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Investments in Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2015
Banking And Thrift [Abstract] |
Summary of 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.
Summary of Fair Value of Assets and Liabilities | 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 |
Schedule of Revenue and Net Income (Loss) of Properties Acquired | 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 |
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 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 |

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