Equity

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

Equity

Equity

In 2015, the Company's board of trustees authorized a share repurchase program to acquire up to $400.0 million of the Company's common shares through December 31, 2016. During the six months ended June 30, 2016, the Company repurchased and retired 610,607 of its common shares for approximately $13.3 million. As of June 30, 2016, the share repurchase program had a remaining capacity of $161.5 million.

The Company consolidates its Operating Partnership, a majority-owned limited partnership that has a noncontrolling interest. The outstanding units held by the limited partners are redeemable for cash, or at the option of the Company, for a like number of common shares of beneficial interest of the Company. During the six months ended June 30, 2016, the Company issued 335,250 common shares of beneficial interest in exchange for redeemed units. After the redemption, 558,750 operating partnership units remain outstanding.