Operating Real Estate

6 Months Ended

Jun. 30, 2014

Real Estate [Abstract]

Operating Real Estate

Operating Real Estate

For the six months endedJune 30, 2014, the Company, through a joint venture entered into in the fourth quarter 2013, acquired two additional student housing properties for an aggregate purchase price of $44.7 million, including all costs, escrows and reserves. The Company assumed three non-recourse mortgage notes in the aggregate amount of $29.1 million in connection with the acquisitions. The Company contributed $11.7 million for an 80% interest in the properties.

The Company estimated the fair value of the assets and liabilities for all real estate acquired at the date of acquisition. The following table presents the preliminary allocation of purchase price of the operating real estate assets acquired and liabilities assumed or issued (including financing entered into contemporaneous with the acquisition) for acquisitions in 2014 and 2013 that continue to be subject to refinement upon receipt of all information (dollars in thousands):

Assets:
Land	$	11,700
Buildings	156,199
Other assets acquired (1)	14,329
Total assets acquired	$	182,228
Liabilities:
Mortgage notes payable	131,633
Other liabilities assumed (2)	1,805
Total liabilities	133,438
Total NorthStar Real Estate Income Trust, Inc. stockholders’ equity	41,071
Non-controlling interests	7,719
Total equity	48,790
Total liabilities and equity	$	182,228

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(1) Primarily includes deferred costs and escrowed amounts, as applicable.

(2) Primarily includes prepaid rent and security deposits.