Earnings Per Unit (EPU)

12 Months Ended

Dec. 31, 2011

Earnings Per Unit (EPU) [Abstract]

Earnings Per Unit (EPU)

10. Earnings Per Unit (“EPU”)

The computation of basic and diluted EPU is presented below:

	Year Ended December 31, 2011			Year Ended December 31, 2010			Year Ended December 31, 2009
Numerator:
Loss from Continuing Operations, Net of Income Tax	$	(29,403	)	$	(156,579	)	$	(16,387	)
Gain on Sale of Real Estate, Net of Income Tax		918			517			170
Preferred Unit Distributions		(19,565	)		(19,677	)		(19,516	)
Loss from Continuing Operations Available to Unitholders	$	(48,050	)	$	(175,739	)	$	(35,733	)
Income (Loss) from Discontinued Operations, Net of Income Tax	$	19,523		$	(65,445	)	$	20,544
Income (Loss) from Discontinued Operations Available to Unitholders	$	19,523		$	(65,445	)	$	20,544
Net Loss Available to Unitholders	$	(28,527	)	$	(241,184	)	$	(15,189	)
Denominator:
Weighted Average Units—Basic and Diluted		85,913,072			68,326,604			54,260,979
Basic and Diluted EPU:
Loss from Continuing Operations Available to Unitholders	$	(0.56	)	$	(2.57	)	$	(0.66	)
Income (Loss) from Discontinued Operations Available to Unitholders	$	0.23		$	(0.96	)	$	0.38
Net Loss Available to Unitholders	$	(0.33	)	$	(3.53	)	$	(0.28	)

Participating securities include 673,381, 662,092 and 355,645 of unvested restricted stock awards outstanding at December 31, 2011, 2010 and 2009 respectively, which participate in non-forfeitable dividends of the Operating Partnership. Participating security holders are not obligated to share in losses, therefore, none of the net loss was allocated to participating securities for the years ended December 31, 2011, 2010 and 2009.

The number of weighted average units—diluted is the same as the number of weighted average units—basic for the years ended December 31, 2011, 2010 and 2009 as the effect of stock options and restricted 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. The following awards were anti-dilutive and could be dilutive in future periods:

	Number of Awards Outstanding At December 31, 2011		Number of Awards Outstanding At December 31, 2010		Number of Awards Outstanding At December 31, 2009
Non-Participating Securities:
Restricted Unit Awards		731,900		1,012,800		1,218,800
Options		25,201		98,701		139,700