The Operating Partnership

At December 31, 2017 and 2016, the Operating Partnership’s equity included two classes of preferred equity (Series J and K Preferred Equity) (Note 14) and the net equity of the TRG unitholders. Net income and distributions of the Operating Partnership are allocable first to the preferred equity interests, and the remaining amounts to the general and limited partners in the Operating Partnership in accordance with their percentage ownership. The Series J and K Preferred Equity are owned by the Company and are eliminated in consolidation.

The partnership equity of the Operating Partnership and the Company's ownership therein are shown below:



Year	TRG Units outstanding at December 31	TRG Units owned by TCO at December 31⁽¹⁾	TRG Units owned by noncontrolling interests at December 31	TCO's % interest in TRG at December 31	TCO's average interest % in TRG
2017	85,788,252	60,832,918	24,955,334	71%	71%
2016	85,476,892	60,430,613	25,046,279	71	71
2015	85,295,720	60,233,561	25,062,159	71	71


(1)	There is a one-for-one relationship between TRG Units owned by TCO and TCO common shares outstanding; amounts in this column are equal to TCO’s common shares outstanding as of the specified dates.

Outstanding voting securities of the Company at December 31, 2017 consisted of 24,938,114 shares of Series B Preferred Stock (Note 14) and 60,832,918 shares of common stock.