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Acquisitions and Dispositions (Tables)

12 Months Ended

Dec. 31, 2013

Schedule of Carrying Value and Estimated Fair Value of Company's Class B Interest in RJ LLC

The following table summarizes the carrying value and estimated fair value of the Company’s Class B interest in RJ LLC as of June 14, 2013 and the resulting gain on remeasurement of approximately $10.9 million, which has been recognized in the accompanying consolidated statements of operations (in thousands):


Fair value of existing Class B interest	$	7,615
Carrying value of Class B interest		(3,330	)

Gain on remeasurement of equity method investment	$	10,945

Schedule of Total Revenues and Net Income Attributable to Acquisitions

The following table presents the total revenues and net income attributable to the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction that are included in our consolidated statement of operations from the respective transaction dates through December 31, 2013 (in thousands):


	Management Internalization (1)			Alaska Joint Venture Acquisition		2013 RJ Transaction
	Period from June 10, 2013 to December 31, 2013			Period from June 11, 2013 to December 31, 2013		Period from June 14, 2013 to December 31, 2013
Total revenues	$	1,502		$	38,054	$	2,723
Net (loss) / income	$	(26,179	)	$	2,256	$	52

(1)	Total revenues and net loss attributable to the Management Internalization does not reflect the benefit of eliminating approximately $24,000,000 in advisory management and property management fees that would have otherwise been paid to the Sponsor after the date of the Management Internalization.

Schedule of Company's Supplemental Consolidated Pro Forma Total Revenues and Net Income

The following table presents the Company’s supplemental consolidated pro forma total revenues and net income as if the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction had occurred on January 1, 2012 (in thousands):


	Year ended December 31,						Period from June 23, 2011 to
	2013			2012			December 31, 2011
Pro forma total revenues (1)	$	160,485		$	11,018		$	65
Pro forma net loss (1)	$	(24,235	)	$	(13,130	)	$	(42	)

(1)	This unaudited pro forma supplemental information does not purport to be indicative of what the Company’s operating results would have been had the Management Internalization, Alaska Joint Venture Acquisition, and 2013 RJ Transaction occurred on January 1, 2012.

Management Internalization [Member]

Schedule of Estimated Fair Values of Assets Acquired

The following table summarizes the estimated fair values of the assets acquired as part of the Management Internalization as of the date of acquisition (in thousands):


Buildings and improvements	$	4,214
Identified intangible assets:
Trademark		3,100
Database		2,100
Goodwill		120,655

Fair value of acquired assets	$	130,069

Alaska Joint Venture Acquisition [Member]

Schedule of Estimated Fair Values of Assets Acquired

The following table summarizes the estimated fair values of the assets acquired as part of the Alaska Joint Venture Acquisition in accordance with ASC 805, Business Combinations, as of the date of acquisition (in thousands):


Land	$	156,648
Building and improvements		740,396
Receivable for net cash flows prior to acquisition date		1,896
Value of in-place leases		5,547

Fair value of acquired assets	$	904,487

RJ LLC [Member]

Schedule of Estimated Fair Values of Assets Acquired

The following table summarizes the estimated fair values of the net assets of RJ LLC, RJ1 and RJ2 that the Company gained control over on June 14, 2013 and the associated 67% noncontrolling interest held by the RJ1 Investors and RJ2 Investors in RJ1 and RJ2, respectively (in thousands):


Land	$	10,340
Building and improvements		54,123
Value of in-place leases		539
Cash and cash equivalents		1,128
Other current assets and liabilities, net		(311	)
Note payable		(7,600	)
Noncontrolling interest		(39,321	)

Fair value of acquired net assets	$	18,898