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Investments in Real Estate (Tables)

12 Months Ended

Dec. 31, 2013

Summary of Investments in Real Estate

The table below summarizes our investments in real estate:

		2013				2012				Depreciable Lives
Land		$	37,418			$	30,168			—
Building			149,657				121,390			40
Furniture, fixtures and equipment			3,021				2,007			5-10
Total investment in real estate			190,096				153,565
Accumulated depreciation			(15,775	)			(12,283	)
Investments in real estate, net		$	174,321			$	141,282

Summary of Aggregate Fair Value of Assets

The following table summarizes the aggregate fair value of the assets associated with the properties acquired during the years ended December 31, 2013 and 2012, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.

Description		Fair Value of Assets Acquired During the Year Ended December 31, 2013				Fair Value of Assets Acquired During the Year Ended December 31, 2012
Assets acquired:
Investments in real estate		$	35,517			$	15,397
Intangible asset			733				353
Total		$	36,250			$	15,750

Pro Forma of Financial Information Purport to Represent 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 acquisitions occurred on January 1, 2012. These pro forma results are not necessarily indicative of the results which actually would have occurred if the acquisition 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 Year Ended December 31, 2013				For the Year Ended December 31, 2012
Total revenue, as reported		$	19,943			$	16,629
Pro forma revenue			25,238				24,025
Net income (loss) allocable to common shares, as reported			615				(123	)
Pro forma net income (loss) allocable to common shares			1,348				398

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=25497992&loc=d3e1392-128463

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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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X

- 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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