Acquisitions and Dispositions (Tables)

9 Months Ended

Sep. 30, 2014

Schedule of Company's Supplemental Consolidated Pro Forma Total Revenues and Net Income

The following table presents the Company's supplemental consolidated pro forma total revenues and net income as if the Beazer Rental Homes Acquisition, Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction had occurred on January 1, 2013 (in thousands):

	For the Three Months Ended,						For the Nine Months Ended,

	September 30, 2014			September 30, 2013			September 30, 2014			September 30, 2013
Pro forma total revenues (1)	$	110,393		$	52,341		$	291,749		$	101,648
Pro forma net loss (1)(2)	$	(12,796	)	$	(5,532	)	$	(24,654	)	$	(21,237	)

(1): This unaudited pro forma supplemental information does not purport to be indicative of what the Company's operating results would have been had the Beazer Rental Homes Acquisition, Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction occurred on January 1, 2013.
(2): Pro forma net loss represents the combined pro forma net loss of the Advisor and Property Manager, among others, but does not reflect the elimination of historical advisory and property management fees that would not have been paid had the Management Internalization occurred on January 1, 2013.

Beazer Rental Homes

Schedule of Preliminary Estimated Fair Values of Assets and Liabilities Acquired

The following table summarizes the preliminary estimated fair values of the assets and liabilities acquired as part of the Beazer Rental Homes Acquisition (in thousands):


Land	$	60,866
Buildings and improvements		192,214
Cash and cash equivalents		2,202
In-place leases		2,655
Other current assets and liabilities, net		(1,785	)


Estimated fair value of assets and liabilities acquired	$	256,152

Schedule of Total Revenues and Net Income Attributable to Acquisitions

The following table presents the total revenues and net income attributable to the Beazer Rental Homes Acquisition which is included in our condensed consolidated statements of operations for the three and nine months ended September 30, 2014 (in thousands):

	Period from July 1, 2014 to September 30, 2014

Total revenues	$	5,343
Net income	$	477

Management Internalization

Schedule of Preliminary Estimated Fair Values of Assets and Liabilities Acquired

The following table summarizes the estimated fair values of the assets acquired as part of the Management Internalization as of the date of acquisition (in thousands):


Buildings and improvements	$	4,214
Identified intangible assets:
Trademark		3,100
Database		2,100
Goodwill		120,655


Fair value of acquired assets	$	130,069

Alaska Joint Venture Acquisition

Schedule of Preliminary Estimated Fair Values of Assets and Liabilities Acquired

The following table summarizes the estimated fair values of the assets acquired as part of the Alaska Joint Venture Acquisition as of the date of acquisition (in thousands):


Land	$	156,648
Buildings and improvements		740,396
Receivable for net cash flows prior to acquisition date		1,896
Value of in-place leases		5,547


Fair value of acquired assets	$	904,487

RJ LLC, RJ1 and RJ2

Schedule of Preliminary Estimated Fair Values of Assets and Liabilities Acquired

The following table summarizes the estimated fair values of the net assets of RJ LLC, RJ1 and RJ2 that the Company gained control over on June 14, 2013, and the associated 67% noncontrolling interest held by third party accredited investors in RJ1 and RJ2, respectively (in thousands):


Land	$	10,340
Building and improvements		54,123
Value of in-place leases		539
Cash and cash equivalents		1,128
Other current assets and liabilities, net		(311	)
Notes payable		(7,600	)
Noncontrolling interest		(39,321	)


Fair value of acquired net assets	$	18,898