Financial Highlights

Results of Operations for a Share Outstanding Throughout the Periods:



	Three-Month Period Ended March 31, 2018
Beginning Shareholders' Equity Per Share (12/31/2017)	$	19.15
Net Investment Income	0.33
Net Realized/Unrealized Gains (Losses)	0.36
Results of Operations Attributable to Equity	0.69
Less: Results of Operations Attributable to Non-controlling Interests	(0.01		)
Results of Operations Attributable to Shareholders' Equity⁽¹⁾	0.68
Dividends Paid to Common Shareholders	(0.41		)
Accretive (Dilutive) Effect of Share Issuances (Net of Offering Costs), Share Repurchases, and Adjustments to Non-controlling Interest	0.14
Ending Shareholders' Equity Per Share (12/31/2018)⁽²⁾	$	19.56
Shares Outstanding, end of period	30,392,041


(1)	Calculated based on average common shares outstanding and can differ from the calculation for EPS (See Note 13).


(2)	If all LTIP Units and OP Units previously issued were vested and exchanged for common shares as of March 31, 2018 shareholders' equity per share would be $19.25.

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 March 31, 2018
Total Return		4.30%


(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-month period ended March 31, 2018 the Company's market based total return based on the closing price as reported by the New York Stock Exchange was 5.03%. 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 March 31, 2018
Net Investment Income		6.75%


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


(2)	Includes all items of income and expense on an annualized basis.

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



		Three-Month Period Ended March 31, 2018
Operating expenses, before interest expense and other investment related expenses		(2.67)%
Interest expense and other investment related expenses		(9.56)%
Total Expenses		(12.23)%


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