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Financial Highlights
 12 Months Ended
Dec. 31, 2019
Investment Company, Financial Highlights [Abstract]  
Financial Highlights Financial Highlights
Results of Operations for a Share Outstanding Throughout the Periods:
 
 
Year Ended December 31, 2018
Beginning Shareholders' Equity Per Share (December 31, 2017)
 
$
19.15

Net Investment Income
 
1.42

Net Realized/Unrealized Gains (Losses)
 
0.23

Results of Operations Attributable to Equity
 
1.65

Less: Results of Operations Attributable to Non-controlling Interests
 
(0.11
)
Results of Operations Attributable to Shareholders' Equity(1)
 
1.54

Dividends Paid to Common Shareholders
 
(1.64
)
Weighted Average Share Impact on Dividends Paid (2)
 
(0.03
)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest
 
(0.10
)
Ending Shareholders' Equity Per Share (December 31, 2018)(3)
 
$
18.92

Shares Outstanding, end of period
 
29,796,601

(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 December 31, 2018 shareholders' equity per share would be $18.92.
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, 2018(2)
Total Return
 
7.38%
(1)
Total return is calculated assuming reinvestment of distributions at shareholders' equity per share during the period.
(2)
The Company redeemed all 503,988 of its outstanding LTIP Units which it had originally issued under its incentive plans, with each LTIP unitholder receiving in exchange an equal number of OP LTIP Units. While this activity did not affect fully diluted net asset value per common share, it did cause a 1.66% decline in net asset value per common share. The Company's total return for the year ended December 31, 2018 before the effect of this activity was 9.19%.
Market Based Total Return for a Shareholder:
For the year ended December 31, 2018 the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 17.30%. 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, 2018
Net Investment Income
 
7.04%
(1)
Average equity is calculated using month end values.
Expense Ratios to Average Equity: (1) 
 
 
Year Ended December 31, 2018
Operating expenses, before interest expense and other investment related expenses
 
(2.86)%
Incentive fee
 
(0.12)%
Interest expense and other investment related expenses
 
(12.03)%
Total Expenses
 
(15.01)%
(1)
Average equity is calculated using month end values.