Acquired Properties

9 Months Ended

Sep. 30, 2012

Business Combination, Description [Abstract]

Acquired Properties

(3) Acquired Properties

The Company records identifiable assets, liabilities, noncontrolling interests and goodwill acquired in a business combination at fair value. During the nine months ended September 30, 2012 and 2011, the Company incurred $1,510 and $1,254, respectively, of acquisition and transaction costs that were recorded in general and administrative expenses on the consolidated statements of operations and other comprehensive income.

The table below reflects acquisition activity during the nine months ended September 30, 2012.

Segment	Property	Date	Gross Acquisition Price		Square Feet / Rooms
Lodging	Marriott-San Francisco Airport	3/23/2012	$	108,000	685 rooms
Lodging	Hilton St. Louis Downtown	3/23/2012	22,600		195 rooms
Lodging	Renaissance Arboretum – Austin, TX	3/23/2012	103,000		492 rooms
Lodging	Renaissance Waverly – Atlanta, GA	3/23/2012	97,000		521 rooms
Lodging	Marriott Griffin Gate Resort & Spa – Lexington, KY	3/23/2012	62,500		409 rooms
Retail	Tomball Town Center Outparcel	3/30/2012	3,000		6,541 square feet
Retail	Tulsa Hills Expansion	4/20/2012	10,600		74,406 square feet
Lodging	Bohemian Hotel Savannah Riverfront	8/9/2012	50,600		75 rooms
Total			$	457,300

On July 31, 2012, the Company placed in service two multi-family properties, University House at Central Florida (995 beds) and Arizona State University Polytech Student Housing (307 beds), for $65,300 and $12,000, respectively.

For properties acquired, during the three and nine months ended September 30, 2012 the Company recorded revenue of $37,368 and $77,851, respectively, and property net income of $5,384 and $12,233 excluding related expensed acquisition costs, respectively.