INVESTMENT IN HOTEL PROPERTIES, NET (Tables)

6 Months Ended

Jun. 30, 2016

Schedule of investment in hotel properties, net

Investment in hotel properties, net at June 30, 2016 and December 31, 2015 is as follows (in thousands):



	June 30, 2016			December 31, 2015
Land	$	161,914		$	149,996
Hotel buildings and improvements	1,311,348			1,222,017
Construction in progress	15,006			6,555
Furniture, fixtures and equipment	124,388			123,332
	1,612,656			1,501,900
Less accumulated depreciation	(196,023		)	(168,493		)
	$	1,416,633		$	1,333,407

Disclosure of Long Lived Assets Held-for-sale

Assets held for sale at June 30, 2016 and December 31, 2015 include the following (in thousands):



	June 30, 2016		December 31, 2015
Land	$	11,688	$	24,250
Hotel buildings and improvements	49,581		97,249
Furniture, fixtures and equipment	7,413		10,906
Franchise fees and other	480		733
Total	$	69,162	$	133,138

Schedule of hotel property acquisitions

A summary of the hotel properties acquired during the six months ended June 30, 2016 and 2015 is as follows (in thousands):



Date Acquired	Franchise/Brand	Location	Purchase Price
First Six Months of 2016
January 19, 2016	Courtyard by Marriott	Nashville, TN	$	71,000
January 20, 2016	Residence Inn by Marriott	Atlanta, GA	38,000
			$	109,000	(1)
First Six Months of 2015
April 13, 2015	Hampton Inn & Suites	Minneapolis, MN	$	38,951
June 18, 2015	Hampton Inn	Boston (Norwood), MA	24,000
June 30, 2015	Hotel Indigo	Asheville, NC	35,000
			$	97,951

(1) The net assets acquired totaled $109,182 due to the purchase at settlement of certain working capital assets and liabilities related to the properties that was in addition to the purchase price of $109,000.

Schedule of allocation of the aggregate purchase prices to the fair value of assets acquired and liabilities assumed

The allocation of the aggregate purchase prices to the fair value of assets and liabilities acquired for the above acquisitions is as follows (in thousands):



	Six Months Ended June 30,
	2016				2015
Land	$	12,173			$	7,602
Hotel buildings and improvements	95,358				83,105
Furniture, fixtures and equipment	2,130				7,017
Other assets	383			(1)	375
Total assets acquired	110,044				98,099
Less other liabilities	(862		)	(1)	(148		)
Net assets acquired	$	109,182			$	97,951


(1)	The net assets acquired totaled $109,182 due to the purchase at settlement of certain working capital assets and liabilities related to the properties that was in addition to the purchase price of $109,000.

Schedule of total revenues and net income for hotel properties acquired

Total revenues and net income for hotel properties acquired in the six months ended June 30, 2016 and 2015, which are included in our Condensed Consolidated Statements of Operations, are as follows (in thousands):



	2016 Acquisitions		2015 Acquisitions				2016 Acquisitions		2015 Acquisitions
	For the Three Months Ended June 30,		For the Three Months Ended June 30,				For the Six Months Ended June 30,		For the Six Months Ended June 30,
	2016		2016		2015		2016		2016		2015
Revenues	$	6,267	$	6,462	$	1,912	$	10,511	$	10,513	$	1,912
Net income	$	1,738	$	1,187	$	190	$	2,715	$	370	$	190

Schedule of unaudited condensed pro forma financial information

The unaudited condensed pro forma financial information for the three and six months ended June 30, 2016 and 2015 is as follows (in thousands, except per share):



	For the Three Months Ended June 30,				For the Six Months Ended June 30,
	2016 (1)		2015		2016 (1)		2015
	(unaudited)				(unaudited)
Revenues	$	125,602	$	118,073	$	239,906	$	224,805
Income from hotel operations	$	50,127	$	45,274	$	93,294	$	84,505
Net income before taxes	$	19,231	$	17,298	$	32,641	$	30,269
Net income	$	19,096	$	16,394	$	30,935	$	28,866
Net income attributable to common stockholders, net of amount allocated to participating securities	$	14,819	$	7,999	$	26,562	$	20,342
Basic net income per share attributable to common stockholders	$	0.17	$	0.09	$	0.31	$	0.24
Diluted net income per share attributable to common stockholders	$	0.17	$	0.09	$	0.30	$	0.23

(1) The pro forma amounts exclude the $2.7 million and $39.5 million gain on the sale of hotel properties during the three and six months ended June 30, 2016, respectively.