XML 34 R15.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Related Party Transactions and Arrangements | 3 Months Ended
--- | ---
Mar. 31, 2017
Related Party Transactions [Abstract] |
Related Party Transactions and Arrangements | NOTE 8: Related Party Transactions and Arrangements Fees and Expenses Paid to Our Former Advisor On December 20, 2016, in connection with our management internalization, we acquired our former advisor and, therefore, fees and expenses to our former advisor are no longer incurred. For the three months ended March 30, 2017 and 2016, our former advisor earned $0 and $1,631 of asset management fees, respectively. These fees are included within general and administrative expenses in our consolidated statements of operations. For the three months ended March 31, 2017 and 2016, our former advisor earned $0 and $65 of incentive fees, respectively. These fees are included within general and administrative expenses in our consolidated statements of operations. For the three months ended March 31, 2017 and 2016, we incurred costs of $387 and $0 with respect to our shared services agreement with our former advisor. These fees are included within general and administrative expenses in our consolidated statements of operations. As of March 31, 2017 and December 31, 2016, we had no liabilities payable to our former advisor for asset management fees, incentive fees, or shared service fees. Property Management Fees Paid to Our Former Property Manager On December 20, 2016, in connection with our management internalization, we acquired property management agreements with respect to each of our properties from RAIT Residential, our previous property manager, which is wholly owned by RAIT. For the three months ended March 31, 2017 and 2016, our former property manager earned $0 and $1,262, respectively, of property management and leasing fees. As of March 31, 2017 and December 31, 2016, we had no liabilities payable to our property manager for property management and leasing fees. Dividends Paid to Affiliates of Our Former Advisor On October 5, 2016, we repurchased and retired all 7,269,719 shares of our common stock owned by RAIT, our former advisor. Since October 5, 2016, RAIT has not owned any shares of our common stock. For the three months ended March 31, 2017 and 2016, we declared and subsequently paid dividends of $0 and $1,309, respectively, related to shares of common stock owned by RAIT. RAIT Indebtedness In the second quarter of 2016, we repaid $38,075 of mortgage indebtedness with proceeds from two property dispositions. This indebtedness was held by RAIT. During the three months ended March 31, 2017 and 2016, we paid $0 and $0, respectively, in exit fees pursuant to the contractual terms of the mortgage indebtedness to RAIT. Total interest expense paid to RAIT for the three months ended March 31, 2017 and 2016 was $0 and $265, respectively.

X
- References No definition available. + Details
Name: | us-gaap_RelatedPartyTransactionsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(k)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864 + Details
Name: | us-gaap_RelatedPartyTransactionsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration