Acquisition of Hotel Properties (Tables)

9 Months Ended

Sep. 30, 2014

The allocation of fair value to the acquired assets and liabilities is as follows (in thousands):



	2014 Acquisitions
Land	$	31,055
Buildings and improvements	136,004
Furniture, fixtures and equipment	9,851
Below (Above) market rate contracts	10,731
Assumed debt	(50,725		)
Capital lease obligation	(10,758		)
Net working capital	(627		)
Net assets acquired	$	125,531

Business acquisition, unaudited proforma information

The following unaudited pro forma financial information presents the results of operations of the Company for the three and nine months ended September 30, 2014 and 2013 as if the hotels acquired in 2014 and 2013 were acquired on January 1, 2013 and 2012, respectively. The following hotels' pro forma results are included in the pro forma table below: Embassy Suites San Diego Bay-Downtown, Redbury Hotel, Hotel Modera, Radisson Hotel Fisherman's Wharf, Prescott Hotel and The Nines Hotel. The pro forma results below exclude acquisition costs of $0.5 million and $0.3 million for the three months ended September 30, 2014 and 2013, respectively, and $1.0 million and $1.4 million for the nine months ended September 30, 2014 and 2013, respectively. The unaudited pro forma results have been prepared for comparative purposes only and do not purport to be indicative of either the results of operations that would have actually occurred had these transactions occurred or the future results of operations (in thousands, except per-share data).



	For the three months ended September 30,				For the nine months ended September 30,
	2014		2013		2014		2013
Total revenues	$	171,501	$	157,016	$	468,070	$	435,089
Operating income (loss)	36,136		29,605		76,695		61,910
Net income (loss) attributable to common shareholders	23,438		18,006		39,526		28,216
Net income (loss) per share available to common shareholders — basic	$	0.36	$	0.28	$	0.61	$	0.44
Net income (loss) per share available to common shareholders — diluted	$	0.36	$	0.27	$	0.61	$	0.43