TSRE Merger (Tables)

9 Months Ended

Sep. 30, 2015

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 Fair Value of Consideration Transferred

The fair value of the consideration transferred on September 17, 2015 was as follows:

Cash consideration for TSRE merger	$	139,781
Equity consideration for TSRE merger		123,855
Total	$	263,636

Trade Street Residential, Inc.

Summary of Fair Value of Assets and Liabilities

As previously discussed in Note 1, the TSRE merger closed on September 17, 2015. The preliminary fair value of the assets and liabilities acquired on acquired on September 17, 2015 was as follows:

Investments in real estate	$	682,237
Cash assumed		2,685
Accounts receivable and other assets		6,123
Intangible assets		7,471
Indebtedness		(359,495	)
Accounts payable and accrued expenses		(7,581	)
Accrued interest payable		(130	)
Other liabilities		(3,662	)
Net assets acquired	$	327,648