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Equity and Capital
 12 Months Ended
Dec. 31, 2015
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, 2015 and 2014
 
 
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:

Under the Parent Company's March 2014 prospectus supplement filed with the Securities and Exchange Commission with respect to an ATM equity offering program, the Parent Company may sell up to $200.0 million of common stock at prices determined by the market at the time of sale. As of December 31, 2015, $83.3 million in common stock remained available for issuance under this ATM equity program.

The following table presents the shares that were issued under the ATM equity program:
 
Year ended December 31,
 
2015
 
2014
Shares issued
189,266

 
1,730,363

Weighted average price per share
$
67.86

 
60.00

Gross proceeds (in thousands)
$
12,843

 
103,821

Commissions (in thousands)
$
161

 
1,369



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 resulted in net proceeds of $186.0 million upon settlement in November 2015.

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:
 
 
December 31,
(in thousands)
 
2015
 
2014
Partnership units owned by the general partner
 
97,213

 
94,108

Total partnership units outstanding
 
97,367

 
94,262

Percentage of partnership units owned by the general partner
 
99.8%
 
99.8%


Limited Partners

The Operating Partnership had 154,170 limited Partnership Units outstanding as of December 31, 2015 and 2014.

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, 2015 and 2014, the noncontrolling interest in these consolidated partnerships was $30.5 million and $31.8 million, respectively.



Accumulated Other Comprehensive Income (Loss)

The following table presents changes in the balances of each component of AOCI:
 
Controlling Interest
 
Noncontrolling Interest
 
Total
(in thousands)
Cash Flow Hedges
 
Unrealized gain (loss) on Available-For-Sale Securities
 
AOCI
 
Cash Flow Hedges
 
Unrealized gain (loss) on Available-For-Sale Securities
 
AOCI
 
AOCI
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
)
Other comprehensive income before reclassifications
(9,897
)
 
(43
)
 
(9,940
)
 
(192
)
 
—

 
(192
)
 
(10,132
)
Amounts reclassified from accumulated other comprehensive income
8,995

 
—

 
8,995

 
157

 
—

 
157

 
9,152

Current period other comprehensive income, net
(902
)
 
(43
)
 
(945
)
 
(35
)
 
—

 
(35
)
 
(980
)
Balance as of December 31, 2015
$
(58,650
)
 
(43
)
 
(58,693
)
 
(785
)
 
—

 
(785
)
 
(59,478
)


The following represents amounts reclassified out of AOCI into income:
AOCI Component
Amount Reclassified from AOCI into Income
 
Affected Line Item Where Net Income is Presented
 
Year ended December 31,
 
 
(in thousands)
2015
 
2014
 
2013
 
 
Interest rate swaps
$
9,152

 
9,353

 
9,433

 
Interest expense
Realized gains on sale of available-for-sale securities
—

 
(7,765
)
 
—

 
Net investment (income) loss