Financial Highlights

Results of Operations for a Share Outstanding Throughout the Periods:



	Three-Month Period Ended September 30, 2018			Nine-Month Period Ended September 30, 2018
Beginning Shareholders' Equity Per Share (6/30/2018 and 12/31/2017, respectively)	$	19.89		$	19.15
Net Investment Income	0.39			1.08
Net Realized/Unrealized Gains (Losses)	(0.14		)	0.60
Results of Operations Attributable to Equity	0.25			1.68
Less: Results of Operations Attributable to Non-controlling Interests	(0.03		)	(0.07		)
Results of Operations Attributable to Shareholders' Equity⁽¹⁾	0.22			1.61
Dividends Paid to Common Shareholders	(0.41		)	(1.23		)
Weighted Average Share Impact on Dividends Paid ⁽²⁾	(0.01		)	(0.03		)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest	—			0.19
Ending Shareholders' Equity Per Share (9/30/2018)⁽³⁾	$	19.69		$	19.69
Shares Outstanding, end of period	30,155,055			30,155,055


(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 September 30, 2018 shareholders' equity per share would be $19.37.

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 September 30, 2018	Nine-Month Period Ended September 30, 2018
Total Return	1.10%	9.43%


(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- and nine-month periods ended September 30, 2018 the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 5.12% and 19.37%, 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⁾⁽²⁾



	Three-Month Period Ended September 30, 2018	Nine-Month Period Ended September 30, 2018
Net Investment Income	7.75%	7.20%


(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 September 30, 2018	Nine-Month Period Ended September 30, 2018
Operating expenses, before interest expense and other investment related expenses	(2.70)%	(2.79)%
Incentive fee	(0.07)%	(0.12)%
Interest expense and other investment related expenses	(12.97)%	(11.26)%
Total Expenses	(15.74)%	(14.17)%


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


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