Significant Transactions (Tables)

9 Months Ended

Sep. 30, 2020

Asset Acquisitions [Member]

Summarized Information Regarding Acquisition

On August 25, 2020, we acquired Hamilton on the Bay, an apartment community and an adjacent land parcel located in Miami, Florida. Summarized information regarding this acquisition is set forth in the table below (dollars in thousands):

Number of apartment homes		271
Purchase price	$	89,600
Capitalized transaction costs		2,506
Total consideration	$	92,106
Consideration allocated to land	$	56,251
Consideration allocated to building and improvements		34,645
Consideration allocated to intangible assets (1)		1,506
Consideration allocated to below-market lease liabilities (2)		(296	)
Total consideration	$	92,106

(1) Intangible assets include in-place leases and leasing costs with a weighted-average term of 0.5 years.

(2) Below-market leases have a weighted-average term of 0.8 years.