ACQUISITIONS AND DISPOSITIONS

3 Months Ended

Mar. 31, 2016

ACQUISITIONS AND DISPOSITIONS

ACQUISITIONS AND DISPOSITIONS

3. ACQUISITIONS AND DISPOSITIONS

        The fair value of real estate acquired is recorded to the acquired tangible assets, consisting primarily of land, land improvements, building and improvements, tenant improvements, and furniture, fixtures, and equipment, and identified intangible assets and liabilities, consisting of the value of above-market and below-market leases, in-place leases and tenant relationships and acquired ground leases, if any, based in each case on their respective fair values. Loan premiums, in the case of above-market rate loans, or loan discounts, in the case of below-market rate loans, are recorded based on the fair value of any loans assumed in connection with acquiring the real estate.

        There were no acquisitions during the three months ended March 31, 2016 and 2015.

        On February 2, 2016, we sold a 100% fee-simple interest in the Courtyard Oakland located in Oakland, California to an unrelated third party.

Property	Asset Type	Date of Sale	Rooms		Sales Price		Gain on Sale
					(in thousands)
Courtyard Oakland, Oakland, CA	Hotel	February 2, 2016		162	$	43,800	$	24,739