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Preferred and Common Units of the Operating Partnership
12 Months Ended
Dec. 31, 2012
Partners' Capital Notes [Abstract]  
Preferred and Common Units of the Operating Partnership
Preferred and Common Units of the Operating Partnership
Preferred Unit Issuances
The Company issued 4,000,000 shares of its Series H Preferred Stock in August 2012 and issued 4,000,000 shares of its Series G Preferred Stock in March 2012 as discussed in Note 10. The net proceeds of approximately $96.2 million and $96.2 million were contributed by the Company to the Operating Partnership in exchange for 4,000,000 Series H Preferred Units and 4,000,000 Series G Preferred Units, respectively. The Company is the sole holder of the Series H Preferred Units and Series G Preferred Units. The terms of the Series H Preferred Units and Series G Preferred Units are substantially similar to the terms of the Series H Preferred Stock and Series G Preferred Stock, respectively, as discussed in Note 10. Distributions on the Series H Preferred Units and Series G Preferred Units are paid to the Company.
Preferred Unit Redemption
7.45% Series A Cumulative Redeemable Preferred Units
On August 15, 2012 (the "Series A Redemption Date"), the Operating Partnership redeemed all 1,500,000 outstanding units of its 7.45% Series A Cumulative Redeemable Preferred Units representing preferred limited partnership interests in the Operating Partnership ("Series A Preferred Units") as discussed in Note 9. As of December 31, 2011, all 1,500,000 Series A Preferred Units were outstanding.


7.80% Series E and 7.50% Series F Cumulative Redeemable Preferred Units    
On April 16, 2012 (the "Series E and F Redemption Date"), the Company redeemed all 1,610,000 outstanding units of its 7.80% Series E Cumulative Redeemable Preferred Units ("Series E Preferred Units") and all 3,450,000 outstanding units of its 7.50% Series F Cumulative Redeemable Preferred Units ("Series F Preferred Units"). For each share of Series E and Series F Preferred Stock that was outstanding, the Company had an equivalent number of Series E Preferred Units and Series F Preferred Units outstanding with substantially similar terms as the Series E and Series F Preferred Stock. As of December 31, 2011, all 1,610,000 Series E Preferred Units and all 3,450,000 Series F Preferred Units were outstanding.
Common Units
Issuance of Common Units
In August 2012, the Company completed an underwritten public offering of 5,750,000 shares of its common stock as discussed in Note 10. The net offering proceeds of approximately $253.8 million were contributed by the Company to the Operating Partnership in exchange for 5,750,000 common units.
In July 2012, the Company issued 118,372 common units in connection with an operating property acquisition as discussed in Note 3. Each unit was valued at $47.34, which was the Company's closing stock price on the NYSE on the acquisition date.
In February 2012, the Company completed an underwritten public offering of 9,487,500 shares of its common stock as discussed in Note 10. The net offering proceeds of approximately $382.1 million were contributed by the Company to the Operating Partnership in exchange for 9,487,500 common units.
In April 2011, the Company completed an underwritten public offering of 6,037,500 shares of its common stock as discussed in Note 10. The net offering proceeds of approximately $221.0 million were contributed by the Company to the Operating Partnership in exchange for 6,037,500 common units.
In April 2010, the Company completed an underwritten public offering of 9,200,000 shares of its common stock as discussed in Note 10. The net offering proceeds of approximately $299.8 million were contributed by the Company to the Operating Partnership in exchange for 9,200,000 common units.
At-The-Market Stock Offering Program
During the year ended December 31, 2012, the Company utilized its at-the-market stock offering program to issue an aggregate of 787,118 shares of common stock as discussed in Note 10. The net offering proceeds of approximately $36.3 million were contributed by the Company to the Operating Partnership in exchange for 787,118 common units.
During the year ended December 31, 2011, the Company utilized its at-the-market stock offering program to issue an aggregate of 355,305 shares of common stock as discussed in Note 10. The net offering proceeds of approximately $12.8 million were contributed by the Company to the Operating Partnership in exchange for 355,305 common units.
Common Units Outstanding
The Company owned 74,926,981 and 58,819,717 common units representing a 97.6% and 97.2% common general partnership interest in the Operating Partnership as of December 31, 2012 and 2011, respectively. The remaining 2.4% and 2.8% common limited partnership interest as of December 31, 2012 and 2011, respectively, was owned by certain of our executive officers and directors and non-affiliate investors in the form of noncontrolling common units. There were 1,826,503 and 1,718,131 common units outstanding held by these investors, officers and directors as of December 31, 2012 and 2011, respectively. For a further discussion of the noncontrolling common units during the years ended December 31, 2012 and 2011, refer to Note 9.
Accrued Distributions
The following tables summarize accrued distributions for the noted common and preferred units as of December 31, 2012 and 2011:
 
December 31,
 
2012
 
2011
 
(in thousands)
Distributions payable to:

 
 
 
General partner
$
26,224

 
$
20,587

Common limited partners
639

 
601

RSU holders (1)
367

 
295

Total accrued distributions to common unitholders
27,230

 
21,483

Preferred unitholders
1,694

 
1,209

Total accrued distributions
$
28,924

 
$
22,692

______________________
(1)
The amount includes the value of the dividend equivalents that will be paid with additional fully-vested RSUs (see Note 12).

 
December 31,
 
2012
 
2011
Outstanding Units:
 
Common units held by the general partner
74,926,981

 
58,819,717

Common units held by the limited partners
1,826,503

 
1,718,131

RSUs
1,048,863

 
842,675

Series E Preferred units


 
1,610,000

Series F Preferred units

 
3,450,000

Series G Preferred units
4,000,000

 

Series H Preferred units
4,000,000