Financial Highlights

Results of Operations for a Share Outstanding Throughout the Periods:



	Year Ended December 31, 2015			Year Ended December 31, 2014			Year Ended December 31, 2013
Beginning Shareholders' Equity Per Share (12/31/2014, 12/31/2013, and 12/31/2012, respectively)	$	23.38		$	24.40		$	24.86
Net Investment Income	1.98			2.10			2.11
Net Realized/Unrealized Gains (Losses)	(0.83		)	0.04			1.26
Results of Operations Attributable to Equity	1.15			2.14			3.37
Less: Results of Operations Attributable to Non-controlling Interests	(0.01		)	(0.03		)	(0.04		)
Results of Operations Attributable to Shareholders' Equity⁽¹⁾	1.14			2.11			3.33
Dividends Paid to Common Shareholders	(2.45		)	(3.08		)	(3.83		)
Weighted Average Share Impact on Dividends Paid⁽²⁾	(0.05		)	(0.01		)	(0.08		)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest	0.08			(0.04		)	0.12
Ending Shareholders' Equity Per Share (12/31/2015, 12/31/2014, and 12/31/2013, respectively)⁽³⁾	$	22.10		$	23.38		$	24.40
Shares Outstanding, end of period	33,126,012			33,449,678			25,428,186


(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, 2015, 2014, and 2013, shareholders' equity per share would be $21.80, $23.09, and $23.99, 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⁾



	Year Ended December 31, 2015	Year Ended December 31, 2014	Year Ended December 31, 2013
Total Return	5.14%	8.77%	14.19%


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

Market Based Total Return for a Shareholder:

For the year ended December 31, 2015, 2014, and 2013, the Company's market based total return based on the closing price as reported by the New York Stock Exchange was (4.56)%, 0.15%, and 18.11%, 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, 2015	Year Ended December 31, 2014	Year Ended December 31, 2013
Net Investment Income⁽²⁾	8.59%	8.62%	8.40%


(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, 2015	Year Ended December 31, 2014	Year Ended December 31, 2013
Operating expenses, before interest expense and other investment related expenses	(2.69)%	(2.80)%	(2.74)%
Incentive fee	—%	(0.21)%	(1.42)%
Interest expense and other investment related expenses	(2.30)%	(2.14)%	(1.95)%
Total Expenses	(4.99)%	(5.15)%	(6.11)%


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