Partners' Capital of the Operating Partnership

3 Months Ended

Mar. 31, 2013

Partners' Capital Notes [Abstract]

Common Units of the Operating Partnership

Partners' Capital of the Operating Partnership

Issuance of Common Units

During the three months ended March 31, 2013, the Company utilized its at-the-market stock offering program to issue an aggregate of 453,679 shares of common stock as discussed in Note 7. The net offering proceeds of approximately $23.4 million were contributed by the Company to the Operating Partnership in exchange for 453,679 common units.

Common Units Outstanding

The Company owned 75,349,705, 74,926,981, and 68,349,843 common units representing a 97.6%, 97.6%, and 97.5% common general partnership interest in the Operating Partnership as of March 31, 2013, December 31, 2012, and March 31, 2012, respectively. The remaining 2.4%, 2.4%, and 2.5% common limited partnership interest as of March 31, 2013, December 31, 2012, and March 31, 2012, respectively, was owned by certain of our executive officers and directors and non-affiliate investors in the form of noncontrolling common units.Therewere 1,826,503, 1,826,503, and 1,718,131 common units outstanding held by these investors, officers and directors as of March 31, 2013, December 31, 2012, and March 31, 2012, respectively. For a further discussion of the noncontrolling common units as of March 31, 2013 and December 31, 2012, refer to Note 6.