Financial Highlights

Results of Operations for a Share Outstanding Throughout the Periods:



	Three Month Period Ended March 31, 2013			Three Month Period Ended March 31, 2012
Beginning Shareholders' Equity Per Share (12/31/2012 and 12/31/2011, respectively)	$	24.86		$	22.55
Net Investment Income	0.52			0.67
Net Realized/Unrealized Gains (Losses)	1.48			1.28
Results of Operations Attributable to Equity	2.00			1.95
Less: Results of Operations Attributable to Non-controlling Interest	(0.02		)	—
Results of Operations Attributable to Shareholders' Equity⁽¹⁾	1.98			1.95
Dividends Paid to Common Shareholders	(1.52		)	(0.40		)
Weighted Average Share Impact on Dividends Paid⁽²⁾	(0.05		)	(0.01		)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs) and Share Repurchases	0.01			—
Ending Shareholders' Equity Per Share (3/31/2013 and 3/31/2012, respectively)⁽³⁾	$	25.28		$	24.09
Shares Outstanding, end of period	20,403,723			16,447,651


(1)	Calculated based on average common shares outstanding and can differ from the calculation for EPS (See Note 9).


(2)	Per share impact on dividends paid relating to share issuances/repurchases during the period as well as dividends paid to LTIP and OP unit holders.


(3)	If all LTIP units and OP units (if applicable) previously issued were vested and exchanged for common shares as of March 31, 2013 and 2012, shareholders' equity per share would be $24.78 and $23.53, respectively.

Total Return:

The Company calculates its total return two ways, one based on its reported net asset value and the other based on its publicly-traded share price. This latter return is considered a market based return, and is only computed for periods following the completion of the Company's October 2010 initial public offering, since the Company's shares were not publicly traded before such time.

The following table illustrates the Company's total return for the periods presented based on net asset value:

Net Asset Based Total Return for a Shareholder:⁽¹⁾



	Three Month Period Ended March 31, 2013	Three Month Period Ended March 31, 2012
Total Return	7.87%	8.66%


(1)	Total return is calculated for all shareholders' equity accounts taken as a whole for each period. Total return is calculated assuming reinvestment of all distributions at shareholders' equity per share during the period.

Supplemental Information—Net Asset Based Total Return for a Shareholder assuming conversion of all LTIP and OP units:⁽¹⁾



	Three Month Period Ended March 31, 2013
Total Return	5.71%


(1)	Total return is calculated assuming all LTIP and OP units had been converted into common shares at March 31, 2013. Total return represents all shareholders' equity accounts outstanding for the entire period. LTIP and OP units outstanding at March 31, 2013 totaled 609,096 and represent 2.90% of total common shares and LTIP and OP units outstanding as of that date.

Market Based Total Return for a Shareholder:

For the three month periods ended March 31, 2013 and 2012, the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 16.90% and 16.21%, respectively. Calculation of market based total return assumes the reinvestment of dividends at the closing price as reported by the New York Stock Exchange as of the ex-date.

Net Investment Income Ratio to Average Equity:⁽¹⁾



	Three Month Period Ended March 31, 2013	Three Month Period Ended March 31, 2012
Net Investment Income⁽²⁾	9.41%	11.51%


(1)	Average equity is calculated using month end values.


(2)	Includes incentive fee in calculation which can vary substantially over periods.

Expense Ratios to Average Equity:⁽¹⁾



	Three Month Period Ended March 31, 2013	Three Month Period Ended March 31, 2012
Operating expenses before incentive fee and interest expense	(2.81)%	(3.09)%
Incentive fee	(0.39)%	—%
Interest expense	(1.66)%	(1.92)%
Total Expenses	(4.86)%	(5.01)%


(1)	Average equity is calculated using month end values.