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Investments in Real Estate (Tables)
 3 Months Ended
Mar. 31, 2016
Banking And Thrift [Abstract]  
Summary of Investments in Real Estate

The table below summarizes our investments in real estate:

 

 

 

As of March 31, 2016

 

 

As of December 31, 2015

 

 

Depreciable Lives

(In years)

 

Land

 

$

187,485

 

 

$

190,585

 

 

 

—

 

Building

 

 

1,155,339

 

 

 

1,168,453

 

 

 

40

 

Furniture, fixtures and equipment

 

 

14,514

 

 

 

12,977

 

 

5-10

 

Total investment in real estate

 

$

1,357,338

 

 

$

1,372,015

 

 

 

 

 

Accumulated depreciation

 

 

(44,422

)

 

 

(39,638

)

 

 

 

 

Investments in real estate, net  (1)

 

$

1,312,916

 

 

$

1,332,377

 

 

 

 

 

 

(1)

As of March 31, 2016, two of our multi-family real estate properties were considered held-for-sale.  The carrying amount and fair value less estimated to costs to sell of these properties was $39,347 and $69,300, respectively.