Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2015

Schedule of Estimated Fair Values of Assets and Liabilities Acquired

The following table presents the total revenues and net income attributable to the Company's 2014 year acquisitions that were included in our consolidated statement of operations for the year ended December 31, 2014 (in thousands):



	Beazer		Ellington
	Period from July 1, 2014 to December 31, 2014		Period from December 31, 2014 to December 31, 2014
Total revenues	$	10,422	$	—
Net income	$	1,713	$	—

Schedule of Carrying Value and Estimated Fair Value of Company's Class B Interest in RJ LLC

The following table summarizes the carrying value and estimated fair value of the Company's Class B interest in RJ LLC as of June 14, 2013 and the resulting gain on remeasurement of approximately $10.9 million, which has been recognized in the consolidated statements of operations (in thousands):



Fair value of existing Class B interest	$	7,615
Carrying value of Class B interest	(3,330		)
Gain on remeasurement of equity method investment	$	10,945

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

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



	For the Years Ended December 31,
	2014			2013
Pro forma total revenues (1)	$	421,033		$	176,340
Pro forma net loss (1)(2)	$	(32,858	)	$	(32,161	)


(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 Ellington Portfolio Acquisition, 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.

RJ Joint Ventures Acquisition

Business Acquisition [Line Items]

Schedule of Total Revenues and Net Income Attributable to Acquisitions

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



Land	$	10,340
Buildings and improvements	54,123
Value of in-place leases	539
Cash and cash equivalents	1,128
Other current assets and liabilities, net	(311		)
Note payable	(7,600		)
Noncontrolling interest	(39,321		)
Fair value of acquired net assets	$	18,898

Alaska Joint Venture Acquisition

Business Acquisition [Line Items]

Schedule of Total Revenues and Net Income Attributable to Acquisitions

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

Management Internalization

Business Acquisition [Line Items]

Schedule of Total Revenues and Net Income Attributable to Acquisitions

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

Schedule of Estimated Fair Values of Assets and Liabilities Acquired

The following table presents the total revenues and net income attributable to the 2013 year acquisitions that were included in our consolidated statements of operations from the respective transaction dates through December 31, 2013 (in thousands):



	Management Internalization (1)			Alaska Joint Venture Acquisition		2013 RJ Transaction
	Period from June 10, 2013 to December 31, 2013			Period from June 11, 2013 to December 31, 2013		Period from June 14, 2013 to December 31, 2013
Total revenues	$	1,502		$	38,054	$	2,723
Net (loss) / income	$	(26,179	)	$	2,256	$	52


(1)	Total revenues and net loss attributable to the Management Internalization does not reflect the benefit of eliminating approximately $24.0 million in advisory management and property management fees that would have otherwise been paid to AH LLC after the date of the Management Internalization.

Ellington portfolio acquisition

Business Acquisition [Line Items]

Schedule of Total Revenues and Net Income Attributable to Acquisitions

The following table summarizes the estimated fair values of the assets and liabilities acquired as part of the Ellington Portfolio Acquisition as of the acquisition date (in thousands):



Land	$	25,615
Buildings and improvements	98,117
In-place leases	2,268
Secured note payable	(51,644		)
Estimated fair value of assets and liabilities acquired	$	74,356

Beazer Rental Homes

Business Acquisition [Line Items]

Schedule of Total Revenues and Net Income Attributable to Acquisitions

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



Land	$	60,866
Buildings and improvements	193,506
Cash and cash equivalents	2,197
In-place leases	2,655
Other current assets and liabilities, net	(1,785		)
Estimated fair value of assets and liabilities acquired	$	257,439