Preferred and Common Units of the Operating Partnership

Common Units

Issuance of Common Units

In October 2014, the Company issued 351,476 shares of its common stock to partially fund $21.6 million of a development acquisition (see Note 10 “Stockholders’ Equity of the Company” for additional information). The development acquisition property was contributed by the Company to the Operation Partnership in exchange for 351,476 common units.

In September 2013, the Company completed an underwritten public offering of 6,175,000 shares of its common stock (see Note 10 “Stockholders’ Equity of the Company” for additional information). 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.

In August 2012, the Company completed an underwritten public offering of 5,750,000 shares of its common stock (see Note 10 “Stockholders’ Equity of the Company” for additional information). 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 (see Note 3 “Acquisitions” for additional information). 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 (see Note 10 “Stockholders’ Equity of the Company” for additional information). 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.

At-The-Market Stock Offering Program

During the years ended December 31, 2014, 2013 and 2012, the Company utilized its at-the-market stock offering programs to issue shares of common stock (see Note 10 “Stockholders’ Equity of the Company” for additional information). The net offering proceeds and property acquired using net offering proceeds were contributed by the Company to the Operating Partnership in exchange for common units for the years ended December 31, 2014, 2013 and 2012 are as follows:



	Year Ended December 31,
	2014		2013		2012
	(in millions, except share and per share data)
Shares of common stock contributed by the Company	1,599,123		1,040,838		787,118
Common units exchanged for share of common stock by the Company	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

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:



	December 31, 2014		December 31, 2013
Company owned common units in the Operating Partnership	86,259,684		82,153,944
Company owned general partnership interest	98.0	%	97.8	%
Noncontrolling common units of the Operating Partnership	1,804,200		1,805,200
Ownership interest of noncontrolling interest	2.0	%	2.2	%

For a further discussion of the noncontrolling common units during the years ended December 31, 2014 and 2013, refer to Note 9 “Noncontrolling Interests on the Company’s Consolidated Financial Statements”.

Accrued Distributions

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



	December 31, 2014		December 31, 2013
	(in thousands)
Distributions payable to:
General partner	$	30,191	$	28,754
Common limited partners	631		632
RSU holders ⁽¹⁾	421		405
Total accrued distributions to common unitholders	31,243		29,791
Preferred unitholders	1,656		1,699
Total accrued 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	December 31, 2013
Outstanding Units:
Common units held by the general partner	86,259,684	82,153,944
Common units held by the limited partners	1,804,200	1,805,200
RSUs ⁽¹⁾	1,248,352	1,158,407
Series G Preferred units	4,000,000	4,000,000
Series H Preferred units	4,000,000	4,000,000

______________________


(1)	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 and 2013, respectively.

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

On April 16, 2012, the Company redeemed all 1,610,000 outstanding units of its 7.80% Series E Cumulative Redeemable Preferred Units and all 3,450,000 outstanding units of its 7.50% Series F Cumulative Redeemable Preferred Units. 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 Units.