Investments In Real Estate (Tables)

6 Months Ended

Jun. 30, 2013

Summary of Investments in Real Estate

The table below summarizes our investments in real estate:

	As of June 30, 2013					As of December 31, 2012
	Book Value			Number  of Properties		Book Value			Number  of Properties
Multi-family real estate properties	$	654,149			35	$	613,888			34
Office real estate properties		276,119			11		271,847			11
Retail real estate properties		83,197			4		82,081			4
Parcels of land		48,509			10		47,765			10
Subtotal		1,061,974			60		1,015,581			59
Less: Accumulated depreciation and amortization		(112,325	)				(97,392	)
Investments in real estate	$	949,649				$	918,189

Aggregate Estimated Fair Value of Assets and Liabilities Acquired

The following table summarizes the aggregate estimated fair value of the assets and liabilities associated with the one property acquired during the six-month period ended June 30, 2013, on the respective date of the acquisition, for the real estate accounted for under FASB ASC Topic 805.

Description	Estimated Fair  Value
Assets acquired:
Investments in real estate	$	36,950
Cash and cash equivalents		35
Restricted cash		350
Other assets		172
Total assets acquired		37,507
Liabilities assumed:
Accounts payable and accrued expenses		335
Other liabilities		99
Total liabilities assumed		434
Estimated fair value of net assets acquired	$	37,073

Consideration Transferred to Acquire Real Estate Properties

The following table summarizes the consideration transferred to acquire the real estate property and the amounts of identified assets acquired and liabilities assumed at the respective acquisition date:

Description	Estimated Fair  Value
Fair value of consideration transferred:
Commercial real estate loans	$	36,950
Other considerations		123
Total fair value of consideration transferred	$	37,073

Consolidated Unaudited Pro Forma Information

Our consolidated unaudited pro forma information, after including the acquisition of real estate properties, is presented below as if the acquisition occurred on January 1, 2012. These pro forma results are not necessarily indicative of the results which 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 Six-Month Period Ended June 30, 2013			For the Six-Month Period Ended June 30, 2012
Total revenue, as reported	$	116,873		$	93,669
Pro forma revenue		118,606			95,396
Net income (loss) allocable to common shares, as reported		(156,409	)		(113,970	)
Pro forma net income (loss) allocable to common shares		(155,889	)		(113,518	)