Partners' Capital of the Operating Partnership

3 Months Ended

Mar. 31, 2016

Partners’ Capital of the Operating Partnership

Issuance of Common Units

In March 2016, the Operating Partnership issued 867,701 common units in connection with a development acquisition as discussed in Note 2. Each common unit was valued at $55.36, which was based on a trailing ten-day average of the closing quoted price per share of the Company’s common stock, par value $.01 per share, as reported on the NYSE, as calculated in accordance with the Partnership Agreement.

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-affiliated 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:



	March 31, 2016		December 31, 2015		March 31, 2015
Company owned common units in the Operating Partnership	92,229,464		92,258,690		88,031,377
Company owned general partnership interest	97.2	%	98.1	%	98.0	%
Noncontrolling common units of the Operating Partnership	2,631,276		1,764,775		1,793,170
Ownership interest of noncontrolling interest	2.8	%	1.9	%	2.0	%

For further discussion of the noncontrolling common units as of March 31, 2016 and December 31, 2015, refer to Note 7.