Mortgages Payable (Tables)

6 Months Ended

Jun. 30, 2018

Debt Disclosure [Abstract]

Schedule of Long-term Debt Instruments [Table Text Block]

The following table summarizes certain information as of June 30, 2018 and December 31, 2017, with respect to the Company’s senior mortgage indebtedness (amounts in thousands):

	Outstanding Principal						As of June 30, 2018
Property	June 30, 2018			December 31, 2017			Interest Rate			Fixed/ Floating	Maturity Date
ARIUM at Palmer Ranch	$	41,348		$	26,925			4.41	%	Fixed	May 1, 2025
ARIUM Glenridge		48,431			48,431			4.48	%	LIBOR + 2.48% (1)	November 1, 2023
ARIUM Grandewood		39,385			34,294			3.90	%	(2)	July 1, 2025
ARIUM Gulfshore		—			32,626
ARIUM Hunter’s Creek		72,294			72,294			3.65	%	Fixed	November 1, 2024
ARIUM Metrowest		64,559			—			4.43	%	Fixed	May 1, 2025
ARIUM Palms		24,999			24,999			4.22	%	LIBOR + 2.22% (1)	September 1, 2022
ARIUM Pine Lakes		26,950			26,950			3.95	%	Fixed	November 1, 2023
ARIUM Westside		52,150			52,150			3.68	%	Fixed	August 1, 2023
Ashton Reserve I		31,142			31,401			4.67	%	Fixed	December 1, 2025
Ashton Reserve II		15,270			15,270			4.62	%	LIBOR + 2.62% (1)	January 1, 2026
Citrus Tower		41,438			41,438			4.07	%	Fixed	October 1, 2024
Enders Place at Baldwin Park (3)		24,056			24,287			4.30	%	Fixed	November 1, 2022
James on South First		26,500			26,500			4.35	%	Fixed	January 1, 2024
Marquis at Crown Ridge		28,925			29,217			3.61	%	LIBOR + 1.61% (1)	June 1, 2024
Marquis at Stone Oak		43,125			43,125			3.61	%	LIBOR + 1.61% (1)	June 1, 2024
Marquis at The Cascades I		33,207			33,207			3.61	%	LIBOR + 1.61% (1)	June 1, 2024
Marquis at The Cascades II		23,175			23,175			3.61	%	LIBOR + 1.61% (1)	June 1, 2024
Marquis at TPC		17,005			17,184			3.61	%	LIBOR + 1.61% (1)	June 1, 2024
Outlook at Greystone		22,105			—			4.30	%	Fixed	June 1, 2025
Park & Kingston (4)		18,432			18,432			3.41	%	Fixed	April 1, 2020
Plantation Park		26,625			—			4.64	%	Fixed	July 1, 2028
Preston View		41,066			41,066			4.07	%	LIBOR + 2.07% (1)	March 1, 2024
Roswell City Walk		51,000			51,000			3.63	%	Fixed	December 1, 2026
Sorrel		38,684			38,684			4.29	%	LIBOR + 2.29% (1)	May 1, 2023
Sovereign		28,510			28,788			3.46	%	Fixed	November 10, 2022
The Brodie		34,825			34,825			3.71	%	Fixed	December 1, 2023
The Links at Plum Creek		40,000			—			4.31	%	Fixed	October 1, 2025
The Mills		26,540			26,777			4.21	%	Fixed	January 1, 2025
The Preserve at Henderson Beach		35,961			36,311			4.65	%	Fixed	January 5, 2023
Villages at Cypress Creek		26,200			26,200			3.23	%	Fixed	October 1, 2022
Wesley Village		40,545			40,545			4.25	%	Fixed	April 1, 2024
Total		1,084,452			946,101
Fair value adjustments		2,420			2,638
Deferred financing costs, net		(11,073	)		(9,245	)
Total	$	1,075,799		$	939,494

(1) In June 2018, one-month LIBOR in effect was 2.00%.  One-month LIBOR at June 30, 2018 was 2.09%.  

(2) The principal balance includes a $19.7 million advance at a fixed rate of 4.35% and a $19.7 million advance at a variable rate of 3.45% as of June 30, 2018. See below for further details regarding the advances under the Fannie Facility, as defined below.

(3) The principal balance includes a $16.4 million loan at a fixed rate of 3.97% and a $7.7 million supplemental loan at a fixed rate of 5.01%.

(4) The principal balance includes a $15.3 million loan at a fixed rate of 3.21% and a $3.2 million supplemental loan at a fixed rate of 4.34%.

Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]

As of June 30, 2018, contractual principal payments for the five subsequent years and thereafter are as follows (amounts in thousands):

Year	Total
2018 (July 1-December 31)	$	2,775
2019		7,888
2020		31,207
2021		15,613
2022		114,628
Thereafter		912,341
	$	1,084,452
Add: Unamortized fair value debt adjustment		2,420
Subtract: Deferred financing costs, net		(11,073	)
Total	$	1,075,799