Financial Highlights

Results of Operations for a Share Outstanding Throughout the Periods:



	Three Month Period Ended March 31, 2015			Three Month Period Ended March 31, 2014
Beginning Shareholders' Equity Per Share (12/31/2014 and 12/31/2013, respectively)	$	23.38		$	24.40
Net Investment Income	0.52			0.55
Net Realized/Unrealized Gains (Losses)	0.06			0.35
Results of Operations Attributable to Equity	0.58			0.90
Less: Results of Operations Attributable to Non-controlling Interests	—			(0.01		)
Results of Operations Attributable to Shareholders' Equity⁽¹⁾	0.58			0.89
Dividends Paid to Common Shareholders	(0.65		)	(0.77		)
Weighted Average Share Impact on Dividends Paid⁽²⁾	(0.01		)	(0.02		)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest	—			(0.01		)
Ending Shareholders' Equity Per Share (3/31/2015 and 3/31/2014, respectively)⁽³⁾	$	23.30		$	24.49
Shares Outstanding, end of period	33,449,678			25,441,750


(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 March 31, 2015 and 2014, shareholders' equity per share would be $23.01 and $24.10, 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 Value Based Total Return for a Shareholder:⁽¹⁾



	Three Month Period Ended March 31, 2015	Three Month Period Ended March 31, 2014
Total Return	2.47%	3.56%


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

Additionally as a supplement to the above table, the Company also measures its total return assuming all convertible units were converted into common shares at their respective issuance dates. LTIP and OP Units outstanding at March 31, 2015 totaled 641,314 and represent 1.88% of total common shares and convertible units outstanding. LTIP and OP Units outstanding at March 31, 2014 totaled 623,052 and represent 2.39% of total common shares and convertible units outstanding. On that basis, the Company's total return for the three month period ended March 31, 2015 and March 31, 2014, were 2.51% and 3.69%, respectively.

Market Based Total Return for a Shareholder:

For the three month periods ended March 31, 2015 and 2014, the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 2.96% and 8.44%, 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⁾



	Three Month Period Ended March 31, 2015	Three Month Period Ended March 31, 2014
Net Investment Income⁽²⁾	8.92%	9.07%


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


(2)	Includes all items of income and expense on an annualized basis.

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



	Three Month Period Ended March 31, 2015	Three Month Period Ended March 31, 2014
Operating expenses, before interest expense and other investment related expenses	(2.63)%	(2.81)%
Interest expense and other investment related expenses	(2.14)%	(1.97)%
Total Expenses	(4.77)%	(4.78)%


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


(2)	Includes all items of income and expense on an annualized basis.