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Fees and Reimbursable Expenses Incurred and Due (Detail) (USD $)
3 Months Ended 9 Months Ended
Sep. 30, 2014
Sep. 30, 2013
Sep. 30, 2014
Sep. 30, 2013
Offering fees:        
Selling commissions       $ 1,300,803 [1]
Marketing support fees       571,295 [1]
Fees and commissions, total       1,872,098
Reimbursable expenses:        
Offering costs       989,277 [1]
Operating and acquisition expenses 25,845 [2],[3] 96,616 [2],[3] 94,822 [2],[3] 604,578 [2],[3]
Reimbursable costs and expenses, total 25,845 96,616 94,822 1,593,855
Asset management fees   301,529 [3],[4]   904,587 [3],[4]
Property management fees 101,483 [4],[5] 97,308 [4],[5] 295,031 [4],[5] 304,720 [4],[5]
Expense support adjustment   (378,136) [6]   (1,355,727) [6]
Reimbursable expenses due adviser, net $ 127,328 $ 117,317 $ 389,853 $ 3,319,533
[1] Amounts are recorded as stock issuance and offering costs in the accompanying condensed consolidated statements of stockholders' equity.
[2] In general, amounts are recorded as general and administrative expenses in the accompanying condensed consolidated statements of operations.
[3] For the quarter and nine months ended September 30, 2014, the Company incurred $0.3 million and $0.9 million, respectively, in asset management fees and $0.1 million and $0.3 million, respectively, in operating-related personnel expenses for which the Advisor agreed to receive Restricted Stock in lieu of cash pursuant to the terms of the Amended and Restated Expense Support Agreement. Since the vesting conditions were not met, no fair value was assigned to the Restricted Stock, and as a result, during the nine months ended September 30, 2014, asset management fees and operating expenses were reduced by $0.9 million and $0.3 million, respectively, including $0.3 million and $0.1 million, respectively, during the quarter ended September 30, 2014.
[4] Asset management fees and property management fees, as well as the expense support adjustment related to the Company's entities classified as held for sale, are included in income from discontinued operations for each period presented.
[5] Includes amounts paid directly by subsidiaries of the Company to a sub-advisor of the Advisor for the quarter and nine months ended September 30, 2013. Prior to its acquisition by BlackRock, Inc., (NYSE:BLK), the sub-advisor was indirectly affiliated with one of the Company's former directors.
[6] See description of the Amended and Restated Expense Support Agreement above.