Investments in Real Estate (Tables)

9 Months Ended

Sep. 30, 2018

Schedule of Investments in Real Estate, Net

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

	September 30, 2018			December 31, 2017
Building and building improvements	$	7,329,190		$	2,815,348
Land and land improvements		1,738,731			574,253
Furniture, fixtures and equipment		164,618			64,080
Total		9,232,539			3,453,681
Accumulated depreciation		(192,085	)		(47,126	)
Investments in real estate, net	$	9,040,454		$	3,406,555

Schedule of Details of Properties Acquired

The following table provides further details of the properties acquired during the nine months ended September 30, 2018 ($ in thousands):

Investment	Ownership Interest⁽¹⁾	Number of Properties		Location	Segment	Acquisition Date	Purchase Price⁽²⁾
Aston Multifamily Portfolio⁽³⁾	90%		8	Various⁽⁴⁾	Multifamily	Jan. 2018	$	141,743
Kraft Chicago Industrial Portfolio	100%		3	Aurora, IL	Industrial	Jan. 2018		151,365
Canyon Industrial Portfolio	100%		146	Various⁽⁵⁾	Industrial	Mar. 2018		1,837,213
The Boulevard	100%		1	Phoenix, AZ	Multifamily	April 2018		48,392
Highroads MH	99%		3	Phoenix, AZ	Multifamily	April 2018		18,637
Blue Hills Multifamily	100%		1	Boston, MA	Multifamily	May 2018		131,747
Wave Multifamily Portfolio	100%		6	Various⁽⁶⁾	Multifamily	May 2018		423,135
ACG III Multifamily	95%		2	Gresham, OR & Turlock, CA	Multifamily	May 2018		96,182
Carroll Florida Multifamily	100%		2	Jacksonville & Orlando, FL	Multifamily	May 2018		116,832
HP Cold Storage Industrial Portfolio	100%		6	Various⁽⁷⁾	Industrial	May 2018		253,082
Henderson Select-Service 2-Pack	100%		2	Henderson, NV	Hotel	May 2018		36,260
Orlando Select-Service 2-Pack	100%		2	Orlando, FL	Hotel	May 2018		48,862
Solis at Flamingo	95%		1	Las Vegas, NV	Multifamily	June 2018		72,560
Evergreen Minari MH	99%		2	Phoenix, AZ	Multifamily	June 2018		8,614
Southwest MH	99%		14	Various⁽⁸⁾	Multifamily	June 2018		176,194
Velaire at Aspera	100%		1	Phoenix, AZ	Multifamily	July 2018		64,573
Hidden Springs MH	99%		1	Desert Hot Springs, CA	Multifamily	July 2018		17,122
SVPAC MH	99%		2	Phoenix, AZ	Multifamily	July 2018		14,278
Coyote Multifamily Portfolio	100%		6	Phoenix, AZ	Multifamily	Aug. 2018		311,813
Corporex Select Service Portfolio	100%		5	Various⁽⁹⁾	Hotel	Aug. 2018		117,869
JW Marriott San Antonio Hill Country Resort	100%		1	San Antonio, TX	Hotel	Aug. 2018		604,323
Vista Center	100%		1	Miami, FL	Retail	Aug. 2018		34,738
EdR Student Housing Portfolio	95%		20	Various⁽¹⁰⁾	Multifamily	Sept. 2018		1,230,857
			236				$	5,956,391

⁽¹⁾

Certain of the investments made by the Company provide the seller or the other partner a profits interest based on certain internal rate of return hurdles being achieved. Such investments are consolidated by the Company and any profits interest due to the other partner is reported within non-controlling interests.

⁽²⁾	Purchase price is inclusive of acquisition related costs.

⁽³⁾	The Aston Multifamily Portfolio closed in two stages and the final eight properties closed in January 2018. The first closing in November 2017 included 12 properties.

⁽⁴⁾	The Aston Multifamily Portfolio is located in four markets: Dallas/Fort Worth, TX (48% of units), Austin/San Antonio, TX (35%), Louisville, KY (9%), and Nashville, TN (8%).

⁽⁵⁾	The Canyon Industrial Portfolio consists of 146 industrial properties primarily concentrated in Chicago, IL (19% of sq. ft.), Dallas, TX (15%), Indianapolis, IN (11%), Baltimore/Washington, D.C. (9%), and Columbus, OH (7%).

⁽⁶⁾	The Wave Multifamily Portfolio is located in five markets: Sacramento, CA (28% of units), Las Vegas, NV (22%), Greater Seattle, WA (29%), Spokane, WA (14%), and Portland, OR (7%).

⁽⁷⁾	The HP Cold Storage Industrial Portfolio is located in four markets: Stockton, CA (52% of sq. ft.), Atlanta, GA (24%), Baltimore, MD (18%), and Austin, TX (6%).

⁽⁸⁾	Southwest MH is located in three markets: Phoenix, AZ (86% of sites), San Diego, CA (11%), and Palm Desert, CA (3%).

⁽⁹⁾	The Corporex Select Service Portfolio is located in five markets: Phoenix, AZ (24% of keys), Reno, NV (23%), Salt Lake City, UT (20%), Sonoma, CA (17%), and Tampa, FL (16%).

⁽¹⁰⁾	The EdR Student Housing Portfolio consists of 10,610 beds primarily concentrated at Penn State University (15% of beds), University of Arizona (10%), University of Virginia (8%), Arizona State University (8%) and Virginia Tech (8%).

Schedule of Purchase Price Allocation of Properties

The following table summarizes the purchase price allocation for the properties acquired during the nine months ended September 30, 2018 ($ in thousands):

	Canyon Industrial Portfolio			EdR Student Housing Portfolio			JW Marriott San Antonio Hill Country Resort		Wave Multifamily Portfolio		All Other			Total
Building and building improvements	$	1,362,916		$	1,034,732		$	474,529	$	323,954	$	1,270,880		$	4,467,011
Land and land improvements		376,762			138,249			84,218		82,686		480,079			1,161,994
Furniture, fixtures and equipment		—			11,072			39,979		5,252		31,745			88,048
In-place lease intangibles		109,031			51,583			597		11,243		87,257			259,711
Above-market lease intangibles		8,459			—			—		—		3,465			11,924
Below-market lease intangibles		(19,955	)		(122	)		—		—		(13,044	)		(33,121	)
Above-market ground lease intangible		—			(4,657	)		—		—		—			(4,657	)
Other		—			—			5,000		—		481			5,481
Total purchase price		1,837,213			1,230,857			604,323		423,135		1,860,863			5,956,391
Assumed mortgage notes⁽¹⁾		—			46,070			—		—		151,220			197,290
Non-controlling interest		—			12,802			—		—		—			12,802
Net purchase price	$	1,837,213		$	1,171,985		$	604,323	$	423,135	$	1,709,643		$	5,746,299

⁽¹⁾	Refer to Note 6 for additional details on the Company’s mortgage notes.