applereitten10q093012.htm

0001185185-12-002398.txt : 20121106 0001185185-12-002398.hdr.sgml : 20121106 20121106165111 ACCESSION NUMBER: 0001185185-12-002398 CONFORMED SUBMISSION TYPE: 10-Q PUBLIC DOCUMENT COUNT: 10 CONFORMED PERIOD OF REPORT: 20120930 FILED AS OF DATE: 20121106 DATE AS OF CHANGE: 20121106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Apple REIT Ten, Inc. CENTRAL INDEX KEY: 0001498864 STANDARD INDUSTRIAL CLASSIFICATION: REAL ESTATE INVESTMENT TRUSTS [6798] IRS NUMBER: 000000000 STATE OF INCORPORATION: VA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 10-Q SEC ACT: 1934 Act SEC FILE NUMBER: 000-54651 FILM NUMBER: 121183825 BUSINESS ADDRESS: STREET 1: 814 EAST MAIN STREET CITY: RICHMOND STATE: VA ZIP: 23219 BUSINESS PHONE: 8043448121 MAIL ADDRESS: STREET 1: 814 EAST MAIN STREET CITY: RICHMOND STATE: VA ZIP: 23219 10-Q 1 applereitten10q093012.htm applereitten10q093012.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

x	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2012

o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM _______ TO _______

Commission File Number 000-54651

Apple REIT Ten, Inc.

(Exact name of registrant as specified in its charter)

Virginia		27-3218228
(State or other jurisdiction of incorporation or organization)		(IRS Employer Identification No.)

814 East Main Street Richmond, Virginia		23219
(Address of principal executive offices)		(Zip Code)

	(804) 344-8121
	(Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o		Accelerated filer o		Non-accelerated filer o		Smaller reporting company x
				(Do not check if a smaller reporting company)

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ¨ No x

Number of registrant’s common shares outstanding as of November 1, 2012: 63,245,436

Index

APPLE REIT TEN, INC.

FORM 10-Q

INDEX

				Page Number
PART I. FINANCIAL INFORMATION
	Item 1.	Financial Statements (Unaudited)
		Consolidated Balance Sheets – September 30, 2012 and December 31, 2011		3
		Consolidated Statements of Operations – Three and nine months ended September 30, 2012 and 2011		4
		Consolidated Statements of Cash Flows – Nine months ended September 30, 2012 and 2011		5
		Notes to Consolidated Financial Statements		6
	Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations		16
	Item 3.	Quantitative and Qualitative Disclosures About Market Risk		28
	Item 4.	Controls and Procedures		28
PART II. OTHER INFORMATION
	Item 1.		Legal Proceedings	29
	Item 2.		Unregistered Sales of Equity Securities and Use of Proceeds	30
	Item 6.		Exhibits	32
Signatures				33

This Form 10-Q includes references to certain trademarks or service marks. The Courtyard ® by Marriott, Fairfield Inn and Suites® by Marriott, TownePlace Suites® by Marriott and SpringHill Suites® by Marriott trademarks are the property of Marriott International, Inc. or one of its affiliates. The Hampton Inn and Suites®, Homewood Suites® by Hilton, Hilton Garden Inn® and Home2 Suites® by Hilton trademarks are the property of Hilton Worldwide or one or more of its affiliates. For convenience, the applicable trademark or service mark symbol has been omitted but will be deemed to be included wherever the above referenced terms are used.

Index

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

Apple REIT Ten, Inc.

Consolidated Balance Sheets

(in thousands, except share data)

	September 30, 2012			December 31, 2011
	(unaudited)
ASSETS
Investment in real estate, net of accumulated depreciation of $17,591 and $6,009, respectively	$	507,799		$	452,205
Cash and cash equivalents		125,019			7,079
Due from third party managers, net		4,646			1,241
Other assets, net		12,455			10,697
TOTAL ASSETS	$	649,919		$	471,222

LIABILITIES
Notes payable	$	81,584		$	69,636
Accounts payable and accrued expenses		7,020			5,671
TOTAL LIABILITIES		88,604			75,307

SHAREHOLDERS' EQUITY
Preferred stock, authorized 30,000,000 shares; none issued and outstanding		0			0
Series A preferred stock, no par value, authorized 400,000,000 shares; issued and outstanding 62,180,186 and 43,502,273 shares, respectively		0			0
Series B convertible preferred stock, no par value, authorized 480,000 shares; issued and outstanding 480,000 shares		48			48
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 62,180,186 and 43,502,273 shares, respectively		608,644			424,626
Distributions greater than net income		(47,377	)		(28,759	)
TOTAL SHAREHOLDERS' EQUITY		561,315			395,915

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	649,919		$	471,222

See notes to consolidated financial statements.

The Company was initially capitalized on August 13, 2010 and commenced operations on March 4, 2011.

Index

Apple REIT Ten, Inc.

Consolidated Statements of Operations

(Unaudited)

(in thousands, except per share data)

	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	2012			2011			2012			2011
Revenues:
Room revenue	$	29,627		$	13,246		$	80,422		$	19,957
Other revenue		2,855			1,141			8,004			1,954
Total revenue		32,482			14,387			88,426			21,911

Expenses:
Operating expense		8,069			3,317			21,763			5,063
Hotel administrative expense		2,491			1,098			6,887			1,614
Sales and marketing		2,826			1,091			7,716			1,652
Utilities		1,324			554			3,326			813
Repair and maintenance		1,039			416			2,901			613
Franchise fees		1,283			640			3,531			978
Management fees		1,016			454			2,743			692
Taxes, insurance and other		1,926			776			6,111			1,241
General and administrative		1,148			942			3,470			2,316
Acquisition related costs		607			3,605			1,541			8,153
Depreciation expense		4,094			1,861			11,582			2,959
Total expenses		25,823			14,754			71,571			26,094

Operating income (loss)		6,659			(367	)		16,855			(4,183	)

Interest income (expense), net		(1,140	)		(106	)		(3,462	)		141

Net income (loss)	$	5,519		$	(473	)	$	13,393		$	(4,042	)

Basic and diluted net income (loss) per common share	$	0.09		$	(0.01	)	$	0.26		$	(0.16	)
Weighted average common shares outstanding - basic and diluted		58,701			37,005			52,066			25,430

See notes to consolidated financial statements.

The Company was initially capitalized on August 13, 2010 and commenced operations on March 4, 2011.

Index

Apple REIT Ten, Inc.

Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

	Nine Months Ended
	September 30,
	2012			2011
Cash flows from (used in) operating activities:
Net income (loss)	$	13,393		$	(4,042	)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation		11,582			2,959
Amortization of deferred financing costs, fair value adjustments and other noncash expenses		140			40
Changes in operating assets and liabilities:
Increase in due from third party managers, net		(3,344	)		(2,708	)
(Increase) decrease in other assets, net		156			(91	)
Increase in accounts payable and accrued expenses		1,109			1,141
Net cash provided by (used in) operating activities		23,036			(2,701	)

Cash flows used in investing activities:
Cash paid for the acquisition of hotel properties		(51,226	)		(285,004	)
Deposits and other disbursements for potential acquisitions		(72	)		(2,312	)
Capital improvements		(5,241	)		(95	)
(Increase) decrease in capital improvement reserves		648			(12	)
Net cash used in investing activities		(55,891	)		(287,423	)

Cash flows from financing activities:
Net proceeds related to issuance of Units		198,532			384,067
Redemptions of Units		(14,546	)		0
Distributions paid to common shareholders		(32,011	)		(15,204	)
Payments of notes payable		(1,048	)		(90	)
Deferred financing costs		(132	)		(498	)
Payments on line of credit		0			(400	)
Net cash provided by financing activities		150,795			367,875

Increase in cash and cash equivalents		117,940			77,751

Cash and cash equivalents, beginning of period		7,079			124

Cash and cash equivalents, end of period	$	125,019		$	77,875

Non-cash transactions:
Notes payable assumed in acquisitions	$	13,067		$	39,729

See notes to consolidated financial statements.

The Company was initially capitalized on August 13, 2010 and commenced operations on March 4, 2011.

Index

APPLE REIT TEN, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

1. Organization and Summary of Significant Accounting Policies

Organization

Apple REIT Ten, Inc. together with its wholly owned subsidiaries (the “Company”) is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares, were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated.

Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2011 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2012.

Significant Accounting Policies

Use of Estimates

The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Offering Costs

The Company is raising capital through an on-going best-efforts offering of Units by David Lerner Associates, Inc., the managing underwriter, which receives a selling commission and a marketing expense allowance based on proceeds of the Units sold. Additionally, the Company has incurred other offering costs including legal, accounting and reporting services. These offering costs are recorded by the Company as a reduction of shareholders’ equity. As of September 30, 2012, the Company had sold 63.6 million Units for gross proceeds of $695.0 million and proceeds net of offering costs of $623.2 million. Offering costs included $69.5 million in selling commissions and marketing expenses and $2.4 million in other offering costs. The Company will offer Units until January 19, 2013, unless the offering is extended, or terminated if all of the Units are sold before then.

Index

Earnings Per Common Share

Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2012 or 2011. As a result, basic and diluted outstanding shares were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.

2. Real Estate Investments

The Company acquired five hotels during the first nine months of 2012. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands.

City

State

Brand

Manager

Date Acquired

Rooms

Gross Purchase Price

Gainesville

Homewood Suites

McKibbon

1/27/2012

103

14,550

Nashville

TownePlace Suites

LBA

1/31/2012

101

9,848

Jacksonville

Home2 Suites

LBA

5/4/2012

105

12,000

Boca Raton

Hilton Garden Inn

White

7/16/2012

149

10,900

Nassau Bay

Courtyard

LBA

7/17/2012

124

14,632

Total

582

61,930

The purchase price for these properties, net of debt assumed, was funded by the Company’s on-going best-efforts offering of Units. The Company assumed approximately $13.1 million of debt during the first nine months of 2012, in connection with the acquisition of the Homewood Suites hotel in Gainesville, Florida. The Company also used proceeds from its on-going best-efforts offering to pay approximately $1.5 million in acquisition related costs, including $1.2 million, representing 2% of the gross purchase price for these hotels, as a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”), which is 100% owned by Glade M. Knight, the Company’s Chairman and Chief Executive Officer, and approximately $0.3 million in other acquisition related costs, including title, legal and other related costs. These costs are included in acquisition related costs in the Company’s consolidated statements of operations for the nine months ended September 30, 2012.

The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements.

No goodwill was recorded in connection with any of the acquisitions.

As of September 30, 2012, the Company owned 31 hotels, located in 15 states, consisting of the following:

	Total by		Number of
Brand	Brand		Rooms
Hilton Garden Inn		9		1,443
Hampton Inn & Suites		5		626
Homewood Suites		4		416
TownePlace Suites		4		388
Fairfield Inn & Suites		3		310
Courtyard		2		266
Home2 Suites		2		227
SpringHill Suites		2		206
		31		3,882

Index

At September 30, 2012, the Company’s investment in real estate consisted of the following (in thousands):

Land	$	44,713
Building and Improvements		447,069
Furniture, Fixtures and Equipment		31,844
Franchise fees		1,764
		525,390
Less Accumulated Depreciation		(17,591	)
Investment in real estate, net	$	507,799

As of September 30, 2012, the Company had outstanding contracts for the potential purchase of five additional hotels for a total purchase price of $89.6 million. Four hotels are under construction and should be completed over the next 5 to 12 months from September 30, 2012. Closing on these four hotels is expected upon completion of construction. The purchase contract on the remaining hotel was terminated in October 2012. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that closings will occur under the outstanding purchase contracts. The following table summarizes the location, brand, number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts. All dollar amounts are in thousands.

Location (a)

Brand

Rooms

Deposits Paid

Gross Purchase Price

Dallas, TX

Hilton Garden Inn

165

27,300

Grapevine, TX

Courtyard

180

(b)

Grapevine, TX

TownePlace Suites

120

(b)

Huntsville, AL

(c)

Home2 Suites

(d)

Huntsville, AL

(c)

Hampton Inn & Suites

(d)

640

103

89,587


(a) The hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. On October 11, 2012, the contract to purchase the hotel under construction in Dallas, Texas was terminated. In connection with the termination of this contract, the initial deposit of $50,000 was repaid to the Company. Assuming all conditions to closing are met the purchase of the remaining four hotels should close over the next 5 to 12 months from September 30, 2012.
(b) The Courtyard and TownePlace Suites hotels in Grapevine, TX are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $41.7 million and an initial deposit of $50,000. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.
(c) If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the properties are under construction, at this time, the seller has not met all of the conditions to closing.
(d) The Home2 Suites and Hampton Inn & Suites hotels in Huntsville, AL are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $20.6 million and an initial deposit of $2,500. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.

As there can be no assurance that all conditions to closing will be satisfied, the Company includes deposits paid for hotels under contract in other assets, net in the Company’s consolidated balance sheets, and in deposits and other disbursements for potential acquisitions in the Company’s consolidated statements of cash flows. It is anticipated that the purchase price for the outstanding contracts will be funded from the proceeds of the Company’s on-going best-efforts offering of Units and cash on hand if a closing occurs.

Index

3. Notes Payable

During the first nine months of 2012, the Company assumed approximately $13.1 million of debt secured by a first mortgage note on the Gainesville, Florida Homewood Suites property. Prior to 2012, the Company assumed approximately $69.4 million in debt in connection with the acquisition of five hotel properties. The following table summarizes the hotel location, interest rate, maturity date and the principal amount assumed associated with each note payable outstanding as of September 30, 2012 and December 31, 2011. All dollar amounts are in thousands.

Location	Brand	Interest Rate (1)			Acquisition Date	Maturity Date	Principal Assumed		Outstanding balance as of September 30, 2012		Outstanding balance as of December 31, 2011
Knoxville, TN	Homewood Suites		6.30	%	7/19/2011	10/8/2016	$	11,499	$	11,296	$	11,428
Knoxville, TN	TownePlace Suites		5.45	%	8/9/2011	12/11/2015		7,392		7,145		7,306
Des Plaines, IL	Hilton Garden Inn		5.99	%	9/20/2011	8/1/2016		20,838		20,480		20,749
Scottsdale, AZ	Hilton Garden Inn		6.07	%	10/3/2011	2/1/2017		10,585		10,434		10,558
Skokie, IL	Hampton Inn & Suites		6.15	%	12/19/2011	7/1/2016		19,092		18,860		19,092
Gainesville, FL	Homewood Suites		5.89	%	1/27/2012	5/8/2017		13,067		12,937		0
							$	82,473	$	81,152	$	69,133

(1) At acquisition, the Company adjusted the interest rates on these loans to market rates and is amortizing the adjustments to interest expense over the life of the loan.

The Company estimates the fair value of its debt by discounting the future cash flows of each instrument at estimated market rates consistent with the maturity of the debt obligation with similar credit terms and credit characteristics, which are Level 3 inputs. Market rates take into consideration general market conditions and maturity. As of September 30, 2012, the carrying value and estimated fair value of the Company’s debt was approximately $81.6 million and $86.2 million. As of December 31, 2011, the carrying value and estimated fair value of the Company’s debt was $69.6 million and $69.4 million. The carrying value of the Company’s other financial instruments approximates fair value due to the short-term nature of these financial instruments.

4. Related Parties

The Company has, and is expected to continue to engage in, significant transactions with related parties. These transactions cannot be construed to be at arm’s length and the results of the Company’s operations may be different if these transactions were conducted with non-related parties. The Company’s independent members of the Board of Directors oversee and annually review the Company’s related party relationships (which include the relationships discussed in this section) and are required to approve any significant modifications to the contracts, as well as any new significant related party transactions. There were no changes to the contracts discussed in this section and the board approved the contract assignments discussed below. The Board of Directors is not required to approve each individual transaction that falls under the related party relationships. However, under the direction of the Board of Directors, at least one member of the Company’s senior management team approves each related party transaction.

The Company has a contract with ASRG, to acquire and dispose of real estate assets for the Company. A fee of 2% of the gross purchase price or gross sale price in addition to certain reimbursable expenses is paid to ASRG for these services. As of September 30, 2012, payments to ASRG for fees under the terms of this contract have totaled approximately $10.4 million since inception. Of this amount, the Company incurred $1.2 million and $6.5 million for the nine months ended September 30, 2012 and 2011, which is included in acquisition related costs in the Company’s consolidated statements of operations.

The Company is party to an advisory agreement with A10A, pursuant to which A10A provides management services to the Company. A10A provides these management services through an affiliate called Apple Fund Management LLC (“AFM”), which is a subsidiary of Apple REIT Six, Inc. An annual fee ranging from 0.1% to 0.25% of total equity proceeds received by the Company, in addition to certain reimbursable expenses, is payable to A10A for these management services. Total advisory fees incurred by the Company under the advisory agreement are included in general and administrative expenses and totaled approximately $0.4 million and $0.2 million for the nine months ended September 30, 2012 and 2011, respectively.

Index

In addition to the fees payable to ASRG and A10A, the Company reimbursed A10A or ASRG or paid directly to AFM on behalf of A10A or ASRG approximately $1.2 million and $1.0 million for the nine months ended September 30, 2012 and 2011. The expenses reimbursed are approximately $0.4 million and $0.5 million for costs reimbursed under the contract with ASRG and approximately $0.8 million and $0.5 million for costs reimbursed under the contract with A10A. The costs are included in general and administrative expenses and are for the Company’s proportionate share of the staffing and related costs provided by AFM at the direction of A10A.

AFM is an affiliate of Apple Six Advisors, Inc., Apple Seven Advisors, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc., Apple Ten Advisors, Inc., ASRG and Apple Six Realty Group, Inc., (collectively the “Advisors” which are wholly owned by Glade M. Knight). As such, the Advisors provide management services through the use of AFM to, respectively, Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc., Apple REIT Nine, Inc. and the Company (collectively the “Apple REIT Entities”). Although there is a potential conflict on time allocation of employees due to the fact that a senior manager, officer or staff member will provide services to more than one company, the Company believes that the executives and staff compensation sharing arrangement described more fully below allows the companies to share costs yet attract and retain superior executives and staff. The cost sharing structure also allows each entity to maintain a much more cost effective structure than having separate staffing arrangements. Amounts reimbursed to AFM include both compensation for personnel and “overhead” (office rent, utilities, benefits, office supplies, etc.) used by the companies. Since the employees of AFM perform services for the Apple REIT Entities and Advisors at the direction of the Advisors, individuals, including executive officers, receive their compensation at the direction of the Advisors and may receive consideration directly from the Advisors.

The Advisors and Apple REIT Entities allocate all of the costs of AFM among the Apple REIT Entities and the Advisors. The allocation of costs from AFM is reviewed at least annually by the Compensation Committees of the Apple REIT Entities. In making the allocation, management of each of the entities and their Compensation Committee consider all relevant facts related to each company’s level of business activity and the extent to which each company requires the services of particular personnel of AFM. Such payments are based on the actual costs of the services and are not based on formal record keeping regarding the time these personnel devote to the Company, but are based on a good faith estimate by the employee and/or his or her supervisor of the time devoted by the employee to the Company. As part of this arrangement, the day to day transactions may result in amounts due to or from the Apple REIT Entities. To efficiently manage cash disbursements, an individual Apple REIT Entity may make payments for any or all of the related companies. The amounts due to or from the related Apple REIT Entity are reimbursed or collected and are not significant in amount.

ASRG and A10A are 100% owned by Glade M. Knight, Chairman and Chief Executive Officer of the Company. Mr. Knight is also Chairman and Chief Executive Officer of Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Nine, Inc. Another member of the Company’s Board of Directors is also on the Board of Directors of Apple REIT Seven, Inc. and Apple REIT Eight, Inc.

In January 2012, the Company entered into an assignment of contract with ASRG to become the purchaser of all of the ownership interests in a limited liability company, which owned a TownePlace Suites by Marriott under construction in Nashville, Tennessee for a total purchase price of $9.8 million. ASRG entered into the assigned contract on July 8, 2010. Under the terms and conditions of the contract, ASRG assigned to the Company all of its rights and obligations under the purchase contract. There was no consideration paid to ASRG for this assignment, other than the reimbursement of the deposit previously made by ASRG totaling $2,500. There was no profit for ASRG in the assignment. The Company purchased this hotel on January 31, 2012, the same day the hotel opened for business.

Index

In July 2012, the Company entered into an assignment of contract with ASRG to become the purchaser of all of the ownership interests in a limited liability company, which owned a Courtyard by Marriott under construction in Nassau Bay, Texas, for a total purchase price of $14.6 million. ASRG entered into the assigned contract on July 7, 2011. Under the terms and conditions of the contract, ASRG assigned to the Company all of its rights and obligations under the purchase contract. There was no reimbursement of costs or consideration paid to ASRG for this assignment. There was no profit for ASRG in the assignment. The Company purchased this hotel on July 17, 2012, the same day the hotel opened for business.

The Company has incurred legal fees associated with the Legal Proceedings discussed herein. The Company also incurs other professional fees such as accounting, auditing and reporting. These fees are included in general and administrative expense in the Company’s consolidated statements of operations. To be cost effective, these services received by the Company are shared as applicable across the other Apple REIT Entities. The professionals cannot always specifically identify their fees for one company; therefore management allocates these costs across the companies that benefit from the services.

On occasion, the Company uses, for acquisition, renovation and asset management purposes, a Learjet owned by Apple Air Holding, LLC, which is jointly owned by Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc., and Apple REIT Nine, Inc. Total costs paid for the usage of the aircraft in the first nine months of 2012 and 2011 were $133,000 and $192,000.

5. Shareholders’ Equity

Series B Convertible Preferred Stock

The Company has issued 480,000 Series B convertible preferred shares to Glade M. Knight, Chairman and Chief Executive Officer of the Company, in exchange for the payment by him of $0.10 per Series B convertible preferred share, or an aggregate of $48,000. The Series B convertible preferred shares are convertible into common shares pursuant to the formula and on the terms and conditions set forth below.

There are no dividends payable on the Series B convertible preferred shares. Holders of more than two-thirds of the Series B convertible preferred shares must approve any proposed amendment to the articles of incorporation that would adversely affect the Series B convertible preferred shares.

Upon the Company’s liquidation, the holder of the Series B convertible preferred shares is entitled to a priority liquidation payment before any distribution of liquidation proceeds to the holders of the common shares. However, the priority liquidation payment of the holder of the Series B convertible preferred shares is junior to the holders of the Series A preferred shares’ distribution rights. The holder of a Series B convertible preferred share is entitled to a liquidation payment of $11 per number of common shares each Series B convertible preferred share would be convertible into according to the formula described below. In the event that the liquidation of the Company’s assets results in proceeds that exceed the distribution rights of the Series A preferred shares and the Series B convertible preferred shares, the remaining proceeds will be distributed between the common shares and the Series B convertible preferred shares, on an as converted basis.

Each holder of outstanding Series B convertible preferred shares shall have the right to convert any of such shares into common shares of the Company upon and for 180 days following the occurrence of any of the following events:

(1) substantially all of the Company’s assets, stock or business is sold or transferred through exchange, merger, consolidation, lease, share exchange, sale or otherwise, other than a sale of assets in liquidation, dissolution or winding up of the Company;

(2) the termination or expiration without renewal of the advisory agreement with A10A, or if the Company ceases to use ASRG to provide property acquisition and disposition services; or

(3) the Company’s common shares are listed on any securities exchange or quotation system or in any established market.

Index

Upon the occurrence of any conversion event, each Series B convertible preferred share may be converted into a number of common shares based upon the gross proceeds raised through the date of conversion in the Company’s $2 billion offering according to the following table:

Gross Proceeds Raised from Sales of Units through Date of Conversion	Number of Common Shares through Conversion of One Series B Convertible Preferred Share
$600 million		7.29150
$700 million		8.49719
$800 million		9.70287
$900 million		10.90855
$ 1 billion		12.11423
$ 1.1 billion		13.31991
$ 1.2 billion		14.52559
$ 1.3 billion		15.73128
$ 1.4 billion		16.93696
$ 1.5 billion		18.14264
$ 1.6 billion		19.34832
$ 1.7 billion		20.55400
$ 1.8 billion		21.75968
$ 1.9 billion		22.96537
$ 2 billion		24.17104

In the event that after raising gross proceeds of $2 billion, the Company raises additional gross proceeds in a subsequent public offering, each Series B convertible preferred share may be converted into an additional number of common shares based on the additional gross proceeds raised through the date of conversion in a subsequent public offering according to the following formula: (X/100 million) x 1.20568, where X is the additional gross proceeds rounded down to the nearest $100 million.

No additional consideration is due upon the conversion of the Series B convertible preferred shares. The conversion into common shares of the Series B convertible preferred shares will result in dilution of the shareholders’ interests and the termination of the Series A preferred shares.

Expense related to the issuance of 480,000 Series B convertible preferred shares to Mr. Knight will be recognized at such time when the number of common shares to be issued for conversion of the Series B shares can be reasonably estimated and the event triggering the conversion of the Series B shares to common shares occurs. The expense will be measured as the difference between the fair value of the common stock for which the Series B shares can be converted and the amounts paid for the Series B shares. Although the fair market value cannot be determined at this time, expense if the maximum offering is achieved could range from $0 to in excess of $127 million (assumes $11 per unit fair market value). Based on equity raised through September 30, 2012, if a triggering event had occurred, expense would have ranged from $0 to $38.5 million (assumes $11 per unit fair market value) and approximately 3.5 million common shares would have been issued.

Index

Unit Redemption Program

In April 2012, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year. Shareholders may request redemption of Units for a purchase price equal to 92.5% of the price paid per Unit if the Units have been owned for less than five years, or 100% of the price paid per Unit if the Units have been owned more than five years. The maximum number of Units that may be redeemed in any given year is three percent of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program. If the total redemption requests exceed the authorized amount of redemptions, the Board of Directors may limit the amount of redemptions as it deems prudent. If requests exceed the authorized amount, redemptions will be made on a pro-rata basis. Since the inception of the program through September 30, 2012, the Company has redeemed approximately 1.4 million Units in the amount of $14.5 million, representing 100% of the requested Unit redemptions.

Distributions

The Company’s annual distribution rate as of September 30, 2012 was $0.825 per common share, payable monthly. For the three months ended September 30, 2012 and 2011, the Company made distributions of $0.20625 per common share for a total of $12.1 million and $7.6 million. For the nine months ended September 30, 2012 and 2011, the Company made distributions of $0.61875 and $0.55 per common share for a total of $32.0 million and $15.2 million.

6. Pro Forma Information

The following unaudited pro forma information for the nine months ended September 30, 2012 and 2011 is presented as if the acquisitions of the Company’s 31 hotels acquired after December 31, 2010 had occurred on the latter of January 1, 2011 or the opening date of the hotel. The pro forma information does not purport to represent what the Company’s results of operations would actually have been if such transactions, in fact, had occurred on these applicable dates, nor does it purport to represent the results of operations for future periods. Amounts are in thousands, except per share data.

	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011

Total revenues	$	32,707	$	27,923	$	91,507	$	77,216
Net income		5,799		5,391		14,487		1,581
Net income per share - basic and diluted	$	0.10	$	0.14	$	0.28	$	0.04

The pro forma information reflects adjustments for actual revenues and expenses of the 31 hotels acquired during 2011 and 2012 for the respective period owned prior to acquisition by the Company. Net income has been adjusted as follows: (1) interest income and expense has been adjusted to reflect the reduction in cash and cash equivalents required to fund the acquisitions; (2) interest expense related to prior owner’s debt which was not assumed has been eliminated; (3) depreciation has been adjusted based on the Company’s basis in the hotels; and (4) transaction costs have been adjusted for the acquisition of existing businesses.

7. Legal Proceedings and Related Matters

The term the “Apple REIT Companies” means Apple REIT Ten, Inc. (the “Company”), Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Nine, Inc.

On December 13, 2011, the United States District Court for the Eastern District of New York ordered that three putative class actions, Kronberg, et al. v. David Lerner Associates, Inc., et al., Kowalski v. Apple REIT Ten, Inc., et al., and Leff v. Apple REIT Ten, Inc., et al., be consolidated and amended the caption of the consolidated matter to be In re Apple REITs Litigation. The District Court also appointed lead plaintiffs and lead counsel for the consolidated action and ordered lead plaintiffs to file and serve a consolidated complaint by February 17, 2012. The Company was previously named as a party in all three of the above mentioned class action lawsuits.

Index

On February 17, 2012, lead plaintiffs and lead counsel in the In re Apple REITs Litigation, Civil Action No. 1:11-cv-02919-KAM-JO, filed an amended consolidated complaint in the United States District Court for the Eastern District of New York against the Company, Apple Suites Realty Group, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc., Apple Ten Advisors, Inc., Apple Fund Management, LLC, Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Nine, Inc., their directors and certain officers, and David Lerner Associates, Inc. and David Lerner. The consolidated complaint, purportedly brought on behalf of all purchasers of Units in the Company and the other Apple REIT Companies, or those who otherwise acquired these Units that were offered and sold to them by David Lerner Associates, Inc., or its affiliates and on behalf of subclasses of shareholders in New Jersey, New York, Connecticut and Florida, asserts claims under Sections 11, 12 and 15 of the Securities Act of 1933. The consolidated complaint also asserts claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, negligence, and unjust enrichment, and claims for violation of the securities laws of Connecticut and Florida. The complaint seeks, among other things, certification of a putative nationwide class and the state subclasses, damages, rescission of share purchases and other costs and expenses.

On April 18, 2012, the Company, and the other Apple REIT Companies, served a motion to dismiss the consolidated complaint in the In re Apple REITs Litigation. The Company and the other Apple REIT Companies accompanied their motion to dismiss the consolidated complaint with a memorandum of law in support of their motion to dismiss the consolidated complaint. The briefing period for any motion to dismiss was completed on July 13, 2012.

The Company believes that any claims against it, its officers and directors and other Apple entities are without merit, and intends to defend against them vigorously. At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any.

Broker Dealer

On December 13, 2011, the Financial Industry Regulatory Authority (“FINRA”) amended its original complaint, filed on May 27, 2011, against David Lerner Associates, Inc., to include David Lerner, individually, as a party to this matter, as well as add additional claims related to the overall sales practices of both David Lerner Associates, Inc. and David Lerner relative to the Company’s Units. As discussed in its prospectus, dated January 19, 2011, the Company is offering its Units for sale through David Lerner Associates, Inc. as the managing dealer for its best efforts offering. David Lerner Associates, Inc. was also the sole distributor (managing dealer) of Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc., and Apple REIT Nine, Inc. The Company is unaffiliated with David Lerner Associates, Inc. or David Lerner; however, it does rely upon David Lerner Associates, Inc. for the offer and sale and administration of the Company’s Units. The Apple REIT Companies take these allegations against David Lerner Associates, Inc. and David Lerner very seriously, and the Apple REIT Companies intend to cooperate with any and all regulatory or governmental inquiries.

On October 22, 2012, the Financial Industry Regulatory Authority (“FINRA”) issued an order against David Lerner Associates, Inc. (“DLA”) and David Lerner, individually, requiring DLA to pay approximately $12 million in restitution to certain investors in our Units. In addition, David Lerner, individually, was fined $250,000 and suspended for one year from the securities industry, followed by a two year suspension from acting as a principal. Although the order requires DLA to pay restitution to certain investors, the actual investors who are to receive restitution are not known at this time but will be determined by an independent consultant as set forth in the order. While the order imposes sanctions, penalties and fines on both DLA and David Lerner, individually, the order does permit DLA to continue to serve as the managing dealer for the Company’s best-efforts offering of Units. The Company does not believe this settlement will affect the administration of its Units.

Index

8. Subsequent Events

In October 2012, the Company declared and paid approximately $4.3 million, or $0.06875 per outstanding common share, in distributions to its common shareholders.

In October 2012, under the guidelines of the Company’s Unit Redemption Program, the Company redeemed approximately 47,000 Units in the amount of $0.5 million. The redemptions represented approximately 8% of the total redemption requests due to the 3% limitation under the Unit Redemption Program.

During October 2012, the Company closed on the issuance of approximately 1.1 million Units through its on-going best-efforts offering, representing gross proceeds to the Company of approximately $12.2 million and proceeds net of selling and marketing costs of approximately $11.0 million.

On October 11, 2012, the Company terminated the purchase contract for a hotel under development in Dallas, Texas. The gross purchase price for the hotel was $27.3 million. In connection with the termination of this contract, the initial deposit of $50,000 was repaid to the Company.

On October 12, 2012, the Company entered into a purchase contract for the potential acquisition of a Courtyard by Marriott hotel in Clemson, South Carolina. The gross purchase price for the 110 room hotel is $15.0 million, and a refundable deposit of $50,000 was paid by the Company in connection with the contract. The purchase contract requires the assumption of three loans secured by the hotel. The total outstanding principal is approximately $9.2 million. The maturity dates of the loans range from May 2016 to November 2048 and the effective interest rates are fixed rates of 3.6%, 6.1% and a variable rate of LIBOR plus 2.5%.

Index

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

Forward-Looking Statements

This quarterly report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements are typically identified by use of terms such as “may,” “believe,” “expect,” “anticipate,” “intend,” “estimate,” “project,” “target,” “goal,” “plan,” “should,” “will,” “predict,” “potential” and similar expressions that convey the uncertainty of future events or outcomes. Such statements involve known and unknown risks, uncertainties, and other factors which may cause the actual results, performance, or achievements of the Company to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to, the ability of the Company to implement its acquisition strategy and operating strategy; the Company’s ability to manage planned growth; changes in economic cycles; the outcome of current and future litigation, regulatory proceedings or inquiries; and competition within the real estate industry. Although the Company believes that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore there can be no assurance that such statements included in this quarterly report will prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by the Company or any other person that the results or conditions described in such statements or the objectives and plans of the Company will be achieved. In addition, the Company’s qualification as a real estate investment trust involves the application of highly technical and complex provisions of the Internal Revenue Code. Readers should carefully review the Company’s financial statements and the notes thereto, as well as the risk factors described in the Company’s filings with the Securities and Exchange Commission. Any forward-looking statement that the Company makes speaks only as of the date of this report. The Company undertakes no obligation to publicly update or revise any forward-looking statements or cautionary factors, as a result of new information, future events, or otherwise, except as required by law.

Overview

Apple REIT Ten, Inc. together with its wholly owned subsidiaries (the “Company”) is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company, which has a limited operating history, was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. The Company was initially capitalized on August 13, 2010, with its first investor closing on January 27, 2011. Prior to the Company’s first hotel acquisition on March 4, 2011, the Company had no revenue, exclusive of interest income. As of September 30, 2012, the Company owned 31 hotels, five of which were purchased during the first nine months of 2012 and 26 which were purchased during 2011. Accordingly, the results of operations include only results from the date of ownership of the hotels.

Hotel Operations

Although hotel performance can be influenced by many factors including local competition, local and general economic conditions in the United States and the performance of individual managers assigned to each hotel, performance of the hotels as compared to other hotels within their respective local markets, in general, has met the Company’s expectations for the period owned. Although there is no way to predict future general economic conditions, the Company anticipates mid single digit revenue percentage increases for comparable hotels for the remainder of 2012 as compared to 2011 and similar year over year increases in 2013. Although the Company believes that the hotel industry will continue to improve, several key factors continue to negatively affect the economic recovery and add to general market uncertainty, including but not limited to, the continued high levels of unemployment, the slow pace of the U.S. economic recovery and the uncertainty surrounding the U.S. fiscal policy. Therefore, there can be no assurance that revenue at our hotel properties will continue to grow at the current rate.

Index

In evaluating financial condition and operating performance, the most important indicators on which the Company focuses are revenue measurements, such as average occupancy, average daily rate (“ADR”), revenue per available room (“RevPAR”) and market yield which compares an individual hotel’s results to others in its local market, and expenses, such as hotel operating expenses, general and administrative and other expenses as described below.

The following is a summary of the results from operations of the 31 hotels owned as of September 30, 2012 for their respective periods of ownership by the Company:

	Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands, except statistical data)	2012			Percent of Revenue			2011			Percent of Revenue			2012			Percent of Revenue			2011			Percent of Revenue

Total revenue	$	32,482			100	%	$	14,387			100	%	$	88,426			100	%	$	21,911			100	%
Hotel operating expenses		18,048			56	%		7,570			53	%		48,867			55	%		11,425			52	%
Taxes, insurance and other expense		1,926			6	%		776			5	%		6,111			7	%		1,241			6	%
General and administrative expense		1,148			4	%		942			7	%		3,470			4	%		2,316			11	%

Acquisition related costs		607						3,605						1,541						8,153
Depreciation		4,094						1,861						11,582						2,959
Interest (income) expense, net		1,140						106						3,462						(141	)

Number of hotels		31						19						31						19
Average Market Yield⁽¹⁾		128						125						130						126
ADR	$	115					$	110					$	114					$	112
Occupancy		73	%					75	%					71	%					75	%
RevPAR	$	84					$	83					$	81					$	84
Total rooms sold⁽²⁾		258,251						120,476						702,544						178,519
Total rooms available⁽³⁾		351,749						159,903						987,781						237,663

(1) Calculated from data provided by Smith Travel Research, Inc.® Excludes hotels under renovation or opened less than two years during the applicable periods.

(2) Represents the number of room nights sold during the period.

(3) Represents the number of rooms owned by the Company multiplied by the number of nights in the period.

Legal Proceedings and Related Matters

The term the “Apple REIT Companies” means Apple REIT Ten, Inc. (the “Company”), Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Nine, Inc.

Index

Broker Dealer

On December 13, 2011, the Financial Industry Regulatory Authority (“FINRA”) amended its original complaint, filed on May 27, 2011, against David Lerner Associates, Inc., to include David Lerner, individually, as a party to this matter, as well as add additional claims related to the overall sales practices of both David Lerner Associates, Inc. and David Lerner relative to the Company’s Units. As discussed in its prospectus, dated January 19, 2011, the Company is offering its Units for sale through David Lerner Associates, Inc. as the managing dealer for its best efforts offering. A copy of FINRA’s original complaint can be found at: http://www.finra.org/Newsroom/NewsReleases/2011/P123738; and FINRA’s amended complaint can be found at: http://disciplinaryactions.finra.org/viewdocument.aspx?DocNB=29068. David Lerner Associates, Inc. was also the sole distributor (managing dealer) of Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc., and Apple REIT Nine, Inc. The Company is unaffiliated with David Lerner Associates, Inc. or David Lerner; however, it does rely upon David Lerner Associates, Inc. for the offer and sale and administration of the Company’s Units. The Apple REIT Companies take these allegations against David Lerner Associates, Inc. and David Lerner very seriously, and the Apple REIT Companies intend to cooperate with any and all regulatory or governmental inquiries.

On October 22, 2012, the Financial Industry Regulatory Authority (“FINRA”) issued an order against David Lerner Associates, Inc. (“DLA”) and David Lerner, individually, requiring DLA to pay approximately $12 million in restitution to certain investors in our Units. In addition, David Lerner, individually, was fined $250,000 and suspended for one year from the securities industry, followed by a two year suspension from acting as a principal. Although the order requires DLA to pay restitution to certain investors, the actual investors who are to receive restitution are not known at this time but will be determined by an independent consultant as set forth in the order. While the order imposes sanctions, penalties and fines on both DLA and David Lerner, individually, the order does permit DLA to continue to serve as the managing dealer for the Company’s best-efforts offering of Units. A copy of FINRA’s order can be found at: http://www.finra.org/web/groups/industry/@ip/@enf/@ad/documents/industry/p192456.pdf. The Company does not believe this settlement will affect the administration of its Units.

Hotels Owned

As noted above, the Company commenced operations in March 2011 upon the purchase of its first hotel property. The following table summarizes the location, brand, manager, date acquired, number of rooms and gross purchase price for each of the 31 hotels the Company owned as of September 30, 2012. All dollar amounts are in thousands.

Index

City

State

Brand

Manager

Date Acquired

Rooms

Gross Purchase Price

Denver

Hilton Garden Inn

Stonebridge

3/4/2011

221

58,500

Winston-Salem

Hampton Inn & Suites

McKibbon

3/15/2011

11,000

Matthews

Fairfield Inn & Suites

Newport

3/25/2011

10,000

Columbia

TownePlace Suites

Newport

3/25/2011

10,500

Mobile

Hampton Inn & Suites

McKibbon

6/2/2011

101

13,000

Gainesville

Hilton Garden Inn

McKibbon

6/2/2011

104

12,500

Pensacola

TownePlace Suites

McKibbon

6/2/2011

11,500

Knoxville

SpringHill Suites

McKibbon

6/2/2011

103

14,500

Richmond

SpringHill Suites

McKibbon

6/2/2011

103

11,000

Cedar Rapids

Hampton Inn & Suites

Schulte

6/8/2011

103

13,000

Cedar Rapids

Homewood Suites

Schulte

6/8/2011

13,000

Hoffman Estates

Hilton Garden Inn

Schulte

6/10/2011

184

10,000

Davenport

Hampton Inn & Suites

Schulte

7/19/2011

103

13,000

Knoxville

Homewood Suites

McKibbon

7/19/2011

103

15,000

Knoxville

TownePlace Suites

McKibbon

8/9/2011

9,000

Mason

Hilton Garden Inn

Schulte

9/1/2011

110

14,825

Omaha

Hilton Garden Inn

White

9/1/2011

178

30,018

Des Plaines

Hilton Garden Inn

Raymond

9/20/2011

251

38,000

Merillville

Hilton Garden Inn

Schulte

9/30/2011

124

14,825

Austin/Round Rock

Homewood Suites

Vista

10/3/2011

115

15,500

Scottsdale

Hilton Garden Inn

White

10/3/2011

122

16,300

South Bend

Fairfield Inn & Suites

White

11/1/2011

119

17,500

Charleston

Home2 Suites

LBA

11/10/2011

122

13,908

Oceanside

Courtyard

Marriott

11/28/2011

142

30,500

Skokie

Hampton Inn & Suites

Raymond

12/19/2011

225

32,000

Tallahassee

Fairfield Inn & Suites

LBA

12/30/2011

9,355

Gainesville

Homewood Suites

McKibbon

1/27/2012

103

14,550

Nashville

TownePlace Suites

LBA

1/31/2012

101

9,848

Jacksonville

Home2 Suites

LBA

5/4/2012

105

12,000

Boca Raton

Hilton Garden Inn

White

7/16/2012

149

10,900

Nassau Bay

Courtyard

LBA

7/17/2012

124

14,632

Total

3,882

520,161

The purchase price for these properties, net of debt assumed was funded by the Company’s on-going best-efforts offering of Units. The Company assumed approximately $82.5 million of debt secured by six of its hotel properties. The following table summarizes the hotel location, interest rate, maturity date and the principal amount assumed associated with each note payable outstanding as of September 30, 2012. All dollar amounts are in thousands.

Location	Brand	Interest Rate (1)			Acquisition Date	Maturity Date	Principal Assumed		Outstanding balance as of September 30, 2012
Knoxville, TN	Homewood Suites		6.30	%	7/19/2011	10/8/2016	$	11,499	$	11,296
Knoxville, TN	TownePlace Suites		5.45	%	8/9/2011	12/11/2015		7,392		7,145
Des Plaines, IL	Hilton Garden Inn		5.99	%	9/20/2011	8/1/2016		20,838		20,480
Scottsdale, AZ	Hilton Garden Inn		6.07	%	10/3/2011	2/1/2017		10,585		10,434
Skokie, IL	Hampton Inn & Suites		6.15	%	12/19/2011	7/1/2016		19,092		18,860
Gainesville, FL	Homewood Suites		5.89	%	1/27/2012	5/8/2017		13,067		12,937
							$	82,473	$	81,152

(1) At acquisition, the Company adjusted the interest rates on these loans to market rates and is amortizing the adjustments to interest expense over the life of the loan.

Index

The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements. The Company also used the proceeds of its on-going best-efforts offering to pay approximately $10.4 million, representing 2% of the gross purchase price for these hotels, as a commission to Apple Suites Realty Group, Inc. (“ASRG”), 100% owned by Glade M. Knight, the Company’s Chairman and Chief Executive Officer.

No goodwill was recorded in connection with any of the acquisitions.

Results of Operations

During the period from the Company’s initial capitalization on August 13, 2010 to March 3, 2011, the Company owned no properties, had no revenue, exclusive of interest income and was primarily engaged in capital formation activities. During this period, the Company incurred miscellaneous start-up costs and interest expense related to an unsecured line of credit. The Company’s first investor closing under its on-going best-efforts offering occurred on January 27, 2011 and the Company began operations on March 4, 2011 when it purchased its first hotel. Since then, the Company has purchased an additional 30 hotel properties through September 30, 2012. As a result, a comparison of 2012 operating results to prior year results is not meaningful.

Revenues

The Company’s principal source of revenue is hotel revenue, consisting of room and other related revenue. For the three and nine months ended September 30, 2012, the Company had total revenue of approximately $32.5 million and $88.4 million. This revenue reflects hotel operations for the 31 hotels acquired through September 30, 2012 for their respective periods of ownership by the Company. For the three months ended September 30, 2012, the hotels achieved combined average occupancy of approximately 73%, ADR of $115 and RevPAR of $84. For the nine months ended September 30, 2012, the hotels achieved combined average occupancy of approximately 71%, ADR of $114 and RevPAR of $81. ADR is calculated as room revenue divided by the number of rooms sold, and RevPAR is calculated as occupancy multiplied by ADR. The Company’s hotels have shown results consistent with industry and brand averages for the short period of ownership. The Company’s average Market Yield for the nine months ended September 30, 2012 was 130. The Market Yield is a measure of each hotel’s RevPAR compared to the average in the market, with 100 being the average (the index excludes hotels under renovation or open less than two years) and is provided by Smith Travel Research, Inc.®, an independent company that tracks historical hotel performance in most markets throughout the world. The Company will continue to pursue market opportunities to improve revenue. With continued demand and room rate improvement, the Company and industry are forecasting a mid single digit percentage increase in revenue for the remainder of 2012 as compared to 2011 for comparable hotels, with the trend expected to continue in 2013.

Expenses

Hotel operating expenses relate to the 31 hotels acquired through September 30, 2012 for their respective periods owned and consist of direct room expenses, hotel administrative expense, sales and marketing expense, utilities expense, repair and maintenance expense, franchise fees and management fees. For the three months ended September 30, 2012, hotel operating expenses totaled approximately $18.0 million or 56% of total revenue. For the nine months ended September 30, 2012, hotel operating expenses totaled approximately $48.9 million or 55% of total revenue. Seven of the hotels acquired by the Company opened within the past two years. As a result, although operating expenses will increase with a full year of ownership for all properties, it is anticipated that expense as a percentage of revenue for the properties owned at September 30, 2012 will decline as new properties establish themselves within their respective markets. In addition, operating expenses were impacted by four hotel renovations, with approximately 9,000 room nights out of service during the first nine months of 2012 due to such renovations. Although operating expenses will increase as revenue increases, the Company will continue to work with its management companies to reduce costs as a percentage of revenue where possible while maintaining quality and service levels at each property.

Index

Taxes, insurance, and other expense for the three and nine months ended September 30, 2012 totaled approximately $1.9 million and $6.1 million, or 6% and 7% of total revenue. As discussed above, with the addition of seven newly opened hotels, taxes, insurance and other expenses as a percentage of revenue is anticipated to decline as the properties become established in their respective markets. However, for comparable hotels, taxes will likely increase if the economy continues to improve and localities reassess property values accordingly. Also, for comparable hotels, 2012 insurance rates have increased due to property and casualty carriers’ losses world-wide in the past year.

General and administrative expense for the three and nine months ended September 30, 2012 totaled approximately $1.1 million and $3.5 million. The principal components of general and administrative expense are advisory fees and reimbursable expenses, legal fees, accounting fees and reporting expenses. During the nine months ended September 30, 2012, the Company incurred approximately $0.7 million in legal costs, an increase over the prior year due to the legal matters discussed herein and costs related to responding to requests from the staff of the Securities and Exchange Commission (“SEC”). The SEC staff has been conducting a non-public investigation, which is focused principally on the adequacy of certain disclosures and the review of certain transactions involving Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc., and Apple REIT Nine, Inc. Although the Company believes it is currently not the focus of the SEC investigation, the Company’s officers are the same officers as the other Apple REIT Companies. The other Apple REIT Companies are engaging in a dialogue with the SEC staff concerning the issues noted and the roles of certain officers. At this time, the Company cannot predict the outcome or timing of this matter as it relates to the other Apple REIT Companies or its officers. The Company anticipates it will continue to incur significant legal costs for at least the remainder of 2012 and possibly into 2013 related to these matters.

Acquisition related costs for the three and nine months ended September 30, 2012 were approximately $0.6 million and $1.5 million. The Company has expensed as incurred all transaction costs associated with the acquisitions of existing businesses, including title, legal, accounting and other related costs, as well as the brokerage commission paid to ASRG.

Depreciation expense for the three and nine months ended September 30, 2012 totaled approximately $4.1 million and $11.6 million. Depreciation expense represents expense of the Company’s 31 hotel buildings and related improvements, and associated personal property (furniture, fixtures and equipment), for their respective periods owned.

Interest expense during the three and nine months ended September 30, 2012 totaled approximately $1.2 million and $3.6 million and is net of approximately $71,000 and $177,000 of interest capitalized associated with renovation projects. Interest expense primarily arose from debt assumed with the acquisition of six of the Company’s hotels (one loan assumption in 2012 and five loan assumptions in 2011). For the three and nine months ended September 30, 2012, the Company recognized interest income of approximately $73,000 and $134,000. Interest income represents earnings on excess cash invested in short term money market instruments.

Related Parties

Index

Series B Convertible Preferred Stock

Index

(2) the termination or expiration without renewal of the advisory agreement with A10A, or if the Company ceases to use ASRG to provide property acquisition and disposition services; or

(3) the Company’s common shares are listed on any securities exchange or quotation system or in any established market.

Gross Proceeds Raised from Sales of Units through Date of Conversion	Number of Common Shares through Conversion of One Series B Convertible Preferred Share
$600 million		7.29150
$700 million		8.49719
$800 million		9.70287
$900 million		10.90855
$ 1 billion		12.11423
$ 1.1 billion		13.31991
$ 1.2 billion		14.52559
$ 1.3 billion		15.73128
$ 1.4 billion		16.93696
$ 1.5 billion		18.14264
$ 1.6 billion		19.34832
$ 1.7 billion		20.55400
$ 1.8 billion		21.75968
$ 1.9 billion		22.96537
$ 2 billion		24.17104

Index

Liquidity and Capital Resources

The Company was initially capitalized on August 13, 2010, with its first investor closing on January 27, 2011. The Company’s principal sources of liquidity are cash on hand, the proceeds of its on-going best-efforts offering and the cash flow generated from properties the Company has or will acquire and any short term investments. In addition, the Company may borrow funds, subject to the approval of the Company’s Board of Directors.

The Company anticipates that cash flow from operations, and cash on hand, will be adequate to meet its anticipated liquidity requirements, including debt service, capital improvements, required distributions to shareholders to maintain its REIT status and planned Unit redemptions. The Company intends to use the proceeds from the Company’s on-going best-efforts offering and cash on hand to purchase the hotels under contract if a closing occurs, however, it may use debt if necessary to complete the acquisitions.

To maintain its REIT status the Company is required to distribute at least 90% of its ordinary income. Distributions during the first nine months of 2012 totaled approximately $32.0 million and were paid at a monthly rate of $0.06875 per common share. For the same period, the Company’s cash generated from operations was approximately $23.0 million. Due to the inherent delay between raising capital and investing that same capital in income producing real estate, the Company has had significant amounts of cash earning interest at short term money market rates. As a result, a portion of distributions paid through September 30, 2012 have been funded from proceeds from the on-going best-efforts offering of Units, and are expected to be treated as a return of capital for federal income tax purposes.

In February 2011, the Company’s Board of Directors established a policy for an annualized distribution rate of $0.825 per common share, payable in monthly distributions. The Company intends to continue paying distributions on a monthly basis, consistent with the annualized distribution rate established by its Board of Directors. The Company’s Board of Directors, upon the recommendation of the Audit Committee, may amend or establish a new annualized distribution rate and may change the timing of when distributions are paid. The Company’s objective in setting a distribution rate is to project a rate that will provide consistency over the life of the Company taking into account acquisitions and capital improvements, ramp up of new properties and varying economic cycles. To meet this objective, the Company may require the use of debt or offering proceeds in addition to cash from operations. Since a portion of distributions to date have been funded with proceeds from the offering of Units, the Company’s ability to maintain its current intended rate of distribution will be based on its ability to fully invest its offering proceeds and thereby increase its cash generated from operations. As there can be no assurance of the Company’s ability to acquire properties that provide income at this level, or that the properties already acquired will provide income at this level, there can be no assurance as to the classification or duration of distributions at the current rate. Proceeds of the offering which are distributed are not available for investment in properties.

Index

The Company is raising capital through a best-efforts offering of Units (each Unit consists of one common share and one Series A preferred share) by David Lerner Associates, Inc., the managing dealer, which receives selling commissions and a marketing expense allowance based on proceeds of the Units sold. The minimum offering of 9,523,810 Units at $10.50 per Unit was sold as of January 27, 2011, with proceeds net of commissions and marketing expenses totaling $90 million. Subsequent to the minimum offering and through September 30, 2012, an additional 54.1 million Units, at $11 per Unit, were sold, with the Company receiving proceeds, net of commissions, marketing expenses and other offering costs of approximately $533.2 million. The Company is continuing its offering at $11.00 per Unit. The Company will offer Units until January 19, 2013, unless the offering is extended, or terminated if all of the Units are sold before then. As of September 30, 2012, 118,635,205 Units remained unsold.

The Company has on-going capital commitments to fund its capital improvements. The Company is required, under all of the hotel management agreements and certain loan agreements, to make available, for the repair, replacement, refurbishing of furniture, fixtures, and equipment, a percentage of gross revenues provided that such amount may be used for the Company’s capital expenditures with respect to the hotels. The Company expects that this amount will be adequate to fund required repair, replacement, and refurbishments and to maintain the Company’s hotels in a competitive condition. As of September 30, 2012, the Company held approximately $6.3 million in reserve for capital expenditures. During the first nine months of 2012, the Company spent approximately $5.2 million in capital expenditures and anticipates spending an additional $2 to $4 million for the remainder of 2012 on properties owned at September 30, 2012. The Company does not currently have any existing or planned projects for development.

Location (a)

Brand

Rooms

Deposits Paid

Gross Purchase Price

Dallas, TX

Hilton Garden Inn

165

27,300

Grapevine, TX

Courtyard

180

(b)

Grapevine, TX

TownePlace Suites

120

(b)

Huntsville, AL

(c)

Home2 Suites

(d)

Huntsville, AL

(c)

Hampton Inn & Suites

(d)

640

103

89,587


(a) The hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. On October 11, 2012, the contract to purchase the hotel under construction in Dallas, Texas was terminated. In connection with the termination of this contract, the initial deposit of $50,000 was repaid to the Company. Assuming all conditions to closing are met the purchase of the remaining four hotels should close over the next 5 to 12 months from September 30, 2012.
(b) The Courtyard and TownePlace Suites hotels in Grapevine, TX are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $41.7 million and an initial deposit of $50,000. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.
(c) If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the properties are under construction, at this time, the seller has not met all of the conditions to closing.
(d) The Home2 Suites and Hampton Inn & Suites hotels in Huntsville, AL are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $20.6 million and an initial deposit of $2,500. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.

Index

It is anticipated that the purchase price for the outstanding contracts will be funded from the proceeds of the Company’s on-going best-efforts offering of Units and cash on hand if a closing occurs.

Impact of Inflation

Operators of hotels, in general, possess the ability to adjust room rates daily to reflect the effects of inflation. Competitive pressures may, however, limit the operators’ ability to raise room rates. Currently the Company is not experiencing any material impact from inflation.

Business Interruption

Being in the real estate industry, the Company is exposed to natural disasters on both a local and national scale. Although management believes there is adequate insurance to cover this exposure, there can be no assurance that such events will not have a material adverse effect on the Company’s financial position or results of operations.

Seasonality

The hotel industry historically has been seasonal in nature. Seasonal variations in occupancy at the Company’s hotels may cause quarterly fluctuations in its revenues. To the extent that cash flow from operations is insufficient during any quarter, due to temporary or seasonal fluctuations in revenue, the Company expects to utilize cash on hand, or, if necessary, any available other financing sources, to make distributions.

Subsequent Events

In October 2012, the Company declared and paid approximately $4.3 million, or $0.06875 per outstanding common share, in distributions to its common shareholders.

Index

Item 3. Quantitative and Qualitative Disclosures About Market Risk

The Company does not engage in transactions in derivative financial instruments or derivative commodity instruments. As of September 30, 2012, the Company’s financial instruments were not exposed to significant market risk due to foreign currency exchange risk, commodity price risk or equity price risk. The Company will be exposed to changes in short term money market rates as it invests the proceeds from the sale of Units pending use in acquisitions and renovations. Based on the Company’s cash invested at September 30, 2012, of $125.0 million, every 100 basis points change in interest rates will impact the Company’s annual net income by approximately $1.25 million, all other factors remaining the same.

Item 4. Controls and Procedures

Senior management, including the Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the Company’s disclosure controls and procedures as of the end of the period covered by this report. Based on this evaluation process, the Chief Executive Officer and Chief Financial Officer have concluded that the Company’s disclosure controls and procedures were effective as of September 30, 2012. There have been no changes in the Company’s internal control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Index

PART II. OTHER INFORMATION

Item 1. Legal Proceedings

The term the “Apple REIT Companies” means Apple REIT Ten, Inc. (the “Company”), Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Nine, Inc.

Broker Dealer

On December 13, 2011, the Financial Industry Regulatory Authority (“FINRA”) amended its original complaint, filed on May 27, 2011, against David Lerner Associates, Inc., to include David Lerner, individually, as a party to this matter, as well as add additional claims related to the overall sales practices of both David Lerner Associates, Inc. and David Lerner relative to the Company’s Units. As discussed in its prospectus, dated January 19, 2011, the Company is offering its Units for sale through David Lerner Associates, Inc. as the managing dealer for its best efforts offering. A copy of FINRA’s original complaint can be found at: http://www.finra.org/Newsroom/NewsReleases/2011/P123738; and FINRA’s amended complaint can be found at: http://disciplinaryactions.finra.org/viewdocument.aspx?DocNB=29068. David Lerner Associates, Inc. was also the sole distributor (managing dealer) of Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc., and Apple REIT Nine, Inc. The Company is unaffiliated with David Lerner Associates, Inc. or David Lerner; however, it does rely upon David Lerner Associates, Inc. for the offer and sale and administration of the Company’s Units. The Apple REIT Companies take these allegations against David Lerner Associates, Inc. and David Lerner very seriously, and the Apple REIT Companies intend to cooperate with any and all regulatory or governmental inquiries.

Index

On October 22, 2012, FINRA issued an order against DLA and David Lerner, individually, requiring DLA to pay approximately $12 million in restitution to certain investors in our Units. In addition, David Lerner, individually, was fined $250,000 and suspended for one year from the securities industry, followed by a two year suspension from acting as a principal. Although the order requires DLA to pay restitution to certain investors, the actual investors who are to receive restitution are not known at this time but will be determined by an independent consultant as set forth in the order. While the order imposes sanctions, penalties and fines on both DLA and David Lerner, individually, the order does permit DLA to continue to serve as the managing dealer for the Company’s best-efforts offering of Units. A copy of FINRA’s order can be found at: http://www.finra.org/web/groups/industry/@ip/@enf/@ad/documents/industry/p192456.pdf. The Company does not believe this settlement will affect the administration of its Units.

Item 2. Unregistered Sales Of Equity Securities And Use Of Proceeds

The Company has registered, effective January 19, 2011, 182,251,082 Units (each Unit consisting of one common share and one Series A preferred share). The managing underwriter is David Lerner and Associates, Inc. The following tables set forth information concerning the on-going best-efforts offering and the use of proceeds from the offering as of September 30, 2012. All amounts in thousands, except per Unit data:

Units Registered:

	9,524	Units $10.50 per Unit	$	100,000
	172,727	Units $11 per Unit		1,900,000
Totals:	182,251	Units	$	2,000,000

Units Sold:

	9,524	Units $10.50 per Unit	$	100,000
	54,092	Units $11 per Unit		595,013
Totals:	63,616	Units		695,013

Expenses of Issuance and Distribution of Units

1. Underwriting discounts and commission				69,501
2. Expenses of underwriters				0
3. Direct or indirect payments to directors or officers of the Company or their
associates, to ten percent shareholders, or to affiliates of the Company				0
4. Fees and expenses of third parties				2,351
Total Expenses of Issuance and Distribution of Common Shares				71,852
Net Proceeds to the Company			$	623,161

1. Purchase of real estate (net of debt proceeds and repayment)			$	443,062
2. Deposits and other costs associated with potential real estate acquisitions				174
3. Repayment of other indebtedness, including interest expense paid				6,090
4. Investment and working capital				162,688
5. Fees to the following (all affiliates of officers of the Company):
a. Apple Ten Advisors, Inc. (excludes reimbursed expenses)				744
b. Apple Suites Realty Group, Inc. (excludes reimbursed expenses)				10,403
6. Fees and expenses of third parties				0
7. Other				0
Total of Application of Net Proceeds to the Company			$	623,161

Index

Unit Redemption Program

In April 2012, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year. Since the inception of the program through July 2012 (the last scheduled redemption date during the three months ended September 30, 2012), shareholders were permitted to request redemption of Units for a purchase price equal to 92.5% of the price paid per Unit if the Units have been owned for less than five years, or 100% of the price paid per Unit if the Units have been owned more than five years. The maximum number of Units that may be redeemed in any given year is three percent of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program. If the total redemption requests exceed the authorized amount of redemptions, the Board of Directors may limit the amount of redemptions as it deems prudent. If requests exceed the authorized amount, redemptions will be made on a pro-rata basis.

Since inception of the program through September 30, 2012, the Company has redeemed approximately 1.4 million Units in the amount of $14.5 million, representing 100% of the requested Unit redemptions. Beginning with the October 2012 redemption, not all redemption requests were completed due to the program limit of three percent during any 12-month period, as noted above. The Company has a number of cash sources including cash from operations and proceeds from its on-going best-efforts offering of Units from which it can make redemptions. See the Company’s complete consolidated statements of cash flows for the nine months ended September 30, 2012 and 2011 included in the Company’s interim financial statements in Item 1 of this Form 10-Q for a further description of the sources and uses of the Company’s cash flows. The following is a summary of redemptions during the third quarter of 2012 (no redemptions occurred in August and September of 2012).

Issuer Purchases of Equity Securities

(a)

(b)

(c)

(d)

Period

Total Number of Units Purchased

Average Price Paid per Unit

Total Number of Units Purchased as Part of Publicly Announced Plans or Programs

Maximum Number of Units that May Yet Be Purchased Under the Plans or Programs

July 2012

961,236

10.09

961,236

(1)

(1) The maximum number of Units that may be redeemed in any 12 month period is limited to up to three percent (3.0%) of the weighted average number of Units outstanding from the beginning of the 12 month period, subject to the Company’s right to change the number of Units to be redeemed.

Index

Item 6. Exhibits

Exhibit Number	Description of Documents
3.1	Articles of Incorporation of the Registrant, as amended. (Incorporated by reference to Exhibit 3.1 to amendment no. 4 to the registrant’s registration statement on Form S-11 (SEC File No. 333-168971) filed January 7, 2011 and effective January 19, 2011)
3.2	Bylaws of the Registrant, as amended. (Incorporated by reference to Exhibit 3.2 to amendment no. 3 to the registrant’s registration statement on Form S-11 (SEC File No. 333-168971) filed December 20, 2010 and effective January 19, 2011)
10.54	Purchase Contract dated as of July 7, 2011 between Sunbelt – CNB, LLC and Apple Suites Realty Group, Inc. (Incorporated by reference to Exhibit 10.54 to registrant’s quarterly report on Form 10-Q (SEC File No. 000-54651) filed August 13, 2012)

10.55	Assignment of Contract dated as of July 6, 2012 between Apple Suites Realty Group, Inc. and Apple Ten Hospitality Ownership, Inc. (Incorporated by reference to Exhibit 10.55 to registrant’s quarterly report on Form 10-Q (SEC File No. 000-54651) filed August 13, 2012)

31.1	Certification of the Company’s Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (FILED HEREWITH)
31.2	Certification of the Company’s Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 (FILED HEREWITH)
32.1	Certification of the registrant’s Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (FILED HEREWITH)

101	The following materials from Apple REIT Ten, Inc.’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2012 formatted in XBRL (eXtensible Business Reporting Language): (i) the Consolidated Balance Sheets, (ii) the Consolidated Statements of Operations, (iii) the Consolidated Statements of Cash Flows, and (iv) related notes to these financial statements, tagged as blocks of text and in detail (FURNISHED HEREWITH)

Index

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Apple REIT Ten, Inc.

By:	/s/ GLADE M. KNIGHT	Date: November 6, 2012
	Glade M. Knight,
	Chairman of the Board and Chief Executive Officer (Principal Executive Officer)

By:	/s/ BRYAN PEERY	Date: November 6, 2012
	Bryan Peery,
	Chief Financial Officer (Principal Financial and Principal Accounting Officer)

Index

EX-31.1 2 ex31-1.htm ex31-1.htm

Exhibit 31.1

CERTIFICATION

I, Glade M. Knight, certify that:

1.	I have reviewed this report on Form 10-Q of Apple REIT Ten, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	c)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2012		/s/ GLADE M. KNIGHT
		Glade M. Knight Chief Executive Officer
		Apple REIT Ten, Inc.

EX-31.2 3 ex31-2.htm ex31-2.htm

Exhibit 31.2

CERTIFICATION

I, Bryan Peery, certify that:

1.	I have reviewed this report on Form 10-Q of Apple REIT Ten, Inc.;

2.	Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.	Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.	The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

	a)	Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

	b)	Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

	c)	Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.	The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

	a)	All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

	b)	Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 6, 2012		/s/ BRYAN PEERY
		Bryan Peery Chief Financial Officer Apple REIT Ten, Inc.

EX-32.1 4 ex32-1.htm ex32-1.htm

Exhibit 32.1

CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350 AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the Quarterly Report of Apple REIT Ten, Inc., (the “Company”) on Form 10-Q for the quarter ending September 30, 2012 as filed with the Securities and Exchange Commission on the date hereof (the “Report”), the undersigned hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 that: (1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities and Exchange Act of 1934; and (2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company as of September 30, 2012, and for the period then ended.

/s/ GLADE M. KNIGHT
Glade M. Knight
Chief Executive Officer



/s/ BRYAN PEERY
Bryan Peery
Chief Financial Officer

November 6, 2012

EX-101.INS 5 apple10-20120930.xml 0001498864 2012-09-30 0001498864 2011-12-31 0001498864 us-gaap:SeriesAPreferredStockMember 2012-09-30 0001498864 us-gaap:SeriesAPreferredStockMember 2011-12-31 0001498864 apple10:SeriesBConvertiblePreferredStockMember 2012-09-30 0001498864 apple10:SeriesBConvertiblePreferredStockMember 2011-12-31 0001498864 2012-07-01 2012-09-30 0001498864 2011-07-01 2011-09-30 0001498864 2012-01-01 2012-09-30 0001498864 2011-01-01 2011-09-30 0001498864 2010-12-31 0001498864 2011-09-30 0001498864 2012-11-01 0001498864 2011-01-01 2012-09-30 0001498864 apple10:August_13_2010InitialCapitalizationMember 2012-09-30 0001498864 apple10:CapitalRaisedThroughOnGoingBestEffortsOfferingMember 2011-01-01 2012-09-30 0001498864 apple10:HotelAcquisitonsMember 2012-01-01 2012-09-30 0001498864 apple10:HotelAcquisitonsMember 2012-09-30 0001498864 apple10:PotentialPurchaseOfAdditionalHotelsMember 2012-09-30 0001498864 apple10:PotentialHotelUnderConstructionInDallasTexasMember 2012-01-01 2012-09-30 0001498864 apple10:PotentialPurchaseOfAdditionalHotelsMember 2012-01-01 2012-09-30 0001498864 apple10:PotentialCourtyardAndTownePlaceSuitesMember 2012-09-30 0001498864 apple10:PotentialCourtyardAndTownePlaceSuitesMember 2012-01-01 2012-09-30 0001498864 apple10:PotentialHome2SuitesAndHamptonInnAndSuitesMember 2012-09-30 0001498864 apple10:PotentialHome2SuitesAndHamptonInnAndSuitesMember 2012-01-01 2012-09-30 0001498864 apple10:HomewoodSuitesGainesvilleFLMember 2012-01-01 2012-09-30 0001498864 apple10:HomewoodSuitesGainesvilleFLMember 2012-09-30 0001498864 apple10:TownePlaceSuitesNashvilleTNMember 2012-01-01 2012-09-30 0001498864 apple10:TownePlaceSuitesNashvilleTNMember 2012-09-30 0001498864 apple10:Home2_SuitesJacksonville_NCMember 2012-01-01 2012-09-30 0001498864 apple10:Home2_SuitesJacksonville_NCMember 2012-09-30 0001498864 apple10:HiltonGardenInnBocaRatonFLMember 2012-01-01 2012-09-30 0001498864 apple10:HiltonGardenInnBocaRatonFLMember 2012-09-30 0001498864 apple10:CourtyardByMarriottNassauBayTXMember 2012-01-01 2012-09-30 0001498864 apple10:CourtyardByMarriottNassauBayTXMember 2012-09-30 0001498864 apple10:TotalMember 2012-09-30 0001498864 apple10:HiltonGardenInnMember 2012-09-30 0001498864 apple10:HamptonInnSuitesMember 2012-09-30 0001498864 apple10:HomewoodSuitesMember 2012-09-30 0001498864 apple10:TownePlaceSuitesMember 2012-09-30 0001498864 apple10:FairfieldInnSuitesMember 2012-09-30 0001498864 apple10:CourtyardMember 2012-09-30 0001498864 apple10:Home2SuitesMember 2012-09-30 0001498864 apple10:SpringHillSuitesMember 2012-09-30 0001498864 apple10:TotalMember 2012-09-30 0001498864 apple10:PotentialHiltonGardenInnDallas_TXMember 2012-01-01 2012-09-30 0001498864 apple10:PotentialHiltonGardenInnDallas_TXMember 2012-09-30 0001498864 apple10:PotentialCourtyardGrapevine_TXMember 2012-01-01 2012-09-30 0001498864 apple10:PotentialCourtyardGrapevine_TXMember 2012-09-30 0001498864 apple10:PotentialTownePlaceSuitesGrapevine_TXMember 2012-01-01 2012-09-30 0001498864 apple10:PotentialTownePlaceSuitesGrapevine_TXMember 2012-09-30 0001498864 apple10:PotentialHome2SuitesHuntsville_ALMember 2012-01-01 2012-09-30 0001498864 apple10:PotentialHome2SuitesHuntsville_ALMember 2012-09-30 0001498864 apple10:PotentialHamptonInnSuitesHuntsville_ALMember 2012-01-01 2012-09-30 0001498864 apple10:PotentialHamptonInnSuitesHuntsville_ALMember 2012-09-30 0001498864 apple10:TotalPotentialAcquisitionsMember 2012-09-30 0001498864 apple10:TotalPotentialAcquisitionsMember 2012-01-01 2012-09-30 0001498864 2011-01-01 2011-12-31 0001498864 apple10:HomewoodSuitesKnoxvilleTNMember 2012-01-01 2012-09-30 0001498864 apple10:HomewoodSuitesKnoxvilleTNMember 2012-09-30 0001498864 apple10:HomewoodSuitesKnoxvilleTNMember 2011-12-31 0001498864 apple10:TownePlaceSuitesKnoxvilleTNMember 2012-01-01 2012-09-30 0001498864 apple10:TownePlaceSuitesKnoxvilleTNMember 2012-09-30 0001498864 apple10:TownePlaceSuitesKnoxvilleTNMember 2011-12-31 0001498864 apple10:HiltonGardenInnDesPlainesILMember 2012-01-01 2012-09-30 0001498864 apple10:HiltonGardenInnDesPlainesILMember 2012-09-30 0001498864 apple10:HiltonGardenInnDesPlainesILMember 2011-12-31 0001498864 apple10:HiltonGardenInnScottsdaleAZMember 2012-01-01 2012-09-30 0001498864 apple10:HiltonGardenInnScottsdaleAZMember 2012-09-30 0001498864 apple10:HiltonGardenInnScottsdaleAZMember 2011-12-31 0001498864 apple10:HamptonInnSuitesSkokieILMember 2012-01-01 2012-09-30 0001498864 apple10:HamptonInnSuitesSkokieILMember 2012-09-30 0001498864 apple10:HamptonInnSuitesSkokieILMember 2011-12-31 0001498864 apple10:HomewoodSuitesGainesvilleFLMember 2012-01-01 2012-09-30 0001498864 apple10:HomewoodSuitesGainesvilleFLMember 2012-09-30 0001498864 apple10:HomewoodSuitesGainesvilleFLMember 2011-12-31 0001498864 apple10:TotalMember 2012-01-01 2012-09-30 0001498864 apple10:TotalMember 2012-09-30 0001498864 apple10:TotalMember 2011-12-31 0001498864 apple10:AppleSuitesRealtyGroup_ASRGMember 2012-01-01 2012-09-30 0001498864 apple10:AppleSuitesRealtyGroup_ASRGMember 2010-08-13 2012-09-30 0001498864 apple10:AppleSuitesRealtyGroup_ASRGMember 2011-01-01 2011-09-30 0001498864 apple10:AppleTenAdvisors_A10AMember 2012-01-01 2012-09-30 0001498864 apple10:AppleTenAdvisors_A10AMember 2011-01-01 2011-09-30 0001498864 apple10:ASRG_And_A10AMember 2012-01-01 2012-09-30 0001498864 apple10:ASRG_And_A10AMember 2011-01-01 2011-09-30 0001498864 apple10:TownePlaceSuitesNashvilleTNMember 2012-01-01 2012-09-30 0001498864 apple10:TownePlaceSuitesNashvilleTNMember 2012-09-30 0001498864 apple10:CourtyardByMarriottNassauBayTXMember 2012-01-01 2012-09-30 0001498864 apple10:CourtyardByMarriottNassauBayTXMember 2012-09-30 0001498864 apple10:AppleAirHolding_LLCMember 2012-01-01 2012-09-30 0001498864 apple10:AppleAirHolding_LLCMember 2011-01-01 2011-09-30 0001498864 apple10:SeriesBConvertiblePreferredStockMember 2012-09-30 0001498864 apple10:SeriesBConvertiblePreferredStockMember 2012-01-01 2012-09-30 0001498864 apple10:TriggeringEventOnConversionOfSeriesB_ConvertiblePreferredSharesIfMaximumOfferIsAchievedMember 2012-09-30 0001498864 apple10:TriggeringEventOnConversionOfSeriesB_ConvertiblePreferredSharesBasedOnEquityRaisedThroughEndOfReportingPeriodMember 2012-09-30 0001498864 apple10:UnitRedemptionProgramMember 2012-01-01 2012-09-30 0001498864 apple10:DistributionsMember 2012-01-01 2012-09-30 0001498864 apple10:DistributionsMember 2011-01-01 2011-09-30 0001498864 apple10:DistributionsMember 2012-07-01 2012-09-30 0001498864 apple10:DistributionsMember 2011-07-01 2011-09-30 0001498864 apple10:SeriesBConvertiblePreferredStockMember 2012-01-01 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre600MillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre700MillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre800MillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre900MillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre1BillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre1.1billionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre1.2BillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre1.3BillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre1.4BillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre1.5BillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre1.6BillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre1.7BillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre1.8billionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre1.9BillionMember 2012-09-30 0001498864 apple10:NumberOfCommonSharesThroughConversionIfGrossProceedsAre2BillionMember 2012-09-30 0001498864 apple10:HotelsAcquiredAfterDecember_31_2010Member 2011-01-01 2012-09-30 0001498864 apple10:OrderAgainstDavidLernerAssociatesIncAndDavidLernerMember 2012-10-01 2012-10-31 0001498864 apple10:RestitutionAmountMember apple10:OrderAgainstDavidLernerAssociatesIncMember 2012-10-01 2012-10-31 0001498864 apple10:AmountFinedMember apple10:OrderAgainstDavidLernerMember 2012-10-01 2012-10-31 0001498864 us-gaap:SubsequentEventMember 2012-10-01 2012-10-31 0001498864 apple10:PurchaseCotractMember us-gaap:SubsequentEventMember 2012-10-01 2012-10-31 0001498864 apple10:CourtyardByMarriottClemsonSCMember us-gaap:SubsequentEventMember 2012-10-31 0001498864 apple10:CourtyardByMarriottClemsonSCMember us-gaap:SubsequentEventMember 2012-10-01 2012-10-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure The hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. On October 11, 2012, the contract to purchase the hotel under construction in Dallas, Texas was terminated. In connection with the termination of this contract, the initial deposit of $50,000 was repaid to the Company. Assuming all conditions to closing are met the purchase of the remaining four hotels should close over the next 5 to 12 months from September 30, 2012. The Courtyard and TownePlace Suites hotels in Grapevine, TX are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $41.7 million and an initial deposit of $50,000. These amounts are reflected in the total gross purchase price and deposits paid as indicated above. If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the properties are under construction, at this time, the seller has not met all of the conditions to closing. The Home2 Suites and Hampton Inn & Suites hotels in Huntsville, AL are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $20.6 million and an initial deposit of $2,500. These amounts are reflected in the total gross purchase price and deposits paid as indicated above. At acquisition, the Company adjusted the interest rates on these loans to market rates and is amortizing the adjustments to interest expense over the life of the loan.

507799000

452205000

125019000

7079000

4646000 1241000

12455000

10697000

649919000

471222000

81584000

69636000

7020000

5671000

88604000

75307000

48000

608644000

424626000

-47377000

-28759000

561315000

395915000

649919000

471222000

17591000

6009000

30000000

400000000

62180186

43502273

62180186

43502273

480000

400000000

62180186

43502273

62180186

43502273

29627000

13246000

80422000

19957000

2855000

1141000

8004000

1954000

32482000

14387000

88426000

21911000

8069000

3317000

21763000

5063000

2491000

1098000

6887000

1614000

2826000

1091000

7716000

1652000

1324000

554000

3326000

813000

1039000

416000

2901000

613000

1283000

640000

3531000

978000

1016000

454000

2743000

692000

1926000

776000

6111000

1241000

1148000

942000

3470000

2316000

607000

3605000

1541000

8153000

4094000

1861000

11582000

2959000

25823000

14754000

71571000

26094000

6659000

-367000

16855000

-4183000

-1140000

-106000

-3462000

141000

5519000

-473000

13393000

-4042000

0.09

-0.01

0.26

-0.16

58701000

37005000

52066000

25430000

140000 40000 3344000 2708000

-156000

91000

1109000

1141000

23036000

-2701000

51226000

285004000

72000

2312000

5241000

95000

-648000

12000

-55891000

-287423000

198532000

384067000

14546000 0

32011000

15204000

-1048000

-90000

132000

498000

-400000

150795000

367875000

117940000

77751000

124000

77875000

13067000

39729000

Apple REIT Ten, Inc. 10-Q --12-31 63245436 false 0001498864 Yes No Smaller Reporting Company No 2012 Q3 2012-09-30

<div style="TEXT-INDENT: 0pt; DISPLAY: block"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">1.  Organization and Summary of Significant Accounting Policies</font> </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Organization</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Apple REIT Ten, Inc. together with its wholly owned subsidiaries (the “Company”) is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares, were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated.</font> </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basis of Presentation</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2011 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2012.</font> </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Significant Accounting Policies</font>  </font> </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Use of Estimates</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</font> </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Offering Costs</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is raising capital through an on-going best-efforts offering of Units by David Lerner Associates, Inc., the managing underwriter, which receives a selling commission and a marketing expense allowance based on proceeds of the Units sold. Additionally, the Company has incurred other offering costs including legal, accounting and reporting services. These offering costs are recorded by the Company as a reduction of shareholders’ equity. As of September 30, 2012, the Company had sold 63.6 million Units for gross proceeds of $695.0 million and proceeds net of offering costs of $623.2 million. Offering costs included $69.5 million in selling commissions and marketing expenses and $2.4 million in other offering costs. The Company will offer Units until January 19, 2013, unless the offering is extended, or terminated if all of the Units are sold before then.</font> </div><br/><div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Earnings Per Common Share</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2012 or 2011. As a result, basic and diluted outstanding shares were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.</font> </div><br/>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Organization</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Apple REIT Ten, Inc. together with its wholly owned subsidiaries (the “Company”) is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares, were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated.</font></div>

one common share and one Series A preferred share 10 480000

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Basis of Presentation</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2011 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2012.</font></div>

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"><font style="FONT-STYLE: italic; DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Offering Costs</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company is raising capital through an on-going best-efforts offering of Units by David Lerner Associates, Inc., the managing underwriter, which receives a selling commission and a marketing expense allowance based on proceeds of the Units sold. Additionally, the Company has incurred other offering costs including legal, accounting and reporting services. These offering costs are recorded by the Company as a reduction of shareholders’ equity. As of September 30, 2012, the Company had sold 63.6 million Units for gross proceeds of $695.0 million and proceeds net of offering costs of $623.2 million. Offering costs included $69.5 million in selling commissions and marketing expenses and $2.4 million in other offering costs. The Company will offer Units until January 19, 2013, unless the offering is extended, or terminated if all of the Units are sold before then.</font></div> 63600000 695000000

623200000

69500000 2400000

0 0 0 0

<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2.  Real Estate Investments</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company acquired five hotels during the first nine months of 2012. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands.</font> </div><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">City</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td align="left" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">State</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td align="left" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Brand</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td align="left" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Manager</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date Acquired</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rooms</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross Purchase Price</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gainesville</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">FL</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Homewood Suites</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">McKibbon</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1/27/2012</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">103</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,550</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nashville</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TN</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TownePlace Suites</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">LBA</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1/31/2012</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">101</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,848</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Jacksonville</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">NC</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Home2 Suites</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">LBA</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5/4/2012</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">105</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,000</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Boca Raton</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">FL</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hilton Garden Inn</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">White</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7/16/2012</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">149</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,900</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nassau Bay</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TX</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Courtyard</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">LBA</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="12%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7/17/2012</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">124</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,632</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">    Total</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="16%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="16%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="12%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">582</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">61,930</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> </table><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The purchase price for these properties, net of debt assumed, was funded by the Company’s on-going best-efforts offering of Units. The Company assumed approximately $13.1 million of debt during the first nine months of 2012, in connection with the acquisition of the Homewood Suites hotel in Gainesville, Florida. The Company also used proceeds from its on-going best-efforts offering to pay approximately $1.5 million in acquisition related costs, including $1.2 million, representing 2% of the gross purchase price for these hotels, as a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”), which is 100% owned by Glade M. Knight, the Company’s Chairman and Chief Executive Officer, and approximately $0.3 million in other acquisition related costs, including title, legal and other related costs. These costs are included in acquisition related costs in the Company’s consolidated statements of operations for the nine months ended September 30, 2012.</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements.</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">No goodwill was recorded in connection with any of the acquisitions.</font> </div><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of September 30, 2012, the Company owned 31 hotels, located in 15 states, consisting of the following:</font> </div><br/><table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%"> <div> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total by</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr> <td valign="bottom" width="47%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Brand</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Brand</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rooms</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hilton Garden Inn</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,443</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hampton Inn & Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">626</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Homewood Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">416</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TownePlace Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">388</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fairfield Inn & Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">310</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Courtyard</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">266</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Home2 Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">227</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SpringHill Suites</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">206</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,882</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> </table><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">At September 30, 2012, the Company’s investment in real estate consisted of the following (in thousands):</font> </div><br/><table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="61%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Land</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,713</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="61%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Building and Improvements</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">447,069</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="61%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Furniture, Fixtures and Equipment</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,844</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="61%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Franchise fees</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,764</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="61%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">525,390</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="61%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less Accumulated Depreciation</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(17,591</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="61%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investment in real estate, net</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">507,799</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> </table><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As of September 30, 2012, the Company had outstanding contracts for the potential purchase of five additional hotels for a total purchase price of $89.6 million. Four hotels are under construction and should be completed over the next 5 to 12 months from September 30, 2012. Closing on these four hotels is expected upon completion of construction. The purchase contract on the remaining hotel was terminated in October 2012. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that closings will occur under the outstanding purchase contracts. The following table summarizes the location, brand, number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts. All dollar amounts are in thousands.  </font> </div><br/><table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location (a)</font> </div> </td> <td valign="bottom" width="2%" style="BORDER-BOTTOM: black 2px solid"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Brand</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rooms</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deposits Paid</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross Purchase Price</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dallas, TX</font> </div> </td> <td valign="bottom" width="2%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hilton Garden Inn</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">165</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,300</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grapevine, TX</font> </div> </td> <td valign="bottom" width="2%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Courtyard</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">180</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grapevine, TX</font> </div> </td> <td valign="bottom" width="2%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TownePlace Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">120</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Huntsville, AL</font> </div> </td> <td align="left" valign="bottom" width="2%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(c)</font> </div> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Home2 Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">77</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="15%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Huntsville, AL</font> </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(c)</font> </div> </td> <td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hampton Inn & Suites</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td valign="bottom" width="15%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="16%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">640</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">103</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,587</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="top" width="18%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="28%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="15%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="12%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="18%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" colspan="6" valign="top" width="67%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(a)   The hotels are currently under construction. The table shows the expected number of rooms upon<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> hotel completion and the expected franchise. On October 11, 2012, the contract to purchase the hotel<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> under construction in Dallas, Texas was terminated. In connection with the termination of this<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> contract, the initial deposit of $50,000 was repaid to the Company. Assuming all conditions to closing<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> are met the purchase of the remaining four hotels should close over the next 5 to 12 months from<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> September 30, 2012.</font></font></font></font></font></font> </div> </td> </tr> <tr> <td align="left" colspan="6" valign="top" width="67%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)   The Courtyard and TownePlace Suites hotels in Grapevine, TX are part of an adjoining two-hotel<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $41.7 million and an initial deposit of $50,000. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.</font></font> </div> </td> </tr> <tr> <td align="left" colspan="6" valign="top" width="67%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(c)   If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the properties are under construction, at this time, the seller has not met all of the conditions to closing.</font> </div> </td> </tr> <tr> <td align="left" colspan="6" valign="top" width="67%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)   The Home2 Suites and Hampton Inn & Suites hotels in Huntsville, AL are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $20.6 million and an initial deposit of $2,500.<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> These amounts are reflected in the total gross purchase price and deposits paid as indicated above.</font></font> </div> </td> </tr> </table><br/><div style="TEXT-INDENT: 27pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">As there can be no assurance that all conditions to closing will be satisfied, the Company includes deposits paid for hotels under contract in other assets, net in the Company’s consolidated balance sheets, and in deposits and other disbursements for potential acquisitions in the Company’s consolidated statements of cash flows. It is anticipated that the purchase price for the outstanding contracts will be funded from the proceeds of the Company’s on-going best-efforts offering of Units and cash on hand if a closing occurs.</font> </div><br/>

13100000

1500000

1200000 0.02 300000

31 15 5 89600000 4 50000 5 to 12 months 2 41700000

50000

2 20600000

2500

<br /> The Company acquired five hotels during the first nine months of 2012. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands. <br /> <br /><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">City</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td align="left" valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">State</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td align="left" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Brand</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td align="left" valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Manager</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Date Acquired</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rooms</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross Purchase Price</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gainesville</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">FL</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Homewood Suites</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">McKibbon</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1/27/2012</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">103</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,550</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nashville</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TN</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TownePlace Suites</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">LBA</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1/31/2012</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">101</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9,848</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Jacksonville</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">NC</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Home2 Suites</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">LBA</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5/4/2012</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">105</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,000</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Boca Raton</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">FL</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hilton Garden Inn</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">White</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7/16/2012</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">149</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,900</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Nassau Bay</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TX</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Courtyard</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">LBA</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="12%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7/17/2012</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">124</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,632</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">    Total</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="16%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="16%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="12%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">582</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">61,930</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> </table>

Homewood Suites

McKibbon 1/27/2012 103 14550000 TN

TownePlace Suites

LBA 1/31/2012 101 9848000 NC

Home2 Suites

LBA 5/4/2012 105 12000000 FL

Hilton Garden Inn

White 7/16/2012 149 10900000 TX

Courtyard

LBA 7/17/2012 124 14632000 582 61930000

<br /> As of September 30, 2012, the Company owned 31 hotels, located in 15 states, consisting of the following: <br /> <br /><table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="47%"> <div> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Total by</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr> <td valign="bottom" width="47%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Brand</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Brand</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rooms</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hilton Garden Inn</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,443</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hampton Inn & Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">626</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Homewood Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">416</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TownePlace Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">4</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">388</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Fairfield Inn & Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">310</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Courtyard</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">266</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="47%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Home2 Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">227</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="47%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">SpringHill Suites</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">206</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="47%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">3,882</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> </table>

9 1443 5 626 4 416 4 388 3 310 2 266 2 227 2 206 31 3882

<br /> At September 30, 2012, the Company’s investment in real estate consisted of the following (in thousands): <br /> <br /><table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="61%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Land</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">44,713</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="61%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Building and Improvements</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">447,069</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="61%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Furniture, Fixtures and Equipment</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">31,844</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="61%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Franchise fees</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,764</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="61%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">525,390</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="61%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Less Accumulated Depreciation</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(17,591</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">)</font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="61%" style="PADDING-BOTTOM: 4px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Investment in real estate, net</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">507,799</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> </table>

44713000

447069000

31844000

1764000

525390000

<br /> As of September 30, 2012, the Company had outstanding contracts for the potential purchase of five additional hotels for a total purchase price of $89.6 million. Four hotels are under construction and should be completed over the next 5 to 12 months from September 30, 2012. Closing on these four hotels is expected upon completion of construction. The purchase contract on the remaining hotel was terminated in October 2012. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that closings will occur under the outstanding purchase contracts. The following table summarizes the location, brand, number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts. All dollar amounts are in thousands. <br /> <br /><table cellpadding="0" cellspacing="0" width="75%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="15%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location (a)</font> </div> </td> <td valign="bottom" width="2%" style="BORDER-BOTTOM: black 2px solid"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="16%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Brand</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Rooms</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Deposits Paid</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross Purchase Price</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Dallas, TX</font> </div> </td> <td valign="bottom" width="2%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hilton Garden Inn</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">165</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">50</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,300</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grapevine, TX</font> </div> </td> <td valign="bottom" width="2%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Courtyard</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">180</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Grapevine, TX</font> </div> </td> <td valign="bottom" width="2%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TownePlace Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">120</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="15%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Huntsville, AL</font> </div> </td> <td align="left" valign="bottom" width="2%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(c)</font> </div> </td> <td align="left" valign="bottom" width="16%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Home2 Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">77</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="15%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Huntsville, AL</font> </div> </td> <td align="left" valign="bottom" width="2%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(c)</font> </div> </td> <td align="left" valign="bottom" width="16%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hampton Inn & Suites</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">98</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td valign="bottom" width="15%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="2%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="16%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">640</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">103</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">89,587</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="top" width="18%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="28%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="15%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="12%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="18%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" colspan="6" valign="top" width="67%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(a)   The hotels are currently under construction. The table shows the expected number of rooms upon<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> hotel completion and the expected franchise. On October 11, 2012, the contract to purchase the hotel<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> under construction in Dallas, Texas was terminated. In connection with the termination of this<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> contract, the initial deposit of $50,000 was repaid to the Company. Assuming all conditions to closing<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> are met the purchase of the remaining four hotels should close over the next 5 to 12 months from<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> September 30, 2012.</font></font></font></font></font></font> </div> </td> </tr> <tr> <td align="left" colspan="6" valign="top" width="67%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(b)   The Courtyard and TownePlace Suites hotels in Grapevine, TX are part of an adjoining two-hotel<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $41.7 million and an initial deposit of $50,000. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.</font></font> </div> </td> </tr> <tr> <td align="left" colspan="6" valign="top" width="67%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(c)   If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the properties are under construction, at this time, the seller has not met all of the conditions to closing.</font> </div> </td> </tr> <tr> <td align="left" colspan="6" valign="top" width="67%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 18pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(d)   The Home2 Suites and Hampton Inn & Suites hotels in Huntsville, AL are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $20.6 million and an initial deposit of $2,500.<font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> These amounts are reflected in the total gross purchase price and deposits paid as indicated above.</font></font> </div> </td> </tr> </table><br/>

Hilton Garden Inn

165

50000

27300000

Courtyard

180

TownePlace Suites

120

Home2 Suites

Hampton Inn & Suites

640

103000

89587000

69400000

81600000

86200000

69600000

69400000

<br /> The following table summarizes the hotel location, interest rate, maturity date and the principal amount assumed associated with each note payable outstanding as of September 30, 2012 and December 31, 2011. All dollar amounts are in thousands.<br /> <br /><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Location</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td align="left" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Brand</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Interest Rate (1)</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="9%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Acquisition Date</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="8%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Maturity Date</font> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Principal Assumed</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding balance as of September 30, 2012</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="12%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Outstanding balance as of December 31, 2011</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Knoxville, TN</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Homewood Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.30</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="9%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7/19/2011</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10/8/2016</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,499</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,296</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">11,428</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Knoxville, TN</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">TownePlace Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.45</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="9%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8/9/2011</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12/11/2015</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,392</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,145</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7,306</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Des Plaines, IL</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hilton Garden Inn</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.99</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="9%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9/20/2011</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8/1/2016</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,838</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,480</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20,749</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Scottsdale, AZ</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hilton Garden Inn</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.07</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="9%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10/3/2011</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">2/1/2017</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,585</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,434</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10,558</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Skokie, IL</font> </div> </td> <td align="left" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="12%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Hampton Inn & Suites</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">6.15</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="9%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12/19/2011</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="8%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7/1/2016</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,092</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18,860</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19,092</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="12%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Gainesville, FL</font> </div> </td> <td align="left" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="left" valign="bottom" width="12%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Homewood Suites</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5.89</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">%</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="9%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1/27/2012</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="8%" style="PADDING-BOTTOM: 2px"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5/8/2017</font> </div> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13,067</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12,937</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 2px solid; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="12%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="12%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="9%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="8%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">82,473</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">81,152</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%" style="PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="BORDER-BOTTOM: black 4px double; TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">69,133</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 4px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> </table><br/><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td align="left" valign="top" width="8%" style="BORDER-BOTTOM: black 2px solid">   </td> <td valign="top" width="12%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="16%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="9%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="2%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="8%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="12%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="top" width="10%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" colspan="15" valign="top" width="8%"> (1) At acquisition, the Company adjusted the interest rates on these loans to market rates and is amortizing the adjustments to <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">interest expense over the life of the loan.</font> </td> </tr> </table><br/>

Homewood Suites

0.0630

7/19/2011 10/8/2016

11499000

11296000

11428000

TownePlace Suites

0.0545

8/9/2011 12/11/2015

7392000

7145000

7306000

Hilton Garden Inn

0.0599

9/20/2011 8/1/2016

20838000

20480000

20749000

Hilton Garden Inn

0.0607

10/3/2011 2/1/2017

10585000

10434000

10558000

Hampton Inn & Suites

0.0615

12/19/2011 7/1/2016

19092000

18860000

19092000

Homewood Suites

0.0589

1/27/2012 5/8/2017

13067000

12937000

82473000

81152000

69133000

0.02 10400000 1200000 6500000 0.1% to 0.25% 400000 200000 1200000 1000000 400000 500000 800000 500000 1.00 January 2012 9800000 0 2500 2012-01-31 July 2012 14600000 0 2012-07-17 133000 192000

480000 0.10 48000 Holders of more than two-thirds of the Series B convertible preferred shares 11 2000000000 (X/100 million) x 1.20568, where X is the additional gross proceeds rounded down to the nearest $100 million 0 in excess of $127 million 11 0 38500000 11 3500000 P1Y 0.925 1.00 0.03 1400000 14500000 1.00 0.825 0.825

0.20625

12100000

7600000

0.61875

0.55

32000000

15200000

<br /> Upon the occurrence of any conversion event, each Series B convertible preferred share may be converted into a number of common shares based upon the gross proceeds raised through the date of conversion in the Company’s $2 billion offering according to the following table: <br /> <br /><table cellpadding="0" cellspacing="0" width="40%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" width="20%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Gross Proceeds Raised from Sales of</font> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Units through Date of Conversion</font> </div> </div> </td> <td valign="bottom" width="1%" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" width="18%" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Number of Common Shares</font> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">through Conversion of</font> </div> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">One Series B Convertible Preferred Share</font> </div> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$600 million</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">7.29150</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$700 million</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">8.49719</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$800 million</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">9.70287</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$900 million</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">10.90855</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$    1  billion</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">12.11423</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ 1.1  billion</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">13.31991</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ 1.2  billion</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14.52559</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ 1.3  billion</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">15.73128</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ 1.4  billion</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">16.93696</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ 1.5  billion</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">18.14264</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ 1.6  billion</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">19.34832</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ 1.7  billion</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">20.55400</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ 1.8  billion</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">21.75968</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$ 1.9  billion</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">22.96537</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td valign="bottom" width="20%"> <div style="TEXT-INDENT: -18pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$    2  billion</font> </div> </td> <td valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="17%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">24.17104</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> </table>

7.29150

8.49719

9.70287

10.90855

12.11423

13.31991

14.52559

15.73128

16.93696

18.14264

19.34832

20.55400

21.75968

22.96537

24.17104

<br /> The following unaudited pro forma information for the nine months ended September 30, 2012 and 2011 is presented as if the acquisitions of the Company’s 31 hotels acquired after December 31, 2010 had occurred on the latter of January 1, 2011 or the opening date of the hotel. The pro forma information does not purport to represent what the Company’s results of operations would actually have been if such transactions, in fact, had occurred on these applicable dates, nor does it purport to represent the results of operations for future periods. Amounts are in thousands, except per share data. <br /> <br /><table cellpadding="0" cellspacing="0" width="100%" style="FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-SIZE: 10pt; FONT-FAMILY: times new roman"> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Three Months Ended September 30,</font> </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="6" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Nine Months Ended September 30,</font> </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr> <td valign="bottom" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font> </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</font> </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2012</font> </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td valign="bottom" style="PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> <td colspan="2" valign="bottom" style="BORDER-BOTTOM: black 2px solid"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">2011</font> </div> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left; PADDING-BOTTOM: 2px"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold"> </font> </td> </tr> <tr> <td valign="bottom"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td colspan="2" valign="bottom"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td nowrap="nowrap" valign="bottom" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="44%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Total revenues</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">32,707</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">27,923</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">91,507</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">77,216</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr> <td align="left" valign="bottom" width="44%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,799</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">5,391</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">14,487</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">1,581</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> <tr style="background-color: #CCEEFF;"> <td align="left" valign="bottom" width="44%"> <div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">Net income per share - basic and diluted</font> </div> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.10</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.14</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.28</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td align="right" valign="bottom" width="1%"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> <td valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">$</font> </td> <td valign="bottom" width="11%" style="TEXT-ALIGN: right"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">0.04</font> </td> <td nowrap="nowrap" valign="bottom" width="1%" style="TEXT-ALIGN: left"> <font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"> </font> </td> </tr> </table>

32707000

27923000

91507000

77216000

5799000

5391000

14487000

1581000

0.10

0.14

0.28

0.04

Financial Industry Regulatory Authority ("FINRA") issued an order against David Lerner Associates, Inc. ("DLA") and David Lerner, individually, requiring DLA to pay approximately $12 million in restitution to certain investors in our Units.In addition, David Lerner, individually, was fined $250,000 and suspended for one year from the securities industry, followed by a two year suspension from acting as a principal.Although the order requires DLA to pay restitution to certain investors, the actual investors who are to receive restitution are not known at this time but will be determined by an independent consultant as set forth in the order.While the order imposes sanctions, penalties and fines on both DLA and David Lerner, individually, the order does permit DLA to continue to serve as the managing dealer for the Company's best-efforts offering of Units.The Company does not believe this settlement will affect the administration of its Units.

12000000

250000

4300000

0.06875

47000 500000 0.08 1100000 12200000

11000000

27300000 50000 110 15000000

50000

The purchase contract requires the assumption of three loans secured by the hotel. The total outstanding principal is approximately $9.2 million. The maturity dates of the loans range from May 2016 to November 2048 and the effective interest rates are fixed rates of 3.6%, 6.1% and a variable rate of LIBOR plus 2.5%.

9200000

EX-101.SCH 6 apple10-20120930.xsd 001 - Statement - Consolidated Balance Sheets link:presentationLink link:definitionLink link:calculationLink 002 - Statement - Consolidated Balance Sheets (Parentheticals) link:presentationLink link:definitionLink link:calculationLink 003 - Statement - Consolidated Statements of Operations link:presentationLink link:definitionLink link:calculationLink 004 - Statement - Consolidated Statements of Cash Flows link:presentationLink link:definitionLink link:calculationLink 005 - Disclosure - Organization and Summary of Significant Accounting Policies link:presentationLink link:definitionLink link:calculationLink 006 - Disclosure - Real Estate Investments link:presentationLink link:definitionLink link:calculationLink 007 - Disclosure - Notes Payable link:presentationLink link:definitionLink link:calculationLink 008 - Disclosure - Related Parties link:presentationLink link:definitionLink link:calculationLink 009 - Disclosure - Shareholders' Equity link:presentationLink link:definitionLink link:calculationLink 010 - Disclosure - Pro Forma Information (Unaudited) link:presentationLink link:definitionLink link:calculationLink 011 - Disclosure - Legal Proceedings and Related Matters link:presentationLink link:definitionLink link:calculationLink 012 - Disclosure - Subsequent Events link:presentationLink link:definitionLink link:calculationLink 013 - Disclosure - Accounting Policies, by Policy (Policies) link:presentationLink link:definitionLink link:calculationLink 014 - Disclosure - Real Estate Investments (Tables) link:presentationLink link:definitionLink link:calculationLink 015 - Disclosure - Notes Payable (Tables) link:presentationLink link:definitionLink link:calculationLink 016 - Disclosure - Shareholders' Equity (Tables) link:presentationLink link:definitionLink link:calculationLink 017 - Disclosure - Pro Forma Information (Unaudited) (Tables) link:presentationLink link:definitionLink link:calculationLink 018 - Disclosure - Organization and Summary of Significant Accounting Policies (Detail) link:presentationLink link:definitionLink link:calculationLink 019 - Disclosure - Real Estate Investments (Detail) link:presentationLink link:definitionLink link:calculationLink 020 - Disclosure - Real Estate Investments (Detail) - Hotel Acquisitions link:presentationLink link:definitionLink link:calculationLink 021 - Disclosure - Real Estate Investments (Detail) - Hotels link:presentationLink link:definitionLink link:calculationLink 022 - Disclosure - Real Estate Investments (Detail) - Invesment in Real Estate link:presentationLink link:definitionLink link:calculationLink 023 - Disclosure - Real Estate Investments (Detail) - Outstanding Contracts link:presentationLink link:definitionLink link:calculationLink 024 - Disclosure - Notes Payable (Detail) link:presentationLink link:definitionLink link:calculationLink 025 - Disclosure - Notes Payable (Detail) - Mortgage Note Debt link:presentationLink link:definitionLink link:calculationLink 026 - Disclosure - Related Parties (Detail) link:presentationLink link:definitionLink link:calculationLink 027 - Disclosure - Shareholders' Equity (Detail) link:presentationLink link:definitionLink link:calculationLink 028 - Disclosure - Shareholders' Equity (Detail) - Series B Convertible Preferred Stock Conversion to Common Stock Upon the Occurrence of Any Conversion Event link:presentationLink link:definitionLink link:calculationLink 029 - Disclosure - Pro Forma Information (Unaudited) (Detail) link:presentationLink link:definitionLink link:calculationLink 030 - Disclosure - Pro Forma Information (Unaudited) (Detail) - Pro Forma link:presentationLink link:definitionLink link:calculationLink 031 - Disclosure - Legal Proceedings and Related Matters (Detail) link:presentationLink link:definitionLink link:calculationLink 032 - Disclosure - Subsequent Events (Detail) link:presentationLink link:definitionLink link:calculationLink 000 - Disclosure - Document And Entity Information link:presentationLink link:definitionLink link:calculationLink EX-101.CAL 7 apple10-20120930_cal.xml EX-101.DEF 8 apple10-20120930_def.xml EX-101.LAB 9 apple10-20120930_lab.xml Consolidated Balance Sheets Consolidated Balance Sheets [Abstract] Class of Stock [Domain] ASSETS ASSETS [Abstract] Investment in real estate, net of accumulated depreciation of $17,591 and $6,009, respectively Cash and cash equivalents Represents amount due from third party hotel managers, including owner's distribution of property operating cash flow and working capital. Due from third party managers, net Other assets, net TOTAL ASSETS LIABILITIES LIABILITIES [Abstract] Notes payable Accounts payable and accrued expenses TOTAL LIABILITIES SHAREHOLDERS' EQUITY SHAREHOLDERS' EQUITY [Abstract] Preferred stock, value issued Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 62,180,186 and 43,502,273 shares, respectively Distributions greater than net income TOTAL SHAREHOLDERS' EQUITY TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY Real estate accumulated depreciation (in Dollars) Preferred stock, shares authorized Preferred stock, shares issued Preferred stock, shares outstanding Common stock, shares authorized Common stock, shares issued Common stock, shares outstanding Consolidated Statements of Operations Consolidated Statements of Operations [Abstract] Revenues: Revenues: [Abstract] Room revenue Other revenue Total revenue Expenses: Expenses: [Abstract] Operating expense Hotel administrative expense Sales and marketing Utilities Repair and maintenance Franchise fees Management fees Taxes, insurance and other General and administrative Acquisition related costs Depreciation expense Total expenses Operating income (loss) Interest income (expense), net Net income (loss) Basic and diluted net income (loss) per common share (in Dollars per share) Weighted average common shares outstanding - basic and diluted (in Shares) Consolidated Statements of Cash Flows Consolidated Statements of Cash Flows [Abstract] Cash flows from (used in) operating activities: Cash flows from (used in) operating activities: [Abstract] Net income (loss) Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities: [Abstract] Depreciation The component includes the amortization charges related to the deferred financing costs, fair value adjustments. Amortization of deferred financing costs, fair value adjustments and other noncash expenses Changes in operating assets and liabilities: Changes in operating assets and liabilities: [Abstract] The net change during the reporting period in receivables to be collected from third party manager. Increase in due from third party managers, net (Increase) decrease in other assets, net Increase in accounts payable and accrued expenses Net cash provided by (used in) operating activities Cash flows used in investing activities: Cash flows used in investing activities: [Abstract] Cash paid for the acquisition of hotel properties Deposits and other disbursements for potential acquisitions Capital improvements (Increase) decrease in capital improvement reserves Net cash used in investing activities Cash flows from financing activities: Cash flows from financing activities: [Abstract] Net proceeds related to issuance of Units The cash outflow to redeem Units during the period. Each Unit consists of one common share and one Series A preferred share. Redemptions of Units Distributions paid to common shareholders Payments of notes payable Deferred financing costs Payments on line of credit Net cash provided by financing activities Increase in cash and cash equivalents Cash and cash equivalents, beginning of period Cash and cash equivalents, end of period Non-cash transactions: Non-cash transactions: [Abstract] Notes payable assumed in acquisitions Organization and Summary of Significant Accounting Policies Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] Real Estate Investments Real Estate Disclosure [Text Block] Notes Payable Debt Disclosure [Text Block] Related Parties Related Party Transactions Disclosure [Text Block] Shareholders' Equity Stockholders' Equity Note Disclosure [Text Block] Pro Forma Information (Unaudited) Business Combination Disclosure [Text Block] Legal Proceedings and Related Matters Legal Matters and Contingencies [Text Block] Subsequent Events Subsequent Events [Text Block] Significant Accounting Policies (Abstract) Significant Accounting Policies Disclosure of accounting policy for costs incurred directly with the issuance of an equity security. Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] Basis of Accounting, Policy [Policy Text Block] Use of Estimates, Policy [Policy Text Block] Offering Costs [Policy Text Block] Earnings Per Share, Policy [Policy Text Block] Schedule of outstanding contracts for the potential purchase of hotels. Schedule of Business Acquisitions, by Acquisition [Table Text Block] Schedule of Real Estate Properties [Table Text Block] Property, Plant and Equipment [Table Text Block] Outstanding Contracts For Potential Purchase of Hotels [Table Text Block] Schedule of Debt [Table Text Block] Capital Unit, Class [Domain] Table of conversion rates of Convertible Preferred Stock to Common Stock based upon gross proceeds raised from sale of Units. Schedule of Conversion of Preferred Stock to Common Stock Business Acquisition, Pro Forma Information [Table Text Block] Hotel Acquisitions Hotel Acquisitions [Abstract] Business Acquisition, Acquiree [Domain] The state in which the acquisition took place. State Brand Manager of acquired hotel. Manager Date of acquisition. Date Acquired The number of hotel rooms. Rooms Total cash paid and debt assumed, if any, to acquire entity. Gross purchase price (in Dollars) Hotels Hotels [Abstract] InvesmentsInRealEstate [Domain] Number of hotels by brand. Total by Brand Number of Rooms Invesment in Real Estate Invesment in Real Estate [Abstract] Land Building and Improvements Furniture, Fixtures and Equipment Franchise fees Less Accumulated Depreciation Investment in real estate, net Outstanding Contracts Outstanding Contracts [Abstract] RealEstateHoldings [Domain] Rooms Deposits paid Gross Purchase Price Mortgage Note Debt Mortgage Note Debt [Abstract] Related Party [Domain] Debt Instrument, Name [Domain] Brand Interest Rate Acquisition Date Date when the debt instrument is scheduled to be fully repaid. Maturity Date Principal Assumed Outstanding Balance Series B Convertible Preferred Stock Conversion to Common Stock Upon the Occurrence of Any Conversion Event Series B Convertible Preferred Stock Conversion to Common Stock Upon the Occurrence of Any Conversion Event [Abstract] SeriesBConvertiblePreferredShares [Domain] Number of common shares through conversion of one Series B Convertible Preferred Share Pro Forma Pro Forma [Abstract] Total revenues Net income Net income per share - basic and diluted (in Dollars per share) UnitOffering [Domain] InitialCapitialization [Domain] The description of a Unit. Number of Units sold at inception. A Unit consists of one common share and one Series A preferred share of the Company. Total number of Series B Convertible Preferred shares issued at inception. Number of Units sold. A Unit consists of one common share and one Series A preferred share of the Company. The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity, before deducting offering costs. Selling commissions and marketing costs incurred in connection with the issuance of Units. Costs incurred in connection with the issuance of Units, excluding selling commissions and marketing costs. Potential common shares that were dilutive and outstanding for the reporting period. Unit Description Units sold at inception Series B Convertible Preferred Stock, Issued at inception (in Shares) Number of Reportable Segments Units Sold (in Shares) Proceeds from issuance or sale of equity, gross (in Dollars) Proceeds from Issuance or Sale of Equity (in Dollars) Offering costs, selling commissions and marketing expenses (in Dollars) Offering costs, other (in Dollars) Potential common shares with a dilutive effect This element represents the fees incurred to a related party for acquisition and disposal of real estate during the period. The percentage of the gross purchase price or gross sale price of real estate assets paid to a related party as a fee for acquiring and disposing of assets for the Company. Acquisition-related costs incurred to effect a business combination other than the commission paid to Apple Suites Realty Group. The number of hotel properties owned as of the balance sheet date. The number of states the Company owns hotels in. The potential number of hotel properties to be acquired by the Company. The number of potential hotel properties under construction. The deposit amount for a purchase contract returned to the Company. Period in which construction on hotels are expected to be completed and closing is expected to occur. Number of Businesses Acquired Noncash or Part Noncash Acquisition, Debt Assumed Business Combination, Acquisition Related Costs Business acquisition and disposal fees Incurred, Related Party Real estate acquisition and disposal fee, Related Party, Percent Business Combination, Other Acquisition Related Costs Business Acquisition, Purchase Price Allocation, Goodwill Amount Number of Hotel Properties Number of states hotels owned in Potential Number of Hotel Properties Business Acquisition, Gross Purchase Price Number of Potential Hotel Properties Under Construction Return of Deposit on Purchase Contract Hotel construction, time to completion Payments for Deposits on Real Estate Acquisitions EX-101.PRE 10 apple10-20120930_pre.xml XML 11 R33.htm IDEA: XBRL DOCUMENT

Subsequent Events (Detail) (USD $)	9 Months Ended		12 Months Ended	1 Months Ended
Subsequent Events (Detail) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011	Oct. 31, 2012 Subsequent Event [Member] Courtyard by Marriott Clemson, SC [Member]	Oct. 31, 2012 Subsequent Event [Member] Purchase Contract [Member]	Oct. 31, 2012 Subsequent Event [Member]
Payments of Ordinary Dividends, Common Stock	$ 32,011,000	$ 15,204,000				$ 4,300,000
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share)						$ 0.06875
Units Redeemed (in Shares)						47,000
Payments for Redemption of Units	14,546,000	0				500,000
Redemption requests redeemed, percentage						8.00%
Units Sold (in Shares)						1,100,000
Proceeds from issuance or sale of equity, gross						12,200,000
Proceeds from Issuance or Sale of Equity	198,532,000	384,067,000				11,000,000
Terminated Purchase Contract, Purchase Price					27,300,000
Return of Deposit on Purchase Contract					50,000
Number of Hotel Rooms				110
Business Acquisition, Gross Purchase Price				15,000,000
Payments for Deposits on Real Estate Acquisitions	72,000	2,312,000		50,000
Description of Mortgage Loans to be Assumed				The purchase contract requires the assumption of three loans secured by the hotel. The total outstanding principal is approximately $9.2 million. The maturity dates of the loans range from May 2016 to November 2048 and the effective interest rates are fixed rates of 3.6%, 6.1% and a variable rate of LIBOR plus 2.5%.
Noncash or Part Noncash Acquisition, Debt Assumed	$ 13,067,000	$ 39,729,000	$ 69,400,000	$ 9,200,000

XML 12 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; word-wrap: break-word; } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } XML 13 R25.htm IDEA: XBRL DOCUMENT

Notes Payable (Detail) (USD $)	9 Months Ended		12 Months Ended
Notes Payable (Detail) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Noncash or Part Noncash Acquisition, Debt Assumed	$ 13,067,000	$ 39,729,000	$ 69,400,000
Number of properties acquired in connection with debt			5
Long-term Debt	81,600,000		69,600,000
Long-term Debt, Fair Value	$ 86,200,000		$ 69,400,000

- Definition

Carrying amount of long-term debt, net of unamortized discount or premium, including current and noncurrent amounts. Includes, but not limited to, notes payable, bonds payable, debentures, mortgage loans and commercial paper. Excludes capital lease obligations.

+ References+ Details

- Definition

The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.

+ References+ Details

XML 14 R9.htm IDEA: XBRL DOCUMENT

Related Parties

9 Months Ended

Sep. 30, 2012

4. Related Parties

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39691-107864

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39622-107864

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39549-107864

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 1-4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39603-107864

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 850

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6457730&loc=d3e39678-107864

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(k))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph b

