FelCor Capital Stock/FelCor LP Partners' Capital

9 Months Ended

Sep. 30, 2016

FelCor Capital Stock/FelCor LP Partners' Capital [Abstract]

FelCor Capital Stock/FelCor LP Partners' Capital

FelCor Capital Stock/FelCor LP Partners’ Capital

FelCor repurchased and retired 4.6 million shares of common stock for $30.5 million (including commissions) for an average price of $6.58 per share during the first nine months of 2016. Since FelCor’s Board of Directors authorized the current $100 million repurchase program, FelCor has repurchased 6.6 million shares of common stock for $44.8 million (including commissions) for an average price of $6.78 per share.

In April 2015, FelCor issued 18.4 million shares of its common stock at $11.25 per share in a public offering. FelCor contributed the net proceeds from the offering ($199 million) to FelCor LP in exchange for 18.4 million common units of limited partnership interests.

In April 2015, FelCor called for redemption of all of its outstanding shares of 8% Series C Cumulative Redeemable Preferred Stock, or the Series C Preferred Stock, and all depositary shares representing the Series C Preferred Stock. FelCor redeemed those shares of Series C Preferred Stock and the depositary shares, and FelCor LP concurrently redeemed its Series C Preferred Units, on May 14, 2015 using proceeds from the equity offering. Including dividends of $491,000, the total redemption price was $170.4 million. We reduced income available to common stockholders (unitholders) by $6.1 millionfor thenine months ended September 30, 2015, primarily representing the original issuance costs ($5.5 million) and discount ($538,000) of the redeemed Series C Preferred Stock (Units).