Equity and Noncontrolling Interests

6 Months Ended

Jun. 30, 2015

Equity [Abstract]

Equity and Noncontrolling Interests

5. EQUITY AND NONCONTROLLING INTERESTS

Common stock

In December 2014, 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 2017. There were no shares of common stock repurchased in the three or six months ended June 30, 2015 or in 2014 under this program or a previous stock repurchase 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 June 30, 2015, and December 31, 2014, the aggregate redemption value of the noncontrolling interests in the Operating Partnership was $6,555 and $7,086, respectively, representing their fair value at the respective dates. In prior periods, the Company had noncontrolling interests in consolidated real estate entities that 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 six months ended June 30, 2015 and 2014 was as follows:

	Six months ended
	June 30,
	2015			2014
Redeemable common units, beginning of period	$	7,086		$	6,121
Comprehensive income		81			147
Adjustment for ownership interest of redeemable common units		—			7
Stock-based compensation		6			5
Distributions to common unitholders		(101	)		(102	)
Adjustment to redemption value of redeemable common units		(517	)		1,057
Redeemable common units, end of period	$	6,555		$	7,235