-Article 3A

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph k

-Article 4

+ Details

EXCEL 15 Financial_Report.xls IDEA: XBRL DOCUMENT begin 644 Financial_Report.xls M[[N_34E-12U697)S:6]N.B`Q+C`-"E@M1&]C=6UE;G0M5'EP93H@5V]R:V)O M;VL-"D-O;G1E;G0M5'EP93H@;75L=&EP87)T+W)E;&%T960[(&)O=6YD87)Y M/2(M+2TM/5].97AT4&%R=%]A-38U.3@P9%\T96$W7S0W,#A?83,Q85\X.69A M8C(R-60W,CDB#0H-"E1H:7,@9&]C=6UE;G0@:7,@82!3:6YG;&4@1FEL92!7 M96(@4&%G92P@86QS;R!K;F]W;B!A'!L;W)E&UL;G,Z=CTS1")U&UL;G,Z;STS1")U&UL/@T*(#QX.D5X8V5L5V]R:V)O;VL^#0H@(#QX M.D5X8V5L5V]R:W-H965T5]);F9O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=O#I%>&-E;%=OF%T M:6]N7V%N9%]3=6UM87)Y7V]F7U-I/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H M965T4V]U#I%>&-E;%=O#I7;W)K#I%>&-E;%=O#I%>&-E M;%=O3PO>#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E!R;U]&;W)M85]);F9O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E-U8G-E<75E;G1?179E;G1S/"]X.DYA;64^ M#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O5]0;VQI8WE?/"]X.DYA;64^#0H@("`@/'@Z5V]R:W-H965T4V]U M#I%>&-E;%=O#I%>&-E;%=O#I7;W)K#I.86UE/@T*("`@(#QX M.E=O#I%>&-E;%=O M#I.86UE/E!R;U]&;W)M85]);F9O#I7;W)K#I%>&-E;%=O#I% M>&-E;%=O#I.86UE M/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/E)E86Q?17-T871E7TEN M=F5S=&UE;G1S7T1E=&%I;#(\+W@Z3F%M93X-"B`@("`\>#I7;W)K#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I.86UE/DYO=&5S7U!A>6%B;&5?1&5T86EL/"]X.DYA;64^ M#0H@("`@/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I%>&-E;%=O#I.86UE/@T*("`@ M(#QX.E=O#I%>&-E M;%=O#I.86UE/E-H87)E:&]L9&5R#I%>&-E;%=O M5]$971A:6Q?4V5R/"]X.DYA;64^#0H@("`@ M/'@Z5V]R:W-H965T4V]U#I%>&-E;%=O#I.86UE/@T*("`@(#QX.E=O#I%>&-E;%=O#I. M86UE/E!R;U]&;W)M85]);F9O#I7;W)K#I%>&-E;%=O#I%>&-E;%=O#I!8W1I=F53:&5E=#XP/"]X.D%C M=&EV95-H965T/@T*("`\>#I0#I%>&-E;%=O7!E.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI M(@T*#0H\:'1M;#X-"B`@/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS M1$-O;G1E;G0M5'EP92!C;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA7!E/3-$=&5X="]J879A'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^,3`M43QS<&%N/CPO'0^+2TQ,BTS,3QS<&%N/CPO M'0^9F%L2!#96YT3PO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^,#`P,30Y.#@V-#QS<&%N/CPO'0^665S/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^ M/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$ M'0^3F\\2!&:6QE3PO=&0^#0H@("`@("`@ M(#QT9"!C;&%S'0^4VUA;&QE3QS M<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@ M("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$7!E M.B!T97AT+VAT;6P[(&-H87)S970](G5S+6%S8VEI(@T*#0H\:'1M;#X-"B`@ M/&AE860^#0H@("`@/$U%5$$@:'1T<"UE<75I=CTS1$-O;G1E;G0M5'EP92!C M;VYT96YT/3-$)W1E>'0O:'1M;#L@8VAA2!M86YA M9V5R'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C M;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T* M("`@("`@/'1R(&-L87-S/3-$6%B;&4@ M86YD(&%C8W)U960@97AP96YS97,\+W1D/@T*("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$3X- M"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A-38U.3@P9%\T96$W7S0W M,#A?83,Q85\X.69A8C(R-60W,CD-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z M+R\O0SHO834V-3DX,&1?-&5A-U\T-S`X7V$S,6%?.#EF86(R,C5D-S(Y+U=O M'0O:'1M M;#L@8VAAF5D/"]T9#X- M"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XS,"PP,#`L,#`P/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%SF5D/"]T9#X-"B`@ M("`@("`@/'1D(&-L87-S/3-$;G5M<#XT,#`L,#`P+#`P,#QS<&%N/CPO'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S M'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@ M("`@/'1R(&-L87-S/3-$F5D M/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M<#XT,#`L,#`P+#`P,#QS M<&%N/CPO'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$F5D/"]T9#X-"B`@("`@("`@/'1D M(&-L87-S/3-$;G5M<#XT.#`L,#`P/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@ M("`@(#QT9"!C;&%S3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT M4&%R=%]A-38U.3@P9%\T96$W7S0W,#A?83,Q85\X.69A8C(R-60W,CD-"D-O M;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO834V-3DX,&1?-&5A-U\T-S`X M7V$S,6%?.#EF86(R,C5D-S(Y+U=O'0O:'1M;#L@8VAA7!E(&-O;G1E;G0],T0G=&5X="]H=&UL.R!C:&%R'!E;G-E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$;G5M M<#XX+#`V.3QS<&%N/CPO'!E;G-E/"]T9#X-"B`@("`@("`@/'1D(&-L87-S/3-$ M;G5M<#XT+#`Y-#QS<&%N/CPO'!E;G-E'!E;G-E*2P@;F5T/"]T9#X-"B`@("`@("`@ M/'1D(&-L87-S/3-$;G5M/B@Q+#$T,"D\3X-"CPO:'1M;#X- M"@T*+2TM+2TM/5].97AT4&%R=%]A-38U.3@P9%\T96$W7S0W,#A?83,Q85\X M.69A8C(R-60W,CD-"D-O;G1E;G0M3&]C871I;VXZ(&9I;&4Z+R\O0SHO834V M-3DX,&1?-&5A-U\T-S`X7V$S,6%?.#EF86(R,C5D-S(Y+U=O'0O:'1M;#L@8VAA'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S M<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R(&-L87-S/3-$'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$2!M86YA9V5R M6UE;G1S(&]F(&YO=&5S('!A>6%B;&4\+W1D/@T* M("`@("`@("`\=&0@8VQA'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`@(#QT9"!C;&%S'0^/'-P86X^/"]S<&%N/CPO=&0^#0H@("`@("`\+W1R/@T*("`@("`@/'1R M(&-L87-S/3-$3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A-38U M.3@P9%\T96$W7S0W,#A?83,Q85\X.69A8C(R-60W,CD-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO834V-3DX,&1?-&5A-U\T-S`X7V$S,6%?.#EF M86(R,C5D-S(Y+U=O'0O:'1M;#L@8VAA2!O9B!3:6=N:69I8V%N="!!8V-O=6YT:6YG(%!O;&EC:65S/&)R/CPO MF%T:6]N M#0H@("`-"B`@("`@(&%N9"!3=6UM87)Y(&]F(%-I9VYI9FEC86YT($%C8V]U M;G1I;F<@4&]L:6-I97,\+V9O;G0^#0H@#0H@("`@/"]D:78^/&)R+SX\9&EV M('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!- M05)'24XM3$5&5#H@,3AP=#L@34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$ M;&5F=#X-"B`-"B`@("`@(#QF;VYT('-T>6QE/3-$)T9/3E0M4U193$4Z(&ET M86QI8SL@1$E34$Q!63H@:6YL:6YE.R!&3TY4+49!34E,63H@5&EM97,@3F5W M(%)O;6%N.R!&3TY4+5-)6D4Z(#$P<'0[($9/3E0M5T5)1TA4.B!B;VQD)SY/ M6QE/3-$)U1%6%0M24Y$14Y4.B`R-W!T.R!$25-03$%9.B!B;&]C:SL@ M34%21TE.+4Q%1E0Z(#!P=#L@34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$ M;&5F=#X-"B`-"B`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@1D].5"U325I%.B`Q M,'!T)SY!<'!L90T*("`@("`-"B`@("`@(%)%250@5&5N+"!);F,N('1O9V5T M:&5R('=I=&@@:71S('=H;VQL>2!O=VYE9"!S=6)S:61I87)I97,-"B`@("`@ M#0H@("`@("`H=&AE("8C.#(R,#M#;VUP86YY)B,X,C(Q.RD@:7,@82!6:7)G M:6YI82!C;W)P;W)A=&EO;B!T:&%T#0H@("`-"B`@("`@(&AA28C.#(Q-SMS($-H86ER;6%N(&%N9"!#:&EE9@T* M(`T*("`@("`@17AE8W5T:79E($]F9FEC97(N(%1H92!#;VUP86YY(&)E9V%N M(&]P97)A=&EO;G,@;VX@36%R8V@@-"P-"B`-"B`@("`@(#(P,3$L('=H96X@ M:70@<'5R8VAA2!H87,@;F\@9F]R96EG;@T*("`@("`-"B`@("`@(&]P M97)A=&EO;G,@;W(@87-S971S(&%N9"!I=',@;W!E2!O;F4@6QE/3-$)U1%6%0M M24Y$14Y4.B`R-W!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P M=#L@34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X-"B`-"B`@("`@ M(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M(%1I;65S($YE=R!2;VUA;CL@1D].5"U325I%.B`Q,'!T)SY4:&4-"B`@(`T* M("`@("`@86-C;VUP86YY:6YG('5N875D:71E9"!C;VYS;VQI9&%T960@9FEN M86YC:6%L('-T871E;65N=',@:&%V90T*("`@#0H@("`@("!B965N('!R97!A M2!A8V-O=6YT:6YG M('!R:6YC:7!L97,-"B`@(`T*("`@("`@9V5N97)A;&QY(&%C8V5P=&5D(&EN M('1H92!5;FET960@4W1A=&5S(&9O6QE/3-$)U1%6%0M24Y$14Y4.B`P M<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,3AP=#L@34%21TE. M+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X-"B`-"B`@("`@(#QF;VYT('-T M>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ(%1I;65S($YE M=R!2;VUA;CL@1D].5"U325I%.B`Q,'!T)SX\9F]N="!S='EL93TS1"=&3TY4 M+5-464Q%.B!I=&%L:6,[($1)4U!,05DZ(&EN;&EN93L@1D].5"U325I%.B`Q M,'!T.R!&3TY4+5=%24=(5#H@8F]L9"<^4VEG;FEF:6-A;G0-"B`@(`T*("`@ M("`@06-C;W5N=&EN9R!0;VQI8VEE2!W:71H#0H@("`@(`T*("`@("`@56YI=&5D(%-T871E6QE/3-$)U1%6%0M24Y$14Y4.B`R-W!T.R!$25-03$%9.B!B;&]C:SL@ M34%21TE.+4Q%1E0Z(#!P=#L@34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$ M;&5F=#X-"B`-"B`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ(%1I;65S($YE=R!2;VUA;CL@1D].5"U325I%.B`Q M,'!T)SY4:&4-"B`@(`T*("`@("`@0V]M<&%N>2!I2P@=&AE($-O;7!A;GD@:&%S(&EN8W5R2!T:&4@0V]M<&%N>2!A M2!H860@2!W:6QL(&]F9F5R(%5N:71S('5N=&EL#0H@#0H@("`@("!*86YU87)Y(#$Y M+"`R,#$S+"!U;FQE3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A-38U M.3@P9%\T96$W7S0W,#A?83,Q85\X.69A8C(R-60W,CD-"D-O;G1E;G0M3&]C M871I;VXZ(&9I;&4Z+R\O0SHO834V-3DX,&1?-&5A-U\T-S`X7V$S,6%?.#EF M86(R,C5D-S(Y+U=O'0O:'1M;#L@8VAA'0@0FQO8VM=/"]T9#X-"B`@("`@ M("`@/'1D(&-L87-S/3-$=&5X=#X\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4 M.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)' M24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`@(`T*("`@("`@/&9O M;G0@6QE/3-$)T)/ M4D1%4BU"3U143TTZ(&)L86-K(#)P>"!S;VQI9"<^#0H@#0H@("`@("`@("`@ M("`\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L M;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI M9VX],T1L969T/@T*("`@("`-"B`@("`@("`@("`@("`@/&9O;G0@"<^#0H@("`@#0H@("`@("`@("`@("`\9F]N="!S='EL93TS M1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M24Y$14Y4.B`P M<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM M4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`@("`-"B`@("`@("`@("`@ M("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T.R!&3TY4+5=% M24=(5#H@8F]L9"<^)B,Q-C`[/"]F;VYT/@T*("`@#0H@("`@("`@("`@/"]T M9#X-"B`@#0H@("`@("`@("`@/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B M;W1T;VT@=VED=&@],T0Q-B4@6QE/3-$)U!!1$1)3D6QE/3-$ M)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA M;CL@1D].5"U325I%.B`Q,'!T.R!&3TY4+5=%24=(5#H@8F]L9"<^36%N86=E M6QE/3-$ M)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA M;CL@1D].5"U325I%.B`Q,'!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B,Q-C`[ M/"]F;VYT/@T*("`@#0H@("`@("`@("`@/"]T9#X-"B`@#0H@("`@("`@("`@ M/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$R)2!S='EL93TS1"="3U)$ M15(M0D]45$]-.B!B;&%C:R`R<'@@6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L M;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI M9VX],T1C96YT97(^#0H@(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS M1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$ M)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#)P>"!S;VQI M9"<^#0H@("`@(`T*("`@("`@("`@("`@/&1I=B!S='EL93TS1"=415A4+4E. M1$5.5#H@,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@ M34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$8V5N=&5R/@T*("`-"B`@("`@ M("`@("`@("`@/&9O;G0@6QE M/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R M;VUA;CL@1D].5"U325I%.B`Q,'!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B,Q M-C`[/"]F;VYT/@T*("`@#0H@("`@("`@("`@/"]T9#X-"B`@#0H@("`@("`@ M("`@/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$R M)2!S='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C:R`R<'@@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T.R!&3TY4+5=% M24=(5#H@8F]L9"<^1W)O6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M.R!&3TY4+5=%24=(5#H@8F]L9"<^)B,Q-C`[/"]F;VYT/@T*("`@#0H@("`@ M("`@("`@/"]T9#X-"B`@#0H@("`@("`@(#PO='(^#0H@("`@(`T*("`@("`@ M("`\='(@6QE/3-$)U1% M6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@ M,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`@("`- M"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\ M+V9O;G0^#0H@("`@#0H@("`@("`@("`@/"]T9#X-"B`@#0H@("`@("`@("`@ M/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q-B4^ M#0H@(`T*("`@("`@("`@("`@/&1I=B!S='EL93TS1"=415A4+4E.1$5.5#H@ M,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@34%21TE. M+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X-"B`@("`@#0H@("`@("`@("`@ M("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SY(;VUE=V]O M9`T*(`T*("`@("`@("`@("`@("!3=6ET97,\+V9O;G0^#0H@("`@#0H@("`@ M("`@("`@("`\+V1I=CX-"B`@("`@#0H@("`@("`@("`@/"]T9#X-"B`@#0H@ M("`@("`@("`@/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B;W1T;VT@=VED M=&@],T0Q)3X-"B`-"B`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`@#0H@("`@("`@("`@ M/"]T9#X-"B`@#0H@("`@("`@("`@/'1D(&%L:6=N/3-$;&5F="!V86QI9VX] M,T1B;W1T;VT@=VED=&@],T0Q-B4^#0H@(`T*("`@("`@("`@("`@/&1I=B!S M='EL93TS1"=415A4+4E.1$5.5#H@,'!T.R!$25-03$%9.B!B;&]C:SL@34%2 M1TE.+4Q%1E0Z(#!P=#L@34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F M=#X-"B`@("`@#0H@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SY-8TMI8F)O;CPO9F]N=#X-"B`@("`-"B`@("`@("`@ M("`@(#PO9&EV/@T*("`@("`-"B`@("`@("`@("`\+W1D/@T*("`-"B`@("`@ M("`@("`\=&0@86QI9VX],T1L969T('9A;&EG;CTS1&)O='1O;2!W:61T:#TS M1#$E/@T*(`T*("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@("`\9F]N="!S='EL M93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D]. M5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXQ M-"PU-3`\+V9O;G0^#0H@("`@(`T*("`@("`@("`@(#PO=&0^#0H@(`T*("`@ M("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M('=I M9'1H/3-$,24@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SY43CPO9F]N M=#X-"B`@(`T*("`@("`@("`@("`@/"]D:78^#0H@("`@(`T*("`@("`@("`@ M(#PO=&0^#0H@(`T*("`@("`@("`@(#QT9"!A;&EG;CTS1&QE9G0@=F%L:6=N M/3-$8F]T=&]M('=I9'1H/3-$,24^#0H@#0H@("`@("`@("`@("`\9F]N="!S M='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$ M)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5& M5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`@ M("`-"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SX-"B`@("`@#0H@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9 M.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T* M("`@(`T*("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@ M("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9 M.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O M;G0^#0H@("`@#0H@("`@("`@("`@/"]T9#X-"B`@#0H@("`@("`@(#PO='(^ M#0H@("`@(`T*("`@("`@("`\='(@6QE M/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R M;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`@#0H@ M("`@("`@("`@/"]T9#X-"B`@#0H@("`@("`@("`@/'1D(&%L:6=N/3-$;&5F M="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0X)3X-"B`-"B`@("`@("`@("`@ M(#QD:78@6QE M/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM M3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T* M("`@("`-"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$ M)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA M;CL@1D].5"U325I%.B`Q,'!T)SXU+S0O,C`Q,CPO9F]N=#X-"B`@("`-"B`@ M("`@("`@("`@(#PO9&EV/@T*("`@("`-"B`@("`@("`@("`\+W1D/@T*("`- M"B`@("`@("`@("`\=&0@86QI9VX],T1R:6=H="!V86QI9VX],T1B;W1T;VT@ M=VED=&@],T0Q)3X-"B`@#0H@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$ M25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE M/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@("`\ M9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T M:6UE6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("`@/&9O;G0@ M6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SX-"B`@("`@#0H@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9 M.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0G/@T*("`@(`T*("`@("`@("`@("`@/&9O;G0@6QE M/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM M3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T* M("`@("`-"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE M=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`@ M#0H@("`@("`@("`@/"]T9#X-"B`@#0H@("`@("`@("`@/'1D(&%L:6=N/3-$ M;&5F="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0X)3X-"B`-"B`@("`@("`@ M("`@(#QD:78@6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)' M24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T M/@T*("`@("`-"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\ M+V9O;G0^#0H@("`@#0H@("`@("`@("`@/"]T9#X-"B`@#0H@("`@("`@("`@ M/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q-B4^ M#0H@(`T*("`@("`@("`@("`@/&1I=B!S='EL93TS1"=415A4+4E.1$5.5#H@ M,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@34%21TE. M+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X-"B`@("`@#0H@("`@("`@("`@ M("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SY7:&ET93PO M9F]N=#X-"B`-"B`@("`@("`@("`@(#PO9&EV/@T*("`@("`-"B`@("`@("`@ M("`\+W1D/@T*("`-"B`@("`@("`@("`\=&0@86QI9VX],T1L969T('9A;&EG M;CTS1&)O='1O;2!W:61T:#TS1#$E/@T*(`T*("`@("`@("`@("`@/&9O;G0@ M6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SX-"B`@("`@#0H@("`@ M("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@ M("`@/&9O;G0@6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@("`\9F]N="!S='EL93TS M1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0G/@T*("`@(`T*("`@("`@("`@("`@/&9O;G0@"<^#0H@("`@(`T*("`@("`@("`@("`@/&1I=B!S='EL93TS1"=415A4+4E. M1$5.5#H@,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@ M34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X-"B`@("`@#0H@("`@ M("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D]. M5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SY. M87-S874-"B`@("`-"B`@("`@("`@("`@("`@0F%Y/"]F;VYT/@T*(`T*("`@ M("`@("`@("`@/"]D:78^#0H@("`@(`T*("`@("`@("`@(#PO=&0^#0H@(`T* M("`@("`@("`@(#QT9"!A;&EG;CTS1&QE9G0@=F%L:6=N/3-$8F]T=&]M('=I M9'1H/3-$,24@"<^#0H@("`@ M#0H@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[ M($9/3E0M1D%-24Q9.B!T:6UE"<^#0H@("`@ M#0H@("`@("`@("`@("`\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[ M($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE' M2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`@("`-"B`@("`@("`@("`@("`@ M/&9O;G0@6QE/3-$)T1)4U!,05DZ M(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U3 M25I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`@#0H@("`@("`@("`@/"]T M9#X-"B`@#0H@("`@("`@("`@/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B M;W1T;VT@=VED=&@],T0Q-B4@"<^#0H@("`@(`T*("`@("`@("`@("`@/&1I=B!S='EL93TS1"=415A4+4E. M1$5.5#H@,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@ M34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X-"B`@("`@#0H@("`@ M("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D]. M5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SY# M;W5R='EA"<^#0H@("`@#0H@("`@("`@("`@("`\9F]N M="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE M6QE/3-$ M)U!!1$1)3D"<^#0H@("`@#0H@("`@ M("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S M(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@ M("`@#0H@("`@("`@("`@/"]T9#X-"B`@#0H@("`@("`@("`@/'1D('9A;&EG M;CTS1&)O='1O;2!W:61T:#TS1#$Q)2!S='EL93TS1"="3U)$15(M0D]45$]- M.B!B;&%C:R`R<'@@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@ M1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`@#0H@("`@("`@ M("`@/"]T9#X-"B`@#0H@("`@("`@("`@/'1D(&%L:6=N/3-$"<^#0H@("`@(`T*("`@("`@("`@("`@/&9O;G0@6QE/3-$)U!! M1$1)3D6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@ M1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`@#0H@("`@("`@ M("`@/"]T9#X-"B`@#0H@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W M:61T:#TS1#@E('-T>6QE/3-$)U!!1$1)3D"<^#0H@#0H@("`@("`@("`@("`\9F]N M="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE M"<^#0H@(`T*("`@("`@("`@("`@/&9O;G0@"<^#0H@#0H@ M("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/ M3E0M1D%-24Q9.B!T:6UE"<^#0H@(`T*("`@("`@("`@("`@/&9O M;G0@"<^#0H@#0H@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-0 M3$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE"<^#0H@(`T* M("`@("`@("`@("`@/&9O;G0@6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@ M1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`@#0H@("`@("`@ M("`@/"]T9#X-"B`@#0H@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W M:61T:#TS1#$Q)2!S='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C:R`T<'@@ M9&]U8FQE.R!415A4+4%,24=..B!R:6=H="<^#0H@("`-"B`@("`@("`@("`@ M(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXU.#(\+V9O;G0^ M#0H@(`T*("`@("`@("`@(#PO=&0^#0H@(`T*("`@("`@("`@(#QT9"!N;W=R M87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@"<^#0H@ M("`@(`T*("`@("`@("`@("`@/&9O;G0@6QE M/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R M;VUA;CL@1D].5"U325I%.B`Q,'!T)SXD/"]F;VYT/@T*("`@("`-"B`@("`@ M("`@("`\+W1D/@T*("`-"B`@("`@("`@("`\=&0@=F%L:6=N/3-$8F]T=&]M M('=I9'1H/3-$,3$E('-T>6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#1P M>"!D;W5B;&4[(%1%6%0M04Q)1TXZ(')I9VAT)SX-"B`@(`T*("`@("`@("`@ M("`@/&9O;G0@6QE/3-$)U1%6%0M24Y$14Y4.B`R-W!T.R!$25-0 M3$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@34%21TE.+5))1TA4.B`P M<'0G(&%L:6=N/3-$;&5F=#X-"B`@("`@#0H@("`@("`\9F]N="!S='EL93TS M1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!4:6UE28C.#(Q-SMS($-H86ER;6%N(&%N M9"!#:&EE9B!%>&5C=71I=F4@3V9F:6-E2`D,"XS(&UI;&QI;VX@:6X@;W1H97(@86-Q=6ES:71I;VX@ M28C.#(Q-SMS(&-O;G-O;&ED M871E9"!S=&%T96UE;G1S(&]F(&]P97)A=&EO;G,@9F]R('1H90T*("`-"B`@ M("`@(&YI;F4@;6]N=&AS(&5N9&5D(%-E<'1E;6)E2`H;W(@82!S=6)S:61I87)Y('1H97)E;V8I('5N9&5R(&UA2!O=VYE9"`S,2!H;W1E;',L(&QO8V%T960- M"B`-"B`@("`@(&EN(#$U('-T871E6QE/3-$)U1%6%0M24Y$14Y4 M.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)' M24XM4DE'2%0Z(#!P="<@86QI9VX],T1C96YT97(^#0H@("`@#0H@("`@("`@ M("`@("`@("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE M=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T.R!&3TY4+5=%24=(5#H@8F]L9"<^ M)B,Q-C`[/"]F;VYT/@T*("`@("`-"B`@("`@("`@("`@(#PO=&0^#0H@("`@ M#0H@("`@("`@("`@("`\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24^ M#0H@("`@(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9 M.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M24Y$14Y4 M.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)' M24XM4DE'2%0Z(#!P="<@86QI9VX],T1C96YT97(^#0H@("`@#0H@("`@("`@ M("`@("`@("`@/&9O;G0@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#)P>"!S;VQI9"<^#0H@("`@ M(`T*("`@("`@("`@("`@("`\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P M<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM M4DE'2%0Z(#!P="<@86QI9VX],T1C96YT97(^#0H@("`@#0H@("`@("`@("`@ M("`@("`@/&9O;G0@"<^#0H@("`-"B`@("`@("`@("`@("`@/&9O M;G0@"<^#0H@(`T*("`@("`@("`@("`@ M("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9 M.B!T:6UE6QE/3-$)U!!1$1)3D6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q M,'!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B,Q-C`[/"]F;VYT/@T*("`@("`- M"B`@("`@("`@("`@(#PO=&0^#0H@("`@#0H@("`@("`@("`@("`\=&0@8V]L M6QE/3-$ M)T)/4D1%4BU"3U143TTZ(&)L86-K(#)P>"!S;VQI9"<^#0H@(`T*("`@("`@ M("`@("`@("`\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!, M05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P M="<@86QI9VX],T1C96YT97(^#0H@("`@#0H@("`@("`@("`@("`@("`@/&9O M;G0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE M=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SY(:6QT;VX-"B`-"B`@("`@("`@ M("`@("`@("!'87)D96X@26YN/"]F;VYT/@T*("`@("`-"B`@("`@("`@("`@ M("`@/"]D:78^#0H@(`T*("`@("`@("`@("`@/"]T9#X-"B`@("`-"B`@("`@ M("`@("`@(#QT9"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X-"B`@("`@ M#0H@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q M,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@ M(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E M('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@ M("`@("`@/&9O;G0@6QE/3-$ M)U1%6%0M04Q)1TXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@("`@(#QF;VYT M('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S M(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXY/"]F;VYT/@T*("`-"B`@ M("`@("`@("`@(#PO=&0^#0H@("`@#0H@("`@("`@("`@("`\=&0@;F]W6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/@T*(`T*("`@("`@("`@("`@("`\9F]N="!S M='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O M;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@ M/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M04Q)1TXZ(')I M9VAT)SX-"B`@#0H@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SXQ+#0T,SPO9F]N=#X-"B`-"B`@("`@("`@("`@(#PO M=&0^#0H@("`@#0H@("`@("`@("`@("`\=&0@;F]W6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/@T*(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-0 M3$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\ M+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@ M("`@/'1D(&%L:6=N/3-$6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\ M+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W M:61T:#TS1#$E('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@("`- M"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@ M("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXV,C8\+V9O M;G0^#0H@("`@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@ M("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT@=VED=&@] M,T0Q)2!S='EL93TS1"=415A4+4%,24=..B!L969T)SX-"B`-"B`@("`@("`@ M("`@("`@/&9O;G0@6QE/3-$)V)A8VMG6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[ M($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE' M2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`-"B`@("`@("`@("`@("`@("`\ M9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T M:6UE6QE/3-$)T1)4U!,05DZ M(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U3 M25I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D M/@T*("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T M:#TS1#$Q)2!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<^#0H@(`T*("`@ M("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/ M3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*(`T*("`@ M("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/ M3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\ M+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@ M("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@("`@("`@/&9O;G0@ M6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT)SX-"B`@#0H@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@ M1D].5"U325I%.B`Q,'!T)SXT/"]F;VYT/@T*("`-"B`@("`@("`@("`@(#PO M=&0^#0H@("`@#0H@("`@("`@("`@("`\=&0@;F]W6QE/3-$)U1%6%0M04Q)1TXZ M(&QE9G0G/@T*(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-0 M3$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE M=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@ M("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG M;CTS1&)O='1O;2!W:61T:#TS1#$Q)2!S='EL93TS1"=415A4+4%,24=..B!R M:6=H="<^#0H@(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-0 M3$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@ M1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@ M("`\+W1D/@T*("`@(`T*("`@("`@("`@(#PO='(^#0H@(`T*("`@("`@("`@ M(#QT6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\ M+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W M:61T:#TS1#$E('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@("`- M"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@ M("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXS/"]F;VYT M/@T*("`-"B`@("`@("`@("`@(#PO=&0^#0H@("`@#0H@("`@("`@("`@("`\ M=&0@;F]W6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*(`T*("`@("`@("`@("`@ M("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9 M.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T* M("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$Q)2!S M='EL93TS1"=415A4+4%,24=..B!R:6=H="<^#0H@(`T*("`@("`@("`@("`@ M("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9 M.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\ M+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@ M(#PO='(^#0H@(`T*("`@("`@("`@(#QT6QE/3-$)U1%6%0M24Y$14Y4 M.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)' M24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`-"B`@("`@("`@("`@ M("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%- M24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O M;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@ M/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$Q)2!S='EL93TS1"=415A4 M+4%,24=..B!R:6=H="<^#0H@(`T*("`@("`@("`@("`@("`\9F]N="!S='EL M93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0G/@T*(`T*("`@("`@("`@("`@("`\9F]N="!S='EL M93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@ M1D].5"U325I%.B`Q,'!T)SY(;VUE,@T*("`@("`-"B`@("`@("`@("`@("`@ M("!3=6ET97,\+V9O;G0^#0H@#0H@("`@("`@("`@("`@(#PO9&EV/@T*("`- M"B`@("`@("`@("`@(#PO=&0^#0H@("`@#0H@("`@("`@("`@("`\=&0@86QI M9VX],T1R:6=H="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X-"B`@("`- M"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE M=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@ M("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D(&%L:6=N M/3-$6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T* M("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@("`@ M("`@/&9O;G0@6QE/3-$)U1% M6%0M04Q)1TXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@("`@(#QF;VYT('-T M>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE M=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXR,C<\+V9O;G0^#0H@("`@#0H@ M("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D(&YO=W)A M<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S='EL93TS M1"=415A4+4%,24=..B!L969T)SX-"B`-"B`@("`@("`@("`@("`@/&9O;G0@ M"<^#0H@(`T*("`@("`@("`@("`@("`\9&EV('-T M>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)' M24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T M/@T*("`-"B`@("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9 M.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I M;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^ M#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D M('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)T)/4D1%4BU" M3U143TTZ(&)L86-K(#)P>"!S;VQI9#L@5$585"U!3$E'3CH@;&5F="<^#0H@ M(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI M;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S M(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXR/"]F;VYT/@T*("`-"B`@ M("`@("`@("`@(#PO=&0^#0H@("`@#0H@("`@("`@("`@("`\=&0@;F]W6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)T1)4U!,05DZ(&EN M;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I% M.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T* M("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS M1#$E('-T>6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#)P>"!S;VQI9#L@ M5$585"U!3$E'3CH@;&5F="<^#0H@(`T*("`@("`@("`@("`@("`\9F]N="!S M='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q M,'!T)SXR,#8\+V9O;G0^#0H@("`@#0H@("`@("`@("`@("`\+W1D/@T*("`@ M(`T*("`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B M;W1T;VT@=VED=&@],T0Q)2!S='EL93TS1"=415A4+4%,24=..B!L969T.R!0 M041$24Y'+4)/5%1/33H@,G!X)SX-"B`@#0H@("`@("`@("`@("`@(#QF;VYT M('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S M(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@ M#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@(#PO='(^#0H@ M(`T*("`@("`@("`@(#QT6QE/3-$)U!!1$1)3D6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1% M4BU"3U143TTZ(&)L86-K(#1P>"!D;W5B;&4[(%1%6%0M04Q)1TXZ(')I9VAT M)SX-"B`@("`@#0H@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SXS,3PO9F]N=#X-"B`@(`T*("`@("`@("`@("`@/"]T M9#X-"B`@("`-"B`@("`@("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L M:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@"<^#0H@(`T*("`@("`@("`@("`@ M("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9 M.B!T:6UE6QE/3-$)U!!1$1)3D6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#1P M>"!D;W5B;&4[(%1%6%0M04Q)1TXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@ M("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U& M04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXS+#@X M,CPO9F]N=#X-"B`-"B`@("`@("`@("`@(#PO=&0^#0H@("`@#0H@("`@("`@ M("`@("`\=&0@;F]W6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)U1%6%0M24Y$14Y4.B`R-W!T M.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@34%21TE.+5)) M1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X-"B`@#0H@("`@("`\9F]N="!S='EL M93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!4:6UE6QE/3-$)T1)4U!,05DZ(&EN M;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I% M.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T* M("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS M1#$E('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@("`-"B`@("`@ M("`@("`@("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I M;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SY"=6EL9&EN9PT*("`@ M#0H@("`@("`@("`@("`@("`@86YD($EM<')O=F5M96YT6QE/3-$ M)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA M;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@ M("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O M='1O;2!W:61T:#TS1#$Q)2!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<^ M#0H@(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I M;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\ M+W1D/@T*("`@(`T*("`@("`@("`@(#PO='(^#0H@(`T*("`@("`@("`@(#QT M"<^#0H@(`T*("`@("`@ M("`@("`@("`\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!, M05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P M="<@86QI9VX],T1L969T/@T*("`-"B`@("`@("`@("`@("`@("`\9F]N="!S M='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U!!1$1)3D6QE/3-$ M)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA M;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@ M("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O M='1O;2!W:61T:#TS1#$Q)2!S='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C M:R`R<'@@"<^#0H@(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS M1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/@T*(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$ M25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M)SY,97-S#0H@("`@#0H@("`@("`@("`@("`@("`@06-C=6UU;&%T960@1&5P M"<^#0H@(`T*("`@("`@("`@("`@ M("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9 M.B!T:6UE6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#)P>"!S;VQI M9#L@5$585"U!3$E'3CH@"<^#0H@(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-0 M3$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I M;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SY);G9E6QE M/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R M;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@ M("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS M1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L M86-K(#1P>"!D;W5B;&4[(%1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@#0H@("`@ M("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D]. M5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXD M/"]F;VYT/@T*("`-"B`@("`@("`@("`@(#PO=&0^#0H@("`@#0H@("`@("`@ M("`@("`\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,3$E('-T>6QE/3-$ M)T)/4D1%4BU"3U143TTZ(&)L86-K(#1P>"!D;W5B;&4[(%1%6%0M04Q)1TXZ M(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$ M)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA M;CL@1D].5"U325I%.B`Q,'!T)SXU,#6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T* M("`@("`@("`@(#PO='(^#0H@(`T*("`@("`@("`\+W1A8FQE/CQB2!H860@;W5T'!E8W1E9"!U<&]N(&-O;7!L M971I;VX@;V8@8V]N65T M(&)E96X@6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#)P>"!S;VQI9"<^#0H@ M("`@#0H@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN M;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I% M.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T* M("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS M1#$V)2!S='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C:R`R<'@@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M.R!&3TY4+5=%24=(5#H@8F]L9"<^0G)A;F0\+V9O;G0^#0H@(`T*("`@("`@ M("`@("`@("`\+V1I=CX-"B`@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T* M("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T M>6QE/3-$)U!!1$1)3D6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T.R!&3TY4+5=% M24=(5#H@8F]L9"<^)B,Q-C`[/"]F;VYT/@T*("`@("`-"B`@("`@("`@("`@ M(#PO=&0^#0H@("`@#0H@("`@("`@("`@("`\=&0@8V]L6QE/3-$)T)/4D1%4BU"3U14 M3TTZ(&)L86-K(#)P>"!S;VQI9"<^#0H@(`T*("`@("`@("`@("`@("`\9&EV M('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!- M05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1C M96YT97(^#0H@("`@#0H@("`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T.R!&3TY4+5=% M24=(5#H@8F]L9"<^1&5P;W-I=',-"B`@#0H@("`@("`@("`@("`@("`@4&%I M9#PO9F]N=#X-"B`@("`-"B`@("`@("`@("`@("`@/"]D:78^#0H@(`T*("`@ M("`@("`@("`@/"]T9#X-"B`@("`-"B`@("`@("`@("`@(#QT9"!N;W=R87`] M,T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@"<^#0H@(`T* M("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[ M($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U!!1$1)3D6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@ M1D].5"U325I%.B`Q,'!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B,Q-C`[/"]F M;VYT/@T*("`@("`-"B`@("`@("`@("`@(#PO=&0^#0H@("`@#0H@("`@("`@ M("`@("`\=&0@8V]L6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#)P>"!S;VQI9"<^ M#0H@(`T*("`@("`@("`@("`@("`\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4 M.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)' M24XM4DE'2%0Z(#!P="<@86QI9VX],T1C96YT97(^#0H@("`@#0H@("`@("`@ M("`@("`@("`@/&9O;G0@6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@ M1D].5"U325I%.B`Q,'!T.R!&3TY4+5=%24=(5#H@8F]L9"<^)B,Q-C`[/"]F M;VYT/@T*("`@("`-"B`@("`@("`@("`@(#PO=&0^#0H@("`@#0H@("`@("`@ M("`@/"]T6QE/3-$)V)A8VMG6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[ M($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE' M2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`-"B`@("`@("`@("`@("`@("`\ M9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T M:6UE6QE M/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM M3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T* M("`-"B`@("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I M;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$ M)U1%6%0M04Q)1TXZ(&QE9G0G/@T*(`T*("`@("`@("`@("`@("`\9F]N="!S M='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXD/"]F;VYT M/@T*("`-"B`@("`@("`@("`@(#PO=&0^#0H@("`@#0H@("`@("`@("`@("`\ M=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,3$E('-T>6QE/3-$)U1%6%0M M04Q)1TXZ(')I9VAT)SX-"B`@#0H@("`@("`@("`@("`@(#QF;VYT('-T>6QE M/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R M;VUA;CL@1D].5"U325I%.B`Q,'!T)SXU,#PO9F]N=#X-"B`@(`T*("`@("`@ M("`@("`@/"]T9#X-"B`@("`-"B`@("`@("`@("`@(#QT9"!N;W=R87`],T1N M;W=R87`@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,24@6QE M/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R M;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@ M("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS M1&)O='1O;2!W:61T:#TS1#$E/@T*("`@("`-"B`@("`@("`@("`@("`@/&9O M;G0@6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G M/@T*(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I M;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6%R M9#PO9F]N=#X-"B`@#0H@("`@("`@("`@("`@(#PO9&EV/@T*("`-"B`@("`@ M("`@("`@(#PO=&0^#0H@("`@#0H@("`@("`@("`@("`\=&0@86QI9VX],T1R M:6=H="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)3X-"B`@("`-"B`@("`@ M("`@("`@("`@/&9O;G0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0G/@T*(`T*("`@("`@("`@("`@("`\9F]N="!S='EL M93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I M;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^ M#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D M(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$R)3X-"B`@ M(`T*("`@("`@("`@("`@("`\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P M<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM M4DE'2%0Z(#!P="<@86QI9VX],T1C96YT97(^#0H@("`@#0H@("`@("`@("`@ M("`@("`@/&9O;G0@6QE/3-$ M)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA M;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@ M("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O M='1O;2!W:61T:#TS1#$E/@T*("`@("`-"B`@("`@("`@("`@("`@/&9O;G0@ M6QE/3-$)V)A8VMG6QE M/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM M3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T* M("`-"B`@("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I M;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M24Y$14Y4.B`P M<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM M4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`-"B`@("`@("`@("`@("`@ M("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9 M.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G M/@T*(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I M;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@ M1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@ M("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D(&-O;'-P86X],T0R('9A M;&EG;CTS1&)O='1O;2!W:61T:#TS1#$R)3X-"B`@(`T*("`@("`@("`@("`@ M("`\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L M;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI M9VX],T1C96YT97(^#0H@("`@#0H@("`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q M,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@ M(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E M/@T*("`@("`-"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M)SY(=6YT6QE/3-$)U1%6%0M M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T M.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`-"B`@("`@ M("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/ M3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I M;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^ M#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D M('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/@T*("`@("`-"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT M)SX-"B`@#0H@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ M(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U3 M25I%.B`Q,'!T)SXW-SPO9F]N=#X-"B`@(`T*("`@("`@("`@("`@/"]T9#X- M"B`@("`-"B`@("`@("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N M/3-$8F]T=&]M('=I9'1H/3-$,24@6QE/3-$)T1)4U!,05DZ M(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U3 M25I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D M/@T*("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T M:#TS1#$E/@T*("`@("`-"B`@("`@("`@("`@("`@/&9O;G0@6QE M/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R M;VUA;CL@1D].5"U325I%.B`Q,'!T)SXH9"D\+V9O;G0^#0H@#0H@("`@("`@ M("`@("`@(#PO9&EV/@T*("`-"B`@("`@("`@("`@(#PO=&0^#0H@("`@#0H@ M("`@("`@("`@("`\=&0@;F]W6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*(`T* M("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[ M($9/3E0M1D%-24Q9.B!T:6UE"<^#0H@(`T*("`@("`@("`@ M("`@("`\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ M(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@ M86QI9VX],T1L969T/@T*("`-"B`@("`@("`@("`@("`@("`\9F]N="!S='EL M93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U!!1$1)3D6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L M;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI M9VX],T1L969T/@T*("`-"B`@("`@("`@("`@("`@("`\9F]N="!S='EL93TS M1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE"<^#0H@(`T* M("`@("`@("`@("`@("`\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[ M($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE' M2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`-"B`@("`@("`@("`@("`@("`\ M9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T M:6UE6QE/3-$)U!!1$1)3D6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O M;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@ M/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$Q)2!S='EL93TS1"="3U)$ M15(M0D]45$]-.B!B;&%C:R`R<'@@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O M;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@ M/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)U!!1$1) M3D6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE M=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@ M("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D(&-O;'-P M86X],T0R('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$R)2!S='EL93TS1"=" M3U)$15(M0D]45$]-.B!B;&%C:R`R<'@@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S M(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXH9"D\+V9O;G0^#0H@#0H@ M("`@("`@("`@("`@(#PO9&EV/@T*("`-"B`@("`@("`@("`@(#PO=&0^#0H@ M("`@#0H@("`@("`@("`@("`\=&0@;F]W6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[ M(%!!1$1)3D"<^#0H@("`-"B`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)T)/4D1% M4BU"3U143TTZ(&)L86-K(#)P>"!S;VQI9"<^#0H@(`T*("`@("`@("`@("`@ M("`\9&EV('-T>6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L M;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI M9VX],T1C96YT97(^#0H@("`@#0H@("`@("`@("`@("`@("`@/&9O;G0@"<^#0H@(`T*("`@("`@("`@("`@("`\9F]N="!S M='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U!!1$1)3D"<^#0H@("`@#0H@("`@ M("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D]. M5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF M(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@ M("`@("`@("`@/'1D(&%L:6=N/3-$"<^#0H@(`T* M("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[ M($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!! M1$1)3D6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I M;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^ M#0H@#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D M('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)T)/4D1%4BU" M3U143TTZ(&)L86-K(#1P>"!D;W5B;&4[(%1%6%0M04Q)1TXZ(&QE9G0G/@T* M("`@#0H@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN M;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I% M.B`Q,'!T)SXD/"]F;VYT/@T*("`-"B`@("`@("`@("`@(#PO=&0^#0H@("`@ M#0H@("`@("`@("`@("`\=&0@=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,3$E M('-T>6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#1P>"!D;W5B;&4[(%1% M6%0M04Q)1TXZ(')I9VAT)SX-"B`@("`@#0H@("`@("`@("`@("`@(#QF;VYT M('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S M(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXQ,#,\+V9O;G0^#0H@("`@ M#0H@("`@("`@("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D(&YO M=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S='EL M93TS1"=415A4+4%,24=..B!L969T.R!0041$24Y'+4)/5%1/33H@-'!X)SX- M"B`@#0H@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN M;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I% M.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@("`@("`\+W1D/@T* M("`@(`T*("`@("`@("`@("`@/'1D(&%L:6=N/3-$"<^#0H@(`T*("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9 M.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE M9G0[(%!!1$1)3D6QE/3-$ M)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA M;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@#0H@("`@("`@ M("`@("`\+W1D/@T*("`@(`T*("`@("`@("`@("`@/'1D('9A;&EG;CTS1'1O M<"!W:61T:#TS1#$R)3X-"B`@(`T*("`@("`@("`@("`@("`\9F]N="!S='EL M93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$ M)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA M;CL@1D].5"U325I%.B`Q,'!T)SXH8BDF(S$V,#LF(S$V,#L-"B`@(`T*("`@ M("`@("`@("`@("`@(%1H92!#;W5R='EA2!T:&4@ M6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE M=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXH8RDF(S$V,#L-"B`@(`T*("`@ M("`@("`@("`@("`@("8C,38P.TEF('1H92!S96QL97(@;65E=',@86QL(&]F M('1H92!C;VYD:71I;VYS('1O#0H@#0H@("`@("`@("`@("`@("`@8VQO0T* M(`T*("`@("`@("`@("`@("`@('!E6QE/3-$)U1%6%0M24Y$ M14Y4.B`R-W!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@ M34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X-"B`@#0H@("`@("`\ M9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!4 M:6UE28C.#(Q-SMS#0H@("`@#0H@("`@("!C;VYS;VQI M9&%T960@8F%L86YC92!S:&5E=',L(&%N9"!I;B!D97!O3X-"CPO:'1M;#X-"@T*+2TM+2TM/5].97AT4&%R=%]A M-38U.3@P9%\T96$W7S0W,#A?83,Q85\X.69A8C(R-60W,CD-"D-O;G1E;G0M M3&]C871I;VXZ(&9I;&4Z+R\O0SHO834V-3DX,&1?-&5A-U\T-S`X7V$S,6%? M.#EF86(R,C5D-S(Y+U=O'0O:'1M;#L@8VAA6%B;&4\8G(^ M/"]S=')O;F<^/"]T:#X-"B`@("`@("`@/'1H(&-L87-S/3-$=&@@8V]L'0^/&1I=B!S='EL93TS1"=415A4+4E.1$5.5#H@,'!T.R!$25-03$%9 M.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@34%21TE.+5))1TA4.B`P<'0G M(&%L:6=N/3-$;&5F=#X-"B`@(`T*("`@("`@/&9O;G0@0T*("`@("`-"B`@("`@("0V.2XT(&UI M;&QI;VX@:6X@9&5B="!I;B!C;VYN96-T:6]N('=I=&@@=&AE(&%C<75I2!D871E(&%N M9"!T:&4-"B`@("`-"B`@("`@('!R:6YC:7!A;"!A;6]U;G0@87-S=6UE9"!A M6%B;&4-"B`@("`@#0H@("`@ M("!O=71S=&%N9&EN9R!A6QE/3-$)T9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1) M4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@ M1D].5"U325I%.B`Q,'!T.R!&3TY4+5=%24=(5#H@8F]L9"<^3&]C871I;VX\ M+V9O;G0^#0H@(`T*("`@("`@("`@("`@("`@(#PO9&EV/@T*("`@(`T*("`@ M("`@("`@("`@("`\+W1D/@T*(`T*("`@("`@("`@("`@("`\=&0@86QI9VX] M,T1L969T('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)U!! M1$1)3D6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)' M24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T M/@T*("`@(`T*("`@("`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U!!1$1)3D6QE/3-$)U1%6%0M24Y$ M14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!- M05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1C96YT97(^#0H@#0H@("`@("`@ M("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/ M3E0M1D%-24Q9.B!T:6UE"<^#0H@("`@#0H@("`@("`@("`@("`@("`@/&9O;G0@ M6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0[(%!! M1$1)3D6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I M;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T.R!&3TY4+5=%24=(5#H@ M8F]L9"<^)B,Q-C`[/"]F;VYT/@T*("`-"B`@("`@("`@("`@("`@/"]T9#X- M"B`-"B`@("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS M1#DE('-T>6QE/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#)P>"!S;VQI9"<^ M#0H@#0H@("`@("`@("`@("`@("`@/&1I=B!S='EL93TS1"=415A4+4E.1$5. M5#H@,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@34%2 M1TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$8V5N=&5R/@T*(`T*("`@("`@("`@ M("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M24Y$14Y4 M.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)' M24XM4DE'2%0Z(#!P="<@86QI9VX],T1C96YT97(^#0H@#0H@("`@("`@("`@ M("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M M1D%-24Q9.B!T:6UE"<^#0H@("`@(`T*("`@("`@("`@("`@("`@(#QF;VYT M('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S M(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T.R!&3TY4+5=%24=(5#H@8F]L M9"<^)B,Q-C`[/"]F;VYT/@T*("`-"B`@("`@("`@("`@("`@/"]T9#X-"B`- M"B`@("`@("`@("`@("`@/'1D(&-O;'-P86X],T0R('9A;&EG;CTS1&)O='1O M;2!W:61T:#TS1#$R)2!S='EL93TS1"="3U)$15(M0D]45$]-.B!B;&%C:R`R M<'@@6QE/3-$)T1)4U!,05DZ M(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U3 M25I%.B`Q,'!T.R!&3TY4+5=%24=(5#H@8F]L9"<^4')I;F-I<&%L#0H@("`@ M(`T*("`@("`@("`@("`@("`@("`@07-S=6UE9#PO9F]N=#X-"B`@("`-"B`@ M("`@("`@("`@("`@("`\+V1I=CX-"B`@("`-"B`@("`@("`@("`@("`@/"]T M9#X-"B`-"B`@("`@("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI M9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S='EL93TS1"=415A4+4%,24=..B!L M969T.R!0041$24Y'+4)/5%1/33H@,G!X)SX-"B`@("`-"B`@("`@("`@("`@ M("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%- M24Q9.B!T:6UE6QE M/3-$)T)/4D1%4BU"3U143TTZ(&)L86-K(#)P>"!S;VQI9"<^#0H@("`@#0H@ M("`@("`@("`@("`@("`@/&1I=B!S='EL93TS1"=415A4+4E.1$5.5#H@,'!T M.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@34%21TE.+5)) M1TA4.B`P<'0G(&%L:6=N/3-$8V5N=&5R/@T*(`T*("`@("`@("`@("`@("`@ M("`@/&9O;G0@6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D]. M5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T.R!& M3TY4+5=%24=(5#H@8F]L9"<^)B,Q-C`[/"]F;VYT/@T*("`-"B`@("`@("`@ M("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O M='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)U!!1$1)3D6QE/3-$)U1%6%0M24Y$14Y4 M.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)' M24XM4DE'2%0Z(#!P="<@86QI9VX],T1C96YT97(^#0H@#0H@("`@("`@("`@ M("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M M04Q)1TXZ(&QE9G0[(%!!1$1)3D6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M.R!&3TY4+5=%24=(5#H@8F]L9"<^)B,Q-C`[/"]F;VYT/@T*("`-"B`@("`@ M("`@("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@(#PO='(^#0H@("`@#0H@ M("`@("`@("`@("`\='(@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE M=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`- M"B`@("`@("`@("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@("`@/'1D('9A M;&EG;CTS1&)O='1O;2!W:61T:#TS1#$Q)2!S='EL93TS1"=415A4+4%,24=. M.B!R:6=H="<^#0H@("`@#0H@("`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1% M6%0M04Q)1TXZ(&QE9G0G/@T*("`@#0H@("`@("`@("`@("`@("`@/&9O;G0@ M6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M)SXW+S$Y+S(P,3$\+V9O;G0^#0H@("`@#0H@("`@("`@("`@("`@("`@/"]D M:78^#0H@("`@#0H@("`@("`@("`@("`@(#PO=&0^#0H@#0H@("`@("`@("`@ M("`@(#QT9"!A;&EG;CTS1')I9VAT('9A;&EG;CTS1&)O='1O;2!W:61T:#TS M1#$E/@T*(`T*("`@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`-"B`@("`@("`@("`@ M("`@/"]T9#X-"B`-"B`@("`@("`@("`@("`@/'1D(&%L:6=N/3-$6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I M;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXD/"]F;VYT/@T*("`@ M(`T*("`@("`@("`@("`@("`\+W1D/@T*(`T*("`@("`@("`@("`@("`\=&0@ M=F%L:6=N/3-$8F]T=&]M('=I9'1H/3-$,3$E('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SX-"B`@("`-"B`@("`@("`@("`@("`@("`\9F]N="!S='EL M93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@#0H@("`@("`@("`@("`@("`@ M/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U& M04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXQ,2PR M.38\+V9O;G0^#0H@("`@#0H@("`@("`@("`@("`@(#PO=&0^#0H@#0H@("`@ M("`@("`@("`@(#QT9"!N;W=R87`],T1N;W=R87`@=F%L:6=N/3-$8F]T=&]M M('=I9'1H/3-$,24@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S M(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@ M("`-"B`@("`@("`@("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@("`@/'1D M('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T>6QE/3-$)U1%6%0M04Q) M1TXZ(&QE9G0G/@T*("`-"B`@("`@("`@("`@("`@("`\9F]N="!S='EL93TS M1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE M/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R M;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`-"B`@ M("`@("`@("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@(#PO='(^#0H@("`@ M#0H@("`@("`@("`@("`\='(^#0H@("`-"B`@("`@("`@("`@("`@/'1D(&%L M:6=N/3-$;&5F="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q,B4^#0H@#0H@ M("`@("`@("`@("`@("`@/&1I=B!S='EL93TS1"=415A4+4E.1$5.5#H@,'!T M.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@34%21TE.+5)) M1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X-"B`@("`-"B`@("`@("`@("`@("`@ M("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SY+;F]X=FEL M;&4L#0H@(`T*("`@("`@("`@("`@("`@("`@5$X\+V9O;G0^#0H@("`@#0H@ M("`@("`@("`@("`@("`@/"]D:78^#0H@("`@#0H@("`@("`@("`@("`@(#PO M=&0^#0H@#0H@("`@("`@("`@("`@(#QT9"!A;&EG;CTS1&QE9G0@=F%L:6=N M/3-$8F]T=&]M('=I9'1H/3-$,24^#0H@("`@(`T*("`@("`@("`@("`@("`@ M(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O M;G0^#0H@("`-"B`@("`@("`@("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@ M("`@/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q M,B4^#0H@#0H@("`@("`@("`@("`@("`@/&1I=B!S='EL93TS1"=415A4+4E. M1$5.5#H@,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE.+4Q%1E0Z(#!P=#L@ M34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X-"B`@("`-"B`@("`@ M("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M)SY4;W=N95!L86-E#0H@(`T*("`@("`@("`@("`@("`@("`@4W5I=&5S/"]F M;VYT/@T*("`@#0H@("`@("`@("`@("`@("`@/"]D:78^#0H@("`@#0H@("`@ M("`@("`@("`@(#PO=&0^#0H@#0H@("`@("`@("`@("`@(#QT9"!A;&EG;CTS M1')I9VAT('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E/@T*(`T*("`@("`@ M("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D]. M5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF M(S$V,#L\+V9O;G0^#0H@("`-"B`@("`@("`@("`@("`@/"]T9#X-"B`-"B`@ M("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E('-T M>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`-"B`@("`@("`@("`@("`@ M("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9 M.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I M;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXU+C0U/"]F;VYT/@T* M("`-"B`@("`@("`@("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@("`@/'1D M(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT@=VED=&@],T0Q)2!S M='EL93TS1"=415A4+4%,24=..B!L969T)SX-"B`@(`T*("`@("`@("`@("`@ M("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXE/"]F;VYT M/@T*("`@(`T*("`@("`@("`@("`@("`\+W1D/@T*(`T*("`@("`@("`@("`@ M("`\=&0@;F]W6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@#0H@("`@("`@ M("`@("`@("`@/&9O;G0@6QE/3-$ M)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5& M5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1R:6=H=#X-"B`@ M("`@#0H@("`@("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9 M.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1) M4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z M(#!P="<@86QI9VX],T1R:6=H=#X-"B`@("`@#0H@("`@("`@("`@("`@("`@ M("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9 M.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q M,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`-"B`@("`@("`@("`@("`@/"]T9#X- M"B`-"B`@("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS M1#$E('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`-"B`@("`@("`@ M("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U) M3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXW+#,Y,CPO M9F]N=#X-"B`@(`T*("`@("`@("`@("`@("`\+W1D/@T*(`T*("`@("`@("`@ M("`@("`\=&0@;F]W6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@#0H@("`@ M("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SX- M"B`@("`-"B`@("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9 M.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$ M)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA M;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`-"B`@("`@ M("`@("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@("`@/'1D(&%L:6=N/3-$ M6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O M;G0^#0H@("`-"B`@("`@("`@("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@ M("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$Q)2!S='EL93TS1"=4 M15A4+4%,24=..B!R:6=H="<^#0H@("`@#0H@("`@("`@("`@("`@("`@/&9O M;G0@6QE/3-$)V)A M8VMG6QE/3-$)U1%6%0M24Y$ M14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K.R!-05)'24XM3$5&5#H@,'!T.R!- M05)'24XM4DE'2%0Z(#!P="<@86QI9VX],T1L969T/@T*("`@(`T*("`@("`@ M("`@("`@("`@("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@ M1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T M)SXF(S$V,#L\+V9O;G0^#0H@("`-"B`@("`@("`@("`@("`@/"]T9#X-"B`- M"B`@("`@("`@("`@("`@/'1D(&%L:6=N/3-$;&5F="!V86QI9VX],T1B;W1T M;VT@=VED=&@],T0Q,B4^#0H@#0H@("`@("`@("`@("`@("`@/&1I=B!S='EL M93TS1"=415A4+4E.1$5.5#H@,'!T.R!$25-03$%9.B!B;&]C:SL@34%21TE. M+4Q%1E0Z(#!P=#L@34%21TE.+5))1TA4.B`P<'0G(&%L:6=N/3-$;&5F=#X- M"B`@("`-"B`@("`@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!, M05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D]. M5"U325I%.B`Q,'!T)SY(:6QT;VX-"B`@(`T*("`@("`@("`@("`@("`@("`@ M1V%R9&5N($EN;CPO9F]N=#X-"B`@#0H@("`@("`@("`@("`@("`@/"]D:78^ M#0H@("`@#0H@("`@("`@("`@("`@(#PO=&0^#0H@#0H@("`@("`@("`@("`@ M(#QT9"!A;&EG;CTS1')I9VAT('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$E M/@T*(`T*("`@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ M(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U3 M25I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`-"B`@("`@("`@("`@("`@ M/"]T9#X-"B`-"B`@("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W M:61T:#TS1#$E('-T>6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`-"B`@ M("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[ M($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D]. M5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXU M+CDY/"]F;VYT/@T*("`-"B`@("`@("`@("`@("`@/"]T9#X-"B`-"B`@("`@ M("`@("`@("`@/'1D(&YO=W)A<#TS1&YO=W)A<"!V86QI9VX],T1B;W1T;VT@ M=VED=&@],T0Q)2!S='EL93TS1"=415A4+4%,24=..B!L969T)SX-"B`@(`T* M("`@("`@("`@("`@("`@(#QF;VYT('-T>6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q M,'!T)SXE/"]F;VYT/@T*("`@(`T*("`@("`@("`@("`@("`\+W1D/@T*(`T* M("`@("`@("`@("`@("`\=&0@;F]W6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T* M("`@#0H@("`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L;V-K M.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI9VX] M,T1R:6=H=#X-"B`@("`@#0H@("`@("`@("`@("`@("`@("`\9F]N="!S='EL M93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q M,'!T)SXX+S$O,C`Q-CPO9F]N=#X-"B`@(`T*("`@("`@("`@("`@("`@(#PO M9&EV/@T*("`@(`T*("`@("`@("`@("`@("`\+W1D/@T*(`T*("`@("`@("`@ M("`@("`\=&0@86QI9VX],T1R:6=H="!V86QI9VX],T1B;W1T;VT@=VED=&@] M,T0Q)3X-"B`-"B`@("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-0 M3$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SX-"B`@("`-"B`@ M("`@("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[ M($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G M/@T*("`@#0H@("`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M04Q) M1TXZ(')I9VAT)SX-"B`@("`-"B`@("`@("`@("`@("`@("`\9F]N="!S='EL M93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE M/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T*("`@#0H@("`@("`@("`@("`@("`@ M/&9O;G0@6QE/3-$)U1%6%0M04Q)1TXZ(')I9VAT)SX-"B`@("`-"B`@("`@ M("`@("`@("`@("`\9F]N="!S='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/ M3E0M1D%-24Q9.B!T:6UE6QE/3-$)U1%6%0M04Q)1TXZ(&QE9G0G/@T* M("`@#0H@("`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L M;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI M9VX],T1L969T/@T*("`@(`T*("`@("`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)U1%6%0M04Q)1TXZ M(')I9VAT)SX-"B`@("`-"B`@("`@("`@("`@("`@("`\9F]N="!S='EL93TS M1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I M;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^ M#0H@("`-"B`@("`@("`@("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@("`@ M/'1D(&%L:6=N/3-$6QE/3-$)U1%6%0M24Y$14Y4.B`P<'0[($1)4U!,05DZ(&)L M;V-K.R!-05)'24XM3$5&5#H@,'!T.R!-05)'24XM4DE'2%0Z(#!P="<@86QI M9VX],T1R:6=H=#X-"B`@("`@#0H@("`@("`@("`@("`@("`@("`\9F]N="!S M='EL93TS1"=$25-03$%9.B!I;FQI;F4[($9/3E0M1D%-24Q9.B!T:6UE6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ('1I;65S M(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O;G0^#0H@ M("`-"B`@("`@("`@("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@("`@/'1D M('9A;&EG;CTS1&)O='1O;2!W:61T:#TS1#$Q)2!S='EL93TS1"=415A4+4%, M24=..B!R:6=H="<^#0H@("`@#0H@("`@("`@("`@("`@("`@/&9O;G0@6QE/3-$)T1)4U!,05DZ(&EN;&EN93L@1D].5"U&04U)3%DZ M('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q,'!T)SXF(S$V,#L\+V9O M;G0^#0H@("`-"B`@("`@("`@("`@("`@/"]T9#X-"B`-"B`@("`@("`@("`@ M("`@/'1D(&%L:6=N/3-$6QE/3-$)T1)4U!,05DZ(&EN;&EN M93L@1D].5"U&04U)3%DZ('1I;65S(&YE=R!R;VUA;CL@1D].5"U325I%.B`Q M,'!T)SXF(S$V,#L\+V9O;G0^#0H@("`-"B`@("`@("`@("`@("`@/"]T9#X- M"B`-"B`@("`@("`@("`@("`@/'1D('9A;&EG;CTS1&)O='1O;2!W:61T:#TS M1#$Q)2!S='EL93TS1"=415A4+4%,24=..B!R:6=H="<^#0H@("`@#0H@("`@ M("`@("`@("`@("`@/&9O;G0@ XML 16 R29.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Detail) - Series B Convertible Preferred Stock Conversion to Common Stock Upon the Occurrence of Any Conversion Event	Sep. 30, 2012
Number of common shares through conversion if gross proceeds are $600 million [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	7.29150
Number of common shares through conversion if gross proceeds are $700 million [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	8.49719
Number of common shares through conversion if gross proceeds are $800 million [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	9.70287
Number of common shares through conversion if gross proceeds are $900 million [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	10.90855
Number of common shares through conversion if gross proceeds are $1 billion [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	12.11423
Number of common shares through conversion if gross proceeds are $1.1 billion [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	13.31991
Number of common shares through conversion if gross proceeds are $1.2 billion [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	14.52559
Number of common shares through conversion if gross proceeds are $1.3 billion [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	15.73128
Number of common shares through conversion if gross proceeds are $1.4 billion [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	16.93696
Number of common shares through conversion if gross proceeds are $1.5 billion [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	18.14264
Number of common shares through conversion if gross proceeds are $1.6 billion [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	19.34832
Number of common shares through conversion if gross proceeds are $1.7 billion [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	20.55400
Number of common shares through conversion if gross proceeds are $1.8 billion [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	21.75968
Number of common shares through conversion if gross proceeds are $1.9 billion [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	22.96537
Number of common shares through conversion if gross proceeds are $2 billion [Member]
Number of common shares through conversion of one Series B Convertible Preferred Share	24.17104

- Definition

Number of shares issued for each share of convertible preferred stock that is converted.

+ References+ Details

XML 17 R28.htm IDEA: XBRL DOCUMENT

Shareholders' Equity (Detail) (USD $)	3 Months Ended		9 Months Ended
Shareholders' Equity (Detail) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Payments for Redemption of Units			$ 14,546,000	$ 0
Payments of Ordinary Dividends, Common Stock			32,011,000	15,204,000
Series B Convertible Preferred Stock [Member]
Series B Convertible Preferred Stock, Issued at inception (in Shares)	480,000		480,000
Series B Convertible Preferred Shares, price paid per share (in Dollars per share)	$ 0.10		$ 0.10
Series B Convertible Preferred Stock, Value, Issued at Inception	48,000		48,000
Proportion of ownership required to approve amendments to articles of incorporation			Holders of more than two-thirds of the Series B convertible preferred shares
Preferred Stock, Priority Liquidation Payment Per Share (in Dollars per share)			$ 11
Total amount of Unit offering			2,000,000,000
Conversion Formula Used In Subsequent Public Offering			(X/100 million) x 1.20568, where X is the additional gross proceeds rounded down to the nearest $100 million
Triggering Event on Conversion of Series B Convertible Preferred Shares if maximum offer is achieved [Member]
Expense Related to the Conversion of Series B Convertible Preferred Shares, minimum	0		0
Expense Related to the Conversion of Series B Convertible Preferred Shares, maximum	in excess of $127 million		in excess of $127 million
Per Unit Fair Market Value Assumption (in Dollars per share)	$ 11		$ 11
Triggering Event on Conversion of Series B Convertible Preferred Shares based on equity raised through end of reporting period [Member]
Expense Related to the Conversion of Series B Convertible Preferred Shares, minimum	0		0
Per Unit Fair Market Value Assumption (in Dollars per share)	$ 11		$ 11
Expense Related to the Conversion of Series B Convertible Preferred Shares, maximum amount	38,500,000		38,500,000
Common shares issued (in Shares)	3,500,000		3,500,000
Unit Redemption Program [Member]
Unit redemption eligibility period			1 year
Redemption rate, Units owned less than 5 years			92.50%
Redemption rate, Units owned more than 5 years			100.00%
Weighted average number of Units outstanding, percentage redeemable			3.00%
Units Redeemed (in Shares)			1,400,000
Payments for Redemption of Units			14,500,000
Redemption requests redeemed, percentage			100.00%
Distributions [Member]
Annual Distribution rate (in Dollars per share)			$ 0.825	$ 0.825
Common Stock, Dividends, Per Share, Cash Paid (in Dollars per share)	$ 0.20625	$ 0.20625	$ 0.61875	$ 0.55
Payments of Ordinary Dividends, Common Stock	$ 12,100,000	$ 7,600,000	$ 32,000,000	$ 15,200,000

XML 18 R30.htm IDEA: XBRL DOCUMENT

Pro Forma Information (Unaudited) (Detail) (Hotels Acquired After December 31, 2010 [Member])	21 Months Ended
	Sep. 30, 2012
Hotels Acquired After December 31, 2010 [Member]
Number of Businesses Acquired	31

XML 19 R31.htm IDEA: XBRL DOCUMENT

Pro Forma Information (Unaudited) (Detail) - Pro Forma (USD $) In Thousands, except Per Share data, unless otherwise specified	3 Months Ended		9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011
Total revenues	$ 32,707	$ 27,923	$ 91,507	$ 77,216
Net income	$ 5,799	$ 5,391	$ 14,487	$ 1,581
Net income per share - basic and diluted (in Dollars per share)	$ 0.10	$ 0.14	$ 0.28	$ 0.04

- Definition

The pro forma diluted net income per share for a period as if the business combination or combinations had been completed at the beginning of a period.

+ References+ Details

XML 20 R8.htm IDEA: XBRL DOCUMENT

Notes Payable

9 Months Ended

Sep. 30, 2012

Debt Disclosure [Text Block]

3. Notes Payable

Location	Brand	Interest Rate (1)			Acquisition Date	Maturity Date	Principal Assumed		Outstanding balance as of September 30, 2012		Outstanding balance as of December 31, 2011
Knoxville, TN	Homewood Suites		6.30	%	7/19/2011	10/8/2016	$	11,499	$	11,296	$	11,428
Knoxville, TN	TownePlace Suites		5.45	%	8/9/2011	12/11/2015		7,392		7,145		7,306
Des Plaines, IL	Hilton Garden Inn		5.99	%	9/20/2011	8/1/2016		20,838		20,480		20,749
Scottsdale, AZ	Hilton Garden Inn		6.07	%	10/3/2011	2/1/2017		10,585		10,434		10,558
Skokie, IL	Hampton Inn & Suites		6.15	%	12/19/2011	7/1/2016		19,092		18,860		19,092
Gainesville, FL	Homewood Suites		5.89	%	1/27/2012	5/8/2017		13,067		12,937		0
							$	82,473	$	81,152	$	69,133

(1) At acquisition, the Company adjusted the interest rates on these loans to market rates and is amortizing the adjustments to interest expense over the life of the loan.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References+ Details

XML 21 R32.htm IDEA: XBRL DOCUMENT

Legal Proceedings and Related Matters (Detail) (USD $)	1 Months Ended
Legal Proceedings and Related Matters (Detail) (USD $)	Oct. 31, 2012
Order Against David Lerner Associates, Inc. and David Lerner [Member]
Subsequent Event, Description	Financial Industry Regulatory Authority ("FINRA") issued an order against David Lerner Associates, Inc. ("DLA") and David Lerner, individually, requiring DLA to pay approximately $12 million in restitution to certain investors in our Units.In addition, David Lerner, individually, was fined $250,000 and suspended for one year from the securities industry, followed by a two year suspension from acting as a principal.Although the order requires DLA to pay restitution to certain investors, the actual investors who are to receive restitution are not known at this time but will be determined by an independent consultant as set forth in the order.While the order imposes sanctions, penalties and fines on both DLA and David Lerner, individually, the order does permit DLA to continue to serve as the managing dealer for the Company's best-efforts offering of Units.The Company does not believe this settlement will affect the administration of its Units.
Order Against David Lerner Associates, Inc. [Member] \| Restitution Amount [Member]
Subsequent Event, Amount	12,000,000
Order Against David Lerner [Member] \| Amount Fined [Member]
Subsequent Event, Amount	250,000

- Definition

Describes the event or transaction that occurred between the balance sheet date and the date the financial statements are issued or available to be issued.

