Subsequent Events

3 Months Ended

Mar. 31, 2017

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

15. SUBSEQUENT EVENTS

Preferred Share Redemption

On April 11, 2017 (the “Redemption Date”), the Parent Company completed the previously announced redemption of all of its outstanding 4,000,000 Series E Preferred Shares at a redemption price of $25.00 per share (the “Redemption Price”). On April 17, 2017 (the “Distribution Payment Date”), the Parent Company paid each holder of record of Series E Preferred Shares on March 30, 2017 all accrued and unpaid distributions on the Series E Preferred Shares up to, but not including the Distribution Payment Date, which represents an amount equal to $0.50792 per share (the “Distribution”). From and after the Distribution Payment Date, distributions ceased to accrue, and on and after the Distribution Payment Date, the only remaining right of holders of the Series E Preferred Shares is the right to receive payment of the Redemption Price and Distribution. Following the redemption, the Series E Preferred Shares were delisted from the New York Stock Exchange. The Redemption Price together with the Distribution amounting to $102.0 million was paid by the Parent Company to the Depository Trust Company on April 11, 2017 from available cash balances on hand. On the Redemption Date, the Company recognized a preferred share redemption charge of $3.2 million related to the original issuance costs.

In connection with this redemption, the Operating Partnership redeemed all of its 4,000,000 outstanding Series E-Linked Preferred Mirror Units.