Subsequent Events

12 Months Ended

Dec. 31, 2016

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

On December 13, 2016, the Company declared a special cash dividend of $1.90 per share of common stock to stockholders of record on December 30, 2016. This special cash dividend is in addition to the regular quarterly dividend. On January 13, 2017, $184.3 million of special dividends and $36.4 million of regular dividends were paid out to common stockholders, common unitholders and RSU holders of record on December 30, 2016.

On January 10, 2017, pursuant to the Company’s effective shelf registration statement and prospectus and related prospectus supplement filed with the Securities and Exchange Commission, the Company completed a public offering and issued 4,427,500 shares of its common stock at a price of $72.75 per share, before underwriting discounts and commissions. The Company received approximately $308.8 million of total proceeds, which are net of underwriting discounts and commissions and estimated offering expenses. The Company intends to use the net proceeds from the offering for general corporate purposes.

On January 13, 2017, the Company completed the sale of the operating property located at 5717 Pacific Center Boulevard in San Diego, California that was held for sale at December 31, 2016 for a gross sales price of $12.1 million.

In February 2017, the Executive Compensation Committee granted 41,119 RSUs to key employees under the 2006 Plan. The compensation cost related to the RSUs is expected to be recognized over a period of three years.