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Stock Transactions and Unit Redemptions (Tables)
 6 Months Ended
Jun. 30, 2018
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, 2018 and 2017 were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Shares outstanding at beginning of period

 

279,279,244

 

 

 

248,466,750

 

 

 

256,968,372

 

 

 

244,869,624

 

Share issuances:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of Class A common stock for general corporate

   purposes

 

7,000,000

 

 

 

—

 

 

 

24,923,714

 

 

 

—

 

Exchanges of limited partnership interests1

 

4,687,831

 

 

 

1,950,465

 

 

 

7,475,021

 

 

 

5,361,137

 

Compensation awards

 

—

 

 

 

—

 

 

 

979,344

 

 

 

—

 

Acquisition related issuances

 

687,376

 

 

 

968,705

 

 

 

1,004,472

 

 

 

1,341,783

 

Vesting of restricted stock units (RSUs)

 

100,790

 

 

 

80,629

 

 

 

381,674

 

 

 

437,018

 

Other issuances of Class A common stock

 

25,771

 

 

 

23,674

 

 

 

48,415

 

 

 

33,616

 

Treasury stock repurchases

 

(726,539

)

 

 

(397,539

)

 

 

(726,539

)

 

 

(950,494

)

Forfeitures of restricted Class A common stock

 

(144,630

)

 

 

(35,598

)

 

 

(144,630

)

 

 

(35,598

)

Shares outstanding at end of period

 

290,909,843

 

 

 

251,057,086

 

 

 

290,909,843

 

 

 

251,057,086

 

 

1

Because they are included in the Company’s fully diluted share count, if dilutive, any exchange of limited partnership interests into Class A common shares would not impact the fully diluted number of shares and units outstanding.
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, 2018:

 

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, 2018—March 31, 2018

 

 

1,723,654

 

 

$

14.34

 

 

 

 

 

April 1, 2018—June 30, 2018

 

 

4,299,936

 

 

 

13.10

 

 

 

 

 

Total Redemptions

 

 

6,023,590

 

 

$

13.45

 

 

 

 

 

Repurchases3,4

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2018—March 31, 2018

 

 

—

 

 

$

—

 

 

 

 

 

April 1, 2018—April 30, 2018

 

 

438,657

 

 

 

13.55

 

 

 

 

 

May 1, 2018—May 31, 2018

 

 

281,339

 

 

 

13.12

 

 

 

 

 

June 1, 2018—June 30, 2018

 

 

6,543

 

 

 

11.65

 

 

 

 

 

Total Repurchases

 

 

726,539

 

 

$

13.37

 

 

 

 

 

Total Redemptions and Repurchases

 

 

6,750,129

 

 

$

13.44

 

 

$

106,137,021

 

 

1

During the three months ended June 30, 2018, the Company redeemed approximately 4.2 million limited partnership units at an aggregate redemption price of approximately $55.3 million for an average price of $13.10 per unit and approximately 0.1 million FPUs at an aggregate redemption price of approximately $1.0 million for an average price of $13.09 per unit. 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.

2

During the six months ended June 30, 2018, the Company redeemed approximately 5.9 million limited partnership units at an aggregate redemption price of approximately $80.0 million for an average price of $13.46 per unit and approximately 0.1 million FPUs at an aggregate redemption price of approximately $1.1 million for an average price of $13.13 per unit. 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.

3

During the three months ended June 30, 2018, the Company repurchased approximately 0.7 million shares of its Class A common stock at an aggregate purchase price of approximately $9.7 million for an average price of $13.37 per share. 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.

4

During the six months ended June 30, 2018, the Company repurchased approximately 0.7 million shares of its Class A common stock at an aggregate purchase price of approximately $9.7 million for an average price of $13.37 per share. 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.
Summary of Changes in Carrying Amount of Redeemable Partnership Interest

The changes in the carrying amount of redeemable partnership interest for the six months ended June 30, 2018 and 2017 were as follows (in thousands):

 

 

 

Six Months Ended June 30,

 

 

 

2018

 

 

2017

 

Balance at beginning of period

 

$

46,415

 

 

$

52,577

 

Consolidated net income allocated to FPUs

 

 

2,380

 

 

 

2,305

 

Earnings distributions

 

 

(1,009

)

 

 

(2,489

)

FPUs exchanged

 

 

(494

)

 

 

(584

)

FPUs redeemed

 

 

(178

)

 

 

(747

)

Other

 

 

2

 

 

 

413

 

Balance at end of period

 

$

47,116

 

 

$

51,475