Acquisitions and Divestitures (Tables)

6 Months Ended

Jun. 30, 2014

Summary of consolidated results of operations for the SFR segment prior to spin-off, excluding segment allocations

The following table presents the summarized consolidated results of operations for the SFR segment prior to the spin-off, excluding segment allocations during the six months ended June 30, 2014 (in thousands):

	For the Three Months Ended June 30,					For the Six Months Ended June 30,
	2014		2013			2014			2013
Total revenues	$	—	$	2,594		$	3,876		$	3,758
Total costs and expenses	—		9,870			6,369			13,495
Loss before other income and income taxes	—		(7,276		)	(2,493		)	(9,737		)
Total other income	—		1,068			942			1,403
Loss before income taxes	—		(6,208		)	(1,551		)	(8,334		)
Income tax benefit (provision)	—		150			—			(12		)
Net loss	$	—	$	(6,058	)	$	(1,551	)	$	(8,346	)

Summary of consolidated balance sheet of the SFR segment

The following table presents the summarized consolidated balance sheet of the SFR segment as of January 31, 2014, the date of the spin-off (in thousands):

	January 31, 2014
Assets:
Cash and cash equivalents	$	111,960
Restricted cash	189
Residential real estate, net	812,017
Non-performing residential loans	211,019
Other assets	9,498
Total Assets	$	1,144,683

Liabilities and Equity
Liabilities:
Accounts payable, accrued expenses and other liabilities	$	24,346
Equity:
Additional paid-in capital	1,130,405
Accumulated deficit	(11,662		)
Total Stockholders’ Equity	1,118,743
Non-controlling interests in consolidated subsidiaries	1,594
Total Equity	1,120,337
Total Liabilities and Equity	$	1,144,683