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Investments in Real Estate
 9 Months Ended
Sep. 30, 2016
Banking And Thrift [Abstract]  
Investments in Real Estate

NOTE 3: Investments in Real Estate

As of September 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 September 30, 2016

 

 

As of December 31, 2015

 

 

Depreciable Lives

(In years)

 

Land

 

$

178,515

 

 

$

190,585

 

 

 

—

 

Building

 

 

1,119,422

 

 

 

1,168,453

 

 

 

40

 

Furniture, fixtures and equipment

 

 

18,788

 

 

 

12,977

 

 

5-10

 

Total investment in real estate

 

$

1,316,725

 

 

$

1,372,015

 

 

 

 

 

Accumulated depreciation

 

 

(52,824

)

 

 

(39,638

)

 

 

 

 

Investments in real estate, net

 

$

1,263,901

 

 

$

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 nine months ended September 30, 2016.  During the third quarter of 2016, we finalized our purchase accounting process related to the TSRE acquisition.  As part of this process, we received additional information regarding estimates we had made for certain accrued expenses related to the TSRE acquisition which led to an increase in fair value of the net assets we acquired of $641, which we recognized during the three months ended September 30, 2016.

Dispositions

During the nine months ended September 30, 2016 we recognized a $9 loss related to the sale of a multifamily property which occurred in the prior year as we settled remaining amounts with buyers. The below table summarizes the dispositions for the nine months ended September 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 September 30, 2016

 

 

For the Nine Months Ended September 30, 2016

 

Cumberland Glen

 

   02/18/2016

 

$

18,000

 

 

$

2,452

 

 

$

—

 

 

$

35

 

Belle Creek

 

   04/07/2016

 

 

23,000

 

 

 

14,191

 

 

 

2

 

 

 

252

 

Tresa

 

   05/05/2016

 

 

47,000

 

 

 

15,139

 

 

 

1

 

 

 

354

 

Total

 

 

 

$

88,000

 

 

$

31,782

 

 

$

3

 

 

$

641

 

 

Related to the dispositions of Belle Creek and Tresa, we paid $211 and $275 of exit fees to RAIT, respectively, pursuant to the contractual terms of the mortgage indebtedness.  See Note 4: Indebtedness for further information.  These amounts were recognized in net gains (losses) on sale of assets.