Detailed below is a roll-forward of the Company's common shares outstanding for the three month periods ended September 30, 2014 and 2013:



	Three Month Period Ended September 30, 2014	Three Month Period Ended September 30, 2013
Common Shares Outstanding (6/30/2014 and 6/30/2013, respectively)	25,441,750	25,412,011
Share Activity:
Shares issued	8,000,000	—
Shares issued in connection with incentive fee payment	—	5,144
Director LTIP units exercised	1,822	1,782
Common Shares Outstanding (9/30/2014 and 9/30/2013, respectively)	33,443,572	25,418,937

Detailed below is a roll-forward of the Company's common shares outstanding for the nine month periods ended September 30, 2014 and 2013:



	Nine Month Period Ended September 30, 2014	Nine Month Period Ended September 30, 2013
Common Shares Outstanding (12/31/2013 and 12/31/2012, respectively)	25,428,186	20,370,469
Share Activity:
Shares issued	8,000,000	5,000,000
Shares issued in connection with incentive fee payment	13,564	46,686
Director LTIP units exercised	1,822	1,782
Common Shares Outstanding (9/30/2014 and 9/30/2013, respectively)	33,443,572	25,418,937