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Investments in Real Estate (Tables) | 9 Months Ended
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Sep. 30, 2017
Banking And Thrift [Abstract] |
Summary of Investments in Real Estate | The table below summarizes our investments in real estate:
|  | As of September 30, 2017 |  |  | As of December 31, 2016 |  |  | Depreciable Lives (In years) |
Land |  | $ | 187,935 |  |  | $ | 165,120 |  |  |  | — |
Building |  |  | 1,211,985 |  |  |  | 1,066,611 |  |  |  | 40 |
Furniture, fixtures and equipment |  |  | 27,137 |  |  |  | 17,625 |  |  | 5-10 |
Total investment in real estate |  | $ | 1,427,057 |  |  | $ | 1,249,356 |  |  |  |  |
Accumulated depreciation |  |  | (75,084 | ) |  |  | (51,511 | ) |  |  |  |
Investments in real estate, net |  | $ | 1,351,973 |  |  | $ | 1,197,845 |  |  |  |  |
Summary of Acquisitions | The below table summarizes the acquisitions for the nine months ended September 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 |
Cherry Grove (2) |  | 9/26/2017 |  | North Myrtle Beach, SC |  |  | 172 |  |  | $ | 16,157 |
Riverchase (2) |  | 9/26/2017 |  | Indianapolis, IN |  |  | 217 |  |  | $ | 18,899 |
Kensington (2) |  | 9/26/2017 |  | Canal Winchester, OH |  |  | 264 |  |  | $ | 24,409 |
Schirm Farms (2) |  | 9/26/2017 |  | Canal Winchester, OH |  |  | 264 |  |  | $ | 23,749 |
Total |  |  |  |  |  |  | 1,621 |  |  | $ | 170,154 |
| (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.
| (2) | These properties were acquired as the first phase of our acquisition of a nine-community portfolio, totaling 2,353 units, which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144. In connection with the acquisition of these properties, we incurred defeasance costs totaling $2,781, which are included in Acquisition related debt extinguishment expenses within the Consolidated Statements of Operations.
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 nine-month period ended September 30, 2017, on the date of acquisition, accounted for under FASB ASC Topic 805.
Description |  | Fair Value of Assets Acquired During the Nine-Month Period Ended September 30, 2017 |
Assets acquired: |  |  |  |
Investments in real estate |  | $ | 168,191 |
Accounts receivable and other assets |  | $ | 463 |
Intangible assets |  | $ | 1,963 |
Total assets acquired |  | $ | 170,617 |
Liabilities assumed: |  |  |  |
Accounts payable and accrued expenses |  | $ | 1,502 |
Other liabilities |  | $ | 490 |
Total liabilities assumed |  | $ | 1,992 |
Estimated fair value of net assets acquired |  | $ | 168,625 |
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 nine-month period ended September 30, 2017 as reported in our consolidated financial statements, excluding any related acquisition and integration expenses.
|  | For the Three-Month Period Ended September 30, 2017 |  |  | For the Nine-Month Period Ended September 30, 2017 |
Property |  | Total revenue |  |  | Net income (loss) allocable to common shares |  |  | Total revenue |  |  | Net income (loss) allocable to common shares |
Lakes of Northdale |  | $ | 789 |  |  | $ | 223 |  |  | $ | 1,829 |  |  | $ | 447 |
Haverford Place |  | $ | 452 |  |  | $ | 107 |  |  | $ | 637 |  |  | $ | 179 |
South Terrace |  | $ | 1,039 |  |  | $ | 198 |  |  | $ | 1,049 |  |  | $ | 203 |
Cherry Grove |  | $ | 26 |  |  | $ | 17 |  |  | $ | 26 |  |  | $ | 17 |
Riverchase |  | $ | 25 |  |  | $ | 13 |  |  | $ | 25 |  |  | $ | 13 |
Kensington |  | $ | 35 |  |  | $ | 25 |  |  | $ | 35 |  |  | $ | 25 |
Schirm Farms |  | $ | 35 |  |  | $ | 23 |  |  | $ | 35 |  |  | $ | 23 |
Total |  | $ | 2,401 |  |  | $ | 606 |  |  | $ | 3,636 |  |  | $ | 907 |
Description |  | For the Three-Month Period Ended September 30, 2017 |  |  | For the Three-Month Period Ended September 30, 2016 |  |  | For the Nine-Month Period Ended September 30, 2017 |  |  | For the Nine-Month Period Ended September 30, 2016 |
Pro forma total revenue (unaudited) |  |  | 43,421 |  |  |  | 42,695 |  |  |  | 128,834 |  |  |  | 128,350 |
Pro forma net income (loss) allocable to common shares (unaudited) |  |  | 2,347 |  |  |  | 3,211 |  |  |  | 27,663 |  |  |  | 34,012 |
Earnings (loss) per share attributable to common shareholders: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic-pro forma (unaudited) |  | $ | 0.03 |  |  | $ | 0.07 |  |  | $ | 0.40 |  |  | $ | 0.72 |
Diluted-pro forma (unaudited) |  | $ | 0.03 |  |  | $ | 0.07 |  |  | $ | 0.39 |  |  | $ | 0.72 |
Summary of Disposition of Property's | The table below summarizes the dispositions for the nine months ended September 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 September 30, 2017 |  |  | For the Nine Months Ended September 30, 2017 |
Copper Mill |  | 5/5/2017 |  | $ | 32,000 |  |  | $ | 15,616 |  |  | $ | (3 | ) |  | $ | 794 |
Heritage Trace |  | 6/1/2017 |  |  | 11,600 |  |  |  | (1,237 | ) |  |  | (3 | ) |  |  | 477 |
Berkshire |  | 6/9/2017 |  |  | 16,000 |  |  |  | 1,579 |  |  |  | (33 | ) |  |  | 457 |
Total |  |  |  | $ | 59,600 |  |  | $ | 15,958 |  |  | $ | (39 | ) |  | $ | 1,728 |
| (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.

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