2.2.0.25falsefalse10701 - Disclosure - Earnings Per Unit of the Operating Partnershiptruefalsefalse1falsefalsefalsefalse1/1/2011 - 3/31/2011
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<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt; font-weight: bold;" class="_mt">7. Earnings Per Unit of the Operating Partnership</font></div>
<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: justify; line-height: 120%; text-indent: 18px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Instruments granted in equity-based payment transactions are considered participating securities prior to vesting and, therefore, are considered in computing basic earnings per unit under the two-class method. The two-class method is an earnings allocation method for calculating earnings per unit when a company's capital structure includes either two or more classes of common equity or common equity and participating securities. Basic earnings per unit under the two-class method is calculated based on distributions declared on the OP units and other participating securities ("distributed earnings") and the rights of participating securities in any undistributed earnings, which represents net income remaining after deduction of distributions accruing during the period. The undistributed earnings are allocated to all outstanding OP units and participating securities based on the relative percentage of each security to the total number of outstanding participating securities. Basic earnings per unit represents the summation of the distributed and undistributed earnings per unit class divided by the total number of OP units.</font></div>
<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: justify; line-height: 120%; text-indent: 18px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Through </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> all of the Operating Partnership's participating securities received distributions at an equal distribution rate per unit. As a result, the portion of net income allocable to the weighted-average unvested OP units outstanding for the </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">three months ended</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> and </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">2010</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> has been deducted from net income available to unitholders to calculate basic earnings per unit. For the </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">three months ended</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> the unvested OP units were anti-dilutive to the calculation of earnings per unit and were therefore excluded from the calculation of diluted earnings per unit, and diluted earnings per unit is calculated based </font><font style="font-family: inherit; font-size: 10pt;" class="_mt">upon net income attributable to unitholders. The calculation of diluted earnings per unit for the </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">three months ended</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2010</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> includes unvested OP units in the weighted-average shares, and diluted earnings per unit is calculated based upon net income available to the unitholders. No shares of common stock of the Parent Company were contingently issuable upon settlement of the excess exchange value pursuant to the exchange settlement feature of the Notes due 2026 (originally issued in 2006 - see Note 5) as the common stock price at </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> and </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">2010</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> did not exceed the exchange price then in effect. In addition, units issuable upon settlement of the exchange feature of the Notes due 2030 (originally issued in 2010 - see Note 5) were anti-dilutive and were not included in the calculation of diluted earnings per unit based on the "if converted" method for the </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">three months ended</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt">. No other units were considered anti-dilutive for the </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">three months ended</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">March 31, 2011</font><font style="font-family: inherit; font-size: 10pt;" class="_mt"> and </font><font style="font-family: inherit; color: #000000; font-size: 10pt; text-decoration: none;" class="_mt">2010</font><font style="font-family: inherit; font-size: 10pt;" class="_mt">.</font></div>
<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: justify; line-height: 120%; text-indent: 18px; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Computations of basic and diluted earnings per unit (in thousands, except share data) were as follows:</font></div>
<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: justify; line-height: 120%; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div>
<div style="text-align: center; line-height: 120%; font-size: 10pt;">
<div style="line-height: normal; text-indent: 0px; padding-left: 0px; padding-top: 10px;">
<table style="text-align: left; width: 100%; border-collapse: collapse; font-family: Times New Roman; margin-left: auto; font-size: 10pt; margin-right: auto;" cellspacing="0" cellpadding="0">
<tr><td colspan="8"> </td></tr>
<tr><td width="71%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="12%"> </td>
<td width="1%"> </td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="7">
<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">Three Months Ended</font></div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="7">
<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">March 31,</font></div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;" colspan="3">
<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">2011</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;" colspan="3">
<div style="text-align: center; font-size: 8pt;"><font style="font-family: inherit; font-size: 8pt; font-weight: bold;" class="_mt">2010</font></div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: justify; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt; font-weight: bold;" class="_mt">Basic earnings per unit:</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: justify; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Net income available to unitholders</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">5,655</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">4,426</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 20px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Less: net income allocable and distributions in excess of earnings to participating securities</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">(310</font></div></td>
