Investments in Real Estate (Tables)

3 Months Ended

Mar. 31, 2014

The table below summarizes our investments in real estate:


	As of March 31, 2014			As December 31, 2013			Depreciable Lives
Land	$	63,845		$	37,418		—
Building		253,321			149,657		40
Furniture, fixtures and equipment		3,271			3,021		5-10

Total investment in real estate		320,437			190,096
Accumulated depreciation		(17,039	)		(15,775	)

Investments in real estate, net	$	303,398		$	174,321

Summary of Aggregate Fair Value of Assets and Liabilities

The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the three months ended March 31, 2014, on the date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.


Description	Fair Value of Assets Acquired During the Three-Month Period Ended March 31, 2014
Assets acquired:
Investments in real estate	$	130,091
Restricted cash	$	320
Other assets	$	943
Deferred financing costs	$	548
Intangible asset	$	2,040

Total assets acquired	$	133,942
Liabilities assumed:
Loans payable on real estate	$	69,512
Accounts payable and accrued expenses	$	1,721
Other liabilities	$	(374	)

Total liabilities assumed	$	70,859

Estimated fair value of net assets acquired	$	63,083

Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods

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, 2013. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition 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 March 31, 2014		For the Three-Month Period Ended March 31, 2013
Total revenue from acquisitions, as reported	$	1,694	$	0
Pro forma revenue		4,721		4,569
Net income (loss) allocable to common shares from acquisitions, as reported(1)		2,633		0
Pro forma net income (loss) allocable to common shares		3,346		881
Earnings (loss) per share
Basic-as reported	$	0.17	$	0.00
Diluted-as reported	$	0.17	$	0.00
Basic-pro forma	$	0.22	$	2.55
Diluted-pro forma	$	0.22	$	0.16

(1)	The fair value of a property acquired exceeded the purchase price and a gain of $2,882 was recorded.