Investments in Real Estate

6 Months Ended

Jun. 30, 2018

Real Estate [Abstract]

Real Estate Disclosure [Text Block]

Note 4 – Investments in Real Estate

As of June 30, 2018, the Company was invested in thirty-one consolidated operating real estate properties and eleven development properties through preferred equity and 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   

Multifamily Community Name	Location	Number of Units		Date Built / Renovated (1)		Ownership Interest
ARIUM at Palmer Ranch	Sarasota, FL		320		2016		100.0	%
ARIUM Glenridge	Atlanta, GA		480		1990		90.0	%
ARIUM Grandewood	Orlando, FL		306		2005		100.0	%
ARIUM Gulfshore	Naples, FL		368		2016		100.0	%
ARIUM Hunter’s Creek	Orlando, FL		532		1999		100.0	%
ARIUM Metrowest	Orlando, FL		510		2001		100.0	%
ARIUM Palms	Orlando, FL		252		2008		95.0	%
ARIUM Pine Lakes	Port St. Lucie, FL		320		2003		85.0	%
ARIUM Westside	Atlanta, GA		336		2008		90.0	%
Ashton Reserve	Charlotte, NC		473		2015		100.0	%
Citrus Tower	Orlando, FL		336		2006		96.8	%
Enders Place at Baldwin Park	Orlando, FL		220		2003		92.0	%
James at South First	Austin, TX		250		2016		90.0	%
Marquis at Crown Ridge	San Antonio, TX		352		2009		90.0	%
Marquis at Stone Oak	San Antonio, TX		335		2007		90.0	%
Marquis at The Cascades	Tyler, TX		582		2009		90.0	%
Marquis at TPC	San Antonio, TX		139		2008		90.0	%
Outlook at Greystone	Birmingham, AL		300		2007		100.0	%
Park & Kingston	Charlotte, NC		168		2015		100.0	%
Plantation Park	Lake Jackson, TX		238		2016		80.0	%
Preston View	Morrisville, NC		382		2000		100.0	%
Roswell City Walk	Roswell, GA		320		2015		98.0	%
Sands Parc	Daytona Beach, FL		264		2017		100.0	%
Sorrel	Frisco, TX		352		2015		95.0	%
Sovereign	Fort Worth, TX		322		2015		95.0	%
The Brodie	Austin, TX		324		2001		92.5	%
The Links at Plum Creek	Castle Rock, CO		264		2000		88.0	%
The Mills	Greenville, SC		304		2013		100.0	%
The Preserve at Henderson Beach	Destin, FL		340		2009		100.0	%
Villages at Cypress Creek	Houston, TX		384		2001		80.0	%
Wesley Village	Charlotte, NC		301		2010		100.0	%
Total			10,374

(1) Represents date of last significant renovation or year built if there were no renovations.  

Depreciation expense was $13.0 million and $7.8 million, and $25.1 million and $15.6 million, for the three and six months ended June 30, 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 $1.8 million and $2.6 million, and $5.4 million and $5.7 million, for the three and six months ended June 30, 2018 and 2017, respectively.

Preferred Equity and Mezzanine Loan Investments

Multifamily Community Name	Location	Actual / Planned Number of Units		Actual / Estimated Initial Occupancy		Actual / Estimated Construction Completion
Whetstone	Durham, NC		204		3Q 2014		3Q 2015
Alexan CityCentre	Houston, TX		340		2Q 2017		4Q 2017
Helios	Atlanta, GA		282		2Q 2017		4Q 2017
Alexan Southside Place	Houston, TX		270		4Q 2017		1Q 2018
Leigh House, formerly Lake Boone Trail	Raleigh, NC		245		3Q 2017		4Q 2018
Vickers Historic Roswell, formerly Vickers Village	Roswell, GA		79		2Q 2018		4Q 2018
Cade Boca Raton, formerly APOK Townhomes	Boca Raton, FL		90		3Q 2018		1Q 2019
Arlo, formerly West Morehead	Charlotte, NC		286		2Q 2018		2Q 2019
Domain at The One Forty, formerly Domain	Garland, TX		299		2Q 2018		2Q 2019
Novel Perimeter, formerly Crescent Perimeter	Atlanta, GA		320		4Q 2018		2Q 2019
Flagler Village	Fort Lauderdale, FL		385		3Q 2019		3Q 2020
Total			2,800