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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.