Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2014

The table below summarizes our investments in real estate:


	As of June 30, 2014			As December 31, 2013			Depreciable Lives (In years)
Land	$	72,194		$	37,418		—
Building		286,209			149,657		40
Furniture, fixtures and equipment		3,920			3,021		5-10

Total investment in real estate		362,323			190,096
Accumulated depreciation		(18,804	)		(15,775	)

Investments in real estate, net	$	343,519		$	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 six-month period ended June 30, 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 Six-Month Period Ended June 30, 2014
Assets acquired:
Investments in real estate	$	171,328
Restricted cash		320
Other assets		1,140
Deferred financing costs		548
Intangible asset		2,553

Total assets acquired	$	175,889
Liabilities assumed:
Loans payable on real estate	$	69,512
Accounts payable and accrued expenses		1,908
Other liabilities		(658	)

Total liabilities assumed		70,762

Estimated fair value of net assets acquired	$	105,127

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 Six-Month Period Ended June 30, 2014		For the Six-Month Period Ended June 30, 2013
Total revenue from acquisitions, as reported	$	6,917	$	0
Pro forma revenue		11,699		11,361
Net income (loss) allocable to common shares from acquisitions, as reported(1)		2,629		0
Pro forma net income (loss) allocable to common shares		3,732		1,896
Earnings (loss) per share
Basic-as reported	$	0.16	$	0.00
Diluted-as reported	$	0.16	$	0.00
Basic-pro forma	$	0.23	$	0.97
Diluted-pro forma	$	0.23	$	0.97

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