Acquired Properties
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9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2012
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Business Combination, Description [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquired Properties | (3) Acquired Properties The Company records identifiable assets, liabilities, noncontrolling interests and goodwill acquired in a business combination at fair value. During the nine months ended September 30, 2012 and 2011, the Company incurred $1,510 and $1,254, respectively, of acquisition and transaction costs that were recorded in general and administrative expenses on the consolidated statements of operations and other comprehensive income. The table below reflects acquisition activity during the nine months ended September 30, 2012.
On July 31, 2012, the Company placed in service two multi-family properties, University House at Central Florida (995 beds) and Arizona State University Polytech Student Housing (307 beds), for $65,300 and $12,000, respectively. For properties acquired, during the three and nine months ended September 30, 2012 the Company recorded revenue of $37,368 and $77,851, respectively, and property net income of $5,384 and $12,233 excluding related expensed acquisition costs, respectively. |