v2.4.0.6
Financial Highlights (Tables)
 9 Months Ended
Sep. 30, 2012
Financial Highlights [Abstract]  
Results Of Operations For A Share Outstanding

Results of Operations for a Share Outstanding Throughout the Periods:

    Three Month     Three Month     Nine Month     Nine Month  
    Period Ended     Period Ended     Period Ended     Period Ended  
    September     September     September     September  
    30, 2012     30, 2011     30, 2012     30, 2011  
Beginning Shareholders' Equity Per Share                        
(6/30/2012, 6/30/2011, 12/31/2011 and 12/31/10, respectively) $ 24.03   $ 23.31   $ 22.55   $ 24.47  
Net Investment Income   0.04     0.67     1.21     2.04  
Net Realized/Unrealized Gains (Losses)   1.59     (0.74 )   3.04     (1.52 )
 
Results of Operations (1)   1.63     (0.07 )   4.25     0.52  
Dividends Paid   (0.70 )   (0.40 )   (1.80 )   (2.11 )
Weighted Average Share Impact on Dividends Paid (2)   (0.08 )   (0.01 )   (0.12 )   (0.05 )
Accretive (Dilutive) Effect of Share Issuances (Net of Offering                        
Costs) and Share Repurchases   (0.54 )   0.01     (0.54 )   0.01  
Ending Shareholders' Equity Per Share                        
(9/30/2012, 9/30/2011, 9/30/2012 and 9/30/2011, respectively) (3) $ 24.34   $ 22.84   $ 24.34   $ 22.84  
 
Shares Outstanding, end of period   20,483,696     16,489,881     20,483,696     16,489,881  

 

(1) Calculated based on average common shares outstanding and can differ from the calculation for EPS (See Note 8).

(2) Per share impact on dividends paid relating to share issuances/repurchases during the period as well as dividends paid to LTIP unit holders.

(3) If all LTIP units previously issued were vested and exchanged for common shares as of September 30, 2012 and 2011, shareholders' equity per share would be $23.88 and $22.32, respectively.
Net Asset Based Total Return For A Shareholder

Net Asset Based Total Return for a Shareholder: (1)

  Three Month   Three Month   Nine Month   Nine Month  
  Period Ended   Period Ended   Period Ended   Period Ended  
  September 30,   September 30,   September 30,   September 30,  
  2012   2011   2012   2011  
 
Total Return before Incentive Fee 6.24 % (0.31 )% 19.06 % 2.11 %
Incentive Fee (1.99 )% 0.00 % (2.75 )% (0.17 )%
 
Total Return after Incentive Fee 4.25 % (0.31 )% 16.31 % 1.94 %

 

(1) Total return is calculated for all shareholders' equity accounts, excluding the Managers' shareholder equity, taken as a whole for each period. Total return is calculated assuming reinvestment of all distributions at shareholders' equity per share during the period.
Net Asset Based Total Return For A Shareholder Assuming Conversion Of All LTIP Units

Supplemental Information—Net Asset Based Total Return for a Shareholder assuming conversion of all LTIP units: (1)

  Three Month   Nine Month  
  Period Ended   Period Ended  
  September 30,   September 30,  
  2012   2012  
 
Total Return before Incentive Fee 4.22 % 16.81 %
Incentive Fee (1.94 )% (2.71 )%
 
Total Return after Incentive Fee 2.28 % 14.10 %

 

(1) Total return is calculated assuming all LTIP units had been converted into common shares at September 30, 2012. Total return represents all shareholders' equity accounts, excluding Manager shares, outstanding for the entire period. LTIP units outstanding at September 30, 2012 totaled 395,846 and represent 1.90% of total shares and LTIP units outstanding as of that date.
Net Investment Income Ratio To Average Shareholders' Equity

Net Investment Income Ratio to Average Shareholders' Equity: (1)

  Three Month   Three Month   Nine Month   Nine Month  
  Period Ended   Period Ended   Period Ended   Period Ended  
  September 30,   September 30,   September 30,   September 30,  
  2012   2011   2012   2011  
 
Net Investment Income (2) 7.04 % 11.46 % 7.65 % 11.59 %

 

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

(2) Includes all items of income and expenses on an annualized basis except for incentive fee expense which is included on a non-annualized basis.
Expense Ratios To Average Shareholders Equity

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

  Three Month   Three Month   Nine Month   Nine Month  
  Period Ended   Period Ended   Period Ended   Period Ended  
  September 30,   September 30,   September 30,   September 30,  
  2012   2011   2012   2011  
Operating expenses before incentive                
fee and interest expense (2.93 )% (3.12 )% (2.97 )% (3.10 )%
Incentive fee (2.14 )% 0.00 % (2.88 )% (0.16 )%
Interest expense (1.74 )% (1.70 )% (1.88 )% (1.64 )%
 
Total Expenses (6.81 )% (4.82 )% (7.73 )% (4.90 )%

 

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

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