Subsequent Events

3 Months Ended

Mar. 31, 2012

Subsequent Events [Abstract]

Subsequent Events [Text Block]

SUBSEQUENT EVENTS

The Company evaluates subsequent events up until the date the consolidated financial statements are issued.

Status of the Offering

The Company commenced the Offering on November 20, 2009. As of May 4, 2012, the Company had sold 28,357,262 shares of common stock in the Offering for gross offering proceeds of $281.0 million, including 515,223 shares of common stock under the Company’s distribution reinvestment plan for gross offering proceeds of $4.9 million. Also as of May 4, 2012, the Company had redeemed 26,969 of the shares sold in the Offering for $0.3 million.

Distribution Declared and Paid

On April 16, 2012, the Company’s board of directors authorized a distribution in the amount of $0.025 per share of common stock to stockholders of record as of the close of business on April 16, 2012. On April 30, 2012, the Company paid distributions of $0.7 million related to the distribution declared for stockholders of record as of the close of business on April 16, 2012. The distribution was paid in cash or, for investors enrolled in the Company’s distribution reinvestment plan, reinvested in additional shares.