Financial Highlights

Results of Operations for a Share Outstanding Throughout the Periods:



	Year Ended December 31, 2014			Year Ended December 31, 2013			Year Ended December 31, 2012
Beginning Shareholders' Equity Per Share (12/31/2013, 12/31/2012, and 12/31/2011, respectively)	$	24.40		$	24.86		$	22.55
Net Investment Income	2.10			2.11			1.35
Net Realized/Unrealized Gains (Losses)	0.04			1.26			4.08
Results of Operations Attributable to Equity	2.14			3.37			5.43
Less: Results of Operations Attributable to Non-controlling Interests	(0.03		)	(0.04		)	—
Results of Operations Attributable to Shareholders' Equity⁽¹⁾	2.11			3.33			5.43
Dividends Paid to Common Shareholders	(3.08		)	(3.83		)	(2.50		)
Weighted Average Share Impact on Dividends Paid⁽²⁾	(0.01		)	(0.08		)	(0.15		)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest	(0.04		)	0.12			(0.47		)
Ending Shareholders' Equity Per Share (12/31/2014, 12/31/2013, and 12/31/2012, respectively)⁽³⁾	$	23.38		$	24.40		$	24.86
Shares Outstanding, end of period	33,449,678			25,428,186			20,370,469


(1)	Calculated based on average common shares outstanding and can differ from the calculation for EPS (See Note 11).


(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 December 31, 2014, 2013, and 2012, shareholders' equity per share would be $23.09, $23.99, and $24.38, 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 years presented based on net asset value:

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



	Year Ended December 31, 2014	Year Ended December 31, 2013	Year Ended December 31, 2012
Total Return	8.77%	14.19%	22.16%


(1)	Total return is calculated assuming reinvestment of distributions at shareholders' equity per share during the period.

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



	Year Ended December 31, 2014
Total Return	7.39%


(1)	Total return is calculated assuming all LTIP and OP Units had been converted into common shares at December 31, 2014. LTIP and OP Units outstanding at December 31, 2014 totaled 641,314 and represent 1.88% 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, 2014, 2013, and 2012, the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 0.15%, 18.11%, and 46.99%, 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, 2014	Year Ended December 31, 2013	Year Ended December 31, 2012
Net Investment Income⁽²⁾	8.62%	8.40%	5.59%


(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, 2014	Year Ended December 31, 2013	Year Ended December 31, 2012
Operating expenses before incentive fee, interest expense, and other investment related expenses	(2.80)%	(2.74)%	(2.94)%
Incentive fee	(0.21)%	(1.42)%	(4.43)%
Interest expense and other investment related expenses	(2.14)%	(1.95)%	(1.80)%
Total Expenses	(5.15)%	(6.11)%	(9.17)%


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