Common Stock

12 Months Ended

Dec. 31, 2012

Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract]

COMMON STOCK

COMMON STOCK

We have three classes of common stock outstanding as of December 31, 2012. Our previously existing undesignated common stock was designated as Class E common stock on September 27, 2012. The outstanding shares of Class E common stock will convert to Class M common stock on October 1, 2013. We will not issue any additional shares of Class E common stock. Class A and M common stock are currently being sold under our continuous public Offering. The fees payable to our dealer manager with respect to each share class, as a percentage of NAV, are as follows:

	Selling Commission	Dealer Manager Fee	Distribution Fee
Class A Shares	up to 3.5%	0.55%	0.50%
Class M Shares	None	0.55%	None
Class E Shares	None	None	None

The selling commission, dealer manager fee and distribution fee are offering costs and will be recorded as a reduction of capital in excess of par value.

Stock Issuances

The stock issuances for our three classes of shares for the years ending December 31, 2012 and 2011 were as follows:

	December 31, 2012			December 31, 2011
	# of shares	$ Amount		# of shares	$ Amount
Class A Shares	3,612,169	$	37,035	—	$	—
Class M Shares	104,282	1,057		—	—
Class E Shares (1)	5,202,625	50,794		66,568	617
Total		$	88,886		$	617

(1) On August 8, 2012, we sold 5,120,355 shares of our undesignated common stock to an affiliate of our Advisor at our June 30, 2012 net asset value of approximately $9.76 per share. On November 14, 2011, we sold 21,588 shares of our undesignated common stock for $200 to an affiliate of our Advisor at our September 30, 2011 net asset value of approximately $9.26 per share. The undesignated shares of our common stock were designated as Class E shares on September 27, 2012.

Stock Dividend

On October 1, 2012, we declared a stock dividend with respect to all Class E shares at a ratio of 4.786-to-1. The effects of the stock dividend, which was effected as a stock split, have been applied retroactively to all share and per share amounts for all periods presented.

Tender Offer

Pursuant to our original share repurchase program, we provided limited liquidity to our stockholders by conducting tender offers to repurchase a specific dollar amount of outstanding shares of our common stock. Beginning on August 15, 2012 and expiring on September 13, 2012, we conducted a tender offer to repurchase up to $25,000 of outstanding shares at approximately $9.76 per share. Because the tender offer was oversubscribed, we accepted, on a pro rata basis and in accordance with the terms of the offer, $26,840, or approximately 33% of each stockholder's validity tendered shares. The original share repurchase program was canceled on October 1, 2012 and replaced by our new share repurchase plan.

Period Ending	Total Number of Shares Purchased	Average Price Paid Per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs	Maximum Number (or approximate Dollar Value) of Shares That May Yet be Purchased Under the Plans or Programs
September 2012	2,748,659	$	9.76	2,748,659	$	—

Share Repurchase Plan

On October 1, 2012, we adopted a new share repurchase plan whereby on a daily basis stockholders may request we repurchase all or a portion of their shares of Class A and Class M common stock at that day's NAV per share. The share repurchase plan is subject to a one-year holding period, with certain exceptions, and limited to 5% of NAV per quarter with certain limitations based on the size of the capital raise. Class E shares are not eligible to participate in the share repurchase plan. For the year ended December 31, 2012, we did not repurchase any shares under the share repurchase plan.

Distribution Reinvestment Plan

From January 1, 2012 through September 30, 2012, we issued 82,270 shares of common stock for approximately $794 pursuant to our dividend reinvestment plan that was in effect prior to the commencement of our public Offering on October 1, 2012. For the year ended December 31, 2011, we issued 44,980 shares for approximately $417. On October 1, 2012, we terminated our existing dividend reinvestment plan and adopted a new distribution reinvestment plan whereby Class A and Class M shares may elect to have their cash distributions reinvested in additional shares of our common stock at the NAV per share on the distribution date. Class E shares are not eligible to participate in distribution reinvestment plan. From October 1, 2012 through December 31, 2012, no shares were issued under the distribution reinvestment plan.

Tax Treatment of Distributions

For the years ended December 31, 2012 and 2011, we paid distributions to Class E stockholders of approximately $7,080 and $2,275, respectively. For income tax purposes, 100% of the distributions paid in 2012 and 2011 will qualify as a return of capital. The distribution declared on December 14, 2012 will be taxable in 2013 and is not reflected in the 2012 tax allocation.

The table below summarizes the income tax treatment of distributions paid during the years ended December 31, 2012 and 2011:

Record Date	Payment Date	Total Distribution per Share		Total Distribution Allocable to 2012		2012 Taxable Ordinary Dividends		2012 Qualified Dividends		2012 Total Capital Gain Distribution		Return of Capital (1)		2012 Unrecaptured Section 1250 Gain
3/30/2012	5/4/2012	$	0.09506	$	0.09506	$	—	$	—	$	—	$	0.09506	$	—
6/29/2012	8/3/2012	0.09506		0.09506		—		—		—		0.09506		—
9/28/2012	11/2/2012	0.09506		0.09506		—		—		—		0.09506		—
Total		$	0.28518	$	0.28518	$	—	$	—	$	—	$	0.28518	$	—
Record Date	Payment Date	Total Distribution per Share		Total Distribution Allocable to 2011		2011 Taxable Ordinary Dividends		2011 Qualified Dividends		2011 Total Capital Gain Distribution		Return of Capital (1)		2011 Unrecaptured Section 1250 Gain
9/30/2011	12/7/2011	$	0.09506	$	0.09506	$	—	$	—	$	—	$	0.09506	$	—
Total		$	0.09506	$	0.09506	$	—	$	—	$	—	$	0.09506	$	—

(1) Distributions represent a return of stockholder capital and are adjusted for the 4.786 to 1 stock dividend which occurred on October 1, 2012.

Earnings Per Share (“EPS”)

Basic per share amounts are based on the weighted average of shares outstanding of 25,651,220, 23,938,406 and 23,928,784 for the years ended December 31, 2012, 2011 and 2010, respectively. We have no dilutive or potentially dilutive securities. The computations of basic and diluted EPS were adjusted retroactively for all periods presented to reflect the stock dividend that occurred on October 1, 2012.

Organization and Offering Costs

Organization and offering expenses include, but are not limited to, legal, accounting and printing fees and expenses attributable to our organization, preparation of the registration statement, registration and qualification of our common stock for sale with the SEC and in the various states and filing fees incurred by our Advisor. LaSalle agreed to fund our organization and offering expenses through the Offering commencement date, October 1, 2012, following which time we commenced reimbursing LaSalle for organization and offering expenses incurred prior to the commencement date over 36 months. Following the Offering commencement date, we began paying directly or reimbursing LaSalle if it pays on our behalf any organization and offering expenses incurred during the Offering period (other than selling commissions, the dealer manager fee and distribution fees) as and when incurred. After the termination of the Offering, our Advisor has agreed to reimburse us to the extent that the organization and offering expenses that we incur exceed 15% of our gross proceeds from the Offering. Organization costs are expensed, whereas offering costs are recorded as a reduction of capital in excess of par value. As of December 31, 2012, LaSalle paid approximately $2,719 of organization and offering expenses on our behalf which we had not reimbursed. These costs were accrued and became payable by the Company on October 1, 2012, which is the date the SEC declared our registration statement effective. The amount of reimbursable organization and offering expenses from the period prior to October 1, 2012 may increase should our board of directors approve certain additional reimbursements to our Advisor.