Operating Real Estate (Tables)
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6 Months Ended |
Jun. 30, 2016 |
Real Estate [Abstract] |
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Schedule of Operating Real Estate |
The following table presents operating real estate, net as of June 30, 2016 and December 31, 2015 (dollars in thousands): | | | | | | | | | | | | June 30, 2016 (Unaudited) | | December 31, 2015 | Land | | $ | 318,901 |
| | $ | 140,734 |
| Land improvements | | 8,425 |
| | 8,384 |
| Buildings and improvements | | 1,378,113 |
| | 664,555 |
| Tenant improvements | | 3,214 |
| | 1,522 |
| Construction in progress | | 18,319 |
| | 9,119 |
| Furniture and fixtures | | 29,997 |
| | 27,325 |
| Subtotal | | 1,756,969 |
| | 851,639 |
| Less: Accumulated depreciation | | (36,036 | ) | | (19,386 | ) | Operating real estate, net | | $ | 1,720,933 |
| | $ | 832,253 |
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Schedule of Operating Real Estate Acquisitions |
The following table summarizes operating real estate acquisitions for the six months ended June 30, 2016 (dollars in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Acquisition Date | | Type | | Portfolio | | Amount(1) | | Properties | | Units | | Location | | Financing | | Company’s Equity | | Ownership Interest | | Transaction Costs | | | | | | | | | | | | | | | | | | | | | | March 2016 | | Operating Facilities | | Winterfell | | $ | 904,985 |
| | 32 | | 3,985 | | Various | | $ | 648,211 |
| | $ | 261,484 |
| | 100.0% | | $ | 1,347 |
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_________________________________________________ | | (1) | Represents the purchase price for 100% of the Winterfell JV equity interests, including deferred costs and other assets, and may be adjusted upon completion of the final purchase price allocation. |
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Schedule of Step Acquisition Remeasurement Gain (Loss) |
The acquisition-date fair value of the equity interest in the Winterfell portfolio immediately before the acquisition date, as well as the gain on consolidation of unconsolidated venture, are as follows (dollars in thousands): | | | | | | | | | | | Winterfell Portfolio | Contract purchase price | | $ | 890,834 |
| Net consideration funded at closing, excluding consideration financed by debt | | (139,618 | ) | Debt assumed | | (648,211 | ) | Fair value of retained equity interest | | 103,005 |
| Investment in unconsolidated venture(1) | | (96,597 | ) | Gain on consolidation of unconsolidated venture | | $ | 6,408 |
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_________________________________________________ | | (1) | Represents carrying value of investment in unconsolidated venture at March 1, 2016. |
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Summary of Pro Forma Amounts |
The unaudited pro forma amounts were prepared for comparable purposes only and are not indicative of what actual consolidated results of operations of the Company would have been, nor are they indicative of the consolidated results of operations in the future and exclude transaction costs (dollars in thousands, except per share data): | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2016 | | 2015 | | 2016 | | 2015 | Pro forma total revenues | | $ | 68,301 |
| | $ | 50,228 |
| | $ | 136,030 |
| | $ | 90,257 |
| Pro forma net income (loss) attributable to NorthStar Healthcare Income, Inc. common stockholders | | (27,558 | ) | | (21,927 | ) | | (68,985 | ) | | (47,968 | ) | Pro forma net income (loss) per share of common stock, basic/diluted | | $ | (0.15 | ) | | $ | (0.18 | ) | | $ | (0.38 | ) | | $ | (0.42 | ) |
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