525 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,000 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 41,469 | ||||
SEC Schedule III, Real Estate, Gross, Total | 45,469 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 6,516 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2015 | ||||
Ashton I [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Ashton I [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Ashton II [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 15,213 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,900 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 19,517 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 207 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,900 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 19,724 | ||||
SEC Schedule III, Real Estate, Gross, Total | 21,624 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 2,829 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2015 | ||||
Ashton II [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Ashton II [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Reserve at Palmer Ranch [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 41,348 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 7,800 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 30,597 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,635 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 7,800 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 35,232 | ||||
SEC Schedule III, Real Estate, Gross, Total | 43,032 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 5,404 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
The Reserve at Palmer Ranch [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Reserve at Palmer Ranch [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 46,345 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,000 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,047 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 4,483 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,000 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 40,530 | ||||
SEC Schedule III, Real Estate, Gross, Total | 50,530 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 6,176 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Gulfshore Apartment Homes [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 48,490 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,100 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,117 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,342 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,100 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 52,459 | ||||
SEC Schedule III, Real Estate, Gross, Total | 56,559 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 6,645 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Preserve at Henderson Beach [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 52,150 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,657 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 63,402 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,754 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,657 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 66,156 | ||||
SEC Schedule III, Real Estate, Gross, Total | 74,813 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 7,244 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
ARIUM Westside [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
ARIUM Glenridge [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 49,500 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 14,513 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 52,324 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 9,057 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 14,513 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 61,381 | ||||
SEC Schedule III, Real Estate, Gross, Total | 75,894 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 7,022 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
ARIUM Glenridge [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
ARIUM Glenridge [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 26,950 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,760 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,854 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,919 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,760 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 33,773 | ||||
SEC Schedule III, Real Estate, Gross, Total | 39,533 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 5,162 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Pine Lakes Preserve [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Brodie [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 34,198 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,400 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,497 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,177 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,400 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 44,674 | ||||
SEC Schedule III, Real Estate, Gross, Total | 50,074 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 5,785 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
The Brodie [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Brodie [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Roswell City Walk [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 51,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,423 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 66,249 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 346 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,423 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 66,595 | ||||
SEC Schedule III, Real Estate, Gross, Total | 75,018 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 7,031 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
Roswell City Walk [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Roswell City Walk [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
James on South First [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 26,111 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,500 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 32,471 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 762 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,500 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 33,233 | ||||
SEC Schedule III, Real Estate, Gross, Total | 36,733 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 3,623 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2016 | ||||
James on South First [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
James on South First [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Wesley Village [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 40,111 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,600 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 50,062 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,702 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,600 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 51,764 | ||||
SEC Schedule III, Real Estate, Gross, Total | 57,364 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 4,409 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Wesley Village [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Wesley Village [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Marquis at the Cascades I [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 32,284 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,200 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 41,120 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,260 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,200 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 42,380 | ||||
SEC Schedule III, Real Estate, Gross, Total | 45,580 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 3,782 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Marquis at the Cascades I [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Marquis at the Cascades I [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Marquis at the Cascades II [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 22,531 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,450 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 25,827 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,116 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,450 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 26,943 | ||||
SEC Schedule III, Real Estate, Gross, Total | 29,393 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 2,463 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Marquis at the Cascades II [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Marquis at the Cascades II [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Marquis at TPC [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 16,468 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,900 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 18,795 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 812 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,900 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 19,607 | ||||
SEC Schedule III, Real Estate, Gross, Total | 21,507 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 2,065 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Marquis at TPC [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Marquis at TPC [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Villages of Cypress Creek [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 26,200 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,650 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,990 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,164 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,650 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 38,154 | ||||
SEC Schedule III, Real Estate, Gross, Total | 42,804 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 3,238 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Villages of Cypress Creek [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Villages of Cypress Creek [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Citrus Tower [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 41,325 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,208 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 49,388 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 1,549 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,208 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 50,937 | ||||
SEC Schedule III, Real Estate, Gross, Total | 56,145 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 4,418 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Citrus Tower [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Citrus Tower [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 22,105 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,950 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,664 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,415 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,950 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 35,079 | ||||
SEC Schedule III, Real Estate, Gross, Total | 39,029 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 2,930 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Outlook at Greystone [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
ARIUM Hunters Creek [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 72,183 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,600 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 86,202 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,610 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,600 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 89,812 | ||||
SEC Schedule III, Real Estate, Gross, Total | 99,412 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 6,992 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
ARIUM Hunters Creek [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
ARIUM Hunters Creek [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
ARIUM Metrowest [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 64,559 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 10,200 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 74,768 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,232 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 10,200 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 77,000 | ||||
