XML 22 R10.htm IDEA: XBRL DOCUMENT
v3.5.0.2

Investments in Real Estate | 6 Months Ended
--- | ---
Jun. 30, 2016
Banking And Thrift [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of June 30, 2016, our investments in real estate consisted of 46 apartment properties with 12,982 units (unaudited). The table below summarizes our investments in real estate:
|  | As of June 30, 2016 |  |  | As of December 31, 2015 |  |  | Depreciable Lives (In years) |
Land |  | $ | 178,515 |  |  | $ | 190,585 |  |  |  | — |
Building |  |  | 1,119,457 |  |  |  | 1,168,453 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 16,143 |  |  |  | 12,977 |  |  | 5-10 |
Total investment in real estate |  | $ | 1,314,115 |  |  | $ | 1,372,015 |  |  |  |  |
Accumulated depreciation |  |  | (45,059 | ) |  |  | (39,638 | ) |  |  |  |
Investments in real estate, net |  | $ | 1,269,056 |  |  | $ | 1,332,377 |  |  |  |  |
Acquisitions During the first quarter of 2016, we received additional information regarding estimates we had made for certain accrued expenses related to our acquisition of Trade Street Residential Inc., or the TSRE acquisition, that was completed on September 17, 2015. This information led to an increase in fair value of the net assets we acquired of $91, which we recognized during the six months ended June 30, 2016. Dispositions The below table summarizes the dispositions for the six months ended June 30, 2016 and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale:
|  |  |  |  |  |  |  |  |  |  |  | Net income (loss) allocable to common shares |
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain (loss) on sale |  |  | For the Three Months Ended June 30, 2016 |  |  | For the Six Months Ended June 30, 2016 |
Cumberland Glen |  | 02/18/2016 |  | $ | 18,000 |  |  | $ | 2,454 |  |  | $ | — |  |  | $ | 35 |
Belle Creek |  | 04/07/2016 |  |  | 23,000 |  |  |  | 14,190 |  |  |  | 1 |  |  |  | 250 |
Tresa |  | 05/05/2016 |  |  | 47,000 |  |  |  | 15,139 |  |  |  | 116 |  |  |  | 353 |
Total |  |  |  | $ | 88,000 |  |  | $ | 31,783 |  |  | $ | 117 |  |  | $ | 638 |
Related to the dispositions of Belle Creek and Tresa, we paid $211 and $275 of exit fees, respectively, pursuant to the contractual terms of the mortgage indebtedness. See Note 4: Indebtedness for further. These amounts were recognized in net gains (losses) on sale of assets.

X
- References No definition available. + Details
Name: | us-gaap_BankingAndThriftAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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=68051746&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=68051746&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=65884687&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 205 -SubTopic 10 -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(c)(Schedule III)) -URI http://asc.fasb.org/extlink&oid=27047687&loc=d3e5864-122674 Reference 6: 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 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 970 -SubTopic 360 -Section S99 -Paragraph 1 -Subparagraph (SX 210.12-28) -URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024 Reference 8: 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 9: 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(8)) -URI http://asc.fasb.org/extlink&oid=6876686&loc=d3e534808-122878 + Details
Name: | us-gaap_RealEstateOwnedTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration