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Stock Transactions and Unit Redemptions (Tables)
 6 Months Ended
Jun. 30, 2019
Equity [Abstract]  
Changes in Shares of Class A Common Stock Outstanding

Changes in shares of the Company’s Class A common stock outstanding were as follows:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Shares outstanding at beginning of period

 

293,382,378

 

 

 

279,279,244

 

 

 

291,474,768

 

 

 

256,968,372

 

Share issuances:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Redemptions/Exchanges of limited partnership interests1

 

3,879,468

 

 

 

4,687,831

 

 

 

5,700,056

 

 

 

7,475,021

 

Vesting of RSUs

 

81,171

 

 

 

100,790

 

 

 

321,506

 

 

 

381,674

 

Acquisition related issuances

 

481,232

 

 

 

687,376

 

 

 

499,449

 

 

 

1,004,472

 

Compensation awards

 

—

 

 

 

—

 

 

 

—

 

 

 

979,344

 

Other issuances of Class A common stock

 

46,785

 

 

 

25,771

 

 

 

108,427

 

 

 

48,415

 

Issuance of Class A common stock for general corporate

   purposes

 

—

 

 

 

7,000,000

 

 

 

—

 

 

 

24,923,714

 

Treasury stock repurchases

 

—

 

 

 

(726,539

)

 

 

(233,172

)

 

 

(726,539

)

Forfeitures of restricted Class A common stock

 

—

 

 

 

(144,630

)

 

 

—

 

 

 

(144,630

)

Shares outstanding at end of period

 

297,871,034

 

 

 

290,909,843

 

 

 

297,871,034

 

 

 

290,909,843

 

 

1

Included in redemption/exchanges of limited partnership interests for the three and six months ended June 30, 2019, are 2,498,523 LPUs that were cancelled in connection with the grant of 2,283,447 shares of Class A common stock, and 2,608,523 LPUs that were cancelled in connection with the grant of 2,377,007 shares of Class A common stock, respectively. No shares of Class A common stock were granted during the three and six months ended June 30, 2018, in connection with the cancelation of LPUs. Because LPUs are included in the Company’s fully diluted share count, if dilutive, redemptions or exchanges in connection with the issuance of Class A common shares would not materially impact the fully diluted number of shares and units outstanding.
Gross Unit Redemptions and Share Repurchases of Class A Common Stock The table below represents the gross unit redemptions and share repurchases of the Company’s Class A common stock during the three and six months ended June 30, 2019:

 

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, 2019—March 31, 2019

 

 

1,202,948

 

 

$

6.00

 

 

 

 

 

April 1, 2019—June 30, 2019

 

 

97,229

 

 

 

5.45

 

 

 

 

 

Total Redemptions

 

 

1,300,177

 

 

$

5.96

 

 

 

 

 

Repurchases 3, 4

 

 

 

 

 

 

 

 

 

 

 

 

January 1, 2019—March 31, 2019

 

 

233,172

 

 

$

5.30

 

 

 

 

 

April 1, 2019—June 30, 2019

 

 

—

 

 

 

—

 

 

 

 

 

Total Repurchases

 

 

233,172

 

 

 

5.30

 

 

 

 

 

Total Redemptions and Repurchases

 

 

1,533,349

 

 

$

5.86

 

 

$

257,265,928

 

 

1

During the three months ended June 30, 2019, the Company redeemed 0.1 million LPUs at an aggregate redemption price of $0.5 million for an average price of $5.44 per unit and 2.8 thousand FPUs at an aggregate redemption price of $16.0 thousand for an average price of $5.79 per unit. During the three months ended June 30, 2018, the Company redeemed 4.2 million LPUs at an aggregate redemption price of $55.3 million for an average price of $13.10 per unit and 0.1 million FPUs at an aggregate redemption price of $1.0 million for an average price of $13.09 per unit.

2

During the six months ended June 30, 2019, the Company redeemed 1.3 million LPUs at an aggregate redemption price of $7.7 million for an average price of $5.96 per unit and 5.1 thousand FPUs at an aggregate redemption price of $30.0 thousand for an average price of $5.94 per unit. During the six months ended June 30, 2018, the Company redeemed 5.9 million LPUs at an aggregate redemption price of $80.0 million for an average price of $13.46 per unit and 0.1 million FPUs at an aggregate redemption price of $1.1 million for an average price of $13.13 per unit. Of the 1.3 million units redeemed above, during the six months ended June 30, 2019, 0.9 million units were redeemed using cash from our CEO program, and therefore did not materially impact the fully diluted number of shares and units outstanding or our liquidity position.

3

The Company did not repurchase any shares of its Class A common stock during the three months ended June 30, 2019. During the three months ended June 30, 2018, the Company repurchased 0.7 million shares of its Class A common stock at an aggregate purchase price of $9.7 million for an average price of $13.37 per share.

4

During the six months ended June 30, 2019, the Company repurchased 0.2 million shares of its Class A common stock at an aggregate purchase price of $1.2 million for an average price of $5.30 per share. During the six months ended June 30, 2018, the Company repurchased 0.7 million shares of its Class A common stock at an aggregate purchase price of $9.7 million for an average price of $13.37 per share.
Summary of Changes in Carrying Amount of Redeemable Partnership Interest

The changes in the carrying amount of redeemable partnership interest were as follows (in thousands):

 

 

 

Six Months Ended June 30,

 

 

 

2019

 

 

2018

 

Balance at beginning of period

 

$

24,706

 

 

$

46,415

 

Consolidated net income allocated to FPUs

 

 

1,297

 

 

 

2,380

 

Earnings distributions

 

 

(721

)

 

 

(1,009

)

FPUs exchanged

 

 

(343

)

 

 

(494

)

FPUs redeemed

 

 

(10

)

 

 

(178

)

Other

 

 

—

 

 

 

2

 

Balance at end of period

 

$

24,929

 

 

$

47,116