Beneficiaries Equity of the Parent Company

3 Months Ended

Mar. 31, 2016

Equity [Abstract]

BENEFICIARIES’ EQUITY OF THE PARENT COMPANY

10. 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 Months Ended March 31,
	2016						2015
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	46,310		$	46,310		$	8,594		$	8,594
Net income from continuing operations attributable to non-controlling interests		(389	)		(389	)		(58	)		(58	)
Nonforfeitable dividends allocated to unvested restricted shareholders		(105	)		(105	)		(101	)		(101	)
Preferred share dividends		(1,725	)		(1,725	)		(1,725	)		(1,725	)
Net income attributable to common shareholders	$	44,091		$	44,091		$	6,710		$	6,710
Denominator
Weighted-average shares outstanding		174,788,945			174,788,945			179,562,930			179,562,930
Contingent securities/Share based compensation		-			682,468			-			1,092,342
Weighted-average shares outstanding		174,788,945			175,471,413			179,562,930			180,655,272
Earnings per Common Share:
Net income attributable to common shareholders	$	0.25		$	0.25		$	0.04		$	0.04

Redeemable common limited partnership units totaling 1,535,102 in both March 31, 2016 and March 31, 2015, 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 month periods ended March 31, 2016 and 2015, 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 9, 2016, the Parent Company declared a distribution of $0.15 per common share, totaling $26.6 million, which was paid on April 18, 2016 to shareholders of record as of April 4, 2016. In addition, the Parent Company declared distributions on its Series E Preferred Shares to holders of record as of March 30, 2016. 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, 2016 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 and determinations by the Parent Company of the appropriate sources of funding. Sales agents engaged by the Parent Company under the Offering Program are entitled to receive as compensation an aggregate, of up to 2% of the gross sales price per share sold under the Offering Program. From inception of the Offering Program through March 31, 2016, the Parent Company had not sold any shares under the program, leaving 16,000,000 remaining shares available for sale.

Common Share Repurchases

The Parent Company maintains a share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase shares of its preferred and common stock with no expiration date. On July 22, 2015, the Parent Company's Board of Trustees authorized additional share repurchases of up to $100.0 million. Prior to the authorization 539,200 common shares were available for repurchase under the preexisting share repurchase program. The Company expects to fund the share repurchases with a combination of available cash balances and availability under our line of credit. As of March 31, 2016, 5,209,437 common shares have been repurchased and retired at an average purchase price of $12.90 per share and totaling $67.3 million. The timing and amounts of any purchases will depend on a variety of factors, including market conditions, regulatory requirements, share prices, capital availability and other factors as determined by our management team. The repurchase program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time without notice. There were no shares repurchased under the program during the three months ended March 31, 2016 or March 31, 2015.

Maryland law applicable to the Company does not contemplate treasury stock, and common shares repurchased under the program are accounted for as a reduction of common shares (at $0.01 par value per share) and a decrease to additional paid-in-capital.