Schedule III - Real Estate and Accumulated Depreciation

12 Months Ended

Dec. 31, 2018

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]

SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Text Block]

Schedule III - Real Estate and Accumulated Depreciation

December 31, 2018

COLUMN A		COLUMN B			COLUMN C				COLUMN D		COLUMN E						COLUMN F		COLUMN G		COLUMN H
																					Life on Which
					Initial Cost				Costs Capitalized		Gross Amount at Which Carried at Close of Period										Depreciation in Latest Income
Property	Location	Encumbrance			Land		Building and Improvements		Subsequent to Acquisition		Land		Building and Improvements		Total		Accumulated Depreciation		Date of Acquisition		Statement is Computed
Real Estate Held for Investment
Enders Place at Baldwin Park	FL		23,822			4,750		20,171		5,341		5,454		24,808		30,262		5,454		2012	3 - 40 Years
ARIUM Grandewood	FL		39,385			5,200		37,220		1,498		5,200		38,718		43,918		5,432		2014	3 - 40 Years
Park & Kingston	NC		18,432			3,060		24,353		3,091		3,360		27,144		30,504		3,564		2015	3 - 40 Years
Ashton I	NC		30,878			4,000		40,944		348		4,000		41,292		45,292		4,973		2015	3 - 40 Years
ARIUM Palms	FL		30,320			4,030		32,248		1,287		4,030		33,535		37,565		4,530		2015	3 - 40 Years
Sorrel	TX		38,684			6,710		47,444		524		6,710		47,968		54,678		6,488		2015	3 - 40 Years
Sovereign	TX		28,227			2,800		40,609		383		2,800		40,992		43,792		5,343		2015	3 - 40 Years
Ashton II	NC		15,213			1,900		19,517		134		1,900		19,651		21,551		2,105		2015	3 - 40 Years
ARIUM at Palmer Ranch	FL		41,348			7,800		30,597		3,836		7,800		34,433		42,233		3,776		2016	3 - 40 Years
ARIUM Gulfshore	FL		-	(1)		10,000		36,047		3,627		10,000		39,674		49,674		4,357		2016	3 - 40 Years
The Preserve at Henderson Beach	FL		35,602			4,100		50,117		1,846		4,100		51,963		56,063		4,754		2016	3 - 40 Years
ARIUM Westside	GA		52,150			8,657		63,402		2,403		8,657		65,805		74,462		5,065		2016	3 - 40 Years
ARIUM Glenridge	GA		49,500			14,513		52,324		6,943		14,513		59,267		73,780		4,340		2016	3 - 40 Years
ARIUM Pine Lakes	FL		26,950			5,760		31,854		1,488		5,760		33,342		39,102		3,417		2016	3 - 40 Years
The Brodie	TX		34,825			5,400		42,497		1,966		5,400		44,463		49,863		3,812		2016	3 - 40 Years
Roswell City Walk	GA		51,000			8,423		66,249		199		8,423		66,448		74,871		4,723		2016	3 - 40 Years
James on South First	TX		26,500			3,500		32,471		653		3,500		33,124		36,624		2,381		2016	3 - 40 Years
Preston View	NC		41,657			8,800		49,610		846		8,800		50,456		59,256		3,302		2017	3 - 40 Years
Wesley Village	NC		40,545			5,600		50,062		1,404		5,600		51,466		57,066		2,718		2017	3 - 40 Years
Wesley Village II	NC		-			270		-		4		270		4		274		-		2017	3 - 40 Years
Marquis at Crown Ridge	TX		28,634			4,000		35,209		1,372		4,000		36,581		40,581		1,987		2017	3 - 40 Years
Marquis at Stone Oak	TX		42,725			4,400		50,548		1,797		4,400		52,345		56,745		3,089		2017	3 - 40 Years
Marquis at The Cascades I	TX		32,899			3,200		41,120		989		3,200		42,109		45,309		2,227		2017	3 - 40 Years
Marquis at The Cascades II	TX		22,960			2,450		25,827		909		2,450		26,736		29,186		1,440		2017	3 - 40 Years
Marquis at TPC	TX		16,826			1,900		18,795		668		1,900		19,463		21,363		1,211		2017	3 - 40 Years
Villages at Cypress Creek	TX		26,200			4,650		35,990		1,787		4,650		37,777		42,427		1,717		2017	3 - 40 Years
Citrus Tower	FL		41,438			5,208		49,388		1,072		5,208		50,460		55,668		2,354		2017	3 - 40 Years
Outlook at Greystone	AL		22,105			3,950		31,664		2,013		3,950		33,677		37,627		1,383		2017	3 - 40 Years
ARIUM Hunter's Creek	FL		72,294			9,600		86,202		1,629		9,600		87,831		97,431		3,555		2017	3 - 40 Years
ARIUM Metrowest	FL		64,559			10,200		74,768		1,205		10,200		75,973		86,173		3,217		2017	3 - 40 Years
The Mills	SC		26,298			3,300		36,969		466		3,300		37,435		40,735		1,358		2017	3 - 40 Years
The Links at Plum Creek	CO		40,000			2,960		57,803		1,877		2,960		59,680		62,640		1,803		2018	3 - 40 Years
Sands Parc	FL		-	(1)		3,170		42,443		109		3,170		42,552		45,722		953		2018	3 - 40 Years
Plantation Park	TX		26,625			1,600		34,065		41		1,600		34,106		35,706		672		2018	3 - 40 Years
Veranda at Centerfield	TX		26,100			5,120		35,506		1,070		5,120		36,576		41,696		578		2018	3 - 40 Years
Ashford Belmar	CO		100,675			18,400		124,149		24		18,400		124,173		142,573		782		2018	3 - 40 Years
Subtotal			1,215,376			199,381		1,548,182		54,849		200,385		1,602,027		1,802,412		108,860
Non-Real Estate assets
REIT Operator	MI		-			-		185		71		-		256		256		51		2017	5 Years
Subtotal			-			-		185		71		-		256		256		51
Total		$	1,215,376		$	199,381	$	1,548,367	$	54,920	$	200,385	$	1,602,283	$	1,802,668	$	108,911

(1) ARIUM Gulfshore and Sands Parc were funded, in part, by a secured credit facility. As of December 31, 2018, the outstanding credit facility balance is $67.7 million.

1. Reconciliation of Real Estate Properties

The following table reconciles the Real Estate Properties from January 1, 2016 to December 31, 2018.

	2018		2017			2016
Balance at January 1	$	1,452,759	$	1,029,214		$	556,820
Construction and acquisition cost		349,909		701,262			508,218
Disposition of real estate		-		(277,717	)		(35,824	)
Balance at December 31	$	1,802,668	$	1,452,759		$	1,029,214

2. Reconciliation of Accumulated Depreciation

The following table reconciles the Real Estate Properties from January 1, 2016 to December 31, 2018.

	2018		2017			2016
Balance at January 1	$	55,177	$	42,137		$	23,437
Current year depreciation expense		53,734		35,538			23,580
Disposition of real estate		-		(22,498	)		(4,880	)
Balance at December 31	$	108,911	$	55,177		$	42,137