Acquired Properties

9 Months Ended

Sep. 30, 2014

Business Combinations [Abstract]

Acquired Properties

The Company records identifiable assets, liabilities, noncontrolling interests and goodwill acquired in a business combination at fair value. The Company acquired three properties, including two retail properties and one lodging property for the nine months endedSeptember 30, 2014 and fifteen properties, including four retail properties, eight lodging properties, and three student housing properties for the nine months endedSeptember 30, 2013, for a gross acquisition price of $209,150 and $831,850, respectively. The table below reflects acquisition activity during the nine months ended September 30, 2014.

Segment	Property	Date	Gross Acquisition Price	Square Feet / Rooms
Retail	Suncrest Village	2/13/2014	$14,050	93,358	Square Feet
Retail	Plantation Grove	2/13/2014	12,100	73,655	Square Feet
Lodging	Aston Waikiki Beach Hotel	2/28/2014	183,000	645	Rooms
Total			$209,150

For properties acquired as of September 30, 2014, the Company recorded revenue of $12,399 and $26,600 for the three and nine months ended September 30, 2014, respectively. The Company recorded property net income of $3,383 and $4,858, excluding related expensed acquisition costs, for the three and nine months ended September 30, 2014, respectively. The Company incurred $27 and $1,337 of acquisition and transaction costs during the three and nine months ended September 30, 2014, respectively, that were recorded in general and administrative expenses on the consolidated statements of operations and comprehensive income.

For properties acquired as of September 30, 2013, the Company recorded revenue of $23,750 and $40,335 for the three and nine months ended September 30, 2013, respectively. The Company recorded property net income of $8,569 and $14,294, excluding related expensed acquisition costs for the three and nine months endedSeptember 30, 2013, respectively. The Company incurred $845 and $1,581 of acquisition and transaction costs during the three and nine months ended September 30, 2013, respectively, that were recorded in general and administrative expenses on the consolidated statements of operations and comprehensive income.