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Investments In Real Estate (10-Q) (10-Q Filling [Member]) | 6 Months Ended
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Jun. 30, 2011
10-Q Filling [Member] |
Reporting Period For Combined Statements [Line Items] |
Investments In Real Estate | NOTE 3: Investments in Real Estate As of June 30, 2011, our investments in real estate consisted of six multifamily real estate properties with 1,492 units. The table below summarizes our investments in real estate:
Land |  | $ | 21,469 |
Building |  |  | 86,592 |
Furniture, fixtures and equipment |  |  | 504 |
Total investment in real estate |  |  | 108,565 |
Accumulated depreciation |  |  | (7,132 | )
Investments in real estate, net |  | $ | 101,433 |
Acquisitions: On April 29, 2011, we, through our operating partnership, acquired six multifamily properties, which we refer to as the initial portfolio, from six wholly-owned subsidiaries of our sponsor. The contribution value of the initial portfolio was $103,790. In connection with the acquisition of the initial portfolio, our operating partnership assumed $64,575 of mortgage indebtedness and issued $39,215 of limited partner interests, or 3,921,500 limited partner units, to our sponsor. In addition, our sponsor purchased an additional 125,000 limited partner units for $1,250 in cash on April 29, 2011. As we are wholly-owned by our sponsor and under common control, the assets and liabilities of the initial portfolio were recorded at our sponsor's carrying amount, or book value, at the time of contribution, pursuant to Staff Accounting Bulletin Topic 5G and ASC 805-50-30-5. The following table summarizes the aggregate carrying value of the assets and liabilities associated with the Initial Portfolio acquired during the six-month period ended June 30, 2011, on the respective date of each conversion, for the real estate accounted for under FASB ASC Topic 805.
Description |  | Carrying Amount |
Assets acquired: |  |  |  |
Investments in real estate, net |  | $ | 101,733 |
Liabilities assumed: |  |  |  |
Mortgage indebtedness |  |  | 64,575 |
Carrying amount of net assets acquired |  | $ | 37,158 |
Our consolidated unaudited pro forma information, after including the acquisition of real estate properties, is presented below as if the acquisition occurred on January 1, 2010. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods:
Description |  | For the Six-Month Period Ended June 30, 2011 |  |  | For the Six-Month Period Ended June 30, 2010 |
Total revenue, as reported |  | $ | 2,174 |  |  | $ | 5 |
Pro forma revenue |  |  | 6,521 |  |  |  | 6,526 |
Net income (loss) allocable to common shares, as reported |  |  | (36 | ) |  |  | 5 |
Pro forma net income (loss) allocable to common shares |  |  | (35 | ) |  |  | (31 | )

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 34 -Paragraph 9, 11, 12, 13, 14, 15, 21 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. 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