|
Subsequent Events
|
6 Months Ended |
|---|---|
|
Jun. 30, 2012
|
|
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENTS | SUBSEQUENT EVENTS Issuance of Shares of Common Stock in the DRIP Offering The Company continues to issue shares of common stock under the DRIP Offering. As of August 13, 2012, the Company had issued approximately 26.9 million shares pursuant to the DRIP Offering, resulting in gross proceeds to the Company of $242.6 million. Redemption of Shares of Common Stock Subsequent to June 30, 2012, the Company redeemed approximately 1.5 million shares for $14.3 million at an average price per share of $9.32. Notes Payable and Line of Credit Subsequent to June 30, 2012, the Company incurred fixed rate debt of $39.5 million, which bears interest at an annual rate of 3.90% and matures in July 2019. In addition, the Company repaid $12.6 million of fixed rate debt and $16.0 million of the amounts outstanding under the Credit Facility. As of August 13, 2012, the Company had $300.1 million outstanding under the Credit Facility and $49.4 million available for borrowing. |