Equity And Noncontrolling Interests

9 Months Ended

Sep. 30, 2012

Equity And Noncontrolling Interests

5. EQUITY AND NONCONTROLLING INTERESTS

Common stock

In May 2012, the Company adopted a new at-the-market (“ATM”) common equity sales program for the sale of up to 4,000 shares of common stock. At September 30, 2012, the Company has 4,000 shares remaining for issuance under its new ATM program. Sales of common stock under the previous ATM program totaled 137 and 1,323 shares for gross proceeds of $6,994 and $54,681 for the three months and 550 and 2,321 shares for gross proceeds of $26,153 and $93,736 for the nine months ended September 30, 2012 and 2011, respectively. The average gross sales prices per share were $51.24 and $41.34 for the three months and $47.55 and $40.38 for the nine months ended September 30, 2012 and 2011, respectively. The Company’s net proceeds totaling $6,831 and $53,488 for the three months ended and $25,457 and $91,722 for the nine months ended September 30, 2012 and 2011, respectively, were 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.

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 first quarter of 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 September 30, 2012, the aggregate redemption value of the noncontrolling interests in the Operating Partnership of $6,874 was in excess of its net book value of $2,802. 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 nine months ended September 30, 2012 and 2011 was as follows:

	Nine months ended September 30,
	2012				2011
Redeemable common units, beginning of period		$	6,840			$	6,192
Comprehensive income (loss)			149				54
Conversion of redeemable common units for shares			(591	)			(527	)
Adjustment for ownership interest of redeemable common units			409				414
Stock-based compensation			5				6
Distributions to common unitholders			(105	)			(101	)
Adjustment to redemption value of redeemable common units			167				(584	)
Redeemable common units, end of period		$	6,874			$	5,454