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Related Party Transactions and Arrangements | 12 Months Ended
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Dec. 31, 2018
Related Party Transactions [Abstract] |
Related Party Transactions and Arrangements | NOTE 9: Related Party Transactions and Arrangements Fees and Expenses Paid to Our Former Advisor For the years ended December 31, 2018, 2017 and 2016, our former advisor earned $0, $0, and $7,092 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, 2018, 2017 and 2016, our former advisor earned $0, $0 and $350 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, 2018, 2017 and 2016, we incurred costs of $0, $727 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 $63, $257, and $0, respectively, of property management fees from RAIT for the years ended December 31, 2018, 2017, and 2016. For the years ended December 31, 2018, 2017 and 2016, our former property manager earned $0, $0, and $4,769, 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, 2018, 2017 and 2016, we declared and subsequently paid dividends of $0, $0 and $3,926, 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, 2018, 2017 and 2016 was $0, $0 and $361, respectively. Village at Auburn Acquisition In June 2017, we acquired Village at Auburn, 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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