XML 33 R8.htm IDEA: XBRL DOCUMENT v2.4.0.8
Investments in Real Estate
 6 Months Ended
Jun. 30, 2013
Investments in Real Estate

NOTE 3: Investments in Real Estate

As of June 30, 2013, our investments in real estate consisted of eight apartment properties with 2,004 units. The table below summarizes our investments in real estate as of June 30, 2013 and December 31, 2012:

 

     As of
June 30,
2013		     As of
December 31,
2012		  

Land

    $ 30,168      $ 30,168   

Building

      121,390        121,390   

Furniture, fixtures and equipment

      2,482        2,007   
  

 

 

    

 

 

  

Total investment in real estate

      154,040        153,565   

Accumulated depreciation

      (13,949 )      (12,283 ) 
  

 

 

    

 

 

  

Investments in real estate, net

    $ 140,091      $ 141,282   
  

 

 

    

 

 

  

On October 11, 2012, we acquired a fee simple interest in a 192-unit multifamily residential community located in Indianapolis, Indiana, known as Runaway Bay Apartments. We acquired the property through a wholly owned subsidiary of our operating partnership, from an unaffiliated third party. We acquired the property for an aggregate purchase price of $15,750 exclusive of closing costs. We paid the purchase price with a combination of a $10,238 first mortgage loan and $5,512 in cash.

The following table summarizes the aggregate carrying value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2012, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.

 

Description

    Carrying
Amount		  

Assets acquired:

   

Investments in real estate

    $ 15,397   

Intangible asset

      353   

Liabilities assumed:

   

Mortgage indebtedness

      (10,238 ) 
  

 

 

  

Carrying amount of net assets acquired

      5,512   
  

 

 

  

 

Our consolidated unaudited pro forma information, after including the acquisition of real estate properties, is presented below as if the acquisitions occurred on January 1, 2012. 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
Three-Month
Period Ended
June 30, 2012		     For the
Six-Month
Period Ended
June 30, 2012		  

Total revenue, as reported

    $ 4,086      $ 8,076   

Pro forma revenue

      4,625        9,154   

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

      (14 )      (40 ) 

Pro forma net income (loss) allocable to common shares

      (12 )      (43 )