The year-to-date increase in net income was primarily due to (i) additional operating revenue associated with approximately $515 million of new investments made since July of 2012 and (ii) an $11.1 million interest refinancing adjustment (gain) recorded in the second quarter of 2013. These increases to net income were partially offset by (i) increased expenses associated with the new investments, including: (a) $13.7 million in increased depreciation expense and (b) $4.1 million in increased interest expense and (ii) $5.4 million in interest refinancing costs relating to 2012 refinancing activities.THIRD QUARTER 2013 HIGHLIGHTS AND OTHER RECENT DEVELOPMENTS
- In October 2013, the Company completed $33 million of new investments.
- In October 2013, the Company increased its quarterly common stock dividend to $0.48 per share.
- In October 2013, the Company completed an underwritten public offering of 2.875 million shares of its common stock, generating net cash proceeds of approximately $84.5 million.
- In Q3 2013, the Company announced it committed to enter into a $525 million sale/leaseback transaction.
- In Q3 2013, the Company completed $6.8 million of capital renovation projects.
- In July 2013, the Company increased its quarterly common stock dividend to $0.47 per share.