Schedule III - Real Estate And Accumulated Depreciation | Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period Accumulated Depreciation Net Book Value Description Encumbrances Land Buildings & Improvements Land Buildings & Improvements Land Buildings & Improvements Total Buildings & Improvements* Land, Buildings & Improvements Date of Acquisition Courtyard, Brookline, MA - 47,414 - 4,754 - 52,168 52,168 (15,567) 36,601 06/16/05 Residence Inn, Tyson's Corner, VA 4,283 14,475 - 1,962 4,283 16,437 20,720 (5,315) 15,405 02/02/06 Hilton Garden Inn, JFK Airport, NY (19,034) - 25,018 - 2,892 - 27,910 27,910 (8,659) 19,251 02/16/06 Holiday Inn Exp, Cambridge, MA 1,956 9,793 - 2,461 1,956 12,254 14,210 (4,467) 9,743 05/03/06 Hyatt House, Gaithersburg, MD 2,912 16,001 - 4,165 2,912 20,166 23,078 (6,475) 16,603 12/28/06 Hyatt House, White Plains, NY 8,823 30,273 - 2,807 8,823 33,080 41,903 (9,761) 32,142 12/28/06 Holiday Inn Exp & Suites, Chester, NY 1,500 6,671 - 322 1,500 6,993 8,493 (1,807) 6,686 01/25/07 Hampton Inn, Seaport, NY 7,816 19,040 - 1,355 7,816 20,395 28,211 (5,271) 22,940 02/01/07 Sheraton Hotel, JFK Airport, NY - 27,315 - 2,313 - 29,628 29,628 (6,807) 22,821 06/13/08 Hampton Inn, Philadelphia, PA 3,490 24,382 - 5,972 3,490 30,354 33,844 (12,839) 21,005 02/15/06 Duane Street, Tribeca, NY (8,973) 8,213 12,869 - 1,940 8,213 14,809 23,022 (3,887) 19,135 01/04/08 NU Hotel, Brooklyn, NY - 22,042 - 1,650 - 23,692 23,692 (5,496) 18,196 01/14/08 Hilton Garden Inn, Tribeca, NY (46,500) 21,077 42,955 - 935 21,077 43,890 64,967 (8,614) 56,353 05/01/09 Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period Accumulated Depreciation Net Book Value Description Encumbrances Land Buildings & Improvements Land Buildings & Improvements Land Buildings & Improvements Total Buildings & Improvements* Land, Buildings & Improvements Date of Acquisition Hampton Inn, Washington, DC 9,335 58,048 - 1,256 9,335 59,304 68,639 (9,906) 58,733 09/01/10 Sheraton, Wilmington South, DE 1,765 16,929 - 1,400 1,765 18,329 20,094 (4,880) 15,214 12/21/10 Capitol Hill Suites Washington, DC (25,000) 8,095 35,141 - 4,261 8,095 39,402 47,497 (7,218) 40,279 04/15/11 Courtyard, LA Westside, CA (35,000) 13,489 27,025 - 4,834 13,489 31,859 45,348 (5,830) 39,518 05/19/11 Hampton Inn, Pearl Street, NY 11,384 23,432 - 580 11,384 24,012 35,396 (1,637) 33,759 07/22/11 Courtyard, Miami, FL 35,699 55,805 - 23,119 35,699 78,924 114,623 (9,483) 105,140 11/16/11 The Rittenhouse Hotel, PA 7,108 29,556 - 16,428 7,108 45,984 53,092 (10,501) 42,591 03/01/12 Bulfinch, Boston, MA 1,456 14,954 - 1,511 1,456 16,465 17,921 (2,510) 15,411 05/07/12 Holiday Inn Express, Manhattan, NY 30,329 57,016 - 905 30,329 57,921 88,250 (6,887) 81,363 06/18/12 Hyatt, Union Square, NY (55,750) 32,940 79,300 - 2,253 32,940 81,553 114,493 (7,769) 106,724 04/09/13 Courtyard, San Diego, CA 15,656 51,674 - 1,786 15,656 53,460 69,116 (5,048) 64,068 05/30/13 Residence Inn, Coconut Grove, FL 4,146 17,456 - 7,140 4,146 24,596 28,742 (3,761) 24,981 06/12/13 Hotel Milo, Santa Barbara, CA (23,701) - 55,080 - 2,795 - 57,875 57,875 (4,408) 53,467 02/28/14 Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period Accumulated Depreciation Net Book Value Description Encumbrances Land Buildings & Improvements Land Buildings & Improvements Land Buildings & Improvements Total Buildings & Improvements* Land, Buildings & Improvements Date of