Financial Highlights (Tables)

3 Months Ended

Mar. 31, 2014

Results of Operations for a Share Outstanding Throughout the Periods:



	Three Month Period Ended March 31, 2014			Three Month Period Ended March 31, 2013
Beginning Shareholders' Equity Per Share (12/31/2013 and 12/31/2012, respectively)	$	24.40		$	24.86
Net Investment Income	0.55			0.52
Net Realized/Unrealized Gains (Losses)	0.35			1.48
Results of Operations Attributable to Equity	0.90			2.00
Less: Results of Operations Attributable to Non-controlling Interests	(0.01		)	(0.02		)
Results of Operations Attributable to Shareholders' Equity⁽¹⁾	0.89			1.98
Dividends Paid to Common Shareholders	(0.77		)	(1.52		)
Weighted Average Share Impact on Dividends Paid⁽²⁾	(0.02		)	(0.05		)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest	(0.01		)	0.01
Ending Shareholders' Equity Per Share (3/31/2014 and 3/31/2013, respectively)⁽³⁾	$	24.49		$	25.28
Shares Outstanding, end of period	25,441,750			20,403,723


(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 previously issued were vested and exchanged for common shares as of March 31, 2014 and 2013, shareholders' equity per share would be $24.10 and $24.78, respectively.

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, 2014	Three Month Period Ended March 31, 2013
Total Return	3.56%	7.87%


(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⁾



	Three Month Period Ended March 31, 2014
Total Return	1.91%


(1)	Total return is calculated assuming all LTIP and OP Units had been converted into common shares at March 31, 2014. LTIP and OP Units outstanding at March 31, 2014 totaled 623,052 and represent 2.39% of total common shares and LTIP and OP Units outstanding as of that date.

Net Investment Income Ratio to Average Equity:⁽¹⁾



	Three Month Period Ended March 31, 2014	Three Month Period Ended March 31, 2013
Net Investment Income⁽²⁾⁽³⁾	9.07%	9.41%


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


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


(3)	Includes all items of income and expense on an annualized basis except for incentive fee expense which is included on a non-annualized basis.

Expense Ratios to Average Equity:⁽¹⁾⁽²⁾



	Three Month Period Ended March 31, 2014	Three Month Period Ended March 31, 2013
Operating expenses before incentive fee, interest expense, and other investment related expenses	(2.81)%	(2.81)%
Incentive fee	—%	(0.39)%
Interest expense and other investment related expenses	(1.97)%	(1.66)%
Total Expenses	(4.78)%	(4.86)%


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


(2)	Ratios are annualized except for the incentive fee which is not annualized.