NOTE 16 — SUBSEQUENT EVENTS

Issuance of shares of common stock through DRIP Offering

Subsequent to June 30, 2011, the Company issued approximately 608,000 shares of common stock in the DRIP Offering, resulting in proceeds of $4.9 million. No selling commissions or dealer manager fees were paid in connection with the issuance of these shares.

Redemption of Shares of Common Stock

Subsequent to June 30, 2011, the Company redeemed approximately 1.5 million shares for $14.3 million at an average price per share of $9.21.

Notes Payable and Line of Credit

Subsequent to June 30, 2011, the Company borrowed $15.0 million under the Credit Facility. As of August 11, 2011, the Company had $223.1 million outstanding under the Credit Facility and $126.4 million available for borrowing.

Share Valuation

Subsequent to June 30, 2011, the Company’s board of directors established an estimated value of the Company’s common stock, as of July 27, 2011, of $9.35 per share.