Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2015

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