<td style="padding-bottom: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">)</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">(203</font></div></td>
<td style="padding-bottom: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">)</font></div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: justify; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Net income attributable to unitholders - basic</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">5,345</font></div></td>
<td style="border-bottom: #000000 3px double; background-color: #cceeff; vertical-align: bottom; border-top: #000000 1px solid;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">4,223</font></div></td>
<td style="border-bottom: #000000 3px double; background-color: #cceeff; vertical-align: bottom; border-top: #000000 1px solid;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: justify; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt; font-weight: bold;" class="_mt">Diluted earnings per unit:</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: justify; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Net income attributable to unitholders - basic</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">5,345</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">4,223</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 20px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Add: net income allocable and distributions in excess of earnings to dilutive participating securities</font></div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">—</font></div></td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 1px solid; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">203</font></div></td>
<td style="border-bottom: #000000 1px solid; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: justify; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Net income attributable to unitholders</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">5,345</font></div></td>
<td style="border-bottom: #000000 3px double; background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; background-color: #cceeff; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">4,426</font></div></td>
<td style="border-bottom: #000000 3px double; background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: justify; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt; font-weight: bold;" class="_mt">Weighted-average units outstanding:</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: justify; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Basic</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">132,701,731</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">101,135,825</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: justify; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Incremental units from assumed conversion/vesting:</font></div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 20px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Unvested units</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">—</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; vertical-align: bottom; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">1,441,504</font></div></td>
<td style="background-color: #cceeff; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: justify; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Diluted</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">132,701,731</font></div></td>
<td style="border-bottom: #000000 3px double; vertical-align: bottom; border-top: #000000 1px solid;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; border-top: #000000 1px solid; padding-top: 2px;" colspan="2">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">102,577,329</font></div></td>
<td style="border-bottom: #000000 3px double; vertical-align: bottom; border-top: #000000 1px solid;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: justify; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt; font-weight: bold;" class="_mt">Basic and diluted earnings per unit:</font></div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; background-color: #cceeff; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;" colspan="3">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr>
<tr><td style="padding-bottom: 2px; padding-left: 20px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">Net income per unit attributable to unitholders, basic and diluted:</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">0.04</font></div></td>
<td style="border-bottom: #000000 3px double; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="padding-bottom: 2px; padding-left: 2px; padding-right: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="font-size: 10pt; overflow: hidden;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; padding-left: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">$</font></div></td>
<td style="border-bottom: #000000 3px double; padding-bottom: 2px; vertical-align: bottom; padding-top: 2px;">
<div style="text-align: right; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt">0.04</font></div></td>
<td style="border-bottom: #000000 3px double; vertical-align: bottom;">
<div style="text-align: left; font-size: 10pt;"><font style="font-family: inherit; font-size: 10pt;" class="_mt"> </font> </div></td></tr></table></div></div> </div>7. Earnings Per Unit of the Operating Partnership
Instruments granted in equity-based payment transactions are considered participating securitiesfalsefalsefalsefalsefalse | Otherus-types:textBlockItemTypestringThis item represents the disclosure for investment income derived from investments in debt and equity securities consisting of interest income earned from investments in debt securities and on cash and cash equivalents, dividend income from investments in equity securities, and income or expense derived from the amortization of investment related discounts or premiums, respectively. This item does not include realized or unrealized gains or losses on the sale or holding of investments in debt and equity securities required to be included in earnings for the period or for other than temporary losses related to investments in debt and equity securities which are included in realized losses in the period recognized.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS115-1/124-1
-Paragraph 13, 14, 15, 16
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 115
-Paragraph 14, 16
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12Earnings Per Unit of the Operating PartnershipUnKnownUnKnownUnKnownUnKnownfalsetrue