INVESTMENTS IN REAL ESTATE (Tables)

12 Months Ended

Dec. 31, 2013

INVESTMENTS IN REAL ESTATE

Schedule of investments in real estate

Investments in real estate as of December 31, 2013 and 2012, consist of the following (in thousands):

	2013			2012
Land	$	331,060		$	315,398
Land improvements		27,536			27,085
Buildings and improvements		1,454,854			1,427,688
Furniture, fixtures, and equipment		23,051			17,582
Tenant improvements		183,915			169,073
Work in progress		9,987			10,222
		2,030,403			1,967,048
Accumulated depreciation		(348,238	)		(290,225	)
Net investments in real estate	$	1,682,165		$	1,676,823

Schedule of fair values of assets acquired and liabilities assumed from acquisitions and hotel foreclosure

The fair values of the assets acquired and liabilities assumed for the above-noted acquisitions and the hotel foreclosure during the years ended December 31, 2011 and 2013, are as follows (in thousands):

	2013			2012		2011
Land	$	15,662		$	—	$	30,612
Land improvements		436			—		—
Buildings and improvements		20,256			—		31,145
Furniture, fixtures, and equipment		2,481			—		—
Advance bookings		251			—		—
Working capital		1,014			—		—
Property tax abatement intangibles		—			—		4,273
Payable to seller		—			—		(1,050	)
Seller financing and notes payable assumed		—			—		(20,000	)
Note receivable		(40,100	)		—		—
Net assets acquired	$	—		$	—	$	44,980

Schedule of intangible assets and liabilities and related accumulated amortization and accretion

A schedule of the intangible assets and liabilities and related accumulated amortization and accretion as of December 31, 2013 and 2012, is as follows (in thousands):

	Assets																		Liabilities
As of December 31, 2013	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement			Advance Bookings			Franchise Affiliation Fee			Acquired Below-Market Ground Lease			Acquired Below-Market Leases
Gross balance	$	8,017		$	79,645		$	4,273		$	8,329		$	3,936		$	11,685		$	(61,323	)
Accumulated amortization		(7,052	)		(73,463	)		(1,220	)		(8,139	)		(2,587	)		(1,142	)		52,523
	$	965		$	6,182		$	3,053		$	190		$	1,349		$	10,543		$	(8,800	)
Average useful life (in years)		4			5			8			3			10			84			6

	Assets																		Liabilities
As of December 31, 2012	Acquired Above-Market Leases			Acquired In-Place Leases			Tax Abatement			Advance Bookings			Franchise Affiliation Fee			Acquired Below-Market Ground Lease			Acquired Below-Market Leases
Gross balance	$	8,017		$	79,645		$	4,273		$	8,078		$	3,936		$	11,685		$	(61,323	)
Accumulated amortization		(6,164	)		(70,095	)		(669	)		(8,078	)		(2,193	)		(1,002	)		49,465
	$	1,853		$	9,550		$	3,604		$	—		$	1,743		$	10,683		$	(11,858	)
Average useful life (in years)		4			4			8			3			10			84			6

Schedule of future amortization and accretion of acquisition-related intangible assets and liabilities

A schedule of future amortization and accretion of acquisition-related intangible assets and liabilities as of December 31, 2013, is as follows (in thousands):

	Assets												Liabilities
Years Ending December 31	Acquired Above-Market Leases		Acquired In-Place Leases		Tax Abatement		Advance Bookings		Franchise Affiliation Fee		Acquired Below-Market Ground Lease		Acquired Below-Market Leases
2014	$	488	$	2,251	$	551	$	190	$	394	$	140	$	(2,327	)
2015		334		1,536		551		—		394		140		(2,082	)
2016		109		901		551		—		394		140		(2,015	)
2017		26		415		551		—		167		140		(1,907	)
2018		8		165		551		—		—		140		(469	)
Thereafter		—		914		298		—		—		9,843		—
	$	965	$	6,182	$	3,053	$	190	$	1,349	$	10,543	$	(8,800	)