Acquisition Hilton Garden Inn, Midtown East, NY (44,325) 45,480 60,762 - 180 45,480 60,942 106,422 (3,982) 102,440 05/27/14 Parrot Key Hotel, Key West, FL 57,889 33,959 - 560 57,889 34,519 92,408 (2,369) 90,039 05/07/14 Winter Haven Hotel, Miami Beach, FL 5,400 18,147 - 611 5,400 18,758 24,158 (1,512) 22,646 12/20/13 Blue Moon Hotel, Miami Beach, FL 4,874 20,354 - 806 4,874 21,160 26,034 (1,694) 24,340 12/20/13 St. Gregory Hotel, Washington D.C. (24,946) 23,764 33,005 - 2,889 23,764 35,894 59,658 (1,421) 58,237 06/16/15 TownePlace Suites, Sunnyvale, CA - 18,999 - 327 - 19,326 19,326 (647) 18,679 08/25/15 Ritz Carlton Georgetown, Washington D.C. 17,825 29,584 - 260 17,825 29,844 47,669 (746) 46,923 12/29/15 Sanctuary Beach Resort, Marina, CA (14,700) 20,278 17,319 - 430 20,278 17,749 38,027 (409) 37,618 01/28/16 Hilton Garden Inn M Street, Washington D.C. 30,793 67,420 - 16 30,793 67,436 98,229 (1,341) 96,888 03/09/16 Envoy Hotel, Boston, MA 25,264 75,979 - - 25,264 75,979 101,243 (849) 100,394 07/21/16 Courtyard, Sunnyvale, CA (40,600) 17,694 53,272 - - 17,694 53,272 70,966 (266) 70,700 10/20/16 The Ambrose, Santa Monica, CA 18,750 26,839 - 89 18,750 26,928 45,678 (56) 45,622 12/01/16 Total Investment in Real Estate $ ($338,529) $499,483 $1,275,303 $ $0 $107,964 $499,483 $1,383,267 $1,882,750 $ ($190,095) $1,692,655 Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period Accumulated Depreciation Net Book Value Description Encumbrances Land Buildings & Improvements Land Buildings & Improvements Land Buildings & Improvements Total Buildings & Improvements* Land, Buildings & Improvements Date of Acquisition Residence Inn, Greenbelt, MD 2,615 14,815 - 2,290 2,615 17,105 19,720 (6,131) 13,589 07/16/04 Hyatt House, Pleasant Hill, CA (20,160) 6,216 17,229 - 3,025 6,216 20,254 26,470 (5,611) 20,859 12/28/06 Hyatt House, Pleasanton, CA (14,490) 3,941 12,560 - 3,530 3,941 16,090 20,031 (5,138) 14,893 12/28/06 Hyatt House, Scottsdale, AZ (16,778) 3,060 19,968 - 3,535 3,060 23,503 26,563 (7,200) 19,363 12/28/06 Courtyard, Alexandria, VA 6,376 26,089 - 2,622 6,376 28,711 35,087 (8,337) 26,750 09/29/06 Total Assets Held For Sale $ (51,428) 22,208 90,661 $ - 15,002 22,208 105,663 127,871 $ (32,417) 95,454 Total Real Estate $ (389,957) 521,691 1,365,964 $ - 122,966 521,691 1,488,930 2,010,621 $ (222,512) 1,788,109 * Assets are depreciated over a 7 to 40 year life, upon which the latest income statement is computed The aggregate cost of land, buildings and improvements for Federal income tax purposes for the years ended December 31, 2016, 2015 and 2014 is approximate ly $1,926,585 , $1,848,773 and $1,836,861 , respectively. Depreciation is computed for buildings and improvements using a useful life for these assets of 7 to 40 years. See Accompanying Report of Independent Registered Public Accounting Firm 2016 2015 2014 Reconciliation of Real Estate Balance at beginning of year $ 1,999,438 $ 1,864,382 $ 1,629,312 Additions during the year 372,011 135,056 333,889 Dispositions/Deconsolidation of consolidated joint venture during the year (360,828) - (98,819) Total Real Estate $ 2,010,621 $ 1,999,438 $ 1,864,382 Reconciliation of Accumulated Depreciation Balance at beginning of year $ 237,129 $ 189,889 $ 162,189 Depreciation for year 46,078 47,240 43,218 Accumulated depreciation on assets sold (60,695) - (15,518) Balance at the end of year $ 222,512 $ 237,129 $ 189,889 |