Stockholders' Equity of the REIT and Partners' Capital of the Operating Partnership

6 Months Ended

Jun. 30, 2014

Equity [Abstract]

Stockholders' Equity of the REIT and Partners' Capital of the Operating Partnership

7. Stockholders’ Equity of the REIT and Partners’ Capital of the Operating Partnership

Preferred Stock of the REIT

We have one series of preferred stock outstanding, the series Q preferred stock, with a liquidation preference of $50 per share, a par value of $0.01 and a dividend rate of 8.54%, which will be redeemable at our option on and after November 13, 2026. During the second quarter 2014, we repurchased approximately 435,300 shares and recognized a loss on preferred stock redemption of $6.5 million, which primarily represented the difference between redemption value and carrying value net of original issuance costs.