4.	Real Estate Acquisitions

During the nine months ended September 30, 2018, the Company acquired a seniors housing community in Riverview, Florida (“Riverview”) for a purchase price of approximately $24.3 million. In connection therewith, the Company incurred approximately $0.7 million of acquisition fees and expenses, which were capitalized as a component of the cost of the assets acquired and allocated on a relative fair value basis. The seniors housing community features 92 resident units (62 assisted living and 30 memory care units) and is operated under a RIDEA structure pursuant to a five-year property management agreement with Fosters Development, Inc. (“Fosters”).

During the nine months ended September 30, 2017, the Company acquired a seniors housing community in Pensacola, Florida (“Summer Vista”) for a purchase price of approximately $21.4 million. In connection therewith, the Company incurred approximately $0.6 million of acquisition fees and expenses, which were capitalized as a component of the cost of the assets acquired and allocated on a relative fair value basis. The seniors housing community features 89 resident units (67 assisted living and 22 memory care units) and is operated under a RIDEA structure pursuant to a five-year property management agreement with SRI Management, LLC (“Superior Residences”).

The following summarizes the purchase price allocation for the above mentioned acquisitions, and the related assets acquired and liabilities assumed in connection with the acquisitions:

	September 30,
	2018			2017
Land and land improvements	$	1,763,286		$	2,269,406
Buildings and building improvements		21,087,594			17,611,786
Furniture, fixtures and equipment		813,747			857,338
In-place resident agreement intangibles ⁽¹⁾		1,282,871			1,286,507
Liabilities assumed		(115,779	)		(170,918	)
Total purchase price consideration	$	24,831,719		$	21,854,119

FOOTNOTE:

(1)

At the acquisition date, the weighted-average amortization period on the acquired in-place resident agreement intangibles was approximately 2.5 years and is based on the expected unit turnover.