Partners' Equity

9 Months Ended

Sep. 30, 2011

Stockholders' Equity Note [Abstract]

Partners' Equity

Partners' Equity

In the first nine months of 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 preferred 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 4), 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 July 2011, the General Partner redeemed all of the outstanding shares of its 7.25% Series N Cumulative Redeemable Preferred Stock at a liquidation amount of $108.6 million. Offering costs of $3.6 million were charged against net income attributable to common unitholders in conjunction with the redemption of these shares.