Real Estate Investments (Tables)

6 Months Ended

Jun. 30, 2014

Real Estate [Abstract]

Real Estate Investments

The Company’s real estate investments comprised the following as of June 30, 2014 and December 31, 2013 (in thousands):

	June 30, 2014
	Income producing property		Held for development		Construction in progress		Total
	(Unaudited)
Land	$	31,316	$	7,628	$	13,867	$	52,811
Land improvements		13,234		—		—		13,234
Buildings and improvements		391,900		—		—		391,900
Development and construction costs		—		964		91,386		92,350
Real estate investments	$	436,450	$	8,592	$	105,253	$	550,295
	December 31, 2013
	Income producing property		Held for development		Construction in progress		Total
Land	$	27,736	$	—	$	13,577	$	41,313
Land improvements		12,562		—		—		12,562
Buildings and improvements		365,941		—		—		365,941
Development and construction costs		—		—		43,160		43,160
Real estate investments	$	406,239	$	—	$	56,737	$	462,976

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