Equity and Noncontrolling Interests

9 Months Ended

Sep. 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.  Under this program, the Company repurchased 482 shares of common stock at an aggregate cost of $26,712 and at an average gross price per share of $55.40 for the three and nine months ended September 30, 2015.  Correspondingly, the Operating Partnership repurchased the same number and amount of common units from the Company.  There were no shares of common stock repurchased in the three or nine months ended September 30, 2014 under this program or a previous stock repurchase program.

In October 2015, the Company adopted an at-the-market common equity sales program for the sale of up to 4,000 shares of common stock.  This program replaces a previous at-the-market common equity sales program, which expired in the second quarter of 2015.  The Company has not used this or the previous program in 2015 or 2014.  In future periods, the Company and the Operating Partnership may use the proceeds from this program for general corporate purposes.

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, 2015, and December 31, 2014, the aggregate redemption value of the noncontrolling interests in the Operating Partnership was $7,028 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 nine months ended September 30, 2015 and 2014 was as follows:

	Nine months ended
	September 30,
	2015			2014
Redeemable common units, beginning of period	$	7,086		$	6,121
Comprehensive income		122			465
Conversion of redeemable common units for shares		-			(784	)
Adjustment for ownership interest of redeemable
common units		(54	)		430
Stock-based compensation		8			7
Distributions to common unitholders		(154	)		(150	)
Adjustment to redemption value of redeemable
common units		20			101
Redeemable common units, end of period	$	7,028		$	6,190