Partners' Capital of the Operating Partnership

9 Months Ended

Sep. 30, 2013

Partners' Capital Notes [Abstract]

Common Units of the Operating Partnership

Partners’ Capital of the Operating Partnership

Issuance of Common Units

In September 2013, the Company completed an underwritten public offering of 6,175,000 shares of its common stock (see Note 7. The net offering proceeds of approximately $295.9 million were contributed by the Company to the Operating Partnership in exchange for 6,175,000 common units.

During the three and nine months ended September 30, 2013, the Company utilized its at-the-market stock offering program to issue 226,430 and 1,040,838 shares of common stock, respectively (see Note 7. The net offering proceeds for the three and nine months ended September 30, 2013 of approximately $11.4 million and $54.4 million, respectively, were contributed by the Company to the Operating Partnership in exchange for 226,430 and 1,040,838 common units, respectively.

Common Units Outstanding

The following table sets forth the number of common units held by the Company and the number of common units held by non-affiliate investors and certain of our executive officers and directors in the form of noncontrolling common units as well as the ownership interest held on each respective date:

	September 30, 2013		December 31, 2012		September 30, 2012
Company owned common units in the Operating Partnership	82,113,491		74,926,981		74,692,939
Company owned general partnership interest	97.8	%	97.6	%	97.6	%
Noncontrolling common units of the Operating Partnership	1,821,503		1,826,503		1,826,503
Ownership interest of noncontrolling interest	2.2	%	2.4	%	2.4	%

For a further discussion of the noncontrolling common units as of September 30, 2013 and December 31, 2012, refer to Note 6.