Noncontrolling Interest Of Common And Preferred Units In SLP

12 Months Ended

Dec. 31, 2011

Noncontrolling Interest Of Common And Preferred Units In SLP [Abstract]

Noncontrolling Interest Of Common And Preferred Units In SLP

Note 11. Noncontrolling Interest of Common and Preferred Units in SLP

At December 31, 2011, 97,008 of SLP's common operating partnership units ("Common OP Units") were outstanding. The redemption values for the Common OP Units are $64 and $250 for 2011 and 2010 respectively. Each limited partner of SLP may, subject to certain limitations, require that SLP redeem all or a portion of his or her Common OP Units, at any time after a specified period following the date the units were acquired, by delivering a redemption notice to SLP. When a limited partner tenders Common OP Units to SLP for redemption, the Company can, in its sole discretion, choose to purchase the units for either (1) a number of shares of Company common stock equal to the number of units redeemed (subject to certain adjustments) or (2) cash in an amount equal to the market value of the number of shares of Company common stock the limited partner would have received if the Company chose to purchase the units for common stock. During 2011 and 2009, 61,153 and 1,077,645, respectively, Common OP Units were redeemed for common shares of SHI.

At December 31, 2011, 11,424 of SLP's preferred operating partnership units ("Preferred OP Units") were outstanding. The redemption value for the Preferred OP Units is $114 for December 31, 2011. The Preferred OP Units receive a preferred dividend distribution of $1.10 per preferred unit annually, payable on a monthly basis and do not participate in the allocations of profits and losses of SLP. Distributions to holders of Preferred OP Units have priority over distributions to holders of Common OP Units. Supertel offered to each of the Preferred OP Unit holders the option to extend until October 24, 2012 their right to have units redeemed at $10 per unit. In October 2011, 39,611 units were redeemed at $10 each. The holders of the remaining 11,424 units elected to extend to October 24, 2012. In October 2010, all holders elected to extend until October 24, 2011. In October 2009, 126,751 units were redeemed at $10 each. The holders of the remaining 51,035 units elected to extend to October 24, 2010, their right to have units redeemed at $10 per unit. The remaining 11,424 units will continue to be carried outside of permanent equity at redemption value.

Noncontrolling Interest Reconciliation of Common and Preferred Units

	Redeemable Noncontrolling Interest			Noncontrolling Interest			Total Noncontrolling Interest
Balance at January 1, 2009	$	1,778		$	8,064		$	9,842
Partner draws		(172	)		—			(172	)
Conversion of OP units		—			(7,354	)		(7,354	)
Reclassification of OP units to current liability		(1,267	)		—			(1,267	)
Noncontrolling interest expense		172			(302	)		(130	)
Balance at December 31, 2009	$	511		$	408		$	919
Partner draws		(56	)		—			(56	)
Noncontrolling interest expense		56			(73	)		(17	)
Balance at December 31, 2010	$	511		$	335		$	846
Partner draws		(49	)		—			(49	)
Conversion of OP units		(397	)		(119	)		(516	)
Noncontrolling interest expense		49			(81	)		(32	)
Balance at December 31, 2011	$	114		$	135		$	249