+ References+ Details

XML 22 R2.htm IDEA: XBRL DOCUMENT

Consolidated Balance Sheets (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
ASSETS
Investment in real estate, net of accumulated depreciation of $17,591 and $6,009, respectively	$ 507,799	$ 452,205
Cash and cash equivalents	125,019	7,079
Due from third party managers, net	4,646	1,241
Other assets, net	12,455	10,697
TOTAL ASSETS	649,919	471,222
LIABILITIES
Notes payable	81,584	69,636
Accounts payable and accrued expenses	7,020	5,671
TOTAL LIABILITIES	88,604	75,307
SHAREHOLDERS' EQUITY
Preferred stock, value issued	0	0
Common stock, no par value, authorized 400,000,000 shares; issued and outstanding 62,180,186 and 43,502,273 shares, respectively	608,644	424,626
Distributions greater than net income	(47,377)	(28,759)
TOTAL SHAREHOLDERS' EQUITY	561,315	395,915
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	649,919	471,222
Series A Preferred Stock [Member]
SHAREHOLDERS' EQUITY
Preferred stock, value issued	0	0
Series B Convertible Preferred Stock [Member]
SHAREHOLDERS' EQUITY
Preferred stock, value issued	$ 48	$ 48

XML 23 R6.htm IDEA: XBRL DOCUMENT

Organization and Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2012

Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block]

