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Investments in Real Estate | 9 Months Ended
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Sep. 30, 2015
Banking And Thrift [Abstract] |
Investments in Real Estate | NOTE 4: Investments in Real Estate As of September 30, 2015, our investments in real estate consisted of 50 apartment properties with 14,044 units (unaudited). The table below summarizes our investments in real estate:
|  | As of September 30, 2015 |  |  | As of December 31, 2014 |  |  | Depreciable Lives (In years) |
Land (1) |  | $ | 199,488 |  |  | $ | 112,600 |  |  |  | — |
Building |  |  | 1,190,856 |  |  |  | 570,475 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 10,548 |  |  |  | 6,037 |  |  | 5-10 |
Total investment in real estate |  | $ | 1,400,892 |  |  | $ | 689,112 |  |  |  |  |
Accumulated depreciation |  |  | (35,304 | ) |  |  | (23,376 | ) |  |  |  |
Investments in real estate, net |  | $ | 1,365,588 |  |  | $ | 665,736 |  |  |  |  |
| (1) | As of September 30, 2015, includes a parcel of land acquired with the TSRE merger that is held-for-sale and has a carrying amount of $3,283 and a fair value of $3,350.
Acquisitions On May 1, 2015, we acquired a 236-unit (unaudited) apartment residential community located in Indianapolis, Indiana. We acquired the property for an aggregate purchase price of $25,250 exclusive of closing costs. Upon acquisition, we recorded the investment in real estate, including any related working capital and intangible assets, at fair value of $25,250 and did not record a gain. As previously discussed, we completed the TSRE merger on September 17, 2015. As part of the TSRE merger we acquired 19 properties containing 4,989 units (unaudited). See Note 3: TSRE Merger for details on the assets acquired, liabilities assumed and consideration paid as part of the TSRE merger. The following table summarizes the aggregate fair value of the assets and liabilities associated with all of the properties acquired during the nine-month period ended September 30, 2015, 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, 2015 |
Assets acquired: |  |  |  |
Investments in real estate |  | $ | 707,268 |
Cash and cash equivalents |  |  | 2,685 |
Accounts receivable and other assets |  |  | 6,210 |
Intangible assets |  |  | 7,690 |
Total assets acquired |  | $ | 723,853 |
Liabilities assumed: |  |  |  |
Indebtedness |  | $ | 359,495 |
Accounts payable and accrued expenses |  |  | 8,069 |
Accrued interest payable |  |  | 130 |
Other liabilities |  |  | 3,764 |
Total liabilities assumed |  | $ | 371,458 |
Estimated fair value of net assets acquired |  | $ | 352,395 |
The table below presents the revenue and net income (loss) for the properties acquired during the nine-month period ended September 30, 2015 as reported in our consolidated financial statements.
|  | For the Three-Month Period Ended September 30, 2015 |  |  | For the Nine-Month Period Ended September 30, 2015 |
Property |  | Total revenue |  |  | Net income (loss) allocable to common shares |  |  | Total revenue |  |  | Net income (loss) allocable to common shares |
TSRE portfolio |  | $ | 2,668 |  |  | $ | 1,539 |  |  | $ | 2,668 |  |  | $ | 1,539 |
Bayview Club |  |  | 546 |  |  |  | (175 | ) |  |  | 1,143 |  |  |  | 53 |
Total |  | $ | 3,214 |  |  | $ | 1,364 |  |  | $ | 3,811 |  |  | $ | 1,592 |
The table below presents the revenue, net income and earnings per share effect of the acquired properties on a pro forma basis as if the acquisitions 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 Three-Month Period Ended September 30, 2015 |  |  | For the Three-Month Period Ended September 30, 2014 |
Pro forma total revenue (unaudited) |  |  | 16,735 |  |  |  | 15,033 |
Pro forma net income (loss) allocable to common shares (unaudited) |  |  | 4,702 |  |  |  | 2,961 |
Earnings (loss) per share attributable to common shareholders: |  |  |  |  |  |  |  |
Basic-pro forma (unaudited) |  |  | 0.14 |  |  |  | 0.12 |
Diluted-pro forma (unaudited) |  |  | 0.13 |  |  |  | 0.12 |
Description |  | For the Nine-Month Period Ended September 30, 2015 |  |  | For the Nine-Month Period Ended September 30, 2014 |
Pro forma total revenue (unaudited) |  |  | 50,653 |  |  |  | 45,098 |
Pro forma net income (loss) allocable to common shares (unaudited) |  |  | 13,237 |  |  |  | 8,882 |
Earnings (loss) per share attributable to common shareholders: |  |  |  |  |  |  |  |
Basic-pro forma (unaudited) |  | $ | 0.41 |  |  | $ | 0.47 |
Diluted-pro forma (unaudited) |  | $ | 0.39 |  |  | $ | 0.47 |
Dispositions On October 15, 2015, we sold a parcel of land acquired in the TSRE merger for $3,350.

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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 FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 40 -Section 40 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=56956306&loc=d3e18551-111553 Reference 2: 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=56956306&loc=d3e18511-111553 Reference 3: 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 4: 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 Reference 5: 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 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 03 -Paragraph 11 -Article 9 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-X (SX) -Number 210 -Section 28 -Article 12 Reference 9: 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 + Details
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