Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2017

Banking And Thrift [Abstract]

Summary of Investments in Real Estate

The table below summarizes our investments in real estate:

	As of September 30, 2017			As of December 31, 2016			Depreciable Lives (In years)
Land	$	187,935		$	165,120			—
Building		1,211,985			1,066,611			40
Furniture, fixtures and equipment		27,137			17,625		5-10
Total investment in real estate	$	1,427,057		$	1,249,356
Accumulated depreciation		(75,084	)		(51,511	)
Investments in real estate, net	$	1,351,973		$	1,197,845

Summary of Acquisitions

The below table summarizes the acquisitions for the nine months ended September 30, 2017:

Property Name	Date of Purchase	Location	Units (unaudited)		Purchase Price
Lakes of Northdale	2/27/2017	Tampa, FL		216	$	29,750
Haverford Place	5/24/2017	Lexington, KY		160	$	14,240
South Terrace (1)	6/30/2017	Durham, NC		328	$	42,950
Cherry Grove (2)	9/26/2017	North Myrtle Beach, SC		172	$	16,157
Riverchase (2)	9/26/2017	Indianapolis, IN		217	$	18,899
Kensington (2)	9/26/2017	Canal Winchester, OH		264	$	24,409
Schirm Farms (2)	9/26/2017	Canal Winchester, OH		264	$	23,749
Total				1,621	$	170,154

(1) This property was acquired from a joint venture of which our former advisor was a controlling member.  See Note 8: Related Party Transactions and Arrangements.  In conjunction with this acquisition, we issued IROP units to third parties that were members of the joint venture that owned the property.  See Note 6: Shareholder Equity and Noncontrolling Interests.  

(2) These properties were acquired as the first phase of our acquisition of a nine-community portfolio, totaling 2,353 units, which we agreed to acquire on September 3, 2017 for a total purchase price of $228,144. In connection with the acquisition of these properties, we incurred defeasance costs totaling $2,781, which are included in Acquisition related debt extinguishment expenses within the Consolidated Statements of Operations.

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 nine-month period ended September 30, 2017, on the date of acquisition, accounted for under FASB ASC Topic 805.

Description	Fair Value of Assets Acquired During the Nine-Month Period Ended September 30, 2017
Assets acquired:
Investments in real estate	$	168,191
Accounts receivable and other assets	$	463
Intangible assets	$	1,963
Total assets acquired	$	170,617
Liabilities assumed:
Accounts payable and accrued expenses	$	1,502
Other liabilities	$	490
Total liabilities assumed	$	1,992
Estimated fair value of net assets acquired	$	168,625

Pro Forma of Financial Information Purport to Represent Results of Operations for Future Periods

The table below presents the revenue and net income (loss) for the properties acquired during the nine-month period ended September 30, 2017 as reported in our consolidated financial statements, excluding any related acquisition and integration expenses.

	For the Three-Month Period Ended September 30, 2017				For the Nine-Month Period Ended September 30, 2017
Property	Total revenue		Net income (loss) allocable to common shares		Total revenue		Net income (loss) allocable to common shares
Lakes of Northdale	$	789	$	223	$	1,829	$	447
Haverford Place	$	452	$	107	$	637	$	179
South Terrace	$	1,039	$	198	$	1,049	$	203
Cherry Grove	$	26	$	17	$	26	$	17
Riverchase	$	25	$	13	$	25	$	13
Kensington	$	35	$	25	$	35	$	25
Schirm Farms	$	35	$	23	$	35	$	23
Total	$	2,401	$	606	$	3,636	$	907

Description	For the Three-Month Period Ended September 30, 2017		For the Three-Month Period Ended September 30, 2016		For the Nine-Month Period Ended September 30, 2017		For the Nine-Month Period Ended September 30, 2016
Pro forma total revenue (unaudited)		43,421		42,695		128,834		128,350
Pro forma net income (loss) allocable to common shares (unaudited)		2,347		3,211		27,663		34,012
Earnings (loss) per share attributable to common shareholders:
Basic-pro forma (unaudited)	$	0.03	$	0.07	$	0.40	$	0.72
Diluted-pro forma (unaudited)	$	0.03	$	0.07	$	0.39	$	0.72

Summary of Disposition of Property's

The table below summarizes the dispositions for the nine months ended September 30, 2017 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	Date of Sale	Sale Price		Gain (loss) on sale (1)			For the Three Months Ended September 30, 2017			For the Nine Months Ended September 30, 2017
Copper Mill	5/5/2017	$	32,000	$	15,616		$	(3	)	$	794
Heritage Trace	6/1/2017		11,600		(1,237	)		(3	)		477
Berkshire	6/9/2017		16,000		1,579			(33	)		457
Total		$	59,600	$	15,958		$	(39	)	$	1,728

(1) The gain (loss) on sale for these properties is net of $2,748 of defeasance costs.  All properties were previously classified as held for sale.