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Financial Highlights
12 Months Ended
Dec. 31, 2013
Financial Highlights [Abstract]  
Financial Highlights
Financial Highlights
Results of Operations for a Share Outstanding Throughout the Periods:
 
Year Ended
December 31, 2013
 
Year Ended
December 31, 2012
 
Year Ended
December 31, 2011
Beginning Shareholders' Equity Per Share (12/31/2012, 12/31/2011, and 12/31/2010, respectively)
$
24.86

 
$
22.55

 
$
24.47

Net Investment Income
2.11

 
1.35

 
2.71

Net Realized/Unrealized Gains (Losses)
1.26

 
4.08

 
(2.08
)
Results of Operations Attributable to Equity
3.37

 
5.43

 
0.63

Less: Results of Operations Attributable to Non-controlling Interests
(0.04
)
 

 

Results of Operations Attributable to Shareholders' Equity(1)
3.33

 
5.43

 
0.63

Dividends Paid to Common Shareholders
(3.83
)
 
(2.50
)
 
(2.51
)
Weighted Average Share Impact on Dividends Paid (2)
(0.08
)
 
(0.15
)
 
(0.06
)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs) and Share Repurchases
0.12

 
(0.47
)
 
0.02

Ending Shareholders' Equity Per Share (12/31/2013, 12/31/2012, 12/31/2011, respectively)(3)
$
24.40

 
$
24.86

 
$
22.55

Shares Outstanding, end of period
25,428,186

 
20,370,469

 
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 December 31, 2013, 2012, and 2011, shareholders' equity per share would be $23.99, $24.38 and $22.03, 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.
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) 
 
Year Ended
December 31, 2013
 
Year Ended
December 31, 2012
 
Year Ended
December 31, 2011
Total Return
14.19%
 
22.16%
 
2.43%
(1)
Total return is calculated assuming reinvestment of 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)  
 
Year Ended
December 31, 2013
Total Return
12.28%
(1)
Total return is calculated assuming all LTIP and OP Units had been converted into common shares at December 31, 2013. LTIP and OP Units outstanding at December 31, 2013 totaled 623,052 and represent 2.39% of total common shares and LTIP and OP Units outstanding as of that date.
Market Based Total Return for a Shareholder:
For the years ended December 31, 2013, 2012, and 2011, the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 18.11%, 46.99%, and (13.04)%, 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)  
 
Year Ended
December 31, 2013
 
Year Ended
December 31, 2012
 
Year Ended
December 31, 2011
Net Investment Income (2)
8.40%
 
5.59%
 
11.58%
(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) 
 
Year Ended
December 31, 2013
 
Year Ended
December 31, 2012
 
Year Ended
December 31, 2011
Operating expenses before incentive fee, interest expense, and other investment related expenses
(2.74)%
 
(2.94)%
 
(3.00)%
Incentive fee
(1.42)%
 
(4.43)%
 
(0.16)%
Interest expense and other investment related expenses
(1.95)%
 
(1.80)%
 
(1.72)%
Total Expenses
(6.11)%
 
(9.17)%
 
(4.88)%
(1)
Average equity is calculated using month end values.