Financial Highlights

Results of Operations for a Share Outstanding Throughout the Periods:



	Three Month Period Ended June 30, 2016			Three Month Period Ended June 30, 2015			Six Month Period Ended June 30, 2016			Six Month Period Ended June 30, 2015
Beginning Shareholders' Equity Per Share (3/31/2016, 3/31/2015, 12/31/2015, and 12/31/2014, respectively)	$	20.91		$	23.30		$	22.10		$	23.38
Net Investment Income	0.26			0.53			0.62			1.05
Net Realized/Unrealized Gains (Losses)	(0.11		)	(0.13		)	(1.17		)	(0.07		)
Results of Operations Attributable to Equity	0.15			0.40			(0.55		)	0.98
Less: Results of Operations Attributable to Non-controlling Interests	—			—			—			(0.01		)
Results of Operations Attributable to Shareholders' Equity⁽¹⁾	0.15			0.40			(0.55		)	0.97
Dividends Paid to Common Shareholders	(0.50		)	(0.65		)	(1.00		)	(1.30		)
Weighted Average Share Impact on Dividends Paid⁽²⁾	(0.01		)	(0.01		)	(0.02		)	(0.01		)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest	0.03			—			0.05			—
Ending Shareholders' Equity Per Share (6/30/2016, 6/30/2015, 6/30/2016, and 6/30/2015, respectively)⁽³⁾	$	20.58		$	23.04		$	20.58		$	23.04
Shares Outstanding, end of period	32,743,356			33,449,678			32,743,356			33,449,678


(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 June 30, 2016 and 2015, shareholders' equity per share would be $20.31 and $22.75, 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 June 30, 2016	Three Month Period Ended June 30, 2015	Six Month Period Ended June 30, 2016	Six Month Period Ended June 30, 2015
Total Return	0.82%	1.67%	(2.38)%	4.18%


(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 three month periods ended June 30, 2016 and 2015, the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 1.15% and (3.98)%, respectively. For the six month periods ended June 30, 2016 and 2015, the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 8.00% and (1.14)%, 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 June 30, 2016	Three Month Period Ended June 30, 2015	Six Month Period Ended June 30, 2016	Six Month Period Ended June 30, 2015
Net Investment Income⁽²⁾	4.98%	8.99%	5.79%	9.00%


(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 June 30, 2016	Three Month Period Ended June 30, 2015	Six Month Period Ended June 30, 2016	Six Month Period Ended June 30, 2015
Operating expenses, before interest expense and other investment related expenses	(2.96)%	(2.54)%	(2.88)%	(2.60)%
Interest expense and other investment related expenses	(3.76)%	(2.04)%	(3.31)%	(2.10)%
Total Expenses	(6.72)%	(4.58)%	(6.19)%	(4.70)%


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


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