Financial Highlights (Tables)

9 Months Ended

Sep. 30, 2017

Results of Operations for a Share Outstanding Throughout the Periods:



	Three Month Period Ended						Nine Month Period Ended
	September 30, 2017			September 30, 2016			September 30, 2017			September 30, 2016
Beginning Shareholders' Equity Per Share (6/30/2017, 6/30/2016, 12/31/2016, and 12/31/2015, respectively)	$	19.49		$	20.58		$	19.75		$	22.10
Net Investment Income	0.25			0.20			0.87			0.81
Net Realized/Unrealized Gains (Losses)	(0.05		)	(0.18		)	—			(1.35		)
Results of Operations Attributable to Equity	0.20			0.02			0.87			(0.54		)
Less: Results of Operations Attributable to Non-controlling Interests	(0.01		)	—			(0.04		)	—
Results of Operations Attributable to Shareholders' Equity⁽¹⁾	0.19			0.02			0.83			(0.54		)
Dividends Paid to Common Shareholders	(0.45		)	(0.50		)	(1.35		)	(1.50		)
Weighted Average Share Impact on Dividends Paid⁽²⁾	(0.01		)	(0.01		)	(0.03		)	(0.03		)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest	0.02			0.02			0.04			0.08
Ending Shareholders' Equity Per Share (9/30/2017, 9/30/2016, 9/30/2017, and 9/30/2016, respectively)⁽³⁾	$	19.24		$	20.11		$	19.24		$	20.11
Shares Outstanding, end of period	31,992,177			32,619,060			31,992,177			32,619,060


(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 September 30, 2017 and 2016, shareholders' equity per share would be $18.96 and $19.83, respectively.

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⁾


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

Net Investment Income Ratio to Average Equity:⁽¹⁾⁽²⁾


(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		Nine Month Period Ended
	September 30, 2017	September 30, 2016	September 30, 2017	September 30, 2016
Operating expenses, before interest expense and other investment related expenses	(2.76)%	(2.89)%	(2.80)%	(2.88)%
Interest expense and other investment related expenses	(6.32)%	(3.69)%	(5.69)%	(3.43)%
Total Expenses	(9.08)%	(6.58)%	(8.49)%	(6.31)%


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


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