Detailed below is a roll-forward of the Company's common shares outstanding for the three month periods ended September 30, 2013 and 2012:



	Three Month Period Ended September 30, 2013	Three Month Period Ended September 30, 2012
Common Shares Outstanding (6/30/2013 and 6/30/2012, respectively)	25,412,011	16,447,651
Share Activity:
Shares issued	—	4,025,000
Shares issued in connection with incentive fee payment	5,144	11,045
Director LTIP units exercised	1,782	—
Common Shares Outstanding (9/30/2013 and 9/30/2012, respectively)	25,418,937	20,483,696

Detailed below is a roll-forward of the Company's common shares outstanding for the nine month periods ended September 30, 2013 and 2012:



	Nine Month Period Ended September 30, 2013	Nine Month Period Ended September 30, 2012
Common Shares Outstanding (12/31/2012 and 12/31/2011, respectively)	20,370,469	16,447,651
Share Activity:
Shares issued	5,000,000	4,025,000
Shares issued in connection with incentive fee payment	46,686	11,045
Director LTIP units exercised	1,782	—
Common Shares Outstanding (9/30/2013 and 9/30/2012, respectively)	25,418,937	20,483,696