XML 53 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities    
Net income (loss) $ 9,347us-gaap_ProfitLoss $ (1,188)us-gaap_ProfitLoss
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 2,817us-gaap_DepreciationDepletionAndAmortization 1,291us-gaap_DepreciationDepletionAndAmortization
Amortization of mortgages payable fair value adjustments (65)us-gaap_AmortizationOfDebtDiscountPremium (120)us-gaap_AmortizationOfDebtDiscountPremium
Equity in (income) loss of unconsolidated joint ventures (730)us-gaap_IncomeLossFromEquityMethodInvestments 6us-gaap_IncomeLossFromEquityMethodInvestments
Gain on sale of real estate assets of unconsolidated joint ventures (11,307)cik0001442626_GainOnSaleOfRealEstateAssetsOfUnconsolidatedJointVentures (1,006)cik0001442626_GainOnSaleOfRealEstateAssetsOfUnconsolidatedJointVentures
Distributions from unconsolidated real estate joint ventures 1,093us-gaap_EquityMethodInvestmentDividendsOrDistributions 32us-gaap_EquityMethodInvestmentDividendsOrDistributions
Share-based compensation attributable to directors' stock compensation plan 50cik0001442626_ShareBasedCompensationAttributableToDirector 14cik0001442626_ShareBasedCompensationAttributableToDirector
Share-based compensation to Former Advisor - LTIP Units 414cik0001442626_ShareBasedCompensationAttributableToFormerAdvisor 0cik0001442626_ShareBasedCompensationAttributableToFormerAdvisor
Share-based compensation to Manager - LTIP Units 146cik0001442626_ShareBasedCompensationAttributableToManager 0cik0001442626_ShareBasedCompensationAttributableToManager
Changes in operating assets and liabilities:    
Due to affiliates, net 1,120us-gaap_IncreaseDecreaseInDueToAffiliates 405us-gaap_IncreaseDecreaseInDueToAffiliates
Accounts receivable, prepaids and other assets (554)cik0001442626_IncreaseDecreaseInAccountsReceivablePrepaidsAndOtherAssets (1,614)cik0001442626_IncreaseDecreaseInAccountsReceivablePrepaidsAndOtherAssets
Accounts payable and other accrued liabilities 996us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities 1,000us-gaap_IncreaseDecreaseInAccountsPayableAndOtherOperatingLiabilities
Net cash provided by (used in) operating activities 3,327us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations (1,180)us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
Cash flows from investing activities:    
Decrease in restricted cash 8,123us-gaap_IncreaseDecreaseInRestrictedCash 220us-gaap_IncreaseDecreaseInRestrictedCash
Acquisitions of consolidated real estate investments (66,640)us-gaap_PaymentsToAcquireRealEstateHeldForInvestment 0us-gaap_PaymentsToAcquireRealEstateHeldForInvestment
Capital expenditures (446)us-gaap_PaymentsToAcquireProductiveAssets (3,480)us-gaap_PaymentsToAcquireProductiveAssets
Proceeds from sale of joint venture interests 0cik0001442626_ProceedsFromSaleOfJointVentureInterest 4,986cik0001442626_ProceedsFromSaleOfJointVentureInterest
Proceeds from sale of unconsolidated real estate joint venture interests 15,590us-gaap_ProceedsFromRealEstateAndRealEstateJointVentures 0us-gaap_ProceedsFromRealEstateAndRealEstateJointVentures
Investment in unconsolidated joint venture (8,679)us-gaap_PaymentsToAcquireEquityMethodInvestments 0us-gaap_PaymentsToAcquireEquityMethodInvestments
Net cash (used in) provided by investing activities (52,052)us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations 1,726us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
Cash flows from financing activities:    
Distributions to common stockholders (3,557)us-gaap_PaymentsOfDividendsCommonStock (417)us-gaap_PaymentsOfDividendsCommonStock
Distributions to noncontrolling interests (357)us-gaap_PaymentsOfDividendsMinorityInterest (3,956)us-gaap_PaymentsOfDividendsMinorityInterest
Capital contributions from noncontrolling interests 578us-gaap_ProceedsFromMinorityShareholders 0us-gaap_ProceedsFromMinorityShareholders
Borrowings on mortgages payable 42,641us-gaap_ProceedsFromNotesPayable 3,975us-gaap_ProceedsFromNotesPayable
Repayments on mortgages payable (355)us-gaap_RepaymentsOfNotesPayable 0us-gaap_RepaymentsOfNotesPayable
Payments of deferred financing fees (446)us-gaap_IncreaseDecreaseInDeferredLiabilities 0us-gaap_IncreaseDecreaseInDeferredLiabilities
Net proceeds from issuance of common stock 53,650us-gaap_ProceedsFromIssuanceOfCommonStock 0us-gaap_ProceedsFromIssuanceOfCommonStock
Net cash provided by financing activities 92,154us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations (398)us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
Net increase in cash and cash equivalents 43,429us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease 148us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 23,059us-gaap_CashAndCashEquivalentsAtCarryingValue 2,984us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period 66,488us-gaap_CashAndCashEquivalentsAtCarryingValue 3,132us-gaap_CashAndCashEquivalentsAtCarryingValue
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 2,320us-gaap_InterestPaidNet 187us-gaap_InterestPaidNet
Distributions payable - declared and unpaid 449cik0001442626_AccrualOfDistributionsPayableToCommonUnitholders 0cik0001442626_AccrualOfDistributionsPayableToCommonUnitholders
Accrued offering costs $ 0cik0001442626_AccruedOfferingCosts $ 1,392cik0001442626_AccruedOfferingCosts