Equity And Noncontrolling Interests

3 Months Ended

Mar. 31, 2012

Equity And Noncontrolling Interests [Abstract]

Equity And Noncontrolling Interests

5. EQUITY AND NONCONTROLLING INTERESTS

Common stock

The Company utilizes an at-the-market common equity sales program for the sale of up to 4,000 shares of common stock. For the three months ended March 31, 2012 and 2011, sales of common stock under this program totaled 317 and 421 shares, respectively, for net proceeds of $13,982 and $15,500, respectively. The Company's proceeds are contributed to the Operating Partnership in exchange for a like number of common units. The Company and the Operating Partnership have and expect to use the proceeds from this program for general corporate purposes. The Company has approximately 233 shares remaining for issuance under this program as of March 31, 2012.

In December 2010, the Company's board of directors adopted a stock and unsecured note repurchase program under which the Company and the Operating Partnership may repurchase up to $200,000 of common and preferred stock and unsecured notes through December 2012. The Company repurchased its 7 5/8% Series B preferred stock at its redemption value of $49,571 during the three months ended March 31, 2011 under this program.

Noncontrolling interests

In accordance with ASC Topic 810, the Company and the Operating Partnership determined that the noncontrolling interests related to the common units of the Operating Partnership, held by persons other than the Company, met the criterion to be classified and accounted for as "temporary" equity (reflected outside of total equity as "Redeemable Common Units"). At March 31, 2012, the aggregate redemption value of the noncontrolling interests in the Operating Partnership of $7,086 was in excess of its net book value of $2,925. At December 31, 2011, the aggregate redemption value of the noncontrolling interests in the Operating Partnership of $6,840 was in excess of its net book value of $2,935. The Company further determined that the noncontrolling interests in its consolidated real estate entities met the criterion to be classified and accounted for as a component of permanent equity.

A roll-forward of activity relating to the Company's Redeemable Common Units for the three months ended March 31, 2012 and 2011 was as follows:

	Three months ended March  31,
	2012				2011
Redeemable common units, beginning of period		$	6,840			$	6,192
Comprehensive income (loss)			59				(1	)
Conversion of redeemable common units for shares			(222	)			—
Adjustment for ownership interest of redeemable common units			184				5
Stock-based compensation			2				2
Distributions to common unitholders			(33	)			(34	)
Adjustment to redemption value of redeemable common units			256				531
Redeemable common units, end of period		$	7,086			$	6,695