CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities
Net (loss) income	$ (6,391)	$ 44,696
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	32,755	22,920
Amortization of fair value adjustments	(218)	(142)
Preferred returns and equity in income of unconsolidated real estate joint ventures	(5,088)	(5,177)
Gain on sale of real estate investments	0	(50,040)
Gain on sale of real estate joint venture interests	0	(10,238)
Distributions of income and preferred returns from preferred equity investments and unconsolidated real estate joint ventures	4,558	4,889
Share-based compensation attributable to equity incentive plan	2,712	108
Share-based compensation to former Manager - LTIP Units	1,342	5,864
Changes in operating assets and liabilities:
Due (from) to affiliates, net	(1,837)	3,670
Accounts receivable, prepaid and other assets	(4,076)	2,369
Accounts payable and other accrued liabilities	4,057	8,323
Net cash provided by operating activities	27,814	27,242
Cash flows from investing activities:
Acquisitions of real estate investments	(144,580)	(161,860)
Capital expenditures	(9,508)	(22,463)
Investment in notes receivable from related parties	(20,994)	(20,395)
Proceeds from sale of real estate investments	0	71,945
Proceeds from sale of joint venture interests	0	17,603
Deconsolidation of interests in MDA Apartments, Novel Perimeter and Vickers Historic Roswell	0	(16)
Purchase of interests from noncontrolling interests	(9,089)	(344)
Investment in unconsolidated real estate joint venture interests	(5,916)	(17,718)
Net cash used in investing activities	(190,087)	(133,248)
Cash flows from financing activities:
Distributions to common stockholders	(6,218)	(14,758)
Distributions to noncontrolling interests	(2,780)	(22,642)
Distributions to preferred stockholders	(16,630)	(11,716)
Contributions from noncontrolling interests	5,059	7,184
Borrowings on mortgages payable	207,097	82,440
Repayments on mortgages payable	(68,746)	(1,201)
Proceeds from revolving credit facilities	135,995	0
Repayments of revolving credit facilities	(135,456)	0
Payments of deferred financing fees	(4,924)	(2,881)
Net proceeds from issuance of Class A common stock	17	57,346
Repurchase of Class A common stock	(5,162)	0
Net proceeds from issuance of Warrants associated with the Series B Redeemable Preferred Stock	756	1,106
Net cash provided by financing activities	152,869	159,360
Net (decrease) increase in cash, cash equivalents and restricted cash	(9,404)	53,354
Cash, cash equivalents and restricted cash at beginning of period	64,590	127,449
Cash, cash equivalents and restricted cash at end of period	55,186	180,803
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	20,517	13,506
Conversion of preferred equity investment to note receivable	0	(14,435)
Distributions payable - declared and unpaid	11,690	8,326
Mortgages assumed upon property acquisitions	0	146,377
Mortgages assumed by buyer upon sale of real estate assets	0	(41,419)
Reduction of assets from deconsolidation	0	53,574
Reduction of mortgages payable from deconsolidation	0	36,854
Reduction of other liabilities from deconsolidation	0	1,002
Reduction of noncontrolling interests from deconsolidation	0	8,833
Series B Preferred Stock [Member]
Cash flows from financing activities:
Net proceeds from issuance of Series Redeemable Preferred Stock	43,912	64,532
Payments to redeem 6.0% Series B Redeemable Preferred Stock	(51)	0
Series D Preferred Stock [Member]
Cash flows from operating activities
Net (loss) income	0
Cash flows from financing activities:
Net proceeds from issuance of Series Redeemable Preferred Stock	$ 0	$ (50)