Earnings Per Unit (EPU)

9 Months Ended

Sep. 30, 2011

Earnings Per Unit (EPU) [Abstract]

Earnings Per Unit (EPU)

9. Earnings Per Unit (“EPU”)

The computation of basic and diluted EPU is presented below:

	Three Months Ended September 30, 2011			Three Months Ended September 30, 2010			Nine Months Ended September 30, 2011			Nine Months Ended September 30, 2010
Numerator:
Loss from Continuing Operations, Net of Income Tax	$	(11,215	)	$	(80,645	)	$	(23,340	)	$	(124,368	)
Gain (Loss) on Sale of Real Estate, Net of Income Tax		627			(214	)		1,246			198
Preferred Unit Distributions		(4,928	)		(4,884	)		(14,802	)		(14,823	)
Loss from Continuing Operations Available to Unitholders	$	(15,516	)	$	(85,743	)	$	(36,896	)	$	(138,993	)
Income (Loss) from Discontinued Operations, Net of Income Tax Available to Unitholders	$	6,077		$	(81,549	)	$	13,094		$	(72,141	)
Net Loss Available to Unitholders	$	(9,439	)	$	(167,292	)	$	(23,802	)	$	(211,134	)
Denominator:
Weighted Average Units — Basic and Diluted		91,196,388			68,466,030			84,131,331			67,960,484
Basic and Diluted EPU:
Loss from Continuing Operations Available to Unitholders	$	(0.17	)	$	(1.25	)	$	(0.44	)	$	(2.05	)
Income (Loss) from Discontinued Operations Available to Unitholders	$	0.07		$	(1.19	)	$	0.16		$	(1.06	)
Net Loss Available to Unitholders	$	(0.10	)	$	(2.44	)	$	(0.28	)	$	(3.11	)

Participating securities include Units that correspond to the Company’s unvested restricted stock awards outstanding that participate in non-forfeitable distributions of the Operating Partnership.

	Outstanding at September  30, 2011		Allocation of Net Income Available to Participating Securities for the Three and Nine  Months Ended September 30, 2011	Outstanding at September  30, 2010		Allocation of Net Income Available to Participating Securities for the Three and Nine  Months Ended September 30, 2010
Participating Securities:
Units Corresponding to Restricted Stock Awards		688,708	$—		665,632	$—

Participating security holders are not obligated to share in losses. Therefore, none of the loss was allocated to participating securities for the three and nine months ended September 30, 2011 and September 30, 2010.

The number of weighted average units — diluted is the same as the number of weighted average units — basic for the three and nine months ended September 30, 2011 and September 30, 2010, as the effect of Units corresponding to the Company’s stock options and restricted stock unit awards (that do not participate in non-forfeitable dividends of the Company) was excluded as its inclusion would have been antidilutive to the loss from continuing operations available to Unitholders. Units corresponding to the following awards of the Company could be dilutive in future periods:

	Number At September  30, 2011		Number At September  30, 2010
Non-Participating Securities:
Units Corresponding to Restricted Stock Unit Awards		923,700		1,162,800
Units Corresponding to Options		25,201		98,701