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Investments in Real Estate | 9 Months Ended
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Sep. 30, 2017
Banking And Thrift [Abstract] |
Investments in Real Estate | NOTE 3: Investments in Real Estate As of September 30, 2017, our investments in real estate consisted of 50 apartment properties with 13,729 units. 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 |  |  |  |  |
As of September 30, 2017 and December 31, 2016, we had investments in real estate with a carrying value of $22,031 and $60,786, respectively, classified as held for sale. 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.
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 |
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 |
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 January 1, 2016, nor does the pro forma financial information purport to represent the results of operations for future periods.
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 |
We did not make any purchase price allocation adjustments during the nine-month period ended September 30, 2017. On October 25, 2017, we acquired a 264 unit residential community located in Baton Rouge, LA, known as Live Oak Trace, for $28,501. This acquisition was part of the nine-property portfolio acquisition announced on September 5, 2017. Dispositions 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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- 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=84176060&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=84176060&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=82891408&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
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