Real Estate Investments (Tables)

3 Months Ended

Mar. 31, 2014

Real Estate Investments

The Company’s real estate investments comprised the following as of March 31, 2014 and December 31, 2013 (in thousands):

	March 31, 2014			December 31, 2013
	(Unaudited)
Land	$	44,893		$	41,313
Land improvements		12,895			12,562
Buildings and improvements		390,069			365,941
Construction in progress		64,960			43,160
		512,817			462,976
Accumulated depreciation		(108,706	)		(105,228	)
Net real estate investments	$	404,111		$	357,748

Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed

The following table summarizes the estimated fair values of the assets acquired and liabilities assumed at the acquisition date (in thousands):

	Liberty Apartments
	(Unaudited)
Land	$	3,580
Site improvements		280
Building and improvements		23,214
In-place leases		340
Indebtedness		(16,966	)
Net working capital		(679	)
Net assets acquired	$	9,769