SUMMARIZED CONDENSED CONSOLIDATING INFORMATION (Tables)

6 Months Ended

Jun. 30, 2012

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION [Abstract]

CONDENSED CONSOLIDATING BALANCE SHEET

June 30, 2012

(in thousands, except share and per share amounts)

(unaudited)



	Parent Company			Issuers		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Elimination			Consolidated
Assets
Real estate investments, net of accumulated depreciation	$	162		$	—	$	518,588	$	179,828	$	—		$	698,578
Loans receivable, net	—			—		21,193		—		—			21,193
Cash and cash equivalents	1,583			—		—		1,527		—			3,110
Restricted cash	—			—		—		7,076		—			7,076
Deferred tax assets	25,540			—		—		—		—			25,540
Prepaid expenses, deferred financing costs and other assets	941			4,706		13,698		3,676		—			23,021
Intercompany	72,861			135,875		—		30,054		(238,790		)	—
Investment in subsidiaries	247,171			334,637		24,894		—		(606,702		)	—
Total assets	$	348,258		$	475,218	$	578,373	$	222,161	$	(845,492	)	$	778,518
Liabilities and stockholders’ equity
Mortgage notes payable	$	—		$	—	$	—	$	157,872	$	—		$	157,872
Secured revolving credit facility	—			—		42,500		—		—			42,500
Senior unsecured notes payable	—			225,000		—		—		—			225,000
Accounts payable and accrued liabilities	6,293			3,047		1,158		683		—			11,181
Tax liability	25,540			—		—		—		—			25,540
Intercompany	—			—		238,790		—		(238,790		)	—
Total liabilities	31,833			228,047		282,448		158,555		(238,790		)	462,093
Stockholders’ equity:
Preferred stock, $.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of June 30, 2012	—			—		—		—		—			—
Common stock, $.01 par value; 125,000,000 shares authorized, 37,051,242 shares issued and outstanding as of June 30, 2012	371			—		—		—		—			371
Additional paid-in capital	349,272			205,389		233,433		52,549		(491,371		)	349,272
Cumulative distributions in excess of net income	(33,218		)	41,782		62,492		11,057		(115,331		)	(33,218		)
Total stockholders’ equity	316,425			247,171		295,925		63,606		(606,702		)	316,425
Total liabilities and stockholders’ equity	$	348,258		$	475,218	$	578,373	$	222,161	$	(845,492	)	$	778,518

CONDENSED CONSOLIDATING BALANCE SHEET

December 31, 2011

(in thousands, except share and per share amounts)



	Parent Company			Issuers		Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Elimination			Consolidated
Assets
Real estate investments, net of accumulated depreciation	$	187		$	—	$	474,256	$	183,934	$	—		$	658,377
Cash and cash equivalents	41,736			—		—		514		—			42,250
Restricted cash	—			—		—		6,093		—			6,093
Deferred tax assets	25,540			—		—		—		—			25,540
Prepaid expenses, deferred financing costs and other assets	874			5,079		8,544		2,893		—			17,390
Intercompany	—			145,018		—		25,237		(170,255		)	—
Investment in subsidiaries	313,181			391,131		23,611		—		(727,923		)	—
Total assets	$	381,518		$	541,228	$	506,411	$	218,671	$	(898,178	)	$	749,650
Liabilities and stockholders’ equity
Mortgage notes payable	$	—		$	—	$	—	$	158,398	$	—		$	158,398
Senior unsecured notes payable	—			225,000		—		—		—			225,000
Accounts payable and accrued liabilities	6,296			3,047		4,107		689		—			14,139
Tax liability	25,540			—		—		—		—			25,540
Intercompany	23,109			—		147,146		—		(170,255		)	—
Total liabilities	54,945			228,047		151,253		159,087		(170,255		)	423,077
Stockholders’ equity:
Preferred stock, $.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2011	—			—		—		—		—			—
Common stock, $.01 par value; 125,000,000 shares authorized, 36,891,712 shares issued and outstanding as of December 31, 2011	369			—		—		—		—			369
Additional paid-in capital	344,995			288,665		316,011		52,110		(656,786		)	344,995
Cumulative distributions in excess of net income	(18,791		)	24,516		39,147		7,474		(71,137		)	(18,791		)
Total stockholders’ equity	326,573			313,181		355,158		59,584		(727,923		)	326,573
Total liabilities and stockholders’ equity	$	381,518		$	541,228	$	506,411	$	218,671	$	(898,178	)	$	749,650

