Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2014

The table below summarizes our investments in real estate:


	2014			2013			Depreciable Lives
Land	$	112,600		$	37,418		—
Building		570,475			149,657		40
Furniture, fixtures and equipment		6,037			3,021		5-10

Total investment in real estate		689,112			190,096
Accumulated depreciation		(23,376	)		(15,775	)

Investments in real estate, net	$	665,736		$	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 year ended December 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 Year Ended December 31, 2014
Assets acquired:
Investments in real estate	$	496,000
Restricted cash		784
Other assets		2,563
Deferred financing costs		1,259
Intangible asset		6,511

Total assets acquired	$	507,117
Liabilities assumed:
Loans payable on real estate	$	186,512
Accounts payable and accrued expenses		3,312
Other liabilities		937

Total liabilities assumed		190,761

Estimated fair value of net assets acquired	$	316,356

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

The tables below present the revenue, net income and earnings per share effect of the acquired properties as reported in our consolidated financial statements and on a pro forma basis 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 Year Ended December 31, 2014 (unaudited)		For the Year Ended December 31, 2013 (unaudited)
Total revenue from acquisitions, as reported	$	23,477	$	0
Net income (loss) allocable to common shares from acquisitions, as reported(1)		3,054		0
Earnings (loss) per share
Basic-as reported	$	0.16	$	0.00
Diluted-as reported	$	0.14	$	0.00

Pro forma revenue (unaudited)		60,002		58,954
Pro forma net income (loss) allocable to common shares (unaudited)		7,508		5,847
Earnings (loss) per share
Basic-pro forma (unaudited)	$	0.35	$	1.10
Diluted-pro forma (unaudited)	$	0.35	$	1.10

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