Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2018

Stockholders' Equity Note [Abstract]

Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]

The following table reconciles the components of basic and diluted net loss per common share (amounts in thousands, except share and per share amounts):

	Year Ended December 31,
	2018			2017			2016
Net loss attributable to common stockholders	$	(42,759	)	$	(45,679	)	$	(18,985	)
Dividends on LTIP Units expected to vest		(674	)		—			(4	)
Basic net loss attributable to common stockholders	$	(43,433	)	$	(45,679	)	$	(18,989	)
Weighted average common shares outstanding (1)		23,845,800			25,561,673			20,805,852
Potential dilutive shares (2)		—			—			—
Weighted average common shares outstanding and potential dilutive shares (1)		23,845,800			25,561,673			20,805,852
Net loss per common share, basic	$	(1.82	)	$	(1.79	)	$	(0.91	)
Net loss per common share, diluted	$	(1.82	)	$	(1.79	)	$	(0.91	)

The effect of the conversion of OP Units is not reflected in the computation of basic and diluted earnings per share, as they are exchangeable for Class A Common Stock on a one-for-one basis. The income allocable to such units is allocated on this same basis and reflected as noncontrolling interests in the accompanying consolidated financial statements. As such, the assumed conversion of these units would have no net impact on the determination of diluted earnings per share. 

(1) For 2018, amounts relate to shares of the Company’s Class A and Class C common stock outstanding.  For 2017, amounts relate to shares of Class A and Class C common stock and LTIP Units outstanding.  For 2016, amounts relate to shares of the Company’s Class A and B-3 common stock and LTIP Units outstanding.

(2) Excludes 194,338, 391 and 4,282 shares of common stock for the years ended December 31, 2018, 2017 and 2016, respectively, related to anti-dilutive, non-vested LTIP Units.

Schedule of Common Stock Repurchase Activity [Table Text Block]

The following table is a summary of the Class A common stock repurchase activity as of December 31, 2018:

Period	Total Number of Shares Purchased		Weighted Average Price Paid Per Share		Cumulative Number of Shares Purchased as Part of the Publicly Announced Plan		Maximum Dollar Value of Shares that May Yet Be Purchased Under the Plan
First quarter 2018		530,693		$7.92		530,693		$20,795,897
Second quarter 2018		107,040		$8.96		637,733		$19,837,157
Third quarter 2018		—		—		637,733		$19,837,157
Fourth quarter 2018		417,324		$9.24		1,055,057		$15,982,102

Share-based Compensation, Stock Options, Activity [Table Text Block]

Non-Vested shares/LTIP Units	Shares / LTIPs			Weighted average grant- date fair value
Balance at January 1, 2016		14,476		$	14.46
Granted		7,500			10.33
Vested		(21,317	)		12.75
Forfeited		—			—
Balance at December 31, 2016		659		$	22.75
Granted		7,500			13.34
Vested		(8,159	)		14.10
Forfeited		—			—
Balance at December 31, 2017		—		$	—
Granted		1,158,963			10.06
Vested		(183,754	)		10.10
Forfeited		—			—
Balance at December 31, 2018		975,209		$	10.05

Schedule of Dividends Payable [Table Text Block]

