3. Investments in Real Estate

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

	September 30, 2017
Building and building improvements	$	1,850,698
Land and land improvements		367,012
Furniture, fixtures and equipment		40,364
Total		2,258,074
Accumulated depreciation		(23,941	)
Investments in real estate, net	$	2,234,133

During the nine months ended September 30, 2017, the Company acquired interests in 18 real estate investments, which were comprised of 50 industrial, 27 multifamily, 7 hotel, and 1 retail property. As of December 31, 2016, the Company had not commenced its principal operations and had not acquired any real estate investment properties.

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

Property Name	Ownership Interest		Number of Properties	Location	Sector	Acquisition Date	Purchase Price⁽¹⁾
Hyatt Place UC Davis⁽²⁾		100%	1	Davis, CA	Hotel	Jan. 2017	$	32,687
Sonora Canyon		100%	1	Mesa, AZ	Multifamily	Feb. 2017		40,983
Stockton		100%	1	Stockton, CA	Industrial	Feb. 2017		32,751
Bakers Centre		100%	1	Philadelphia, PA	Retail	Mar. 2017		54,223
TA Multifamily Portfolio		100%	6	Various⁽³⁾	Multifamily	Apr. 2017		432,593
HS Industrial Portfolio		100%	38	Various⁽⁴⁾	Industrial	Apr. 2017		405,930
Emory Point⁽²⁾		100%	1	Atlanta, GA	Multifamily⁽⁵⁾	May 2017		201,578
Nevada West		100%	3	Las Vegas, NV	Multifamily	May 2017		170,965
Hyatt Place San Jose Downtown		100%	1	San Jose, CA	Hotel	June 2017		65,321
Mountain Gate & Trails		100%	2	Las Vegas, NV	Multifamily	June 2017		83,572
Elysian West		100%	1	Las Vegas, NV	Multifamily	July 2017		107,027
Florida Select-Service 4-Pack		100%	4	Tampa & Orlando, FL	Hotel	July 2017		58,973
Hyatt House Downtown Atlanta		100%	1	Atlanta, GA	Hotel	Aug. 2017		35,332
Harbor 5		100%	5	Dallas, TX	Multifamily	Aug. 2017		146,161
Gilbert Multifamily		90%	2	Gilbert, AZ	Multifamily	Sept. 2017		147,039
Domain & GreenVue Multifamily		100%	2	Dallas, TX	Multifamily	Sept. 2017		134,452
Fairfield Industrial		100%	11	Fairfield, NJ	Industrial	Sept. 2017		74,283
ACG II Multifamily Portfolio		94%	4	Various ⁽⁶⁾	Multifamily	Sept. 2017		148,038
			85				$	2,371,908

(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 a component of Intangible Assets on the Company’s Consolidated Balance Sheets.

(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.

(6)	The ACG II Multifamily Portfolio consists of four garden style properties in Modesto, CA, Olympia, WA, Flagstaff, AZ and Gilbert, AZ.

The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 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	$	847,905		$	1,848,199
Land and land improvements		68,456			45,081			—			17,409		235,876			366,822
Furniture, fixtures and equipment		4,651			—			3,040			2,833		28,892			39,416
In-place lease intangibles		21,880			20,793			11,207			5,418		46,094			105,392
Below-market ground lease intangibles		—			—			—			—		4,683			4,683
Above-market lease intangibles		24			2,726			84			—		465			3,299
Below-market lease intangibles		(307	)		(8,061	)		(576	)		—		(3,749	)		(12,693	)
Prepaid ground lease rent		—			—			16,114			—		—			16,114
Other intangibles		—			—			—			—		676			676
Total purchase price	$	432,593		$	405,930		$	201,578		$	170,965	$	1,160,842		$	2,371,908
Assumed mortgage notes⁽¹⁾		—			—			—			—		108,971			108,971
Net purchase price	$	432,593		$	405,930		$	201,578		$	170,965	$	1,051,871		$	2,262,937

(1)

Includes assumed mortgage notes with an outstanding principal balance of $107.4 million and premium on mortgage notes of $1.6 million as of September 30, 2017. Refer to Note 6 for additional details on the Company’s mortgage notes.

The weighted-average amortization periods for the acquired in-place lease intangibles, below-market ground lease intangibles, above-market lease intangibles, below-market lease intangibles, prepaid ground lease rent and other intangibles of the properties acquired during the nine months ended September 30, 2017 were 3, 52, 6, 6, 71 and 4 years, respectively.