Net income attributable to common shareholders for the three months ended December 31, 2012, was $13.7 million, compared to a loss of $1.3 million in the comparable period in 2011. For the twelve months ended December 31, 2012, net income attributable to common shareholders was $41.3 million, compared to $11.3 million for the comparable period in 2011. Results for the twelve months ended December 31, 2011, include a $23.5 million of gain associated with the deed in lieu transfer of the New York LaGuardia Airport Marriott that occurred in the third quarter of 2011.Net cash flow from operating activities for the twelve months ended December 31, 2012, totaled $176.1 million compared to $134.1 million for the comparable period in 2011. Capital Expenditures The Company initiated an extensive two-year capital program in 2011 largely focused on upgrading and/or repositioning 24 hotels it acquired in 2010 and 2011, including the rebranding of seven hotels. The balance of the renovations included brand related upgrades at other select hotels. In 2012, the Company upgraded and/or repositioned 45 hotels for approximately $95.0 million. In aggregate, the Company invested approximately $210.0 million at 93 hotels over the two-year period. The Company received an award from Marriott International for the conversion at Fairfield Inn & Suites DC/Downtown. The Company was also the recipient of three additional awards from Hilton Worldwide for the Hilton Garden Inn Pittsburgh University Place, the Hilton Garden Inn Raleigh/Durham Research Triangle Park, and the Embassy Suites West Palm Beach-Central conversions. These awards highlight the quality of the upgrades and are a clear testament to the expertise of the Company's in-house design and construction team. Acquisitions During the year ended December 31, 2012, the Company acquired four hotels and agreed to acquire one hotel currently under construction for a total investment of $318.8 million across five states: the 187-room Residence Inn Bethesda Downtown, the 226-room Courtyard New York Manhattan/Upper East Side, the 278-room Hilton Garden Inn San Francisco Oakland/Bay Bridge, the 275-room Embassy Suites Boston/Waltham, and the 231-room Hilton Cabana Miami Beach.