Distributions

Declaration Date	Payable to stockholders of record as of	Amount		Date Paid or Payable
Class A Common Stock
October 13, 2017	December 22, 2017	$	0.096667	January 5, 2018
December 20, 2017	March 23, 2018	$	0.162500	April 5, 2018
June 8, 2018	June 25, 2018	$	0.162500	July 5, 2018
September 7, 2018	September 25, 2018	$	0.162500	October 5, 2018
December 7, 2018	December 24, 2018	$	0.162500	January 4, 2019
Class C Common Stock
October 13, 2017	December 22, 2017	$	0.096667	January 5, 2018
December 20, 2017	March 23, 2018	$	0.162500	April 5, 2018
June 8, 2018	June 25, 2018	$	0.162500	July 5, 2018
September 7, 2018	September 25, 2018	$	0.162500	October 5, 2018
December 7, 2018	December 24, 2018	$	0.162500	January 4, 2019
Series A Preferred Stock
December 8, 2017	December 22, 2017	$	0.515625	January 5, 2018
March 9, 2018	March 23, 2018	$	0.515625	April 5, 2018
June 8, 2018	June 25, 2018	$	0.515625	July 5, 2018
September 7, 2018	September 25, 2018	$	0.515625	October 5, 2018
December 7, 2018	December 24, 2018	$	0.515625	January 4, 2019
Series B Preferred Stock
October 13, 2017	December 22, 2017	$	5.00	January 5, 2018
January 12, 2018	January 25, 2018	$	5.00	February 5, 2018
January 12, 2018	February 23, 2018	$	5.00	March 5, 2018
January 12, 2018	March 23, 2018	$	5.00	April 5, 2018
April 13, 2018	April 25, 2018	$	5.00	May 4, 2018
April 13, 2018	May 25, 2018	$	5.00	June 5, 2018
April 13, 2018	June 25, 2018	$	5.00	July 5, 2018
July 10, 2018	July 25, 2018	$	5.00	August 3, 2018
July 10, 2018	August 24, 2018	$	5.00	September 5, 2018
July 10, 2018	September 25, 2018	$	5.00	October 5, 2018
October 12, 2018	October 25, 2018	$	5.00	November 5, 2018
October 12, 2018	November 23, 2018	$	5.00	December 5, 2018
October 12, 2018	December 24, 2018	$	5.00	January 4, 2019
Series C Preferred Stock
December 8, 2017	December 22, 2017	$	0.4765625	January 5, 2018
March 9, 2018	March 23, 2018	$	0.4765625	April 5, 2018
June 8, 2018	June 25, 2018	$	0.4765625	July 5, 2018
September 7, 2018	September 25, 2018	$	0.4765625	October 5, 2018
December 7, 2018	December 24, 2018	$	0.4765625	January 4, 2019
Series D Preferred Stock
December 8, 2017	December 22, 2017	$	0.4453125	January 5, 2018
March 9, 2018	March 23, 2018	$	0.4453125	April 5, 2018
June 8, 2018	June 25, 2018	$	0.4453125	July 5, 2018
September 7, 2018	September 25, 2018	$	0.4453125	October 5, 2018
December 7, 2018	December 24, 2018	$	0.4453125	January 4, 2019

Schedule of Distributions Made to Members or Limited Partners, by Distribution [Table Text Block]

Distributions declared and paid for the year ended December 31, 2018 were as follows (amounts in thousands):

	Distributions
2018	Declared			Paid
First Quarter
Class A Common Stock (1)	$	(79	)	$	2,341
Class C Common Stock		—			7
Series A Preferred Stock		2,950			2,950
Series B Preferred Stock		2,921			2,816
Series C Preferred Stock		1,107			1,107
Series D Preferred Stock		1,270			1,270
OP Units		—			602
LTIP Units		175			53
Total first quarter 2018	$	8,344		$	11,146
Second Quarter
Class A Common Stock	$	3,863		$	3,858
Class C Common Stock		12			12
Series A Preferred Stock		2,950			2,950
Series B Preferred Stock		3,316			3,161
Series C Preferred Stock		1,107			1,107
Series D Preferred Stock		1,269			1,269
OP Units		1,013			1,013
LTIP Units		311			266
Total second quarter 2018	$	13,841		$	13,636
Third Quarter
Class A Common Stock	$	3,847		$	3,864
Class C Common Stock		12			12
Series A Preferred Stock		2,950			2,950
Series B Preferred Stock		3,779			3,631
Series C Preferred Stock		1,107			1,107
Series D Preferred Stock		1,269			1,269
OP Units		1,013			1,013
LTIP Units		297			272
Total third quarter 2018	$	14,274		$	14,118
Fourth Quarter
Class A Common Stock	$	3,819		$	3,846
Class C Common Stock		12			12
Series A Preferred Stock		2,950			2,950
Series B Preferred Stock		4,316			4,101
Series C Preferred Stock		1,107			1,107
Series D Preferred Stock		1,269			1,269
OP Units		1,038			1,012
LTIP Units		292			279
Total fourth quarter 2018	$	14,803		$	14,576
TOTAL	$	51,262		$	53,476

(1) On December 20, 2017, the Company’s Board authorized, and the Company declared, a quarterly dividend for the first quarter of 2018 equal to a quarterly rate of $0.1625 per share on the Class A and Class C common stock, payable to the stockholders of record as of March 23, 2018, which was paid in cash on April 5, 2018. Holders of OP and LTIP Units are entitled to receive “distribution equivalents” at the same time as dividends are paid to holders of the Class A common stock. The Company recorded an estimated accrued distribution at December 31, 2017 based on the Class A common stock outstanding. Due to the impact of the Class A common stock repurchase program that was initiated in February 2018, the distribution required based on the outstanding Class A common stock at the March 23, 2018 record date was lower than the accrued distribution recorded at December 31, 2017 and therefore, a negative declared distribution is reflected.