Stockholders' Equity of the Company

12 Months Ended

Dec. 31, 2014

Equity [Abstract]

Stockholders' Equity of the Company

Stockholders’ Equity of the Company

Common Stock

Issuance of Common Stock

In October 2014, the Company issued 351,476 shares of the its common stock valued at approximately $21.6 million to partially fund a development acquisition (see Note 3 “Acquisitions” for additional information).

In September 2013, the Company completed an underwritten public offering of 6,175,000 shares of its common stock. The net offering proceeds, after deducting sales agent compensation and offering expenses, were approximately $295.9 million. We used a portion of the net proceeds from the offering to fund acquisitions, repay borrowings under the unsecured revolving credit facility, and for general corporate purposes.

In August 2012, the Company completed an underwritten public offering of 5,750,000 shares of its common stock. The net offering proceeds, after deducting sales agent compensation and offering expenses, were approximately $253.8 million. We used a portion of the net proceeds from the offering to fund acquisitions, repay borrowings under the unsecured revolving credit facility, and for general corporate purposes.

In February 2012, the Company completed an underwritten public offering of 9,487,500 shares of its common stock. The net offering proceeds, after deducting sales agent compensation and offering expenses, were approximately $382.1 million. We used a portion of the net proceeds from the offering to fund acquisitions, repay borrowings under the unsecured revolving credit facility, and for general corporate purposes.

At-The-Market Stock Offering Programs

Under our at-the-market stock offering programs, which commenced in July 2011 and December 2014, we may offer and sell shares of our common stock from time to time in “at-the-market” offerings. During the year ended December 31, 2014, the Company completed it's existing at-the-market stock offering program (the “July 2011 At-The-Market Program”) under which we sold an aggregate of $200.0 million in gross sales of shares, and in December 2014 commenced a new at-the-market stock offering program (the “December 2014 At-The-Market Program”) under which we may offer to sell shares of our common stock with an aggregate gross sales price of up $300.0 million.

The following table sets forth information regarding sales of our common stock under our at-the-market offering programs for the years ended December 31, 2014, 2013 and 2012:

	Year Ended December 31,
	2014		2013		2012
	(in millions, except share data)
Shares of common stock sold during the period	1,599,123		1,040,838		787,118
Aggregate gross proceeds	$	104.7	$	55.3	$	37.0
Aggregate net proceeds after sales agent compensation	$	103.1	$	54.4	$	36.3

The proceeds from sales were used to fund acquisitions, development expenditures and general corporate purposes including repayment of borrowings under the unsecured revolving credit facility. During the year ended December 31, 2014, under the July 2011 At-The-Market Program, we sold 1,457,623 shares of common stock and completed the program. Since commencement of the December 2014 At-The-Market Program, as of December 31, 2014, we sold 141,500 shares of common stock and approximately $290.0 million remains available to be sold under this program. Actual future sales will depend upon a variety of factors, including, but not limited to, market conditions, the trading price of the Company’s common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under the December 2014 At-The-Market program.

Share Repurchases

An aggregate of 988,025 shares currently remain eligible for repurchase under a share-repurchase program approved by the Company’s board of directors in prior periods. The Company did not repurchase shares of common stock under this program during the years ended December 31, 2014, 2013 or 2012.

Accrued Dividends and Distributions

The following tables summarize accrued dividends and distributions for the noted outstanding shares of common stock, preferred stock, and noncontrolling units as of December 31, 2014 and 2013:

	December 31,
	2014		2013
	(in thousands)
Dividends and Distributions payable to:
Common stockholders	$	30,191	$	28,754
Noncontrolling common unitholders of the Operating Partnership	631		632
RSU holders (1)	421		405
Total accrued dividends and distribution to common stockholders and noncontrolling unitholders	31,243		29,791
Preferred stockholders	1,656		1,699
Total accrued dividends and distributions	$	32,899	$	31,490

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(1) The amount includes the value of the dividend equivalents that will be paid with additional fully-vested RSUs (see Note 12 “Share-Based Compensation” for additional information).

	December 31,
	2014	2013
Outstanding Shares and Units:
Common stock (1)	86,259,684	82,153,944
Noncontrolling common units	1,804,200	1,805,200
RSUs (2)	1,248,352	1,158,407
Series G Preferred stock	4,000,000	4,000,000
Series H Preferred stock	4,000,000	4,000,000

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(1) The amount includes nonvested shares.

(2) The amount includes nonvested RSUs. Does not include the 247,089 and 143,022 market measure-based RSUs since not all the necessary performance conditions have been met as of December 31, 2014 and2013, respectively.

2012 Redemption of 7.80% Series E and 7.50% Series F Cumulative Redeemable Preferred Stock

On April 16, 2012, the Company redeemed all 1,610,000 outstanding shares of its 7.80% Series E Preferred Stock and all 3,450,000 outstanding shares of its 7.50% Series F Preferred Stock. As a result, for the year ended December 31, 2012, we recognized a non-recurring noncash charge of $4.9 million as a reduction to net income available to common stockholders for the original issuance costs related to the Redeemed Preferred Stock.