11. Stockholders’ Equity of the REIT and Partners’ Capital of the Partnership

Distributions accrued are summarized as follows for the three months ended September 30, (in thousands):


	Class A		Class B		Class C		Class D		Class F		OP Units		REIT Shares
2014	$	—	$	—	$	—	$	—	$	—	$	4,110	$	17,009

2013	$	—	$	—	$	—	$	—	$	—	$	4,298	$	13,435

Distributions accrued are summarized as follows for the nine months ended September 30, (in thousands):


	Class A		Class B		Class C		Class D		Class F		OP Units		REIT Shares
2014	$	—	$	—	$	—	$	—	$	—	$	12,374	$	47,666

2013	$	2,797	$	97	$	146	$	—	$	554	$	8,882	$	34,286

In connection with the IPO, the existing classes of limited partnership units of the Partnership were converted into an aggregate of 21,653,813 OP units held by the REIT and 11,938,420 OP units held by other investors of the Partnership. As a result, Class A, B, C, D and F Units are no longer outstanding, and the Partnership has had a single class of OP units since March 26, 2013. As noted above, the OP units held by other investors in the Partnership are redeemable for cash or, at the REIT’s election, unregistered shares of the REIT’s common stock on a one-for-one basis.

The weighted-average units outstanding for each class of units are summarized as follows for the three months ended September 30:


	Class A		Class B		Class C		Class D		Class F		OP Units		REIT Shares
2014		—		—		—		—		—		11,419,777		47,213,612
2013		—		—		—		—		—		11,938,420		37,271,714

The weighted-average units outstanding for each class of units are summarized as follows for the nine months ended September 30:


	Class A		Class B		Class C		Class D		Class F		OP Units		REIT Shares
2014		—		—		—		—		—		11,478,543		43,576,705
2013		4,193,031		1,408,305		—		2,506		835,958		8,221,330		32,408,843

During the nine months ended September 30, 2014 and 2013, the Company had the following equity and capital activity:

•

AVIV issued an aggregate of 16,361 and 0 shares of common stock in connection with the Company’s annual grant of unrestricted stock to management, respectively;

•

AVIV issued an aggregate of 16,618 and 70,000 shares of common stock in connection with the Company’s annual grant of unrestricted and restricted stock to its Board of Directors, respectively;

•

AVIV reserved for issuance an aggregate of 156,397 and 0 shares of common stock in connection with the Company’s annual grant of restricted stock to employees and issuance of restricted stock to a new employee, respectively;

•

AVIV issued 15,180,000 shares in connection with the IPO on March 26, 2013 that resulted in proceeds to the Company, net of underwriting discounts, commissions, advisory fees and other offering costs of $282.3 million;

•

AVIV issued 9,200,000 shares on April 15, 2014 in connection with an underwritten public offering of shares of AVIV’s common stock that resulted in proceeds to the Company, net of underwriting discounts, commissions, advisory fees and other offering costs of $211.3 million (the Equity Offering);

•

OP unit holders redeemed a total of 199,856 and 0 OP units in exchange for an equal number of shares of AVIV’s common stock, respectively; and

•

AVIV issued 174,467 and 0 shares of common stock in connection with an option exercise, respectively.

For the nine months ended September 30, 2014, AVIV declared the following cash dividends on its common stock, and the Partnership declared equivalent distributions on its OP units:


Declaration Date	Record Date	Amount Per Share		Dividend Payment Date
March 18, 2014	March 31, 2014	$	0.36	April 11, 2014
May 27, 2014	June 27, 2014	$	0.36	July 11, 2014
July 29, 2014	September 26, 2014	$	0.36	October 10, 2014

Total		$	1.08