SEC Schedule III, Real Estate, Gross, Total | 87,200 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 6,230 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
ARIUM Metrowest [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
ARIUM Metrowest [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Mills [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 25,797 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,300 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 36,969 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 729 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,300 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 37,698 | ||||
SEC Schedule III, Real Estate, Gross, Total | 40,998 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 2,686 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
The Mills [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Mills [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 40,000 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,960 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 57,803 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 3,810 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,960 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 61,613 | ||||
SEC Schedule III, Real Estate, Gross, Total | 64,573 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 4,259 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2018 | ||||
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Links at Plum Creek [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Sands Parc [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 3,170 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 42,443 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 213 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 3,170 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 42,656 | ||||
SEC Schedule III, Real Estate, Gross, Total | 45,826 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 2,402 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2018 | ||||
Sands Parc [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Sands Parc [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Plantation Park [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 26,625 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 1,600 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 34,065 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 146 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 1,600 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 34,211 | ||||
SEC Schedule III, Real Estate, Gross, Total | 35,811 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 1,834 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2018 | ||||
Plantation Park [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Plantation Park [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 26,100 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,120 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 35,506 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,111 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,120 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 37,617 | ||||
SEC Schedule III, Real Estate, Gross, Total | 42,737 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 2,118 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2018 | ||||
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Veranda at Centerfield [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 100,675 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 18,400 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 124,149 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 2,911 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 18,400 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 127,060 | ||||
SEC Schedule III, Real Estate, Gross, Total | 145,460 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 5,602 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2018 | ||||
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Ashford Belmar [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Element [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 29,260 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 8,056 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 33,346 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 215 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 8,056 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 33,561 | ||||
SEC Schedule III, Real Estate, Gross, Total | 41,617 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 692 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
Element [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Element [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Providence Trail [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 47,950 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,362 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 62,620 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 274 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,362 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 62,894 | ||||
SEC Schedule III, Real Estate, Gross, Total | 68,256 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 1,069 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
Providence Trail [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Providence Trail [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Denim [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 91,634 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 43,182 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 96,361 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 493 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 43,182 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 96,854 | ||||
SEC Schedule III, Real Estate, Gross, Total | 140,036 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 1,566 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
Denim [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Denim [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The Sanctuary [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 33,707 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 5,406 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 45,805 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 247 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 5,406 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 46,052 | ||||
SEC Schedule III, Real Estate, Gross, Total | 51,458 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 811 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
The Sanctuary [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The Sanctuary [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 45,338 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 9,660 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 59,457 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 12 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 9,660 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 59,469 | ||||
SEC Schedule III, Real Estate, Gross, Total | 69,129 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 316 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Chattahoochee Ridge [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
The District At Scottsdale [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 82,200 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 20,297 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 103,423 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 20,297 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 103,423 | ||||
SEC Schedule III, Real Estate, Gross, Total | 123,720 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 256 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
The District At Scottsdale [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
The District At Scottsdale [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Navigator Villas [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 20,515 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 2,026 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 27,206 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 2,026 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 27,206 | ||||
SEC Schedule III, Real Estate, Gross, Total | 29,232 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
Navigator Villas [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Navigator Villas [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Cade Boca Raton [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 23,500 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 4,881 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 31,119 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 4,881 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 31,119 | ||||
SEC Schedule III, Real Estate, Gross, Total | 36,000 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2019 | ||||
Cade Boca Raton [Member] | Real Estate Held For Investment [Member] | Maximum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 40 years | ||||
Cade Boca Raton [Member] | Real Estate Held For Investment [Member] | Minimum [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 3 years | ||||
Subtotal [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | $ 1,435,023 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 267,241 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 1,751,851 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 68,854 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 268,244 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 1,819,702 | ||||
SEC Schedule III, Real Estate, Gross, Total | 2,087,946 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | 141,434 | ||||
Subtotal [Member] | Property Under Development [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 185 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 755 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 940 | ||||
SEC Schedule III, Real Estate, Gross, Total | 940 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | 132 | ||||
REIT Operator [Member] | Property Under Development [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Amount of Encumbrances | [1] | 0 | |||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Land | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Initial Cost of Buildings and Improvements | 185 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Costs Capitalized Subsequent to Acquisition, Improvements | 755 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Land | 0 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Carrying Amount of Buildings and Improvements | 940 | ||||
SEC Schedule III, Real Estate, Gross, Total | 940 | ||||
SEC Schedule III, Real Estate Accumulated Depreciation, Ending Balance | $ 132 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Year of Acquisition | 2017 | ||||
SEC Schedule III, Real Estate and Accumulated Depreciation, Life Used for Depreciation | 5 years | ||||
ARIUM Gulfshore and Sands Parc [Member] | Real Estate Held For Investment [Member] | |||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | |||||
Line of Credit Facility, Outstanding | $ 18,000 | ||||
[1] | Sands Parc was funded, in part, by a secured credit facility. As of December 31, 2019, the outstanding credit facility balance is $18.0 million. |
Schedule III - Real Estate an_3
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Real Estate Properties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule III - Real Estate and Accumulated Depreciation | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Beginning Balance | $ 1,802,668 | $ 1,452,759 | $ 1,029,214 |
Construction and acquisition cost | 580,208 | 349,909 | 701,262 |
Disposition of real estate | (293,990) | (277,717) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Gross, Ending Balance | $ 2,088,886 | $ 1,802,668 | $ 1,452,759 |
Schedule III - Real Estate an_4
Schedule III - Real Estate and Accumulated Depreciation - Reconciliation of Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Schedule III - Real Estate and Accumulated Depreciation | |||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Beginning Balance | $ 108,911 | $ 55,177 | $ 42,137 |
Current year depreciation expense | 63,709 | 53,734 | 35,538 |
Disposition of real estate | (31,054) | (22,498) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation, Ending Balance | $ 141,566 | $ 108,911 | $ 55,177 |