Schedule of Condensed Income Statement

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months Ended June 30, 2012

(in thousands, except share and per share amounts)

(unaudited)



	Parent Company			Issuers			Combined Guarantor Subsidiaries		Combined Non- Guarantor Subsidiaries		Elimination			Consolidated
Revenues:
Rental income	$	—		$	—		$	18,372	$	6,448	$	—		$	24,820
Interest income	1			—			296		—		—			297
Total revenues	1			—			18,668		6,448		—			25,117
Expenses:
Depreciation and amortization	12			—			5,492		2,053		—			7,557
Interest	—			4,757			715		2,676		—			8,148
General and administrative	3,083			1			376		29		—			3,489
(Income) loss in subsidiary	(9,017		)	(13,775		)	55		—		22,737			—
Total expenses	(5,922		)	(9,017		)	6,638		4,758		22,737			19,194
Net income	$	5,923		$	9,017		$	12,030	$	1,690	$	(22,737	)	$	5,923
Net income per common share, basic														$	0.16
Net income per common share, diluted														$	0.16
Weighted-average number of common shares outstanding, basic														37,147,942
Weighted-average number of common shares outstanding, diluted														37,191,687

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Three Months Ended June 30, 2011

(in thousands, except share and per share amounts)

(unaudited)



	Parent Company			Issuers			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Elimination			Consolidated
Revenues:
Rental income	$	—		$	—		$	12,337		$	6,291	$	—		$	18,628
Interest income	13			—			162			2		—			177
Total revenues	13			—			12,499			6,293		—			18,805
Expenses:
Depreciation and amortization	12			—			4,173			2,105		—			6,290
Interest	—			4,653			324			2,528		—			7,505
General and administrative	2,686			—			208			29		—			2,923
Income in subsidiary	(4,772		)	(9,425		)	(105		)	—		14,302			—
Total expenses	(2,074		)	(4,772		)	4,600			4,662		14,302			16,718
Net income	$	2,087		$	4,772		$	7,899		$	1,631	$	(14,302	)	$	2,087
Net income per common share, basic															$	0.08
Net income per common share, diluted															$	0.08
Weighted-average number of common shares outstanding, basic															25,154,284
Weighted-average number of common shares outstanding, diluted															25,226,179

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Six Months Ended June 30, 2012

(in thousands, except share and per share amounts)

(unaudited)



	Parent Company			Issuers			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Elimination			Consolidated
Revenues:
Rental income	$	—		$	—		$	35,586		$	12,897	$	—		$	48,483
Interest income	7			—			354			—		—			361
Total revenues	7			—			35,940			12,897		—			48,844
Expenses:
Depreciation and amortization	24			—			10,724			4,112		—			14,860
Interest	—			9,514			1,178			5,154		—			15,846
General and administrative	6,920			2			839			49		—			7,810
Income in subsidiary	(17,265		)	(26,781		)	(147		)	—		44,193			—
Total expenses	(10,321		)	(17,265		)	12,594			9,315		44,193			38,516
Net income	$	10,328		$	17,265		$	23,346		$	3,582	$	(44,193	)	$	10,328
Net income per common share, basic															$	0.28
Net income per common share, diluted															$	0.28
Weighted-average number of common shares outstanding, basic															37,092,683
Weighted-average number of common shares outstanding, diluted															37,119,005

CONDENSED CONSOLIDATING STATEMENT OF INCOME

For the Six Months Ended June 30, 2011

(in thousands, except share and per share amounts)

(unaudited)



	Parent Company			Issuers			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries		Elimination			Consolidated
Revenues:
Rental income	$	—		$	—		$	23,608		$	12,582	$	—		$	36,190
Interest income	41			—			175			1		—			217
Total revenues	41			—			23,783			12,583		—			36,407
Expenses:
Depreciation and amortization	29			—			8,111			4,237		—			12,377
Interest	—			9,403			646			5,054		—			15,103
General and administrative	5,315			—			211			66		—			5,592
Income in subsidiary	(8,638		)	(18,041		)	(199		)	—		26,878			—
Total expenses	(3,294		)	(8,638		)	8,769			9,357		26,878			33,072
Net income	$	3,335		$	8,638		$	15,014		$	3,226	$	(26,878	)	$	3,335
Net income per common share, basic															$	0.13
Net income per common share, diluted															$	0.13
Weighted-average number of common shares outstanding, basic															25,140,781
Weighted-average number of common shares outstanding, diluted															25,210,575

