Equity

3 Months Ended

Mar. 31, 2013

Equity

Equity

4.  Equity

The following summarizes the changes in equity for the three months ended March 31, 2013 (dollars in thousands):

					Accumulated			Accumulated
			Additional		earnings			other			Total
	Common		paid-in		less			comprehensive			stockholders’			Noncontrolling		Total
	stock		capital		dividends			gain (loss)			equity			interests		equity
Balance at December 31, 2012	$	1,144	$	7,086,407	$	(142,329	)	$	(108,007	)	$	6,837,215		$	3,578	$	6,840,793
Net income attributable to common stockholders	—		—		75,427			—			75,427			—		75,427
Cash flow hedge loss reclassified to earnings	—		—		—			1,391			1,391			—		1,391
Change in redemption value of redeemable noncontrolling interest	—		—		(526		)	—			(526		)	—		(526		)
Noncontrolling interests income allocation	—		—		—			—			—			1		1
Dividends declared to common stockholders	—		—		(138,438		)	—			(138,438		)	—		(138,438		)
Issuance of common stock, net of withholdings	150		1,871,818		(801		)	—			1,871,167			—		1,871,167
Amortization of deferred compensation	—		9,073		—			—			9,073			—		9,073
Balance at March 31, 2013	$	1,294	$	8,967,298	$	(206,667	)	$	(106,616	)	$	8,655,309		$	3,579	$	8,658,888

During the three months ended March 31, 2013, the Company:

(i) issued 3,531 shares of common stock in connection with stock options exercised;

(ii) issued 550 common shares through the Company’s dividend reinvestment plan;

(iii) issued 119,292 common shares in connection with stock grants;

(iv) withheld 29,219 common shares to satisfy employees’ tax withholding and other liabilities;

(v) cancelled 5,214 shares of restricted common stock upon forfeiture; and

(vi) issued 14,889,706 common shares in connection with the closing of the Archstone Acquisition.

With respect to the 14,889,706 common shares issued in conjunction with the Archstone Acquisition to Lehman (as defined below), the Company and Lehman entered into a shareholders agreement (the “Shareholders Agreement”). Under the Shareholders Agreement, until February 27, 2014 Lehman will vote all of its shares of the Company’s common stock in accordance with the recommendation of the Company’s board of directors on any matter other than an extraordinary transaction.  After February 14, 2014, and for so long as Lehman holds more than 5% of our common stock, Lehman will vote all of its shares of our common stock (i) in accordance with the recommendations of our board of directors with respect to any election of directors, compensation and equity plan matters, and any amendment to our charter to increase our authorized capital stock; (ii) on all matters proposed by other shareholders, either proportionately in accordance with the votes of the other shareholders or, at its election, in accordance with the recommendation of our board of directors; and (iii) on all other matters, in its sole and absolute discretion.

In addition, the Company granted 215,230 options for common stock to employees.  Any deferred compensation related to the Company’s stock option and restricted stock grants during the three months ended March 31, 2013 is not reflected on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2013, and will not be reflected until earned as compensation cost.

In August 2012, the Company commenced a third continuous equity program (“CEP III”), under which the Company is authorized to sell up to $750,000,000 of shares of its common stock from time to time during a 36-month period. The Company had no sales under CEP III during the three months ended March 31, 2013, and has $646,274,000 of additional amounts of shares authorized for issuance under this program as of March 31, 2013.