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Investments in Real Estate | 9 Months Ended | 12 Months Ended
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Sep. 30, 2013 | Dec. 31, 2012
Investments in Real Estate | NOTE 3: Investments in Real Estate As of September 30, 2013, our investments in real estate consisted of nine apartment properties with 2,358 units. The table below summarizes our investments in real estate as of September 30, 2013 and December 31, 2012:
|  | As of September 30, 2013 |  |  | As of December 31, 2012 |
Land |  | $ | 32,624 |  |  | $ | 30,168 |
Building |  |  | 131,215 |  |  |  | 121,390 |
Furniture, fixtures and equipment |  |  | 2,826 |  |  |  | 2,007 |
Total investment in real estate |  |  | 166,665 |  |  |  | 153,565 |
Accumulated depreciation |  |  | (14,805 | ) |  |  | (12,283 | )
Investments in real estate, net |  | $ | 151,860 |  |  | $ | 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. On September 19, 2013, we acquired a fee simple interest in a 354-unit multifamily residential community located in Indianapolis, Indiana, known as Berkshire Square 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 $13,250 exclusive of closing costs. 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 and the three-month period ended September 30, 2013, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.
Description |  | Carrying Amount of Assets Acquired During the Year Ended December 31, 2012 |  |  | Carrying Amount of Assets Acquired During the three- months Ended September 30, 2013 |
Assets acquired: |  |  |  |  |  |  |  |
Investments in real estate |  | $ | 15,397 |  |  | $ | 12,281 |
Intangible asset |  |  | 353 |  |  |  | 969 |
Liabilities assumed: |  |  |  |  |  |  |  |
Mortgage indebtedness |  |  | (10,238 | ) |  |  | — |
Carrying amount of net assets acquired |  | $ | 5,512 |  |  | $ | 13,250 |
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 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, 2013 |  |  | For the Nine-Month Period Ended September 30, 2012 |
Total revenue, as reported |  | $ | 14,175 |  |  | $ | 12,117 |
Pro forma revenue |  |  | 16,017 |  |  |  | 15,290 |
Net income (loss) allocable to common shares, as reported |  |  | 307 |  |  |  | (68 | )
Pro forma net income (loss) allocable to common shares |  |  | 836 |  |  |  | (1 | )
We have not yet completed the process of estimating the fair value of assets acquired and liabilities assumed. Accordingly, our preliminary estimates and the allocation of the purchase price to the assets acquired and liabilities assumed may change as we complete the process. In accordance with FASB ASC Topic 805, changes, if any, to the preliminary estimates and allocation will be reported in our financial statements retrospectively. | NOTE 3: Investments in Real Estate As of December 31, 2012, our investments in real estate consisted of eight apartment real estate properties with 2,004 units. The table below summarizes our investments in real estate:
|  | 2012 |  |  | 2011 |
Land |  | $ | 30,168 |  |  |  | 27,089 |
Building |  |  | 121,390 |  |  |  | 109,072 |
Furniture, fixtures and equipment |  |  | 2,007 |  |  |  | 1,267 |
Total investment in real estate |  |  | 153,565 |  |  |  | 137,428 |
Accumulated depreciation |  |  | (12,283 | ) |  |  | (9,304 | )
Investments in real estate, net |  | $ | 141,282 |  |  |  | 128,124 |
Acquisitions On April 29, 2011, we, through our operating partnership, acquired six apartment 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 partnership interests, or 3,921,500 limited partner units, to our sponsor. In addition, our sponsor purchased an additional 125,000 limited partner units for $1,250 in cash on April 29, 2011. Because we were wholly owned by our sponsor and under common control as of the date of purchase, 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. On December 16, 2011, we entered into a purchase and sale agreement with a wholly owned subsidiary of our sponsor, pursuant to which we purchased a 320-unit multi-family property, which we refer to as Centrepoint Apartments, located in Tucson, Arizona from our sponsor for a purchase price of $29,500. We obtained a $17,600 first mortgage on Centrepoint Apartments and issued $12,282 of limited partnership interests, or 12,282,000 limited partnership units, in our operating partnership. Because we were wholly owned by our sponsor as of the date of purchase, the assets and liabilities of the property were recorded at our sponsor’s carrying amount at the time of acquisition, pursuant to Staff Accounting Bulletin Topic 5G and ASC 805-50-30-5. On October 11, 2012, we acquired a fee simple interest in a 192-unit apartment 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, 2030 Runaway Bay Drive Holdings, LLC. 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, 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 Year Ended December 31, 2012 |  |  | For the Year Ended December 31, 2011 |
Total revenue, as reported |  | $ | 16,629 |  |  | $ | 8,668 |
Pro forma revenue |  |  | 18,308 |  |  |  | 17,675 |
Net income (loss) allocable to common shares, as reported |  |  | (123 | ) |  |  | (112 | )
Pro forma net income (loss) allocable to common shares |  |  | (66 | ) |  |  | (55 | )

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- Definition The entire disclosure for real estate owned (as defined). Generally, the largest component of real estate owned by lenders is assets taken in settlement of troubled loans through surrender or foreclosure. Real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section 45 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=28367877&loc=d3e4437-111522 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 43 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1739-110224 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.10(4)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 04 -Paragraph c -Subparagraph Schedule III -Article 5 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18511-111553 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6905009&loc=d3e18551-111553 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 10 -Subparagraph 4 -Article 9 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 35 -Paragraph 17 -URI http://asc.fasb.org/extlink&oid=29634951&loc=d3e1424-110224 + Details
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