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Stock Transactions and Unit Redemptions (Tables)
 6 Months Ended
Jun. 30, 2017
Equity [Abstract]  
Changes in Shares of Class A Common Stock Outstanding

Changes in shares of the Company’s Class A common stock outstanding for the three and six months ended June 30, 2017 and 2016 were as follows:

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

Shares outstanding at beginning of period

 

 

248,466,750

 

 

 

236,749,861

 

 

 

244,869,624

 

 

 

219,063,365

 

Share issuances:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exchanges of limited partnership interests1

 

 

1,950,465

 

 

 

2,427,152

 

 

 

5,361,137

 

 

 

3,321,754

 

Issuance of Class A common stock for general corporate

   purposes

 

 

—

 

 

 

1,648,000

 

 

 

—

 

 

 

1,648,000

 

Vesting of restricted stock units (RSUs)

 

 

80,629

 

 

 

113,572

 

 

 

437,018

 

 

 

487,471

 

Acquisitions

 

 

968,705

 

 

 

1,147,516

 

 

 

1,341,783

 

 

 

24,729,033

 

Other issuances of Class A common stock

 

 

23,674

 

 

 

15,079

 

 

 

33,616

 

 

 

42,305

 

Treasury stock repurchases

 

 

(397,539

)

 

 

(797,189

)

 

 

(950,494

)

 

 

(7,984,235

)

Forfeitures of restricted Class A common stock

 

 

(35,598

)

 

 

(11,958

)

 

 

(35,598

)

 

 

(15,660

)

Shares outstanding at end of period

 

 

251,057,086

 

 

 

241,292,033

 

 

 

251,057,086

 

 

 

241,292,033

 

 
Unit Redemption and Share Repurchase Activity

The table below represents unit redemption and share repurchase activity for the three and six months ended June 30, 2017:

 

Period

 

Total Number

of Units

Redeemed

or Shares

Repurchased

 

 

Average Price

Paid per Unit

or Share

 

 

Approximate

Dollar Value

of Units and

Shares That May

Yet Be Redeemed/

Purchased

Under the Plan

 

Redemptions1,2

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2017—March 31, 2017

 

 

2,927,758

 

 

$

10.84

 

 

 

 

 

April 1, 2017—June 30, 2017

 

 

1,908,867

 

 

$

11.14

 

 

 

 

 

Repurchases3,4

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2017—March 31, 2017

 

 

552,955

 

 

$

11.07

 

 

 

 

 

April 1, 2017—April 30, 2017

 

 

248,882

 

 

 

10.99

 

 

 

 

 

May 1, 2017—May 31, 2017

 

 

121,023

 

 

 

11.57

 

 

 

 

 

June 1, 2017—June 30, 2017

 

 

27,634

 

 

 

12.21

 

 

 

 

 

Total Repurchases

 

 

950,494

 

 

$

11.14

 

 

 

 

 

Total Redemptions and Repurchases

 

 

5,787,119

 

 

$

10.99

 

 

$

253,618,546

 

 

1

During the three months ended June 30, 2017, the Company redeemed approximately 1.6 million limited partnership units at an aggregate redemption price of approximately $18.5 million for an average price of $11.20 per unit and approximately 0.3 million FPUs at an aggregate redemption price of approximately $2.8 million for an average price of $10.72 per unit. During the three months ended June 30, 2016, the Company redeemed approximately 1.8 million limited partnership units at an aggregate redemption price of approximately $15.8 million for an average price of $8.93 per unit and approximately 39.6 thousand FPUs at an aggregate redemption price of approximately $0.3 million for an average price of $8.01 per unit.

2

During the six months ended June 30, 2017, the Company redeemed approximately 4.6 million limited partnership units at an aggregate redemption price of approximately $50.0 million for an average price of $10.97 per unit and approximately 0.3 million FPUs at an aggregate redemption price of approximately $3.0 million for an average price of $10.72 per unit. During the six months ended June 30, 2016, the Company redeemed approximately 2.4 million limited partnership units at an aggregate purchase price of approximately $21.6 million for an average price of $8.85 per unit and approximately 0.1 million FPUs at an aggregate redemption price of approximately $1.1 million for an average price of $8.17 per unit.

3.

During the three months ended June 30, 2017, the Company repurchased approximately 0.4 million shares of its Class A common stock at an aggregate purchase price of approximately $4.5 million for an average price of $11.25 per share. During the three months ended June 30, 2016, the Company repurchased approximately 0.8 million shares of its Class A common stock at an aggregate purchase price of approximately $7.2 million for an average price of $9.04 per share.

4.

During the six months ended June 30, 2017, the Company repurchased approximately 1.0 million shares of its Class A common stock at an aggregate purchase price of approximately $10.6 million for an average price of $11.14 per share. During the six months ended June 30, 2016, the Company repurchased approximately 8.0 million shares of its Class A common stock at an aggregate purchase price of approximately $69.7 million for an average price of $8.75 per share.
Summary of Changes in Carrying Amount of Redeemable Partnership Interest

Redeemable Partnership Interest

The changes in the carrying amount of redeemable partnership interest for the six months ended June 30, 2017 and 2016 were as follows (in thousands):

 

 

 

Six Months Ended

June 30,

 

 

 

2017

 

 

2016

 

Balance at beginning of period

 

$

52,577

 

 

$

57,145

 

Consolidated net income allocated to FPUs

 

 

2,305

 

 

 

2,173

 

Earnings distributions

 

 

(2,489

)

 

 

(2,605

)

FPUs exchanged

 

 

(584

)

 

 

(1,368

)

FPUs redeemed

 

 

(747

)

 

 

(454

)

Other

 

 

413

 

 

 

571

 

Balance at end of period

 

$

51,475

 

 

$

55,462