INVESTMENTS IN REAL ESTATE (Tables)

6 Months Ended

Jun. 30, 2016

Banking And Thrift [Abstract]

Summary of Investments in Real Estate

The table below summarizes our investments in real estate:

	Book Value
	As of June 30, 2016			As of December 31, 2015
Multi-family real estate properties (1)	$	1,725,202		$	1,842,704
Office real estate properties		399,642			395,224
Industrial real estate properties		101,010			94,938
Retail real estate properties		134,219			134,331
Parcels of land		49,066			50,448
Subtotal		2,409,139			2,517,645
Less: Accumulated depreciation and amortization (1)		(209,096	)		(198,326	)
Investments in real estate	$	2,200,043		$	2,319,319

(1) As of June 30, 2016, includes properties owned by Independence Realty Trust, Inc., or IRT, with a book value of $1,314,115 and accumulated depreciation of $45,059. As of December 31, 2015, includes properties owned by IRT, with a book value of $1,372,015 and accumulated depreciation of $39,638.

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 properties acquired during the six months ended June 30, 2016, on the date of acquisition, for the real estate accounted for under FASB ASC Topic 805.

Description	Fair Value of Assets Acquired During the Six Months Ended June 30, 2016
Assets acquired:
Investments in real estate	$	16,652
Cash and cash equivalents		66
Restricted cash		221
Accounts receivable and other assets		5
Intangible assets		2,610
Total assets acquired		19,554
Liabilities assumed:
Indebtedness, net		17,696
Accounts payable and accrued expenses		448
Other liabilities		1,068
Total liabilities assumed		19,212
Estimated fair value of net assets acquired	$	342

Consideration Transferred to Acquire Real Estate Properties

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

Description	Total Estimated Fair Value
Fair value of consideration transferred:
Investments in loans, accrued interest receivable and other assets (net of allowance for loan losses of $1,213)	$	332
Total	$	332

Schedule of Revenue and Net Income (Loss) for the Properties Acquired

The table below presents the revenue and net income (loss) for the properties acquired during the six months ended June 30, 2016 as reported in our consolidated financial statements.

	For the Three Months Ended June 30, 2016					For the Six Months Ended June 30, 2016
Property	Total Revenue		Net income (loss) allocable to common shares			Total Revenue		Net income (loss) allocable to common shares
Indiana Portfolio	$	546	$	(318	)	$	546	$	(318	)
Total	$	546	$	(318	)	$	546	$	(318	)

Consolidated Unaudited Pro Forma Information

The tables below present the revenue, net income and earnings per share effect of the acquired properties on a pro forma basis as if the acquisitions occurred on January 1, 2015.  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.

	For the Three Months ended June 30,					For the Six Months ended June 30,
Description	2016			2015		2016			2015
Pro forma total revenue (unaudited)	$	85,356		$	80,330	$	173,700		$	156,174
Pro forma net income (loss) allocable to common shares (unaudited)		(7,546	)		18,930		(25,355	)		11,807
Earnings (loss) per share attributable to common shareholders
Basic-as pro forma (unaudited)		(0.08	)		0.23		(0.28	)		0.14
Diluted-as pro forma (unaudited)		(0.08	)		0.21		(0.28	)		0.14

Summary of Disposition and Each Property's Contribution

The below table summarizes the current year dispositions 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	Property Type	Date of Sale	Sale Price		Gain (loss) on sale			For the Three Months Ended June 30, 2016		For the Six Months Ended June 30, 2016
Cumberland Glen	IRT Multifamily	02/18/2016	$	18,000	$	2,454		$	—	$	99
Mineral/Lincoln	Office	03/25/2016		7,949		(374	)		—		(1	)
Ventura	Multifamily	03/30/2016		8,750		119			—		36
Saxony	Land	04/06/2016		1,500		(14	)		—		(4	)
Belle Creek	IRT Multifamily	04/07/2016		23,000		14,401			31	377
Tresa	IRT Multifamily	05/05/2016		47,000		15,414			217	686
Desert Wind (1)	Multifamily	05/18/2016		8,750		(2,032	)		45	50
Las Vistas (1)	Multifamily	05/18/2016		10,500		(60	)		76	113
Penny Lane (1)	Multifamily	05/18/2016		10,000		3,248			52	90
Sandal Ridge (1)	Multifamily	05/18/2016		12,250		3,482			75	133
Silversmith	Multifamily	06/03/2016		6,200		1,227			50	98
Total			$	153,899	$	37,865		$	546	$	1,677