Consolidated Balance Sheets	Dec. 31, 2015 USD ($)
Real estate assets, net:
Operating real estate assets, net (including VIEs $170,258,129)	$ 175,359,303
Construction in process, including land (including VIEs $114,367,104)	119,031,154
Total real estate assets, net	294,390,457
Real estate held for sale (including VIEs $96,073,012)	124,092,989
Cash and cash equivalents (including VIEs $8,086,954)	19,016,194
Restricted cash (including VIEs $1,058,010)	1,369,515
Other assets (including VIEs $1,165,593)	1,613,635
Total Assets	440,482,790
Liabilities:
Mortgage and construction notes payable (including VIEs $239,298,457)	267,025,839
Accrued development costs (including VIEs $18,265,802)	18,265,802
Due to related parties	1,650,788
Accounts payable and other accrued expenses (including VIEs $4,436,485)	4,973,131
Other liabilities (including VIEs $594,221)	678,702
Total Liabilities	292,594,262
Commitments and contingencies (Note 14)
Stockholders’ equity:
Preferred stock, $0.01 par value per share, authorized and unissued 200,000,000 shares	0
Common stock, $0.01 par value per share, 1,120,000,000 shares authorized; 22,702,363 issued and 22,526,171 outstanding	225,262
Capital in excess of par value	170,792,081
Accumulated income	18,895,225
Accumulated cash distributions	(67,578,518)
Total Stockholders’ Equity	122,334,050
Noncontrolling interests	25,554,478
Total Equity	147,888,528
Total Liabilities and Equity	$ 440,482,790