1. Organization and Summary of Significant Accounting Policies

Organization

Basis of Presentation

Significant Accounting Policies

Use of Estimates

Offering Costs

Earnings Per Common Share

ZIP 24 0001185185-12-002398-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001185185-12-002398-xbrl.zip M4$L#!!0````(`'&&9D&_T*LR_*\``*XP"P`4`!P`87!P;&4Q,"TR,#$R,#DS M,"YX;6Q55`D``V6&F5!EAIE0=7@+``$$)0X```0Y`0``[%WK;Z-(MO]^I?T? MN+FKJ[M2.Z;`!CNW.Y+C],,[Z4Z4I*]&^R4B4$[8QN"A((_YZV\5X`=E,`4N MP#",M#L3*-=Y_:>; MPLSV\%O=,U\@?F:_0!?_C=\_>][RK-]_?7T]U7%3I)LN1([OZA"1!T*O=RZ0 M?_[V'Q\)D:D+"8DSX=Z'P@_G11`501+/Q.&9+`H_[Z?X#R"%/\*_>'MT+>%M M8=GHT\D6(?+XU'&?^I(HRGW31IYFZ_`D;'E&WIHYVAMPTSIHB:!^^N2\]/&+ M/F&G)X*>#+:[-ZA?1'TK_?#EJJF/>D^:MERWG6OH,6@;O4CHW3+M7WMX)Z\? M-;21U=K3^/G/<*'UUF`(`"<('TD/9RAX>0OG0M#C&='/IQ-D+C!W)]&S9Q?./YU$0O16 M?)Z^(>.D?QXB'G>G.]AOWCS!-#Z=Z.+#!%W/9?$.+DG[DW4SW!#:GNF]GZ\? MX$>F01[.3>QG`4,P)L\*I=/9;R?G(I9J,!Z-E,''_N9GV_WW-P16CY;0-1TC M3C)0AW<>0F'H;M"7OGJP-TA^+2`&[&"9V',.H-O M2\O432_D2C!,W!"9COWI)(I69W<>#MWDYU-+0UB\0(C)FXE.SM=-TN7\V$\D M=+[%77_-7NVHE>.H[0Q8E0%Y>>`@T0,OHJ&+^6C!-%LVWYA14CICDSG=KD?I MF<-$S^P,6YMA>7FL\O#%=1;@G[Y%T'+O'/,X"0OJ>I?83A&R53QNQKI5!3;*.L;Q54Q9((>R`"=EC2)E:7;SD`6J1M9X6UD- M0Q:SLG@A"XBQ;"2>;),\$B5MA6J14Z@&(#:Z`D"'\W*DT2,V MW@*A.QPJM)P2$*1CM'KAB,`K?`)ZXC'QGWSD/6`U$@>9IE_ M:AX>^S5E'KD:?FX+8:ZEB`]1F<5N5ET`#-.\X2$2[E8S$33NGUW'?WJ^MK\Z MIOUT`9'W>3YW7`]#`X_3\:/&3$M6!OV)3;AB/F[J(H*7.3>I/P8H:0/.AV^. M!ZV)_H=O(M-S;-0X&,SPE!.1GZ.9?0LUZS,BT]4X()*%K,SD=8R:@4J%_<[0 M32DH@1%ENALLE4W2U8WOZL\:@M?SB6&8)&5I5B`R:E[&SC8FL]@-R]CCU&"\ MECB0[J=M0'>*4>RYODZDGMF7FF5IZ!Z^:1N+M]#@S.*G6K[Y`5P2LV'2Q8.J MXT']L`!IR6'J^*[WKKG&Q#;NG5<;WEB:#N]\TX/;R;Z-@,@6?<\0X"B3A"1E M>W]G\+H,7G\4D-.BP#=G`:50$5@WW[3%TB.9T\9__"60P2A_X^+!@&70V)F^ M;M/7'QF&>TH]"_CJ.)$ROFJF#=&+:5GPRU5SD+%:E'#A($_6DWV=^J]F=*V M>>Z@[!1_.M-78OHR0K^:ZM'TT.>'AIX#0>]_M-"LF=*VV:/IFF!G^HI,7X9' MIU<`@S',0RCD/S7]%W+L0,Z''],6FC53VA9[M"PFY.C.]!68OHS5^2#=HTT+ M3T.^:BY6,YZ,7#BZ=JOA)[&15UN,FB'KOJE7&UR:WF73V;XJVY?ATW*J3Z_+ MCQ?OWS47=^IY>$2"-/]">[__O2G?7IA-RR)NNZLJ,KV(KD-`M0@HP[^'.U,J M3[-:9[HMJ1IGH9TR5CS'-,56N58P)8G8K`4N\L[2LW4I?N<[1(L,ERADPY:> MR729*5Y*;>&:HR0!FS7U'&=4!EOI;;D_^A^CZ09T">B+9KI8F9:1%"K;9+XT M01LW21S0R['6(^46QDI*MD:%R<%.;6:S6J"5$7)'OJ8%1WJ)T]V2[-;!XV.K MQ59+%K)IIJ.K)8V:6><;AC!,KH_21.G+A#;KJ>)3T7#Q_<-V=:LQKK>QWS<' M_$^0FEKR/;*W.+/D0.ZUM+!H`88E.'IZN,G"UVRQ(>A%1QM&# MZ#&F!0AJ>G+T;:B$M]@?SK MV#E;\#;[/%UMZP!1*R#*\/[$I4IK<;?6_C2O*IYEU"Q1F[:H:9A^%E=GU6JL M6G_(5NE#^^*W451DY/(/M8U.=SU47:GG)5/KDWZSG;>=37#'[3"K=9RWT"+W M$-U@I;[?NYJ-M.#,(W3QOOUFW]JE'>%;7.B34@X024J0B4E1/O8O7F2W:?/CMD)7J#JK-W(/NT)? M2-79L5([&K//HIF"MCD>TZ6ESNKE6[V,>*S0 M8^;.CE7:D5L\3E^N10EZISN>APS-@I-_M=JBNX*V.1[O[,#KK%ZZU@_Z%3S%6Z85-G=4;>8"Q2M^0WMFQ4CMRB\<9*Y>:]C%V M?Y&_FE.SZ@^R]&%-G2F/*'*.=CZR=<8YFG"8OOEN0J0+@SY9".F]?W4=?_DP MN;O]VKP$5V3-2J8"6K[Y;A15C>2)_X2[%0N`HT-')>@0>^*H!^1JT0%2[NP& M7>0X)FSD6^O,"1OI%_\%JKF']L1X,9'CHH<)$">-V1EP,"B2)6_WZ'PD[X\4 M'1KJ0D,ML2%]K1:)CP\3VZ!1T&H<[,K"CKC5VC\6CQ_7^FM11>! M%4%"\;O!8GPW-S#L5O`Z1-2)B!(*@:/T'9#MNHFDB+D/O)RD!1&`W@O98:)N M3)00`\;I*]&"&='$=*.]]@]75YLK`]MKXU2I2SR*MW9?'V?4#CL45(V".N8# M8WH7Y1W^.4074\=^@:YG/EKPQH5SZ+K0N/,<_5=S!G[KD]"?-1>B9VQ5Z*+/ M?^"!'&5X-I$;M5)FG+[BK3-PY0:N/];OG*/OFD]/D-P0\/D%BW!MA[HA>KV> M1^IZ2-17H.O9_+OV9B[\Q?4IY:&4%=JH`!!5Q1_^$2VZ_G462P<.W2@ M:*ZRF?/,YE]=!R$\QM4A--#$A8HH?C.8X:2@ADWO@$C? MRUE0#VH'E'P*:AQ0Z.IE03V,.J#D4U#C@$)7*`OJ8=P!)9^"&@<4^H[2@GH` M%Q1,.I"D*:=1GSJ`2"^%+*J#4_#819(<"FI<)*%/V2NL!XF.)1U0]BFH<4"A MEU86UH/<`26/@IH&%$!?MUI8#X,.*'D4U#B@T.<*%M;#L`-*'@4U#BB<*K+@ M5.F`DD=!C0,*IXHL.%4[H.114..`PJDB"TY'W?0XCX(:!Q1.%5EP.NXB2AX% M-0XHG"JR.U64#B1IRFE611;LW'2[=9JO!RT47/V+]369>]"]A'H@S(,,'LC9 M7(V+&MAJ7QQWHM/YH]9\/UZX! MW9.'X=B0Y$YH:@Y_- M[>H;86WC"SE6.HZ?%&UDYH[*05S#MH@:<"N)J;@-S4-,:.Q';/,VZ66B=$=V M)AQ4@=&J5WK7@4F0BDE*:XT)CYE63VGPE\B=DI1J[QO?U9\U!*>.YVKZ*G.F MHZ`I.)AJM@XM*QB&DUF7'8@7#P")LF<[?@?'0^&XNC]Z!<*$$WNF%EP@/%&> M9B*R&7B\\!%)@N'T#YF[L\-L';0>F;$B1(2U0XL0TB`U]'6HZU!74SST;3,$ MJ(^,;3@MH(9\%YZ;R!E(0#W[>7?YL;]Z*&SZ([_?^GO='0KJBIL:ZNJG1'WF M6?AVJ\/]G6'>;J"[[G+5IV'BH3*,J9#\Y(>_@*[F.10R,B7:V(_N)=[_);2= MA6FOWB712)%REPK=U]IP&]DR=+/$/R.M=,7>ZLTS[U]G<<3S;\>`5 M_D-X"QYYV"T^G6#`8&1!XR1ZZCI6/)806J>.^]271%'ND]=]TG#+5C$"L[;W(.*'"PL_LI\PYW;OY]W)^?TS%)Z#HJ>` M32+HONMBC[3>!1^+Y0K8*QICQ84T+/SB@0/_XW='>H>-`0[ MJ)X+SEQP'6>!!'_IV&'7N)<%#F6D#T&SC?C/YBX>!3Z;")X*U[:`X[Y#>@'@ M@T#<]T/06(^&AH+G",MH0!B\"+O?954P;>%2PT-+]$&XAV\:$E[Q_SSH!HB" MQJDPL\D/;!@V?S6]YZ##51/R$$OB8<;6U$->3`P/4[,$`RX='*U)J[\/Q0\X M300T7+C43(,P2AI/L>":_7XJ3!#R<<=/`F:*=&@$<1Z1=KJ%^R%OL/H7T`M^ MMQ8RX`'B7A=X"DQ:S3$B5@;#1O`M(^@`MWS!.B!M;9)8AZ1G(`D+S/LSPDIV M%L(=7'IAT)?%4+NG'_LQ]&U%N>I0"5)0N4Y[`68V9\8*X:&Q*R5@2W]UM25\ MP4D4&_OW0(]+G!B([C0,../?3J@Z[]7I;>/Q#:M+\[#ML4D>H6`Y.H&&@"U/ MU(BT!?X_3"F"_:L3\Q.B;MSX\7W3>&VT-5P#6&G8%!X&S!/Y;+1IM'1-/;#O MWP?@5!46X3>D0%;-WH.R@!W\>RTHSH3\ M/++ZL,TO-H*`I0V(J!!#>8NDT40=TL'R;@A_6!QA'I9ZR)3R?_52GI?IK_3-RXFC17 M7_&)_S/#@:(6_3F&48]V)))RZU&PYVS&>PZIGW\Z`:$&RD5(^N%2:P'6.7V= MLCG`XT"Z_93L=D30X*/9-%P4`,6-]DZF\>B+XUY&<>K:)O>!?<9S6[&Y+N,//T=C].`8,?K:-*(-Q5 MN,?JI6:,]!M:U]S3=X7P3!Q\R%,1]`C3!UM(DTHY MR*&C3'F)94CO^N0;5[B3/*:Q:%GZ3(-!F9EFF'Z!F6V7D%$YT6]"6N6KZN;FUI+T M4$."+<=Y:N&A&:FV).A4F6_IXC[#!P2_*+=9=DG9>]O3S),N?K94V$0-)*AT+.=`D?O5FP$(-P M,8L8N,4\WWG!W900Z]OVM"=B??K8.#+<>G4<(S3Y;[;S%K^1FW*B4FG5-RZI M0H5KGQGP^-:0AV.%'FS3-2NN9B]`K;;J7S5:3+-\V6:G#TNA5U%`A+DG.6.6 MDC)+IM8,LQ?68EUFIS^(4@S?Z8[G(4.SX.1?',R>GUHSS%Y8BS697:6/;Z2' M_G%\FY.'J>4G5-5VJ0'WI2;UL<]/#^/@HY&L0D8)L](6'Q?-3:X27%]?B M/B^G!O97^(_-YJKUC?*K6?O,?H'A!.(F7&/]_@-/.?S@KLYYN`E+B+9H!0]T MZE/DB6!`W5QH%OITTI-/SH>BJH['HBA^[#,2X\E4E ME14>5"#A`,%`Z@[JO@L-$NP/$&T$AJ-!C-Q6O[0B&4EFB*B,%5EA)3G1]6`C MQ8WV3G8?8M?&3UP?&E>F]FA:)MF/,PUW+N)W/QP[VL9X@$I4D>A_VP`%>3@O M7Y0,50\5%90ARE;K0[`W4L0X]K;ZI8'`2#(K7PQE464E&;]H\M"LND4SH>/S M@TAG2%TF:;HF%!Z\.4F\F#0G6W3$R\F9'%?*$7%&C[D9[W6E4\4H!N0R&!TF MJK`*1J.#6'DXGB*.E$$\SM"][PZQW9<\T]H;'B-SLMAUOCLQQ?L5V+X3UH.H\EEY=V<[.W19HGLS1#R#]9LI[.0I1H1'V";%5O.$\ MS4C(_GN([:V9<9YA<.>,R^1B-Q>FT$GZ,%V(HTP][22X`SCB-\%@4!2==+GQ MQD%E^WF[UG5_J=GZ^RU\@?;^4JT2;0CQ+6I#"%VAD,:*1'U?ILCL?-?.P8:Z MS<;6S5N[G[EE::"4QL8H;7O,SH#D@%Q./1"5>_$X@1,>QG+PP&UZ6@5HR+\QPD("JR`S,',0-,TR&(A,S MU"@)>=?S('"L/EZL8\?G:#,P032B$'<0J,UR5@5B`4WZ,L@?'H0SJU2DS4,?JZ%"=7K_:T%A!.]SP M0Q91<JJ:AS<>K+'/9\%.M:MTO;%/)Z1! M<>:^0AO'1XML83(6IDU6?N-H^0*YYF5`[5W(('K.C45F[(T'4CX.=USW`"[9 MD_%`%>M1)'MA6*827#X65X>/39W%8W2-X-8Y9+5L+==U?DOD,NR4^A$)M`:& MF.'2DQ6U9%[80XFRLR`ED9F#N&&&3&\`1BD^O8>;U7%%89,(6QE'[C`#IP<` M5;Y*(\>%+W80`5%A9>M@KICAU),'BE2=MMBGC=0P+)VK&$_K7<#]21Y?%>'OZ?O6MO;AM'\E\%=3L[-5,E*WI8?L1W MJ9*?ZTUB>VW/SL[],P61D(1;BM""E!U_^^L&2(D/4*(L6I9DI"J)K0?0:'3_ M^H%FXW7S+X$SC4P,/&_^"RKQMN'@CDE577I*`^Y`C'?.O4F8+``&BN`SQIK6 M4@+2^J\OC7KC>$;5@IG?@,Y24@1T[@&AS24(K9[24L*F.-HZ>$^.EA)*S='F M,H2F*?V=\<$07N\^@;T73#N"D=;9D4:61M]-J'!QLR:+*1QH==5!2U:+B7GA=W;1>!;6W_?/HF9]+ MCL>^T1E;<$FY5`U9NHF6]I68R,CK7)68A#U_RW65WJLJEY5:%9AOR6C`SIG^ M_]J/>AD^#KET[^CT2$I65$@3-0A:?OY<+\EJ2"^O+H>-HU5)GSG2V:^J2L)I MV+:XNV'YV*+9R48\9>8V.+2K$UW^G#X;=Y0E>0'!9;KR591KS#1>>1TM^2BT MZA65CP7SP6`5*X((`EO(WDGQQ%WFGK[\%C`7]G>ZM4[(GZK;EU:[D6F)69Z` M?-JM&N++QU^MK+^X"O'Q#4^/(KH)+#ZI8`$,>]M7#7ZC.\(JX7VGVM>C,2@1J\X3[61++N;/.5R/*IV6@7^5GDJ$W*+SR'$ M7R_98'^)*+N1:[Z\<.;JZ2T/HL?9WCREJ"V0@'3BJ:*S+K._EYTLB^>OH*E\ M$B[S?&U9F@IX^PTC!8@1@+^\&BDLL:&I2?-]^%>D=)FCQ'("F*6WE.LQW8Z* M/:=FIW&8\9G+4U#>#PZ+!"\LU7`-TQR86;=8$KRJH='F?*2I:A MP?"`7$4K*+T%AX>'G>9*"RA!_S*W/C527:,:A@<'2E!;=.M3=62FK\PSL#4K MV*^]1PMO8H'OW$K,WT>_))():`B[X/^.F-NLR,YE7>TE*,C&D=707AY/C@]; MQRO2[C+^^<(/.3XF.E"5_WYX0T>L+#N_=-'')O<7UX_DD?DU`CI3_^]/1<,F M9CT7CKJV[_%E7'ZV9F/O'WKTY-=GP(+O1-?Z7/+`H=X?C,H+WSVG8?E)]O:: MK;UV4\]3-%J.?ZNTCM.-88^@,C`]\AT+02$9$S]E^3TJ:&_&.;^G7G>5U\\^P]@ M\H0/[@@V"FJ M>BDZ+CEG@2.Y2HOH4T,\1P0!NH,O.^!\/@*YIQ[F%]ZYOSBYO'SZ0Q#D_(^?7#W;?N'Y])#P?7G_IY`'__\L,] MB1:&?W"T/LR<&F[Z9>Y[L(H3?.0C<-MOV#.Y%R/J1^\^ M7/_OQ6?25).K%WZ_N+[Z&Y#3$YX[F[]9_YF.QB=_:1XT3F8_)3F;I1"`ESQ, M1B/0:R+ZY($/?-[G#I@],F,GB?F)Z_F$"YHM5@^DW@"^J=?AYY[\%/^X+#=/ MR/?N_=7US=ZWBTOX1/,(/Q*]=*\7#=_28Q'J`<'1P![KA]FMF+L1FK./?WP# MUN*I!7<2M%2_.:EMR#-RNBFOY67K<"$S&V_&R]7X-IM*N653ADSG3/MI)!0# MAI4A\#P087PFG@237L!=3K']='ZL7^";1&O'4:O5.(F,S?25 MYLFOA`>$DG]R.>`^IP`>$BR3?J`K'-(PJT1#&A#F,3RF`=)(CY$0XB[\C>(X M\+-'F#I?!/;$U^?`9R9!F&;M+PFR<,DIFOI"DCYS\9%7&$9=TQ72'V0\`>(" M%M3)XS#F7#Q>M#3R#'3`UT>:/DT#_$>&NA\?@H!`?N:9I2?:&TOA3C"PSRR& M!/&Z1RR48@PX`;X.W`9C,W2U7OA>B``F24=-TG'@@9 M1,*:W-1NL]%-;2I.O'_4J(%3F6=^1,TI+B5NH9ZE+,B2!K1DJ;ORJ,O(]SKY MZF.A9DWM1$;LFXVHRGTN88.5:*:&3U*:'JVO MG!GR`IX3`9<.:J[/&DWTS2BKOH"M8$!W.5YGJ1>@OZJVC1D!Y(FX@(9 M@I>W.^%$HA(XWL1-`,UT)!\!"81**K\62YM`70:H^YHD9^KEP,K[.G5&O8P* M*TW31_?13&KW:%0SA:*=V,V8TC1_DGA8)UT/\2-DTHF_$X^%7\:0-Z".YL"0 M/K&KMF9\%Z"["B84X\49B56.OT M!9VXRN"8=2VI786R#H`[IHBW8,)P=.FJ_BK*]4#5DQ./:=V1;(#WX*'JY($% MS;><1KB`C)=@D`DFANK*U9:8`?%>%#B_$%<`2H6QRFT^P[M%,:Y!\BGI@VG#O9RJE=IQM<593T7QW%4@K?+WL1`9Y288BHGGHM,' M3D_.,0!^`DW_-_$5HLZ$QF1]3;*:-70&`F)Z<2XT4FA;2=?W@4512B7A1LTH MB\7O:YU,ZSYA"<'$"_6.(YGA4#+M'?F@IP0J0M05C6))LY=(,^3\^T59!T."P[2=6[R7 MU?L@L^E_"W)&#B#V`L!VA%!?/2=WU<_07D$4KFI;7(#.B.=HI+',#O$_#WEI M:VNPRG.L>3Q&9/R#A)W%6']$_\TP7-?;JY"RXS!V%N[&*,7M342><,[((*1R",4N9=0[Z#UC2#XRX'@B3I2S&"R460 M6)$9RJWR&\7X%MD(K,_*LJH^LE'&$MH?A]L<-(/R`,4Y2F&ARR0F@R'!3(B_ M-Q#X7@_D=8_U`06RH;F(M@0Q1->0@O-^3I^X2[XQ"4!`ND$@L-<3B_))*D#( M*(C2>1WP@//[+`%.)*97N#-$OYF!KX6)R$`W@U>I+QX$"%V@E;D("H:+6L4K MIPO[]P$*B2^@3'CUAJL(9&*"8E'*/<^FP5I8SKN(> M.6C7#\B(P\;!7%I"T`$>2!%DN9WF4_%,.)47.FT+>N8J-T5S$)=DA]](#_9U";`1Q8?-8A0/M&GP([&F@(]9X<%!M]B-4D4V- M"$-J''0LRH$1WD_&Y'IBE"FU@SV&R49\QS=:*VNLC*@;M^3("N8=;*TN(B&J M@*3R_.-.V"S5:\$0J$=,Q7@Y?0+"`Y7B48TB-,9/QD+[>L]1>X>E3ALGSSJ*F^9YD3BJYL5EJ4B(8[W7T]"?@-@DFX,&`J\_TYJE?]52& MJ`6&8*![BC)]#!O1JH\]4\*P]+%%HDG>6Q:JY#H1%DT&PR0GFCY+0+V':#;@8&9AL8:U,;96P]9JV%H-6ZMA:S6VM%8C8;M*>#>O M=#CRSW>CPB?\HV"ITC`)<']60H)9D]29^8T$Q4\@`O0Q_GDV@YJ[ M>.7JR0I5K/X^2U&/,R>6LSRMIJ>KHHZ"]U/M?-#*F7C`$8")O>9IJ@:P/_$D M4N%,!K(BAS_CSK_H?ZW+_?I:*%L(90NA;"&4+82RA5!K+80R.H3EC%SV+N4` M&_Q,RPZL!9Q3B6/K<&P=SJ[5X1B1)`T*AE;9\0&SJD>Q7O3R!3VVI,>6]-B2 M'EO28TMZWJND)V7XRMBUW/4$T_S?HIQ=IRA3^F>4J+L'&&/NHP:O6_\*<>L4 M8.M"HU9,53Z1M]?!WBT'C70F;TJ8P7(O[O-Y)1=<)_76ZU$-V-)=/\L1G6]@ MN%([U;=>9TMU0%R^"6NA)_:@M?ULINQ=W_T>JWJ92RS7M+5FA2M'?G$;VMO^ M-$V-C%,ZK*Z1>!Q2OV#4=V1&:S\KY2NL(R?ZV7NRK)-N"QEM(:,>Q18RVD+& M=R]D-"9>%J"VR9^+Y2%JUZ>F^AWVOGL>[?R%WO@*+LI3Q\9)@U5R[B]O0W.I M-I8;1G.IJR,WC.92-T.N2G.L`;,;7MZY)G8E@YO`B'5WEFL9.\LA6_/XI1E- MKJ?ED^9$I'5NYJ4A:7P%51_-;%3\F?!!=.5=PLK.SA"3*2B=2ND+3/:IKT:E M;3KG%)W!`N^4L0)K*\&2UG+2IL\R9(W@.<.4M%K"89)"C'2V1Z6QIF6">>D8 M2^XPY3"H\L^H=A`+W5R@DLKI48=RG/P<+>%03`*8J.#1WQ)RI7G@0%PXIB[Z M#=&N-B+1P'>",77R[SQS-QQ&KS4;C;]&+^KFA-$+%]&VW0.C)4_+UG@A#,3(M^,"TWM/;^_.+^[W3V\?'V^^HAQ0` MM37^0=2Q5)%6S:AZ9SS-4/0J?2^YRV9@/>/AR[QND$FZIO)LI%Y](G2-XE&1 M!)@$X*Y[?GY]HLM/D4WT&J2U22K22MN<723>W$]GU6D#52DDNQJ5>')O9_..`R?+)L3 M5+[/9N+M$"8XP=Z`.O%0>%)6L3*]K=;LELHX`G,F,;-:R^%.)8ID52FWR?>8 ME5NG'^>+9TG'T<+T+ZM;(+5IW6_75S>?"=JT$U+.)NV8AEDTLFBTU6AT92AP MC?_<1><%Y`Z/!];F+EN\JEP']7NR:&7ZH"*UIAZHTD"*B>_N@=X*^9G\Y>SL MXN+R\F1!H%%IV#M7U#Y`&)O04XH]JYZXYZU/$2N)6]=HS4JKS3L=+GSPG,QL MVLMO"]',"O&&";'%Y-P&_4V,V+,0KDDR"'F8\(*'AJVD6TG?+DG_[GSEO=[\ M*S*M-*]#FB56R[\N=-Z,!'=B`46[\\;[T_S4.OR$=7CO=9CZBCTL@TC;(]`5 MQO%E1'OG&+.0,T8E,\OVVZE9H[TH4MV<=-""I,:VR9%%FQU$FY]*V*N/AS+[ MM4ZG415G+-94FU*V6>+UNK8W-!@6YHB-UH_Z@BOEC$L>7''R:J^SOL1R#\XMRRC>XV M.$UA,\O9;DSS-1L>FE+?37EBTL6BS;6C3JC4:M@!Y0Y/*-D^\7@?W5#C4 MR`E"[FE8\`"I#>(V.!MA<\>V><76"[%%ZGSNF'NAR-_D$?^YHM)E/KGV+61; M:=]^:?]]R(W7$%@YWNA\@,T?I_?G\%/SP!8E;T'JPN9TMCJGLW]L,\C;:3$L MVEBTV3:T:=2.;09Y4S/(&UB6O&P;>?/V?*CX[X8&`9T49CM.J>F^Q\T-#E\A M`5NHG]4FL"OAV8=2FL=_;5GNSZJ%M2;KV,DS,9'A"Y7V.D:K(59#=J1@^P.K MQ@J9^66Y]L&S]]O:>+H:"-P>[5B!._,O)3LA)7(I'X%U*_/.G+I;:^7G_O:< M$FS.?6>;:],LUEFLLUA7U&;[H%W&;[&(MS$G%QMP&+%O@^/Y4C#WIT<14F]W MSB7,PK"%VK36\?@#>6*FQ4F.EICK.E,KE[IK4 MK"%74-K[W1ZN59TK`!815TQZ'EN<+/@`?%N=<04%C6OD7>?(F"?8EB3!#BJM MA3H+=85\VXA;!;<,X@Z:M>/V=E5L[S+0S4=7\'G1\7G&^#S_:(ZSF'NYJGQ1#I#&C`REMQAI"\D"8=,_2[&3(:H$@DP#6""MT&',#T@<-(CR<\2^G&D9^DE"0,7W)\:K>F;**^WD9 M3"Y.,@^^Y0)/@C!`[CC>Q,6A8916/$IV69*-)!`@;;"Z[GCLL9CC]XQZX0NYDF(RKI%KWZEG MZ/HEEL56XZ3[<'\U_;5Y\BL(])`[0\(#4)H&T/SL:U&^\JC+R/JCO:FE MA;1(T,^&E$O01D)]%W[AK$\N?C!G$O(G1F[[?5BZK.&;&1(S6]6HMQ-;101, M)TW[DQDEMULA#T'ZP``,J*=(TB.E=E=)8 MP\0@4#)UOJF^&H3PWP@$1BDB`@_%H8-8.C(T)167*]F`&'@\!FH)>^UYN`L(-UHE4='PM^>A\+R7/:T9(?VA;&EZ M9^XOKA]),.D%W.54OI!?8/]H\@44.R;ZOQ(T%9*,:!#"?VJ>S%"*&D('DFG) ML!M:\$23R#!N`$;H&3`#+30HIR-DI+09NT9PSS4TYS!WIMYFOEO&AR?=(,-X MX&4>AVI)$Q%9E78S-G8$5C[#[W@@V*MF1X,B?`21D@?*ED:&M`]Z*)[AA<^O MT@GE!!.'>=Z8NF@>(L8T(N[B.\&8.OEWDM'&8<<4;BP5`12]4/#]><%QMM(A M'[V4CDSW#Q=T7IE6*A1_X'T#)A.YFNMB'#"U3!JV;RT2/G?_=!5,,3T]TZ.[ M;Z@+[_*`_:XJD066/$\LL*QG_VXFZ+$5RQ-Z=A9:MDV-\LG@M_87EZCJ+@MC M5CM/3B5FR=:J?F_]F,B.:5JU!FL5+;(JM"DJM$%/=NRJMEF4LBBU2RAU+\3( M>$VE1:GMT[8RWO!>@,UQ MS]>>*RJI4^NW^LL_A+V[_'EE0]BULF=A[^E-LW3OD%':"&&R2&.19JN1IEG; MWV]7QQD+-DMPK8(\M75^JW=^88-GUV+E)P>_ER@AP+]1`>K:'>'*KTCX.*AL MK=;V6ZV%MWM;D_7&PF0!Z-4*9@%H^P'HH'5@MOD6A#;#;[89YLUVLJ-'YHI. M'$FQ8VV=Z@W$;&O3MM^F+6QE;.V9=:HW5<$L`.T``#6M4[W13K7UD]?M)S_B M8Z-W'G58,6197WF[H-B:JATP5=97MK[RQO'$`M"'`:#VT9'UE3?95[8)Z(UV MK"\IEWW./+>0([;28]/4SMJY#VCGK*-M'>V-XXD%H(\#0,V"+L\6A#;#T;:^ M\[I]YS,QD>$+E6MN+&`-49XGUA!]&$.T\$H5:X2L)[RI"F8!:`<`Z,"69VRT M)VQ3SAOM-F/-<\N6<6RJAEF3]@%-FO6IK4^]<3SY?_:NM;EM7,E^WZK]#UC7 M?,C4R+;>CTG&57[$B3..[;*5369OW4I!)&0QER(8@K2M_/H%^-"+($5)%$U2 M/56Y-Y$HL-'H<[K1:`!`0/M#0/4.Q-1YCJDS"9/7/J%SWT/I!U-<DO;#W$E(94Z`YTD<$1[H[[M]1?E MBK*NBI2ZHF)YHE+B&/@/^"^_ZBL-_U6Z75DF`@@PCZ&X]YVX^]S]6L_/=?53 M(3=0\QKWU=M+;UMQ6;TW+-UZK?.6\7<_$6:/"9=-,Y!%)#J*& M;JM';_A/[1%U^]KOT\OJ@N85D_.)0E??Z^MR4;K43+ZGOTWK3=>:W*$)= M1%@G9:J+^"W%98P2U4,TFY5.#?;\YC"&RJ(@`IR/;(#/'$T7P4[47!$A[IW0 MU=BTZ!,1<5H12Q[`4^754^4M6Y`[C]6I5-O2"_O`9^7$9\'L*M<.[M*Q#,UV M+%*)J^:[U%[$,\SU=N]_.IHI?!W,R@K"Y>#KBN_K&K5*MPE'G^;8TV7BO*!< M?5T'9V%#&6F,1+(^0D,2=;A@WMT9U&Q"S2;4;$9=K]QIRQQFGOTEE&QF7[(I MF1@65<$P68+)$DR6[+>M>JO2Z,D/C\PS_9>%AV"Z5-3ITC5A+&:F=*HHSMC1 ML2@TNB"F110-VQHU8/:4:SS"[.FU'63A9D]O:IU*JU>&K0:O#N3?M\_:%G.E M+96=#/OD?:^F];YQJW%^*;!?^EOA+4N7X@KN?\M4(+\S_YOCG2YYJ;(LX`Z7 M5K53Z?2*5]<"NUSV=I<+6WH;':[:Z()&6$74L;D3,T2)I=C"8EM8L9>;&E++ M_9U);>X8->[X3,=21I@1\9:A]D20V)$BIJ'\NQ%_2F?NCW`8OC:UYW]O6IKB MMO);MW?41F--UWDK1^B2.E;0$K8(XF$4L9;$$CMN;,M1Q'O=NA@VHHZNHH'8 MC#,V=>)NQGDBGO`&>;%1B[\?U23GT(YYUT=<:&[-$K4=H7.=,J$B*G;R$"9V M]TP%7!)+8XB\F$01;W=,_@-?&"$E[^B\U$>H+]3J*R-D\\%X^&_E,<<8:X80 MPWTQ>L8,V<0::X:;#N!1R:UBT\%44;.6O$Z8/<(V-S1N(@:5 MQ%038O/Q(@9BV-;84./=$"/I-:U@0PRF01%FS!'+R,1M+]R,_S;>%6Y`B"H* M'QS79-RNSMOXU/*FQGZTW+_^PN8M;]L5<\9C;&F_.!I%BYPCW*Q+!0VX6"J/ M`!W78.APN3&+TC'7E46&7!ZWJ3>:MS^,$5WG/U&I(%)JHS'ANM!"X*,#SB_8 MT^NL2X'TO\^,1"4F5X+-D(DU+I'8M+/`L7PRPM@R\@1*"59&P::UF5:XM>A< M.%W'5EC?>,PG-K8'S?G-;4/6ZI+)35I!V+SVPDC:6RFN4I MW(5PAEJ=7-E)7.)_\/6])^*`ZG,*NO91'3GU?(.EF80=3O.2V44]%;,H:EBX M+HC:`*(=@NC,RGR[Z([7'+(`1JQ*8[$BUTHBO2E4.--` M]R)FS!9"^[4R\"IH`Y8"EBH32UWX\\W(:/F.ST.S7A8!'@,>RZG>@,?RR6,? M1%XL1IZ[(&-V)S)F0&AE`6:A*CJFF;^59K=/U1H76-2Q('Y"O+B@Y0"&A20T,8@*P0)Y:5^,6?DTX)==06#V7XZU`?I)P@Y51D*S^GCF5/L`4G_K^Z=9^V8@VS!0\&H!P#W@'G`/ MN"^JZ4/A3^%GJ9"+R0N8(!>SNV'JTV>#W.E8(7%6_N!HMO3T=,C6Y#>(A&Q- MD;,U=`><`^X+S?NH1@FCU/3C^+XKR=-UX,,3/C] MI]>O5T*P]BCGC1KS,,9OE&QI$3)(Z<.4CHGDM,O9?Y`\RD58!\FCO4D>=3K2 MW!&$DODS)YA"PA0R::RDPA0R_Z8/N`?<`^[W!O?%+/19^\2TO9_DEC07M:XA M[+L=%#-?!7!?%^[<0=@QA_1?&89W"X7X$YW@"@]K_I)V<)EJA[W.6E2/NBONWU%Y5C MR5:%[68!=[J%0Y12(AD8$!BP(*?;%I#Y:M4&,%].$0S,!\P'S+;6Y'[-_S6PCH._NI\CA>BZB555,Q[]/E9]E8IOF(F5\#<+ M(U"MRL9@+;U$?1#Q^WC^2)2)2U*?8U-3TM]N"AEPB;'-["$"V9M1DKP/M6[" MDMTBV/\Z':_O:\>E.Y7WHN-)J]-+U_$RF7H*:R\1C+^X&MI.[@?:G32V/1S6 MNBL7-[U'-B[!E(BUZ\5-_'O8GTEDF#[3'Q$THC;1&<(6#TD;4=J#^COKNC&MOWV7CSMR+_*E_4)R^8H6?^QR;6 M6#,P5\81NC+B#)VW91"OI6?-'KE]#7XM/N0F87-59M3S0/V5:%0(`35#LS6L M(Y68E&FV$/*W5K52K5;=WEO$Q)HJAI`_'-?Y#!G]!+)&U4/ MJ$>+WG+K?\0MZVY57`).N5!.>3#OE!.X9^%0IS?^N$YH=N:LOW4B<-I:](Z+ MV6G,J/_-]>XFMEQ&P]RSJ3^H"^TXK=C/]#!+[^1YWIM#3%Y=+?FK6C#AISR;68'3)BG+$1XX'U&+YNDH1DC^[FA]^9+P'PG?AX71J9JG?3S@"HRCS=T4UP'_%8K_E#4G M)5=>^,&(KO,H8DP(MST1/OEAR4(4%446?G#EQ=Y^-(8TANB`*\BU71Z2,![6 M:T-NR[H^B6K()-:06F-_0C0?R8O@SHN;+,J?LC7BDDKD%"M0. MPH7HL"!F&O];O=+B\4)&89L;E42'-5ZTDCPDB51S$*G$!"31>DT6J4A^NE-Z MC%TEC.6F>B>C_>,;&%'?-:(;;D3W*XSH=#F=P(U"@(\;/`>R0?G@,D?DW(@' M\<@DB@O^Y=$?"-S:&AMJ1%T*!`Q%=U0NY*(I<4>_D.4(&IJZ;@_>W'BI$%1( MQV.3"L>+'5BT_P8/'=UZK?.6A:Q"Q`!B==)EJ0'6W?ZQ$7';$@;.VYH*)O[M MOFU1)%5C`\=B9$P$N(3@)A?<<#D"*S\=C?DZ\N0*R2"1-\%(ZR4.ND%%\3!V;MVVHL\GGG%Y<]P?I[5\D7 M&A/M.A;IDQ?[3"#YQ&_G7?#TC9M&OQV>.?S]A)L=.Q6#+#R4PSMP3X9_'7!] MDP-7B;P9]Q.EUOY^R757^X0-D>#JTT;U@9CBK]\_"CL_]2V%#_QG-TUVP`U/ MT<989W\=5`].6C-YHR4X02%IJ2%T=VO=<:_N_^-T9I079&"[>5&BUF;B.TQ- M4_K#UL%)K5&KBO_F>I%Z(+`)Q3Q@UJI]UJ+?4J MN5PG?H^PR>.F6G7ZR[G'3PV56R1G'ZQ?$L*N#'=12.U3OQVANM ME'-#�U@UUD8_,MW!%+;%S<'& MVH@8QU5"G43@;NZY.]^YW`G?IV[4&=NYSO=3=CM#WTYQ?1[,`.*&K!=)FHLBA02Y,KSE=G>Q76Z-BR.X4LYP MU]PWS[]4S-7Z]'Q6\[#0F7IU=6=6#M7)XO+O3/Z5PBQ;WU:<4*]%&=MTK8V[ MV=E*FY?,DHY#?2U62)<2TNJ&((5FK;,A*2PYZ#L\<:>*E]3RC9'=&M)()C;@ MJ-=7F]O:@]5:C)77$#5=\VM$C9N;7/4ZP/OD9U:O#!'TY=4&T^R+,,1Z=5/O MM"-#;"8A\8V&K;6Q,2YT]$$9$=71R6Q"/O_PV63N7].LPF(?NU%=/#CQ$A;H M.)P.[,\ET7"0@1AJ3],J0M5Q$RLB63/4+&8C@POG,_]"4W3HU=RX30XI#Y:? MW1]ZA83$2VKY96-!(%U!`PL;:NAZZ3$V\".Q*DBDKJ9R59:+#]UEKKDI8"F5)>O?$_^/K>DV]`]3F]G&OV)/'FVL4%$$)`@"D?``IP\-A7Q$S$6?#OC9D+D04)ZU&"TH?DFVO MW1Y,NT5-N2#SZJ:7%ASW,RL]=>2F\[!2/.LQ$#)XW2*6:E9A(>U+Y;F,DOJ,AG.FA%4J-H=@1L4T*VD5X9L?B5+*D"7.-K2]P6P4F2.6VAG,U'*3=X`T\=+P]&\@35PT M(P92#IOQ=&NNW((A50S67AYKOSX[!4-^;4.&+'$*6>)&#;+$D+ M7B6MQZ=UW(S)*4-*.2>Y#$CR M%#G)4ZNV(*5<3'\!;`-L4S2VJ8L+J1,L$@/GO$)2&?+$V0:X9U3!4DT@=(_M MB`VD,(G+<38"$7AC1B8.IP[UG3!Q_(``*$/V%*)>ZDY6#M8>^&M_>M( MDUY#`':0TRET3J?9@PQR,3T&L`VP3='8IEKI M008YKQGD')8EKWN,O'QX]FK^=X,9PTYDMN,,R^Y[S._D<`,+*"`^TTU@IZ*S MO0)-_UO!X(MN(X1$`((*4G!]AY#8XO,_+I:V_/L?5$/ MGDZ'`HN#CBVT$W\IV5N4()>R#ZK;6G?RU%VFE9_-XJP2Y.>^L_SZ-.`ZX#K@ MNJACMMN-)'$+,%YN5BYRL!C1A,EQO!7$_JU/;:R79UU";@P%1-^:])]H`4*B MG/)K9E.SV0/-;$RO>Z`;L!JP&K":]#23*)=;-JO)(%>0./HMCM;2SA5P%2&5 M.@.=K$X6[('>ME=<1$%CAKIK=:5Y@J(D"4H(6J`ZH+I(O>7B5L&"45R[5NDU MBE6Q76:BB\V&>E]B;D7B^W?'#CM\Q-C\\T$9$=71R>WPS&&\%XR=*C\=C6FV M1@UV-IG[5Y^\V&J=UOD!B];<4Y8OKS^3\8!8!R>7U^^. M5[UO)EG0/\F3-WC,N^M^8!'UO6%K]B1-08-'_*-'9[I.*,O)DG(_8P,_$BM- M$8.+[&<:]5]RLG)<+[B:`WG3%&EZ'7GL*,^__02%[/#&$8W=#C]2F^CWE(X9 M<@S-D\]T+'*P)''[^RF[':XC)U*)HHVQSOXZJ'*AJXV9N.&7K];F!XLR=N=8 MR@@S#>B_4`]>^>T/.W*'R_.0\,XN8\.[AO):C[R*Z1OI6$J2-] M*VF"XW[7`_HV.&]4)8XR7LIEG+>RQ/EV\KJ.O5ZM9NC8&[5H@W!/5/(.3KHR M#'$4GGOFW?J1_/8XWTI,[XFY(Z`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`$$,H+A'*TH;RL:`.6`I8J$TNY&7E@J7*@+4GTO>%!WM*1W.JP M!$G&5X*(+&$J/14CXR3S_'UDX5>ON(XL/^%YYKFBA)C*WNNO?_93>?6SX3T4 MF:IGY94W>?-TKY!1RH4Q`=,`TQ2::6J59K.1GF:`;-;06@IY:@A^TP]^^0#/ M;N,-OYS'O<@U`O''WX"1>2"<^LUL^\/*X+6*[[5:$!^_LC$!`6T,,""@XA-0 MN]Z6^WP@H7S$S9!ASG>0[9\9$;7BB*(#:PBJ<\C9X-.*[]-6WJ`"_@R"ZKP" M#`BH!`14@Z`ZUT$UQ,E9Q\FSHY:B*0MBY6)1,;BJ$K@JB)4A5LZ=3H"`]H:` M&MTNQ,IYCI4A`9WKP/H2:]90([H:J1&H],@;[,#/[:&?@T`;`NW%KO;-$`GG@FC!$17?$:V\R1&<$$3">048$%`) M"*@-Y1FYCH0AY9SKL-F]3@?*./**,'!I>^C2(*:&F#IW.@$"VA\"JG<@ILYS M3)U)F+SV"9W['DH_F)9F/'[4=+V4\70J]E`$!*;A\N*/8'V+5KK$?5'>UMJ3 M^TL(V0MR"&P1`GE@/F`^8+X(YJL6,/]>;O;+.BN?YKRB*3OYO[`CD:4?DFFN M\'I+VP]Q)2&5.@.=)'!$>Z.^[?47Y8JRKHJ4NJ)B>:)2XACX#_@OO^HK#?]5 MNEU9)@((,(^AN/>=N/])-KXD_\][W[?_:NO;=M7-E_%2*W%^@"KB/Y M[6X;(&V:;O=FFZ`-[B[N/P4MT;'.RJ)7E)ID/_T=4I)M60_+MNQ(]AR@9UO; M(H>_>7*&0]'9S&:Z]E:]E/C#LWK#&O$=*WB!_,QWV5G\E?+MWH]+<3N>OTG^ M1_!ZE>`U*E\'93M2M+TYI$XG8>S@R0S]W0LB&Q``(7I! M'**`,`S^GL%Z.]ZE8W[ZQ[=F4^9X\S`P3LW@QS6$N/KOU)&TW/,Y66<7,N8< MN>0\+6"]]`C\SE-$D[;6(/*1!O$FC'SDTQEUGH/`>-#2^[\*"+)_,N%),N"O MQ(50=3E`9BILE70)2WC,)'RL1AISV^:/("WD-3SE3;@O`'WQRUN20EHP5.P+ MN3.1$3`QF&W/J&G"4&'XKX6[#?F-F%$C^$IG?&X._N9J/(N:Q.28SJ*^*O'HR!&=0>UT>=[UFI8-[J$(=0 MT?FD,?B#;]DRX,G*SQ,B(^4OTYG+?S(9F=7QF"EZJJIZJJI5:"KGL?H-K9?Z MDF3T617Q6;B[JK2#N_9=Q_)\ES7R.BBNK2?Y&Z&\W3P9@KNRFMAR]'7U]W5M MO3'HX'7S%?9T!W%>V"*XJ8-SJ6-,+,$RK3XA8Y9UH7/5W1GVR6"?#/;)I`.H M-_J]-(=997^);3*';Y-)V1C6%6#<+.%F"3=+WJ_=5K?1'J9?V%UE\W\L=@BW M2W7=+MTP(7)V2I>&X4]]F\KS15=LYC+#HI[%'=P]55H?0WOGBROR+[MG;>M9:2NE>_24O.^7^0G?O&I<>/@W//';@)%32W$U][_' MU)2X-_];X>[BJIRRK&%7<5?K-_K#^IUKP<[BU<[B]8TD\XZMZ)&;6.^-+\R5 MSI>5-KKE9IOMS5-6]!PL]R\%WVX\#31$4>@+OKK\GG&W4C1>L,8 M+86G31`\/Z@"#T3'43Z[7.Q"8%L?=#HQ^C)G26D2NK;@I^S&^LG,+XY'G0<+ MV'\I!/-V)DSO]U;H6C-7`JY%(_L"\D@8+[V/7'@[D-=M==N2KTL$KI\OV2FY M:+N_]3UXUI%"\!'H<*GAB6ONWG$/AK&H?>>[QH0*%K9MK;3D[]*+%:CPI9#= M4FMZLS$+RY21CX"&1750R;0+?3=2"U$,T M/HXG.]H6S\Y&^;9*1;!B;`CM4P]A/%E#N`)BD"P00O16G:0I+G@"U@'`*7$WRT>9" M0L-EIQD3LOML09VU`A1[FC%#3NS/X/H'K+_95-DF)M3K/!LI0JK9ZZN/RT6M%`_E`I!@/\`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` M%4LA':D,'2#!!P6E[4F76^0EJ:W&FH,@-)SJ>$1 MCY-9]/)J+X+_0&M77,U=^X+?,"L)7^5+[MD3%>01_GC,G5H.!3":Y(N3)^@P MEL."D1XM;Z+6&CTM/P21\`#*`ZT\@K^1K1620,NQ/(O:Q&0S+BQ/$OFJJS4T M35.K=]F,6J9D(?PX;_$?08BH\]PDET+XL.0'L!:VA,2TY.*%',*P80KGX4`` M@'IG">J4>6KQ<[%4K&&PVBD%0(#X,??=T$YDGO`&Y?=M4ZT*1O@)2B_'<-B3 M1[IRN7J+3&&9$P%:!#O*PZSZ.YMY;#I:$OH4RMM:H*C-N+?<^1]Y9=V=#I>@ M4ZZ54QXM.^4"[EDZU/D;?Y036MPY&[9.1$[;RNZX6-S&3.[_4MY]1EUET2AX M-O,_7*EV'BK>(W]S2.\4>-ZG+#/E3:@',@=V=,0("(9T0@0)?C'6FG8)31\V*4N16,7$8>1,JS43!O'CB-!Y<+L7A^YEJ&LJ6O M.GJS3Z9`N973(2/Y3)T<#Z26!N/2*9>]=7EDR;6Y;&P'48L58)1#),R=C5=( M"3PD?1^50F=:`?IT!`#FFFL,LFS;SUD#S9@[YNXTW!`M M1_(RN`OB)I?#KSR+*:.2N<5)[*@:A'HJ!E9@-I87#;J9QR^'>RIJRT(E6GX3 MM1&U,7G^>>-H1-U8%H4>TE&%[9[I;9T9"C`/6%>_6EM M:)"]:5D.&=9$!ID68C5@6!\59*,MW7U+:_:B<"$[+,C9QK]J-;H0+QPH;%-1 M2798$T0KQ4.23)BC2"4G(,G&M5BDDO+H7LUC9I7PW3F=@63KVMOOQH29OLUN MQ[>^)SQ8/VC&QU#2Q#5W[T!H'2D;=R&`M^/?E!S?RW'O8?_]0=JM"S7M.U^\ M>:!T]O:##_Z!"7%I_.-;0CF.KR#CMV/U`4C^)QC3`Y=IOC_[4?#';XQ.]\MS78@=R$821(N2)S'=_1Y"K-((;D*5>;6^<:H M_0GDR&-+BUZBWA=F^3Q86L:;]MD%&"=-6W!A`SJ3G$AAX6=I3R)MN%-F(V]Y M)?!&+JK5;VO!NC8B3:WH(+K97\_&>=9AGCS(5,P=1[N8?[F=-NZFCH,LEN<" M$-?%@;9&%W?01L79#1XH@;MY&K+KV$_BK6/9[\]@X\/.SB^V4^$L:4_^],VV M#,[#8+L15U=^"#T?KN?6(I\8A.SKU;V<02\2B]J67PL@DG<`K36 M6(!#JG])3,_3@)*F2!B#/=N"W3B>`\AN`R=MXD&B@*Y>()B3N_V`\L5._).QD#SJ9/"V"3=HX M3NT@BPEG%VNK:?N^\'2>5M^B['&ORAY?V2/YEMG@*H1MY=:2]K-M(+: M5YXHA8&@J51_9A-7K-80;QG*A;;5WR^V>T1V,=65[R9J?K)&-+904H&@!TPN5/H"Y@H9[)*[W=U.>5-1C&!*$G@AE^6.JC MP6QQ(J;<]1[H`Y-5=Q95%3]3J6-A#?/:YJYE4E4F?>3[_>F4NM:_3,3.OT8C!8.H\JLZW6#)&[\8,,^%-30(K`18 M#$&K"?^,SE:G8&0YAC6C=E@Y7.`A!#KXHBR`<`N1B4P]T-'EJ[ M=+8NI?DR0W-"KL#<%6@&P/"B5FI5PI4XJ%;I;/TCS%;E!A&H5?72*@S:*ZMO M=U'>-T\*27"?`GN9S3+&DY5Q?&C:AR:NMXB:[H=//#L06-P(5?'"Y[YAO0-^Y^Y;\ MU\>/GSY=7_^:!&RO!="JI$U>MI:YF/E_'/X4G('*T?#[KR\2N)1R@N!%K^K( M5[P7/@N`JA!G5G3V+S]]D?/B^P.JP_:OYUC'];KI0HD./2&$)X706HB*OIY^ MSRCUFNW4EZ=5.E9<'^7L&;7_+N;!$;0#N^_-#?FP8NZ[\-MU]LZN_KD^/,_< M_1.Q](6>^AK%=&UH\H%$U]SQN&H)'RZ8W.<(@1564T M#^W1#EJ']N@([%%K6#`20'N$]@CM$=JC?<='K0':HY?6O**E6JR^8O6U9(YC M]15582-F+6[+KUA\K:]"8O%U/^P:G.?4 M7M$YUT[2L?2:F=UHG>NZE/543XC27NE`"T/18PE%^XWV,+VA#N.JVGD;M$IH ME8[$*NGI.V2T2FB5JH(*6J63LTIM+?U\"%JEZI5CL7.V#@6KJZ77`Z3.?F>K M-PPTR)>;ETZ*8?VV-&!0'3*Z9]6KEK-EFRR]OKM(!0F39M4)M0[MT1':I,TB]7PKM$MJERJ""=NGT[%*_@U>.O+A\%:WA M8EGVA>I0WPV`3)ATT5.;2L/E_[UXG@N+LJ4!@\J`15F,[3"VJV=LUVMJ?2S* M8E&VO@J)1=F]W?+:QJ+L,O0+AV17>IV\1#;B\M7T:(L-M;6 MH6CU_6_^M[6HWJ82D-%2B^7;"@0$J`FEE6^!64OUVW1-2T38:Z;?"HG1()9RZZ&06,K=WZVQ>6^G10==/VG'8F[FA6/885LQ M2<=0],1"47W8T#(N2,;(JGZ^!NT2VJ7CL$N#QJ"'';;5D2^T2SMH'=JEH[%+ M&"]50KZ*%G,/5I^-879W>77UY>OG-Q]N[^]O_WA+6K.GPJ)[:N6KS^K^X]C[ M;=.IN*YQ-7=SZ:BU=J)N54.W?N-3]LBYF9_CJ_O[0.CEVW.:C?)V,,)(Y' M>P:H/3L[Z_-!S=N:3U9W=H#IP^VWJT_?YBB-;&K\+;$B@ML6S+@^AW=:&.X, M8JK"'SJ#W&YHO71%QX"R.B*)5A&M8CTP/`ZKV&H,VV@5JRZ2:!71*M8#PZ.P MBG4\`'42!K'H\8.R>\G++)QVDFRI-4_*L+(%,*J][*(PH3!5"B<\"5E&U?FH MI>N%(I=T3!%2A'0'#2]4;#YJ;4:?6B9.A/(BUUS"J-%A$M(EK$@X`WT!MZ MMXX=@6@1T2*B142+6/[UAL.&WL88L:(JO:YT&7Q/0;343^!?(_<\^JOZG!C, MMF?4-"WG(5RJ%J(KOQ$S:B2_B3%#T]+8L1$\61]D/+_.I@3EVCS,"G:S>GR6 MLN+4'$W^:80"*Z3V'9)\KM$]7MTPU03Y3?VA'Q.[DM M+VM[:G"Y)8^^T+N;[UKS\'VM_T(N/4*-?WQ+6)[%G0;Q)HQ\Y%.8])E0\S^^ M\)BI/K0%F#N=0#Y+DC?RP8L3EU!/$XF5+W;^:%7U/'));(&H).N>M9 M_UK.@YHQF'[*'$\-M%=IB*]NE3#V-&,.+(K_9*XBS;;&\*]Q\'=8:3,MNU.> M$.7F=7([[EO]/=^,%1&Y!7?N%7>^`G>^K>'._82MRDPDH\`S:ZID2_)B3"U7 M:H>ON&.!X)ALY)'1,S$M87#?\4"XXCQ6C_F>[S)B4#$A8YL_"ODTH\8$"!>> MZTL9)-2;3V:&4KV"02#C!G>$!6H#CSQ:WD1-``_YKN4]1S*CJ.(C`)=*M4L( MA'I06%/+IBXQ7&9:'@$!G08:%'Y@3*A+#?@89K,,T2"/$\N8Q%='85DW[">S M21O6,O,]T21_+&ND1_]6NLT#NDWFQBB*QGE@#GQC1]H,OS65P0@(BI;7))<* MNN]LYK'I")2EK37B!,EK1@(K8U#7?9:Z'O!+CK/`-\Y(+Y/_@14?M/3^KR&O M'RG0-)NY_$D-93^35P.]V2.`I0T$RWE6V/9JT&NVHN^C)5PQ(UR!WI!$ZVE$ M)U-W:U:12_8J6;UAG&SU26=!Z'T2Q#A6^6AQ^*5+QI9#'<,"UBY$/0:@4*M8 MH2V8S80_(#AR76("ION-%%'B4*5,`2E@-.@7[;7,#,]^S)^R#MW$4PP+OH9U^Y(S7\UKVCKA?^XW+A^^0H MET(`.:9.?,?ROK'Q^S-?F&=2W#T857U@=/L_KL&=Z+]31\K%/6_K("SRKV?` M2@-`L\7[LS?=LXO>L*/)_RTHW8"$B'I@AU77XKC[?C.Y3,&;I()]2"8 M@B_.1^XXS)`C_`F&0XZR6,`,(-EJ!=K91??=^7;37\21O^'.PSW(1IRR)+3: MCTMQ.VYK8#^DG5C%CV8/5N:]KSZM?.O2G.AU7\W)LST;78[EC^[ET',7$/C\P^6I;(%4CGGPT6@ M]N0\&0!A"T!)2%& M33$88%:*_PT!VP#LRV11!TXCB`#>;BSM!TI9"`XX@4&15KOJ*JEW%#P4'ZSB MB\!)^;[A`ML0'C"*8NKJ/0R_PS2&(1BB2D(K`#7_X#FO#%:3K]K3F0>X[7;C M-<*:Q>F7S0!/HYUZ6H5"5FUH#LDLP-W: M%;=\WG5XT0ZSVL,F66U6ZFG]PBM2*X,(;57MLBH=M!^MO5UEM=Y56F@8?)WF M29)E'4\>C>/3X%:5G`:WHP6WRV(!:D6,/K5].W!([1*5!KWG:KH:]#3H:=!3 M[?]28IZ&O-8:;G6_K7KOP+ZO@=[/`NBQE$V.I5ON/X/P9ZD/M8J"FZ]/$KCL M90?!$SC1IH;WQ'L!M"F\Q,;1ZV:];;:@[^#>DX2:W<']5/%-\=Z3;E_9(N2H M8\7U4G?#T[KOXVDH.WIK3=[6IIS:/;=/UZN'<;6N MLU=;)NN>?*)U_6AT_1F%HD=T%^01AJ"6U1E,)CJB.AK+TWBT@]5I/'H&>-2; M-(P$-!YI/-)XI/'HT/%1;ZSQZ*DMK^E2K5Y]U:NO>YYQO?JJ36&CR;H)[P-R MY=L.66$*>O'UN$SA&45T>O&UB92&W<%0+[[JQ=?V&J1>?#U02[BW*]9>M7-N MG:;KI=?:ZD;OK66AKBL]H=;VHPZT="CZ7$+14:<_41^HTW%5Z[R-1B6-2L\$ ME2QUAJQ12:/2L4A%H]*+0Z6^J=X?HE'I^)9C]^#>/' M'>/B\U,7Q?3Z[=X$H\VAYO2LYR?5]D?BOS_LR"6!<1$\]6WT.A#4@>`+#02' M7?6Y!1T&ZO7;=ABD7K\]S'3AZJT^//N<=%VOX-;O5;#JS\YJ33_>,$L'HL\E M$.V9G7%?'Q$Y'OW2N+2#U6E<>D:X-!@K[Y?2N*1QZ6BDHG'IY>'2:*"O''ER M_6JZAJN799]H'>J;`R*+7;LX4ZNDX>R_G[S.I1=E]R88;0QZ45;'=CJV:V=L M=](U1WI15B_*MM<@]:+LP6YY[>M%V>>DZWI1MK;"P19EE9Y0:_H1AUDZ$'TN M@:AE=H;CFE/M.JYJG:_1N*1QZ;G@TJ`_T+AT-/JE<6D'J].X](QP:3C4F]B> M7+^:+LKJ@[5M6+3Z]B/\X16KMTH":H[4ZN7;(P@(M"7L;?D6)DM8OU5;0A`8 M=%+Q?RLN2-85M..-=W1$^%PBPI.N^E9('0WJI=QV&*1>RCW+N;47CND3MD>FZ3H4?6&AJ#7IF#47).O(JGV^1N.2QJ7G@4OCSOA$G[`] M'OW2N+2#U6E<>C:XI..EH]"OIHNYC[8^6Y+9U=GY^<77/]Z\O[RYN?SRN]%; M_FRLNB]M^>H/>O]QJ;^MFHI/+5[-W5P[6FV=VK:.P[;^$2[(?1BZJVM\;>^7 MNS?U:)MU[3$\>&>$%3::TS:4'*/+KMA=]R^2YR;"E,O/;=5E$=9GIBT-=`X MGK4\ZVUOA(MY#7-C'4@\'^L9:^O9V5F_';?\6/.+M9T=Q/3^\OK\XW4NI:EO M.S]05D8<^AZ\<7T-[V7)<&CTIJ5-2HV`X9/@]4 M['4F?8V*QZZ2&A4U*K9#AL\"%=NX`>I%`&+3[0?[/DN^SX73075:6CTG^T#9 M!C)JO>YJ9=+*=%1RTCLA]['J_*RUZXDB%[5,M4BU2'>P\$:+S<_:FK5/W:>< M&BV_/FLY/4)52L-6\X(*R,IPPW3JDT9EJ<>6XNO]%E7V7H^J$Y]ZM\(C"V_< MZPQ&_6=1EGK.)JT142.B1L1'$=[8ZEC#-IX(U(BH$5$CHD;$_5]O..E8?1TC M'JE)KUNZ9)_;H%KT$?AM&KW-?J1_-QSB^TO;=;W@EK-J"8M0`9447E$_( M"*7F07$!LUKYGL80#LCXR4MEO,KW2V"[>F'CBV#[A/_K!;?TC>SU"Q(D=*"#:D.9 M.YDP\G-)`F`JO",1)=O;]/XS:UM+W__YLR) MF_KDW8[%;M_ZI]!^)/>`G?S]0M9 M3$GTZC1[@-]051!:]VI*Y"HJ+_@47*1`Y\8-^"=KI_?_6]^?-O MG.'D^UE\.6O.D9$&'I/+,HW(*TE2&X_F$L=;V'[\]U>#5Z=FUSSIFW4R6L5( M,;7V>']TUX#OB56K+C?A?4"N?-LAM4I?/+(9 M`#\:_I[T).59S]1*!-YF/!F#AX/AMAB\/03O-L_CMUM@$8@O!NEV!Z)MHP9 M-L;A0Z#P3DQ(0##J3WH[P?">\&PGU:>,6(/A9H"V)\K[$A)O,07FABYD*RP> MU+MNST_"X`\[#29[(KL.@$=-=>6;$R9)[-H^.?OO]@#P>+7J M*)A:#89,OW^(P+P3K3V&`"/GA*`=V%`SHG-X7CXU`"\ MD]8S+@;]P:,#\&0U`#<2_G"3@L06`#PRZW6%];!'2FG,_NU'^,,C0OC+/B_Z MV&]4D7@T#!Y9LO:LYFLE`&\\6`5]K6U+$=N#[PYS7/0^?H1B\`YTCC8+>P]3 M@MB>?MGN)^9N!8B]X-<.NDZ9&(]/-@EZ]T5U3T;='46_"]5UH-MON&(@]&'Z M5.#N%BMPCX>V@Y5K!RJ&5@/N%N-52@[C)R@Y[#;'^:!Q75@9J:3R96/W^#C1>$Y\B.DS!PTUD M!['MH/#CZ;/?0%MNF;NBVJ:_DWKA> M=7[K7Q\95=/0%TX\#;K"SKK\)RYCF3B4N:?N7\<>H9]DW3+*Y]E6BKG.72;7DCUTPM2@C^3X);&9D&G3',,K'DS MS[&![$30=^/>2^9&Q&;*6+*IZ1HWN)^OLF6M]$48*@@38TKP_6AVC!CXW4X, M.UHP/1CWK-&[V/"!KF1>)@DYP;UT$&.E?A)G6^LXMZ6OATN(5=EK%_8#O$/: M+>=ZLQG$:L";-^-[$KU(IT/ M[#=D<^XM8^/7^[GGS(%"QT]=Q112@8M?<`'QTCB&X3SD]\'_Y,1\+= MF^)H98;%J:5S%%5,ADYX`*8QMX-;4B6@GNOJR8W`ZV*P=6Z M?.MJ27X5LDKZT#7^$=X34-*.\'V7$HG#2XI=UOJ(F:4D3(@)J";DS3!':!@&SF(61./U=X\R8$;JANO=+IAJW M41C'$K9#X@]6#.]81IX#ST?L*2.V_>QO8,)XNIWI/Q@]B1)()Q1Z[BVF:133 M,_%\>SY@>#"),YDHH!?"OH3I==_L&!@!=F"@AWSK M>CX8<"G8HD)52;3@W@]HR84^M^_0HT,$3#CJ_(3X-R'@+EY;9G<@4;2`U`GY MCP'Y42(.D(?*;USR@6T:"9/B//\^J0[S/^0S63@H6T# MO7.P2>#/E4BJ2HB.A:%]Q^!N*LX\%05BX52"3%)F[TX8)S$#;3648#2"Y_'I MTU0#Z914_',14R@!0D/$:HB@9D.],2`"VM^=%X?1@V'?1H2!-D,-RSSKH`W' M*3AR10#!]``?,Q#>/9?$(O)G-IAY\`P]JF94'H)9L'*@>12FMW-*]&SF^1YH MB*2X#KA/4)XS+%D9G\!TC2_%0)\_?S!^S32N9[X[^_0E_\UZ]QO7[`KXH`4: M<3J-/=>S04Z@@6S\ZX\7-\8W[V?'N`@<@)J`AX44'<&+W4(6*\MM!BFH87:M M7U`L9KR#L:8Q&Z-?AOS2( M8(&R3U$1@`&/QDW)W/9G>814QJOL^[)_E]VOU35%U9*&4CKC59I%,K;Q]7WEY]XBA\.;AQXXPYI9CY\T[V":34E9A6_>A' MO!.NYK.ON3M9/<8-":J?Y#B7T2K!R#4D;1`Y_`'QT3+[TJ]."+$0]SE4D<30 MA[]!B'^JVLD"/%3F^WF(Q2[<[D^U\P_?=HGQI6O\,T"6?\,\"T(D9]X1$R69 MT4S!5P9W2&@:LYG)YJ$.CLE3]I1!F+EO^+L=2HQ3^4Y.G6*[^.T\?B.5Y.4 M8=@::0OO"1*/UM"%P+,KZ86?S#-1@.QI^+D,$Y"6Q[8C9;3`%,#4P M3KN$#X5K6"S]\`&]ILN*S-2+(G+28I/-JS=\0J(.C#"#V8@,&?DHC&75H'N` M[7PNQ3!_$0*],')`:T<.CU`5+B^3VI3X'KFCL\_!COPD3HI29#!,WRO'^/!E M`&K&,H(MA=<(`VZF4Y!%.)$W!56E!,U2U%U:P9.B0I#\"=F#IA>I?;C$, M@)!HH'U1Z'D1Q!EEI598.0/M#/X4_ER@J^H6BCHQ_05%C7.7:UAFK7$G2Q6K MIN9%Y7FHH4$@$BA>V`^RW.GPM$(#1L^J+T7(3)-:<11=E]F@+E,2O5*)&,)3 MJ,_FBZ%3#OC%8!@W0C)QNU(E2W-59!0E9,Q]"G\7G61J]#%?]<(\(ULLR!?$ MII620`;XN0["+PLO2;B1U=#9-2X4,+NP?^3WC>0T=L2``D:DJ,E')@+;"L+` M/-2DY:I.A0YQ.KG#Y2STG97UKRR*QT5/.4RSJ M9!-$?B9T!26KM(EC9VM-S'OEV%35![H@ZJ2^+<(O@S:`/70B>>4;G=[41KQD MU$(+@&<"`T_XF+!-W]OEC'19>5L"(1-VZ\*RPDCU_A!R!)G,B*W=N1F"JL MNN-_8/JI8Z>6DG%-B61$N86ZBV3EPTFE3XR2<4+R)0/!SRHC9]>F?I_^1UP5 MQZ5TMOA.RW_9DH%;FRK4>#%U_U1= M<#^#N)(IC_U`B01[E;$EUS<,"5"5PT@$MB(ESKTS!D^/1W`G"Z:K!B^]9-;`ROZSX7#G=7)E> M2FY>'DQ(.,]`_Q""UB_"EQ?UB\%*6Q1H8L&@7;F]9::@2E@1S!FKQ"D%;[JR MW;"R_:<-X5+TP!>?Q928T+WK6*ODRW/Y_I1J>J^HQ-)]7("=+)O)5N"I\A0@ M*ZL)VF.$>TCR:^/H.JUM^!Y$0T",[]E3S+D>\J2^9JV,6;9M5"ZT06O_`N[. M"Y.$5W+YYC.6AF0Y=6X&X'_HGN(.5L0P8"*$>0R^6"9O+I@9KR?=L7IIO?RI(H.3/%+S@6-J$!_-D=HV_\@HT6_E'0\"]:1[SRGEHS@9C M=3O%KJ3LK>7H()L?#S-M-"DV?C@%!6:KW15I%Q7Q7!K9R_GN*N/>CNENJE+B MA@L>36%(9H_8!Y6.Y#U5I)\TNR#&,O@9VB:TEXPH03)R%]&(63YE#CZ=;Z)H*"QO.&O,DPF'I?Q-H?0 MS:=SSA7Z:>Q38!\:V(;`E^MU9;O@ M9LA70%UUF7\SZ,N@3F+N0YA&R0,ZU[6`AQ@7VZGQWJ[42&_(3]PQO`;OK$'W MI`QQLG0V0+Q1AZ\O_B7O=RKO=FJ">3+$*>*OIIBGP+@:)R@AG@Q26>:J*-Y5 MP7$5');?(R4%9(6B,3E\6,Z];%@&J%TPC M+C1S(G#1C>Z]=AQ,3.$5D)BG:)ULS1GL@"Y-![==F;\;6F=AK$1DPU7RZE:= M3;?UR3OY)`0,V?F$."G6,CK2[DYY@Y3D_XO%#+XF[U)!X?J`0W>0V`[=CDK= M`HUP5N0_0KT$H4B8A_P\A>W?VP\P(TOBT(*![TM5=`]/'7BS!UYXI))'I!`6 MR]ZQ1;\9+NP414W%&A&K"&>[Y?C&AX(?83T+5];X,DE=72C?W*7S-S4Z7,HQ M3.@X=ERY@3NE6^RHUQ8OZ8Y($-[QY9=`WIF&6ZS%^C6X!-R7C?4U0!,[^@]\ MG-=+F(*>>?(VHG^$ODM-__/G#\(&W?^$'JWI2=_?:SFC4Y0#*FHJKZ"SK8-\ MLPNZV6RO71ICS;&HI$DM%KJ]_O MF*;)MV5->OC+YH6\XMCB!@<1Y8L^<+_&1PJ%PO'1L\`]IYOR;?\3(>+H_/3Z MZB/UD]HSKG1R6!K.-HK0?2+?,4"I'M'LT93X@CO9FU`< M<-6YTS&_FZ-_EMYBBKXUUV^&]#HADUUML2O)3>X8V)GW?4TX9;VW-\X//^>E M*V&M@F]K<[Y/AH?AN]ATSE=9'VHLNLQ9;_6,WI`@6[3]C@7U[*J&TG;R@I>F M1$BT"P]O,SO;\2#-BVR(ZVE27)2Q(R/]U6K6C!'9KK9BY%I,92]GW_B6'5!, M_L4/Z%$W8*W^*D\TE>\P\`J6*EBQ#7E5][!W)H?U\]>`2;,53.[3!\@VMR7' MAYW4/6*_#/U'R>]>T'2\%TX/R^A>T'8_4UIB],/'R^^76))&]ZJZ<\G7O^1I= MT39`7-U]?9I2_C<&]-ZTV]^2V>OHG$[04%]"Z1\F>O]0[;( MQ5:SWML/-_^5HT&VTG=$4"!W06K$B1P=#DZVA(,#HL&.D[5?0-C%:';5.F8W MHS?BW87K[::<.O**XU]8E_Q$1$]?E?RD_H)8&KO`8+P^^_WSYP]*<6PKS%81(Z/^8P+(0M'^G)]J]A0MI\2]L!EQI6WM$V M5-[1]@V7M+A\A?6VZLH5E?W>]Z8<_$8\HR3O:62\53;C5$X&D^[-OS^#>#W< M:>0(M.ZX%O2-1'A^KZ01[PV`P3L"\3BN*T(@,2-TM9C:@%YSWW+-/8[Q9KK! MV*3+-DSN(&I'$/4R$W5%+^B*+SW.MW*3L;SY5UHT4N\QII=ND)_LBK)\$8MO M;,=UMKFW4.S&?6UV+1,/-JSAA='>H1OC5;>:W=[BJ0EV>OGU8$S7L>BR=#,1 M21)B9QV+Y^E>(2=<+/CI2KQR@5\"(V_GR4;"DQZI;[.].T']!DEL$ MV>5J>O=X%8.+7Z4)E6F3%(Y>($?="2I6<98WN0_? M)',O$RLN':SL;,%E;]>PP8;'D!T6R'#7H: M%[=,T.^PH/*[81YQ=S<1U M\U=2+7D\_I*SRCC"C):%QC9NBL=(A1V,&?UV(Y00Y[2Z0=VN$]5KRZ)N-4BS M@S*EF2CK`SU&V8@8AB65*VLKSA+WWO$SC/R&!>X/BXL(^/VA%Y6+1.AQP3L* M=]D5""*3*\[\L,L9Y7/:[$)>"$\*5<5Q(5@A_.93Q=P)L4J9LEIER`^IKG0T MM9ZFP\\1X(4&*+><6'JUQ%0@LJ('4Y+<$Q)4[:T!2?7DT*U9N#V0?P>GS(X] MO2.N#O\_VHK3/X6YAVD2)S`A.+F-PH,RZ?`WT`-VCR8J"CW,Q^[+QA'8L=$9 MV_R:H5R0R)NQR^I1-B4C7?*;J#!\M\8F;J;&[9AX\49Q;Y]H#*%#U^L#MON> MD\#,G7^)67+\^U.$LNR1K=/M1U&:7ZW?*DE(.D5%P:MM_`?QH$8]Y'6`-BP; M%?OK6,18DPGMO*II<[%FF,0O><0!/,[=0 M?)M>9(L;>+%$>N_!(Y63=<7)*9L_/LNNU060+@5&@'GP3AZ(*(XIW'O,GM*E M)*-W6M]J]*U7T;MBW667RAM3842O M##4.:@^-&?%B*WY8J7IPA%ZGA'D0P<5R80>Q<%\S^SW;KRT!/BC-4R0KK="$ MOE(3U,<52D%%A`%9G/!;)2J'"V+B8!LD='!Y00@T`%_,+ZAZ@"\OJ%;0[].[ MM::2.^6H?Z,$BO>M$")#%O07V88\ MC64-8E>2T'`CR2Y*%^[XM;VX\$SJ*-SEM3Z!JQ7';5[WC"D[$RB?67]YW2AKBFM_QIT."CNB8BOIX1\%AK-`X]2EH+WB)) M&P)`P^E4+XW]H6@[D/V[RFSLFMD8O2'FF\U*B?4J+K*2JWK%+A]E!M8(^HGG MODK4X\__7X&75.]%*/YE$?\YA]`/.836QLPK-6!3%:%/)&[-"!LAB*4"D*NS M\_.+KW_D"`+848]G3S%!PLIU?25E`UDY(3J13%@]+I*&$ASO`X,U"ERSJ(XSEC24>)J"1X&T+PW<-^"^PNAWX_]]^/#QXZ=/[];$5-ME&&NT:J7U MOK'&3Q`W'D`3BK>^/C'-&N3@=^>H[?$88KW5N=_!1+;&4AXUPI7!YD4*9K1. M,G2%[$D@MWCIJ-N;6$-S39AQ/&ZK$5H>O2HU=E)'Z*2TWWDTOS/2?J=E\*K]3IO]3L_L#H<#4W7-C_8[ M3^UW=')TG$YJK)U4R[!8.ZE6.RF("X>3$[V]X1B=E/8[C^9W)MKOM`Q>M=]I MM=_I=2G5FK'W8\4*U]F&M]F&#KC6R3+W[ MX9A\&/L0.^S1S_WC:?TH4[FAG)NW?[R0^QE*K=/M&3@VVD\1&QE*;1:Q27S> M%[%3I5QLUTI;,L8&-C'$#IZV+P_FT6:^Z30F_Y/"ZR6RENG4]YR\VV*G>]9$TK>@K*>LW(W2GRXHL;J9I2B/&0)%/TFY0F4NT_.PFB1 M^O;OQJ__]=8RS>PRP=^,GX;5[9G#DW''N)^3B!C_)0WEQ>LXPU`/6'/#^R![ M<4!04/+\O1;>K-N_UQCC5[E_L2!Y[)WMN82W5(:9<5-2]#]UQ)94)0W+QVK4 M,+YKW)1'$QK`"V,I>\!OT)%>'.L>E,*`3U(_09UWO:Q9-QN5?FT>^L!Z+'1D M1<((ZIEDDMC4N=*-ND3?695IK8]J??SX_\(7[$2.;N,4G`$& M%PADS")J`!Q?,V5$8_/2K"-\H=B2'16L\.\[X"MI;X$2D:G* M=)&[4PA#;QET*RU6[J.<\Y;3+5D=]F?F!DO81.7"6@!U:913E!/$\-SUT(?0 MSLY3DMP3+K&9[4480*8DHRA[80+**PT%D@-9>\Y\E9`*#\M%(=GJ`MQ'`N[$ M]NA4J(;J&F<^=H]G?I/2*%'"VGMSPN'%09C@NUW"((#J"WP7?1DH2">7E3=3 M!RP+^Z>W2!>%HX5O0JSAP2QBH\S4=\&A8T-RVOGVM8DSXP75LGV[A73N*:-S^XXP;MTJ@P+_K_OC[G!S M%F4FJ9K82P@O?E*+`N/J"^.6];^@4&9RBAK-+/P`7=_WV(IQJ\B?H?7-OS\# M7'L)#.<(Y.S:#!XFJA*;7A.7+);4DUY%X6UD+[2_;)A,G2TCS^?&*"9#7@`^ M(TDI,AHH=)60*V$]V,4=A("&[RT\GK:`(2_@=T`$%S$!H0@`58R9`*7EJ)): M]9SX%)+!*&F[9PK`@)0^N(X$8(88#Q#(=UEOS6PLR)QD8XLP/8%O1`4#`'G" MD)"X1,X@?UR66URYQ* M$96PX6B.S?-1E"!9T'DU4$EN8<"@(B5\`TO,(D*09*P]9\S<$XR94*O`[]JW M1'Z?+*4P3>($0!>]@9OFL8G5>P-`F\QQ>"\$@A9`EL<`&>2%GCHL\T?#"I[# M%IK`@I.\`D!B$MT1%H/0FIQ*"T!5T+G2J2DK3FEHF,B(_(3/>S'$L%-: M)%!U/==QR+N;>24FYJ8@5%#`\H,`7;$K"!2"?<`XFZ8MI8RB3#V:F'$/C[TV MN^/>D'I.,3KO@$-]P+JZ0?V(_R#D]9]R<)4,A'DT^@4`'5I7K"8U-$6`'ZR. M`I`R>Z>(([+%TC"SVS-/%-2R.$66&`5QGKYUK3P)P?>_'G5/\F*F\8EGK@%, M&2=?HJL9,R7R96I4W)Q8X]&0$83;Q]?PI>*LW^N:9WJDZ[TKK^]C:- MW]S:]O+W;U@RX%'C1YJO?@T3`J;K^"%6)F[(S^0]VM9I3MG?`)A]8IF_LPK` M^^]"K_>\U3L=]X*F=F?)1>XD,,&\)K._OV*YX2NL/"3P"OHW9]+[?A9?SOHF MS`"*_3M_0^T+OM!I>@5.T0$_X<=_?W7Q]=.KT\'8A']_>[L]H:>;L$I9N<+0 MYPJBTRL2T;\4O*8Q_O%0'/=>G9I=JRFW:EI/-YS8_X]5@!6S"QSOG]$W?3ZS M&TRLFE!Y=B\A0X#Y\9;76+*![]Z$9QA\W)$S##[A?TD,?X(7.)"J7,Y@H#!: MAKS$7^:S__U3%"ZL/^T`V;P)-^;X]!\\AP.[+Y*6Y#Y\D\R]R-VLBE^(:B<> M98&5";_"3`.0XS--;^D7KNP''+&9#>PL,D%)S%>GEE5PW910F<$;1-XS&DM> MSC`,O,R*C*MT?)^,O)F\.NV9V;^"HUK*9!8^Y'7K3VQ=\:^8N!?!MWRA\HJN M4^:,[5N-UR]B[K1L65JH+,2S(=<2\/%UE&NV<'(30GQ6#'@Y6\4ZU>PO7D"K M!ZN49"`!X4U>Y_V(9=[+0/'&%5A^,?O"2A:4I8OXC%?`E:8AZ-&>6#VM1`4[ M#\PK,$\IM5/()M7+`GL4("-`TD``233J3[87?:$E>.K!SK!.7_6QM8CZE#I6 M@M\UW#R!^0WW*QJZV',9L-#YFJ[TW+#*Q\?`O9Q=$W"A6'*XH@4Z!U85=Y'%[(SMS5E?7O@JPU;ZQ, M3O'L-9@#K:9BLN!^!O=W`[G'\-^X5E),V#*-B#Q=V]$M"+B/6>RD-RS8:$:6 MC'1UW_H"F=2C,0,IN=45-:4951*2_(NO$9VQ):*O=(6(Q?SQ9;$>=,56EN") M:UHYI]6\@_-G=LU^P=\.I%;4D7[I.EL$6`,3.[."AFT-),,ND5#)?5G&&$-^ M48S/>5WI&O=$JXQ"J^A1X)&@BGS=*&.TF)TG-(]:FN1I.*,U<7&-`4VKF7<= MU7)06K.H0:FQB%)J,A1RWX7>L4BO5=!K'8#>K##,G1MF].<>[F8(W#@K%WZP MXSF6#YM1/^'4I_Z&TAXB]70EH*A7-R'KD-Q8IBFRL\ED;,].B97,WB]G^3>$ M458BT-8S09&G9W'D:4;)WLC>0>1(]^AD%[+W9P9;@P[5&[J$=#QFL#TDT=AA MN#DK^[*!K:>!I@`]\VEL8'MY4],=]K8A.U]E<>;$37UR.1.3KG+5]R84.9'L MU]JYF,S6+HVWRJT-?V6'*_CN6+[''5=HA*45[XM6A97?ARI>@")GK#[W:@* MNUA,SO^.!QQIJN$0WU]B"3^XY;LC3+[%`C^)E[93_40\XS@P58<<-SJ-6/>' MFN^O/F%ZD%M:2KR]O[P^_WC]YOWES#'VE-4 M9F?HQ_O`8(W"E4EF53ZUDS*8V=$H MB!7(U]\.2;#+&`_ M!G`\UXZ\,QJX(36++71%^HJMEEVQ=6*:-?2JU,@=:0]S4`\STAZF)4"J/4R;/GWMPX[0 MAVFW]$ANR>I:"JVF%&B_1$.ZDC=%+:[SR:WQEJO],R>-5^ MI]5^9]RU!KV3@?8[1^AW=')TG$[J1#NIEF&Q=E*M=E*3;G\P[O>TDSI")Z7] MSJ/YG9'V.RV#5^UWVNQW>GAG^\!47?.C_1$;V\X1B>E_U^J=>G1EK'W:\4*U]6*M]V*!KC2Q3[WXX)A_&/L0N>_AYT<1WXX:,E::F M->T6Q5[VV%51Z"2SNA&W9?:^G\67LZ*S8]8#G%-!OW3#&M<4HU[,:"NWK&?; M641.3/,+`_9J*\N+KY]>G?+[YL7^H1LS]'(J-U$N'W([=`(H/] M2&2\3B+\BLX62&2X'XE,UDDDNU)N=Y$<7B8G^Y&)]7ZU1/@%13M+Y.#R&.U) M'EUKNEHB_.J,-NC(>%\RZ:W1$GY2NPTRF>Q+)OTU,N&G"%L@$\O\VA=G2YEMD,F>8EBK.UFC)[S,W@:9["F&71.=9$6;_<:P[]/8"T@< M`ZU3+[`3>.;9X_/U3%"ZL/^T`V;T)<\Y?G:ZM=.^Q M=^SJ&N,6!:$;6A#Z2NZ-Z\U;CYYT5<5MF-Y*E>A3&"ULXR*8X7^3FJHV>[A4 MRH:?I]';[,>54NZ-#BOF`PJY>-7-G,B3.@M]/[SW@ENP23MUO82XQC(*#2I* M>%\N4OR+DLDRHP1E]LV.@%AMVX.(/EN'%,#J) M<3W%->S8\&8XICR.[?Q/ZL4>OC;&3MCX6C"GI1T\,$48]ZS1N]CH6\8\3(@? MLV]@KV![EF1-M;/1SHG#R;$H.:8QMUTC=)R4=A<&UG!\WT[@F_@VL,+4CAX, MJU,M*5(FN"#")0E0<*Z=D(Q*2D[7`$$74JRHJRA5-\2*:9@8RS1:AE%B)*$1 M$2XCXWYN)X*`L@%4LH!OI'Y"Q06$1383WGV8^B`4)TEMWW\`QN\JPIX2$N`\ MQ*DS-Y+(#F)X'+_<`4*-&?S240DL)A6^L+[J.5AOI3*!`0(0%>70JV$PYRT; M0\T&ZMXL30!`#?BC%[IQUSA;A&D`3P(P`Z$R5\D\3&-0.R""_'1`(_&+!G4W M2)S=5=:=UV($K28;#O']I>VZ,/O<0DUNYOA)O+2=ZB>E`KUIJDKT&]72Z_Y0 M\_T*K%?6':(J&`F?KEJN$7EHTM3Z45=-5ZXT*)8Y2PL-JC61MHEBI8]=MPZS MK82<$,T@$]')VN4KD=WWE]?G'Z]SL4U]&\(E$)X1A[[G5D18(:'![H`]QDR- M]P8\_N1"A$RJ*%W\^T*=N/&Q[+4+E0#WW4@KE!L$ME2<;=8^5RUSOC,:F.%S MM4*-4QJG6H!37V$\]886_*=&*4,-3AJ8CMGLJKLU=!2JH]#'0O>>1O>GF%PL M`&FD;JL):9#1(-,.D%'UK-$@TPH3TB"C0:8=(*,CF=::D`89#3+M`!D=R;3- MA`Y9V%JIG\^G:/6\V-P02A_5,`[+^;[AI*GK:)60M!5H*]!6H*U`6X&V`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`(<9SQ5K)+ZWP%Z,!/[\:U^@R,5.9(['5*TJLJD=TX9G$KBP MP!RC^/).<"``E.*O@]_$SFKET9PP!KEB9S;IY9G:"0)%-28_O3@!C:UH&.\[ M26)5;S/V5*F<76!.T0"S6?/*4_;6O.5EUI[S?4["669=>:?/)0Q0Z?,Y$OM> M6D+?R^__H.++ACG#KGY9'[_O?>L[MO&K=O4T7YWVA?[K]60IVIAF#YT5TKZ* M0MI94F@LN5W_SFEDO*T"+#8)W*[]HJ3?K!GCGKHO[J?W8C[<]LT7!43.!MNP M\:(H/XFL9FT75S5:%,UJ;<_%U4T6RTRNZ+BXNL-B2;OJNBVN;;!8'D7=;+%! M=T5QE%H3*'W@/Z/NBM6UY#7+PZVZG/BI\M(C%`7_@VY:]N+N:=;-%5_F5<\: MIS1.M0FG='/%%P),378TZBA4H_MAT%UW"WF2R=4MB=IL0AID-,BT`V1T2Z+6 MFI`&&0TR[0`9'2=3%P<EV'KJYXK'KD\:@K6U,8]!SP"#= M7/')]4ECT-8VIC&H_1BDFRL>A49I%-K:RC0*/0,4TLT5C[IMKVVJ)LK M'J/M/4M?IQ?%='/%(S8U#3];FYF&GU;#CVXO=`2FIN%G:S/3\--F^-'-%8_! MU#3\;&UF&G[:##^ZN>*1UAC99UESQ6IWLX8]OD[ID*LZA,79UZ_9,=RBW5D: MNU*WLQ/>(RSUY1YA0@>S-_U7I_W>R!R9IKF2;OG-S3J:;4+O2*17Z,UFR?3V M1I->_^GIK>_!)M$[L8;'(-])3>^[BGQ'HQY8S&'I_4J2"UK4_1S&\5ZT>#B: M3!H377K]!F;7F.S&RCSL3ZSC(;NQ3EN#P;BY3DMT'X#PQLIM#<<'DW?VM8]V MA/T"XRL2?>W6*I=A&CJ:&F-,FYKH/AAI9`F-H MT`J&&MD(9:@W;@5#C6R',F3N>88^DUO;_T)[<<9G@?L!J(+OD<#Q2+Q=Y].C M6#+=(J1=U\B:_T%]_^FH*\2Y^4]4N.5(%R;((00;7;)NU=>L';+!IZ`V1BXM MG/K'TSK\@`(O7J7H'`["6M#FIEFCUI[Y[FRY](EQ_?'BAG=Q!1W./[;>&0MB M![%1/%7-WFY(T#'`WW2-7Z6QI;:P,-QO'6$HXYOWDWVS4QU5?`Q#-?Z@^/>/ MF-SR5Z-:5(G,!L/F7NS!E9GHB]:7RT""@[PEL=5G388[5'?^"FCWY6\)-M8U MSKTXB3PG`>5)HR3KOEPF^Z,=@^8%Q;/AC%+T[S#Z88212[!W;\)Z"4>$&,L4 MQO;N*NKK^':,;91Y0V"E-!A[-__^#/QY"0C6$2:&2:A@^9]1&`"#MQV#)#`) MW4H"?=6(MM"7MARD+L?=TZ-'. MX3ZQW>J`2]^&C[W9C/DR?`AX3(.8^'GS\K*PJ,+CPV59999#1Q!&!>',/&`( M1X])=`<_E0:LF!6@-/VV,7TP/I%IQ!J+CUA7=,8H1W+CWJ:MT>^\,(W]ARIS M` M%K.6\MR(LACF&V@UO..:V#X8RA]1F"X[9<41(QX:[!AG[IT7AU%>MA/=%X-8\3JM,GR)N$P(U&FQX MD>%Z$7$2H)<^ZI`H`8%*0#B;>?!!S-S=2H==>:(KZ\&-#+^YQG0@,(F6801_ M]!^,*%N*L>W`<*#;J/ZB?@,0, M'0=\;8%N0!21K$F5&`AH0;9LF`:??D"'5`BF&"1.IQ3U"14+3>_G0`**":2# MUO,G_$S`5C)+ZL@3!5EW`)KA.6E"W_?)#R.8,E`"">N`%W@*K;S`LZ"8+ M&PT,8ZV>/!@.8`TS!P4/IQ'`$E!WQL)5:]+O=RNZ499LX4=9'%`F`[%C&A'; MF>-X,\]-08B`TFZ:/$AF;WN8ZK(@:4H2K"W4?]4(R"WX(1(XI%/$"`5G:?"? M%/"'!`!4V##.15VG@-`1(%_O/=<4ALGH8KKT`/(,?(A([ M7ASST:FZE>G)S)2K+J7.">.$_4Y^+@GX264(8NCD416%G"TC<-[6.`M!2OY/ M@7@UM04!\6@H"Q9A+$*J)H!6KAT"AI6('[RN)%+@-` M=X?_['+OJ)2%S+[*F1GW7C)'89)%&`$EZ0(M`^P;A12G2_1S`G`+^5G=6VM> M1'F6Q#.-/#)#5%N2R`M=BD(HD>JXF&_0H0@.&@95#?DS!6?,*Q0];:`;5`,S M/9P2WX/(+6:A`?Z%.X.0%`9OP-I!Y):`,'@ZBX8=>8!!F M=UOLW5KQWT?ACRR&+2J;M@]_T_6$'+;S$E^@1\C&6ZH/'^&(_ M@/0S\C*\J"8Q]3D,6*`7.'X*IBU^#8PP@#F'D!N2.8Q<`,9DZ&.%+FK"@$6L M0DF?O">0`.(W7!?_1]<:05X,7C*G^?:Z[)Y%(@NL8^"P M+C/T\E`SGJ].">9%,_@U*2A94_"7AL+PA"9[-/\(P16XM"0T3<$*C%\E.G[# M^:N/\[8IJM2MGM6654H1J(?9<9ZVN]0[5\=:+7+@4WS@G3$/[X%DM)RD.I8; M@A:#!CX8Z1+L=O706;F-SHV:1]04EBB["R]`V90KB+;K'7$W/[RJ"Y]`&D*3"/@E3"-NJ\7> MD(M`9C/SJYV5;AMQ&A).D.'KWM#LF*:I,+4X!5]&HP\$GC`@Q@.Q(V,6A0NI M+(:CT[F%$"3T?0"\2CXT!7D8R7W(QF!#T_H3'0[].5;X5-$$B-7QEKB&FK-] MYF/6!-Z/HB%5`38#N$213T`5(=>)F:DL$)-2!,B$?S\/%6@;T8@!LCR"P8,X M-'Z$^=6/(+R'WX2DS`!'6%&E>]`*7+YU">Y'H;."TD*Z7$)G`$P8BPFIG]A8 M38U!]'3Q)?=.TJ(-%8D@KW_-11OIOYNB6PFV4PY=+<82_IH34M.\I0Q3.X,52X-(YDW M/)*ISEP>9&4+$(*DQ&B`THKSR`L"=!IE]8292'RZ1,3F$:('PO/HJ@OV5.1P M$C9,OHH-?(TVWTF;7K^ETQ@,!JC^"-%4_[ MG(]3T=^=$'US#+\(=H+JW<"Y.1H+\-L,='?`V.TA=2<(+8/F>JC<'!IW0L/& M^`=T2M"G0+JU^+8QH/&!"SRJQQ;%V1+IX;-%F,*+5QP0L*Q)+2)=%PK#!F*` MTPBI.#:)IPQ.7IU:/9/^J^6.O6C4[50[,5Z<`&4W( M7S,M;=S$+7C8Q]['/5;NXRYD*NT&I1+6Q5=5DGE1FV3*BZBH]KZ=;=]8VH"^ M)6]="7!?#[K]S'W3+1NOS:YY,AX-Z?5D89K$X"GHO@,G7"P`[N@J.6*YHHJ3 M%;EH+01+ITE<^AK?RZ&W[&TSRVS#"L[U;>JYQ&<.M[:@)4?HZ)\@OG3)@@6X M5U%X&]F+LO:`XA!"MVI6E28;:#"BT5=ISY+-L!VH`?499OK$JHI1_LY*<7L) ML0VA>V++(>7XEXRQ!!OX"D/06`O\6X6]8KG,Z/]B^![$$LP]%V*3)"`)F\M# MO9"FM?/=>8HA5/F%]3#D^&',UF#PKYBM0.!(%#L'RA-O=:T\EV`*EA7XZYU"P1"^;B-<5>4+J7%IE4,8*:,?-QO)64ZWR',HN&9#!43< M$B'FQ/`PW["UL*,?)&$P&E,B*^-;75-2R8AS!#'$1<2!#]CME"_GDK]T-%%=(T4)&PW53^V;R1! M$`-':!>G4]E^2+H!_<&.,-&7I_F+'45>F"1T$`X7X9D4/\3SC;1\1'***+?L!30P MD>D2P^6\8H32D;!^4K@2$30*X+>3E);^7+IMFL="C"2V2X@6J.CV!M,Z09/] M&M[1Q+>L_SUS,,XW%!):PL"2DD=5,0:AL&W9$0SH_00^(_X^F:!^]^27CG'2 MM7YA,VO[PEZU@HS8_%PNXAI2C7]D/B,;Q MY>PJ(JMI.95)%S[+G\\. MF7^PX_D5&D.3(^\[<3*D1^$QY2L8:4)9SHZ-Z]"6^3L-V*ZS#"*G>_\47WS] M!,)G]W4H7WY:)BR;ED]A5(3_ES,68!Y2089 MOQ4NR`'`(_LDGUV0,"YH;T+.J4HCON$9D@-J`PK:LB1)YV\N`".?!!ZWXPLO M>&)R&7VS?7(Y^P@^(GGX(UIS//&W'7&_6E66I(:U7IK@EX=##U M]G/T#HZ)KB`;C-7#4_WX&KK&@/0]> MWS]DL2J/4+]]V(`1RQ+8J!(E++=D#RDN>Z'6M8'"'8(7:E%#4]*Y1L168@O! MU?`9C2\#/%/ZD9Z'$J^'6LWHH%;U]C1]0W4,U8!PRF+W3U0G(;BG'UCG&+DG%UGG$%HE#H?B-YK.:$'P-`P=" MU,OHRHX2_HN@->=DFO#O6D^I^6CLDY[D/3>@G3/^M[<_IY'/S/__`%!+`P04 M````"`!QAF9!,O::CSP)``!Z7@``&``<`&%P<&QE,3`M,C`Q,C`Y,S!?8V%L M+GAM;%54"0`#98:94&6&F5!U>`L``00E#@``!#D!``#M7%USXC@6?=^J_0_> MS,MNI6A#/IM4)U4$0D(W"1D@,^F=FIH2M@"EC>U(LH'\^I&,36R#C6VL&+JF M7YH8HW-UCG1U=77M+_\IE:1;J$,,*%2EP5Q"]?_2R?^DDE0W)F9/05)+I^Q; MA2(;LFNZ#3'[FWT_IM2\D.7I=/I)8;<2!6%(#`LKD/`+4JET)?%___[7%PY2 MQY!#7$A]"TH/ABV5SZ2C\D7Y].*X+#WUZ^R/RM'B1^P7&M)_#`"!TFRBZ>3R MP`@*[I,@[^%\E[[82OU2J')6.*Y]F M1#VX6C`G25^PH<$N'$J.Z1=T;L++`X(FIL8M'@"37:J42YS&.B#CIF9,L]JZ_+WL39^\K&RQN4MX_Y'> MA4"[(9R//ACP1I+;&M.*?.6:JP!-L31GBK29<0&SX8PUIT+5,YPWNLWH\P8? M@]4,)0"E\6EJ8`])`P.H71Y8I#0"P/RK1@BD),B?:X8S48>`#)S9ZOY`YJ3* M4*/$N^+07"I7W$G[2ZAE1D`:QXMK&/*[H&O9][ATRLR<1IK838Y/1^/\3&)$HI:J2@RL`JQ)<'E0-I M"M%H3/E'.?.0X7.SICM3].;50C;0&!ZIT3K`>([TT6]`LZ`(?9(!^SNV6SHE M),Y5ZVA%K71R>0ZO8<$F,_`>Z&`$,4GA*L._W#UF(_OH\!',>13%W"2[@BVH^DRJ6Q@SC\F^>S!T9?&'D,@E MJRT[+5YVAB,7I&WG.\/I44/Y,38TAD#XHDCG@IW`>LRBE[:DI/@%#>@=.1LS M>KP/D25*B+V38MU=$;/&V1K*H;WAU8?L&,,)@,P[,QOJEIC5>MEV0Z5[65$4A^-ML,B MQ%`4O>'+*(>'<#,SH4[$S-15D.PA00-AJ-"Z02CI#!V2A)B\#L:W*2QBR$1* MY1\[:^F)FL/94CJL[<[0&:->XBALF9"$3@+80!"SLQ(E(C#?.+H'-79YQ&*4 M>X!_0,%2Q:`5ZW03R1/'552J**,L3]3;2_'Y*D**$,(^>+`P*5$9I"VPT'^>U6-*6UG$+NL8<:'0NT(=M M!BU^]YDB((AESY7K;,WN,WT\.=6AZ@V/18Z=[Q^%.;A8O#V1*)XS5YWS/-3Q MGS_/G)Q%2R<6%N7VXN"*SJ(E4B:6+U>8SWEMQ19%11I/MJH3I"-"N8$V%.CE M-D'N0;BVD357IFI.,=NU19`."8M.)@.D+PA17BU$$/_8A9I3DB+*W:5`WXL) MEH9-;Q=;SL,3-J#)UD7D(`J)'_SM[X44048\LL,Y@^V23(NLX?O]__=OSG M'\^*:W<'GV?ZT\-:WI[CJOGWXY>GOISHIW;REM9^TJKEMTE7_O/ M]_`>3MOSN^K=MY>SUIDYL)7&[*5=:S_V;GYOCK[;"GKJZ]?-Z?1SNWQX.]#F M_Y_,^\HCH!;H58'5T17YQTOEL=(?:NC;P_7\\/7[R1OMTRJI6W?UD]>3\_.3 M4Z59&\RZC>[)=9N6.R>OS;O'D7V.#H%NVF>3UW+C*SZ\:>$7!1]/[:%]./C\ M5'D^,QNMT7AFCLT:M&]>Q\VZ?6K*AH)';Z9Y3YZG8'B"3TY[Y=:M2OOHZZ^W MHS^E>J_K%AT7-B+7#H2U8]%_6[Y5"$Z5-R2N(>Z8%U1M&(E5L'O;J$,T2;$) MSH(./9>5Q-G#0]8WW@K;S=F(&7,]?R+\,'4Y'FO\L0!A!4PIT/?/"QI$Q.3#B0R9+B M@X4M)G!6]G,Y/GI_("ALA%M-WA\CK#Z"9?X6IYC9*1K=2P6SD+=Z@E3*ODRN M`CN'[^]F"RO73XB\KRXZ+<&K!TVE+/-=45*B]#CU[J,U#^*WR6AYXT\`L3C4( MHJ3C>U;4EQ$7,I33P.^LJTJI9'=PM-UAH*?+DT"NZNK1@8I(YG-M_HZ"K+-`TP66C)8]*%R!H%W=`G9 M4L\0N=&YP&R9(%_PT84JG)B+].23CE)E=6.;V=.9EHRBJ(5]N]BZ,VP@;JNN M\I*BB:$[3UN*C*TC$/=4NZ1\1N7GMMT!=X;!Q+Y8Y4)8^QVB1#(8F77+\Y4^ MCQ`C0PW'\R+D2X5?L*19N`J='2=.RVZ(/W^B[J_=7$:%;#]?]]VE9S7E.0H2C28":.5YI`UU(PMYIM^!AGURMP!M*'$9R?C7) MNP'7%M+4Q6.=WD?1V=?DX$6_BB"+7BFHC7F[26I%FQ9F^P>V4V=H333CG\@M M%E2(%@U6>'B?3;08]O+:("^A$$.";63S)8L"?81XC89S$"Q.KTV81:T'E6@L;B*8HUL9PGJ407C&8QX^?2-HKKZ"=A MHD/T+\MWHCM3^6]02P,$%`````@`<89F070KGJ,7*P``N`X#`!@`'`!A<'!L M93$P+3(P,3(P.3,P7V1E9BYX;6Q55`D``V6&F5!EAIE0=7@+``$$)0X```0Y M`0``[5WM<]LVD_]^,_<_^')?[J;CVDZ:I.FT-R/+=N*GMJ6SY:?MW=QX8`J2 MV%"D`I"*U;_^`+Y(E$02+\2*9(-\B2V+V.5O@<5BW_#SOQT?'WW$/B8HQ..C MY]61V_^/'#)V6?^$A/V._O[+`P7/YVO M3W\Z??O3F].CQU&?_7+V.GF(/>&Y_N=G1/'1R]SSZ2^OGHGW?4"F)Z]/ M3]^<9%]\E7SSIQ?^P=;WO[Z)OWWVX<.'D_BOZZ]2M^B+;-BSD]]O;QZ<&9ZC M8]>G(?(=3H"Z/]'XPYO`0:$;^!)\'95^@_]VG'WMF']T?/;Z^,W9]R]TO&:1 M?6<_X4[A:X%]>47>^\#CK\6_ MO$(+]M'9Z3''^_3#FU-.[]_3#Y^8@&G@N6,NJG/D\1=_F&$7V^] MJ M3)S"8'&JSDC"B6DV-/@X-3Z'TW%U>(F9,<^)%BNG(#-6GQVPN5N#)=.SN.2'KC\=,BWFN)B>K^*?5BK\58QB?M&-T+.'E7;#W%,@$DW&5I9H]A@41.IS M;/T":4Q'A;F2$4R#%Y/1Y"['DCF&KMGA MB7)KS/7O,?(N*;?.E/FK&,4LNX,HY$>?,5-/S%H+^1E0'/BX`?/P:.$[&OLF-),.GYJ\V7+Y=L0BB_,#PSIM?TD`17`9DCY5?=?M"X M\7:!0^1ZJAHZ?0ID#:7`$8@YWUMWLRM@(O`B;@%T?/'E\R."%?7_H0K1VZ,J7!8.9XC"F`02W,S8$<:)G?+RFK,9PT0#Y50\"<0S-\1S/ MGS%1Q'?K4=AIBSQ/C3G^P(8E-EE=/SXSW3#B6VSA%[8TQWB<,<:?KN.L3_4@ M(^H%SA8ECT<_`I(1\M`S]GYY%='C*4*+I[7+F7&(K]F/M!"J^(4GB#[';YT^ M?,*UU`GV0II]$NNMX].S-"[R[Q54/M0L273'MGFF3RR]VPE+:-KR()E6N,+556 MA99I92;KDBN25BT?7UX>+16(*C;BU:.Y?GJ4XI#VGFGL.H98,CL4X%296"9R M-MHN)#+8ZX&_B2_$08>0LS8D`;-M/_XF\".18(T>XT9U'+#9)](SKN$S)7D3X MBK%\BWPTQ80J[#2[3[84Z-(732%];=CH&H0S3!)V("9]?OA6ZZ,M'%*LWYC6 M/7`X-P^QRH8,-IMO7/3L>NRU,:@=5$2F_<90(3@24UW[..=$S/;EV0$PQ[?- M\`U.^XH9MWU:RX$!9=JD.7)TB%;<`<;V:?8)&W*<8[(?YR'P,-1=X"=)"3!' M!5U>VB]+?9@ES**Z:@]8W;5_A]G"(@7\!T/;S/JH/T,$SP*/#4ZY&1RNBG>; M:M='^2"@KMNZ0,N`D.+^UO#VONU0`3NI%9%I8GN7GV[Y!5`($MAI>I/J!G=P MWJ71@`[2$\4^.G`.*+8'1?/(X\'I"Y>QY#Y'<<+PM7_YXF#NO[S#85+J!+3? M2Y-O2+WIR5`)5Z!C33R#MCB&">[N46GU1E2%3BJ(=\:=['D;T1\?1C!"FHWZ MLM0/G\6XI2)[+]BB?C[9SNS))4L=+N5GM\C59@#9#"";`02V5=@,()L!9#.` M;`:0<1>RS0"R&4!_HPR@JJ2*_#D6+PAVW+2&Q?RZTF&C]7YE+6R!].3VM(K] M&;07A;.`N']MSCAP+M$]BLVN3CD!BD`3^FZ,B>J:TNAP8DJIM7Z!52$ECE(; M$TZN"O]0$LJ3[*28MC`S'',K\*4?0N%5D>N`NZT2+7%TSI"(X!1=&:E..*Q+ M<0+S6N]1!-9RE?2Z*:,B'5?EJV[66;W;T]"$N]?ZJ*V/NK:/^L'!/B)N`.Z? MWB($955!.*:W$0)S@&9D'GVZ8`?6B_[X%I'/&%AB%=0:S-^7D5(53C([AYYT'L.L=(PO9`B)[%!HNUK; M!02J*#M9E-EZO,<+Y!(:"Y^]&#M/)A<:`6FT:K)=T6@"\,01P5I&P5J%$)+'D M)J"P8LB1:;*Q4NG<*Q1#'ANPN'U\QS"F:FL-IW5IK/:=-:\G#+73[;'4MZ`_)'R8I+UF:OGA.ZR MHK]R98J3XL"M/N'H@@64`_MM'#[KS5#QP=2TQNN-_XR23@%T%-QC9ILXKH>W M:(\"_C)#$BQ=9AF?KQ37FZ'FC1!\-IE?4G^"P(@.J@'TWS\N<8@E)8QMF#-; MLXG:FPC6OM=<,^5-,\V^2W%_BCX477%0;8&H#=W:7UP72?'9GQ@F;LP0CBB]P\O^U MGU[P,YJY9#Q$Z]P>E=99"H,VNAEK3>>\'%70$ZIJS:C;+@=Q%O?.&\'$X*0H M-[U6M66LBC#0`6J?O,PU'X<1N!0GW5SA=>&7T-BZYVE)TP+HL"U+O5%CO-ZB MV3F/2^,-9HRO#8Z$>-+GSYC32SQH>P.+.@A!+4TVM=)#09S\1W"6%H@IFT6# M27Q%9?(7F!Y[*O1;X021GLY;?