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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.