SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

3 Months Ended

Mar. 31, 2016

Noncontrolling Interest [Abstract]

Shareholders' Equity And Noncontrolling Interests

SHAREHOLDERS' EQUITY AND NONCONTROLLING INTERESTS

During the three months ended March 31, 2016, the Company issued 1.1 million Common Shares under its $200.0 million at-the-market ("ATM") equity program, generating gross proceeds of $35.7 million and net proceeds of $35.2 million. As of March 31, 2016, there is $91.6 million remaining under this program.

The net proceeds from the Company's ATM equity programs have been, and are anticipated to be, used by the Company primarily to fund Core Portfolio acquisitions, its capital contributions to the Funds and for general corporate purposes.

During the three months ended March 31, 2016, the Company issued 442,478 Common OP Units and 141,593 Series C Preferred OP Units to acquire real estate. The Series C Preferred OP Units have a value of $100.00 per unit and are entitled to a preferred quarterly distribution of $0.9375 per unit.

Noncontrolling interests represent the portion of equity in entities consolidated in the accompanying consolidated financial statements that the Company does not own. Such noncontrolling interests are reported on the Consolidated Balance Sheets within equity, separately from shareholders' equity, and include third party interests in the Company’s Funds and other entities. It also includes interests in the Operating Partnership which represent (i) the limited partners’ 3,357,760 and 2,931,198 Common OP Units at March 31, 2016 and December 31, 2015, respectively; (ii) 188 Series A Preferred OP Units at March 31, 2016 and December 31, 2015, respectively; (iii) 141,593 Series C Preferred OP Units at March 31, 2016 and (iv) 1,069,813 and 929,169 LTIP Units at March 31, 2016 and December 31, 2015, respectively.