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Acquisition of Hotel Properties (Tables)
9 Months Ended
Sep. 30, 2015
Business Combinations [Abstract]  
Purchase Price Allocation
The allocation of the purchase price of the Residence Inn San Diego Gaslamp ("Gaslamp"), the Residence Inn Dedham ("Dedham"), the Residence Inn Ft. Lauderdale ("Ft. Lauderdale) and the Hilton Garden Inn Marina del Rey ("Marina del Rey") hotels based on the fair value on the date of the acquisition was (dollars in thousands):
 
Gaslamp
Dedham
Ft. Lauderdale
Marina del Rey
Acquisition date
2/25/2015

7/17/2015

8/17/2015

9/17/2015

Number of Rooms
240

81

104

134

Land
$

$
4,230

9,200


Building and improvements
89,040

17,304

24,048

43,210

Furniture, fixtures and equipment
960

466

252

1,340

Cash
3

2

2

6

Restricted cash



1,755

Accounts receivable
81

47

32

30

Deferred costs, net



43

Prepaid expenses and other assets
278

3

40

217

Accounts payable and accrued expenses
(204
)
(10
)
(279
)
(67
)
Mortgage debt



(22,569
)
Net assets acquired
$
90,158

$
22,042

$
33,295

$
23,965

Net assets acquired, net of cash
$
90,155

$
22,040

$
33,293

$
23,959

Pro Forma Financial Information
The following condensed pro forma financial information presents the unaudited results of operations for the three and nine months ended September 30, 2015 and 2014 as if the acquisition of the hotels acquired in 2015 and 2014 had taken place on January 1, 2014 and 2013, respectively. Since the acquisition of the Cherry Creek hotel was not material, the pro forma numbers presented below do not include the operating results of the Cherry Creek hotel prior to the acquisition date. Supplemental pro forma earnings were adjusted to exclude $569 and $836, respectively, of acquisition costs incurred in the three and nine months ended September 30, 2015 and include these acquisition costs in 2014. Supplemental pro forma earnings were adjusted to exclude $18 and $4,802, respectively, of acquisition costs incurred in the three and nine months ended September 30, 2014. The unaudited pro forma results have been prepared for comparative purposes only and are not necessarily indicative of what actual results of operations would have been had the acquisitions taken place on January 1, 2014 and 2013, respectively, nor do they purport to represent the results of operations for future periods (in thousands, except share and per share data).
 
For the three months ended
 
For the nine months ended
 
September 30,
 
September 30,
 
2015
 
2014
 
2015
 
2014
Pro forma total revenue
$
81,660

 
$
76,026

 
$
225,359

 
$
208,797

Pro forma net income
$
15,057

 
$
11,011

 
$
31,398

 
$
19,174

Pro forma income per share:
 
 
 
 
 
 
 
Basic
$
0.39

 
$
0.32

 
$
0.82

 
$
0.56

Diluted
$
0.39

 
$
0.32

 
$
0.81

 
$
0.56

Weighted average Common Shares Outstanding
 
 
 
 
 
 
 
Basic
38,307,129

 
33,997,789

 
38,307,129

 
33,997,789

Diluted
38,709,461

 
34,322,321

 
38,710,729

 
34,294,963

The amount of revenue and operating income from the hotels acquired in 2015 is as follows (in thousands):
 
For the three months ended
 
For the nine months ended
 
September 30, 2015
 
September 30, 2015
 
Revenue
 
Operating Income
 
Revenue
 
Operating Income
 
 
 
 
 
 
 
 
Residence Inn San Diego Gaslamp
$
4,182

 
$
2,356

 
$
9,505

 
$
5,568

Residence Inn Dedham, MA
991

 
604

 
991

 
604

Residence Inn Ft. Lauderdale, FL
521

 
104

 
521

 
104

Hilton Garden Inn Marina del Rey, CA
350

 
258

 
350

 
258

 
 
 
 
 
 
 
 
Total
$
6,044

 
$
3,322

 
$
11,367

 
$
6,534