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Operating Real Estate (Tables)
9 Months Ended
Sep. 30, 2017
Real Estate [Abstract]  
Schedule of Operating Real Estate
The following table presents operating real estate, net as of September 30, 2017 and December 31, 2016 (dollars in thousands):
 
 
September 30, 2017 (Unaudited)
 
December 31, 2016
Land
 
$
289,561

 
$
221,353

Land improvements
 
10,121

 
9,462

Buildings and improvements
 
1,587,771

 
1,329,118

Tenant improvements
 
8,332

 
5,172

Construction in progress
 
5,090

 
3,509

Furniture and fixtures
 
68,605

 
63,539

Subtotal
 
1,969,480

 
1,632,153

Less: Accumulated depreciation
 
(99,385
)
 
(60,173
)
Operating real estate, net
 
$
1,870,095

 
$
1,571,980

Schedule of Operating Real Estate Acquisitions
The following table summarizes operating real estate acquisitions for the nine months ended September 30, 2017 (dollars in thousands):
Acquisition Date
 
Type
 
Portfolio
 
Amount(1)
 
Properties
 
Units
 
Location
 
Financing
 
Companys Equity
 
Ownership Interest
 
Transaction Costs(2)
February 2017
 
Operating Facility
 
Bonaventure
 
$
99,438

 
5
 
453
 
Various locations
 
$
72,466

 
$
28,459

 
100.0%
 
$
1,042

February 2017
 
Operating Facility
 
Oak Cottage
 
19,427

 
1
 
40
 
Santa Barbara, CA
 
3,500

 
16,191

 
100.0%
 
233

August 2017
 
Operating Facility
 
Rochester
 
205,318

 
9
 
1,307
 
Rochester, NY
 
122,861

 
88,039

 
97.0%
 
3,453

Total
 
 
 
 
 
$
324,183

 
15
 
1,800
 
 
 
$
198,827

 
$
132,689

 
 
 
$
4,728

_______________________________________
(1)
Represents the purchase price, including deferred costs and other assets, and may be adjusted upon completion of the final purchase price allocation, which will not be later than one year from the date of acquisition. Includes cost associated with purchased land parcels that are not included in the properties count.
(2)
Includes $0.2 million of transaction costs expensed during the year ended December 31, 2016 related to the Bonaventure portfolio.