=Z48`:+ZV1L7`6$']7S!M@18WYSAI`L=AK.8=FHUF4]>3I!A/H*+[$JNL@/T#6L%%U%MF!1=/=PE[ MMQ!9P\&I0O?:VMUI+L!;-62+D^O5X1$N/LW>Q(&#\3@FS_N#\GJR`7E`'AY, MX*Z:DJ#:"I-6X_DBB34\,NQ4(CF5P[3$5%$0C!PZ M0ENSEJ4YF%RX7`/[8YKK^`II:990[)[X9*$$\P/DUC-O/)!Q`7SON`S9#@M3 M!E2H3AR;F;0=?85=CCNT.KN]E8('U)"_;*IPJXK]UV?3Q3WH"MPFW([SGL$E MN(.K3"V5T5-?P6L<\-171+W14X32])!STF/"/(IVQVXLUW#"U,U2GL7DQ0&$A>DZ&UY@>\PH@/"&\*RCO+8LJX3SY*$Y`N,'6( M&T<)DOQ"GG'(C/,A>]AAQ^81T\GG'I`;'Y;A5I>\'DAFL@V:#FX&GMJF(]80 MM(:@-02M(6@-06L(FKZF*DLUOG`I'S4B&-20JR;87C^I)DCJ\&9784=:0 MLH:4-:2L(64-*6M(64/*G"'%0VH',J'*2'7"BU6*4WO]3YGE9$TG:SI9T\F: M3M9TLJ:3-9U,^J#B&Z3B?E+Y!*>#>:3DR7?"Q%+"L\UF%[>[K,UE;2YK&EC6TK*%E#2UK M:%E#R["A=8.GR+M%;.LE_`:,?A!7NF$?O#91CG`'VK!((BC9AKPA$\NFN5LC MRQI9ULBR1I8ULJR193QN&#U3_"5B#%XN>8\VV#AA*;%F.OTJ;D?E4$DUUSZH M_;3?&N)\%?^TLN:4-:>L.67-*6M.67/*FE.&S:G2GDX]?YSOY[3N+H^\]2L= M*C_>.(]=,-[,"P;F0I6T]]>.^9::;K#193G*W8@N2Z(H?EA@?*;\-B8;N MG+$+8MWL4&A_HY5=2"1N/]%L_SV83##)[NVH7#F5_;\KAVFSSI/#0:9_OM;< MOT3$9U1YX_Z'&2+X`+I+1++U:<="S,2M\AL)T<1G&&JS8*Q'P7H4K$?!>A2L M1\%Z%`P':)P9'D?\2'/7_,*PL7\8X-*4P)JNT7 MH0QT<*Z$S00:1"&;/OXX/D_[\45-_*;E(3L$^:&+O&%$G!GB/HY/[".OD.T)V9Z0X4[(O!?M(<](!?0Z M$1ZM1JRU);>I,66[]UISJEESJH\6;HB\1X8+/5_U/40IE$%51@I2SQ@TJTJ1 M$N[9=043TX(SJ4HH`3H\I4#(PE524;>.E4F5*UQ2-K2>DY MNS#A=0+]P%]R!RE;TD,F%4P('L=MT6ZW#`\95Y;<@,WFTE3KC"UWE20^DO>O MUW!&)BS0.%]QFX=1T`_F\\"/?]'R.LJ.W=JVK\SVM2V4K>%K_8CM M-7BM']'Z$:T?L9-^Q(+\CR$)K@(R1]?^A/\'GF2CRD('\FN446UC-YHXZ)S/ M"TKTO_5#6G.L27.L8&U!&61EI#KBARQ%"L;;542._T@PAK/.Q$0/Y`&K,-,$ M,U8DLAT,@0PV(648PTU.?DU:<":E!V/+9;Z?3\$MY M^.I&V8LI'JM9!Z:TLLD[QR0`,GYFS6B/@J\^'GK(P0GU.T1G,>W1G;)PQ&-U M4#@2`($%`?C$>/V4T/T'T72\,_(^( MC>]?^_XY^_(]^[JOH]5$0S69/JPG&"$X$GGB6F+I!Q$)5XSP^>H6$>(&88-3^+Y,+[T0S=<'>B04DBZO<4GRB":+PO+ MYLXM\M%421UE3[07WKUW@]IT"^1WP1C+I%=/^6R-U.J<7FDX@+;5NXASGM9E MW0?!KB.[$OF"A[O06*?HG<5[J[EY_I$$E&8E<4/B.C6WVH+QVJ]@)'%)Y?*N M=>&D?`S)AI!L".FP(:1L%5W[2TSC)H?7_J9&?C^*5*E2*@9I>7Q(!@8P/V@Q MT:(`D0;Z32?FR$\PL1SDXST0HMB-]M021A/A&_.BD`S>F/!QUG5L-NN[45GJ M%;Y,^9",'N1HOF#D&*'$K:V.>?$`31B1VHB78``VS;<"<#6#DOE)WAG`"P$0 M.EN,1!QKAQD[.,'+,(#RSUPAETQ<[(WUU4KI$`UXA75A+X=!I@%OS7B4?NBI MBQIE[[6%/AG]"'D-M?VZLRJDX,TEW2OJM6X+WKF:F4&>)M(E`W0)[C(,4LS? MF\:\LQ%2_2UQ/SCZ(T38^7QU3I"O$I/8>JS]SMCMMX2RF6VL82O6(,PO.JA3 M>[WXW-S:LSYNZ^-NO$S"5JW:JE5;M6JK5O^65:LW>W:E&8'/\(/T?*>_H-G&M_BKS>K3Q\^_?KGN^MWB^>E<_'RYTWO9OAP^=O5](^E MXSZ._/.KKU]_O#G][N.SM_J?^6KD#%$8H8?WP\^_W=XN)Z.GM9S!8]O+S\,KOJ M+]\N3@*'3/]:+&YG[S[_]M^_/WYYO@TH??O@7$ZO_NK]WU'_X?[X6%?17T6$ MS9>(8":0*_>%_T3C1!J(&5U.K,UG,0FHA%YT/=EP%/"-N\3C:S]$_I0WG>I1 MBD-`$8EH=J#I@!@WR8;QRA+;''TW&B^[PJ`7\IOX(&0F0;7]6[D,=#)9E@"" M'R^O< MIZB<7ELZQ`$<4Q5YM=7SJ!IU(->AB*!2(FT5[,UT03&'/&SOD_6E63M)I!=, M@2+ZI%&0+CMB@VE9HH6>%XLT0&:;0^V17^HGK*T9R3<]U4L-K!JJR6Q,%;F( M,3%>_FU[?338ZP/`*K>YBVJYB\H+98A6<0#Y*B`7>!$P*=-!OLPQMV@A%HL* M^58W%-'"4^8&;MO]HK'N%ZVZ%_LV(.$433&_UF9]_Z3-$;9N^29SA.]Q'((< M(A*N1@3Y%#FQ:CM?Y?\"E3BL0!W._6DPGU@%3?/._R(NX-*+"Z@TWV==?3J7 MB0_V6LA]2C#IQ25":C*QV+2(0*Z&S,CQ??K:IVP8ONZAU&`!E9;W#ZK"1R@, M`Y+@IU@XU59*ZQ!KIT*[E<_&((HQ.JY1.L[JMGH"D-)F1/B"_ M^L&+J9L']L=JUD4C4A15O4$*<('+T=B-PF+*..&'V^O:7>T+QNJ.4"1P`;Q` M99OX@Q.$(1TC#_?^IZY0"L;JK%"*<(&+=.Y&A1X^!Y]=K+-,J@=J-,-?21H" M0,1N20.]N_[>MPLIB4/Z4B&`ID>=[5ZBMV$K7>M@8IK7L95$(S6,?+FCJ'QV M:YE(!DX5_<#CS!+D;>,/<:;(T6IO1$0,$UQU\#;-:Y\1Q#2\9X1CGL=#3!SV M!S0%\?`K4.]`S9X*EA(FEJEHH[U30GRGA&G[:GLJW*(P(B[3S(STF8((JD9I MKSJ3P@"J>O4N\!U$9P/"M\+TE[SP&4\]2AE'XS,(A:9"OM4+2`M/L!2RG9T1 M$;+B_1?F0>2#U#M6TNN$W*H1D^AY>?BLB@=,7$S/^X&_Q"3D]>Y#)E),F)Y^ M"`/G<_('[KH-@WXPG_-KRMC'CPOVP0P/'"=B7_4='$QZ_FKSYWKN>QORE[[TQ1;+@(45%)%26RU\;<=.9!30;?'WQ2[%'\YB;%/N;0 M[;(5&?SQX)-BC^(W-RGV,8=R<6HR^.'@DV*/XC@T6]1Y^,NQB#5/\J\O<]V?/!YX*NQ2_.>VPCSE4'H`V@Z\/K1]V*7Z#DV(7 M`/!Y\4/WSSDV(7<_$%6`>>%&\//BG> M?O.38A?S=%)\:,VD>'?P2?'NFY\4NYAG#BMS%P/59O']P:?%^V]^6NQBGDT+ M<^6GM5G\\>#'TA^_^6/I+N;9M##7\J*A MO17[OHIO9SJ4>"G.*C):M7*X2M/A$DZO*8WPF.?`;9B%2/328:/UMT)H82N. M=1X\X^7V(]`=B`9LFWNI:L$'TS+J2K2=SB\]IDIA6^`KJ.4)]YZ@UD! M1YD[<,U(,F/@$A&?-T$?8A+;[Q>N%X6[):]@(A5QT=$5*@17ZL:%@YZ&DJZ\ M(7(]>U&>/0PU6.[UR``93":8\,I+M7VTB/]W_XKO#E;4%A6# M=$1O5,%@O"5P-5%E75(Y3.-:13S!Q'*`US15=)5TCD@836H?3= M(Y>-E@;"!O['@*G#=3[`)3A[B+<"]^*S2Q M\D^VN$M:Z[PCZ.Z_MM`95Z<%0WD8/0F@ZPE` M8_`.B$<',K-WFJX;>Z5I+_=XP78F;I<_)$X0$$]7!;76.[VKD!*WL:NGO'0T M5GL1+7@]F99Q>AAFN5I7C$&^JA!;40/R@#P\F%Q^B=QP%:=T*2`L.V+K\9>& M1J9/G)[Z$;,`H88DJ+:WKZ8*=!+E<9K+*CO"]`,:/F#/BW^SAC=!#.,!G- MD%_"FXJBK$.F`P*M!Z.P($U/M-G=WOD\YM_<<-:+0[7N$E^R:>B$*F*4';(+ M(I.&1Z(TK,&0]JF]9A:,81O4EO+4+S&-M=]U_BYMU8!5Z2"="5B5PP`6\BXF MJA&PJABF!0$KT003R^$0`:MRNHH!JVIA-!NP,B4*R(#5)[8Y>EG*&K.V-.[V M*1R@R:"3S$K?OMFG&`.H`-/:G!I&Q)DARHZ>O?$X1@AY,3/J8I`?L_$`DYIP M%,"2*R[3%U=,[9%9H*0?Q+<#Q#R(&AMO@4P(,) MN.0.,1$)5XB,V9*NR'VB1:O2SK`PB4II#S"92QE..U7R:2N,!WD-UV1V\FQ9YC6D-CR8_=VKV\!ESB-J^:IZ0P(OY@ M^&@[5-P:B'!"FE9(G'ZL+&+H&(5&_5&O'BO.1'[AR/^)72[.^*"T<\ M5A?D(8&(1'M373]?EDUY%9!T0M"!7WA"!G'TJ9!OM9M("\],KF*70E,)CZ?V MVG8XAFW*HVUJ:IN:UNB7";8;V*:FYH1DFYK:V'F;8^>`SH+U>3=+PKCFS>Q] M')OYO/Z%,Z3C*9`;N-4BTP4+J+7I3>!/1YC,]R5B9JEMC=_BF%LQ'J:S$HJH M7"&7_!-Y,&V8T)"*8LV:) MD)H\99H6D>R94Z\[(?\_R=OG;NFXVTRT>.H]W']4[THH'*O9`$RYVMAJ02A& M!*RH.*8]PGYOO'1I0.A3[^RTIR>'DE&:#.XKX%^&`53=*I?N4\\?:P)>\'2# MAPE)G(M>6::`0`_AW5*O.T1G2]=CHKY3QEL\5A<4C00B8'5PZR*\\]4M(L0- MPI"1IR@Z1ZO1[^J-A&6&:]C_)"<4.6"`4:@M(:_CVIY+KH291^Z=GEE\.GGA]!Z$S=\&[7*^)JM5=5(_3^H4D@,%\ M)^1UL<=.[G./4G?J!.V`NJ8`'5Y=DB&1-%,E7U>WJ] MJ7E)+L]C=]GX<9WF$+EL.^1NIZN`[$\:!1&IC]UZE:JM;-,;GJ]B#J&]!5([:A4H-)92DB@2-*<"+[%S.+-#7]73?]E"=5'L[ M:,"5!?9<]C9H$CY2=C#CIP"5`]#>L^W'NN!]Q75[1TVG(\5%+#8AR28D-=.T M.VEW/PL\1ITF=X0H=NPN&P%PTS38K;OT_WZ,6=1_/X8J-K9O;.7+S$ M8_6<"E`^.C0=@`4"<\-J3:;/$6-AX"?0;-V;?.F/L]L6V>!#-E)P\+FEQ5VC M;'T9">1Z*4U$?EUDO=XC.?QA:E#$DP)FBM/F*I1FKP*0DFNE5#(9';I M2>#"I2%QGZ,XYU@9^:*G&W">:@%>^.9`J5KVON5#WK=L>+<4*]4X.,(]\$QK MQI^8DE[)Z)T(^&G!!I0;))Q,<6TDZ"(LH?!W6(EEX,$D$JU#_?AT8HG6A!)HL]R>7$Q)!(1M MY#*5CM$!`50` M8+:%^*;*(#OA705D'GGHD?(&%P_1,V7KEK$[C)X]U]&0@^K([0\R*F,E<=^Z MEM#2"\'3Q*91,)KA@I-ZN7%TR]"=1W,%89JBV(FMRQB\XHRF9L2?N`4/*?Z4 MXK<5J4G@V#"=\9>-N5Y/[XV$:.VT>IGBR$0[5?*8O1@.N*;FBF%%W* M<8CEN+F`H^4R-HPS7-I5/YC/`S\-O\2'5B6#:>_A+B0?%KVS5.Z5";?^I>=. MW6?7<^,:(S=0P5LT4BQB(]\&75D\OV%W.F.;68]M66B* MLV:3"2]12$/DCY-0*2^<9-_@/./Y?N)DI=JF&Z@'@U#ID`*J\_J[V5<#\7 MW:AGY3',. M)FOJ.8X@Q":@V.;M1A:T3%J"?(H&JZN2.X)L?96MKVJFOFI(`AXH1-?^A/\7 M@Z-67U4V0C?JJTK?'Z9^H8"<)\JYV#+C]G0>4UZ[>]=;"F'%-A= M99FW*FL2L+E=!F+?KJ#6^K-#%5)R2ZE)$S2]I](:H=8(;>B:RG5V6ES3-6*/ M@%U464(*5UE&5(P]U(4D`.\K;*4&*0K0NZVRNH)*I`0F&$KI`ET8V65 MH)J\2\2$F`"MWWM,0S>,TE;!5]Q24#QKEXW0C;-VZ?O#U*T5D%,^:Y>/T?19 M6S"9!+B#G[5+:2J=M07P-WO6-B&!`VF;.*E0^61=-D*S[2F$R[H,^"T08-Q[ M"0W.DWK;A_UGFZS=5T*YX+7A;BX8\)%[4\8*#2_0TAW?8.*S3R@-')=M0;R9 M.._$O_F3LBBT232=$2`RU[>*'[5Q!-LT9%@"$68+KOLR+KO&5J(I"35_-9@) MF]Z M%;DDYP%0W8F)'L@O7*'W!#-6)+(=#,7Z#T9Z,%I03GY-JD.3TI-3B[H;6!_Y M#O8\E%18K:\\`E*.%=2@-C"#NK$**YE+W`T*"$XY5M)K7B^*YZM88BI6H7FA MP>A$H=B:5(?FA":I#$W8\D4.:!`KOB,>:@%,8.&WA.`_^AKQPDD!BL03E(6\/;76G$^)C7=.MT]/6%I/$J519(\?,-1T!E]MSB M6UFW0`"RNFV-)UR-I^'CK:VEKB,SM5IJ0ZO,]C>1N"7#=C>I@;=4=Y/*/EFV MMTECO4TJ&F3IJYF'P%-6,?$SK57A!:\G[.JMKUA(X&`\IE>,0=Z7D5MO`_*` M/#R8)/?7Q)>PJ^@8R1%;C[\T-!(-O'7-52$+(":KF&I[F_^H0"?NO*V[K$:8 MS%V?]Z'=G&^2DU#V>WSUC,*RDAVQ]/++B[;CD_CX(=M.Q*@50\'`7$"]Z9ZF6TWH0%[C' MXMU+5QW)C=?>;4(1%ZE6U;4\4NQ$DRX^.F#&-/(N*7^!'%\@4445\JT^D6CA M*=/V6O=:RTUV\V!R&Y!PRHY"-P'RZ2@X3VX>4/*-R(W7_@4GB8M4SVN]GBJ! M[R`Z&Y`A(F'Z2VY67.#G,.7B#&+!J9#OQ()3PE.^5_9!D\LO`B?B+]KSQY=^ MR,X&N0Y!KW2S4+N48S[&[E/RYO=XRANF(C^\0_.*+'.*G>^GP9))R4VX93_L M,EDZ:GO55#D0AB-2G%`V[7C0N#[26Z.U]ABX_]XR"5K*T/8C0C"OB*4.\GBC M_DM>2+G;]U@'YM*16ZVMJS$1QH$TE4DN"I5<_9+KN&]*M532:+U,9'`R>XOM MAFIR$>&5%Z"*DC@U8>2';+4**D#`>/2(TUE?8WOE(0-3?GLXP`XH)C#>>7=Q M%*@6P%*%M\HX[Q38=@'MHKK:BLB1KFK'W#'H73-K^^577!&'4-3F.\.VV957 M`8;I.UUSI))-_!XOV-F9;0^MNVZIP0, M\Q&;/+'-&?J*?6)`[Y<-W/*=MQ0/<62E)O:)N$'0SP_=;IN_`A*9`$J5G_WG M$T[I&5$<(_#_4$L#!!0````(`'&&9D$K]%T58%X```[G!``8`!P`87!P;&4Q M,"TR,#$R,#DS,%]L86(N>&UL550)``-EAIE098:94'5X"P`!!"4.```$.0$` M`.U]:7/<.)+H]Q?Q_@-VWL:$'5.R);LO]\Q.1.FR-2.[M)(\/;,=&PY6%:K$ M,8NL)EFRJW_]P\$#)''R`%CJWMC=MB0BD4`F$IF)//[R'T='X"T,8>RE<`GF M>^"?/4LWS\$1.(LVV[N%#Z["%/UUD?J/$/TN?(0Q^AG]_2%-MS^^?/GERY<7 M"_1ILO!CF$2[>`$3_`MP=/17@/_G__Z?O^!)SF*(I_@1W.\@^!`]@N/OP*OC M'X^__?'U,?AX?X9^.'E%!Z$1@1]^GGL)!%\W09C\UQ^8R;[.X^!%%*]?OCH^ M?OTR__`/],L?O^)?5+[_\II\??+FS9N7Y*_%IXG/^Q"!/7GYS_?7=XL'N/&. M_#!)O7"!)TC\'Q/RR^MHX:5^%&K@!81?X)^.\L^.\*^.3EX=O3YY\359_N&O M=.<`^$L_#.$:;SZ> MY0V>Y>0[/,O_RWY][`O_QX>R5:WNP<(TV0Z3U)\^*I;F`T[PD?F^,WK8[)'^K!>5A#% MF%10S8^QR?I3AC+M5O@IF`?D9**1X1I1(3SZ>/>'O[+C0#80T)%_>4GFR*5, MN9II7-U[+U[D6*%_*I:3??%R$:&9MNE1P"YJ%4>;%E1+(].-("3JE4)!5^(< MFU$'_)P/_M^24$^+2L>UDZ1UY'?)T=KSMI_.`B])9JN[-%I\/H\VGA]RQ219 M]LI+YF3MV>"7^."_A$&:Y+\AHN#H^"2[/_Z?9):7S0,S"'.)41`==?PAB%:` M?`I^IA^7W&.3>=14PMRB6&+E$!LQQS1)A,*_'\:HS?#RK[8N!#X"`I:8WMU= MW-\Y$_1RF..A?.77:6B-U6Q^H6>L$%4N=3>(7LF"3= MP#"]B:,M,FGV'^`@YTPUY>XO% M;K,+B!*PA-L8+GQB'N&__>?)]Y-OWYP`+UR"__QN@O3R"8*1;"$Q*(.]\[.M MR1,L2^KL8Q?-P$L>IN$2_^?BEYW_Z`4(?C)-S[PXWOOA^A]>L./;5%V5!:V) M[:BF1CB)%`HTB##>`O\#EL/=RCPC^E;4#.V],!60N=I[OH.7"-?W7NBMT05N M8'761_;/)IRC#S"@XY^0)XY),Z\5U(?0XA M6-E>7U`'_6$X:@]$Z#1"8E!M*PH(?3^[GUZ#AJ7HSIH16S%=*7OM>W,_\%,? M#NH;X$UCWT'`P4+``==7T].KZZO[JPOWK@()B5A^$"W.MM-`@`?O>F5V>33N M@VZ[W=Z1<`<7NQ@NS^%\D`/(@K=YJS+S"H[:!Z03)TBUVGOS`+*'S07U.51@ MJ5Y?39.C##TFW@'EPQGG>WB&-D4Z&\?$.KTAT$NX;:XV.2D MMDB*_,`9N)SSB!WE48@`?MW",(&)Z\N_(X]4U(4NV]>/@C&P8F%?B60FEVJ2 M?&W"\>VFN-7:TCTW.N\>O!@^1,$2*678M93N6P0>2(`,H=8H0P[$^`CH?_=N M>GOQ;G9]?G%[1[T[X.*_/U[=_\NIAT9-&]9]H%CT`*$?,L^-'!N>EBFD`5?G M/'B"'->/AI&XOD&'$B+!OR0OSX.]"_"FL>(`E"`@.,+%ER#!GT[`(_X8^$F" M+D_'XEQ"+5:LBQ;;A5'.HLTF"H?EDL8<-O7-^N3":#+\6.>;X^/),?T_D.#SBZ0092&B>$:[%,>$DJ>`[UY-3GXX1O_W'?G3 M-Z\GWQZ_FKSZ_G4V4/S:Z>3I2<`'E5Q+W3G&40!5EE$37QD!I&:O78E1](2+6*.XB_VO;,PGH5PZ4= MUE'.V?^[NXEAS<5)U]H&TP_GXV4R76J+_,["G1DBF(V5F$Q`UA`0KQKLR.N;B$%7%8?6- MZ!(87GIF;-R(LNDL!X&+,=%R],GN0<=N.)T[4+7\MA9$`^YPEY]H*NO)B'P\ M3+BH\98P$AX27WRR1;=W?S2@#GSC2>=SSD?J^X[+3+S+;C0]&NYLCI%$HH(>",E!*&*_NO/5U%2?D: M>V1#!6Z'FK*4@HA^O""(IT['X_8&_BU\A.%NV&#YQAR]![:I`N7K&`C=E_2S M'YU?-"*R5'V.G$59=L+Q<.`=W6)G1Q,7WW:'NX4CS1:+W=8+%_L,]!#'K3&' MU:RSVN2BDQ9%&Q#33UQGG0E(4DD]XZVJ@YN"I+*]P\FSLSP#=DB&$,]F/2&1 MBX8T/['))>Z2$Z4D:^0JBM?:@75RF33D1>TFUB*?7?08CL1T+`5'SS]QI7*H=9[5R[J(LQXOS<.!I7,7..M>XNNYP M-XWKW(_A(CV+$FP^$8D\B.CD36,U`)R#@.A:+8IN9&EA3H6IA#ZL7!4MKUO( M=Y(BDQI?U7FL1K$W&2,.XZ553VO9C--`2=>J0&$2;/(! MSKTR:LI5DZNE2^Y@`WQ,\P17+`^'X)K:#%9OLNK<`O8H/G(L9/BD8-F`LYSN MEU8NF6[AUO/CA/"8'Z8PS.JP#W1IR:=U_`2"%82.JRIJ MD[*I>*L6WJ'ZVI<0+G/^I27=\%O78#>;=#[;7"5#1L!0Y5T8J0_#OO:\DF^0J3';Q4!>B;#J[H7\23$2N5/P=KM:9?493=K'%XYB= M-&C(S[K@K[QMU!_M]A/@FC(5PW;`&T\UI4U;38&+@*FR4;3N4&6>8+G[9^8F/_WD+2:K08!>@P>QVY9@^8L(2 M6,77(*:?@P7^WBT#FI.;Y47#76DK\H;.@:PG-]HNE:F1O,A^TG1A.E'8%5F' MO'3"=DIXS<$YC.;=F,1!)G8#">EKPC77@7'BKJT@PE9*H3.(EL MJJ`@*AL,4Y%4<<0>7,JP/-%<5GOOS847AT@X)3TF_8RI:95P$D-A'1A#-J\*0V?(;Y(_DM\^=:CB: MQ&=Y3V?#.ICH/T%__8#@3!_1K;F&'W:;.8QG*S(5D\-E@4M;8F+U5FR'HX"I M8[+J)*;Q-\AR;*P1%..`R`TQ-+ARV[!R M>5046^^'8;D?=S&6ILM_[VC)P^0^NH4803^`E3GN(TSJFSAZ])=P>;HWO`)Z MJG,]!)X.VL(/L`S1BVHY%4@C$.>3O'B-_I"'(2$9A;]9YO4\5SD"-$!I`E8X(8%V MXO%*+-PV/N_*3ZRFWXD.E@V[+KAR[S*6,Z*5,1>4X;D@1%3#=YWCAHYCXY". MSJD'1"V8L#<=Z44]#9?*=M)RYY098#?.*2,<15 M'MJ1N^*V,-\SV[XI8PRYOBD#LHZFS(0+\G:3/T@!CZ&7P'-(_WL5GN\@]HC= M/_CQ\L8K4F5B`]EC`+1W%X:.8J:/GT05P\;@@E`++';.C$+UP%:+5G#):- M#7>X-RON#66"$*ZQZBN[>\PPY$FH'`(F\1)I32)2)M6`NZ=.S`X%09L3D5(8 M-5$X3(2GULR]:DEJ7C7#3B"KGN6CGR/EO^18JM/3"[41$>HH)-2$^M4`4>W] M:1\EV)Q$IPV\'6;5PL1RL'(;'(6AS"7?>AD8)&,)')KS1R&Y-DW[814Y9VMO M8\?`:$UO[!#\;3"[@RP>?>PDT=:&CP:.^=F<'6H/OB8;9IHWU'C/I^!I+[S> M0GS40!TT)=!&3AW7D[$?^M\,"/^QU&FHAS9AN6$>>IMDM2N!$6J*`!XI`05O MCD^=FAU,$72]9L^5).,YAGDN-$R0/*-QBME?AFE':#)_?Z)'WR8Q05`F?K:> MOP2K**;O6$P6?;0"#Z3`XY:6;*E>@XX:9+;@BDH'.M--ZZ+$Y9-=1O$YW$9H M6Y-96)8M83+Y!]'B3*9W9%<;H"C.VR?#F&>RI9_,=^CFIL]GF+.WB(W#U,?U M21B(KC,P6[`'CY5U]ZZ]X7VVPZ@PY`02]LRYOQC[?4UHQ*P-06<)EIXCQ['6Z10Q#[VS6-A;,=]4YNS1Z.VBX^QBI69 M=W'1Y#N`$(?QXPAN<5VBRQTQG.UI6_)"8"%SM%N+[A;>[.-QMW"P4[E;9!:2 MZ\O8G`,T/"RB/>KL8<%O/T5P3'\I5#*0%LLVF>*FF315!ER-S[.B25!A^HQJ M=ZP\/;3!3"/:O51S$U/I([;)L-9N-Z_0P(=I9\#/W4O6ZE3^B*BJ^W,5T"G1@KXA8N MX69+8SW)KAE<6%(P`P3:Z80SR7"2Q9)C.1?M4BSJ:)[+$L(-Y2,VI(D&,KT` M%][B@?P5(#Y(_(3FID=AM4H&]82@7]ZA83`!4\2X>"%\R!,'59@A:1R M?ZT:;+I8\5NAYA\F39'Q%$C1*9E""NJ*E"'95G1^VYRM MJADNPTJXVEPNWRSKR`@?=_BY4NX92T%`OOCBK+G3\Z*`3:_Q@^9L=88VSK"-7>C9X\YQX-AT6/.FWT\'G,. M=B8!BCPOV#C#$B5,H.$T%VU36TXE(1TA>2/"GHQ'+\!GX8;8U/5'I2%XU6A^ M^P703=#3B`XG;(L]$#13N83HM"92&QZH--HSW:0ALGFI&^@N]>+4G*!3=-;B M>(^.%4FAEKK>>>2;@#E<^R$NNXNO1XJ+R%";YOH[#-ZZH,BOUP=0DV(D4D"H\( M#Z7,F!]=O[=IT(9U6:J6;3/B7($+M[H@EP:\Y\_#IT6'>/$/M#C*+,;IL-D/ M3`PD=MI,DV2W@<6UY0=?)Q4N+&R-%''*&9NHH[=[38;+]YC!>S. M7X?^RE]X80K*&4`^A?,G6JLLRMX0]@C6X:%R4"2'N)Z&1=CJR;:R)(T3/0&5 M62>`S(O/-CLS^G4V-V`F)]*`<^S!SQ@#0%!P5$G)*HM7>M0-3L_V%W:95G/N M)XL@2G8Q['+AZL&S;R%JX24X&W@LH(,!#7RN);LXNLF,:,?>1/J;T=8U+9UA MB&M`/J']:N92?#3XK!PED)RN.]E+Z,KO92_:ARZ1E]ARZ4=NJ2`Y4?$52$E- MVIMFI(H+&:5)(58ZZ:RZ@X8K`#^$4!)-Y42K%"`C#%"9ITHAY*;PN)1\U1KD MXA5WT9A(C#RI3<=Z^_K2G\RA.Y%-+1`57GLTZ0"#\ATU)>^!N%4%J]WF=!!K M!E,.HW_I3^]$_!D@J,&G>\#"T-#6W"AKQBQ15=W,=JR]2"7ASED0-\W)P3I, M/P+5'';?KV9*46J,HH!![YA8^#]ZVRCY,Z#@7"N!K>G+RM1VN]0E#%5[QB$$ MJO[DUOC5)GS+C*WP*,!P=T]>).#5F!U:8FNU9"ST@/R:Y`_$LVLS]D/@4 M^Q&DAH"=**5F.(J"IN,(7$;QQ@-7X0K_E_BUGWT,O=W21Q?B<]?BM!V)65G: M8I\ZJ*9ZLPTA1#5G=J*0ZN$FX-'BZ849K1:<+J2F&?%9D6FP0>U5SVNX]H+W M7HK)A2/O(O+*`L.N@0=F3,N!NZY"THB\K M*LWWJ76@E]940XA)O8DM,JD18E+FS`83QJP,'X]'TXCLK(#4WYVV99GN=O,$ M_K*#87KQ2(J+=C'$E;`&R`M6V]XJK$0V3#$.T('.7X.U:54QJK66W[XXCQ#^ M(":S<#*;G*7$1I>C1F;]JBA9L7:E:V^=NL"$%C8C8MJ()"UX5BN,::$DXB!Y MY"5XEH]W;L$:$;(BK[2WQ[X75Q2/+LTCU(<)40]`^W[9MUR%T)NU;M87OM1AC8B;1Q-JBS*)#A M!7;>G,YZ,[MQ.FOA)G(ZYVD`Y?`)55'VX.?LOV,R6"*!`2 M'/A\%$##`!FG=^1=G'A-*K,B0&=3.@1XW"T>X'*'RU?/=FF2(KV4<'A(3&E< MO?8F[PEU@^C]X&&!]`YW.TON<4)`&].XMRE[OX%TC.B^L!=YW3+PI&)U.0&N M9$UG*%K0EZQ*U-W3=/55Q`?6Y_VWRT$HD\JH#M(G:Z9WX:]HFB M#1X.'E[;X*EQ/HJP%1;:!-<`9'Z!S&92C&-,ID07_JD\C+3=U^Z,7V;BW11= M+V4W0M\,KS&_?0/%!#T-_F8S.$LP4H9VR\WZ3,'G8LU=ZU@,&`/>WP3X$2%< MXNC9+;[S!^5;C5GMZ5+-'!RJLWKES.?$P^T#".- M&Y;D)4L51+<7JIBL_`M4L`GMO1A1Z M]O/$'9HN^%VUC[UDS$OZA-Z.!8JS-` ME1O]Q5QP):BLX)J,27ZK]#YN[0_AN%V0X4#2_9AL/RM):;HH.'#_&:*H2E)C MP$P`/[U2[O-SF;AFR"F\##:3;6Q[@Q-CA74FMHB'%L-PD*`F1$;`;>3[BF/9 M\6NUDB*L&)2OUFH(NA05WO75W'E!"^L#)T.7+M4<44#^&4,XG(6FGM1VP78E M1D9723Z48\2-Y,;@TUAQ1W!VI'V",P<^B;HTN!:$(%S8:2)D)-VHZ7N,'X(O M#_Z"!K@SU?V13AU]!MO`6U3Z1[LL[""B%:^$`W!M((X\)2)@>1&F3%_[@>\&[M3V7[DT,1/=%+$7+D=H.\CHJK@/A*OO M4CKWO1=Z:Q@;7`/Y""=!7-GD`J)G?Z493W2;:%R5V["JVAZS\H1=C\TV37[(NFE'%4A#W,4M%246+U'Z(%:5\F-$1[UP MG7VJ22O%==U8O(MR$QIX\8XEH4K^D?/#.0P]CCM=9Q]VFSF,LS?[VRC:)`9' MF#/84<)O$Q.)71.2CXL88A#C[QV_`8GI4&F6QU]F_U[&1QC/(T7O2"XNO%-( M_NBV)V&'W6V5["(YOV_QHV0>+',3^XN.+@4./">:IA9JHE.)>U)G#W])G M]SQN;HN_!<_\$)Q'0>#%R7.GLF!XA3J0< M6[4/'Z%BL:U]5G8B>%OVOW M7P/K+FFS9:/BTYT?X&RW:;C,_WFUV<;1(ZV\-@2E]2>WH2<98R4,0J.?$K<> M^[W3\O'&A&99S6Q+.E1+NMS%H9_N8HC@7_I?\;\2XG4:@OW$DUDR@Y6("#BL M^'X"\L^KN=J.)9:2BBQOR1??.H7VTD=0X;7_")=7R-P,USB;:IHD,!V0H51S M.LC14.$D8C%D52T>_`2"%734;-64DA6FTEEU]Z[UI5S,RPI,4UQ%;@CFTIBU M?_L7F]@R[E(C)>`OUZ%W^C3DMZF7+K=7<^<-)44(U[A=TKVZ@:T$Q<5BM]F1 MMDOG=-:XV4:$U2V6X-DDG8Y;1^@W+!-<\LV MQI8M)%`F((2IVV0(Q9),:5;L0I<@(5[ICQ8>*BD8%U%E,H1$I?-)U`5OJ,C!\H5TR;9=R/RGCU>\K3_T]YQ7MOT=-]Z>>(LNHQAI5E'B MI\F,=4\SB;7"4.=L'`F@#,LQVAHQX'Q7CUI;%Q14XY\.[[L MR9X#XD[:!\2]C^)T[:TAZ?H.YVD+M5,(POJ;J`@34796]CG`WY,*;F[C#U2T MJ&0;R99J^^J2(,A^W*X(@R<66Q776BB(%0V MJ3^(?#F>TGAB0E7=!]Q5MJ_9@3GM*D2<1@+;[D("U&R()8H MY?<3@$0$2E,$77X/#,(YW=;H57?<2$T7AT"+AU672D M/97%S*?<#)M^+8T47YXAR3;^.'+*M'?>RGIPHOG.#$P'V50 MG&0#2!"2%2?X\@!#4L.))%;Z!0#@)R#)BHDN<7[E'(+5+@CV((;8E^0X,5J# MB"Q3J3;'YLE6X,*O(T(_JA[IP]]WFZD(N#\ZA"W6E#TOCOK0]?AX`2[;ZYYO9I>WR(WI[>.K\ MVZ92M0Z.N)VQ>=B-+D2;-HTF3E)!+QD]CA@=0U+J@QKP=2`O]O3'420^D.A;B!J2TZ8OS1&O1CK/"C[LHR]%9 M/!SXKIV\GUW>%VL?V2NME)/LLM1`K2;I!G,YUI+0=A:J`D+5\8TV^< M1;ZVH*BB@#IW^:T34&43?(#I58@N5G@]4":J_N36H@*-41-I)A`_Y^"/G'JG MCC@F):T%KOPXA#'V-_`F"@NYWZP2^LES0=O92?"PKTP5&"HY$ZP M1?HST9K!$>[2Z2]HG5QG)]O,UD'3N*GI;(44<039 MV.O`&6Q9A6MB(.`M]D/GX7/JS6<5.<$:V[N?KA!`WPM(CV/T7_]7$D+0HABF M!(SU8IAB7(0Q2[PAH^$-'2)5BU4I=J`]OV`&/(?)(O:W:<,YI!00[,C^WZIT MHF!J6$C*_2_+KTB'#M+SV7ES#L'^UV5$?8F=[H3D+@J64ZQ-P39$;PQW1_DZ M*DJG'1D$$C0*>$0AH>->@"GY$W;?)7Z2)KGSCG7R$36%\>A-P;;PXM$/T"#\ MEG,6;;9>N'<<,26C=)V]N/O8FLTXL`5P-_QICJC4K5!V*U$X ME#.'M$^@5[E\%*_>+=B"\[)BNJW=!68;*>FDQ6",+( MD.`U`7.XBF*L"2YWBQ0;BU%N-2XBQ//N>\@8LE+M24";+IV*`&5;AHMZW<$@ M(/_<;!#]\/9/P^5[+_X,\>Y>?-W",($FC-\"N)O+W1Q182@$&4QX/AM-.'B3 MCZ>LB2_Q'3D$?HAE=`@7Q)#YXJ3RHE<=KM<^O;/B\Z,5L5 MN@3>53Q],L-"Y?[!"P48F`CX+M.XX?@N*`MX_ZP=9T\`_+H(=B1(.M$[/B.0 M[#TP5D7<=R5'^R,2I;CEFA=D$7;$W/@)46M*G-;^([Q`A]8L%D,7I"/6UT1/ M%+R1#V^$#"'C[`O$"DD&ANHN3`X`4E?(&8CA-HH).V^1.(Q<)V.9LD"%<4TV MTW[C$HZSC1MZ?.[^/73JCVH27%]E[6:6Z6W(C>&C".[@>K!&%9#;K M\3%B7)1^KG((R,!=5=+R( MD$YJ?BI7RY-NNGMD_42VEET.(&^ M58Q+&(_,6>6&]@:."J[X%KA]B&/3*WT^D$#Y;3ATNB369)OH_86I8&?LC64PR1.Z;CF6R+L/!UUD\`#$C+.NQS1&CC8TMFK3R/$PG%6[G1+RIUB7Z7'5".C0=T4$ZRL,/U5P')')""&.PJ'9E?>4M0S MTZ=)+PT>A#.STV6E[@Q.1\L)7`0IM$-5$K.P+0H#YC$NU(;:YA7^)Q97]KLKZ'FFV1LKS\TZ1A]1`?-;*XQ3G+3/I8:)A"SF8_(&`$W'CN*U% M&R;D-[TP)F&7\(;\]*(-G?LAX3&BH3!($+6EQ:VB!.GF=4L7/<'I8#X[REFY M%K*`V)PJ.8BUY]EL6"G*I\O#=9`22)BYM(F*8S+%R(([9`JB6PBS!CHJR*K? M;5\XK1!ARBV\>T)KWUN_UE8ZFV3=P'RCF!P1A`%\CCKL*D!'(KO+R-D'/`:) MY7P0B+Z$^)$BR87ZG-9<0ZHZA"E8(F9VK)@HR"?L85/;F/9:=PZ5U,=-".QD MAG?MRB1H6P;%2?%4"4):G$0NIH2]>C$O)93#L.AS'7ZE03<>\XCVP[1'1,,X M["Z'E*"<,)(**YE.63@()!**%N+ULF+(8+[GJWM.G08&0DIKN]HR6PZSF*0& M_&.XA/%91,I3+@S33LQAN[![C+'4$G8EHS;8S5=;I;!;FS;/R1I!&=KH*EB/538F8-'N3C`$>*25+K>/2^EYD M`)`QC:>@-L>(,E&TR5NU@'6VJ[UJ1YB:Y>)[?P-)X43T=T/QJ(;EB.>4B(F" M-HE;$LF-PS-S*A?.-][B;0P`,B`E+59#W`B1@G%-5?\4\HIKNE_VP_2Z/ M;E+Z"E\TR7MH#G0"*JT?7;_"C.4YLU&2T@XSM'\ZXK'"+?MX)^&&&@],0`;7 M-3.,X4G.0>B>R?.*OH0G(/3D_%-^C^J2P<"K@L=V"I\&9#SZ]=LH6G[Q@V"X M?D&M<1E#=5`M3$5M0W/NKBBBU7[TH(0Y`3E40,&.1J%IRT6JNHS:>^LB]4+B M/.>)LM)0)`-`.<)YI&D_[YOU'F5VJ2!X,Y-3(GM`S-Q(]!W:#T=#CWZ>#5U8 M`CHO3/)P7;WC\I1>W`:@D\2](K$L2*).1?9B]%YI7V!D?.T:&UUD:7.1FG:7 M:'?L'[)6#V1R@5B>O_JI`P0:8,&-1D[:?V9T8$II/43Q36<\$%,W&XI?3HK3 MF8]V>T"'>YISHY5H/=#PB$6/'?O.-0$I&HN?JQ;%Z*?Z9&676$7B8Y88=1G% M&2LELY#K9DE$+PPY"/(DG@,!Q#&!9"F%PUZ2B>L,4?TE\VPUXQWKD%%1R.=" M(N>/4E>XAU56J0JG.N%GC3;!1'J`7647F:&I%TI4WNI%3!NG[A?N33^60"(C MXG.O=_WM-Z?/23*-YW3@#5!NDFD4T7/5$B M6QCNZ$NN,#F31)UFL$$"XT=_`7'%:9RS6.H>-@=T]QU\#F(O(?35:TNX0!5=6T_3G^R(]B4;J>V'YJ;>. M(4WUSTI25)C=+5/JDYQE1\U-[!:H[V_F.W1[X8TC#Q^KE1^NI^&2#8-JS9VM MP#M)?&J#J8"%*Z"(D,V8]H\>LO#_G!"3`M>_C4+LS"A:3239G"04IYI[C$8\ M^DMZ`D;%V%WXI^J!;+G];9.KSBYFG_#37IP\^%M#18#,V#/QY+J08M@K(LI]ZG3EU4:A[T:9+XZQ#3 M#AO/+!N?HW\9,)PA8%?.-C,TY:5*<.9*5F*'9J^P>X,[K-"P!M=5REMQ5.7MW)PF'2PV$FV' MWRG0Q1435KE!=LA]-+V[?7L9Q4TD#`Z!.6P7DM@82V%C"0;$A"TODJ<1QNSU MB4RXHLX(FHF:>>5I(,TB&ZF&KE,*6W-+I11CJPWO47_.WG!N8OCH1[LDV+_W MEO!T_PDCT%YMED)UEORJC:)$N%?X%G/F,G_QVQ:0P`:!PMH'8>8MN@UB^H;; M$/3.=9`6W"!1@I5[VFOQP?/\N1%=IJ\,>%4)RHDYI\)*P)/X&R(@RV'N>^WH M$DL1;M5HCY+U5^C%!!@-V3ICXJQICG?!'`PUI3R=RG5:=G.1V]>.L MDM>[*,`-;B;@^OIL0B_<;`*PPS,X5AV%!*MXF[A;8CTZR\0'RWNY+<>#'`"X MU$IG>LK>:BNDY#(=NXW?I1D3:>[8_V:E?PRDUZL[KX_Z259GW6G=K M[@`4N$MXR4_0,;2Y&BZ3!"I>%:LEPB5(QT$FQRJ(;Z M?E>QQAT=J9<=;$KPL;)[; ME9)H M(M99AI^1BK.P8,["MGX6X@PG$KU/L0+X\8D`3_`IR7',*T1[&:)X'I]%%0>, MI.!+M,/MYY>/6(=&QJ)'&]EH8^3ZINF%ERO.@\[D[W#[5,_^#0YM0(K;M8\P M66:.C+UA9)0V2#?WBRYZDH,5E!\CW8E\3;2I,BNWVJ"2J%4ZS)T=#E+SNOR( MQA46+77HGT@S)]Q/9Y)%)/H)^/9*EX[[M/&@:(QX;CR8AK[\QU9 M5>RO']+$?>"!*7M6NU@;$+KUU484#%J];+;"_<[S;K0&)T8,P\T1$>(C.1,T M/ROUXC6IU+XDG7?SY@*TCGOL^4DC52O/2,#3(%:E\[Q`;$I^09S)^)DN"X=E MSQ5YS,._%'%VSOF\^'`GW*SD%99]Y41HS:]GA?2XC.+-+O`^)CBS^FXW3]#U M@QCC9C4J&=,XB*"!3B1C5B74&2`V@[.Z"2.G&Z6_XP(4`/A*#!ZE):U@T M7A9`+^%4SS_I6.(ZI:-G=F9/99]T[V#A=$;#^VK[P&8S'NR!I?C+#BS]XO<# MZ^#`5MFYUP/+T+V+2P+&6-W%=3O>>_%GF!*/).EQ8NKY5H)RT^%2@97DX'BT MTPM8X8HLA5<;\S*&6'8OW^YB[)TC=E-VR'*F+\Y>=N(8I]PO2#63[*53Z5&;D)VD,=I1!V<1$V1B/X\*@=\>#]P@1>\,P?SU%[,UP-67S M!V])F35F(P;<>!U$%*PZ%K@;U#[K$5\NMW`)Z6UR$?AK?^X'/DF4\2,3+E)! M(.`T=7C]`8G0)X<9#I_R) M.HLU685E5YV][Z"8EZ!OD0`FE"&M*:YADMP_>.&W_X)>;)*)J0G067ZY#G:B M"DRDN5E:X6+BE+7%MFZBK4T8I!IHK;W7[86O:)+W40Q[Y=\:P)'Q;Q6[W_FW M+8/H\"]GK]OS[T\0O\K#Y13IM]X:YH62Z6R[-$G19B-=JZRD=5L0RX"IN\SB MHL1-!WSE-9_8XJ/H-U^R>8!')V+>]>CQB,K)!(^"N759'TG4Z.Q]CQZP[-TN MW(.UCS1GL$?L`YZ=O#I")POI2%E%*G^#/O01PP7[LBH)GFB9%9&("[9\_@2/ M:P_G@3W#71FI2Q$?,LEM1GI#*Z`F67UWK M0DH>$FA"H9TRP0@7FJG5OK4!"MNBRP%J\S(>H;H>5ZGYW/7EYC; M)"M'Y1$Z),RTX0H,<4*;;4S`59&(5,!U?C&,(Q?)236ISID:W/HH@BP=;N)- M,0WYK2C1QCF/C"]'QI'P,,E!X#-'33#D(``#`V1`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`W&XI=M M^[B5>KA,\O"6,R]YP.$NU1"V;-%DP2LOF9-59^!>XKBVES!(D_PW)-+MZ/CD MZ/4)B74SFM?:%6F"E;`A'C'YLP?Q8O2D?/Z>``P"8!@C>PEOPPR8,XVWS:;< MSY'+;Z/9JL"-P5?HULTO9'0#SV*DR7GQGJ4J2VYG,D1OB3R*Z6Q*^TCOFSC" M;Y'>58C+T9$X"./&"6(8=ALG"/$05K%O?#^6Q@E*LE0C6V3K;GW?E,_2%SCW M_AX-X;%&/Y>,>+(!!!&/B92(B+IOE-$*9`#`(WALY$;>*(G(BAKYVEM7#+W% MQ5!2H@9-P^4E[K=C+&/$,.S*&"$>HC38YO=CD3%*LE0-#]FZ^Y(QYS!9Q#ZG M2-<@0H:=S;K^*L9%4]`@S;4<,S8YPR&D1-#4%]\BLT<`F5?J:A!>*FM;.64C M:7VJ)@=-ZR_:HV">YMNT>K4=6.;,0P@B^XZZOLZR5HO#J3K2^89PV\C4'1DR M(O.9&8)MKGQ0\UYS8AAK4+-B$*LVH+UM=4\R]TF7UEHKU_QGDJ9DH`7I0G11 M1D$3-TG)A'4<)0FN/$G;_=*\-NQE]\!#E*)ET&IA7@+28B[G>=F&1*X$=QOL M6)?:`,SU.EN]C^)T[:WA=>2%R7UT2@/"C&H&Z,%SD@NKA9J`!9FQ6*QMLM$@ MP,.SVHM9^53G7&=$4I;G]#>H;QGR".-YU(]/5Q+'U9-3]RFZ=(=Y$Y*05?C8 MRWM6U7G-/HRG[$'>3#6V^2;KW7&)\,=A@%BQF<5W7@!G*]I.]2V^8(7OVGGK M#[Q^$@B)`0!T_28(!*D#38!,Z#WM6@)JKE;@+]7?*`=B4(V?'@VO&!K>932D MX]T*.O7ZN.\@FKMB/5C'0(WC9G$6PT'^?6%23L:EI MZ_EP<,UHZQD(IQ%9PVOJ'4)*.`\^TZ]^K8+I8`]\9"K;#B\!'F:O>WB$6S>7 M@G**5[UBQ>;.K1QJEA]TX\7I_CY&7(DD.2YT=KIG_S(4-QG,;N=]T!PQX8,A M35@CW]4YS0FKF5.:Y3[##3%MJ"!WXP[%?I+9^E9=S)WW$N82N^Y'P&=J$JK] M]E7!ULNE^!YBCVZ/8JU)FW]5,O M(`[$T_U9X*$)!KNP^%/9?V[FXB&\KLC76=;:?`_(@)%<5E+:56\J\9K;,\]= MBI0G_!QVMX"A%_O18(8;=R*KMQ0/`]$ME7TR"AM-1J+*W21<8(>[J2C+D#'> M!V\SF'$OG*OW1V`9GXBP$(9_YX4^"OF"1W"N)S=.]5G&SJ2:[XB@-8E:$DF(+VEKJN8S[&"9; MN/!7/EP.F%8@G,QV6H$($<4]A@LS%"-&E%:@(F*%DZ1K;^V\/H?S]"I,TIA$ M!0UUM7%FL:TT-U$01C#-<:'O_,NQ&%IB0K%<(EAE#QHR4;EG*R+`!M>2&Y/9 M%C0B1$0V%C&I<#$T>EN-2&T6T8VK.G.7VR%ER0LN$@S[713@XB`Z"2G^Q./FO20Y&9S+_8[1Q)"3J"QAIJ M"APP"0:IN:03I2_!21#5",B'P"\'.`_![X<&]6!A(\FHK,5J*"?UX%G58;10 MDKMDY.5]QR!1C>C(Z7^DL3NN^J"I46O=^6P4DGAXTG70G*Y"/_6]@#Q`H?_Z MO[91GB1`;#E"U*@()$`V`-1&C.',JVG#*C?R6T6? MJOR6KM[-=2I#B7^=%A3Q<;';TH$X#K=MGR3I=J6RC?,,CVQCJ.V#6D=`<#Q) M`XW\NS%M"BW_L+Y\TA;$IQTDFG428"?BA!ST_QG4V^?`()E,T&`ALBGQWZ= M9;./Y9U,09**]T>R:`>6@@0=KGL.?YY]_4=O&R5_%E#B<*G0R5A@"[\GO'!) M>7DESF@;X=:2^47Q1NR7;O.!-+:^DEPM6*.3K@D"9+A9[_(=/\`MKQ1[,#IE M>2D#MOW=_4,<[=8/9S@^7&`DL2L+]KQ.W(- M'=4[LH@(ATN`3HZA=WZ01N%;+U["\"HTUWGXXVUK,%PL!">2?@OHQP!]/1*= M0DH)EA7$BW5QWPNQX1U$G;T_T,UW9*R(]H+%R(M0N#TJW MY'-6+[HEAQ0'9:HT\1_*5#EY,J:*579R)(Q?6?<_>4UC$,8&PM9 M.1R;\0Q23`3"D(P!V2!`1@$ZC.M0"(&L MQTJ%CWX(/]W_TUBD:H&S;9+J("6J;Y,/!<584`X&]_\6G`TTK7SY@_B[Y@F2;3PO10F5^%B M&BX'<(6HI[!]E-LB:NY$*4$"!),4?%`9\2,RX;690\.ZU]M<%_*E"\*&/IL2 MY@3SPPM2?T+.$+]E=G#TX/:-]0>W;P[TP>T;6P]NWSP1QY"`MWIY(>$0XZ`> MW)KX#_7@]LV3>7"SRDX=K<#"KNYV/9/^[79@FCV@>^&EZW=Y3I(!H MT[VNB9/25X2'@U>``@`,!#"]'H>28$A/KMM!8Y.<^+<-$)0[CLCX)A4GOS$J MVG_0>_&==27NNP-5XKZSI<1]]U24.#YO]7+KOL5;GQ8XVX)4!RE1DZ'BG>AT#_+!@(X& M:+CHS<@)OYK0DF5&[?UQ(;ATD>-)I9)Z"*B`9#TE4(Z/*#DP&Y4;`L4X7)LTJ66L:F^$D>5"- M%S>-4$2EB8!,3XE0W0[\?>ROUZ3HX\4CL@EG8:F5S%99!XA/XA805ZOWWE=_ ML]N0TI%7R73QX,-'N#06%\/B8;DDP*"+$4BJ+*ZP:=1A4^CDD_E;(JL MRTW&IJ3B+O"1??D[FPY.T0ZU)5K;PC]83VJOS7@P'L$JW@-Z!'\0NG`.RH'# MYZQ>'#@<4AR4/[")_U#^P!^>C#_0*COU]*A;.!:FX?(^^A+"F\!;0&IP])`" M((9JN[>M/FH&^0`X+I```01*;H&.-[Q<265YE+E\SUQTS#5#43=;P,OI^CM9 MNRE]O+=F--L[;[--(UPR"?W05=CH@G8E<33Q,PPMP:(G@T5*9^&?A7PZE@@% M'=*K0A64>^A2#!G@:1"`XM5H_4?T[S^/5BI9IGWX(E@M<'@.$Z0CX*:55^9A MGVI8EF]H)4+:-4/14)"-!5><"$%73TZZU)/4M!3LBH-+5@LQO3JC#+TF7((] M+6IUNB(YH0=G`=PD47AWUD?@4!V8S:AO-3I&`4/96'!W-I[K5Y]\BG@3WL8X M"?+6PTT_4"@;/.&3[:G1K'U(-^X1>0N7$.GB?A3>Q-$Z]C;&$D`&Y>5?+=[^ M$D1D/6S+(2`;,YKK7H-`]9Z?L@WH6Q!K=;F5("1L>*M)DB=`D^/*$3&T=*L. MO@]>\M`VND\-RW;(C0HAH:G<\-T70T<4XZ=-NZH=J+,G+@)/=!#CV^!UCWPQ M5!CJ][3(Y2(`XP?K_2@;,QY(`$8=[Z$",'YX(OTH19S5PXLYEQ0'%(#!PW^8 M`(P?GDP_2LOLY*3(R1OKPK@QXX$(XSK>0PGC-T]$&(LXJX?3PR7%`0EC'O[# M".,W3T886V:G7E^Y3M''M^CS\++S(U<3E%4?EPH;[0"2][XU@O<2 M(=4DSR7\#;'N^-+!2N]AJZ33A$^HIT6J#OZP,M2D""[IM[:1!E@W!8[4B*E# MT9A@I(,H=:1/8WXXDN:>.2YZI(>E(O!,%&>FJH+D.NK,#HG;/Y]UCJZ7!-([ M<[2;>M?'LY-W>5/:?=[?`KK4NA"#N,BLTT%,5'KS%8]6$SZMGA:I M^JF,D?<-G*VFRR6Q#G'Z.S*U.I3$4,)TUH=7A9GRZ;%H%(E,E1($H#!&YS]-F';2IVR`'USU12BT**C,B<:`8JT7'\,AU.]%,M M:E644_5.]/X0I;8AE$AQ#0A1M!$=SB_.X>RI9`!*'5=/D9VWDS?6WT[>'.C; MR1M;;R=OGLK;"9^W>G%VCMY\V3>3JRR4P^FU]2/WT7!T@_7 MGZZOS?VX8AAVE2TA'E(+"PT`^0B`AHPC"EQ)EX9V+ERX?;5*BH_8>F(H,>%3 MXL!)T45O*MPQ]4"SM[&WA8]^"#^UZ(EH`M55*6(U:DK_*R=.M(0BZI/HU&.G M3V6NSTYSSUQ6'=9#4>Z';4:4%E`$_1-_"V3M5CG1V_JI%]QZ?@*7F4HR"]]& M2)B=PB2]6*VB.$U(MQWT*V.!TPJ\U0C5-AB*"BY24(#"*DRK60@(.(#A@0P@ MR"&.AFF[<$*EQ%_;#;4>(-L64V[91A'MCTK:'VG1_C=)_./^#_TR6NPV2(YZ M^`FK9PXXX7#`58@^WI#9@#>/=BFRAB%89'P14[[(#>0H/%H3OIACOH`97T0Y M7R##&E?92UXX-4I<,\5)A_2I;FWF3CV$Z2R\^`5=N_L*WA?A(86`%:H#B-@[W@L/CT&/SQ]9< M8=\EXFBE0[8SG1/^1R,@Y?_:C081_R-8<<'_V]_Y?R3\[^3][K7U][O7!_I^ M]]K6^]WKI_)^Q^>M7AY<.,0XJ/>[)OY#O=^]?C+O=U;9J6,5N++G6+O\"W=E M61K32[,KQE8.1+CQC8A\]R58N&@H4R,.?Z<[I'C3`&>2.([4K>D*[?$Y7%#( MKT\^H?-TW.*\Z<*TK:IH8R8KU)"`'``@$$`!`B`8``,9CW_3F+Z-H@+:V^5" M73#"4%C]04A11-#);Y:@3FIH?V^]AG9CQ@.QG^IX#V4_??]$:FB+.*L'=9=+ MB@.RGGCX#V,]??]D:FA;9J=>:VC?+:(T399>`*?_8Z[=*6&Y[13;1$B[D'8Y M%$S_9RS\J4T[27UFP9ZX[Q/+1TROG'8Y=B(@UU,C6,>R>AOX)8JX;=XUG2B- MX9:3S#@H2'PI^-,QVO@B(M3-?.Y2'>2."5`1^554VWZ0^]Y+1'.]';07!%[2 M*9I9`=%-"7LI3NKJ]@:FD]O++\_ORJ\?H\=L_)*ROOSJ^>QJ,SGYUZL'(Y5'`B\GI#?QB/ MR2O9:_/OC"2@1%N9F\4B<4.1TFCQV5BH:@*T[#+1PTH@&5517R\"I3E?D)R;(3-2G#> M1VD**$OKN^E]H4>T:NL+C?UPT'=(C16_2XDAF9X4G3J$S)#4]WL83I>/?A+% M2 MQ:O(=_@DZ7!\[[8X#^$=LAE:OH0(`%@]M'P<1`H[^1B[Y(*QO8?(B5%1YL0K MMGX\Q;APM>WBZZ>X^QU.XJ7GQRL?!LNB!)_Q612"L.F&%"$A.([%YVSARY'8 MRRJ2L#PA7;835YX,(][)K%*B4N)R-*I,7Q1I[Q,[0X1*]UYLGNY='VDW7*`V MNZAV2?[56(Z@8+LK=04X*[,?&,#!@EL@1+;!![3#74(`JF$%;ST_A+1]]66+ MNL]*6`ZZR4@1THS184:"R]$4@-:EG#B*1+0CCGK)*!'3">QAAD[XQ'IJY.KD M(LY+O%Q\W<(P@>^]K_YFMS$^^E(PED^]#!?!@2^J/V5C0#9H'&$].C1BN4:Y M`0[.MPHGWM$NJ`+IH`G8B,CBYDSW39A^.D.15*J/X1+&9U&8I/%N@3W,5UD( MT#W\ZG5H$:4/W*Y*;8Z@.MZ/M%\FH``+"YED6<@8(.!&<\6TYP!^!)G13MK7 M\MLAJ@@.%-'<9$$^43_K5&\B]4QW42[,+U$ZHRYZ=X<:_=1JCZ]Z"F*?`?( MAV.YKX3;7GG?X"[0_D,3#PWN\Y)BHP]LI[M43*BUC3$WX/D`[-8DX>*@WZ=I M+!P@)X:LVX_+4R?&Q:@-TR@NQSXHT.$TSF)TCT[7R&9/TG/OT5]>PSA$OTF2 M:.%[:):K<&%N9^L#M7IJ]?$26>`8`,@@``("4!B@!((8;3$2[YLY=2N&H-EV M61<#9OAQ;7<=>DXP05^,YT7+)E&[A'GMUKLD_73RFI1%N0I]K+MG%9W]7TFY M:W.M6ANF[2(DVIB)%'$Z'B``M&!.!@)488Q&<3"F;D6E--HL%X5`C##DZOL$ M`")G5O_H&9^>G.BRITW-;G4XSK/2_--P>1&F?KIG:N=/YTD:>XO40)QH@;,M M2720$@B1?"CPPB6@@P';7>#G?+QK$]^$CBRK:>^-Y<><?B.M.EENX1)NMOA&OH6_["!""?\&(8WY<('[*JV%IUEGK./C MJX,BGWJZVV+[@-YX>\Q1R644ETC.5J2/%,;H%>\M4C+&<542"6;<9T7EZAT% M!N'3?`>#@/QSL_$3G+V?H-/^WHL_P[0,T!#J,.:01A%`I(^N+'K%=/MLEV)+ M8<`^7]_[&W@?(4S1W_'/(IHJ![H.]U2@QWW8T-L,R^>02(!<1HOD8.4CMUM? M086WS9P%6=Y2DEA,WY.IA,T/JXC;A0/<-H428<7;=<6:[8H=J=&`2SI<)^4H+I(\LAHMD&VDZ[R0DU((=WL`N]C`I=7X=UNGF"S(4QO=O/`7Z@$ MIR$8YS:R(;Y<'U>;G;,;?H"9#.LY_A+&A.VP=^8^FM[=OD4XH[\0+^D4J:KK M$!LE0L7>%)!KAZ4QPES-OMWV62WBBH`]>`ELXO*3GSZPCIES]"\1>Z&A[? M#$`3RX[2DK/O8R],/&+$BT>$EN`Z_JPY7=RD.T*--R/!S+E)O10PA&>+\9I#@QB.=(B18!3&:KJW`1Q=N(*JQ"A;X+4-?II5UP MY^KYW7?8U0&]B:,M)$$5>8_`*]RJ/83D5L+J+(Z049U9/2@C:?NEAZSL7)ML MFFW"WBT>X'(7P-EJMDN3U`N7Y#V)&BKXS;#(2LRMF-F*2JA[;QZ4RH?0C=H3 M?."[TUB?;)JGCN+R%D M+9XL^ MS&*!):)G!Y"N'<`=4.<1OO/FVG0*N8;NL3=D"<&]#4>7/MGM>IC_;*6Z4?$V\-+Z$XH:CQH?-GAP9&/'H( MUF?U(>`J7,0065/GD/[W*CS?P4NTEOL'/Z;.2NK-C$6;KP_!.57T4>61RW2K MK-*1[:U+H_W%(=CU+]W>7DU\>)LO6I_E^^D6>L%%@@,^6D7#:0QV?DBTL.1; M3MI[8_5HY+8ZDT:!`W;S1_U7JGP3T3CGE%(A*/-?RS?#*GVNX=H+WGLI+GZ% M5`[LYT,*!PR-/&-&0)QJ=4:8\DC88K_LZFWDN>LN"H174/&!:Y="@8C(8F66 M8=,%4(0@56J+EP%)C2KCRM`M74"N*6*,L#2"RVS[;%*8*;N!Q"]](,:QH]=( M-F,S[-M_02\6&CQZHUW[875PY"L2^GMCVS^1K%90 M_,*J.WX8MR/L]7[*$[7R%B[CKPPN8].X119%1NQV:0U MV+E*J(4ECVX&>V.W84090(4K`.]B$G>M4Y-+/=+U7:?&D.LUTMP1J_FE<;2` M<)E@;TCN5IS%=QY^9[E`ED6Z?QM'B;AJD]YPU_321),K%DTVR"[EV)>OF]B/ M8H3,M8]P6F:YS'M9RK?N>+<7FB:2?,J9;)#="RW7V0&FR6E(;*1>"O M_;D?^"2VVX^DK@_),,?D5&`G\I(H]\%^O%/NBA8RDT&^0CMHKK65=EC+'?OF MNSF:\LWX]OZ'%^Q@?Z7$^.#&74^,CS,W0*3+;CIJ7VJH$*G&.3?G50A*/3!* M=7MC.]04G_*'*%C".*%&ZH>HU<.W,2#7 M=ZFALO&..XJ)\&,1R#UZEV4]L4OCAK:">]; MYS'`=82DSZJ.E89I&.Z\`!W'-/;GNUP`"[W)W*^=*PA\M+AN8\ERK2H#R#S` M+'#I^3&-+B5Z)'EAD#*\:IQS6J@0Y"IK6IMAA3Z[Y&CM>=M/LRVI8EFM0\]- M1LL_!$[+]`OQ9O=;L3BK&URFH.#Z,*10;X.EVS='J`R//_'2W_1/"*:;IEQ;]TE](L>B-3O>Q$N MV;JZM.EEMA-D%Q*X>+&.'E^BH2]Q$TS\#](-\^CXY.CU">F'*09K230($<#[ MQ`L2R1M=TH\!^AI4:B';Y!TE43"+R%=HPQ;-F?06/L)P)SZU^=_=V)AU+'G' MK+H"R[>7X(P7"D]GL5BJ>Z,7BYQ%&XA%X999U1(YKZ$(4=Q"P&.:RRH5QQP, M8.!,,(4!`55MPRO5*9T0V'`7>%1NM9%62?T1%P:\0#?Q!A>2%5$2?85US.([ M1$7BL@(_9_\=D2U071&/*KPUV[QM\,''R1/H/]@W^^@%6,NE-V`]T4]$$2(L M<4MK\@\&S"2__W-(X%D.Z[FC%_XVZ^;1S7S?;%*5<]8_>!O$:7E^$^W.;28L M,01\\G(860?S,YSI^>YOS[,6C13X,7VR`#-14/UQ01[%&'HVTMJ5V8K2%(16F9Q#7 MKPNNPB7\^G>X[RX4^6`M>D:X"`BD)/T69!\#\C5`GSOSC$B)DDM-\0KM>D;R M^#OJL2.^&AK/LY^F^/5:5G$`T*&@'`ORP1/@(9,?C7>NRZB7R'>XZ&V,36() MG`J7?NB%BS[\,`6D\?MA.(LV\,,(MZR5>SH[RN7;!4U-9*HR]R:197/8TKKT MT%$(:^;I:D)O_00PHUUQG1DY:[)]$6C"S:YX M&DNU;8GP/()L4>%I0,0(^O7;*%I^\8-`3AB!CS4#"0A,4`*=@!SL&`C8=C-T M7:WZ&SL"-DARSS"ZDG#[I@V\SK(RV_C6\45.H8!G&,[SL1&:OUQ-RLKVRC8I MI:6G=)3C!>+^8L3*X2"W>BC3^/7IZ7?@#C,P1['<6]&;!5H/;UH\K\ MPY>`0:J\`[Z M.<#?`S+`F:#0H$\]S(.W5NO.X"+XKQ1898J2>4PD*\M+./(7;;=!DNIU<[5H MXWUK+^UO=O/`7UP&D9?V)>M9D#:<,MR9Y3*>?@C(EVY"C:04J`KX^JKLOB4P MMG01')H[T(E#Q_,556ASWP(3+\L\,%`G&`+B-N1+9YGS%5(7K0=7B@[7^6%1# M0"Z*BX^IXNU6R9+2I2J5>8NT^02!\RD,CC+))U$>6A='5K`0WO&4KMER**YV MXJ].OO0?O6V4_!E0.``#4M+*B6*KNV:N5FNV8;:ORR(@6.T2+(.D^8X_-^>( MLP`>&83KM"F\KGV/U`_";=?#99,SA`7`RW$D)I-^[=R!IUH.CPYZ6V#UH6J: M)#`58%+H];Y@,#<53 M,1T#BD&`CAJ!RB:G6>UU6+ST;HQS"]7\47Y+ MPJD=1LG*Z%%E!L[Z+"N2S8Y#I$U7F:`DERQ?=WKO_$PR"OX?1E_`.'9HHA$M2R2_NZVH2 M@;?_OBO`1'Y?X4%'G_$HD`\#=)SSJTM!N.H=)EN\D[-['V4I1GE$"4P^P'2V M(GEE6?*1\CRG49Z,!4HP$Q)O@XXZ>3;(88WCH.NL6G;X]7?-IJFN;YR+'5K3 ME-:C(N^TB*XW7ERIG3L.7Y:>T\JYCH'+2)$"4GK*Q@3@`8",<&R\A4D%J MRW6NZ@;=Z+5S65ZS<-B7RG(\;M-OI-%SBX[C%@E/I:2\S80^"0Q"IHI' MTSRGG".=>D@M9Z%:\Z3Q9E?FF?,N#7?9YH*[0KHZRSK2J9?X"2YNL,#9!LB" MINF]FKG/9#0M`)&/UTI^=A+DK[52WDDWV2/+Y!,*H0QG5A#E!A+#<4A4U5;% M-LIM<7%,0,$2[-23PAAE3RBY9A=13C=BHP#[$#7KY7R98YIOY+<2- M(18I)*7]#$,*RL'D\<4I)55+TPLAX&V'50HQ,8`:$8^NO?.:;XINM3FFFN1:7.BE;>-:LL"Y4LUD-Q M&BBH&0)_"LBW[LL\B0G%Y8[J*@NW4;8,]-?/^5+0K]!/">_V/C/`_;?O__;SPS).88,Q4\'HQ`>W/K+@^,/!V^.?SI^_]/;XX.'T3G]X>1- M_"7Z#<]%7YX`@0?/^UCZ=';XZ/WQZE'WP5?_*G9_:+K<]_ M>QM]^N3T]/0H^NOZH\0M^B`%>W+TQ\WUO3.#`/5&[$]]PQD\`9 M\-AZ[F<0!J\.&/B'NZNME43?PM`-`HB8*(_8AXY*81S]LQ5:'X<`0Q3,8.`Z MP",J2,^#U+B2*T2I@? M^@$4H2KZO&+A,IC'HD02LU7TKY4(?150U&^Z$7CRH-!IF/F6 M%HG&L(4EFGY-%XO$=6S]/1T6*@4N395B6_69@O9ZSM?0)2[S;4F$1X2X$@BJ MF1>AD:0N0Y(Z@J[HG8@P;\Q%=Q!X%X1Y9\+T54!12^X@#-B-9DS-$_76`G:U M$^=F.1#E)N7&Q\$43"'3_3Y\"H1I+0:@EJGW$#,SG]R/78I@2+\$,8;C^\!W MOL1_('17!#Z]6,]]%/WZ8>&SZ\?`<4+Z47HM\2<]M-I\^&))%4)XP?J)4;VG MA]B_]/$<""]U^XO*G;<^#(#KB5KHY%M:#M<8MO"AD7Y-_>&:0):E2,_AF@*7 MIDK#16`-6IXH+5>"#?0&A&FZ'&00-"%.I]XWIDW=#NC[3L@\B!X:7U`_(EA= MH0DSCLP9$Z&P$LY&`Q<8$OJIZ-?7E+0MHN$S!3F&XY1L!KA)D''-(HK8\YTM M7!X+Q_HX1>6!)^C]\JH,%.D]D%R'\I*C+TM2 MPJTH;#P!Y"F*'2=?/&)T'D$O(.EO(LH/CT^2$/)_E&!(=X(\I536$K^DVBE M=H,E8UER6M?#VPL`V$EIHO_<4;GM^'ORB:-%%`,^=&:NM];6"?;G`AH4^.4" M]?$8XE]>G;P^SBU$DOOG'B!D,(D\MMZSJU<(.\B._FE&%-7;I9#_NXQ2)8K( MO>YM^]0WY M#?J.4VPX?8L%]4+UM._LF?RUD)BXFX M'$+NIH;@,"4;GL!MRG_3>.':[D<=A:9.85:XW1*YB"801S3JF/+9,%;;O*V M.)&(Y*T!\Z9/&#;(0<1[:'0W\`/@9>X&4J*X=L&3Z[D!NSMJ=.^*T.R#CU?( M'GECIL#1NX=.2-&Q3*N><,@&O-%=5*&8VV&/##L,>FQ)41(9@A6[G5'G@_X& MAQ3]9AWG4>*7Q?UO?11G@?7!RS-:C;?7U,IJMJ[[#6ET M_MW/Z&)FOD>1$W9%"%82>:L*(#8?;E5K3\3Q3D&H4FZK;$=0M5UTB]"8D5F] M)F;W3B%[%)Q[H8MG![)X]RT,XGP6(\,L7G MAQ3Q)Y'7^^;NB((+.1JW(\):G+8DPKGOZL6<2X3[08%PHQ*MHWR-5EH&UV;M M5OZ595?*U95RM;U1NU*NKI2K,%;9E7)UI5Q=*5=7RM65HUS`9,NRP(I5W$"GN*DE;*0BV1F$0T@N#F8_=OS<7%'UQUQV,UFS, M2BG7L4U%M$^9/*$"=N398)M#[9J%:^41.V423#S&KPM,691[JDLM[BFI-BI M:8ZD#?M:ACN$P`=$%M!Q M)RXI'Y;DBCG5RYV;L%B3,3_EA"%>JO]=W#8L7EK(G=YOJAZ MSRG[;,EQP@5`SBJA3(>@=G`8%529:FX]8=KABJGBQ^@Q5=3V,#F5T52GI,JQ MV2^S"DXI")4V,H,ZS=^^W/,VO%#W&$W0Z%T\+R`B9:=2Y6UIYZN6'.V%+-]= MIZK'9-)^?=_%T`G.?<(N&'$;5QV;H@B-&4F5Z5IV2Q0RQ5R9/0GHW8]9T327 MN#:DR6+TA+#JT9JZ%?#(D(MMQE)U]]"COY[VT/@&X"]0LRPKL!EQ'WCD5\4A M\-$]7RZ#&DE/JL%6NXB]7@1L\J!&DUJ'TEKWLY97B1Q_;-\'/0N)BR"A?M?\ MR44QPS:#8>Y@5&.JS:P*8+=XBXKP,)'TJ8$=J[L..U]@;:NX"BNF3Q3D9F1] MF5PD08\#LX-D+TKX"GBCKLM+0W'%!3_7/M$KL`P:L^'H4CTM%%B6.PW2GVI> MPD>3D2%)6BDD]&OJ95N*:P^D5\XG$_U-4ZK6/3!T[;5M!'N2:LMQI4&W)35[ M[`)@1-6+#"&.2CS/`'$=ZO+V72\,]%0WUZ'<@UJ16JXIB;)("?1WZ$YGE(;> MDEJ.*;P-V;/5P20B,U.^VX*<)2FQ.7O;E,D*`C=FRZ77,\`6@2.?K7B(_:5+O=JSE>!^52-[+72:V?[-]4>/T%2U7.KR M+S5V7^>>J\WEM&IE>G,?!^[?$06#23]!>NFRHJ>D<(9<`A='W9LS;!$X\:51 MF#W[=>N`/.?;?BER/@-H"DEV9?&`)32N'9I3[0N*`=ZWPT"4;\8>0%"-QA`0 MV(?Q_Z]0,K9L-'/Q>`C6I5\4'MZ`07)8:,OP8%X6.\ M@G<=LC$"3J=&4P"!%[OA*T*S#96+-7!SW%@IRMH+BHF+>WHJBP76`[4FGEP= M">3@CM%+/-7-Y$83E7ABF!9_0D+5,,X7)7_1TRA3!+]A?Y];T[?Z+PHQ6*5K MV$PA+GW!(HS&[H:JA%[(1@GOKGSCJ[H1W$$VP\M)JEO:\?US.`TY=_$A>S8)TM.O5%V*USZHOW!(?[7LA;=>Z[?#)_'6%6E\:O`FEY M.3(_:Q1&9R7[H?L.A..(4-9'F#VA'.![X,'!1-]`/`ZL%H3E.71ZNTEZ/2M- M).,R7L,=',/Y(LX-/2!7*.%6"<9(89R,L*J988VC/)CT76;XT9ADND3K=)1+ M,!IWE&4V8@T35;K)C8TNZPN2DGL/G1"SZ35/6FII>-#NI;QYV&FJ>3 M\'KW<@[7'AZFI6R3>-.E]-93IFW,$62U\90:M]7MNXW8]%U7X?[-<=3SZX_Q% M7XT+/(]Z+YA6H2$*"":`WMB,YM'?+YQ)A MJ:+6W.V^K+_U`_A*/#0^P%.`DA+ZS0MH^@/K-T!81]<-J6D=1A\2![M1,#&N MT&(U6]2N#>F7'>JVCN@2SCPV4%O`_P4^X&]5E;O'_W8\UNX>_W>/ M_VU\_)\"UFJ4=*BD7H+WY`:G66JJNQBT[VD>RS1MVE1L]EWB>#X),6SB*_+! M4S&EM//VK//VA)2I&VAKR?':N6N=NV:SNU9I572H5#5"2^10Z2O5L$R5KV/( MSV&.CI`FL5"B&O>F#E(7Q'J!;@VG^G3A)SO.G\Z?Z?P9F_V9$G.B0YG*4.U) MR*>44R\@6!-Y,:*QFFAF4=2&)YMD516Y$8?>N3LOT-UIH&:="V3'D=6Y0)T+ M9+,+)&!B]`1X^-'OB:LDQ-$7X3[%Z2XA]8N>W\U\CZZ>Q`]B&2PU[I,X;`6G M8.<]6><]2>L8O^_4>4Z=Y]1Y3C8LIGW/B=N\Z-G:O,CMV.Z5'I,`)]7Y2^:\ MI6.)0O2SW1'::IPE0/KZ,D-*Q5`WU-9P"[P8$;"7LC;$?U9A#U/3=G1C<)J_,.S_)7C])2KL$ MW*3.2^J\I,Y+LF$Q[7M)7+9%AVKQ(=Z+?C*SN_I_!XK%F,@BU9F4K2H4RDR M:]2ITL&I8)8RIZ9]EV:W&<#9*OK72MC#<:>([C`'H&`7J(R7PP6O>T+_,IT= M$67JGM!;.(U[L:4.[P2UTIOXI4/\[XD7CGYJ&KNKK2+\$#8>"D2N'.Z+"V^00Z# M)5:\4GIYIJB:LB;61W9"\:1S2RHW8'7[URHP=GAHA;*H7GZ#/OX*K.0%P(B2 MQJ8,W,_H.ELPCW4H+98D-]?DF_;;4:@;>8:DZ^/7!2&Z/GY=$*(+0G1!B!<4 MA+AW9G`0XK+@RI8%>;,Z=(?87$+-Y M:Y&>MJ0/'/@MV;V<:L##4%4!!"G9)V2MAAY+>*`Q>XBWB,R33HES8-T'.?,P MSTC@8:.`@S"@ZH?&T34<17XCFWP]I'<=%+C`&X;8F0$6+/E,?^55[O;JI*DJ ME-9X&X6B5\=95?$/DQ?EKA%L=R_N&L%V%^+N0MQ=B/?Z0LP,2YL7G0)\>Y(6 MK>;9_K]"31P;\>:P76^SSO_Y7GN;G8.%&P#O`;D!.5N=>X`071Y1&2I[S&?I M.5;*I48^Z3W$K'::WD&7++Y$<0]3PQNIRPV=2YU924:]7:-YSHO5MN&[1K/=4&]+JC7!?7T!/4* M*B^&V+_T\1Q#>]>8R)^A4X7XB/(KH>;\^E=E,U+-O%Q,$-5?6*@F)ROCYQJV:&R>I!;2N=^B(,5I>IL=0,PO8(&`=WH M!(1G8#7Z0UA27.#,WF,Y9,7'%'4/(X7/J0!X$B?2YEO62V!KB0FCWQM[CE]$ M,/LGAE!?6*L>J7%_FD.0`BQ,Q/SA>XQT%;`GPB&1AMD!874HJGSA\G<`;SM+ MIV*[WX(Y9(U#(HT=7Z#`#58M;?I"U)9L$-'H8C$;C;R6N@$(3(4.T/0;IIW- M:NZOUR7O]7M2#"T0=Y\2F@J[F27;@F2S\M=R05F/%%'K=ALR;RIYNG3G^_F8 M:Z5("KYL1W*S4`A%2Y7WUI<0/_D-WN06J,0G[!.2OB8;8M=I>-`7P+/;2G'R M1)7G;RC9M,XPB2>8I+-*I*L7?_F)I`;9(R$V7Z$E)%%7Q"NT>?>^FS>J5,L* M():J4JB)[$'RE9M)%]S"5P\ M<:$WEC=$I2`,!0KYI%"^<+4-*L4S9_))LOVP03L+59B/$4_\-S#^;_;(Z!2L M-9,?:;'MT(*U^Z7.F"?)^!(`=G._;-6)"#ZV*H)]3??RGJZ[F=X?6_?NBVDM M2NY*7'4WZ5I;A5"]_$0JI_F.LU9=V;6E9B,%/5N=88!$DAA;7[.&;87!V.T5 M*LB[=GD)X;R$FAK*=F/<:ZOA9HR&5,A[#6G+2(E'P*OA=`'QEQ@0Y](=SF7$=R]\ZT>V=JHXN7`K[>GX[X_+Z9\K]-`/OWWZB$\__O;FKX?1BG@?E\[?Q]ZOP6FXO"._ MLM+C&_CM>O7Y]/-O?WVX^K!X6CK]Y[^N>]?#^XO?+Z=_+AWW883.+K]]^_'Z M^(=/3][J?^:KD3,$00CN3T$X0,[1E[].AB>CB>?^=GNV^N'KG^_^#D;!*3D/ M/Y^_^_KNX\=W[YW+WM/S7?_NW=EU<#QX]_7R\W"Z_.C^`-!B^6'^];C_*_[A MX@K_Y>"WWY:3Y0]//SZ<_/%AT;^:SIX7LT4/+B^^SB[/E^\71[Z#IW\O%C?_ M/1R>_OZ6K,#D\M?Y_&KPX\.'A\O_.SB_OSL\M$/;"AVV;<5HVS-.L4YC7(YK$P MEER(G8M`QPGGH4?_-NY#2IGC1@QN7=PE9.S!Z2O%78EDXVFL#PA.&;B1FC=@ M5<3?PM9W/4.YYR*/N-8@J;FUW4W$/XO&A:Q[RHCJ61$PB0AH)9C&X:TN_&E= M^)-';X3&28HQ?K/!/_O1+:J@2S3G4-0M`-;> M!\BCQ!-^7HB&+A35"L<$Q,T24T/ZU@2N*ZL^8;"`2VI,&@FL"IR9ZX&`L"IY M8:3<>$U:O@!4C;0XH!IQ\`1DQL,8=;7*DG9Q4TCW.41!W&GJL2?>A(87XA[8 MQ1J6F(JQ;`C,O3I0)3@.L'L@/1[F*.Q-(UXLM28UV^]0KH"Q"I0I%[%>5O5< M4%9"W=!9%ZYP+`5A[<8I7_1VPQD;[QK:,]Y=JQ,E82[15B>-KQQ=A64;%98- M\X!#L(J2R9<^[L.%3_6"#+(U:IES0<<&$T%OO)48WSX3XJB*_*^H7>UZ?33M M]2%QZ]BJKFDW!7#CXV`*IC":V9<.SQ2M?LX#D0C[EX+H:IY?8M"_3F,TESO? MP2A1.P0X6(TP0(2B9C;W;)7]BZX::`'LMA2]E#KV(IQL,@5@NX_`;\A_EFUL M7@?)K+LNKIF[718*N&,J4U"T+'T%[@58C/N%<@*MXIL"^\=,[A6B)C=DFUN7 MG2O`8EP<]1:MB#<-WU]N)QF:&*]Z6$;OMN5Z5=2'1*>=:M*- M6_T7P+)80AR,,#0R8YNP>\%/SW.-WT26%]^RW:1[&-JTLTZ'O M4E**RV9QU3,J-^S":I>^(OOXME'V<9L]Y[[';FL8>/KU*(-K'_*+Y8PR]29U MFZ(K1,F!)+BC9$4K&@\A=A@KIUHBQP+8;=E=`O*MYJ:2AZF-LUK=:(?2T0ZM M)ARW-><&!"%V@Q6CZT1`+%50[$XN5JY?44I1V#C>^L@!9#;`+/"8_)#5&I:Q M(812/#[181U%T!N_#_(92"&.&AO,5W)<`XQ7K-7`W`^1EH>"E?CV1,+5/)._ M\LB;5A[*'H^-R+/]0H=[B%U(SLY]M(0X8,_RAZD8[@/?^1+_@5",@7_NS^=L MC!O]]<."_F(&!XX3TH\B!_J3'EIM/GRQ7%\\1"_\_!2-\A2-LA0-"BB2J,!H MA9PF:MS5<]A;S]&F+@L\!E6V'V=TY:(/0_G@6>.=[D1/./EA)B&4ULDFRA31 M,YIA/YS.-NIS-8GK]+#O0#@F/0P_'!_?N)Y'_R8<:56%TI/SMI5CAP^0WF$MG0CSUU3#XAER7]]\M2R>N0QOFS;L//(.-3*N2IOYMZ^KQ]OM2CSR#C4S2DJ;^7>OJ\>[[ M4H\\@U4-`FM'/=ZWKA[OOR_UR#,X,Y%L#]3C0^OJ\>'[4H\\@].@6,OO8*3I M_]BZ@GS\OA0DS^!40?8CZW+R^L?6+[<_?E^7VSR#4P5I^160-/VGK5N0T^_+ M@N09G"I(\Y=(;2A(V]&/@MC'"]:.DM#'2?L%B+4K%N[WQPMQ7T3,S:%4B.^_ MYX%XI05),:^N"`GAF%4A;;:'CE(M&3(L;E+7B+L*'OR8J!^EYO+2QW.PF8\A MUAHX^;I$8>;.5YO7)785E-954)8IB,CHBV:L[D;_5K&\&_W;C?ZUV=,I>-Q' M4IMR!Y<0A5H,/@]::U2LTIGA8J`*YT6Y>&]A<(6HHP*O-[BTCF:-QS'/;R MCW)T2+_LN)",Z$K.*+HO,A,"6Z&GNV2]P$M6JZJL[>;V@-Q@,*&VA[VI%7N3 MMO-56_WEW34:>2AR#A9N`+P[X!(X3B+I`_3)IU2=01)<3"8^#DA*J'!V0@J\ MJ=.U3.V8N.3X9.1I6'89PMF$@B\;<7FK9%&TP)TAJ4(LNZ(0V81#)F3Z_\2` M"IJ>"B"V&J&J=1MYF-0+IR$)'D_>/E(6'V?)6U,G;(/X89H14[WR,5$)<$9A M+W05VTC8!E6",6*-^$14O?PR"V650=#64)#9[(RC*7@B9;]I>;>[2U87Y)(J]2A/(L?I8SGQ2`"W7'@R[%(WNEBR MC5Q2CG0'%]3]9\;T'DZC^6HA+F;9Z M.G68.`ZLEMRE*VT=#_.,/+]-PR;G/@GNH>=%_YS/7<)*UT@/C6\`_@)9]/?B M>0$1@2+[4P*XY3Z)#+M4O9L5MK?)Y-7!9.TM,;5CI)-!,(-X-`.HA'H1(]P$ MC>7B;L9"52]BA06?CK'/%L7_[@:S7I35=9?P@JJQ6$4F+TC;!#X),6R2N^:#U^#*U66?[.BV9Q2()9XH`79G/)U&TDN?Z9VR4NKC^AY*3&(JQ"`J?AYO6+%`[B*5VTD M&;P^`=-9[H-);SR.:L&`%U$J+A5^F*82:CQB$N",P@BRI/0B>AZH:X!954^` MPVC&[A7J`\\#K$('-!`C/W!C)XN@2`7892J$G'%-0QRL`![3VT1^@*R\3#F@ M&LJD"@F2ASG*@L>R6W,.W\0442(WXS'I#TV%R`MZ'R3)S28SPRF+5R-1NE`! MQF(Q52\_$XK>Z]*%9@^0T@166C<+2?%X-;7)O@)L>Y3L*^*5NH*(;O27'<*6 M&/TEX4LO(7[RI0U\_E',N3]_3ZK*D^1;)\71?"&V%^P M4E"A*I0R"!9+JW31RFI)I&00$4WB4/C@&X+C*Y%02!44:Z((E>(H7+^1ON?K M*%KS[5$+RF[9U'/"2.?Q`CL;]Z#,&MMF%XH">':+BI,G#5J![T0$)`W==MYH MHTP[&20)\\J0Z6Q7X% M!R/4M=&6*`W)ZLO(G<-H=#+EN^!6JX=EL8PX&*&ND[7D4X"D+/;2QXDFD0$J MC!IHB9F*H+?\@B[%467-JHT6IK+*5#'U8WD#-46I=9"Z5D@OL!B54WVZ]K-V M9.N[]K-=^UFKJS^ZL@$+R@94!`GD0@3KFVY:R'+%&NPA&/GL[$D1HUUC/(R+/*B*X11+WQTB4^)H^]D^.>G,A*H)B.&S20 M5QE?C/G]3%T>>V@L*:6";QNV8)+"*6*#,E]?2"+YMWRW].Z_=#VJ.[?"\JF' MM8>&CX-!JIQ]L7[QZ8/,L]4-P-CU@X"21D!X!E:C/\3[P_.`,QO[D),?'Y_4 ME5!+'%\]%W_VO;&+IH_7U^=RAUNQEZ[-;^K>8&(#"-5I3A(RF;"11&B< M?=PL+3DI\*9#0W4'I@S'5-V$Q"ZS%X-']K`'DYF[8)WIUQ2)O:FIAF/UUJMA M@:&+3[Y.O4>(.T5L$:R*8,NMI_\2D)0@8)L]%E$>J7O0V=PE[=Y&";V-DGC_ MN?LT2JQ//'LVSEXEN)2`B&U#X-(SF860+WV\JW,"\A.';;4%E6"5ND[A37R9 MY.7!$,.EZX?$6]V`,3Q;1?D.>1>F$JH=$1<>MZ6:.#!2E=^9EWYF;2.\1>?B>E\-%%CBR#! M/OME$.QP%7:2,Z4+5A<&%A-`/#6Q=&BB<%J7$Z`1\=1H6V:*9"T_3$UE'6%W M.HUF2ETLF:.)8DK9.*'!I'($9K3VJ\D->';GX3R:3'5%':"9"Y=P+%XTHY4. M6[5#,_=-39IMN*PS0.!X@&*6W0&7_C2:83^__A"/\CLL3T!/Z>@WJF1;`MWF1*84MXQ57=7J8?045^O>+<&P M[QNXC'&F2K3691%W,$XKC/S>8H'])>S118ZC!E[T5W0IC@?)8$))]C%UOH&@ MO)OAL7EG-^2@L3$"VWI)K8^/J==R[=)%C),,[THPZ)-M?S?1#^:,9+`A?E;MR-RYB`50!*:O" M:/-!J8RKR@8&B.[RQBN(`^MMZD6"\47K1BVI!V6W?ZSEA9'*!(A4K&L_3QO;=C.*Q6/2*>6RHMNW4 M#3(0+*E.2;JCU#,BXTE!UY"0T0R@]W]"@$7*H3@!6KQW>%EB:JI!&7TW/H9* M198#N(]9O.MR"TP9W?;$QB\V@&/_2E'SKE37Y`5J#R9K*#.4Z!%R#T>[-RLNV5*Z* M8APF'_`E+_CD7MAF!JBK>;\G"+AK'?\"W^[)*9>VKO%#[+-$,[A"$_:_B`%B M3_?*(-AQS.U4\I8NV-#3O7BP>/IFO3>AP/K0B0K5']^>/%*6'PN7Z//#-./M MURC=>B`J'UN4U? MPI=IZN6M1<*6C#52)%75'1]4R%"5V.P8<20O*.63C92=:AKGCYR-(3%;$*VZHR"$8$ M4*-/>0ELK=C4F_28"D:K>`>?W>^:LBH4F@S2KSR1$H?-LH4)@[Z?J0.-@M>`^CQ3G(8K/C_*H,%%;QRM"0I1+2BM[` M:)'@YM'+G@DO_X+E)01XHT(#L18BVTQI%-:MAR5ZN^S"N/:'<;DU2*1ZH(O> M[EWTM@1ZD8.O10(VS%>6#S`47,D4;X0NX-,PX',B%_!)$11-==1DF\I0[8%M M*N52HZ*(@@G8YQX]-7UT+SYLF@.8X=MDC:J5S`3?X8CA&TW1*N*R#(VVK!ZI M\4W$(5T!%JI(FI\#Y$#/`_%SI?64*4W6K0*;';?04N-6Q:?M6(Y8$>!Z^EX$ M3]B@%7_?;,:[7J6VYPYNK=RPX2JF79_-JL1GW%SQ29*/=Z771"NW>T7(]EVC M*U;WXDCGBZ.62[C%7KMIL![?XVM!B6CO[A33KHD`3Q,!B?Q^`:N[-@**VP@T M;W73-1%HJXE`^R-"(EVY]SUA.Q5]QY9D>KF5BI=F:J(\]AT(Q^224LTZNC&7 M=X#O@0<'DW@H231_6\12<4*T6C#<;)%O-MSX#%^[DK6T:O'"Z[':;/-$F&=L MVOP(XCE[$4T-\3JX$%]"TY^C"2`"FY,7HM6;DYLMQN;)!R%&ZUGI`Y0G4\BY MJ(-EL?/'P0@S$^/31Y;1F^H[W\]71E2*I.#+%LN@:*D-&N4NHK:B%V@LR?F" M+$!TDLH:-#YX=L>$.'G2H-%NTTML/FI%;W/)GB8#>FD`W@5A*\PL0$NV102] M/3%9KC@@%T?-]/+-5)8.)C<^#J;T/GCM`T1&_EG,1O7A4Y"0>J)CNXJ@WY/M*L31!FV!BR\.[1;T]GTG M9`SI(7K>!_0FE&EO\DI\Q&X%-(GZ7BYPPAMG#-W'&-P=G+(6C@`%MV!>4>5+ MH/-ZZB^/Z#?CC4'_D=\/I5#-7)!%),%TOYPI#2ME&>"4&%;CUIS+6]",..4R MS-WF0:ZX3)BCYR%FQ%VZQ`$>:U!^P5[:YQNORG"W%+(QXRW#[7+^-'M,N]DF MF>Q?/"HCTTQ`&[F9 MX\(,7D\NO?2``BW?!FMPW)A>]>OS8 MP!U)C!%DX4GOBCK-S[_!BO2)H,W.@35UQ6U@I?.,R4381<,*&:CQB7P'%_0B M3>T]NXJ%%0$D0:X70]\CDU+-I4P$7<["Q.#_Y7LA90%>7;KT+JB,^WFP^Z?S M.XS)1L\;W#`C<.?4\9SZ6)F)V0:ZAWY@CBO9F'`8HPO`[^'(BCE5#;\W/2^/TSS2&JNIL5@]\G8E#`F&T&6,C8IW,U] M]Y+^1H%]+P.\1P=K*6^RD5O)"^[*3U1*GLB3P_?,1 M@_D$"(Q^_']02P,$%`````@`<89F05/XA3]]%```N.(``!0`'`!A<'!L93$P M+3(P,3(P.3,P+GAS9%54"0`#98:94&6&F5!U>`L``00E#@``!#D!``#M7>%S MVKJR__YFWO_@FR^O=_I2(#1)DVD[`R%I.2<)O$!N3^^=.QEA"U!KRXYDD]"_ M_DFR#<:V9$%HH^9ROIS&EN3?[DJ[J]6N>/^W_7WK$\20@!`ZUFANH;-7H?=W M:]\Z\[U@8".KBT/VU@[1#+)G>`8)^YN]GX9A<%JK/3P\O+%94VHC`JD?$1M2 M_L#:W_]H\?_^^[_>\X^<$<@_<6H-(VA=^S.K?F0=U$_KAZ?-NG4[/&-_-`[B M3JS'(SVE]A1ZP'KT7$Q/'T?$11_V,M_D3][X9%([J->;-81I"+`-]Y+V./+* M6SLAJ87S`-98"TB0G78`0>#"1GVEDWA&(`I#B#E)-0ZQ?M*L[UDA(!,87@,/ MT@#84+=;0@Q=:?_03.EHU/ZZNAP(NA>$^%B#%A_OY^B)Z#Y_M?S2&-"1Z)6^ M$;#VZXW]9F,!S$7X>QFVQLG)24V\39L66J[*@[\>`^,3KP#&( MW/##WGT$7#1&T-G+B-<)%^-EQSJLQ2_W/L:3R;+XY``8^R$(D8\_)D^3YT&` M\-C_F#YC3SF4TQ3/#1Q;@HY3SH,/>Q1Y3%A[R;,I@>,/>\E4V$_%=N>"T1N& M,VT%B$U\%ZKY5`N('["E@ABCE\R(!RCT7N4=?UUCWX3NY1+U7FU!_Y:H"@C\ MY52Q;U(V&83@R;"*,2NK8K-!NXOYPT]DT[W2D:/*'1Z^*/X=WY")R,D3=1]5Z=, MOF?%AW-"R?5>"*6V(I4LK[8NK[L^((P54Q@B!H[JB2_?J5*:!_K2M%ZM#O[W M$O'N9"N5;1>SQW#!:[D\\PU+%\V*$)LJ(2Y>4,L?6[V`NZ:LVVYQKBO`,T"G M%Z[_()?ZLO,SZLQ/3`!&/P0-%L!,+)'G`3+G,AF@"68NMPV8\%JV[488E`EJ M)Z:"F.I%.=5U%L]17E0W$+C6.>7+AFVP9Y"&8O7L+)26%,K$(.2@%,)Q7@B\ M'[7Z8`Y&+MRQ7H_UI;RO:QC]=\4UX`KCP;RT4**"=B(H%4&Y#+@0E!(XR4M@ M,&4.\M1W'4CH_UCG]Q$*YSLQZ(M!(H=ZI>UNU/.BZ!/?XC$RP,S!F/]?&/%7 MMQA$#F*K9+=YT9>*3"PZIKK1R$OF$DZ8K6;RL2%TF,]$A6N5*J\KP$`0B:.[ MDY!,0E(159IQ?DB0TV+1B,+[B&]+SF<2+VHGC((PEKN`=!/0GHM_S5=EHVA7 M):IF7E0E.X__Y8=.\7C6J_1AF;;;2;!L.0VY[TJ+JREYKJ'PWFKN3:Q7\9@2 MV>R$(Q-.B:Y+7U0MH,(6?V7+LI/(IA*1BT1C)],H[.;+_&BE<':2D4I&(9JJ M#4ZCL,.O]*IW2VAM075@")!;E%+R7,/B%"(!3PA<6J_B[^[V1VL(KV2-I2^J M+%(AAB#U%N1RV2VL@FP^,Q&X+9M9#BK`4Z&65L4D:5-IKPX*P88JF;$FXF-6 M]FN[!:8E1*GDEN)2"JL0?]`5UNZP34=&@H.<@0ASQL9\+1&9HEV5!`L!"@T) M+CYG(9QMOW,>*R7:BT*>^\E#K]E@."H$,#9%F/F@MOKA; MH^LY*G)/16.C=E`(;>2VSSL790VI7/DDG(`)C&4P"DO66'F3*GU9%>18+JET M?-'"XE_8.27K+";%:JK:6Q^4I#"L'-\J5]-.)G*9J(12?9)X4(AYE`>C=L+1 M%<716PR^M<3/8SV,@FPO0<-NQJZI3I3Z1.<(_*`0X]$(H^YSRS?]3=/\*3:'9#_QC^=06OX,/E_//)YS^_'76/ M@M',[CQ^NVQ=]@?G7RXF7V^?VOT&\.QB_Z\;L]?WW]]^R,V_N+S_W)[!B]!CB8'7GW]`G#R< MXY#Y7AEM'DM+V:)JSU`OV(UT..:!.58\8-:"_.<([7UMI8A8/(V?K104&,#CA M<07H>C#2?AO!4!>?2X`($-F>$P`"T;$&W9`NQMI?CK5`M"9GBK<"Z#`GWXNS MYH2SIG'T="#9DO[UP/CX6H%'`U%I^;WN=$D[\(\?%MF07`<@OOIA3U862ELC M*@+F>U9<'"WN?SAESY@/T`VAQU?MG@625A_V0A+QFF;1*F"T^\Y0]',BDFA- MC%R7^]1I6\I,%--S$7_[B?A1D'Z$^7O'J$J6"Q$X$+XCO70$,)LQ7626( M[8B9623S,I+&P*6E-,4*(4Q?C6)$C%8X0N&3",UC3^-E#:I15*X!5RK(\\<`8@K-(JP`:A.AI;6M9I&FCU9)<]J: MK]9;RDNP$Z'C28O?U(-X1-XLPM>#K**^Y3&SE62+]<:=).AX@3!3@^)TEX;T M`B#R#^!&L.5\BY+#V2VHWB4KMJY[-Z9*.5&F`$\@S?*:4FZXL'.)P`BY!DZ4 M]2"KJ.]BFT#FLG9@_/\N3@S<<(J(P\^MYHFI^YE3@WW;>>+<6(.0K#LN41KQ MZHNS%GX#A5$-5VK=5I3.8BF93G`56+F(^V`N=,*%3VZ@`[T@5B:W;#?]4[7? M%J:X$KIJD5_[F'-N2`"F_)8ZT[PT%3[IQ,TF1"]=!O9'&U#$W(5^)KS2CBC" MD-(.I#9!@F],5Q:KMH;P,6R[OOW=*/;\&DI5$VB9WK<,B9G)*SVDTDG%\V5, M)[$*HUJ0XE1`F,/LT)AM@M.];UPBOF!42E]\/^YIF#[?T*%]B@>C0JD2HSV% M3N3"WK@L-9WYP7VF_QC'@-N/B#UEV[[>.%-(8B`GMD:1/.Z\^,(R34SXB)F$ MN6$V3=J:6CIN>!7 MAX=*".PP^L2?A-_4'9.1'KJ>\A#VP!QAK&"54WD=>2-($K5SX_M>+BZ"<`@9 MGS8[CWM*E*"(2^7?E3"`?8#25*_V";*AT4>->A14JT`#]5X^."V-3BV'/'PUZ\S)40E<4,_!&Y[WF;;6<>,%;:"2*X@%B1G*39JCJD1 M*J52YI8919L2H,*77C+BL^^*/%&CUI$4GGP>YDOIC!*3%)QR]O&67;:2B4@U M9'O]B*!PS@UWPRCO0H53&7?3KN09YBMYAME*GEY))8]1XO\EA"I"/(K/\\0? ML]:^+EK%J5Y2$F+4'"B`4JT,?HJ7ADF,$DX)L`J?#?'PQ1D(Q/^3S)I6YN%,1QIN">I41+9&YQ2OE'ND0'@$;_X/$OL;\U.0M,E M0KW+R`3$!]!UQ3\]#U$J(H'8N0+D.^1'`6FBI]E,V8">ZA2=WGBQ)CA.<7C0 M"Z>0#*<`2X8WFTU/HDS!L/3,(/$DA0;X@L)IJX/B9%H8U6 M8<=*0F.,5QU$`Y\"]P+RY$CA0CM#/YL[8/;TV)@JO=P=Z;#9L?J0V!`OI@IW MTX+XT7/&!-:"OF[2@UAYF2^(Y?A[S)1**C3#_/W%SQ^:$8F4@5-F.29]Q)D3 MC&2B[Z,H_MS3U84O] MXAL81D14-#"UQG;;.#WA20.\9BNC:O@*2RZXEF73$'E0Q,38X.;LL:MAZJBF MY>Q(SV&[/*,70S$D]X%X8/7I\WL[6=GK@:XXY!>5^,X,49_,U2Z'"5D`&F@5 MMAJATI'.*_D6V[).,&_`54*609U,AI(1IU=K0I>[ M+L+GYE8!.4D]<1\@MH!:@YM/%SXICF_V[%^?'.4,R2VFQ#WH$SA#?D3=^15P M8'M^QTT"*;DG6PR@2^0(Q+&SM02[R%B$W`.+RES(9RFV*,G2L` M4YY2BY#42J&%4>=7V- M^4_05O*1-!$J[!> M(CFPY?$*E;CF.#WS,47'RP$J);E,KN')&I$+XF+Z9?E1/QJYR"ZG]KEF]KJ@ MYG7XOS9&JJ+@/:_`/@L'B=DL')[ND3W/T]VC@JFW$`L>]VP M^2"R?,2AU27;)?)TA<.O$!`SHEF:4)41S?(1KGP"?Q-B^Q MF!?<%:3+;DM&&"$^+:#*2^XPCH#;0=Q]&D7I2C!CQR7!5IW!GKE2VJB8DQR? M>C(NQF]A?E.?894'#SKALW4W$G"MHM+M[,QUH2KNJ%WF5[>&Z>E M39<^P'3HMV-/N:`IGZTT20>JRM_)%Z*U'A'5I6UK!25.>.H@!HLF[F)5M9P` MJ`ZF2H53=$%*U&S&03#W,4EF65Z\82*<"Z)HVPT#B9"@5<[6\5-Q` MVA1`=4O8#*2J`&_-(T`#29*A5%GRC$M*KR#?,AGBBY4AJ\X:S49KAE/VA'/Q6?(LQ[;]R=P8O:3)G*-F^^PZ>%%K_T!S[??8 M+"2M">!G"1TP0\XE)!@2HYB@QKAUJ]EX21.A,`VJJRHC$LZ9'OM:RKX6]?][]] M24L^3XU\*2R+N3QX,&`;*D@_,P>+SEA_>->Z-(H=NFBW;P_>'+VHZ7&D.3T6 MZK4]OP*$H0_#:T`IB-I@;IA)T((J)91/J`??=^(Y]2?V'\64&EX;16,52BEY M0X(F$Q$($A=J]7!)@HLBW[@[3G)<1#BI2UOV%,$9=(QBSL^E4;G5W'@=OGM1 M^[-WFONSHO?&;/S0?\"P[P(;QK/;*):L@UB=1EUBP=A0GX$7A#X/!;`_3*9? M%W;U1;!&T9=%)+<1JT&;#J1,^/P2J$RK*%5:W$G*"IB;Y,-O MU3CU?]S&M*-\"3B%U#;>9!V^J$#4H68@BE\U<,M1KUE%.EER.2Z1^R? M[N(%\`>POS-G-=9;UV;YUM4X];:YRQ_U:CF.N%TAN3?,K/6KCU<^0_E0,<-X M"IFX%3<*Q/0PBM1JG&HUG#.]@^_^=P1-VP&K0>K<7+:V)CMY47KY1%5!WD?1;S#\0U$*NC/SQY&;@W`%'H)%.EAS_YC'EM M2,/S\=@G_#[G.*W4*!YL!%WE6#_M0*'-S(C3PW&6Z@JH<^SPJ\<"!BEE)N:2CD3I#>*\"*NJGM2%S=PML8A)!UHBVYWS<;=0;U1 M-XPX7;S;#M(=OZ@@78$:W2#=P/;#D#J`V?M_&L6(:IP5@8_LH;]9E)5!TW*L M\F=4@&&@QCI5%6BWGF[TDO*0BUG(&_Y4GE',T`1;?0R^F&/97\8VBM1*F*J+ MH?D80XB3:Y>I@>$[!4)5&6[`O6.F%UP#U;($G((ELI6KQO63R.`0,5C3#B$K<6K],EAR"U>2A&<4A4J(NNE>;'=0 M^(6,;N)*#.$C,&O%;0!<>7.-J-KC1>-FK<O;)A<6.#453KXY5NE#N^+7ZVNH6=<[:HPWGVOI&$ M#"-^0%@+:*IGWM<8H=2>0@_$TOY_4$L!`AX#%`````@`<89F0;_0JS+\KP`` MKC`+`!0`&````````0```*2!`````&%P<&QE,3`M,C`Q,C`Y,S`N>&UL550% M``-EAIE0=7@+``$$)0X```0Y`0``4$L!`AX#%`````@`<89F03+VFH\\"0`` M>EX``!@`&````````0```*2!2K```&%P<&QE,3`M,C`Q,C`Y,S!?8V%L+GAM M;%54!0`#98:94'5X"P`!!"4.```$.0$``%!+`0(>`Q0````(`'&&9D%T*YZC M%RL``+@.`P`8`!@```````$```"D@=BY``!A<'!L93$P+3(P,3(P.3,P7V1E M9BYX;6Q55`4``V6&F5!U>`L``00E#@``!#D!``!02P$"'@,4````"`!QAF9! M*_1=%6!>```.YP0`&``8```````!````I(%!Y0``87!P;&4Q,"TR,#$R,#DS M,%]L86(N>&UL550%``-EAIE0=7@+``$$)0X```0Y`0``4$L!`AX#%`````@` M<89F0;Y=O;[G+```?Q4#`!@`&````````0```*2!\T,!`&%P<&QE,3`M,C`Q M,C`Y,S!?<')E+GAM;%54!0`#98:94'5X"P`!!"4.```$.0$``%!+`0(>`Q0` M```(`'&&9D%3^(4_?10``+CB```4`!@```````$```"D@2QQ`0!A<'!L93$P M+3(P,3(P.3,P+GAS9%54!0`#98:94'5X"P`!!"4.```$.0$``%!+!08````` ..!@`&`"P"``#WA0$````` ` end XML 25 R22.htm IDEA: XBRL DOCUMENT v2.4.0.6

