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Investments in Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2017
Banking And Thrift [Abstract] |
Summary of Investments in Real Estate | As of December 31, 2017, our investments in real estate consisted of 52 apartment properties (unaudited). The table below summarizes our investments in real estate:
|  | 2017 |  |  | 2016 |  |  | Depreciable Lives (In years)
Land |  | $ | 193,026 |  |  | $ | 165,120 |  |  | -
Building |  |  | 1,279,777 |  |  |  | 1,066,611 |  |  | 40
Furniture, fixtures and equipment |  |  | 31,353 |  |  |  | 17,625 |  |  | 5-10
Total investment in real estate |  | $ | 1,504,156 |  |  | $ | 1,249,356 |  |  |
Accumulated depreciation |  |  | (84,097 | ) |  |  | (51,511 | ) |  |
Investments in real estate, net |  | $ | 1,420,059 |  |  | $ | 1,197,845 |  |  |
Summary of Acquisitions | The below table summarizes the acquisitions for the year ended December 31, 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 |  | 216 |  |  | $ | 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 |
Live Oak Trace (2) |  | 10/25/2017 |  | Baton Rouge, LA |  | 264 |  |  | $ | 28,501 |
Tides at Calabash (2) |  | 11/14/2017 |  | Wilmington, NC |  | 168 |  |  | $ | 14,269 |
Brunswick Point (2) |  | 12/12/2017 |  | Wilmington, NC |  | 288 |  |  | $ | 30,661 |
Total |  |  |  |  |  |  | 2,340 |  |  | $ | 243,585 |
| (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: Stockholder Equity and Noncontrolling Interests.
| (2) | These properties were acquired as a part of our acquisition of a nine-community portfolio (the HPI Portfolio), totaling 2,353 units (unaudited), 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 $3,624, 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, outside of the HPI Portfolio, during the year ended December 31, 2017, on the date of acquisition, accounted for under FASB ASC Topic 805.
Description |  | Fair Value of Asset Acquired During the Year Ended December 31, 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: |  |  |  |
Indebtedness |  | $ | - |
Accounts payable and accrued expenses |  |  | 398 |
Accrued interest payable |  |  | - |
Other liabilities |  |  | 150 |
Total liabilities assumed |  | $ | 548 |
Estimated fair value of net assets acquired |  | $ | 86,723 |
The following table summarizes the aggregate fair value of the assets and liabilities associated with the HPI Portfolio properties acquired during the year ended December 31, 2017, on the date of acquisition, accounted for under FASB ASC Topic 805.
Description |  | Fair Value of Asset Acquired During the Year Ended December 31, 2017 |
Assets acquired: |  |  |  |
Investments in real estate |  | $ | 155,059 |
Accounts receivable and other assets |  |  | 290 |
Intangible assets |  |  | 1,587 |
Total assets acquired |  | $ | 156,936 |
Liabilities assumed: |  |  |  |
Indebtedness |  | $ | 18,977 |
Accounts payable and accrued expenses |  |  | 1,479 |
Accrued interest payable |  |  | - |
Other liabilities |  |  | 607 |
Total liabilities assumed |  | $ | 21,063 |
Estimated fair value of net assets acquired |  | $ | 135,873 |
Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods | The table below presents the revenue and net income, excluding any acquisition and defeasance costs, for the properties acquired during the year ended December 31, 2017 as reported in our consolidated financial statements.
|  | For the Year Ended December 31, 2017 |
Property |  | Total revenue |  |  | Net Income allocable to common shares |
Lakes of Northdale |  | $ | 2,603 |  |  | $ | 709 |
Haverford Place |  |  | 1,078 |  |  |  | 302 |
South Terrace |  |  | 2,071 |  |  |  | 379 |
Cherry Grove |  |  | 526 |  |  |  | 140 |
Riverchase |  |  | 533 |  |  |  | 70 |
Kensington |  |  | 736 |  |  |  | 187 |
Schirm Farms |  |  | 711 |  |  |  | 170 |
Live Oak Trace |  |  | 424 |  |  |  | 108 |
Tides at Calabash |  |  | 315 |  |  |  | 177 |
Brunswick Point |  |  | 137 |  |  |  | 24 |
Total |  | $ | 9,134 |  |  | $ | 2,266 |
The table below represents the revenue, net income and earnings per share effect of the properties acquired during the year ended December 31, 2017, 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 Year Ended December 31, 2017 |  |  | For the Year Ended December 31, 2016 |
Pro forma total revenue (unaudited) |  | $ | 177,642 |  |  | $ | 177,412 |
Pro forma net income (loss) allocable to common shares (unaudited) |  |  | 36,219 |  |  |  | (3,398 | )
Earnings (loss) per share attributable to common shareholders: |  |  |  |  |  |  |  |
Basic-pro forma (unaudited) |  | $ | 0.49 |  |  | $ | (0.07 | )
Diluted-pro forma (unaudited) |  | $ | 0.49 |  |  | $ | (0.07 | )
Summary of Disposition of Property's | Dispositions The below table summarizes the dispositions for the year ended December 31, 2017 and also presents each property’s contribution to net income allocable to common shares, excluding the impact of the gain on sale:
|  |  |  |  |  |  |  |  |  |  |  | Net income allocable to common shares |
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain (loss) on sale (1) |  |  | For the Year Ended December 31, 2017 |  |  | For the Year Ended December 31, 2016 |
Copper Mill |  | 5/5/2017 |  | $ | 32,000 |  |  | $ | 15,595 |  |  | $ | 548 |  |  | $ | 1,105 |
Heritage Trace |  | 6/1/2017 |  |  | 11,600 |  |  |  | (1,256 | ) |  |  | 240 |  |  |  | (47 | )
Berkshire Square |  | 6/9/2017 |  |  | 16,000 |  |  |  | 1,510 |  |  |  | 201 |  |  |  | 306 |
Crossings |  | 11/28/2017 |  |  | 27,200 |  |  |  | 3,061 |  |  |  | 1,374 |  |  |  | 941 |
Total |  |  |  | $ | 86,800 |  |  | $ | 18,910 |  |  | $ | 2,363 |  |  | $ | 2,305 |
| (1) | The gain (loss) on sale for these properties is net of $4,251 of defeasance and debt prepayment premium costs. All properties were previously classified as held for sale.
The below table summarizes the dispositions for the year ended December 31, 2016 and also presents each property’s contribution to net income (loss) allocable to common shares, excluding the impact of the gain (loss) on sale:
Property Name |  | Date of Sale |  | Sale Price |  |  | Gain (loss) on sale |
Cumberland Glen (1) |  | 02/18/2016 |  | $ | 18,000 |  |  | $ | 2,452 |
Belle Creek |  | 04/07/2016 |  |  | 23,000 |  |  |  | 14,191 |
Tresa |  | 05/05/2016 |  |  | 47,000 |  |  |  | 15,142 |
Total |  |  |  | $ | 88,000 |  |  | $ | 31,785 |
| (1) | Gain (loss) on sale related to this property includes a defeasance premium of $1,343.

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