BENEFICIARIES’ EQUITY OF THE PARENT COMPANY

Earnings per Share (EPS)

The following tables detail the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding):



	Three month periods ended March 31,
	2014						2013
	Basic			Diluted			Basic			Diluted
Numerator
Loss from continuing operations	$	(2,237	)	$	(2,237	)	$	(2,245	)	$	(2,245	)
Loss from continuing operations attributable to non-controlling interests	44			44			50			50
Net income attributable to non-controlling interest — partners' share of consolidated real estate ventures	(12		)	(12		)	—			—
Nonforfeitable dividends allocated to unvested restricted shareholders	(103		)	(103		)	(108		)	(108		)
Preferred share dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Loss from continuing operations available to common shareholders	(4,033		)	(4,033		)	(4,028		)	(4,028		)
Income (Loss) from discontinued operations	(8		)	(8		)	6,164			6,164
Discontinued operations attributable to non-controlling interests	—			—			(78		)	(78		)
Discontinued operations attributable to common shareholders	(8		)	(8		)	6,086			6,086
Net income (loss) attributable to common shareholders	$	(4,041	)	$	(4,041	)	$	2,058		$	2,058
Denominator
Weighted-average shares outstanding	156,794,019			156,794,019			143,605,659			143,605,659
Earnings per Common Share:
Loss from continuing operations attributable to common shareholders	$	(0.03	)	$	(0.03	)	$	(0.03	)	$	(0.03	)
Discontinued operations attributable to common shareholders	—			—			0.04			0.04
Net income (loss) attributable to common shareholders	$	(0.03	)	$	(0.03	)	$	0.01		$	0.01

Redeemable common limited partnership units totaling 1,763,739 as of March 31, 2014 and 2013, respectively, were excluded from the diluted earnings per share computations because they are not dilutive.

Unvested restricted shares are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three months ended March 31, 2014 and 2013, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the Company's shareholder-approved long-term incentive plan.

Common and Preferred Shares

On March 12, 2014, the Parent Company declared a distribution of $0.15 per common share, totaling $23.6 million, which was paid on April 17, 2014 to shareholders of record as of April 3, 2014. On March 12, 2014, the Parent Company declared distributions on its Series E Preferred Shares to holders of record as of March 30, 2014. These shares are entitled to a preferential return of 6.90% per annum on the $25.00 per share liquidation preference. Distributions paid on April 15, 2014 to holders of Series E Preferred Shares totaled $1.7 million.

On November 5, 2013, the Parent Company commenced a continuous equity offering program (the “Offering Program”), under which it may sell, in at-the-market offerings, up to an aggregate amount of 16,000,000 common shares until November 5, 2016. The Parent Company may sell common shares in amounts and at times to be determined by the Parent Company. Actual sales will depend on a variety of factors to be determined by the Parent Company, including, among others, market conditions, the trading price of the Company’s common shares of beneficial interest and determinations by the Parent Company of the appropriate sources of funding. In conjunction with the Offering Program, the Parent Company engages sales agents who receive compensation, in aggregate, of up to 2% of the gross sales price per share sold. From inception of the Offering Program through March 31, 2014, the Parent Company has not sold any shares under the program, resulting in 16,000,000 remaining shares available for sale.

On April 10, 2013, the Parent Company closed a public offering of 12,650,000 common shares, inclusive of 1,650,000 common shares issued upon exercise by the underwriters of the option granted to them to purchase additional shares. The Parent Company contributed the net proceeds from the sale of shares, amounting to $181.5 million after deducting underwriting discounts and commissions and other offering expenses, to the Operating Partnership in exchange for partnership units of the Operating Partnership. The Operating Partnership continues to use the net proceeds for working capital, capital expenditures and other general corporate purposes, which may include acquisitions, developments and the repayment, repurchase and refinancing of debt.

Common Share Repurchases

The Parent Company maintains a share repurchase program under which it may repurchase its common shares from time to time in accordance with limits set by the Board of Trustees.

The Parent Company did not repurchase any shares under the share repurchase program during the three-month periods ended March 31, 2014 and 2013. As of March 31, 2014, the Parent Company may purchase an additional 539,200 shares under the program.

Repurchases may be made from time to time in the open market or in privately negotiated transactions, subject to market conditions and compliance with legal requirements. The share repurchase program does not contain any time limitation and does not obligate the Parent Company to repurchase any shares. The Parent Company may discontinue the program at any time.