XML 61 R40.htm IDEA: XBRL DOCUMENT v3.6.0.2
Equity and Capital (Tables)
 12 Months Ended
Dec. 31, 2016
Equity and Capital [Abstract]  
Schedule of Tax Status of Dividends [Table Text Block]
Tax Status of Dividends

The following table summarizes the tax status of dividends paid on our common shares:
 
Year ended December 31,
 
2016
 
2015
 
2014
Dividend per share
$2.00
 
1.94
 
1.88
Ordinary income
53%
 
71%
 
70%
Capital gain
8%
 
5%
 
16%
Return of capital
39%
 
19%
 
14%
Qualified dividend income
—%
 
5%
 
—%
Schedule of Preferred Stock [Table Text Block]
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, 2016 and 2015
 
 
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.
Preferred Shares Redemption - Subsequent Event
Subsequent to December 31, 2016, on February 16, 2017, the Parent Company redeemed all of the issued and outstanding 6.625% Series 6 cumulative redeemable preferred shares. The redemption price of $25.21 per share includes accrued and unpaid dividends, resulting in an aggregate amount being paid of $252.0 million. The funds use to redeem the Series 6 preferred shares were provided by the senior unsecured debt offering done in January 2017, as discussed in note 6.

Schedule of Market Equity Distributions [Table Text Block]
, which was used to fund investment activities:
 
Year ended December 31,
(dollar amounts are in thousands, except price per share data)
2016
 
2015
Shares issued (1)
182,787

 
189,266

Weighted average price per share
$
68.85

 
67.86

Gross proceeds
$
12,584

 
12,843

Commissions
$
157

 
161

Issuance costs
$
97

 
—

(1) Reflects shares traded in December and settled in January each year.
Schedule of Capital Units [Table Text Block]

The Parent Company, as general partner, owned the following Partnership Units outstanding:
 
 
December 31,
(in thousands)
 
2016
 
2015
Partnership units owned by the general partner
 
104,497

 
97,213

Partnership units owned by the limited partners
 
154

 
154

Total partnership units outstanding
 
104,651

 
97,367

Percentage of partnership units owned by the general partner
 
99.9%
 
99.8%
Schedule of 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, 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
)
Other comprehensive income before reclassifications
(10,587
)
 
24

 
(10,563
)
 
255

 
—

 
255

 
(10,308
)
Amounts reclassified from accumulated other comprehensive income
50,910

 
—

 
50,910

 
229

 
—

 
229

 
51,139

Current period other comprehensive income, net
40,323

 
24

 
40,347

 
484

 
—

 
484

 
40,831

Balance as of December 31, 2016
$
(18,327
)
 
(19
)
 
(18,346
)
 
(301
)
 
—

 
(301
)
 
(18,647
)
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]
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
 
Year ended December 31,
 
 
(in thousands)
2016
 
2015
 
2014
 
 
Interest rate swaps
$
51,139

 
9,152

 
9,353

 
Interest expense and Loss on derivative instruments
Realized gains on sale of available-for-sale securities
—

 
—

 
(7,765
)
 
Net investment (income) loss