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Contributions by our Sponsor (Tables)
6 Months Ended
Jun. 30, 2013
Schedule of Acquisition

The following table presents the total revenues and net income attributable to the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction that is included in our condensed consolidated statement of operations from the respective transaction dates through June 30, 2013 (in thousands):

 

     Management
Internalization
    Alaska Joint
Venture  Acquisition
    2013 RJ
Transaction
 
     Period from
June 10, 2013 to
June 30, 2013
    Period from
June 11, 2013 to
June 30, 2013
    Period from
June 14, 2013  to
June 30, 2013
 

Total revenues

   $ 239      $ 2,871      $ 278   

Net (loss) / income

   $ (2,112   $ (280   $ 4   
RJ LLC [Member]
 
Schedule of Acquisition

The following table summarizes the carrying value and fair value of the Company’s Class B interest in RJ LLC as of June 14, 2013 and the resulting gain on remeasurement of approximately $10.9 million, which has been recognized in the accompanying condensed consolidated statements of operations (in thousands):

 

Fair value of existing Class B interest

   $ 7,615   

Carrying value of Class B interest

     (3,330
  

 

 

 

Gain on remeasurement of equity method investment

   $ 10,945   
  

 

 

 
Sponsor [Member]
 
Schedule of Acquisition

The following table summarizes the net assets and historical net loss of the 2,770 single-family properties based on the dates such properties were acquired by our Sponsor through the date of the 2,770 Property Contribution (amounts in thousands, except number of properties):

 

    Period from
June 23, 2011 to
December 31, 2012
    Period from
January 1, 2013 to
February 28, 2013
    Total as of
February 28, 2013
(transaction date)
 

Number of properties

    2,661        109        2,770   

Single family properties

  $ 365,937      $ 20,563      $ 386,500   

Other assets

    7,203        (2,086     5,117   

Other liabilities

    (8,183     558        (7,625
 

 

 

   

 

 

   

 

 

 

Net assets contributed

  $ 364,957      $ 19,035      $ 383,992   
 

 

 

   

 

 

   

 

 

 

Rents from single family properties

  $ 4,413      $ 3,720      $ 8,133   

Property operating expenses

    (3,326     (1,920     (5,246

Depreciation

    (2,021     (1,324     (3,345

Allocated general and administrative expenses

    (6,996     (993     (7,989
 

 

 

   

 

 

   

 

 

 

Net loss

  $ (7,930   $ (517   $ (8,447
 

 

 

   

 

 

   

 

 

 

Contributed net assets and net loss

  $ 372,887      $ 19,552      $ 392,439