Stockholders' Equity

6 Months Ended

Jun. 30, 2013

Equity [Abstract]

Stockholders' Equity

Stockholders’ Equity

Common Stock Offerings

On January 7, 2013, we commenced an equity at-the-market, or ATM, offering of our Class A common stock with an aggregate sales price of up to $250.0 million. During the six months ended June 30, 2013, we issued and sold 11,042,934 shares, at an average price of $11.53 per share.

Dividends

On July 3, 2013, we paid our quarterly cash dividend of $32.5 million to our Class A and B common stockholders of record on June 27, 2013.

On August 1, 2013, our Board of Directors authorized a quarterly cash dividend to be paid on October 4, 2013 to stockholders of record on September 27, 2013. This dividend of $0.14375 per share represents an annualized rate of $0.575 per share and will be paid on all of our Class A and B common stock.

Incentive Plan

Our Amended and Restated 2006 Plan, or the Plan, permits the grant of incentive awards to our employees, officers, non-employee directors, and consultants as selected by our Board of Directors or the Compensation Committee. The Plan authorizes the granting of awards in any of the following forms: options; stock appreciation rights; restricted stock; restricted or deferred stock units; performance awards; dividend equivalents; other stock-based awards, including units in the OP; and cash-based awards. The service period is generally three or four years. Subject to adjustment as provided in the Plan, the aggregate number of awards reserved and available for issuance under the Plan is 10,000,000. As of June 30, 2013, there were 5,095,500 awards available for grant under the Plan.

Long Term Incentive Program of OP Units

Awards under the LTIP consist of Series C units in the OP, and are subject to the achievement of certain performance and market conditions in order to vest. Once vested, the Series C units are converted into common units of our OP, which may be converted into shares of our common stock.

For the three and six months ended June 30, 2013, we recognized compensation expense of $0.0 million and $3.1 million, respectively, related to grants of LTIP awards, which was recorded in listing expenses. We recognized $1.5 million of compensation expense associated with the LTIP awards during the three and six months ended June 30, 2012, which was recorded in listing expenses. As of June 30, 2013, there was approximately $4.5 million of unrecognized expense associated with 450,000 units that will only vest as a result of a change in control of the Company. We will not recognize any expense associated with these units until such event occurs or is probable.

The following is a summary of the activity in our LTIP units during 2013:

	LTIP Units		Weighted Average Grant Date Fair Value
Balance as of December 31, 2012	2,900,000		$	6.25
Granted	—		—
Vested	(2,380,700	)	5.56
Forfeited	—		—
Balance as of June 30, 2013	519,300		$	9.41

Restricted Common Stock

For the three months ended June 30, 2013, we recognized compensation expense of $0.3 million, which was recorded in general and administrative expenses. For the six months ended June 30, 2013, we recognized compensation expense of $1.5 million, of which $0.9 million was recorded in general and administrative expenses and $0.6 million was recorded in listing expenses. For the three months ended June 30, 2012, we recognized compensation expense of $5.2 million, of which $4.7 million was recorded in listing expenses, and $0.5 million was recorded in non-traded REIT expenses. For the six months ended June 30, 2012, we recognized compensation expense of $6.2 million, of which $4.7 million was recorded in listing expenses, and $1.5 million was recorded in non-traded REIT expenses.

As of June 30, 2013, there was approximately $4.4 million of unrecognized compensation expense net of estimated forfeitures, related to nonvested shares of restricted common stock which will be recognized over a remaining weighted average period of 2.4 years.

The following is a summary of the activity in our restricted common stock during 2013:

	Restricted Common Stock		Weighted Average Grant Date Fair Value
Balance as of December 31, 2012	376,500		$	9.98
Granted	410,500		10.51
Vested	(62,500	)	10.03
Forfeited	—		—
Balance as of June 30, 2013	724,500		$	10.28