Partners Equity of The Operating Partnership

6 Months Ended

Jun. 30, 2016

Equity [Abstract]

PARTNERS' EQUITY OF THE OPERATING PARTNERSHIP

11. PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP

Earnings per Common Partnership Unit

The following tables detail the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding):

	Three-month periods ended June 30,
	2016						2015
	Basic			Diluted			Basic			Diluted
Numerator
Income (loss) from continuing operations	$	(1,323	)	$	(1,323	)	$	3,058		$	3,058
Nonforfeitable dividends allocated to unvested restricted unitholders		(79	)		(79	)		(76	)		(76	)
Preferred unit dividends		(1,725	)		(1,725	)		(1,725	)		(1,725	)
Net (income) loss attributable to non-controlling interests		(4	)		(4	)		5			5
Net income (loss) attributable to common unitholders	$	(3,131	)	$	(3,131	)	$	1,262		$	1,262
Denominator
Weighted-average units outstanding		176,541,708			176,541,708			181,395,386			181,395,386
Contingent securities/Share based compensation		-			-			-			678,603
Total weighted-average units outstanding		176,541,708			176,541,708			181,395,386			182,073,989
Earnings per Common Partnership Unit:
Net (loss) income attributable to common unitholders	$	(0.02	)	$	(0.02	)	$	0.01		$	0.01

	Six-month periods ended June 30,
	2016						2015
	Basic			Diluted			Basic			Diluted
Numerator
Income from continuing operations	$	44,987		$	44,987		$	11,652		$	11,652
Nonforfeitable dividends allocated to unvested restricted unitholders		(184	)		(184	)		(177	)		(177	)
Preferred unit dividends		(3,450	)		(3,450	)		(3,450	)		(3,450	)
Net (income) loss attributable to non-controlling interests		(6	)		(6	)		5			5
Net income attributable to common unitholders	$	41,347		$	41,347		$	8,030		$	8,030
Denominator
Weighted-average units outstanding		176,432,877			176,432,877			181,247,530			181,247,530
Contingent securities/Share based compensation		-			922,853			-			886,837
Total weighted-average units outstanding		176,432,877			177,355,730			181,247,530			182,134,367
Earnings per Common Partnership Unit:
Net income attributable to common unitholders	$	0.23		$	0.23		$	0.04		$	0.04

Unvested restricted units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three and six- month periods ended June 30, 2016 and 2015, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted units issued to the Parent Company in connection with awards to the Parent Company’s executives and other employees under the Parent Company's shareholder-approved long-term incentive plan.

Common Partnership Units and Preferred Mirror Units

On May 24, 2016, the Operating Partnership declared a distribution of $0.16 per common partnership unit, totaling $28.2 million, which was paid on July 20, 2016 to unitholders of record as of July 6, 2016. In addition, the Operating Partnership declared distributions on its Series E-Linked Preferred Mirror Units to holders of record as of June 30, 2016. These units are entitled to a preferential return of 6.90% per annum on the $25.00 per unit liquidation preference. Distributions paid on July 15, 2016 to holders of Series E-Linked Preferred Mirror Units totaled $1.7 million.