Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2012

Investments in Real Estate [Abstract]

Investments in real estate

	As of June 30, 2012					As of December 31, 2011
	Book Value			Number of Properties		Book Value			Number of Properties
Multi-family real estate properties	$	594,928			33	$	591,915			33
Office real estate properties		270,724			11		251,303			10
Retail real estate properties		81,454			4		71,405			3
Parcels of land		47,059			10		46,251			10
Investment in real estate		994,165			58		960,874			56
Less: Accumulated depreciation and amortization		(83,037	)				(69,372	)
Investments in real estate, net	$	911,128				$	891,502

Aggregate estimated fair value of the assets and liabilities acquired

Description	Estimated Fair Value
Assets acquired:
Investments in real estate	$	27,400
Cash and cash equivalents		524
Restricted cash		454
Other assets		1
Total assets acquired		28,379
Liabilities assumed:
Accounts payable and accrued expenses		317
Other liabilities		328
Total liabilities assumed		645
Estimated fair value of net assets acquired	$	27,734

Consideration transferred to acquire the real estate properties

Description	Estimated Fair Value
Fair value of consideration transferred:
Commercial real estate loans	$	27,400
Other considerations		334
Total fair value of consideration transferred	$	27,734

Consolidated unaudited pro forma information

Description	For the Six-Month Period Ended June 30, 2012			For the Six-Month Period Ended June 30, 2011
Total revenue, as reported	$	110,592		$	117,142
Pro forma revenue		112,444			119,568
Net income (loss) allocable to common shares, as reported		(113,970	)		(14,331	)
Pro forma net income (loss) allocable to common shares		(113,277	)		(13,581	)