Schedule of Condensed Cash Flow Statement

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2012

(in thousands)

(unaudited)



	Parent Company			Issuers			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Elimination			Consolidated
Net cash provided by operating activities	$	22,525		$	—		$	—		$	1,562		$	—		$	24,087
Cash flows from investing activities:
Acquisitions of real estate	—			—			(55,550		)	—			—			(55,550		)
Origination of note receivable	—			—			(21,176		)	—			—			(21,176		)
Additions to real estate	—			—			(730		)	—			—			(730		)
Investment in Subsidiary	(1,449		)	(1,449		)	—			—			2,898			—
Distribution from Subsidiary	345			345			—			—			(690		)	—
Intercompany financing	(37,255		)	(37,255		)	—			—			74,510			—
Net cash used in investing activities	(38,359		)	(38,359		)	(77,456		)	—			76,718			(77,456		)
Cash flows from financing activities:
Proceeds from secured revolving credit facility	—			—			42,500			—			—			42,500
Proceeds from mortgage notes payable	—			—			—			21,947			—			21,947
Principal payments on mortgage notes payable	—			—			—			(22,464		)	—			(22,464		)
Payments of deferred financing costs	—			—			(2,299		)	(1,136		)	—			(3,435		)
Issuance of common stock	144			—			—			—			—			144
Dividends paid	(24,463		)	—			—			—			—			(24,463		)
Contribution from Parent	—			1,449			—			1,449			(2,898		)	—
Distribution to Parent	—			(345		)	—			(345		)	690			—
Intercompany financing	—			37,255			37,255			—			(74,510		)	—
Net cash provided by (used in) financing activities	(24,319		)	38,359			77,456			(549		)	(76,718		)	14,229
Net increase (decrease) in cash and cash equivalents	(40,153		)	—			—			1,013			—			(39,140		)
Cash and cash equivalents, beginning of period	41,736			—			—			514			—			42,250
Cash and cash equivalents, end of period	$	1,583		$	—		$	—		$	1,527		$	—		$	3,110

CONDENSED CONSOLIDATING STATEMENT OF CASH FLOWS

For the Six Months Ended June 30, 2011

(in thousands)

(unaudited)



	Parent Company			Issuers			Combined Guarantor Subsidiaries			Combined Non- Guarantor Subsidiaries			Elimination			Consolidated
Net cash provided by operating activities	$	16,386		$	—		$	—		$	1,542		$	—		$	17,928
Cash flows from investing activities:
Acquisitions of real estate	—			—			(74,000		)	—			—			(74,000		)
Acquisition of note receivable	(5,348		)	—			—			—			—			(5,348		)
Additions to real estate	(86		)	—			—			—			—			(86		)
Distribution from Subsidiary	3,307			3,307			—			—			(6,614		)	—
Intercompany financing	(74,270		)	(74,270		)	—			—			148,540			—
Net cash used in investing activities	(76,397		)	(70,963		)	(74,000		)	—			141,926			(79,434		)
Cash flows from financing activities:
Principal payments on mortgage notes payable	—			—			—			(1,499		)	—			(1,499		)
Payments of deferred financing costs	—			(270		)	—			—			—			(270		)
Issuance of common stock	547			—			—			—			—			547

Dividends paid	(8,051		)	—			—			—			—			(8,051		)
Distribution to Parent	—			(3,307		)	—			(3,307		)	6,614			—
Intercompany financing	—			74,540			74,000			—			(148,540		)	—
Net cash provided by (used in) financing activities	(7,504		)	70,963			74,000			(4,806		)	(141,926		)	(9,273		)
Net increase in cash and cash equivalents	(67,515		)	—			—			(3,264		)	—			(70,779		)
Cash and cash equivalents, beginning of period	70,841			—			—			3,392			—			74,233
Cash and cash equivalents, end of period	$	3,326		$	—		$	—		$	128		$	—		$	3,454