Non-controlling Interest - Operating Partnership	9 Months Ended
Sep. 30, 2012
Non-controlling Interest - Operating Partnership	Note 11 – Non-controlling Interest - Operating Partnership Non-controlling interest represents the aggregate OP Units in the Operating Partnership held by limited partners (the “Unit Holders”). Income allocated to the non-controlling interest is based on the Unit Holders’ ownership percentage of the Operating Partnership. The ownership percentage is determined by dividing the number of OP Units held by the Unit Holders by the total number of dilutive shares of common stock. The issuance of common stock (“Share” or “Shares”) or OP Units changes the percentage ownership of both the Unit Holders and the holders of common stock. Since an OP unit is generally redeemable for cash or Shares at the option of the Company, it is deemed to be equivalent to a Share. Therefore, such transactions are treated as capital transactions and result in an allocation between shareholders’ equity and non-controlling interest in the accompanying consolidated balance sheet to account for the change in the ownership of the underlying equity in the Operating Partnership. As of September 30, 2012, non-controlling interest related to the outstanding 1,425,000 OP Units represented a 1.2% interest (2011: 1.2%) in the Operating Partnership. Income allocated to the Operating Partnership non-controlling interest for the three months ended September 30, 2012 was approximately $1.0 million (2011: $1.1 million). Income allocated to the Operating Partnership non-controlling interest for the nine months ended September 30, 2012 was $3.0 million (2011: $3.9 million). For the three months ended September 30, 2012, distributions paid to the non-controlling interest were $926,000 (2011: $1.4 million). For the nine months ended September 30, 2012, distributions paid to the non-controlling interest were $2.8million (2011: $4.2 million). As of September 30, 2012, distributions payable to the non-controlling interest were approximately $926,000 (2011: $1.1 million).

Non-controlling Interest - Operating Partnership

9 Months Ended

Sep. 30, 2012

Non-controlling Interest - Operating Partnership

Note 11 – Non-controlling Interest - Operating Partnership

Non-controlling interest represents the aggregate OP Units in the Operating Partnership held by limited partners (the “Unit Holders”). Income allocated to the non-controlling interest is based on the Unit Holders’ ownership percentage of the Operating Partnership. The ownership percentage is determined by dividing the number of OP Units held by the Unit Holders by the total number of dilutive shares of common stock. The issuance of common stock (“Share” or “Shares”) or OP Units changes the percentage ownership of both the Unit Holders and the holders of common stock. Since an OP unit is generally redeemable for cash or Shares at the option of the Company, it is deemed to be equivalent to a Share. Therefore, such transactions are treated as capital transactions and result in an allocation between shareholders’ equity and non-controlling interest in the accompanying consolidated balance sheet to account for the change in the ownership of the underlying equity in the Operating Partnership. As of September 30, 2012, non-controlling interest related to the outstanding 1,425,000 OP Units represented a 1.2% interest (2011: 1.2%) in the Operating Partnership. Income allocated to the Operating Partnership non-controlling interest for the three months ended September 30, 2012 was approximately $1.0 million (2011: $1.1 million). Income allocated to the Operating Partnership non-controlling interest for the nine months ended September 30, 2012 was $3.0 million (2011: $3.9 million). For the three months ended September 30, 2012, distributions paid to the non-controlling interest were $926,000 (2011: $1.4 million). For the nine months ended September 30, 2012, distributions paid to the non-controlling interest were $2.8million (2011: $4.2 million). As of September 30, 2012, distributions payable to the non-controlling interest were approximately $926,000 (2011: $1.1 million).

- Definition

The entire disclosure for noncontrolling interest in consolidated subsidiaries, which could include the name of the subsidiary, the ownership percentage held by the parent, the ownership percentage held by the noncontrolling owners, the amount of the noncontrolling interest, the location of this amount on the balance sheet (when not reported separately), an explanation of the increase or decrease in the amount of the noncontrolling interest, the noncontrolling interest share of the net Income or Loss of the subsidiary, the location of this amount on the income statement (when not reported separately), the nature of the noncontrolling interest such as background information and terms, the amount of the noncontrolling interest represented by preferred stock, a description of the preferred stock, and the dividend requirements of the preferred stock.

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