Equity and Capital

12 Months Ended

Dec. 31, 2014

Equity and Capital [Abstract]

Equity and Capital

Equity and Capital

Preferred Stock of the Parent Company

Terms and conditions of the preferred stock outstanding are summarized as follows:

	Preferred Stock Outstanding as of December 31, 2014 and 2013
	Date of Issuance	Shares Issued and Outstanding	Liquidation Preference		Distribution Rate	Callable By Company
Series 6	2/16/2012	10,000,000	$	250,000,000	6.625%	2/16/2017
Series 7	8/23/2012	3,000,000	75,000,000		6.000%	8/23/2017
		13,000,000	$	325,000,000

The Series 6 and 7 preferred shares are perpetual, absent a change in control of the Parent Company, are not convertible into common stock of the Parent Company, and are redeemable at par upon the Company’s election beginning 5 years after the issuance date. None of the terms of the preferred stock contain any unconditional obligations that would require the Company to redeem the securities at any time or for any purpose.

Common Stock of the Parent Company

Issuances:

In August 2013, the Parent Company filed a prospectus supplement with respect to a new ATM equity offering program, which ended the prior program established in August 2012. The August 2013 program has similar terms and conditions as the August 2012 program, and authorizes the Parent Company to sell up to $200 million of common stock. As of December 31, 2013, $198.4 million in common stock remained available for issuance under this ATM equity program.

In March 2014, the Parent Company filed a prospectus supplement with the Securities and Exchange Commission with respect to a new ATM equity offering program, ending the prior program established in August 2013. The March 2014 program has similar terms and conditions as the August 2013 program and authorizes the Parent Company to sell up to $200.0 million of common stock at prices determined by the market at the time of sale. As of December 31, 2014, $96.0 million in common stock remained available for issuance under this ATM equity program.

The following shares were issued under the ATM equity program (in thousands, except share data):

	Year ended December 31,
	2014		2013
Shares issued	1,730		1,899
Weighted average price per share	$	60.00	53.35
Gross proceeds	$	103,821	101,342
Commissions	$	1,369	1,521
Issuance costs	$	—	68

In January 2015, the Parent Company entered into a forward sale and an underwritten public offering of 2.875 million shares of its common stock at a price of $67.40 per share which will result in gross proceeds of approximately $193.8 million, before any underwriting discount and offering expenses. The forward sale will settle on one or more dates occurring no later than approximately 12 months after the date of the offering. The Company intends to use any net proceeds that it receives upon settlement of the forward sale agreement to fund development and redevelopment activities, fund potential acquisition opportunities, repay maturing debts, and/or for general corporate purposes.

Preferred Units of the Operating Partnership

Preferred units for the Parent Company are outstanding in relation to the Parent Company's preferred stock, as discussed above.

Common Units of the Operating Partnership

Issuances:

Common units were issued to the Parent Company in relation to the Parent Company's issuance of common stock, as discussed above.

General Partner

The Parent Company, as general partner, owned the following Partnership Units outstanding (in thousands):

	December 31,
	2014	2013
Partnership units owned by the general partner	94,108	92,333
Total partnership units outstanding	94,262	92,499
Percentage of partnership units owned by the general partner	99.8%	99.8%

Limited Partners

The Operating Partnership had 154,170 and 165,796 limited Partnership Units outstanding as of December 31, 2014 and 2013, respectively.

Noncontrolling Interests of Limited Partners' Interests in Consolidated Partnerships

Limited partners’ interests in consolidated partnerships not owned by the Company are classified as noncontrolling interests on the accompanying Consolidated Balance Sheets of the Parent Company. Subject to certain conditions and pursuant to the conditions of the agreement, the Company has the right, but not the obligation, to purchase the other member’s interest or sell its own interest in these consolidated partnerships. As of December 31, 2014 and 2013, the noncontrolling interest in these consolidated partnerships was $31.8 millionand $19.2 million, respectively.

Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the balances of each component of AOCI (in thousands):

	Controlling Interest							Noncontrolling Interest						Total
	Cash Flow Hedges			Available-For-Sale Securities		AOCI		Cash Flow Hedges		Available-For-Sale Securities		AOCI		AOCI
Balance as of December 31, 2011	$	(71,429	)	—		(71,429	)	(583	)	—		(583	)	(72,012	)
Other comprehensive income before reclassifications	4,254			—		4,254		(34	)	—		(34	)	4,220
Amounts reclassified from accumulated other comprehensive income	9,460			—		9,460		31		—		31		9,491
Current period other comprehensive income, net	13,714			—		13,714		(3	)	—		(3	)	13,711
Balance as of December 31, 2012	$	(57,715	)	—		(57,715	)	(586	)	—		(586	)	(58,301	)
Other comprehensive income before reclassifications	30,879			—		30,879		106		—		106		30,985
Amounts reclassified from accumulated other comprehensive income	9,432			—		9,432		1		—		1		9,433
Current period other comprehensive income, net	40,311			—		40,311		107		—		107		40,418
Balance as of December 31, 2013	$	(17,404	)	—		(17,404	)	(479	)	—		(479	)	(17,883	)
Other comprehensive income before reclassifications	(49,524		)	7,752		(41,772	)	(444	)	13		(431	)	(42,203	)
Amounts reclassified from accumulated other comprehensive income	9,180			(7,752	)	1,428		173		(13	)	160		1,588
Current period other comprehensive income, net	(40,344		)	—		(40,344	)	(271	)	—		(271	)	(40,615	)
Balance as of December 31, 2014	$	(57,748	)	—		(57,748	)	(750	)	—		(750	)	(58,498	)

The following represents amounts reclassified out of AOCI into income (in thousands):

AOCI Component	Amount Reclassified from AOCI into Income					Affected Line Item Where Net Income is Presented
	Year ended December 31,
	2014			2013	2012
Interest rate swaps	$	9,353		9,433	9,491	Interest expense
Realized gains on sale of available-for-sale securities	(7,765		)	—	—	Net investment (income) loss