XML 29 R10.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Investments in Real Estate | 3 Months Ended
--- | ---
Mar. 31, 2017
Banking And Thrift [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of March 31, 2017, our investments in real estate consisted of 47 apartment properties with 13,198 units (unaudited). The table below summarizes our investments in real estate:
|  | As of March 31, 2017 |  |  | As of December 31, 2016 |  |  | Depreciable Lives (In years) |
Land |  | $ | 169,018 |  |  | $ | 165,120 |  |  |  | — |
Building |  |  | 1,092,153 |  |  |  | 1,066,611 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 19,669 |  |  |  | 17,625 |  |  | 5-10 |
Total investment in real estate |  | $ | 1,280,840 |  |  | $ | 1,249,356 |  |  |  |  |
Accumulated depreciation |  |  | (59,055 | ) |  |  | (51,511 | ) |  |  |  |
Investments in real estate, net |  | $ | 1,221,785 |  |  | $ | 1,197,845 |  |  |  |  |
As of March 31, 2017 and December 31, 2016, we had investments in real estate with a carrying value of $61,102 and $60,786, respectively, classified as held for sale. Acquisitions On February 27, 2017, we acquired a 216-unit (unaudited) apartment residential community located in Tampa, Florida known as Lakes of Northdale. We acquired the property for an aggregate purchase price of $29,750 exclusive of closing costs. Upon acquisition, we recorded the investment in real estate, including any related working capital and intangible assets, at fair value of $29,750. The following table summarizes the aggregate fair value of the assets and liabilities associated with the property acquired during the three-month period ended March 31, 2017, on the date of acquisition, accounted for under FASB ASC Topic 805.
Description |  | Fair Value of Assets Acquired During the Three-Month Period Ended March 31, 2017 |
Assets acquired: |  |  |  |
Investments in real estate |  | $ | 29,441 |
Accounts receivable and other assets |  |  | 95 |
Intangible assets |  |  | 309 |
Total assets acquired |  | $ | 29,845 |
Liabilities assumed: |  |  |  |
Accounts payable and accrued expenses |  |  | 54 |
Other liabilities |  |  | 41 |
Total liabilities assumed |  | $ | 95 |
Estimated fair value of net assets acquired |  | $ | 29,750 |
The table below presents the revenue and net income (loss) for the properties acquired during the three-month period ended March 31, 2017 as reported in our consolidated financial statements.
|  | For the Three-Month Period Ended March 31, 2017 |  |
Property |  | Total revenue |  |  | Net income (loss) allocable to common shares |  |
Lakes of Northdale |  | $ | 269 |  |  | $ | 41 |  |
Total |  | $ | 269 |  |  | $ | 41 |  |
The table below represents the revenue, net income and earnings per share effect of the acquired property, as reported in our consolidated financial statements and on a pro forma basis as if the acquisition occurred on January 1, 2016. These pro forma results are not necessarily indicative of the results that 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 March 31, 2017 |  |  | For the Three-Month Period Ended March 31, 2016 |
Pro forma total revenue (unaudited) |  | $ | 39,632 |  |  | $ | 39,418 |
Pro forma net income (loss) allocable to common shares (unaudited) |  | $ | 4,282 |  |  | $ | 93 |
Earnings (loss) per share attributable to common shareholders: |  |  |  |  |  |  |  |
Basic-pro forma (unaudited) |  | $ | 0.06 |  |  | $ | 0.00 |
Diluted-pro forma (unaudited) |  | $ | 0.06 |  |  | $ | 0.00 |
We did not make any purchase price allocation adjustments during the three month period ended March 31, 2017.

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