v2.4.1.9

Financial Highlights (Tables) | 12 Months Ended
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Dec. 31, 2014
Financial Highlights [Abstract] |
Results of Operations For a Share Outstanding | Results of Operations for a Share Outstanding Throughout the Periods:
| Year Ended December 31, 2014 |  | Year Ended December 31, 2013 |  | Year Ended December 31, 2012
Beginning Shareholders' Equity Per Share (12/31/2013, 12/31/2012, and 12/31/2011, respectively) | $ | 24.40 |  |  | $ | 24.86 |  |  | $ | 22.55 |
Net Investment Income | 2.10 |  |  | 2.11 |  |  | 1.35 |
Net Realized/Unrealized Gains (Losses) | 0.04 |  |  | 1.26 |  |  | 4.08 |
Results of Operations Attributable to Equity | 2.14 |  |  | 3.37 |  |  | 5.43 |
Less: Results of Operations Attributable to Non-controlling Interests | (0.03 | ) |  | (0.04 | ) |  | — |
Results of Operations Attributable to Shareholders' Equity(1) | 2.11 |  |  | 3.33 |  |  | 5.43 |
Dividends Paid to Common Shareholders | (3.08 | ) |  | (3.83 | ) |  | (2.50 | )
Weighted Average Share Impact on Dividends Paid (2) | (0.01 | ) |  | (0.08 | ) |  | (0.15 | )
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest | (0.04 | ) |  | 0.12 |  |  | (0.47 | )
Ending Shareholders' Equity Per Share (12/31/2014, 12/31/2013, and 12/31/2012, respectively)(3) | $ | 23.38 |  |  | $ | 24.40 |  |  | $ | 24.86 |
Shares Outstanding, end of period | 33,449,678 |  |  | 25,428,186 |  |  | 20,370,469 |
(1) | Calculated based on average common shares outstanding and can differ from the calculation for EPS (See Note 11).
(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, 2014, 2013, and 2012, shareholders' equity per share would be $23.09, $23.99, and $24.38, respectively.
Net Asset Value Based Total Return For a Shareholder | The following table illustrates the Company's total return for the years presented based on net asset value: Net Asset Value Based Total Return for a Shareholder: (1)
| Year Ended December 31, 2014 |  | Year Ended December 31, 2013 |  | Year Ended December 31, 2012
Total Return | 8.77% |  | 14.19% |  | 22.16%
(1) | Total return is calculated assuming reinvestment of distributions at shareholders' equity per share during the period.
Net Asset Value Based Total Return For a Shareholder Assuming Conversion of All LTIP and OP Units | Supplemental Information—Net Asset Value Based Total Return for a Shareholder assuming conversion of all LTIP and OP Units: (1)
| Year Ended December 31, 2014
Total Return | 7.39%
(1) | Total return is calculated assuming all LTIP and OP Units had been converted into common shares at December 31, 2014. LTIP and OP Units outstanding at December 31, 2014 totaled 641,314 and represent 1.88% of total common shares and LTIP and OP Units outstanding as of that date.
Net Investment Income Ratio to Average Equity | Net Investment Income Ratio to Average Equity: (1)
| Year Ended December 31, 2014 |  | Year Ended December 31, 2013 |  | Year Ended December 31, 2012
Net Investment Income (2) | 8.62% |  | 8.40% |  | 5.59%
(1) | Average equity is calculated using month end values.
(2) | Includes incentive fee in calculation which can vary substantially over periods.
Expense Ratios to Average Equity | Expense Ratios to Average Equity: (1)
| Year Ended December 31, 2014 |  | Year Ended December 31, 2013 |  | Year Ended December 31, 2012
Operating expenses before incentive fee, interest expense, and other investment related expenses | (2.80)% |  | (2.74)% |  | (2.94)%
Incentive fee | (0.21)% |  | (1.42)% |  | (4.43)%
Interest expense and other investment related expenses | (2.14)% |  | (1.95)% |  | (1.80)%
Total Expenses | (5.15)% |  | (6.11)% |  | (9.17)%
(1) | Average equity is calculated using month end values.

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