Investments in Unconsolidated Real Estate Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2015

Equity Method Investments and Joint Ventures [Abstract]

Equity Method Investments [Table Text Block]

The carrying amount of the Company’s investments in unconsolidated real estate joint ventures as of December 31, 2015 and December 31, 2014 is summarized in the table below (amounts in thousands):

Property	December 31,  2015		December 31,  2014
Alexan CityCentre	$	6,505	$	6,505
Alexan Southside Place		17,322		—
Cheshire Bridge		16,360		—
Domain		3,806		—
EOS, formerly referred to as UCF Orlando		3,629		3,629
Flagler Village		5,451		—
Lake Boone Trail		9,919		—
Villas at Oak Crest		—		3,170
Whetstone		12,231		—
23Hundred@Berry Hill		—		4,906
Other		—		121
Total	$	75,223	$	18,331

Equity Income Loss of Joint Ventures [Table Text Block]

The equity in income of the Company’s unconsolidated real estate joint ventures for the years ended December 31, 2015 and 2014 is summarized below (amounts in thousands):

Property	December 31,  2015		December 31,  2014
Alexan CityCentre	$	976	$	388
Alexan Southside Place		1,996		—
Cheshire Bridge		1,383		—
Domain		64		—
EOS		544		230
Flagler Village		(5)		—
Lake Boone Trail		44		—
Villas at Oak Crest		489		322
Whetstone		1,131		—
Other		(32)		126
Equity in income of unconsolidated joint venture	$	6,590	$	1,066

Schedule Of Condensed Financial Statements [Table Text Block]

Summary combined financial information for the Company’s investments in unconsolidated real estate joint ventures as of December 31, 2015 and 2014 and for the years ended December 31, 2015 and 2014, is as follows:

	December 31,  2015		December 31,  2014
Balance Sheets:
Real estate, net of depreciation	$	132,265	$	55,091
Real estate, net of depreciation, held for sale		-		31,334
Other assets		24,737		1,193
Other assets, held for sale		-		2,458
Total assets	$	157,002	$	90,076
Mortgage payable	$	55,066	$	19,820
Mortgage payable, held for sale		-		23,569
Other liabilities		5,018		2,812
Other liabilities, held for sale		-		1,026
Total liabilities	$	60,084	$	47,227
Members’ equity		96,918		42,849
Total liabilities and members’ equity	$	157,002	$	90,076

	Year Ended December 31,
	2015		2014
Operating Statements:
Rental revenues	$	2,765	$	7,214
Operating expenses		(2,776)		(3,190)
(Loss) income before debt service, acquisition costs, and depreciation and amortization		(11)		4,024
Interest expense, net		(756)		(1,648)
Acquisition costs		(66)		(2)
Depreciation and amortization		(2,009)		(1,970)
Operating (loss) income		(2,842)		404
Gain on sale		29,200		2,498
Net income	$	26,358	$	2,902