EQUITY AND NONCONTROLLING INTERESTS

9 Months Ended

Sep. 30, 2014

Equity [Abstract]

EQUITY AND NONCONTROLLING INTERESTS

5. EQUITY AND NONCONTROLLING INTERESTS

Common stock

In May 2012, the Company adopted an at-the-market (“ATM”) common equity sales program for the sale of up to 4,000 shares of common stock. At September 30, 2014, the Company had not used this program and had 4,000 shares remaining for issuance. There were no sales of common stock for the three or nine months ended September 30, 2014 or 2013 under this program. In future periods, the Company and the Operating Partnership may use the proceeds from this program for general corporate purposes.

In December 2012, 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 2014. There were no shares of common stock or unsecured notes repurchased for the three or nine months ended September 30, 2014 under this repurchase program. For the year ended December 31, 2013, the Company repurchased 550 shares of common stock at an aggregate cost of $24,800 and at an average gross price per share of $45.08.

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, 2014, the aggregate redemption value of the noncontrolling interests in the Operating Partnership of $6,190 was in excess of its net book value of $2,760. At December 31, 2013, the aggregate redemption value of the noncontrolling interests in the Operating Partnership of $6,121 was in excess of its net book value of $2,792. 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, 2014 and 2013 was as follows:

	Nine months ended September 30,
	2014			2013
Redeemable common units, beginning of period	$	6,121		$	7,159
Comprehensive income		465			185
Conversion of redeemable common units for shares		(784	)		—
Adjustment for ownership interest of redeemable common units		430			(42	)
Stock-based compensation		7			7
Distributions to common unitholders		(150	)		(131	)
Adjustment to redemption value of redeemable common units		101			(725	)
Redeemable common units, end of period	$	6,190		$	6,453