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Equity and Capital
 9 Months Ended
Sep. 30, 2016
Equity and Capital [Abstract]  
Equity and Capital
Equity and Capital

Common Stock of the Parent Company

Issuances:

At the Market ("ATM") Program

The current ATM equity offering program authorizes the Parent Company to sell up to $200 million of common stock at prices determined by the market at the time of sale. As of September 30, 2016, $70.8 million of common stock remained available for issuance under this ATM equity program.

There were no shares issued under the ATM equity program during the three months ended September 30, 2016 or 2015. The following table presents the shares that were issued under the ATM equity program during the nine months ended September 30, 2016 and 2015:
 
 
Nine months ended September 30,
(dollar amounts are in thousands, except price per share data)
 
2016
 
2015
Shares issued (1)
 
182,787

 
18,125

Weighted average price per share
 
$
68.85

 
64.72

Gross proceeds
 
$
12,584

 
1,173

Commissions
 
$
157

 
15

Issuance costs
 
$
80

 
—

(1) Reflects shares traded in December and settled in January each year.


Forward Equity Offering

In March 2016, the Parent Company entered into a forward sale agreement (the "Forward Equity Offering") to issue 3.10 million shares of its common stock at an offering price of $75.25 per share before any underwriting discount and offering expenses.

In June 2016, the Parent Company partially settled its forward equity offering by delivering 1.85 million shares of newly issued common stock, receiving $137.5 million of net proceeds, which were used to repay the Line.

The remaining 1.25 million shares must be settled under the forward sale agreement prior to June 23, 2017.

Equity Offering

In July 2016, the Parent Company issued 5.0 million shares of common stock at $79.78 per share resulting in net proceeds of $400.1 million, used to (i) redeem, in August, the entire $300 million notes, including a make-whole payment, (ii) settle forward interest rate swaps, and (iii) fund investment activities, and for general corporate purposes.


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.

Accumulated Other Comprehensive Loss

The following tables present 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, 2014
$
(57,748
)
 
—

 
(57,748
)
 
(750
)
 
—

 
(750
)
 
(58,498
)
Other comprehensive income before reclassifications
(11,022
)
 
(73
)
 
(11,095
)
 
(252
)
 
—

 
(252
)
 
(11,347
)
Amounts reclassified from accumulated other comprehensive income
6,536

 
—

 
6,536

 
118

 
—

 
118

 
6,654

Current period other comprehensive income, net
(4,486
)
 
(73
)
 
(4,559
)
 
(134
)
 
—

 
(134
)
 
(4,693
)
Balance as of September 30, 2015
$
(62,234
)
 
(73
)
 
(62,307
)
 
(884
)
 
—

 
(884
)
 
(63,191
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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, 2015
$
(58,650
)
 
(43
)
 
(58,693
)
 
(785
)
 
—

 
(785
)
 
(59,478
)
Other comprehensive income before reclassifications
(25,015
)
 
89

 
(24,926
)
 
(322
)
 
—

 
(322
)
 
(25,248
)
Amounts reclassified from accumulated other comprehensive income
47,880

 
—

 
47,880

 
183

 
—

 
183

 
48,063

Current period other comprehensive income, net
22,865

 
89

 
22,954

 
(139
)
 
—

 
(139
)
 
22,815

Balance as of September 30, 2016
$
(35,785
)
 
46

 
(35,739
)
 
(924
)
 
—

 
(924
)
 
(36,663
)


The following represents amounts reclassified out of AOCI into income:
AOCI Component
Amount Reclassified from AOCI into income
 
Affected Line Item(s) Where Net Income is Presented
 
Three months ended September 30,
 
Nine months ended September 30,
 
 
(in thousands)
2016
 
2015
 
2016
 
2015
 
 
Interest rate swaps
$
43,111

 
2,155

 
$
48,063

 
6,654

 
Interest expense and Loss on derivative instruments