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Investments in Real Estate (Tables)

6 Months Ended

Jun. 30, 2012

Investments in Real Estate [Abstract]

Summary of investments in real estate

The table below summarizes our investments in real estate:

Land		$	27,089
Building			109,072
Furniture, fixtures and equipment			1,672
Total investment in real estate			137,833
Accumulated depreciation			(10,748	)
Investments in real estate, net		$	127,085

Summary of aggregate carrying value of the assets and liabilities

The following table summarizes the aggregate carrying value of the assets and liabilities associated with the Initial Portfolio acquired during the six-month period ended June 30, 2011, on the respective date of each conversion, for the real estate accounted for under FASB ASC Topic 805.

Description		Carrying Amount
Assets acquired:
Investments in real estate, net		$	101,733
Liabilities assumed:
Mortgage indebtedness			64,575
Carrying amount of net assets acquired		$	37,158

Pro forma of financial information purport to represent the results of operations for future periods

Our consolidated unaudited pro forma information, after including the acquisition of real estate properties, is presented below as if the acquisition occurred on January 1, 2011. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition had occurred on the first day of the periods presented, nor does the pro forma financial information purport to represent the results of operations for future periods:

Description		For the Six-Month Period Ended June 30, 2011
Total revenue, as reported		$	2,174
Pro forma revenue			6,521
Net income (loss) allocable to common shares, as reported			(36	)
Pro forma net income (loss) allocable to common shares			(35	)

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

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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.

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- Definition

Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree.

+ References

Reference 1: 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

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