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Related Party Transactions and Arrangements | 12 Months Ended
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Dec. 31, 2017
Related Party Transactions [Abstract] |
Related Party Transactions and Arrangements | NOTE 9: 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 years ended December 31, 2017, 2016 and 2015, our former advisor earned $0, $7,092, and $4,984 of asset management fees, respectively. These fees are included within general and administrative expenses in our consolidated statements of operations. For the years ended December 31, 2017, 2016 and 2015, our former advisor earned $0, $350 and $629 of incentive fees, respectively. These fees are included within general and administrative expenses in our consolidated statements of operations. For the years ended December 31, 2017, 2016 and 2015, we incurred costs of $727, $0 and $0, respectively, with respect to our shared services agreement with our former advisor, under which our former advisor provided us with certain back office support services. The term of the share services agreement was from December 21, 2016 to June 20, 2017, and the associated fees are included within general and administrative expenses in our consolidated statements of operations. Property Management Fees Paid to Our Former Property Manager and Earned from RAIT 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 former property manager, which is wholly owned by RAIT. Subsequent to this transaction, we earned $257 of property management fees from RAIT for the year ended December 31, 2017. For the years ended December 31, 2017, 2016 and 2015, our former property manager earned $0, $4,769, and $3,675, respectively, of 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 subsidiaries of RAIT. Since October 5, 2016, RAIT has not owned any shares of our common stock. For the years ended December 31, 2017, 2016 and 2015, we declared and subsequently paid dividends of $0, $3,926 and $5,234, respectively, related to shares of common stock owned by subsidiaries of 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. Total interest expense paid to RAIT for the years ended December 31, 2017, 2016 and 2015 was $0, $361 and $965, respectively. South Terrace Acquisition In June 2017, we acquired South Terrace, a 328-unit property in Durham, NC for $42,950 from a joint venture, of which a subsidiary of RAIT was a controlling member. For further information, see Note 3: Investment in Real Estate.

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- 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 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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