Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2017

Real Estate [Abstract]

Schedule of Investments in Real Estate, Net

Investments in real estate, net consisted of the following ($ in thousands):

	June 30, 2017
Building and building improvements	$	1,225,356
Land and land improvements		194,741
Furniture, fixtures and equipment		19,771
Total		1,439,868
Accumulated depreciation		(9,353	)
Investments in real estate, net	$	1,430,515

Schedule of Details of Properties Acquired

The following table provides further details of the properties acquired during the six months ended June 30, 2017 ($ in thousands):

Property Name	Number of Properties	Location	Sector	Acquisition Date	Purchase Price(1)
Hyatt Place UC Davis(2)	1	Davis, CA	Hotel	Jan. 2017	$	32,687
Sonora Canyon	1	Mesa, AZ	Multifamily	Feb. 2017		40,983
Stockton	1	Stockton, CA	Industrial	Feb. 2017		32,751
Bakers Centre	1	Philadelphia, PA	Retail	Mar. 2017		54,223
TA Multifamily Portfolio	6	Various(3)	Multifamily	Apr. 2017		432,593
HS Industrial Portfolio	38	Various(4)	Industrial	Apr. 2017		405,930
Emory Point(2)	1	Atlanta, GA	Multifamily(5)	May 2017		201,578
Nevada West	3	Las Vegas, NV	Multifamily	May 2017		170,965
Hyatt Place San Jose Downtown	1	San Jose, CA	Hotel	June 2017		65,321
Mountain Gate & Trails	2	Las Vegas, NV	Multifamily	June 2017		83,572
					$	1,520,603

(1) Purchase price is inclusive of acquisition related costs.

(2) The Hyatt Place UC Davis and Emory Point are subject to a ground lease. The Emory Point ground lease was prepaid by the seller and is recorded as an intangible asset on the Company’s consolidated balance sheet.

(3) The TA Multifamily Portfolio consists of a 32-floor property in downtown Orlando (“55 West”) and five garden style properties located in the suburbs of Palm Beach Gardens, Orlando, Chicago, Dallas and Kansas City.

(4) The HS Industrial Portfolio consists of 38 industrial properties located in six submarkets, with the following concentration based on square footage: Atlanta (38%), Chicago (23%), Houston (17%), Harrisburg (10%), Dallas (10%) and Orlando (2%).

(5)   Emory Point also includes 124,000 square feet of walkable retail space.

Schedule of Purchase Price Allocation of Properties

The following table summarizes the purchase price allocation for the properties acquired during the six months ended June 30, 2017 ($ in thousands):

	TA Multifamily Portfolio			HS Industrial Portfolio			Emory Point			Nevada West		All Other			Total
Building and building improvements	$	337,889		$	345,391		$	171,709		$	145,305	$	224,576		$	1,224,870
Land and land improvements		68,456			45,081			—			17,409		63,746			194,692
Furniture, fixtures and equipment		4,651			—			3,040			2,833		8,823			19,347
In-place lease intangibles		21,880			20,793			11,207			5,418		10,163			69,461
Below-market ground lease intangibles		—			—			—			—		4,683			4,683
Above-market lease intangibles		24			2,726			84			—		150			2,984
Below-market lease intangibles		(307	)		(8,061	)		(576	)		—		(2,604	)		(11,548	)
Prepaid ground lease rent		—			—			16,114			—		—			16,114
Total purchase price	$	432,593		$	405,930		$	201,578		$	170,965	$	309,537		$	1,520,603