Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue:
Investment interest income	$ 23,519	$ 24,107	$ 49,321	$ 47,355
Investment interest expense	(9,125)	(7,582)	(18,445)	(14,496)
Net interest margin	14,394	16,525	30,876	32,859
Property income	67,898	55,534	136,620	108,808
Fee and other income	2,775	7,629	5,627	13,223
Total revenue	85,067	79,688	173,123	154,890
Expenses:
Interest expense	22,890	19,673	48,472	39,356
Real estate operating expense	29,950	26,630	60,656	51,907
Compensation expense	7,922	6,568	14,997	12,676
General and administrative expense	5,585	5,065	10,648	10,465
Acquisition expense	229	985	498	1,942
Provision for loan losses	1,344	2,000	2,669	4,000
Depreciation and amortization expense	22,806	17,007	47,082	36,031
Total expenses	90,726	77,928	185,022	156,377
Operating (Loss) Income	(5,659)	1,760	(11,899)	(1,487)
Interest and other income (expense), net	39	(241)	100	(636)
Gains (losses) on assets	35,623	17,281	37,881	17,281
Gain on IRT merger with TSRE			91
Gains (losses) on extinguishments of debt	102		446
Asset impairment	(3,864)		(7,786)
Change in fair value of financial instruments	(1,592)	8,356	(5,680)	12,846
Income (loss) before taxes	24,649	27,156	13,153	28,004
Income tax benefit (provision)	1,756	(715)	2,749	(1,297)
Net income (loss)	26,405	26,441	15,902	26,707
(Income) loss allocated to preferred shares	(8,615)	(8,221)	(17,135)	(16,080)
(Income) loss allocated to noncontrolling interests	(25,370)	736	(24,191)	1,232
Net income (loss) allocable to common shares	$ (7,580)	$ 18,956	$ (25,424)	$ 11,859
Earnings (loss) per share-Basic:
Earnings (loss) per share-Basic	$ (0.08)	$ 0.23	$ (0.28)	$ 0.14
Weighted-average shares outstanding-Basic	91,190,583	82,150,475	91,104,314	82,115,941
Earnings (loss) per share-Diluted:
Earnings (loss) per share-Diluted	$ (0.08)	$ 0.22	$ (0.28)	$ 0.14
Weighted average shares outstanding-Diluted	91,190,583	89,268,462	91,104,314	84,134,040