Real Estate Investments (Detail) - Hotels

Sep. 30, 2012

Hilton Garden Inn [Member]

Total by Brand 9

Number of Rooms 1,443

Hampton Inn & Suites [Member]

Total by Brand 5

Number of Rooms 626

Homewood Suites [Member]

Total by Brand 4

Number of Rooms 416

TownePlace Suites [Member]

Total by Brand 4

Number of Rooms 388

Fairfield Inn & Suites [Member]

Total by Brand 3

Number of Rooms 310

Courtyard [Member]

Total by Brand 2

Number of Rooms 266

Home2 Suites [Member]

Total by Brand 2

Number of Rooms 227

SpringHill Suites [Member]

Total by Brand 2

Number of Rooms 206

Total [Member]

Total by Brand 31

Number of Rooms 3,882

X

- Definition

The number of hotel rooms.

+ References

No definition available.

+ Details

Name: apple10_NumberOfHotelRooms

Namespace Prefix: apple10_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition

Number of hotels by brand.

+ References

No definition available.

+ Details

Name: apple10_TotalByBrand

Namespace Prefix: apple10_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

XML 26 R24.htm IDEA: XBRL DOCUMENT v2.4.0.6

Real Estate Investments (Detail) - Outstanding Contracts (USD $)
9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Deposits paid $ 72,000 $ 2,312,000

Potential Hilton Garden Inn Dallas, TX [Member]

Brand Hilton Garden Inn ^[1]

Rooms 165

Deposits paid 50,000

Gross Purchase Price 27,300,000

Potential Courtyard Grapevine, TX [Member]

Brand Courtyard ^[1]

Rooms 180

Deposits paid    ^[2]

Gross Purchase Price    ^[2]

Potential TownePlace Suites Grapevine, TX [Member]

Brand TownePlace Suites ^[1]

Rooms 120

Deposits paid    ^[2]

Gross Purchase Price    ^[2]

Potential Home2 Suites Huntsville, AL [Member]

Brand Home2 Suites ^[1],[3]

Rooms 77

Deposits paid    ^[4]

Gross Purchase Price    ^[4]

Potential Hampton Inn & Suites Huntsville, AL [Member]

Brand Hampton Inn & Suites ^[1],[3]

Rooms 98

Deposits paid    ^[4]

Gross Purchase Price    ^[4]

Total Potential Acquisitions [Member]

Rooms 640

Deposits paid 103,000

Gross Purchase Price $ 89,587,000

[1] The hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. On October 11, 2012, the contract to purchase the hotel under construction in Dallas, Texas was terminated. In connection with the termination of this contract, the initial deposit of $50,000 was repaid to the Company. Assuming all conditions to closing are met the purchase of the remaining four hotels should close over the next 5 to 12 months from September 30, 2012.

[2] The Courtyard and TownePlace Suites hotels in Grapevine, TX are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $41.7 million and an initial deposit of $50,000. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.

[3] If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the properties are under construction, at this time, the seller has not met all of the conditions to closing.

[4] The Home2 Suites and Hampton Inn & Suites hotels in Huntsville, AL are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $20.6 million and an initial deposit of $2,500. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.

X

- Definition

Total cash paid and debt assumed, if any, to acquire entity.

+ References

No definition available.

+ Details

Name: apple10_BusinessAcquisitionGrossPurchasePrice

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The number of hotel rooms.

+ References

No definition available.

+ Details

Name: apple10_NumberOfHotelRooms

Namespace Prefix: apple10_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition

Name of the acquired entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionNameOfAcquiredEntity

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Cash outflow related to amounts given in advance to show or confirm an intention to complete an acquisition of land, buildings, other structures, or any item classified as real estate.

+ References

No definition available.

+ Details

Name: us-gaap_PaymentsForDepositsOnRealEstateAcquisitions

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 27 Show.js IDEA: XBRL DOCUMENT /** * Rivet Software Inc. * * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved. * Version 2.1.0.1 * */ var moreDialog = null; var Show = { Default:'raw', more:function( obj ){ var bClosed = false; if( moreDialog != null ) { try { bClosed = moreDialog.closed; } catch(e) { //Per article at http://support.microsoft.com/kb/244375 there is a problem with the WebBrowser control // that somtimes causes it to throw when checking the closed property on a child window that has been //closed. So if the exception occurs we assume the window is closed and move on from there. bClosed = true; } if( !bClosed ){ moreDialog.close(); } } obj = obj.parentNode.getElementsByTagName( 'pre' )[0]; var hasHtmlTag = false; var objHtml = ''; var raw = ''; //Check for raw HTML var nodes = obj.getElementsByTagName( '*' ); if( nodes.length ){ objHtml = obj.innerHTML; }else{ if( obj.innerText ){ raw = obj.innerText; }else{ raw = obj.textContent; } var matches = raw.match( /<\/?[a-zA-Z]{1}\w*[^>]*>/g ); if( matches && matches.length ){ objHtml = raw; //If there is an html node it will be 1st or 2nd, // but we can check a little further. var n = Math.min( 5, matches.length ); for( var i = 0; i < n; i++ ){ var el = matches[ i ].toString().toLowerCase(); if( el.indexOf( '= 0 ){ hasHtmlTag = true; break; } } } } if( objHtml.length ){ var html = ''; if( hasHtmlTag ){ html = objHtml; }else{ html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ objHtml + "\n"+''+ "\n"+''; } moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write( html ); moreDialog.document.close(); if( !hasHtmlTag ){ moreDialog.document.body.style.margin = '0.5em'; } } else { //default view logic var lines = raw.split( "\n" ); var longest = 0; if( lines.length > 0 ){ for( var p = 0; p < lines.length; p++ ){ longest = Math.max( longest, lines[p].length ); } } //Decide on the default view this.Default = longest < 120 ? 'raw' : 'formatted'; //Build formatted view var text = raw.split( "\n\n" ) >= raw.split( "\r\n\r\n" ) ? raw.split( "\n\n" ) : raw.split( "\r\n\r\n" ) ; var formatted = ''; if( text.length > 0 ){ if( text.length == 1 ){ text = raw.split( "\n" ) >= raw.split( "\r\n" ) ? raw.split( "\n" ) : raw.split( "\r\n" ) ; formatted = "
"+ text.join( "

\n" ) +"
"; }else{ for( var p = 0; p < text.length; p++ ){ formatted += "
" + text[p] + "
\n"; } } }else{ formatted = '
' + raw + '
'; } html = ''+ "\n"+''+ "\n"+' Report Preview Details'+ "\n"+' '+ "\n"+''+ "\n"+''+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+' '+ "\n"+'
'+ "\n"+' formatted: '+ ( this.Default == 'raw' ? 'as Filed' : 'with Text Wrapped' ) +''+ "\n"+'
'+ "\n"+'
'+formatted+'
'+ "\n"+'
'+ "\n"+'
'+raw+'
'+ "\n"+'
'+ "\n"+''+ "\n"+''; moreDialog = window.open("","More","width=700,height=650,status=0,resizable=yes,menubar=no,toolbar=no,scrollbars=yes"); moreDialog.document.write(html); moreDialog.document.close(); this.toggle( moreDialog ); } moreDialog.document.title = 'Report Preview Details'; }, toggle:function( win, domLink ){ var domId = this.Default; var doc = win.document; var domEl = doc.getElementById( domId ); domEl.style.display = 'block'; this.Default = domId == 'raw' ? 'formatted' : 'raw'; if( domLink ){ domLink.innerHTML = this.Default == 'raw' ? 'with Text Wrapped' : 'as Filed'; } var domElOpposite = doc.getElementById( this.Default ); domElOpposite.style.display = 'none'; }, LastAR : null, showAR : function ( link, id, win ){ if( Show.LastAR ){ Show.hideAR(); } var ref = link; do { ref = ref.nextSibling; } while (ref && ref.nodeName != 'TABLE'); if (!ref || ref.nodeName != 'TABLE') { var tmp = win ? win.document.getElementById(id) : document.getElementById(id); if( tmp ){ ref = tmp.cloneNode(true); ref.id = ''; link.parentNode.appendChild(ref); } } if( ref ){ ref.style.display = 'block'; Show.LastAR = ref; } }, toggleNext : function( link ){ var ref = link; do{ ref = ref.nextSibling; }while( ref.nodeName != 'DIV' ); if( ref.style && ref.style.display && ref.style.display == 'none' ){ ref.style.display = 'block'; if( link.textContent ){ link.textContent = link.textContent.replace( '+', '-' ); }else{ link.innerText = link.innerText.replace( '+', '-' ); } }else{ ref.style.display = 'none'; if( link.textContent ){ link.textContent = link.textContent.replace( '-', '+' ); }else{ link.innerText = link.innerText.replace( '-', '+' ); } } }, hideAR : function(){ Show.LastAR.style.display = 'none'; } } XML 28 R7.htm IDEA: XBRL DOCUMENT v2.4.0.6

Real Estate Investments
9 Months Ended

Sep. 30, 2012

Real Estate Disclosure [Text Block]
2.  Real Estate Investments

The Company acquired five hotels during the first nine months of 2012. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands.

City

State

Brand

Manager

Date Acquired

Rooms

Gross Purchase Price

Gainesville

FL

Homewood Suites

McKibbon

1/27/2012
103 $ 14,550

Nashville

TN

TownePlace Suites

LBA

1/31/2012
101 9,848

Jacksonville

NC

Home2 Suites

LBA

5/4/2012
105 12,000

Boca Raton

FL

Hilton Garden Inn

White

7/16/2012
149 10,900

Nassau Bay

TX

Courtyard

LBA

7/17/2012
124 14,632

    Total
582 $ 61,930

The purchase price for these properties, net of debt assumed, was funded by the Company’s on-going best-efforts offering of Units. The Company assumed approximately $13.1 million of debt during the first nine months of 2012, in connection with the acquisition of the Homewood Suites hotel in Gainesville, Florida. The Company also used proceeds from its on-going best-efforts offering to pay approximately $1.5 million in acquisition related costs, including $1.2 million, representing 2% of the gross purchase price for these hotels, as a brokerage commission to Apple Suites Realty Group, Inc. (“ASRG”), which is 100% owned by Glade M. Knight, the Company’s Chairman and Chief Executive Officer, and approximately $0.3 million in other acquisition related costs, including title, legal and other related costs. These costs are included in acquisition related costs in the Company’s consolidated statements of operations for the nine months ended September 30, 2012.

The Company leases all of its hotels to its wholly-owned taxable REIT subsidiary (or a subsidiary thereof) under master hotel lease agreements.

No goodwill was recorded in connection with any of the acquisitions.

As of September 30, 2012, the Company owned 31 hotels, located in 15 states, consisting of the following:

Total by

Number of

Brand

Brand

Rooms

Hilton Garden Inn
9 1,443

Hampton Inn & Suites
5 626

Homewood Suites
4 416

TownePlace Suites
4 388

Fairfield Inn & Suites
3 310

Courtyard
2 266

Home2 Suites
2 227

SpringHill Suites
2 206

31 3,882

At September 30, 2012, the Company’s investment in real estate consisted of the following (in thousands):

Land
$ 44,713

Building and Improvements
447,069

Furniture, Fixtures and Equipment
31,844

Franchise fees
1,764

525,390

Less Accumulated Depreciation
(17,591 )

Investment in real estate, net
$ 507,799

As of September 30, 2012, the Company had outstanding contracts for the potential purchase of five additional hotels for a total purchase price of $89.6 million. Four hotels are under construction and should be completed over the next 5 to 12 months from September 30, 2012. Closing on these four hotels is expected upon completion of construction. The purchase contract on the remaining hotel was terminated in October 2012. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that closings will occur under the outstanding purchase contracts. The following table summarizes the location, brand, number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts. All dollar amounts are in thousands.

Location (a)

Brand

Rooms

Deposits Paid

Gross Purchase Price

Dallas, TX

Hilton Garden Inn
165 $ 50 $ 27,300

Grapevine, TX

Courtyard
180
(b)

(b)

Grapevine, TX

TownePlace Suites
120
(b)

(b)

Huntsville, AL

(c)

Home2 Suites
77
(d)

(d)

Huntsville, AL

(c)

Hampton Inn & Suites
98
(d)

(d)

640 $ 103 $ 89,587

(a) The hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. On October 11, 2012, the contract to purchase the hotel under construction in Dallas, Texas was terminated. In connection with the termination of this contract, the initial deposit of $50,000 was repaid to the Company. Assuming all conditions to closing are met the purchase of the remaining four hotels should close over the next 5 to 12 months from September 30, 2012.

(b)   The Courtyard and TownePlace Suites hotels in Grapevine, TX are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $41.7 million and an initial deposit of $50,000. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.

(c) If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the properties are under construction, at this time, the seller has not met all of the conditions to closing.

(d)   The Home2 Suites and Hampton Inn & Suites hotels in Huntsville, AL are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $20.6 million and an initial deposit of $2,500. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.

As there can be no assurance that all conditions to closing will be satisfied, the Company includes deposits paid for hotels under contract in other assets, net in the Company’s consolidated balance sheets, and in deposits and other disbursements for potential acquisitions in the Company’s consolidated statements of cash flows. It is anticipated that the purchase price for the outstanding contracts will be funded from the proceeds of the Company’s on-going best-efforts offering of Units and cash on hand if a closing occurs.

X

- Definition

The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 6

-Subparagraph a

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 23, 24

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 66

-Paragraph 4, 5, 37, 50, 59, 65, 95, 97

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Audit and Accounting Guide (AAG)

-Number AAG-DEP

-Paragraph 2, 6, 9-11, 18, 20

-IssueDate 2006-05-01

-Chapter 11

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Section A

-Paragraph 9

-Chapter 3

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 04-2

-Paragraph 41, 63, 64

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 67

-Paragraph 4, 5, 6, 7

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 01-6

-Paragraph 13

-Subparagraph f

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 34

-Paragraph 9, 11, 12, 13, 14, 15, 21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 75-2

-Paragraph 47, 51, 52

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph c

-Subparagraph Schedule III

-Article 5

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher OTS

-Name Federal Regulation (FR)

-Number Title 12

-Section 563c.102

-Paragraph 11

-Chapter V

-Subsection I

-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 15

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 970

-SubTopic 360

-Section S99

-Paragraph 1

-Subparagraph (SX 210.12-28)

-URI http://asc.fasb.org/extlink&oid=6590653&loc=d3e638233-123024

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 11

-Article 9

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 28

-Article 12

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 154

-Paragraph 22

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 10

-Subparagraph 4

-Article 9

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 57

-Paragraph 2

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 20: http://www.xbrl.org/2003/role/presentationRef

-Publisher OTS

-Name Federal Regulation (FR)

-Number Title 12

-Section 563c.102

-Paragraph 10

-Subparagraph a, b

-Chapter V

-Subsection I

-LegacyDoc This is a non-GAAP reference that was included in the 2009 taxonomy. It will be removed from future versions of this taxonomy.

Reference 21: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 144

-Paragraph 7, 34

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_RealEstateDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 29 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6

Consolidated Balance Sheets (Parentheticals) (USD $)
In Thousands, except Share data, unless otherwise specified

Sep. 30, 2012

Dec. 31, 2011

Real estate accumulated depreciation (in Dollars) $ 17,591 $ 6,009

Preferred stock, shares authorized 30,000,000 30,000,000

Preferred stock, shares issued 0 0

Preferred stock, shares outstanding 0 0

Common stock, shares authorized 400,000,000 400,000,000

Common stock, shares issued 62,180,186 43,502,273

Common stock, shares outstanding 62,180,186 43,502,273

Series A Preferred Stock [Member]

Preferred stock, shares authorized 400,000,000 400,000,000

Preferred stock, shares issued 62,180,186 43,502,273

Preferred stock, shares outstanding 62,180,186 43,502,273

Series B Convertible Preferred Stock [Member]

Preferred stock, shares authorized 480,000 480,000

Preferred stock, shares issued 480,000 480,000

Preferred stock, shares outstanding 480,000 480,000

X

- Definition

The maximum number of common shares permitted to be issued by an entity's charter and bylaws.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

+ Details

Name: us-gaap_CommonStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 30

-Article 5

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

+ Details

Name: us-gaap_CommonStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PreferredStockSharesAuthorized

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_PreferredStockSharesIssued

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.28)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_PreferredStockSharesOutstanding

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

The cumulative amount of depreciation for real estate property held for investment purposes.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(3))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 1

-Article 7

+ Details

Name: us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

XML 30 R17.htm IDEA: XBRL DOCUMENT v2.4.0.6

Shareholders' Equity (Tables) (Series B Convertible Preferred Stock [Member])
9 Months Ended

Sep. 30, 2012

Series B Convertible Preferred Stock [Member]

Schedule of Conversion of Preferred Stock to Common Stock
Upon the occurrence of any conversion event, each Series B convertible preferred share may be converted into a number of common shares based upon the gross proceeds raised through the date of conversion in the Company’s $2 billion offering according to the following table:

Gross Proceeds Raised from Sales of

Units through Date of Conversion

Number of Common Shares

through Conversion of

One Series B Convertible Preferred Share

$600 million
7.29150

$700 million
8.49719

$800 million
9.70287

$900 million
10.90855

$    1 billion
12.11423

$ 1.1 billion
13.31991

$ 1.2 billion
14.52559

$ 1.3 billion
15.73128

$ 1.4 billion
16.93696

$ 1.5 billion
18.14264

$ 1.6 billion
19.34832

$ 1.7 billion
20.55400

$ 1.8 billion
21.75968

$ 1.9 billion
22.96537

$    2 billion
24.17104

X

- Definition

Table of conversion rates of Convertible Preferred Stock to Common Stock based upon gross proceeds raised from sale of Units.

+ References

No definition available.

+ Details

Name: apple10_ScheduleOfConversionOfPreferredStockToCommonStock

Namespace Prefix: apple10_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 31 R1.htm IDEA: XBRL DOCUMENT v2.4.0.6

Document And Entity Information
9 Months Ended

Sep. 30, 2012

Nov. 01, 2012

Document and Entity Information [Abstract]

Entity Registrant Name Apple REIT Ten, Inc.

Document Type 10-Q

Current Fiscal Year End Date --12-31

Entity Common Stock, Shares Outstanding 63,245,436

Amendment Flag false

Entity Central Index Key 0001498864

Entity Current Reporting Status Yes

Entity Voluntary Filers No

Entity Filer Category Smaller Reporting Company

Entity Well-known Seasoned Issuer No

Document Period End Date Sep. 30, 2012

Document Fiscal Year Focus 2012

Document Fiscal Period Focus Q3

X

- Details

Name: apple10_DocumentAndEntityInformationAbstract

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

If the value is true, then the document is an amendment to previously-filed/accepted document.

+ References

No definition available.

+ Details

Name: dei_AmendmentFlag

Namespace Prefix: dei_

Data Type: xbrli:booleanItemType

Balance Type: na

Period Type: duration

X

- Definition

End date of current fiscal year in the format --MM-DD.

+ References

No definition available.

+ Details

Name: dei_CurrentFiscalYearEndDate

Namespace Prefix: dei_

Data Type: xbrli:gMonthDayItemType

Balance Type: na

Period Type: duration

X

- Definition

This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.

+ References

No definition available.

+ Details

Name: dei_DocumentFiscalPeriodFocus

Namespace Prefix: dei_

Data Type: dei:fiscalPeriodItemType

Balance Type: na

Period Type: duration

X

- Definition

This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.

+ References

No definition available.

+ Details

Name: dei_DocumentFiscalYearFocus

Namespace Prefix: dei_

Data Type: xbrli:gYearItemType

Balance Type: na

Period Type: duration

X

- Definition

The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.

+ References

No definition available.

+ Details

Name: dei_DocumentPeriodEndDate

Namespace Prefix: dei_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".

+ References

No definition available.

+ Details

Name: dei_DocumentType

Namespace Prefix: dei_

Data Type: dei:submissionTypeItemType

Balance Type: na

Period Type: duration

X

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityCentralIndexKey

Namespace Prefix: dei_

Data Type: dei:centralIndexKeyItemType

Balance Type: na

Period Type: duration

X

- Definition

Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.

+ References

No definition available.

+ Details

Name: dei_EntityCommonStockSharesOutstanding

Namespace Prefix: dei_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Indicate "Yes" or "No" whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.

+ References

No definition available.

+ Details

Name: dei_EntityCurrentReportingStatus

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition

Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.

+ References

No definition available.

+ Details

Name: dei_EntityFilerCategory

Namespace Prefix: dei_

Data Type: dei:filerCategoryItemType

Balance Type: na

Period Type: duration

X

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation 12B

-Number 240

-Section 12b

-Subsection 1

+ Details

Name: dei_EntityRegistrantName

Namespace Prefix: dei_

Data Type: xbrli:normalizedStringItemType

Balance Type: na

Period Type: duration

X

- Definition

Indicate "Yes" or "No" if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.

+ References

No definition available.

+ Details

Name: dei_EntityVoluntaryFilers

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

X

- Definition

Indicate "Yes" or "No" if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.

+ References

No definition available.

+ Details

Name: dei_EntityWellKnownSeasonedIssuer

Namespace Prefix: dei_

Data Type: dei:yesNoItemType

Balance Type: na

Period Type: duration

XML 32 R18.htm IDEA: XBRL DOCUMENT v2.4.0.6

Pro Forma Information (Unaudited) (Tables)
9 Months Ended

Sep. 30, 2012

Business Acquisition, Pro Forma Information [Table Text Block]
The following unaudited pro forma information for the nine months ended September 30, 2012 and 2011 is presented as if the acquisitions of the Company’s 31 hotels acquired after December 31, 2010 had occurred on the latter of January 1, 2011 or the opening date of the hotel. The pro forma information does not purport to represent what the Company’s results of operations would actually have been if such transactions, in fact, had occurred on these applicable dates, nor does it purport to represent the results of operations for future periods. Amounts are in thousands, except per share data.

Three Months Ended September 30,

Nine Months Ended September 30,

2012

2011

2012

2011

Total revenues
$ 32,707 $ 27,923 $ 91,507 $ 77,216

Net income
5,799 5,391 14,487 1,581

Net income per share - basic and diluted
$ 0.10 $ 0.14 $ 0.28 $ 0.04

X

- Definition

Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (h)(2)-(3)

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 54

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 55

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-Subparagraph r(2, 3)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionProFormaInformationTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 33 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6

Consolidated Statements of Operations (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended 9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Revenues:

Room revenue $ 29,627 $ 13,246 $ 80,422 $ 19,957

Other revenue 2,855 1,141 8,004 1,954

Total revenue 32,482 14,387 88,426 21,911

Expenses:

Operating expense 8,069 3,317 21,763 5,063

Hotel administrative expense 2,491 1,098 6,887 1,614

Sales and marketing 2,826 1,091 7,716 1,652

Utilities 1,324 554 3,326 813

Repair and maintenance 1,039 416 2,901 613

Franchise fees 1,283 640 3,531 978

Management fees 1,016 454 2,743 692

Taxes, insurance and other 1,926 776 6,111 1,241

General and administrative 1,148 942 3,470 2,316

Acquisition related costs 607 3,605 1,541 8,153

Depreciation expense 4,094 1,861 11,582 2,959

Total expenses 25,823 14,754 71,571 26,094

Operating income (loss) 6,659 (367) 16,855 (4,183)

Interest income (expense), net (1,140) (106) (3,462) 141

Net income (loss) $ 5,519 $ (473) $ 13,393 $ (4,042)

Basic and diluted net income (loss) per common share (in Dollars per share) $ 0.09 $ (0.01) $ 0.26 $ (0.16)

Weighted average common shares outstanding - basic and diluted (in Shares) 58,701 37,005 52,066 25,430

X

- Details

Name: apple10_ExpensesAbstract

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 25

-Paragraph 23

-URI http://asc.fasb.org/extlink&oid=21917927&loc=d3e1043-128460

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 59

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessCombinationAcquisitionRelatedCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Other operating costs incurred during the reporting period and may include amounts paid to maintain the property.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_CostOfOtherPropertyOperatingExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The aggregate costs of keeping the property in good condition but that do not appreciably prolong the life or increase the value of the property.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_CostOfPropertyRepairsAndMaintenance

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_Depreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The aggregate direct costs incurred in operating leased, owned and other hotels.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 2

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2(d))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_DirectCostsOfHotels

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Royalty expense incurred and are directly related to goods produced and sold and services rendered during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2(a),(d))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_DirectOperatingCostRoyaltyExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The amount of net income or loss for the period per each share in instances when basic and diluted earnings per share are the same amount and reported as a single line item on the face of the financial statements. Basic earnings per share is the amount of net income or loss for the period per each share of common stock or unit outstanding during the reporting period. Diluted earnings per share includes the amount of net income or loss for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

No definition available.

+ Details

Name: us-gaap_EarningsPerShareBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: num:perShareItemType

Balance Type: na

Period Type: duration

X

- Definition

The aggregate total of expenses of managing and administering the affairs of an entity, including affiliates of the reporting entity, which are not directly or indirectly associated with the manufacture, sale or creation of a product or product line.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.4)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_GeneralAndAdministrativeExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The net amount of operating interest income (expense).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.9-04.10)

-URI http://asc.fasb.org/extlink&oid=6879574&loc=d3e536633-122882

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 10

-Article 9

+ Details

Name: us-gaap_InterestIncomeExpenseNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Revenue derived from the provision of short term lodging; it does not apply to lease or rental income. Includes hotel rooms, cruise revenue, and other revenue related to lodgings.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_OccupancyRevenue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.

+ References

No definition available.

+ Details

Name: us-gaap_OperatingExpenses

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The net result for the period of deducting operating expenses from operating revenues.

+ References

No definition available.

+ Details

Name: us-gaap_OperatingIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Other revenue generated from managing and operating hotels, not otherwise defined in the taxonomy.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_OtherHotelOperatingRevenue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The aggregate costs related to management of owned properties during the reporting period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2(d))

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_OwnedPropertyManagementCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The aggregate total of real estate taxes and insurance expense.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.6)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 720

-SubTopic 30

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6419918&loc=d3e35301-107843

+ Details

Name: us-gaap_RealEstateTaxesAndInsurance

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Aggregate revenue recognized during the period (derived from goods sold, services rendered, insurance premiums, or other activities that constitute an entity's earning process). For financial services companies, also includes investment and interest income, and sales and trading gains.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.1)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 1

-Article 5

+ Details

Name: us-gaap_Revenues

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_RevenuesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The aggregate total amount of expenses directly related to the marketing or selling of products or services.

+ References

No definition available.

+ Details

Name: us-gaap_SellingAndMarketingExpense

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Utilities costs incurred during the reporting period for services, such as water, sewer, gas, electricity and telephone required to operate a building.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.2)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

+ Details

Name: us-gaap_UtilitiesCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Average number of shares or units issued and outstanding that are used in calculating basic and diluted earnings per share (EPS).

+ References

No definition available.

+ Details

Name: us-gaap_WeightedAverageNumberOfShareOutstandingBasicAndDiluted

Namespace Prefix: us-gaap_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

XML 34 R12.htm IDEA: XBRL DOCUMENT v2.4.0.6

Legal Proceedings and Related Matters
9 Months Ended

Sep. 30, 2012

Legal Matters and Contingencies [Text Block]
7.  Legal Proceedings and Related Matters

The term the “Apple REIT Companies” means Apple REIT Ten, Inc. (the “Company”), Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Nine, Inc.

On December 13, 2011, the United States District Court for the Eastern District of New York ordered that three putative class actions, Kronberg, et al. v. David Lerner Associates, Inc., et al., Kowalski v. Apple REIT Ten, Inc., et al., and Leff v. Apple REIT Ten, Inc., et al., be consolidated and amended the caption of the consolidated matter to be In re Apple REITs Litigation. The District Court also appointed lead plaintiffs and lead counsel for the consolidated action and ordered lead plaintiffs to file and serve a consolidated complaint by February 17, 2012. The Company was previously named as a party in all three of the above mentioned class action lawsuits.

On February 17, 2012, lead plaintiffs and lead counsel in the In re Apple REITs Litigation, Civil Action No. 1:11-cv-02919-KAM-JO, filed an amended consolidated complaint in the United States District Court for the Eastern District of New York against the Company, Apple Suites Realty Group, Inc., Apple Eight Advisors, Inc., Apple Nine Advisors, Inc., Apple Ten Advisors, Inc., Apple Fund Management, LLC, Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc. and Apple REIT Nine, Inc., their directors and certain officers, and David Lerner Associates, Inc. and David Lerner. The consolidated complaint, purportedly brought on behalf of all purchasers of Units in the Company and the other Apple REIT Companies, or those who otherwise acquired these Units that were offered and sold to them by David Lerner Associates, Inc., or its affiliates and on behalf of subclasses of shareholders in New Jersey, New York, Connecticut and Florida, asserts claims under Sections 11, 12 and 15 of the Securities Act of 1933. The consolidated complaint also asserts claims for breach of fiduciary duty, aiding and abetting breach of fiduciary duty, negligence, and unjust enrichment, and claims for violation of the securities laws of Connecticut and Florida. The complaint seeks, among other things, certification of a putative nationwide class and the state subclasses, damages, rescission of share purchases and other costs and expenses.

On April 18, 2012, the Company, and the other Apple REIT Companies, served a motion to dismiss the consolidated complaint in the In re Apple REITs Litigation. The Company and the other Apple REIT Companies accompanied their motion to dismiss the consolidated complaint with a memorandum of law in support of their motion to dismiss the consolidated complaint. The briefing period for any motion to dismiss was completed on July 13, 2012.

The Company believes that any claims against it, its officers and directors and other Apple entities are without merit, and intends to defend against them vigorously. At this time, the Company cannot reasonably predict the outcome of these proceedings or provide a reasonable estimate of the possible loss or range of loss due to these proceedings, if any.

Broker Dealer

On December 13, 2011, the Financial Industry Regulatory Authority (“FINRA”) amended its original complaint, filed on May 27, 2011, against David Lerner Associates, Inc., to include David Lerner, individually, as a party to this matter, as well as add additional claims related to the overall sales practices of both David Lerner Associates, Inc. and David Lerner relative to the Company’s Units. As discussed in its prospectus, dated January 19, 2011, the Company is offering its Units for sale through David Lerner Associates, Inc. as the managing dealer for its best efforts offering. David Lerner Associates, Inc. was also the sole distributor (managing dealer) of Apple REIT Six, Inc., Apple REIT Seven, Inc., Apple REIT Eight, Inc., and Apple REIT Nine, Inc. The Company is unaffiliated with David Lerner Associates, Inc. or David Lerner; however, it does rely upon David Lerner Associates, Inc. for the offer and sale and administration of the Company’s Units. The Apple REIT Companies take these allegations against David Lerner Associates, Inc. and David Lerner very seriously, and the Apple REIT Companies intend to cooperate with any and all regulatory or governmental inquiries.

On October 22, 2012, the Financial Industry Regulatory Authority (“FINRA”) issued an order against David Lerner Associates, Inc. (“DLA”) and David Lerner, individually, requiring DLA to pay approximately $12 million in restitution to certain investors in our Units. In addition, David Lerner, individually, was fined $250,000 and suspended for one year from the securities industry, followed by a two year suspension from acting as a principal. Although the order requires DLA to pay restitution to certain investors, the actual investors who are to receive restitution are not known at this time but will be determined by an independent consultant as set forth in the order. While the order imposes sanctions, penalties and fines on both DLA and David Lerner, individually, the order does permit DLA to continue to serve as the managing dealer for the Company’s best-efforts offering of Units. The Company does not believe this settlement will affect the administration of its Units.

X

- Definition

The entire disclosure for legal proceedings, legal contingencies, litigation, regulatory and environmental matters and other contingencies.

+ References

No definition available.

+ Details

Name: us-gaap_LegalMattersAndContingenciesTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 35 R11.htm IDEA: XBRL DOCUMENT v2.4.0.6

Pro Forma Information (Unaudited)
9 Months Ended

Sep. 30, 2012

Business Combination Disclosure [Text Block]
6.  Pro Forma Information

The following unaudited pro forma information for the nine months ended September 30, 2012 and 2011 is presented as if the acquisitions of the Company’s 31 hotels acquired after December 31, 2010 had occurred on the latter of January 1, 2011 or the opening date of the hotel. The pro forma information does not purport to represent what the Company’s results of operations would actually have been if such transactions, in fact, had occurred on these applicable dates, nor does it purport to represent the results of operations for future periods. Amounts are in thousands, except per share data.

Three Months Ended September 30,

Nine Months Ended September 30,

2012

2011

2012

2011

Total revenues
$ 32,707 $ 27,923 $ 91,507 $ 77,216

Net income
5,799 5,391 14,487 1,581

Net income per share - basic and diluted
$ 0.10 $ 0.14 $ 0.28 $ 0.04

The pro forma information reflects adjustments for actual revenues and expenses of the 31 hotels acquired during 2011 and 2012 for the respective period owned prior to acquisition by the Company. Net income has been adjusted as follows: (1) interest income and expense has been adjusted to reflect the reduction in cash and cash equivalents required to fund the acquisitions; (2) interest expense related to prior owner’s debt which was not assumed has been eliminated; (3) depreciation has been adjusted based on the Company’s basis in the hotels; and (4) transaction costs have been adjusted for the acquisition of existing businesses.

X

- Definition

The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4845-128472

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4926-128472

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1490-128463

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6927-128479

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7008-128479

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e7000-128479

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 7

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1524-128463

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1383-128463

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1500-128463

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 67-73

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4934-128472

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph F4

-Subparagraph e

-Appendix F

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1497-128463

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 20

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6910749&loc=d3e4922-128472

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 88-16

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51, 52

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7488404&loc=d3e6996-128479

+ Details

Name: us-gaap_BusinessCombinationDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 36 R23.htm IDEA: XBRL DOCUMENT v2.4.0.6

Real Estate Investments (Detail) - Invesment in Real Estate (USD $)
In Thousands, unless otherwise specified

Sep. 30, 2012

Dec. 31, 2011

Land $ 44,713

Building and Improvements 447,069

Furniture, Fixtures and Equipment 31,844

Franchise fees 1,764

525,390

Less Accumulated Depreciation (17,591) (6,009)

Investment in real estate, net $ 507,799 $ 452,205

X

- Definition

Amount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 350

-SubTopic 30

-Section 50

-Paragraph 2

-Subparagraph (a)(1)

-URI http://asc.fasb.org/extlink&oid=7658586&loc=d3e16323-109275

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 142

-Paragraph 45

-Subparagraph a(1)

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_FiniteLivedIntangibleAssetsGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Gross amount, at the balance sheet date, of long-lived, depreciable assets commonly used in offices and stores. Examples include desks, chairs, and store fixtures.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

+ Details

Name: us-gaap_FurnitureAndFixturesGross

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Aggregate of the carrying amounts as of the balance sheet date of investments in building and building improvements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_InvestmentBuildingAndBuildingImprovements

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Carrying amount as of the balance sheet date of real estate held for productive use. This excludes land held for sale.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 4

-Subparagraph (e)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6812-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_Land

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The cumulative amount of depreciation for real estate property held for investment purposes.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(3))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 1

-Article 7

+ Details

Name: us-gaap_RealEstateInvestmentPropertyAccumulatedDepreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Amount of real estate investment property which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_RealEstateInvestmentPropertyAtCost

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Amount of real estate investment property, net of accumulated depreciation, which may include the following: (1) land available-for-sale; (2) land available-for-development; (3) investments in building and building improvements; (4) tenant allowances; (5) developments in-process; (6) rental properties; and (7) other real estate investments.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 210

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-03.1(d))

-URI http://asc.fasb.org/extlink&oid=6879938&loc=d3e572229-122910

+ Details

Name: us-gaap_RealEstateInvestmentPropertyNet

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

XML 37 R19.htm IDEA: XBRL DOCUMENT v2.4.0.6

Organization and Summary of Significant Accounting Policies (Detail) (USD $)
3 Months Ended 9 Months Ended 21 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Unit Description one common share and one Series A preferred share

Number of Reportable Segments 1

Proceeds from Issuance or Sale of Equity (in Dollars) $ 198,532,000 $ 384,067,000

Potential common shares with a dilutive effect 0 0 0 0

Capital Raised Through On-Going Best-Efforts Offering [Member]

Units Sold (in Shares) 63,600,000

Proceeds from issuance or sale of equity, gross (in Dollars) 695,000,000

Proceeds from Issuance or Sale of Equity (in Dollars) 623,200,000

Offering costs, selling commissions and marketing expenses (in Dollars) 69,500,000

Offering costs, other (in Dollars) 2,400,000

August 13, 2010 (Initial Capitalization) [Member]

Units sold at inception 10 10 10

Series B Convertible Preferred Stock, Issued at inception (in Shares) 480,000 480,000 480,000

X

- Definition

Selling commissions and marketing costs incurred in connection with the issuance of Units.

+ References

No definition available.

+ Details

Name: apple10_OfferingCostSellingCommissionsAndMarketingExpenses

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Costs incurred in connection with the issuance of Units, excluding selling commissions and marketing costs.

+ References

No definition available.

+ Details

Name: apple10_PaymentsOfStockIssuanceCostsOtherThanCommissionsAndMarketing

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Potential common shares that were dilutive and outstanding for the reporting period.

+ References

No definition available.

+ Details

Name: apple10_PotentialCommonSharesWithADilutiveEffect

Namespace Prefix: apple10_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition

The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity, before deducting offering costs.

+ References

No definition available.

