Investments in Real Estate (Tables)

9 Months Ended

12 Months Ended

Sep. 30, 2013

Dec. 31, 2012

The table below summarizes our investments in real estate as of September 30, 2013 and December 31, 2012:


	As of September 30, 2013			As of December 31, 2012
Land	$	32,624		$	30,168
Building		131,215			121,390
Furniture, fixtures and equipment		2,826			2,007

Total investment in real estate		166,665			153,565
Accumulated depreciation		(14,805	)		(12,283	)

Investments in real estate, net	$	151,860		$	141,282

The table below summarizes our investments in real estate:


	2012			2011
Land	$	30,168			27,089
Building		121,390			109,072
Furniture, fixtures and equipment		2,007			1,267

Total investment in real estate		153,565			137,428
Accumulated depreciation		(12,283	)		(9,304	)

Investments in real estate, net	$	141,282			128,124

Summary of Aggregate Carrying Value of Assets and Liabilities

The following table summarizes the aggregate carrying value of the assets and liabilities associated with the properties acquired during the year ended December 31, 2012 and the three-month period ended September 30, 2013, on the respective date of each acquisition, for the real estate accounted for under FASB ASC Topic 805.


Description	Carrying Amount of Assets Acquired During the Year Ended December 31, 2012			Carrying Amount of Assets Acquired During the three- months Ended September 30, 2013
Assets acquired:
Investments in real estate	$	15,397		$	12,281
Intangible asset		353			969
Liabilities assumed:
Mortgage indebtedness		(10,238	)		—

Carrying amount of net assets acquired	$	5,512		$	13,250

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


Description	Carrying Amount
Assets acquired:
Investments in real estate	$	15,397
Intangible asset		353
Liabilities assumed:
Mortgage indebtedness		(10,238	)

Carrying amount of net assets acquired	$	5,512

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 Nine-Month Period Ended September 30, 2013		For the Nine-Month Period Ended September 30, 2012
Total revenue, as reported	$	14,175	$	12,117
Pro forma revenue		16,017		15,290
Net income (loss) allocable to common shares, as reported		307		(68	)
Pro forma net income (loss) allocable to common shares		836		(1	)

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, 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 Year Ended December 31, 2012			For the Year Ended December 31, 2011
Total revenue, as reported	$	16,629		$	8,668
Pro forma revenue		18,308			17,675
Net income (loss) allocable to common shares, as reported		(123	)		(112	)
Pro forma net income (loss) allocable to common shares		(66	)		(55	)