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Investments in Real Estate
 9 Months Ended
Sep. 30, 2012
Investments in Real Estate [Abstract]  
Investments in Real Estate

NOTE 3: Investments in Real Estate

As of September 30, 2012, our investments in real estate consisted of seven multifamily real estate properties with 1,812 units. The table below summarizes our investments in real estate:

 

         

Land

   $ 27,089  

Building

     109,072  

Furniture, fixtures and equipment

     1,848  
   

 

 

  

Total investment in real estate

     138,009  

Accumulated depreciation

     (11,486 ) 
   

 

 

  

Investments in real estate, net

   $ 126,523  
   

 

 

  

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 subsidiaries of our sponsor. In addition, a subsidiary of our sponsor purchased an additional 125,000 limited partner units for $1,250 in cash on April 29, 2011. Since we were 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 nine-month period ended September 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, 2011. 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
Nine-Month
Period Ended
September 30, 2011		  

Total revenue, as reported

   $ 5,396  

Pro forma revenue

     9,689  

Net income (loss) allocable to common shares, as reported

     (84 ) 

Pro forma net income (loss) allocable to common shares

     (89 )