+ Details

Name: apple10_ProceedsFromIssuanceOrSaleOfEquityGross

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Total number of Series B Convertible Preferred shares issued at inception.

+ References

No definition available.

+ Details

Name: apple10_SeriesB_ConvertiblePreferredStockIssuedAtInception

Namespace Prefix: apple10_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

The description of a Unit.

+ References

No definition available.

+ Details

Name: apple10_UnitDescription

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Number of Units sold. A Unit consists of one common share and one Series A preferred share of the Company.

+ References

No definition available.

+ Details

Name: apple10_UnitsSold

Namespace Prefix: apple10_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: duration

X

- Definition

Number of Units sold at inception. A Unit consists of one common share and one Series A preferred share of the Company.

+ References

No definition available.

+ Details

Name: apple10_UnitsSoldAtInception

Namespace Prefix: apple10_

Data Type: xbrli:sharesItemType

Balance Type: na

Period Type: instant

X

- Definition

Number of segments reported by the entity. A reportable segment is a component of an entity for which there is an accounting requirement to report separate financial information on that component in the entity's financial statements.

+ References

No definition available.

+ Details

Name: us-gaap_NumberOfReportableSegments

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition

The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 19

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3255-108585

+ Details

Name: us-gaap_ProceedsFromIssuanceOrSaleOfEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

XML 38 R15.htm IDEA: XBRL DOCUMENT v2.4.0.6

Real Estate Investments (Tables)
9 Months Ended

Sep. 30, 2012

Schedule of Business Acquisitions, by Acquisition [Table Text Block]
The Company acquired five hotels during the first nine months of 2012. The following table sets forth the location, brand, manager, date acquired, number of rooms and gross purchase price for each hotel. All dollar amounts are in thousands.

City

State

Brand

Manager

Date Acquired

Rooms

Gross Purchase Price

Gainesville

FL

Homewood Suites

McKibbon

1/27/2012
103 $ 14,550

Nashville

TN

TownePlace Suites

LBA

1/31/2012
101 9,848

Jacksonville

NC

Home2 Suites

LBA

5/4/2012
105 12,000

Boca Raton

FL

Hilton Garden Inn

White

7/16/2012
149 10,900

Nassau Bay

TX

Courtyard

LBA

7/17/2012
124 14,632

    Total
582 $ 61,930

Schedule of Real Estate Properties [Table Text Block]
As of September 30, 2012, the Company owned 31 hotels, located in 15 states, consisting of the following:

Total by

Number of

Brand

Brand

Rooms

Hilton Garden Inn
9 1,443

Hampton Inn & Suites
5 626

Homewood Suites
4 416

TownePlace Suites
4 388

Fairfield Inn & Suites
3 310

Courtyard
2 266

Home2 Suites
2 227

SpringHill Suites
2 206

31 3,882

Property, Plant and Equipment [Table Text Block]
At September 30, 2012, the Company’s investment in real estate consisted of the following (in thousands):

Land
$ 44,713

Building and Improvements
447,069

Furniture, Fixtures and Equipment
31,844

Franchise fees
1,764

525,390

Less Accumulated Depreciation
(17,591 )

Investment in real estate, net
$ 507,799

Outstanding Contracts For Potential Purchase of Hotels [Table Text Block]
As of September 30, 2012, the Company had outstanding contracts for the potential purchase of five additional hotels for a total purchase price of $89.6 million. Four hotels are under construction and should be completed over the next 5 to 12 months from September 30, 2012. Closing on these four hotels is expected upon completion of construction. The purchase contract on the remaining hotel was terminated in October 2012. Although the Company is working towards acquiring these hotels, there are many conditions to closing that have not yet been satisfied and there can be no assurance that closings will occur under the outstanding purchase contracts. The following table summarizes the location, brand, number of rooms, refundable (if the seller does not meet its obligations under the contract) contract deposits paid, and gross purchase price for each of the contracts. All dollar amounts are in thousands.

Location (a)

Brand

Rooms

Deposits Paid

Gross Purchase Price

Dallas, TX

Hilton Garden Inn
165 $ 50 $ 27,300

Grapevine, TX

Courtyard
180
(b)

(b)

Grapevine, TX

TownePlace Suites
120
(b)

(b)

Huntsville, AL

(c)

Home2 Suites
77
(d)

(d)

Huntsville, AL

(c)

Hampton Inn & Suites
98
(d)

(d)

640 $ 103 $ 89,587

(a) The hotels are currently under construction. The table shows the expected number of rooms upon hotel completion and the expected franchise. On October 11, 2012, the contract to purchase the hotel under construction in Dallas, Texas was terminated. In connection with the termination of this contract, the initial deposit of $50,000 was repaid to the Company. Assuming all conditions to closing are met the purchase of the remaining four hotels should close over the next 5 to 12 months from September 30, 2012.

(b)   The Courtyard and TownePlace Suites hotels in Grapevine, TX are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $41.7 million and an initial deposit of $50,000. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.

(c) If the seller meets all of the conditions to closing, the Company is obligated to specifically perform under the contract. As the properties are under construction, at this time, the seller has not met all of the conditions to closing.

(d)   The Home2 Suites and Hampton Inn & Suites hotels in Huntsville, AL are part of an adjoining two-hotel complex that will be located on the same site. The two hotels are covered by the same purchase contract with a total gross purchase price of $20.6 million and an initial deposit of $2,500. These amounts are reflected in the total gross purchase price and deposits paid as indicated above.

X

- Definition

Schedule of outstanding contracts for the potential purchase of hotels.

+ References

No definition available.

+ Details

Name: apple10_ScheduleOfOutstandingContractsForPotentialPurchaseOfHotelsTableTextBlock

Namespace Prefix: apple10_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition

Tabular disclosure of the useful life and salvage value of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale. Examples include land, buildings, machinery and equipment, and other types of furniture and equipment including, but not limited to, office equipment, furniture and fixtures, and computer equipment and software.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 13

-Subparagraph b

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 360

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6391035&loc=d3e2868-110229

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.13)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_PropertyPlantAndEquipmentTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition

Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph F4

-Subparagraph e

-Appendix F

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1486-128463

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 52

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition

Tabular disclosure of real estate properties and units in those properties that are included in the discussion of the nature of an entity's operations.

+ References

No definition available.

+ Details

Name: us-gaap_ScheduleOfRealEstatePropertiesTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 39 R13.htm IDEA: XBRL DOCUMENT v2.4.0.6

Subsequent Events
9 Months Ended

Sep. 30, 2012

Subsequent Events [Text Block]
8.  Subsequent Events

In October 2012, the Company declared and paid approximately $4.3 million, or $0.06875 per outstanding common share, in distributions to its common shareholders.

In October 2012, under the guidelines of the Company’s Unit Redemption Program, the Company redeemed approximately 47,000 Units in the amount of $0.5 million. The redemptions represented approximately 8% of the total redemption requests due to the 3% limitation under the Unit Redemption Program.

During October 2012, the Company closed on the issuance of approximately 1.1 million Units through its on-going best-efforts offering, representing gross proceeds to the Company of approximately $12.2 million and proceeds net of selling and marketing costs of approximately $11.0 million.

On October 11, 2012, the Company terminated the purchase contract for a hotel under development in Dallas, Texas. The gross purchase price for the hotel was $27.3 million. In connection with the termination of this contract, the initial deposit of $50,000 was repaid to the Company.

On October 12, 2012, the Company entered into a purchase contract for the potential acquisition of a Courtyard by Marriott hotel in Clemson, South Carolina. The gross purchase price for the 110 room hotel is $15.0 million, and a refundable deposit of $50,000 was paid by the Company in connection with the contract. The purchase contract requires the assumption of three loans secured by the hotel. The total outstanding principal is approximately $9.2 million. The maturity dates of the loans range from May 2016 to November 2048 and the effective interest rates are fixed rates of 3.6%, 6.1% and a variable rate of LIBOR plus 2.5%.

X

- Definition

The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.

+ References

No definition available.

+ Details

Name: us-gaap_SubsequentEventsTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 40 R14.htm IDEA: XBRL DOCUMENT v2.4.0.6

Accounting Policies, by Policy (Policies)
9 Months Ended

Sep. 30, 2012

Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]
Organization

Apple REIT Ten, Inc. together with its wholly owned subsidiaries (the “Company”) is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares, were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated.

Basis of Accounting, Policy [Policy Text Block]
Basis of Presentation

The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2011 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2012.

Use of Estimates, Policy [Policy Text Block]
Use of Estimates

The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.

Offering Costs [Policy Text Block]
Offering Costs

The Company is raising capital through an on-going best-efforts offering of Units by David Lerner Associates, Inc., the managing underwriter, which receives a selling commission and a marketing expense allowance based on proceeds of the Units sold. Additionally, the Company has incurred other offering costs including legal, accounting and reporting services. These offering costs are recorded by the Company as a reduction of shareholders’ equity. As of September 30, 2012, the Company had sold 63.6 million Units for gross proceeds of $695.0 million and proceeds net of offering costs of $623.2 million. Offering costs included $69.5 million in selling commissions and marketing expenses and $2.4 million in other offering costs. The Company will offer Units until January 19, 2013, unless the offering is extended, or terminated if all of the Units are sold before then.

Earnings Per Share, Policy [Policy Text Block]
Earnings Per Common Share

Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2012 or 2011. As a result, basic and diluted outstanding shares were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.

X

- Definition

Disclosure of accounting policy for costs incurred directly with the issuance of an equity security.

+ References

No definition available.

+ Details

Name: apple10_OfferingCostsPolicyTextBlock

Namespace Prefix: apple10_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition

Disclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).

+ References

No definition available.

+ Details

Name: us-gaap_BasisOfAccountingPolicyPolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition

Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 40

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3630-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 128

-Paragraph 6, 8-16, 60

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2144384

+ Details

Name: us-gaap_EarningsPerSharePolicyTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition

The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6359566&loc=d3e326-107755

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 852

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2209116

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2122150

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 205

-SubTopic 10

-Section 45

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=7668296&loc=d3e288-107754

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2134480

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 720

-SubTopic 15

-URI http://asc.fasb.org/subtopic&trid=2122524

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number FAS140-4/FIN46(R)-8

-Paragraph 8, C1, C7

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-URI http://asc.fasb.org/subtopic&trid=2197480

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 94-6

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Interpretation (FIN)

-Number 46R

-Paragraph 4, 14, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367646&loc=d3e18780-107790

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 272

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6373374&loc=d3e70478-108055

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=7880789&loc=SL6228881-111685

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 2-6

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 810

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=18733093&loc=d3e5614-111684

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 915

-SubTopic 235

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6472506&loc=d3e38932-110933

+ Details

Name: us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

X

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Statement of Position (SOP)

-Number 94-6

-Paragraph 11, 14

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 9

-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6143-108592

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 8

-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6132-108592

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 275

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6927468&loc=d3e6061-108592

+ Details

Name: us-gaap_UseOfEstimates

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 41 R16.htm IDEA: XBRL DOCUMENT v2.4.0.6

Notes Payable (Tables)
9 Months Ended

Sep. 30, 2012

Schedule of Debt [Table Text Block]
The following table summarizes the hotel location, interest rate, maturity date and the principal amount assumed associated with each note payable outstanding as of September 30, 2012 and December 31, 2011. All dollar amounts are in thousands.

Location

Brand

Interest Rate (1)

Acquisition Date

Maturity Date

Principal Assumed

Outstanding balance as of September 30, 2012

Outstanding balance as of December 31, 2011

Knoxville, TN

Homewood Suites
6.30 %
7/19/2011

10/8/2016
$ 11,499 $ 11,296 $ 11,428

Knoxville, TN

TownePlace Suites
5.45 %
8/9/2011

12/11/2015
7,392 7,145 7,306

Des Plaines, IL

Hilton Garden Inn
5.99 %
9/20/2011

8/1/2016
20,838 20,480 20,749

Scottsdale, AZ

Hilton Garden Inn
6.07 %
10/3/2011

2/1/2017
10,585 10,434 10,558

Skokie, IL

Hampton Inn & Suites
6.15 %
12/19/2011

7/1/2016
19,092 18,860 19,092

Gainesville, FL

Homewood Suites
5.89 %
1/27/2012

5/8/2017
13,067 12,937 0

$ 82,473 $ 81,152 $ 69,133

(1) At acquisition, the Company adjusted the interest rates on these loans to market rates and is amortizing the adjustments to interest expense over the life of the loan.

X

- Definition

Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation.

+ References

No definition available.

+ Details

Name: us-gaap_ScheduleOfDebtTableTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 42 R21.htm IDEA: XBRL DOCUMENT v2.4.0.6

Real Estate Investments (Detail) - Hotel Acquisitions (USD $)
In Thousands, unless otherwise specified
9 Months Ended

Sep. 30, 2012

Homewood Suites Gainesville, FL [Member]

State FL

Brand Homewood Suites

Manager McKibbon

Date Acquired 1/27/2012

Rooms 103

Gross purchase price (in Dollars) $ 14,550

TownePlace Suites Nashville, TN [Member]

State TN

Brand TownePlace Suites

Manager LBA

Date Acquired 1/31/2012

Rooms 101

Gross purchase price (in Dollars) 9,848

Home2 Suites Jacksonville, NC [Member]

State NC

Brand Home2 Suites

Manager LBA

Date Acquired 5/4/2012

Rooms 105

Gross purchase price (in Dollars) 12,000

Hilton Garden Inn Boca Raton, FL [Member]

State FL

Brand Hilton Garden Inn

Manager White

Date Acquired 7/16/2012

Rooms 149

Gross purchase price (in Dollars) 10,900

Courtyard by Marriott Nassau Bay, TX [Member]

State TX

Brand Courtyard

Manager LBA

Date Acquired 7/17/2012

Rooms 124

Gross purchase price (in Dollars) 14,632

Total [Member]

Rooms 582

Gross purchase price (in Dollars) $ 61,930

X

- Definition

Date of acquisition.

+ References

No definition available.

+ Details

Name: apple10_BusinessAcquisitionDateAcquired

Namespace Prefix: apple10_

Data Type: us-types:dateStringItemType

Balance Type: na

Period Type: duration

X

- Definition

Total cash paid and debt assumed, if any, to acquire entity.

+ References

No definition available.

+ Details

Name: apple10_BusinessAcquisitionGrossPurchasePrice

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

The state in which the acquisition took place.

+ References

No definition available.

+ Details

Name: apple10_BusinessAcquisitionState

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Manager of acquired hotel.

+ References

No definition available.

+ Details

Name: apple10_Manager

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The number of hotel rooms.

+ References

No definition available.

+ Details

Name: apple10_NumberOfHotelRooms

Namespace Prefix: apple10_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition

Name of the acquired entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 50

-Paragraph 2

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=7659399&loc=d3e1392-128463

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 68

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 51

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionNameOfAcquiredEntity

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

XML 43 R26.htm IDEA: XBRL DOCUMENT v2.4.0.6

Notes Payable (Detail) - Mortgage Note Debt (USD $)
In Thousands, unless otherwise specified
9 Months Ended 12 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Dec. 31, 2011

Principal Assumed $ 13,067 $ 39,729 $ 69,400

Homewood Suites Knoxville, TN [Member]

Brand Homewood Suites

Interest Rate 6.30% ^[1]

Acquisition Date 7/19/2011

Maturity Date 10/8/2016

Principal Assumed 11,499

Outstanding Balance 11,296 11,428

TownePlace Suites Knoxville, TN [Member]

Brand TownePlace Suites

Interest Rate 5.45% ^[1]

Acquisition Date 8/9/2011

Maturity Date 12/11/2015

Principal Assumed 7,392

Outstanding Balance 7,145 7,306

Hilton Garden Inn Des Plaines, IL [Member]

Brand Hilton Garden Inn

Interest Rate 5.99% ^[1]

Acquisition Date 9/20/2011

Maturity Date 8/1/2016

Principal Assumed 20,838

Outstanding Balance 20,480 20,749

Hilton Garden Inn Scottsdale, AZ [Member]

Brand Hilton Garden Inn

Interest Rate 6.07% ^[1]

Acquisition Date 10/3/2011

Maturity Date 2/1/2017

Principal Assumed 10,585

Outstanding Balance 10,434 10,558

Hampton Inn & Suites Skokie, IL [Member]

Brand Hampton Inn & Suites

Interest Rate 6.15% ^[1]

Acquisition Date 12/19/2011

Maturity Date 7/1/2016

Principal Assumed 19,092

Outstanding Balance 18,860 19,092

Homewood Suites Gainesville, FL [Member]

Brand Homewood Suites

Interest Rate 5.89% ^[1]

Acquisition Date 1/27/2012

Maturity Date 5/8/2017

Principal Assumed 13,067

Outstanding Balance 12,937 0

Total [Member]

Principal Assumed 82,473

Outstanding Balance $ 81,152 $ 69,133

[1] At acquisition, the Company adjusted the interest rates on these loans to market rates and is amortizing the adjustments to interest expense over the life of the loan.

X

- Definition

Date of acquisition.

+ References

No definition available.

+ Details

Name: apple10_BusinessAcquisitionDateAcquired

Namespace Prefix: apple10_

Data Type: us-types:dateStringItemType

Balance Type: na

Period Type: duration

X

- Definition

Date when the debt instrument is scheduled to be fully repaid.

+ References

No definition available.

+ Details

Name: apple10_DebtInstrumentMaturityDate1

Namespace Prefix: apple10_

Data Type: us-types:dateStringItemType

Balance Type: na

Period Type: duration

X

- Definition

Including current and noncurrent portions, aggregate carrying amount of long-term borrowings as of the balance sheet date before deducting unamortized discount or premiums (if any). May include notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, which had initial maturities beyond one year or beyond the normal operating cycle, if longer.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 16

-Article 9

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name FASB Staff Position (FSP)

-Number APB14-1

-Paragraph 31

-Subparagraph b

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 20

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

+ Details

Name: us-gaap_DebtInstrumentCarryingAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: instant

X

- Definition

Discussion of whether the debt instrument is secured or unsecured, and, if secured, a description of the collateral and guarantees required or provided.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 4

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 942

-SubTopic 470

-Section 50

-Paragraph 3

-Subparagraph (d)

-URI http://asc.fasb.org/extlink&oid=6479336&loc=d3e64711-112823

+ Details

Name: us-gaap_DebtInstrumentCollateral

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Interest rate stated in the contractual debt agreement.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 22

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.22(a)(1))

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

+ Details

Name: us-gaap_DebtInstrumentInterestRateStatedPercentage

Namespace Prefix: us-gaap_

Data Type: num:percentItemType

Balance Type: na

Period Type: instant

X

- Definition

The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

XML 44 R5.htm IDEA: XBRL DOCUMENT v2.4.0.6

Consolidated Statements of Cash Flows (USD $)
In Thousands, unless otherwise specified
9 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Cash flows from (used in) operating activities:

Net income (loss) $ 13,393 $ (4,042)

Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:

Depreciation 11,582 2,959

Amortization of deferred financing costs, fair value adjustments and other noncash expenses 140 40

Changes in operating assets and liabilities:

Increase in due from third party managers, net (3,344) (2,708)

(Increase) decrease in other assets, net 156 (91)

Increase in accounts payable and accrued expenses 1,109 1,141

Net cash provided by (used in) operating activities 23,036 (2,701)

Cash flows used in investing activities:

Cash paid for the acquisition of hotel properties (51,226) (285,004)

Deposits and other disbursements for potential acquisitions (72) (2,312)

Capital improvements (5,241) (95)

(Increase) decrease in capital improvement reserves 648 (12)

Net cash used in investing activities (55,891) (287,423)

Cash flows from financing activities:

Net proceeds related to issuance of Units 198,532 384,067

Redemptions of Units (14,546) 0

Distributions paid to common shareholders (32,011) (15,204)

Payments of notes payable (1,048) (90)

Deferred financing costs (132) (498)

Payments on line of credit 0 (400)

Net cash provided by financing activities 150,795 367,875

Increase in cash and cash equivalents 117,940 77,751

Cash and cash equivalents, beginning of period 7,079 124

Cash and cash equivalents, end of period 125,019 77,875

Non-cash transactions:

Notes payable assumed in acquisitions $ 13,067 $ 39,729

X

- Definition

The component includes the amortization charges related to the deferred financing costs, fair value adjustments.

+ References

No definition available.

+ Details

Name: apple10_AmortizationOfDeferredFinancingCostsFairValueAdjustments

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Details

Name: apple10_CashFlowsFromFinancingActivitiesAbstract

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: apple10_CashFlowsFromUsedInOperatingActivitiesAbstract

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: apple10_CashFlowsUsedInInvestingActivitiesAbstract

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Details

Name: apple10_ChangesInOperatingAssetsAndLiabilitiesAbstract

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The net change during the reporting period in receivables to be collected from third party manager.

+ References

No definition available.

+ Details

Name: apple10_IncreaseDecreaseInDueFromThirdPartyManager

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: apple10_NonCashTransactionsAbstract

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The cash outflow to redeem Units during the period. Each Unit consists of one common share and one Series A preferred share.

+ References

No definition available.

+ Details

Name: apple10_PaymentsForRedemptionOfUnits

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Details

Name: us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract

Namespace Prefix: us-gaap_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section 45

-Paragraph 1

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6361293&loc=d3e6676-107765

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash Equivalents

-URI http://asc.fasb.org/extlink&oid=6507016

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 8, 9

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7, 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Cash

-URI http://asc.fasb.org/extlink&oid=6506951

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3044-108585

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 7

-Footnote 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.1)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 1

-Article 5

+ Details

Name: us-gaap_CashAndCashEquivalentsAtCarryingValue

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 5

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_Depreciation

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in the amounts payable to vendors for goods and services received and the amount of obligations and expenses incurred but not paid.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

+ Details

Name: us-gaap_IncreaseDecreaseInOtherOperatingAssets

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The net cash inflow or outflow for the increase (decrease) associated with funds that are not available for withdrawal or use (such as funds held in escrow) and are associated with underlying transactions that are classified as investing activities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 12

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3179-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 15, 16, 17

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_IncreaseDecreaseInRestrictedCash

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The net cash inflow or outflow from financing activity for the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NetCashProvidedByUsedInFinancingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The net cash inflow or outflow from investing activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 26

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3574-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NetCashProvidedByUsedInInvestingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities. While for technical reasons this element has no balance attribute, the default assumption is a debit balance consistent with its label.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 26

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 25

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3536-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 24

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3521-108585

+ Details

Name: us-gaap_NetCashProvidedByUsedInOperatingActivities

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 03

-Paragraph 19

-Article 5

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 260

-SubTopic 10

-Section 50

-Paragraph 1

-URI http://asc.fasb.org/extlink&oid=6371337&loc=d3e3550-109257

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.22)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Other Comprehensive Income

-URI http://asc.fasb.org/extlink&oid=6519514

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 225

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SX 210.5-03.18)

-URI http://asc.fasb.org/extlink&oid=6880815&loc=d3e20235-122688

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 130

-Paragraph 10, 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Paragraph 20

-Article 9

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Net Income

-URI http://asc.fasb.org/extlink&oid=6518256

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Emerging Issues Task Force (EITF)

-Number 87-21

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 28, 29, 30

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 28

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3602-108585

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 944

-SubTopic 225

-Section S99

-Paragraph 1

-Subparagraph (SX 210.7-04.19)

-URI http://asc.fasb.org/extlink&oid=6879464&loc=d3e573970-122913

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 220

-SubTopic 10

-Section 45

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=20435746&loc=d3e565-108580

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph A7

-Appendix A

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 51

-Paragraph 38

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NetIncomeLoss

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash outflow for acquisition of or capital improvements to properties held for investment (operating, managed, leased) or for use.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (c)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 17

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PaymentsForCapitalImprovements

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Cash outflow related to amounts given in advance to show or confirm an intention to complete an acquisition of land, buildings, other structures, or any item classified as real estate.

+ References

No definition available.

+ Details

Name: us-gaap_PaymentsForDepositsOnRealEstateAcquisitions

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

Cash outflow in the form of ordinary dividends to common shareholders, generally out of earnings.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 20

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsOfDividendsCommonStock

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash outflow for loan and debt issuance costs.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18, 19, 20

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 15

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3291-108585

+ Details

Name: us-gaap_PaymentsOfFinancingCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Investing Activities

-URI http://asc.fasb.org/extlink&oid=6516133

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 13

-Subparagraph (b)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3213-108585

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 15, 17

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 19

-Subparagraph a

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 14

-Subparagraph (a)

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3255-108585

+ Details

Name: us-gaap_ProceedsFromIssuanceOrSaleOfEquity

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The net cash inflow or cash outflow from a contractual arrangement with the lender, including letter of credit, standby letter of credit and revolving credit arrangements, under which borrowings can be made up to a specific amount at any point in time with either short term or long term maturity that is collateralized (backed by pledge, mortgage or other lien in the entity's assets).

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 45

-Paragraph 9

-Subparagraph c

-URI http://asc.fasb.org/extlink&oid=6943989&loc=d3e3098-108585

+ Details

Name: us-gaap_ProceedsFromRepaymentsOfLinesOfCredit

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The net cash inflow or outflow associated with long-term debt that is wholly or partially secured by collateral. Excludes proceeds from and repayments of tax exempt secured debt.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Financing Activities

-URI http://asc.fasb.org/extlink&oid=6513228

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 18

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_ProceedsFromRepaymentsOfSecuredDebt

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

XML 45 R10.htm IDEA: XBRL DOCUMENT v2.4.0.6

Shareholders' Equity
9 Months Ended

Sep. 30, 2012

Stockholders' Equity Note Disclosure [Text Block]
5.  Shareholders’ Equity

Series B Convertible Preferred Stock

The Company has issued 480,000 Series B convertible preferred shares to Glade M. Knight, Chairman and Chief Executive Officer of the Company, in exchange for the payment by him of $0.10 per Series B convertible preferred share, or an aggregate of $48,000. The Series B convertible preferred shares are convertible into common shares pursuant to the formula and on the terms and conditions set forth below.

There are no dividends payable on the Series B convertible preferred shares. Holders of more than two-thirds of the Series B convertible preferred shares must approve any proposed amendment to the articles of incorporation that would adversely affect the Series B convertible preferred shares.

Upon the Company’s liquidation, the holder of the Series B convertible preferred shares is entitled to a priority liquidation payment before any distribution of liquidation proceeds to the holders of the common shares. However, the priority liquidation payment of the holder of the Series B convertible preferred shares is junior to the holders of the Series A preferred shares’ distribution rights. The holder of a Series B convertible preferred share is entitled to a liquidation payment of $11 per number of common shares each Series B convertible preferred share would be convertible into according to the formula described below. In the event that the liquidation of the Company’s assets results in proceeds that exceed the distribution rights of the Series A preferred shares and the Series B convertible preferred shares, the remaining proceeds will be distributed between the common shares and the Series B convertible preferred shares, on an as converted basis.

Each holder of outstanding Series B convertible preferred shares shall have the right to convert any of such shares into common shares of the Company upon and for 180 days following the occurrence of any of the following events:

(1) substantially all of the Company’s assets, stock or business is sold or transferred through exchange, merger, consolidation, lease, share exchange, sale or otherwise, other than a sale of assets in liquidation, dissolution or winding up of the Company;

(2) the termination or expiration without renewal of the advisory agreement with A10A, or if the Company ceases to use ASRG to provide property acquisition and disposition services; or

(3) the Company’s common shares are listed on any securities exchange or quotation system or in any established market.

Upon the occurrence of any conversion event, each Series B convertible preferred share may be converted into a number of common shares based upon the gross proceeds raised through the date of conversion in the Company’s $2 billion offering according to the following table:

Gross Proceeds Raised from Sales of

Units through Date of Conversion

Number of Common Shares

through Conversion of

One Series B Convertible Preferred Share

$600 million
7.29150

$700 million
8.49719

$800 million
9.70287

$900 million
10.90855

$    1 billion
12.11423

$ 1.1 billion
13.31991

$ 1.2 billion
14.52559

$ 1.3 billion
15.73128

$ 1.4 billion
16.93696

$ 1.5 billion
18.14264

$ 1.6 billion
19.34832

$ 1.7 billion
20.55400

$ 1.8 billion
21.75968

$ 1.9 billion
22.96537

$    2 billion
24.17104

In the event that after raising gross proceeds of $2 billion, the Company raises additional gross proceeds in a subsequent public offering, each Series B convertible preferred share may be converted into an additional number of common shares based on the additional gross proceeds raised through the date of conversion in a subsequent public offering according to the following formula: (X/100 million) x 1.20568, where X is the additional gross proceeds rounded down to the nearest $100 million.

No additional consideration is due upon the conversion of the Series B convertible preferred shares. The conversion into common shares of the Series B convertible preferred shares will result in dilution of the shareholders’ interests and the termination of the Series A preferred shares.

Expense related to the issuance of 480,000 Series B convertible preferred shares to Mr. Knight will be recognized at such time when the number of common shares to be issued for conversion of the Series B shares can be reasonably estimated and the event triggering the conversion of the Series B shares to common shares occurs. The expense will be measured as the difference between the fair value of the common stock for which the Series B shares can be converted and the amounts paid for the Series B shares. Although the fair market value cannot be determined at this time, expense if the maximum offering is achieved could range from $0 to in excess of $127 million (assumes $11 per unit fair market value). Based on equity raised through September 30, 2012, if a triggering event had occurred, expense would have ranged from $0 to $38.5 million (assumes $11 per unit fair market value) and approximately 3.5 million common shares would have been issued.

Unit Redemption Program

In April 2012, the Company instituted a Unit Redemption Program to provide limited interim liquidity to its shareholders who have held their Units for at least one year. Shareholders may request redemption of Units for a purchase price equal to 92.5% of the price paid per Unit if the Units have been owned for less than five years, or 100% of the price paid per Unit if the Units have been owned more than five years. The maximum number of Units that may be redeemed in any given year is three percent of the weighted average number of Units outstanding during the 12-month period immediately prior to the date of redemption. The Company reserves the right to change the purchase price of redemptions, reject any request for redemption, or otherwise amend the terms of, suspend, or terminate the Unit Redemption Program. If the total redemption requests exceed the authorized amount of redemptions, the Board of Directors may limit the amount of redemptions as it deems prudent. If requests exceed the authorized amount, redemptions will be made on a pro-rata basis. Since the inception of the program through September 30, 2012, the Company has redeemed approximately 1.4 million Units in the amount of $14.5 million, representing 100% of the requested Unit redemptions.

Distributions

The Company’s annual distribution rate as of September 30, 2012 was $0.825 per common share, payable monthly. For the three months ended September 30, 2012 and 2011, the Company made distributions of $0.20625 per common share for a total of $12.1 million and $7.6 million. For the nine months ended September 30, 2012 and 2011, the Company made distributions of $0.61875 and $0.55 per common share for a total of $32.0 million and $15.2 million.

X

- Definition

The entire disclosure for shareholders' equity, comprised of portions attributable to the parent entity and noncontrolling interest, if any, including other comprehensive income (as applicable). Including, but not limited to: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms, and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables, effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 04

-Article 3

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 02

-Paragraph 29, 30, 31

-Article 5

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section E

Reference 5: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Glossary Preferred Stock

-URI http://asc.fasb.org/extlink&oid=6521494

Reference 6: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 11

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644

Reference 7: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 4

-Subparagraph (SAB TOPIC 4.C)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187143-122770

Reference 8: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644

Reference 9: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644

Reference 10: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 6

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644

Reference 11: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 30

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656

Reference 12: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Research Bulletin (ARB)

-Number 43

-Section B

-Paragraph 7, 11A

-Chapter 1

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 13: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Staff Accounting Bulletin (SAB)

-Number Topic 4

-Section C

Reference 14: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section 50

-Paragraph 2

-URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644

Reference 15: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Paragraph d

-Article 4

Reference 16: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 210

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.5-02.29-31)

-URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682

Reference 17: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 310

-SubTopic 10

-Section S99

-Paragraph 2

-Subparagraph (SAB TOPIC 4.E)

-URI http://asc.fasb.org/extlink&oid=6228006&loc=d3e74512-122707

Reference 18: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 5

-Paragraph 15

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 19: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 505

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.3-04)

-URI http://asc.fasb.org/extlink&oid=6959260&loc=d3e187085-122770

Reference 20: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 129

-Paragraph 2, 3, 4, 5, 6, 7, 8

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 21: http://www.xbrl.org/2003/role/presentationRef

-Publisher AICPA

-Name Accounting Principles Board Opinion (APB)

-Number 12

-Paragraph 10

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 22: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 235

-SubTopic 10

-Section S99

-Paragraph 1

-Subparagraph (SX 210.4-08.(d),(e))

-URI http://asc.fasb.org/extlink&oid=6881521&loc=d3e23780-122690

Reference 23: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Regulation S-X (SX)

-Number 210

-Section 08

-Article 4

+ Details

Name: us-gaap_StockholdersEquityNoteDisclosureTextBlock

Namespace Prefix: us-gaap_

Data Type: nonnum:textBlockItemType

Balance Type: na

Period Type: duration

XML 46 R27.htm IDEA: XBRL DOCUMENT v2.4.0.6

Related Parties (Detail) (USD $)
9 Months Ended 26 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Apple Suites Realty Group (ASRG) [Member]

Real estate acquisition and disposal fee, Related Party, Percent 2.00%

Business acquisition and disposal fees Incurred, Related Party $ 1,200,000 $ 6,500,000 $ 10,400,000

Reimbursement of Staffing and Related Costs To Related Party 400,000 500,000

Apple Ten Advisors (A10A) [Member]

Management Advisory Fee, Related Party, Percent 0.1% to 0.25%

Advisory Fee Incurred, Related Party 400,000 200,000

Reimbursement of Staffing and Related Costs To Related Party 800,000 500,000

ASRG and A10A [Member]

Reimbursement of Staffing and Related Costs To Related Party 1,200,000 1,000,000

CEO ownership of related parties 100.00%

TownePlace Suites Nashville, TN [Member]

Purchase Contract Assignment with Related Party, Date January 2012

Business Acquisition, Gross Purchase Price 9,800,000 9,800,000

Other consideration paid to ASRG for contract assignment 0

Reimbursement of deposit previously made by ASRG 2,500

Acquisition Date Jan. 31, 2012

Courtyard by Marriott Nassau Bay, TX [Member]

Purchase Contract Assignment with Related Party, Date July 2012

Business Acquisition, Gross Purchase Price 14,600,000 14,600,000

Other consideration paid to ASRG for contract assignment 0

Acquisition Date Jul. 17, 2012

Apple Air Holding, LLC [Member]

Aircraft usage fees $ 133,000 $ 192,000

X

- Definition

Total advisory fees incurred by Company under an advisory agreement with a related party.

+ References

No definition available.

+ Details

Name: apple10_AdvisoryFeesIncurredToRelatedParty

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Definition

Costs paid by the Company to Air Apple Holding, LLC, for aircraft usage.

+ References

No definition available.

+ Details

Name: apple10_AircraftUsageFees

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: na

Period Type: duration

X

- Definition

This element represents the fees incurred to a related party for acquisition and disposal of real estate during the period.

+ References

No definition available.

+ Details

Name: apple10_BusinessAcquisitionAndDisposalFeesIncurredToRelatedParty

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Date of acquisition.

+ References

No definition available.

+ Details

Name: apple10_BusinessAcquisitionDateAcquired2

Namespace Prefix: apple10_

Data Type: xbrli:dateItemType

Balance Type: na

Period Type: duration

X

- Definition

Total cash paid and debt assumed, if any, to acquire entity.

+ References

No definition available.

+ Details

Name: apple10_BusinessAcquisitionGrossPurchasePrice

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Percentage of related parties owned by Chairman and CEO of Company.

+ References

No definition available.

+ Details

Name: apple10_CEO_OwnershipOfRelatedParties

Namespace Prefix: apple10_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition

Annual fee paid to a related party for advisory services, as a percentage of total equity proceeds received by the Company.

+ References

No definition available.

+ Details

Name: apple10_ManagementAdvisoryFeeRelatedPartyPercent

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

Consideration, other than deposit reimbursements, paid to ASRG for assignment of a purchase contract.

+ References

No definition available.

+ Details

Name: apple10_OtherConsiderationPaidToASRGForContractAssignment

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The period during which the Company entered into a contract assignment with a related party to become the sole purchaser of one or more hotels.

+ References

No definition available.

+ Details

Name: apple10_PurchaseContractAssignmentWithRelatedPartyDate

Namespace Prefix: apple10_

Data Type: us-types:dateStringItemType

Balance Type: na

Period Type: duration

X

- Definition

The percentage of the gross purchase price or gross sale price of real estate assets paid to a related party as a fee for acquiring and disposing of assets for the Company.

+ References

No definition available.

+ Details

Name: apple10_RealEstateAcquisitionAndDisposalFeeRelatedPartyPercent

Namespace Prefix: apple10_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition

The reimbursement of deposits previously made by ASRG prior to contract assignment.

+ References

No definition available.

+ Details

Name: apple10_ReimbursementOfDepositPreviouslyMadeBy_ASRG

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Reimbursement for Company's proportionate share of staffing and related costs provided by a related party.

+ References

No definition available.

+ Details

Name: apple10_ReimbursementOfStaffingAndRelatedCostsToRelatedParty

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

XML 47 FilingSummary.xml IDEA: XBRL DOCUMENT 2.4.0.6 Html 125 167 1 true 73 0 false 4 false false R1.htm 000 - Disclosure - Document And Entity Information Sheet http://www.applereitten.com/role/DocumentAndEntityInformation Document And Entity Information true false R2.htm 001 - Statement - Consolidated Balance Sheets Sheet http://www.applereitten.com/role/ConsolidatedBalanceSheet Consolidated Balance Sheets false false R3.htm 002 - Statement - Consolidated Balance Sheets (Parentheticals) Sheet http://www.applereitten.com/role/ConsolidatedBalanceSheet_Parentheticals Consolidated Balance Sheets (Parentheticals) false false R4.htm 003 - Statement - Consolidated Statements of Operations Sheet http://www.applereitten.com/role/ConsolidatedIncomeStatement Consolidated Statements of Operations false false R5.htm 004 - Statement - Consolidated Statements of Cash Flows Sheet http://www.applereitten.com/role/ConsolidatedCashFlow Consolidated Statements of Cash Flows false false R6.htm 005 - Disclosure - Organization and Summary of Significant Accounting Policies Sheet http://www.applereitten.com/role/Note Organization and Summary of Significant Accounting Policies false false R7.htm 006 - Disclosure - Real Estate Investments Sheet http://www.applereitten.com/role/Note0 Real Estate Investments false false R8.htm 007 - Disclosure - Notes Payable Notes http://www.applereitten.com/role/Note00 Notes Payable false false R9.htm 008 - Disclosure - Related Parties Sheet http://www.applereitten.com/role/Note000 Related Parties false false R10.htm 009 - Disclosure - Shareholders' Equity Sheet http://www.applereitten.com/role/Note0000 Shareholders' Equity false false R11.htm 010 - Disclosure - Pro Forma Information (Unaudited) Sheet http://www.applereitten.com/role/Note00000 Pro Forma Information (Unaudited) false false R12.htm 011 - Disclosure - Legal Proceedings and Related Matters Sheet http://www.applereitten.com/role/Note000000 Legal Proceedings and Related Matters false false R13.htm 012 - Disclosure - Subsequent Events Sheet http://www.applereitten.com/role/Note0000000 Subsequent Events false false R14.htm 013 - Disclosure - Accounting Policies, by Policy (Policies) Sheet http://www.applereitten.com/role/AccountingPoliciesByPolicy Accounting Policies, by Policy (Policies) false false R15.htm 014 - Disclosure - Real Estate Investments (Tables) Sheet http://www.applereitten.com/role/NoteTables Real Estate Investments (Tables) false false R16.htm 015 - Disclosure - Notes Payable (Tables) Notes http://www.applereitten.com/role/NoteTables0 Notes Payable (Tables) false false R17.htm 016 - Disclosure - Shareholders' Equity (Tables) Sheet http://www.applereitten.com/role/NoteTables00 Shareholders' Equity (Tables) false false R18.htm 017 - Disclosure - Pro Forma Information (Unaudited) (Tables) Sheet http://www.applereitten.com/role/NoteTables000 Pro Forma Information (Unaudited) (Tables) false false R19.htm 018 - Disclosure - Organization and Summary of Significant Accounting Policies (Detail) Sheet http://www.applereitten.com/role/NoteDetail Organization and Summary of Significant Accounting Policies (Detail) false false R20.htm 019 - Disclosure - Real Estate Investments (Detail) Sheet http://www.applereitten.com/role/NoteDetail0 Real Estate Investments (Detail) false false R21.htm 020 - Disclosure - Real Estate Investments (Detail) - Hotel Acquisitions Sheet http://www.applereitten.com/role/HotelAcquisitionsTable Real Estate Investments (Detail) - Hotel Acquisitions false false R22.htm 021 - Disclosure - Real Estate Investments (Detail) - Hotels Sheet http://www.applereitten.com/role/HotelsTable Real Estate Investments (Detail) - Hotels false false R23.htm 022 - Disclosure - Real Estate Investments (Detail) - Invesment in Real Estate Sheet http://www.applereitten.com/role/InvesmentinRealEstateTable Real Estate Investments (Detail) - Invesment in Real Estate false false R24.htm 023 - Disclosure - Real Estate Investments (Detail) - Outstanding Contracts Sheet http://www.applereitten.com/role/OutstandingContractsTable Real Estate Investments (Detail) - Outstanding Contracts false false R25.htm 024 - Disclosure - Notes Payable (Detail) Notes http://www.applereitten.com/role/NoteDetail00 Notes Payable (Detail) false false R26.htm 025 - Disclosure - Notes Payable (Detail) - Mortgage Note Debt Notes http://www.applereitten.com/role/MortgageNoteDebtTable Notes Payable (Detail) - Mortgage Note Debt false false R27.htm 026 - Disclosure - Related Parties (Detail) Sheet http://www.applereitten.com/role/NoteDetail000 Related Parties (Detail) false false R28.htm 027 - Disclosure - Shareholders' Equity (Detail) Sheet http://www.applereitten.com/role/NoteDetail0000 Shareholders' Equity (Detail) false false R29.htm 028 - Disclosure - Shareholders' Equity (Detail) - Series B Convertible Preferred Stock Conversion to Common Stock Upon the Occurrence of Any Conversion Event Sheet http://www.applereitten.com/role/SeriesBConvertiblePreferredStockConversiontoCommonStockUpontheOccurrenceofAnyConversionEventTable Shareholders' Equity (Detail) - Series B Convertible Preferred Stock Conversion to Common Stock Upon the Occurrence of Any Conversion Event false false R30.htm 029 - Disclosure - Pro Forma Information (Unaudited) (Detail) Sheet http://www.applereitten.com/role/NoteDetail00000 Pro Forma Information (Unaudited) (Detail) false false R31.htm 030 - Disclosure - Pro Forma Information (Unaudited) (Detail) - Pro Forma Sheet http://www.applereitten.com/role/ProFormaTable Pro Forma Information (Unaudited) (Detail) - Pro Forma false false R32.htm 031 - Disclosure - Legal Proceedings and Related Matters (Detail) Sheet http://www.applereitten.com/role/NoteDetail000000 Legal Proceedings and Related Matters (Detail) false false R33.htm 032 - Disclosure - Subsequent Events (Detail) Sheet http://www.applereitten.com/role/NoteDetail0000000 Subsequent Events (Detail) false false All Reports Book All Reports Element apple10_ExpenseRelatedToTheConversionOfSeriesBConvertiblePreferredSharesMinimum had a mix of decimals attribute values: -6 0. Element apple10_PaymentsForRedemptionOfUnits had a mix of decimals attribute values: -5 -3. Element apple10_UnitsRedeemed had a mix of decimals attribute values: -5 0. Element us-gaap_BusinessCombinationAcquisitionRelatedCosts had a mix of decimals attribute values: -5 -3. Element us-gaap_CommonStockDividendsPerShareCashPaid had a mix of decimals attribute values: 2 5. Element us-gaap_PaymentsForDepositsOnRealEstateAcquisitions had a mix of decimals attribute values: -3 0. Element us-gaap_PaymentsOfDividendsCommonStock had a mix of decimals attribute values: -5 -3. Element us-gaap_ProceedsFromIssuanceOrSaleOfEquity had a mix of decimals attribute values: -5 -3. 'Monetary' elements on report '018 - Disclosure - Organization and Summary of Significant Accounting Policies (Detail)' had a mix of different decimal attribute values. 'Monetary' elements on report '019 - Disclosure - Real Estate Investments (Detail)' had a mix of different decimal attribute values. 'Monetary' elements on report '024 - Disclosure - Notes Payable (Detail)' had a mix of different decimal attribute values. 'Monetary' elements on report '026 - Disclosure - Related Parties (Detail)' had a mix of different decimal attribute values. 'Monetary' elements on report '027 - Disclosure - Shareholders' Equity (Detail)' had a mix of different decimal attribute values. 'Monetary' elements on report '032 - Disclosure - Subsequent Events (Detail)' had a mix of different decimal attribute values. Process Flow-Through: 001 - Statement - Consolidated Balance Sheets Process Flow-Through: Removing column 'Sep. 30, 2011' Process Flow-Through: Removing column 'Dec. 31, 2010' Process Flow-Through: 002 - Statement - Consolidated Balance Sheets (Parentheticals) Process Flow-Through: 003 - Statement - Consolidated Statements of Operations Process Flow-Through: 004 - Statement - Consolidated Statements of Cash Flows Process Flow-Through: Removing column '12 Months Ended Dec. 31, 2011' apple10-20120930.xml apple10-20120930.xsd apple10-20120930_cal.xml apple10-20120930_def.xml apple10-20120930_lab.xml apple10-20120930_pre.xml true true XML 48 R20.htm IDEA: XBRL DOCUMENT v2.4.0.6

Real Estate Investments (Detail) (USD $)
3 Months Ended 9 Months Ended 12 Months Ended

Sep. 30, 2012

Sep. 30, 2011

Sep. 30, 2012

Sep. 30, 2011

Dec. 31, 2011

Noncash or Part Noncash Acquisition, Debt Assumed $ 13,067,000 $ 39,729,000 $ 69,400,000

Business Combination, Acquisition Related Costs 607,000 3,605,000 1,541,000 8,153,000

Number of Hotel Properties 31 31

Number of states hotels owned in 15 15

Payments for Deposits on Real Estate Acquisitions 72,000 2,312,000

Hotel Acquisitions [Member]

Number of Businesses Acquired 5

Noncash or Part Noncash Acquisition, Debt Assumed 13,100,000

Business Combination, Acquisition Related Costs 1,500,000

Business acquisition and disposal fees Incurred, Related Party 1,200,000

Real estate acquisition and disposal fee, Related Party, Percent 2.00%

Business Combination, Other Acquisition Related Costs 300,000

Business Acquisition, Purchase Price Allocation, Goodwill Amount 0 0

Potential Purchase of Additional Hotels [Member]

Potential Number of Hotel Properties 5 5

Business Acquisition, Gross Purchase Price 89,600,000 89,600,000

Number of Potential Hotel Properties Under Construction 4 4

Hotel construction, time to completion 5 to 12 months

Potential Hotel Under Construction in Dallas, Texas [Member]

Return of Deposit on Purchase Contract 50,000

Potential Courtyard and TownePlace Suites [Member]

Potential Number of Hotel Properties 2 2

Business Acquisition, Gross Purchase Price 41,700,000 41,700,000

Payments for Deposits on Real Estate Acquisitions 50,000

Potential Home2 Suites and Hampton Inn & Suites [Member]

Potential Number of Hotel Properties 2 2

Business Acquisition, Gross Purchase Price 20,600,000 20,600,000

Payments for Deposits on Real Estate Acquisitions $ 2,500

X

- Definition

This element represents the fees incurred to a related party for acquisition and disposal of real estate during the period.

+ References

No definition available.

+ Details

Name: apple10_BusinessAcquisitionAndDisposalFeesIncurredToRelatedParty

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Total cash paid and debt assumed, if any, to acquire entity.

+ References

No definition available.

+ Details

Name: apple10_BusinessAcquisitionGrossPurchasePrice

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

Acquisition-related costs incurred to effect a business combination other than the commission paid to Apple Suites Realty Group.

+ References

No definition available.

+ Details

Name: apple10_BusinessCombinationOtherAcquisitionCosts

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Period in which construction on hotels are expected to be completed and closing is expected to occur.

+ References

No definition available.

+ Details

Name: apple10_HotelConstructionTimeToCompletion

Namespace Prefix: apple10_

Data Type: xbrli:stringItemType

Balance Type: na

Period Type: duration

X

- Definition

The number of hotel properties owned as of the balance sheet date.

+ References

No definition available.

+ Details

Name: apple10_NumberOfHotelProperties

Namespace Prefix: apple10_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition

The number of potential hotel properties under construction.

+ References

No definition available.

+ Details

Name: apple10_NumberOfPotentialHotelPropertiesUnderConstruction

Namespace Prefix: apple10_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition

The number of states the Company owns hotels in.

+ References

No definition available.

+ Details

Name: apple10_NumberOfStatesHotelsOwnedIn

Namespace Prefix: apple10_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition

The potential number of hotel properties to be acquired by the Company.

+ References

No definition available.

+ Details

Name: apple10_PotentialNumberOfHotelProperties

Namespace Prefix: apple10_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: instant

X

- Definition

The percentage of the gross purchase price or gross sale price of real estate assets paid to a related party as a fee for acquiring and disposing of assets for the Company.

+ References

No definition available.

+ Details

Name: apple10_RealEstateAcquisitionAndDisposalFeeRelatedPartyPercent

Namespace Prefix: apple10_

Data Type: num:percentItemType

Balance Type: na

Period Type: duration

X

- Definition

The deposit amount for a purchase contract returned to the Company.

+ References

No definition available.

+ Details

Name: apple10_ReturnOfDepositOnPurchaseContract

Namespace Prefix: apple10_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

Amount of goodwill arising from a business combination, which is the excess of the cost of the acquired entity over the amounts assigned to assets acquired and liabilities assumed.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 52

-Subparagraph c

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141

-Paragraph 53

-Subparagraph d

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessAcquisitionPurchasePriceAllocationGoodwillAmount

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: instant

X

- Definition

This element represents acquisition-related costs incurred to effect a business combination which costs have been expensed during the period. Such costs include finder's fees; advisory, legal, accounting, valuation, and other professional or consulting fees; general administrative costs, including the costs of maintaining an internal acquisitions department; and may include costs of registering and issuing debt and equity securities.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 805

-SubTopic 10

-Section 25

-Paragraph 23

-URI http://asc.fasb.org/extlink&oid=21917927&loc=d3e1043-128460

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 141R

-Paragraph 59

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_BusinessCombinationAcquisitionRelatedCosts

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: debit

Period Type: duration

X

- Definition

The amount of debt that an Entity assumes in acquiring a business or in consideration for an asset received in a noncash (or part noncash) acquisition. Noncash is defined as transactions during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 5

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4332-108586

Reference 2: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 4

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4313-108586

Reference 3: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Accounting Standards Codification

-Topic 230

-SubTopic 10

-Section 50

-Paragraph 3

-URI http://asc.fasb.org/extlink&oid=6367179&loc=d3e4304-108586

Reference 4: http://www.xbrl.org/2003/role/presentationRef

-Publisher FASB

-Name Statement of Financial Accounting Standard (FAS)

-Number 95

-Paragraph 32

-LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy.

+ Details

Name: us-gaap_NoncashOrPartNoncashAcquisitionDebtAssumed1

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

X

- Definition

The number of businesses acquired by the entity during the period.

+ References

No definition available.

+ Details

Name: us-gaap_NumberOfBusinessesAcquired

Namespace Prefix: us-gaap_

Data Type: xbrli:integerItemType

Balance Type: na

Period Type: duration

X

- Definition

Cash outflow related to amounts given in advance to show or confirm an intention to complete an acquisition of land, buildings, other structures, or any item classified as real estate.

+ References

No definition available.

+ Details

Name: us-gaap_PaymentsForDepositsOnRealEstateAcquisitions

Namespace Prefix: us-gaap_

Data Type: xbrli:monetaryItemType

Balance Type: credit

Period Type: duration

Real Estate Investments (Detail) - Hotels	Sep. 30, 2012
Hilton Garden Inn [Member]
Total by Brand	9
Number of Rooms	1,443
Hampton Inn & Suites [Member]
Total by Brand	5
Number of Rooms	626
Homewood Suites [Member]
Total by Brand	4
Number of Rooms	416
TownePlace Suites [Member]
Total by Brand	4
Number of Rooms	388
Fairfield Inn & Suites [Member]
Total by Brand	3
Number of Rooms	310
Courtyard [Member]
Total by Brand	2
Number of Rooms	266
Home2 Suites [Member]
Total by Brand	2
Number of Rooms	227
SpringHill Suites [Member]
Total by Brand	2
Number of Rooms	206
Total [Member]
Total by Brand	31
Number of Rooms	3,882

Consolidated Balance Sheets (Parentheticals) (USD $) In Thousands, except Share data, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Real estate accumulated depreciation (in Dollars)	$ 17,591	$ 6,009
Preferred stock, shares authorized	30,000,000	30,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, shares authorized	400,000,000	400,000,000
Common stock, shares issued	62,180,186	43,502,273
Common stock, shares outstanding	62,180,186	43,502,273
Series A Preferred Stock [Member]
Preferred stock, shares authorized	400,000,000	400,000,000
Preferred stock, shares issued	62,180,186	43,502,273
Preferred stock, shares outstanding	62,180,186	43,502,273
Series B Convertible Preferred Stock [Member]
Preferred stock, shares authorized	480,000	480,000
Preferred stock, shares issued	480,000	480,000
Preferred stock, shares outstanding	480,000	480,000

Document And Entity Information	9 Months Ended
Document And Entity Information	Sep. 30, 2012	Nov. 01, 2012
Document and Entity Information [Abstract]
Entity Registrant Name	Apple REIT Ten, Inc.
Document Type	10-Q
Current Fiscal Year End Date	--12-31
Entity Common Stock, Shares Outstanding		63,245,436
Amendment Flag	false
Entity Central Index Key	0001498864
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Smaller Reporting Company
Entity Well-known Seasoned Issuer	No
Document Period End Date	Sep. 30, 2012
Document Fiscal Year Focus	2012
Document Fiscal Period Focus	Q3

Real Estate Investments (Detail) - Invesment in Real Estate (USD $) In Thousands, unless otherwise specified	Sep. 30, 2012	Dec. 31, 2011
Land	$ 44,713
Building and Improvements	447,069
Furniture, Fixtures and Equipment	31,844
Franchise fees	1,764
	525,390
Less Accumulated Depreciation	(17,591)	(6,009)
Investment in real estate, net	$ 507,799	$ 452,205

Accounting Policies, by Policy (Policies)	9 Months Ended
Accounting Policies, by Policy (Policies)	Sep. 30, 2012
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Organization Apple REIT Ten, Inc. together with its wholly owned subsidiaries (the “Company”) is a Virginia corporation that has elected to be treated as a real estate investment trust (“REIT”) for federal income tax purposes. The Company was formed to invest in hotels and other income-producing real estate in selected metropolitan areas in the United States. Initial capitalization occurred on August 13, 2010, when 10 Units, each Unit consisting of one common share and one Series A preferred share, were purchased by Apple Ten Advisors, Inc. (“A10A”) and 480,000 Series B convertible preferred shares, were purchased by Glade M. Knight, the Company’s Chairman and Chief Executive Officer. The Company began operations on March 4, 2011, when it purchased its first hotel. The Company’s fiscal year end is December 31. The Company has no foreign operations or assets and its operating structure includes only one reportable segment. The consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated.
Basis of Accounting, Policy [Policy Text Block]	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with the rules and regulations for reporting on Form 10-Q. Accordingly, they do not include all of the information required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. These unaudited financial statements should be read in conjunction with the Company’s audited consolidated financial statements included in its 2011 Annual Report on Form 10-K. Operating results for the three and nine months ended September 30, 2012 are not necessarily indicative of the results that may be expected for the twelve month period ending December 31, 2012.
Use of Estimates, Policy [Policy Text Block]	Use of Estimates The preparation of the financial statements in conformity with United States generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.
Offering Costs [Policy Text Block]	Offering Costs The Company is raising capital through an on-going best-efforts offering of Units by David Lerner Associates, Inc., the managing underwriter, which receives a selling commission and a marketing expense allowance based on proceeds of the Units sold. Additionally, the Company has incurred other offering costs including legal, accounting and reporting services. These offering costs are recorded by the Company as a reduction of shareholders’ equity. As of September 30, 2012, the Company had sold 63.6 million Units for gross proceeds of $695.0 million and proceeds net of offering costs of $623.2 million. Offering costs included $69.5 million in selling commissions and marketing expenses and $2.4 million in other offering costs. The Company will offer Units until January 19, 2013, unless the offering is extended, or terminated if all of the Units are sold before then.
Earnings Per Share, Policy [Policy Text Block]	Earnings Per Common Share Basic earnings per common share is computed based upon the weighted average number of shares outstanding during the period. Diluted earnings per share is calculated after giving effect to all potential common shares that were dilutive and outstanding for the period. There were no potential common shares with a dilutive effect for the three and nine months ended September 30, 2012 or 2011. As a result, basic and diluted outstanding shares were the same. Series B convertible preferred shares are not included in earnings per common share calculations until such time that such shares are eligible to be converted to common shares.

Real Estate Investments (Detail) - Hotel Acquisitions (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012
Homewood Suites Gainesville, FL [Member]
State	FL
Brand	Homewood Suites
Manager	McKibbon
Date Acquired	1/27/2012
Rooms	103
Gross purchase price (in Dollars)	$ 14,550
TownePlace Suites Nashville, TN [Member]
State	TN
Brand	TownePlace Suites
Manager	LBA
Date Acquired	1/31/2012
Rooms	101
Gross purchase price (in Dollars)	9,848
Home2 Suites Jacksonville, NC [Member]
State	NC
Brand	Home2 Suites
Manager	LBA
Date Acquired	5/4/2012
Rooms	105
Gross purchase price (in Dollars)	12,000
Hilton Garden Inn Boca Raton, FL [Member]
State	FL
Brand	Hilton Garden Inn
Manager	White
Date Acquired	7/16/2012
Rooms	149
Gross purchase price (in Dollars)	10,900
Courtyard by Marriott Nassau Bay, TX [Member]
State	TX
Brand	Courtyard
Manager	LBA
Date Acquired	7/17/2012
Rooms	124
Gross purchase price (in Dollars)	14,632
Total [Member]
Rooms	582
Gross purchase price (in Dollars)	$ 61,930

Consolidated Statements of Cash Flows (USD $) In Thousands, unless otherwise specified	9 Months Ended
	Sep. 30, 2012	Sep. 30, 2011
Cash flows from (used in) operating activities:
Net income (loss)	$ 13,393	$ (4,042)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation	11,582	2,959
Amortization of deferred financing costs, fair value adjustments and other noncash expenses	140	40
Changes in operating assets and liabilities:
Increase in due from third party managers, net	(3,344)	(2,708)
(Increase) decrease in other assets, net	156	(91)
Increase in accounts payable and accrued expenses	1,109	1,141
Net cash provided by (used in) operating activities	23,036	(2,701)
Cash flows used in investing activities:
Cash paid for the acquisition of hotel properties	(51,226)	(285,004)
Deposits and other disbursements for potential acquisitions	(72)	(2,312)
Capital improvements	(5,241)	(95)
(Increase) decrease in capital improvement reserves	648	(12)
Net cash used in investing activities	(55,891)	(287,423)
Cash flows from financing activities:
Net proceeds related to issuance of Units	198,532	384,067
Redemptions of Units	(14,546)	0
Distributions paid to common shareholders	(32,011)	(15,204)
Payments of notes payable	(1,048)	(90)
Deferred financing costs	(132)	(498)
Payments on line of credit	0	(400)
Net cash provided by financing activities	150,795	367,875
Increase in cash and cash equivalents	117,940	77,751
Cash and cash equivalents, beginning of period	7,079	124
Cash and cash equivalents, end of period	125,019	77,875
Non-cash transactions:
Notes payable assumed in acquisitions	$ 13,067	$ 39,729

Related Parties (Detail) (USD $)	9 Months Ended		26 Months Ended
Related Parties (Detail) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012
Apple Suites Realty Group (ASRG) [Member]
Real estate acquisition and disposal fee, Related Party, Percent	2.00%
Business acquisition and disposal fees Incurred, Related Party	$ 1,200,000	$ 6,500,000	$ 10,400,000
Reimbursement of Staffing and Related Costs To Related Party	400,000	500,000
Apple Ten Advisors (A10A) [Member]
Management Advisory Fee, Related Party, Percent	0.1% to 0.25%
Advisory Fee Incurred, Related Party	400,000	200,000
Reimbursement of Staffing and Related Costs To Related Party	800,000	500,000
ASRG and A10A [Member]
Reimbursement of Staffing and Related Costs To Related Party	1,200,000	1,000,000
CEO ownership of related parties	100.00%
TownePlace Suites Nashville, TN [Member]
Purchase Contract Assignment with Related Party, Date	January 2012
Business Acquisition, Gross Purchase Price	9,800,000		9,800,000
Other consideration paid to ASRG for contract assignment	0
Reimbursement of deposit previously made by ASRG	2,500
Acquisition Date	Jan. 31, 2012
Courtyard by Marriott Nassau Bay, TX [Member]
Purchase Contract Assignment with Related Party, Date	July 2012
Business Acquisition, Gross Purchase Price	14,600,000		14,600,000
Other consideration paid to ASRG for contract assignment	0
Acquisition Date	Jul. 17, 2012
Apple Air Holding, LLC [Member]
Aircraft usage fees	$ 133,000	$ 192,000

Real Estate Investments (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
Real Estate Investments (Detail) (USD $)	Sep. 30, 2012	Sep. 30, 2011	Sep. 30, 2012	Sep. 30, 2011	Dec. 31, 2011
Noncash or Part Noncash Acquisition, Debt Assumed			$ 13,067,000	$ 39,729,000	$ 69,400,000
Business Combination, Acquisition Related Costs	607,000	3,605,000	1,541,000	8,153,000
Number of Hotel Properties	31		31
Number of states hotels owned in	15		15
Payments for Deposits on Real Estate Acquisitions			72,000	2,312,000
Hotel Acquisitions [Member]
Number of Businesses Acquired			5
Noncash or Part Noncash Acquisition, Debt Assumed			13,100,000
Business Combination, Acquisition Related Costs			1,500,000
Business acquisition and disposal fees Incurred, Related Party			1,200,000
Real estate acquisition and disposal fee, Related Party, Percent			2.00%
Business Combination, Other Acquisition Related Costs			300,000
Business Acquisition, Purchase Price Allocation, Goodwill Amount	0		0
Potential Purchase of Additional Hotels [Member]
Potential Number of Hotel Properties	5		5
Business Acquisition, Gross Purchase Price	89,600,000		89,600,000
Number of Potential Hotel Properties Under Construction	4		4
Hotel construction, time to completion			5 to 12 months
Potential Hotel Under Construction in Dallas, Texas [Member]
Return of Deposit on Purchase Contract			50,000
Potential Courtyard and TownePlace Suites [Member]
Potential Number of Hotel Properties	2		2
Business Acquisition, Gross Purchase Price	41,700,000		41,700,000
Payments for Deposits on Real Estate Acquisitions			50,000
Potential Home2 Suites and Hampton Inn & Suites [Member]
Potential Number of Hotel Properties	2		2
Business Acquisition, Gross Purchase Price	20,600,000		20,600,000
Payments for Deposits on Real Estate Acquisitions			$ 2,500