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Investments in Real Estate (Tables) | 6 Months Ended
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Jun. 30, 2015
Summary of Investments in Real Estate | As of June 30, 2015, our investments in real estate consisted of 31 apartment properties with 9,055 units (unaudited). The table below summarizes our investments in real estate:
|  | As of June 30, 2015 |  |  | As of December 31, 2014 |  |  | Depreciable Lives (In years) |
Land |  | $ | 115,125 |  |  | $ | 112,600 |  |  |  | — |
Building |  |  | 592,981 |  |  |  | 570,475 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 8,475 |  |  |  | 6,037 |  |  |  | 5-10 |
Total investment in real estate |  |  | 716,581 |  |  |  | 689,112 |  |  |  |  |
Accumulated depreciation |  |  | (31,188 | ) |  |  | (23,376 | ) |  |  |  |
Investments in real estate, net |  | $ | 685,393 |  |  | $ | 665,736 |  |  |  |  |
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 property acquired during the six-month period ended June 30, 2015, on the date of acquisition, accounted for under FASB ASC Topic 805.
Description |  | Fair Value of Assets Acquired During the Six-Month Period Ended June 30, 2015 |
Assets acquired: |  |  |  |
Investments in real estate |  | $ | 25,031 |
Other assets |  |  | 87 |
Intangible asset |  |  | 219 |
Total assets acquired |  | $ | 25,337 |
Liabilities assumed: |  |  |  |
Loans payable on real estate |  | $ | — |
Accounts payable and accrued expenses |  |  | 488 |
Other liabilities |  |  | 103 |
Total liabilities assumed |  |  | 591 |
Estimated fair value of net assets acquired |  | $ | 24,746 |
Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods | The table below presents the revenue, net income and earnings per share effect of the acquired property, as reported in our consolidated financial statements and on a pro forma basis as if the acquisition occurred on January 1, 2014. 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 Six-Month Period Ended June 30, 2015 |  |  | For the Six-Month Period Ended June 30, 2014 |
Total revenue of real estate property acquired, as reported |  | $ | 597 |  |  | $ | — |
Net income (loss) allocable to common shares of real estate property acquired, as reported |  |  | 228 |  |  |  | — |
Earnings (loss) per share attributable to common shareholders of real estate property acquired |  |  |  |  |  |  |  |
Basic and diluted—as reported |  |  | 0.01 |  |  |  | 0.00 |
Pro forma revenue of real estate property acquired (unaudited) |  |  | 1,469 |  |  |  | 1,257 |
Pro forma net income (loss) allocable to common shares of real estate property acquired (unaudited) |  |  | 550 |  |  |  | 424 |
Earnings (loss) per share attributable to common shareholders of real estate property acquired |  |  |  |  |  |  |  |
Basic and diluted—as pro forma (unaudited) |  |  | 0.02 |  |  |  | 0.03 |

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- 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=56956515&loc=d3e1392-128463 + Details
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- 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
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- 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=56956791&loc=d3e4845-128472 + Details
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