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Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2019

Banking And Thrift [Abstract]

Summary of Investments in Real Estate

The table below summarizes our investments in real estate:  

		2019				2018				Depreciable Lives (In years)
Land		$	234,050			$	209,111			-
Building			1,453,052				1,384,810			40
Furniture, fixtures and equipment			109,263				66,502			5-10
Total investment in real estate		$	1,796,365			$	1,660,423
Accumulated depreciation			(158,435	)			(112,270	)
Investments in real estate, net		$	1,637,930			$	1,548,153

Summary of Acquisitions

The below table summarizes the acquisitions for the year ended December 31, 2019:

Property Name		Date of Purchase		Market		Units (unaudited)				Contract Price
North Park		04/30/2019		Atlanta, GA			224			$	28,000
Rocky Creek		07/11/2019		Tampa, FL			264				48,000
Thornhill		10/01/2019		Raleigh, NC			318				52,925
Total							806			$	128,925

The below table summarizes the acquisitions for the year ended December 31, 2018:

Property Name		Date of Purchase		Market		Units (unaudited)				Contract Price
Creekside Corners (1)		01/03/2018		Atlanta, GA			444			$	43,901
Hartshire Lakes (1)		01/03/2018		Indianapolis, IN			272				27,597
The Chelsea		01/04/2018		Columbus, OH			312				36,750
Avalon Oaks		02/27/2018		Columbus, OH			235				23,000
Bridgeview		07/11/2018		Tampa-St. Petersburg, FL			348				43,000
Collier Park		07/26/2018		Columbus, OH			232				21,200
Waterford		10/11/2018		Atlanta, GA			260				30,500
Lucerne		11/07/2018		Tampa-St. Petersburg, FL			276				47,000
Total							2,379			$	272,948

(1) These properties were acquired as the last phase of our acquisition of a nine-community portfolio (the “HPI Portfolio”), totaling 2,352 units (unaudited), which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144

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 year ended December 31, 2019, on the date of acquisition.

Description		Fair Value of Asset Acquired During the Year Ended December 31, 2019
Assets acquired:
Investments in real estate (a)		$	127,908
Accounts receivable and other assets			170
Intangible assets			1,266
Total assets acquired		$	129,344
Liabilities assumed:
Accounts payable and accrued expenses			644
Other liabilities			312
Total liabilities assumed		$	956
Estimated fair value of net assets acquired		$	128,388

(a) Includes $249 of property related acquisition costs capitalized during the year ended December 31, 2019.

Summary of Disposition of Property

Dispositions

The below table summarizes the dispositions for the year ended December 31, 2019:

Property Name		Date of Sale		Sale Price				Gain (loss) on sale (1)
Reserve at Eagle Ridge		04/30/2019		$	42,000			$	12,294
Little Rock, AR Portfolio		07/18/2019			56,500				2,220
Iron Rock		12/17/2019			56,000				20,683
Total				$	154,500			$	35,197

(1) The gain (loss) for these properties is net of $7,417 of defeasance and debt prepayment premium costs.

The below table summarizes the dispositions for the year ended December 31, 2018:

Property Name		Date of Sale		Sale Price				Gain (loss) on sale (1)
Aventine Greenville		12/20/2018		$	52,500			$	6,119
Arbors at the Reservoir		12/27/2018			24,800				4,445
Total				$	77,300			$	10,564

(1) The gain (loss) for these properties is net of $911 of defeasance and debt prepayment premium costs.

The below table summarizes the dispositions for the year ended December 31, 2017:        

Property Name		Date of Sale		Sale Price				Gain (loss) on sale (1)
Copper Mill		5/5/2017		$	32,000			$	15,595
Heritage Trace		6/1/2017			11,600				(1,256	)
Berkshire Square		6/9/2017			16,000				1,510
Crossings		11/28/2017			27,200				3,061
Total				$	86,800			$	18,910

(1) The gain (loss) for these properties is net of $4,251 of defeasance and debt prepayment costs.

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