Financial Highlights (Tables)

6 Months Ended

Jun. 30, 2018

Results of Operations for a Share Outstanding Throughout the Periods:



	Three-Month Period Ended June 30, 2018			Three-Month Period Ended June 30, 2017			Six-Month Period Ended June 30, 2018			Six-Month Period Ended June 30, 2017
Beginning Shareholders' Equity Per Share (3/31/2018, 3/31/2017, 12/31/2017, and 12/31/2016, respectively)	$	19.56		$	19.78		$	19.15		$	19.75
Net Investment Income	0.36			0.26			0.70			0.63
Net Realized/Unrealized Gains (Losses)	0.37			(0.09		)	0.72			0.03
Results of Operations Attributable to Equity	0.73			0.17			1.42			0.66
Less: Results of Operations Attributable to Non-controlling Interests	(0.03		)	(0.01		)	(0.04		)	(0.03		)
Results of Operations Attributable to Shareholders' Equity⁽¹⁾	0.70			0.16			1.38			0.63
Dividends Paid to Common Shareholders	(0.41		)	(0.45		)	(0.82		)	(0.90		)
Weighted Average Share Impact on Dividends Paid⁽²⁾	(0.01		)	(0.01		)	(0.02		)	(0.02		)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest	0.05			0.01			0.20			0.03
Ending Shareholders' Equity Per Share (6/30/2018, 6/30/2017, 6/30/2018, and 6/30/2017, respectively)⁽³⁾	$	19.89		$	19.49		$	19.89		$	19.49
Shares Outstanding, end of period	30,149,880			32,112,697			30,149,880			32,112,697


(1)	Calculated based on average common shares outstanding and can differ from the calculation for EPS (See Note 13).


(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, 2018 and 2017, shareholders' equity per share would be $19.57 and $19.21, 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⁾



	Three-Month Period Ended June 30, 2018	Three-Month Period Ended June 30, 2017	Six-Month Period Ended June 30, 2018	Six-Month Period Ended June 30, 2017
Total Return	3.78%	0.82%	8.24%	3.32%


(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⁾



	Three-Month Period Ended June 30, 2018	Three-Month Period Ended June 30, 2017	Six-Month Period Ended June 30, 2018	Six-Month Period Ended June 30, 2017
Net Investment Income	7.34%	5.24%	7.01%	6.31%


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


(2)	Includes all items of income and expense on an annualized basis except for incentive fee expense which is included on a non-annualized basis.

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



	Three-Month Period Ended June 30, 2018	Three-Month Period Ended June 30, 2017	Six-Month Period Ended June 30, 2018	Six-Month Period Ended June 30, 2017
Operating expenses, before interest expense and other investment related expenses	(3.01)%	(2.83)%	(2.84)%	(2.83)%
Incentive fee	(0.05)%	—%	(0.05)%	—%
Interest expense and other investment related expenses	(11.23)%	(6.02)%	(10.39)%	(5.37)%
Total Expenses	(14.29)%	(8.85)%	(13.28)%	(8.20)%


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


(2)	Ratios are annualized except for the incentive fee which is not annualized.