XML 33 R20.htm IDEA: XBRL DOCUMENT
v3.7.0.1

Investments in Real Estate (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2017
Banking And Thrift [Abstract] |
Summary of Investments in Real Estate | The table below summarizes our investments in real estate:
|  | As of June 30, 2017 |  |  | As of December 31, 2016 |  |  | Depreciable Lives (In years) |
Land |  | $ | 178,566 |  |  | $ | 165,120 |  |  |  | — |
Building |  |  | 1,139,176 |  |  |  | 1,066,611 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 22,831 |  |  |  | 17,625 |  |  | 5-10 |
Total investment in real estate |  | $ | 1,340,573 |  |  | $ | 1,249,356 |  |  |  |  |
Accumulated depreciation |  |  | (66,853 | ) |  |  | (51,511 | ) |  |  |  |
Investments in real estate, net |  | $ | 1,273,720 |  |  | $ | 1,197,845 |  |  |  |  |
Summary of Acquisitions | The below table summarizes the acquisitions for the six months ended June 30, 2017:
Property Name |  | Date of Purchase |  | Location |  | Units (unaudited) |  | Purchase Price |
Lakes of Northdale |  | 2/27/2017 |  | Tampa, FL |  | 216 |  | $ | 29,750 |
Haverford Place |  | 5/24/2017 |  | Lexington, KY |  | 160 |  | $ | 14,240 |
South Terrace (1) |  | 6/30/2017 |  | Durham, NC |  | 328 |  | $ | 42,950 |
Total |  |  |  |  |  | 704 |  | $ | 86,940 |
| (1) | This property was acquired from a joint venture of which our former advisor was a controlling member. See Note 8: Related Party Transactions and Arrangements. In conjunction with this acquisition, we issued IROP units to third parties that were members of the joint venture that owned the property. See Note 6: Shareholder Equity and Noncontrolling Interests.
Summary of Fair Value of Assets and Liabilities | The following table summarizes the aggregate fair value of the assets and liabilities associated with the properties acquired during the six-month period ended June 30, 2017, on the date of acquisition, accounted for under FASB ASC Topic 805.
Description |  | Fair Value of Assets Acquired During the Six-Month Period Ended June 30, 2017 |
Assets acquired: |  |  |  |
Investments in real estate |  | $ | 86,012 |
Accounts receivable and other assets |  |  | 331 |
Intangible assets |  |  | 928 |
Total assets acquired |  | $ | 87,271 |
Liabilities assumed: |  |  |  |
Accounts payable and accrued expenses |  |  | 398 |
Other liabilities |  |  | 150 |
Total liabilities assumed |  | $ | 548 |
Estimated fair value of net assets acquired |  | $ | 86,723 |
Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods | The table below presents the revenue and net income (loss) for the properties acquired during the six-month period ended June 30, 2017 as reported in our consolidated financial statements.
|  | For the Three-Month Period Ended June 30, 2017 |  |  | For the Six-Month Period Ended June 30, 2017 |
Property |  | Total revenue |  |  | Net income (loss) allocable to common shares |  |  | Total revenue |  |  | Net income (loss) allocable to common shares |
Lakes of Northdale |  | $ | 771 |  |  | $ | 150 |  |  | $ | 1,040 |  |  | $ | 224 |
Haverford Place |  | $ | 185 |  |  | $ | 71 |  |  | $ | 185 |  |  | $ | 71 |
South Terrace |  | $ | 10 |  |  | $ | 5 |  |  | $ | 10 |  |  | $ | 5 |
Total |  | $ | 966 |  |  | $ | 226 |  |  | $ | 1,235 |  |  | $ | 300 |
Description |  | For the Three-Month Period Ended June 30, 2017 |  |  | For the Three-Month Period Ended June 30, 2016 |  |  | For the Six-Month Period Ended June 30, 2017 |  |  | For the Six-Month Period Ended June 30, 2016 |
Pro forma total revenue (unaudited) |  |  | 41,162 |  |  |  | 40,498 |  |  |  | 81,904 |  |  |  | 81,334 |
Pro forma net income (loss) allocable to common shares (unaudited) |  |  | 18,999 |  |  |  | 29,425 |  |  |  | 23,335 |  |  |  | 29,788 |
Earnings (loss) per share attributable to common shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic-pro forma (unaudited) |  | $ | 0.28 |  |  | $ | 0.62 |  |  | $ | 0.34 |  |  | $ | 0.63 |
Diluted-pro forma (unaudited) |  | $ | 0.28 |  |  | $ | 0.62 |  |  | $ | 0.34 |  |  | $ | 0.63 |
Summary of Disposition of Property's | The table below summarizes the dispositions for the six months ended June 30, 2017 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 (1) |  |  | For the Three Months Ended June 30, 2017 |  |  | For the Six Months Ended June 30, 2017 |
Copper Mill |  | 5/5/2017 |  | $ | 32,000 |  |  | $ | 15,616 |  |  | $ | 109 |  |  | $ | 531 |
Heritage Trace |  | 6/1/2017 |  |  | 11,600 |  |  |  | (1,237 | ) |  |  | 76 |  |  |  | 225 |
Berkshire |  | 6/9/2017 |  |  | 16,000 |  |  |  | 1,671 |  |  |  | 54 |  |  |  | 176 |
Total |  |  |  | $ | 59,600 |  |  | $ | 16,050 |  |  | $ | 239 |  |  | $ | 932 |
| (1) | The gain (loss) on sale for these properties is net of $2,748 of defeasance costs. All properties were previously classified as held for sale.

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 Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 45 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=65878427&loc=SL51721533-107759 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721665-107760 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1474-107760 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=64827811&loc=d3e1361-107760 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721683-107760 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=84176398&loc=SL51724579-110230 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5C -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721675-107760 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 4A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721663-107760 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=84176398&loc=d3e2941-110230 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5B -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721673-107760 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 3A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721659-107760 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5A -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721671-107760 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 205 -SubTopic 20 -Section 50 -Paragraph 5D -URI http://asc.fasb.org/extlink&oid=64827811&loc=SL51721677-107760 + Details
Name: | us-gaap_ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations. + References No definition available. + Details
Name: | us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration