XML 41 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8

Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2014

Summary of Investments in Real Estate

The table below summarizes our investments in real estate:

		As of September 30, 2014				As of December 31, 2013				Depreciable Lives (In years)
Land		$	88,585			$	37,418			—
Building			350,585				149,657			40
Furniture, fixtures and equipment			4,880				3,021			5-10
Total investment in real estate			444,050				190,096
Accumulated depreciation			(20,848	)			(15,775	)
Investments in real estate, net		$	423,202			$	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 nine-month period ended September 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 Nine-Month Period Ended September 30, 2014
Assets acquired:
Investments in real estate		$	252,095
Restricted cash			320
Other assets			1,747
Deferred financing costs			548
Intangible asset			3,736
Total assets acquired		$	258,446
Liabilities assumed:
Loans payable on real estate		$	69,512
Accounts payable and accrued expenses			2,630
Other liabilities			518
Total liabilities assumed			72,660
Estimated fair value of net assets acquired		$	185,786

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 September 30, 2014				For the Three-Month Period Ended September 30, 2013
Total revenue from acquisitions, as reported		$	6,607			$	0
Pro forma revenue			15,295				13,309
Net income (loss) allocable to common shares from acquisitions, as reported			(155	)			0
Pro forma net income (loss) allocable to common shares			252				1,099
Earnings (loss) per share
Basic-as reported		$	(0.01	)		$	0.00
Diluted-as reported		$	(0.01	)		$	0.00
Basic-pro forma		$	0.01			$	0.14
Diluted-pro forma		$	0.01			$	0.14

Description		For the Nine-Month Period Ended September 30, 2014				For the Nine-Month Period Ended September 30, 2013
Total revenue from acquisitions, as reported		$	13,525			$	0
Pro forma revenue			45,189				39,258
Net income (loss) allocable to common shares from acquisitions, as reported(1)			2,457				0
Pro forma net income (loss) allocable to common shares			4,872				2,845
Earnings (loss) per share
Basic-as reported		$	0.13			$	0.00
Diluted-as reported		$	0.13			$	0.00
Basic-pro forma		$	0.26			$	0.73
Diluted-pro forma		$	0.26			$	0.73

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

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(2)-(3)

-URI http://asc.fasb.org/extlink&oid=25497992&loc=d3e1392-128463

+ Details

Name:	us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations.

+ References

No definition available.

+ Details

Name:	us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=39739317&loc=d3e4845-128472

+ Details

Name:	us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration