EQUITY

6 Months Ended

Jun. 30, 2012

EQUITY

NOTE 2 -EQUITY

Common Shares

On February 14, 2011, the Company completed an underwritten public offering of 27,274,000 common shares, par value of $.01 per share.  Upon completion of the offering, the Company issued 4,000 common shares to our independent directors pursuant to the 2011 Equity Incentive Plan.  Effective February 14, 2011, the Company granted options to purchase 940,000 common shares (see Note 7).  The Company paid dividends of $.1125 per share on February 28, 2012 and May 31, 2012.

On April 2, 2012, the Company issued an aggregate of 3,270,062 shares of common stock to limited partners of our operating partnership in connection with the redemption of their common units (see Note 6).  During the second quarter, the Company also issued 208,027 common shares to our independent directors and executive officers pursuant to the 2011 Equity Incentive Plan (see Note 7).  As a result, the Company increased our common shares to 30,756,089 as of June 30, 2012.

Preferred Shares

On October 28, 2011, the Company completed an underwritten public offering of 2,000,000 shares of 9.25% Series A Cumulative Redeemable Preferred Stock, par value of $.01 per share.  Dividends are payable quarterly in arrears on or about the last day of February, May, August and November of each year.  The Company paid dividends of $.578125 per share on February 28, 2012 and May 31, 2012.