Investments in Real Estate

6 Months Ended

Jun. 30, 2013

Investments In Real Estate [Abstract]

Investments in Real Estate

3. Investments in Real Estate

As of June 30, 2013, accumulated depreciation and amortization related to real estate assets and related lease intangibles were as follows:

	Land		Buildings and improvements		Furniture, fixtures and equipment		Intangible lease assets
Cost	$	23,193,000	$	167,136,000	$	5,203,000	$	14,757,000
Accumulated depreciation and      amortization		—		(11,568,000)		(2,254,000)		(11,326,000)
Net	$	23,193,000	$	155,568,000	$	2,949,000	$	3,431,000

As of December 31, 2012, accumulated depreciation and amortization related to real estate assets and related lease intangibles were as follows:

	Land		Buildings and improvements		Furniture, fixtures and equipment		Intangible lease assets
Cost	$	23,193,000	$	166,996,000	$	5,118,000	$	14,757,000
Accumulated depreciation and      amortization		—		(9,151,000)		(1,803,000)		(9,374,000)
Net	$	23,193,000	$	157,845,000	$	3,315,000	$	5,383,000

Depreciation expense associated with buildings and improvements, site improvements and furniture and fixtures for the three months ended June 30, 2013 and 2012 was approximately $1.4 million and $1.1 million, respectively. Depreciation expense associated with buildings and improvements, site improvements and furniture and fixtures for the six months ended June 30, 2013 and 2012 was approximately $2.9 million and $2.0 million, respectively.

Amortization associated with intangible assets for the three months ended June 30, 2013 and 2012 was $1.0 million and $0.4 million, respectively. Amortization associated with intangible assets for the six months ended June 30, 2013 and 2012 was $1.9 million and $1.0 million, respectively.

Estimated amortization for July 1, 2013 through December 31, 2013 and each of the subsequent years is as follows:

	Intangible  assets
July 1, 2013 — December 1, 2013	$	179,000
2014		330,000
2015		330,000
2016		329,000
2017		328,000
2018		328,000
2019 and thereafter		1,607,000

The estimated useful lives for intangible assets range from approximately three to sixteen years. As of June 30, 2013, the weighted-average amortization period for intangible assets was twelve years.