PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP

Earnings per Common Partnership Unit

The following tables detail the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit 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	)
Nonforfeitable dividends allocated to unvested restricted unitholders	(103		)	(103		)	(108		)	(108		)
Preferred unit dividends	(1,725		)	(1,725		)	(1,725		)	(1,725		)
Net income attributable to non-controlling interests	(12		)	(12		)	—			—
Loss from continuing operations available to common unitholders	(4,077		)	(4,077		)	(4,078		)	(4,078		)
Discontinued operations attributable to common unitholders	(8		)	(8		)	6,164			6,164
Net income (loss) attributable to common unitholders	$	(4,085	)	$	(4,085	)	$	2,086		$	2,086
Denominator
Weighted-average units outstanding	158,557,758			158,557,758			145,451,396			145,451,396
Earnings per Common Partnership Unit:
Loss from continuing operations attributable to common unitholders	$	(0.03	)	$	(0.03	)	$	(0.03	)	$	(0.03	)
Discontinued operations attributable to common unitholders	—			—			0.04			0.04
Net income (loss) attributable to common unitholders	$	(0.03	)	$	(0.03	)	$	0.01		$	0.01

Unvested restricted units 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 units.

Common Partnership Units and Preferred Mirror Units

The common partnership units not held by the Parent Company have the same economic characteristics as the Parent Company's common shares and share proportionately in the net income or loss and in any distributions of the Operating Partnership. The common partnership units not held by the Parent Company are redeemable at any time at the option of the holder, and the Parent Company, as the sole general partner of the Operating Partnership, may at its option elect to settle the redemption in cash or through the exchange on a one-for-one basis with common shares of the Parent Company. Similarly, the Series E-Linked Preferred Mirror Units of the Operating Partnership have the same economic characteristics as the Series E Preferred Shares of the Parent Company. Whenever the Parent Company issues common shares or preferred shares, it contributes the net proceeds to the Operating Partnership in exchange for, as applicable, an equal number of common partnership units or preferred units that mirror the economic terms of the preferred shares.

On March 12, 2014, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $23.6 million, which was paid on April 17, 2014 to unitholders of record as of April 3, 2014. On March 12, 2014, the Operating Partnership declared distributions on its Series E-Linked Preferred Mirror Units to holders of record as of March 30, 2014. These units are entitled to a preferential return of 6.90% per annum on the $25.00 per unit liquidation preference. Distributions paid on April 15, 2014 to holders of Series E-Linked Preferred Mirror Units totaled $1.7 million.

Common Unit Repurchases

The Parent Company did not repurchase any shares under its share repurchase program in either of the three-month periods ended March 31, 2014 and 2013 and accordingly, during the three-month periods ended March 31, 2014 and 2013, the Operating Partnership did not repurchase any units in connection with the Parent Company’s share repurchase program.