Partners' Equity

12 Months Ended

Dec. 31, 2011

Stockholders' Equity Note [Abstract]

Partners' Capital Notes Disclosure [Text Block]

Partners’ Equity

The General Partner periodically uses the public equity markets to fund the development and acquisition of additional rental properties or to pay down debt. The proceeds of these offerings are contributed to us in exchange for an additional interest in the Partnership.

In July 2011, the General Partner redeemed all of the outstanding shares of its 7.250%Series N Cumulative Redeemable Preferred Shares at a liquidation amount of $108.6 million. We also redeemed the corresponding Preferred Units held by the General Partner at the same price. Offering costs of $3.6 million were included as a reduction to net income attributable to common unitholders in conjunction with the redemption of these shares and the corresponding Preferred Units.

In February 2011, the General Partner repurchased 80,000 shares of its 8.375%Series O Cumulative Redeemable Preferred Shares ("Series O Shares"). The Series O Shares that the General Partner repurchased had a total redemption value of $2.0 million and were repurchased for $2.1 million. We then repurchased corresponding Preferred Units held by the General Partner at the same price at which it repurchased its shares on the open market. An adjustment of approximately $163,000, which included a ratable portion of original issuance costs, was included as a reduction to net income attributable to common unitholders.

In conjunction with the acquisition of the Premier Portfolio (Note 3), we issued 2.1 million Limited Partner Units with a fair value at issuance of $28.4 million, which are included in Limited Partners' common equity.

In June 2010, the General Partner issued 26.5 million shares of its common stock for net proceeds of approximately $298.1 million. The proceeds from this offering were used for acquisitions, general corporate purposes and repurchases of preferred shares and fixed rate unsecured debt.

Throughout 2010, pursuant to the share repurchase plan approved by the General Partner's board of directors, the General Partner repurchased 4.5 million shares of its Series O Shares. The preferred shares that the General Partner repurchased had a total face value of approximately $112.1 million, and were repurchased for $118.8 million. We then repurchased corresponding Preferred Units held by the General Partner at the same price at which it repurchased its shares on the open market. An adjustment of approximately $10.4 million, which included a ratable portion of issuance costs, increased the net loss attributable to common unitholders. All shares repurchased by the General Partner were retired prior to December 31, 2010.

In April 2009, the General Partner issued 75.2 million shares of its common stock for net proceeds of $551.4 million. The proceeds from the issuance were used to repay outstanding borrowings under the Partnership's unsecured line of credit and for other general corporate purposes.

The following series of Preferred Units were outstanding as of December 31, 2011 (in thousands, except percentage data):

Description	Units Outstanding	Distribution Rate		Optional Redemption Date	Liquidation Preference
Series J Preferred	396	6.625	%	August 29, 2008	$99,058
Series K Preferred	598	6.500	%	February 13, 2009	$149,550
Series L Preferred	796	6.600	%	November 30, 2009	$199,075
Series M Preferred	673	6.950	%	January 31, 2011	$168,272
Series O Preferred	712	8.375	%	February 22, 2013	$177,955

All series of Preferred Units require cumulative distributions and have no stated maturity date (although the General Partner may redeem all such Preferred Units on or following their optional redemption dates at its option, in whole or in part).