SUMMARIZED CONDENSED CONSOLIDATING INFORMATION (Tables)

12 Months Ended

Dec. 31, 2013

SUMMARIZED CONDENSED CONSOLIDATING INFORMATION [Abstract]

Schedule of Condensed Balance Sheet

Consolidating financial statements for the Company and its subsidiaries, including the Parent Company only, the Issuers, the combined Guarantor subsidiaries and the combined non-Guarantor subsidiaries, are as follows:

CONSOLIDATING BALANCE SHEET

December 31, 2013

(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	$	101		$	—	$	751,771	$	163,546	$	—		$	915,418
Loans receivable and other investments, net	—			—		185,293		—		—			185,293
Cash and cash equivalents	3,551			—		—		757		—			4,308
Restricted cash	—			—		121		5,231		—			5,352
Deferred tax assets	24,212			—		—		—		—			24,212
Prepaid expenses, deferred financing costs and other assets	1,217			9,207		46,694		6,134		—			63,252
Intercompany	333,125			270,194		—		42,637		(645,956		)	—
Investment in subsidiaries	128,640			267,505		25,205		—		(421,350		)	—
Total assets	$	490,846		$	546,906	$	1,009,084	$	218,305	$	(1,067,306	)	$	1,197,835
Liabilities and stockholders’ equity
Mortgage notes payable	$	—		$	—	$	—	$	141,328	$	—		$	141,328
Secured revolving credit facility	—			—		135,500		—		—			135,500
Senior unsecured notes payable	—			414,402		—		—		—			414,402
Accounts payable and accrued liabilities	6,470			3,864		11,008		887		—			22,229
Tax liability	24,212			—		—		—		—			24,212
Intercompany	—			—		645,956		—		(645,956		)	—
Total liabilities	30,682			418,266		792,464		142,215		(645,956		)	737,671
Stockholders’ equity:
Preferred stock, $.01 par value; 10,000,000 shares authorized, 5,750,000 shares issued and outstanding as of December 31, 2013	58			—		—		—		—			58
Common stock, $.01 par value; 125,000,000 shares authorized, 38,788,745 shares issued and outstanding as of December 31, 2013	388			—		—		—		—			388
Additional paid-in capital	534,639			21,226		53,574		48,507		(123,307		)	534,639
Cumulative distributions in excess of net income	(74,921		)	107,414		163,046		27,583		(298,043		)	(74,921		)
Total stockholders’ equity	460,164			128,640		216,620		76,090		(421,350		)	460,164
Total liabilities and stockholders’ equity	$	490,846		$	546,906	$	1,009,084	$	218,305	$	(1,067,306	)	$	1,197,835

CONSOLIDATING BALANCE SHEET

December 31, 2012

(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	$	151		$	—	$	655,881	$	171,103	$	—		$	827,135
Loan receivable, net	—			—		12,017		—		—			12,017
Cash and cash equivalents	15,075			—		—		2,026		—			17,101
Restricted cash	—			—		92		4,497		—			4,589
Deferred tax assets	24,212			—		—		—		—			24,212
Assets held for sale, net	—			—		—		2,215		—			2,215
Prepaid expenses, deferred financing costs and other assets	1,315			7,339		18,133		2,826		—			29,613
Intercompany	—			227,396		—		37,466		(264,862		)	—
Investment in subsidiaries	351,632			451,975		23,142		—		(826,749		)	—
Total assets	$	392,385		$	686,710	$	709,265	$	220,133	$	(1,091,611	)	$	916,882
Liabilities and stockholders’ equity
Mortgage notes	$	—		$	—	$	—	$	152,322	$	—		$	152,322
Secured revolving credit facility	—			—		92,500		—		—			92,500
Senior unsecured notes	—			330,666		—		—		—			330,666
Accounts payable and accrued liabilities	3,281			4,412		3,348		653		—			11,694
Tax liability	24,212			—		—		—		—			24,212
Intercompany	59,404			—		205,458		—		(264,862		)	—
Total liabilities	86,897			335,078		301,306		152,975		(264,862		)	611,394
Stockholders’ equity:
Preferred stock, $.01 par value; 10,000,000 shares authorized, zero shares issued and outstanding as of December 31, 2012	—			—		—		—		—			—
Common stock, $.01 par value; 125,000,000 shares authorized, 37,099,209 shares issued and outstanding as of December 31, 2012	371			—		—		—		—			371
Additional paid-in capital	353,861			292,939		321,666		53,952		(668,557		)	353,861
Retained earnings	(48,744		)	58,693		86,293		13,206		(158,192		)	(48,744		)
Total stockholders’ equity	305,488			351,632		407,959		67,158		(826,749		)	305,488
Total liabilities and stockholders’ equity	$	392,385		$	686,710	$	709,265	$	220,133	$	(1,091,611	)	$	916,882

Schedule of Condensed Income Statement

CONSOLIDATING STATEMENT OF INCOME

For the Year Ended December 31, 2013

(in thousands, except share and per share amounts)

	Parent Company			Issuers			Combined Guarantor Subsidiaries			Combined  Non- Guarantor Subsidiaries		Elimination			Consolidated
Revenues:
Rental income	$	—		$	—		$	99,711		$	29,277	$	—		$	128,988
Interest and other income	86			—			5,706			—		—			5,792
Total revenues	86			—			105,417			29,277		—			134,780
Expenses:
Depreciation and amortization	51			—			25,664			7,566		—			33,281
Interest	—			28,767			4,444			7,249		—			40,460
General and administrative	15,040			4			1,294			85		—			16,423
Total expenses	15,091			28,771			31,402			14,900		—			90,164
Other income (expense):
Loss on extinguishment of debt	—			(9,750		)	(351		)	—		—			(10,101		)
Other expense	—			—			(800		)	—		—			(800		)
Total other income (expense)	—			(9,750		)	(1,151		)	—		—			(10,901		)
Income in subsidiary	48,720			87,241			3,889			—		(139,850		)	—
Net income	33,715			48,720			76,753			14,377		(139,850		)	33,715
Preferred dividends	(7,966		)	—			—			—		—			(7,966		)
Net income attributable to common stockholders	$	25,749		$	48,720		$	76,753		$	14,377	$	(139,850	)	$	25,749
Net income attributable to common stockholders, per:
Basic common share															$	0.69
Diluted common share															$	0.68
Weighted-average number of common shares outstanding, basic															37,514,637
Weighted-average number of common shares outstanding, diluted															38,071,926

CONSOLIDATING STATEMENT OF INCOME

For the Year Ended December 31, 2012

(in thousands, except share and per share amounts)

	Parent Company		Issuers		Combined Guarantor Subsidiaries			Combined  Non- Guarantor Subsidiaries			Elimination			Consolidated
Revenues:
Rental income	$	—	$	—	$	75,606		$	26,136		$	—		$	101,742
Interest and other income	18		—		1,410			—			—			1,428
Total revenues	18		—		77,016			26,136			—			103,170
Expenses:
Depreciation and amortization	49		—		22,061			8,153			—			30,263
Interest	—		22,392		2,724			9,219			—			34,335
General and administrative	14,631		3		1,392			78			—			16,104
Impairment	—				—			2,481			—			2,481
Total expenses	14,680		22,395		26,177			19,931			—			83,183
Other income (expense):
Loss on extinguishment of debt	—		—		—			(2,670		)	—			(2,670		)
Other income	—		—		—			2,196			—			2,196
Total other income (expense)	—		—		—			(474		)	—			(474		)
Income (loss) in subsidiary	34,175		56,570		(3,693		)	—			(87,052		)	—
Net income attributable to common stockholders	$	19,513	$	34,175	$	47,146		$	5,731		$	(87,052	)	$	19,513
Net income attributable to common stockholders, per:
Basic common share														$	0.53
Diluted common share														$	0.52
Weighted-average number of common shares outstanding, basic														37,061,111
Weighted-average number of common shares outstanding, diluted														37,321,517

CONSOLIDATING STATEMENT OF INCOME

For the Year Ended December 31, 2011

(in thousands, except share and per share amounts)

	Parent Company		Issuers		Combined Guarantor Subsidiaries		Combined  Non- Guarantor Subsidiaries		Elimination			Consolidated
Revenues:
Rental income	$	—	$	—	$	55,447	$	25,231	$	—		$	80,678
Interest and other income	64		—		3,479		4		—			3,547
Total revenues	64		—		58,926		25,235		—			84,225
Expenses:
Depreciation and amortization	53		—		18,144		8,394		—			26,591
Interest	—		18,913		1,333		10,073		—			30,319
General and administrative	9,905		1		4,476		91		—			14,473
Total expenses	9,958		18,914		23,953		18,558		—			71,383
Income in subsidiary	22,736		41,650		493		—		(64,879		)	—
Net income attributable to common stockholders	$	12,842	$	22,736	$	35,466	$	6,677	$	(64,879	)	$	12,842
Net income attributable to common stockholders, per:
Basic common share												$	0.43
Diluted commons share												$	0.43
Weighted-average number of common shares outstanding, basic												30,109,417
Weighted-average number of common shares outstanding, diluted												30,171,225

Schedule of Condensed Cash Flow Statement

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year EndedDecember 31, 2013

(in thousands)

	Parent Company			Issuers			Combined Guarantor Subsidiaries			Combined  Non- Guarantor Subsidiaries			Elimination			Consolidated
Net cash provided by operating activities	$	47,810		$	—		$	—		$	14,289		$	—		$	62,099
Cash flows from investing activities:
Acquisitions of real estate	—			—			(125,955		)	—			—			(125,955		)
Origination of loans receivable	—			—			(165,960		)	—			—			(165,960		)
Preferred equity investments	—			—			(7,038		)	—			—			(7,038		)
Additions to real estate	—			—			(764		)	—			—			(764		)
Net proceeds from the sale of real estate	—			—			—			2,208			—			2,208
Distribution from Subsidiary	4,066			4,066			—			—			(8,132		)	—
Intercompany financing	(178,015		)	(258,819		)	—			—			436,834			—
Net cash (used in) provided by investing activities	(173,949		)	(254,753		)	(299,717		)	2,208			428,702			(297,509		)
Cash flows from financing activities:
Proceeds from issuance of senior unsecured notes	—			200,000			—			—			—			200,000
Principal payments on senior unsecured notes	—			(113,750		)	—			—			—			(113,750		)
Proceeds from secured revolving credit facility	—			—			143,500			—			—			143,500
Payments on secured revolving credit facility	—			—			(100,500		)	—			—			(100,500		)
Principal payments on mortgage notes payable	—			—			—			(10,994		)	—			(10,994		)
Payments of deferred financing costs	—			(5,446		)	(3,010		)	(498		)	—			(8,954		)
Payment of contingent consideration	—			—			(1,300		)	—			—			(1,300		)
Issuance of preferred stock	138,249			—			—			—			—			138,249
Issuance of common stock	34,517			—			—			—			—			34,517
Dividends paid on common and preferred stock	(58,151		)	—			—			—			—			(58,151		)
Distribution to Parent	—			(4,066		)	—			(4,066		)	8,132			—
Intercompany financing	—			178,015			261,027			(2,208		)	(436,834		)	—
Net cash provided by (used in) financing activities	114,615			254,753			299,717			(17,766		)	(428,702		)	222,617
Net decrease in cash and cash equivalents	(11,524		)	—			—			(1,269		)	—			(12,793		)
Cash and cash equivalents, beginning of period	15,075			—			—			2,026			—			17,101
Cash and cash equivalents, end of period	$	3,551		$	—		$	—		$	757		$	—		$	4,308

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year EndedDecember 31, 2012

(in thousands)

	Parent Company			Issuers			Combined Guarantor Subsidiaries			Combined  Non- Guarantor Subsidiaries			Elimination			Consolidated
Net cash provided by operating activities	$	53,584		$	—		$	—		$	2,668		$	—		$	56,252
Cash flows from investing activities:
Acquisitions of real estate	—			—			(205,424		)	—			—			(205,424		)
Origination of note receivable	—			—			(22,180		)	—			—			(22,180		)
Additions to real estate	(14		)	—			(1,032		)	—			—			(1,046		)
Repayment of note receivable	—			—			10,000			—			—			10,000
Investment in Subsidiary	(7,191		)	(7,191		)	—			—			14,382			—
Distribution from Subsidiary	1,751			1,751			—			—			(3,502		)	—
Intercompany financing	(25,915		)	(128,721		)	—			—			154,636			—
Net cash used in investing activities	(31,369		)	(134,161		)	(218,636		)	—			165,516			(218,650		)
Cash flows from financing activities:
Proceeds from the issuance of senior unsecured notes	—			106,000			—			—			—			106,000
Proceeds from secured revolving credit facility	—			—			135,000			—			—			135,000
Payments on secured revolving credit facility	—			—			(42,500		)	—			—			(42,500		)
Proceeds from mortgage notes	—			—			—			56,651			—			56,651
Principal payments on mortgage notes payable	—			—			—			(62,226		)	—			(62,226		)
Payments of deferred financing costs	—			(3,194		)	(2,585		)	(1,021		)	—			(6,800		)
Issuance of common stock	53			—			—			—			—			53
Dividends paid	(48,929		)	—			—			—			—			(48,929		)
Contribution from Parent	—			7,191			—			7,191			(14,382		)	—
Distribution to Parent	—			(1,751		)	—			(1,751		)	3,502			—
Intercompany financing	—			25,915			128,721			—			(154,636		)	—
Net cash (used in) provided by financing activities	(48,876		)	134,161			218,636			(1,156		)	(165,516		)	137,249
Net (decrease) increase in cash and cash equivalents	(26,661		)	—			—			1,512			—			(25,149		)
Cash and cash equivalents, beginning of period	41,736			—			—			514			—			42,250
Cash and cash equivalents, end of period	$	15,075		$	—		$	—		$	2,026		$	—		$	17,101

CONSOLIDATING STATEMENT OF CASH FLOWS

For the Year Ended December 31, 2011

(in thousands)

	Parent Company			Issuers			Combined Guarantor Subsidiaries			Combined  Non- Guarantor Subsidiaries			Elimination			Consolidated
Net cash provided by operating activities	$	41,298		$	—		$	—		$	3,407		$	—		$	44,705
Cash flows from investing activities:
Acquisition of real estate	—			—			(204,500		)	—			—			(204,500		)
Acquisition of note receivable	(5,348		)	—			—			—			—			(5,348		)
Additions to real estate	(86		)	—			—			—			—			(86		)
Repayment of note receivable	5,348			—			—			—			—			5,348
Investment in Subsidiary	(164,030		)	(96		)	—			—			164,126			—
Distribution from Subsidiary	3,307			3,307			—			—			(6,614		)	—
Intercompany financing	(41,196		)	(204,700		)	—			—			245,896			—
Net cash used in investing activities	(202,005		)	(201,489		)	(204,500		)	—			403,408			(204,586		)
Cash flows from financing activities:
Principal payments on mortgage notes	—			—			—			(3,027		)	—			(3,027		)
Payments of deferred financing costs	—			(430		)	(200		)	(47		)	—			(677		)
Issuance of common stock	163,242			—			—			—			—			163,242
Dividends paid	(31,640		)	—			—			—			—			(31,640		)
Contribution from Parent	—			164,030			—			96			(164,126		)	—
Distribution to Parent	—			(3,307		)	—			(3,307		)	6,614			—
Intercompany financing	—			41,196			204,700			—			(245,896		)	—
Net cash provided by (used in) financing activities	131,602			201,489			204,500			(6,285		)	(403,408		)	127,898
Net decrease in cash and cash equivalents	(29,105		)	—			—			(2,878		)	—			(31,983		)
Cash and cash equivalents, beginning of period	70,841			—			—			3,392			—			74,233
Cash and cash equivalents, end of period	$	41,736		$	—		$	—		$	514		$	—		$	42,250