Earnings Per Unit (EPU)

6 Months Ended

Jun. 30, 2012

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 June 30, 2012			Three Months Ended June 30, 2011			Six Months Ended June 30, 2012			Six Months Ended June 30, 2011
Numerator:
Loss from Continuing Operations	$	(12,753	)	$	(3,322	)	$	(17,840	)	$	(9,146	)
Preferred Unit Distributions		(4,798	)		(4,947	)		(9,560	)		(9,874	)
Loss from Continuing Operations Available to Unitholders	$	(17,551	)	$	(8,269	)	$	(27,400	)	$	(19,020	)
Income from Discontinued Operations Available to Unitholders	$	2,409		$	3,234		$	8,600		$	4,657
Net Loss Available to Unitholders	$	(15,142	)	$	(5,035	)	$	(18,800	)	$	(14,363	)
Denominator:
Weighted Average Units — Basic and Diluted		93,106,227			85,028,883			92,458,387			80,540,253
Basic and Diluted EPU:
Loss from Continuing Operations Available to Unitholders	$	(0.19	)	$	(0.10	)	$	(0.30	)	$	(0.24	)
Income from Discontinued Operations Available to Unitholders	$	0.03		$	0.04		$	0.09		$	0.06
Net Loss Available to Unitholders	$	(0.16	)	$	(0.06	)	$	(0.20	)	$	(0.18	)

Participating securities include Units that correspond to the Company’s 750,051 and 694,708 unvested restricted stock awards outstanding at June 30, 2012 and 2011, respectively, which participate in non-forfeitable distributions 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 three and six months ended June 30, 2012 and 2011.

The number of weighted average units—diluted is the same as the number of weighted average units — basic for the three and six months ended June 30, 2012 and 2011, 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 Operating Partnership) 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 were anti-dilutive and could be dilutive in future periods:

	Number of Awards Outstanding At June 30, 2012		Number of Awards Outstanding At June 30, 2011
Non-Participating Securities:
Restricted Stock Unit Awards		713,550		923,700
Options		—		31,901