Partners' Capital of the Operating Partnership

Common Units

At-The-Market Stock Offering Program

During the years ended December 31, 2016, 2015 and 2014, the Company utilized its at-the-market stock offering programs to issue shares of common stock (see Note 13 “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, 2016, 2015 and 2014 are as follows:



	Year Ended December 31,
	2016		2015		2014
	(in millions, except share and per share data)
Shares of common stock contributed by the Company	451,398		1,866,267		1,599,123
Common units exchanged for shares of common stock by the Company	451,398		1,866,267		1,599,123
Aggregate gross proceeds	$	32.3	$	140.1	$	104.7
Aggregate net proceeds after selling commissions	$	31.9	$	138.2	$	103.1

Issuance of Common Units

In March 2016, the Operating Partnership issued 867,701 common units in connection with a development acquisition (see Note 3 “Acquisitions”). 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.

In July 2015, the Company completed the sale and issuance of 3,733,766 shares of its common stock at a price of $66.19 per share for aggregate gross proceeds of $249.8 million and aggregate net proceeds after offering costs of $249.6 million through a registered direct placement with an institutional investor (see Note 13 “Stockholders’ Equity of the Company” for additional information). The net offering proceeds were contributed by the Company to the Operating Partnership in exchange for 3,733,766 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 13 “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.

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:



	December 31, 2016		December 31, 2015
Company owned common units in the Operating Partnership	93,219,439		92,258,690
Company owned general partnership interest	97.5	%	98.1	%
Noncontrolling common units of the Operating Partnership	2,381,543		1,764,775
Ownership interest of noncontrolling interest	2.5	%	1.9	%

For a further discussion of the noncontrolling common units during the years ended December 31, 2016 and 2015, refer to Note 11 “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, 2016 and 2015:



	December 31, 2016		December 31, 2015
	(in thousands)
Distributions payable to:
General partner	$	212,074	$	32,291
Common limited partners	5,418		618
RSU holders ⁽¹⁾	3,158		427
Total accrued distributions to common unitholders	220,650		33,336
Preferred unitholders	1,656		1,656
Total accrued distributions	$	222,306	$	34,992

______________________


(1)	The amount includes the value of the dividend equivalents that will be paid with additional RSUs (see Note 15 “Share-Based Compensation” for additional information).



	December 31, 2016	December 31, 2015
Outstanding Units:
Common units held by the general partner	93,219,439	92,258,690
Common units held by the limited partners	2,381,543	1,764,775
RSUs ⁽¹⁾	1,395,189	1,269,809
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 659,051 and 425,452 market measure-based RSUs because not all the necessary performance conditions have been met as of December 31, 2016 and 2015, respectively.