2.2.0.25truefalse0208 - Disclosure - Shareholders' Equitytruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000921112duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2false0us-gaap_StockholdersEquityNoteDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 8 - us-gaap:StockholdersEquityNoteDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>8. SHAREHOLDERS’ EQUITY</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Common Shares</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company paid to holders of its common shares and holders of its common units distributions of
$222.6 million, $209.6 million and $241.8 million during the years ended December 31, 2010, 2009
and 2008, respectively. On a per share basis, the Company paid Common Share and Unit distributions
of $1.90, $1.90 and $2.50 during the years ended December 31, 2010, 2009 and 2008, respectively.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The following table summarizes the taxability of common share distributions (taxability for 2010 is
estimated):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="58%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2009</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000">2008</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Ordinary dividend
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1.4812</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.6772</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2.0186</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Qualified dividend
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.3422</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Capital gain — 15%
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.0976</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.0664</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">IRC Sec 1250 unrecapture gain — 25%
</div></td>
<td> </td>
<td> </td>
<td align="right">0.0128</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.1252</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.0728</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Return of capital
</div></td>
<td> </td>
<td> </td>
<td align="right">0.4060</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Total
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1.9000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.9000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">2.500</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company’s tax return for the year ended December 31, 2010 has not been filed. The taxability
information presented for the 2010 distributions is based upon the best available data. The
Company’s prior federal income tax returns are subject to examination by taxing authorities.
Because the application of tax laws and regulations is susceptible to varying interpretations, the
taxability of distributions could be changed at a later date upon final determination by taxing
authorities.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Common Shares Held in Treasury</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has a share repurchase plan under which the Company may purchase up to $100 million of
the Company’s common shares and preferred shares (as defined below).
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company purchased no common shares under the share repurchase plan during 2010, 2009 or 2008.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Common Units</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The common units outstanding as of December 31, 2010 have the same economic characteristics as
common shares of the Trust. The common units share proportionately in the net income or loss and
in any distributions of the Operating Partnership. The common units of the Operating Partnership
not held by the Trust are redeemable at any time at the option of the holder. The Trust as the
sole general partner of the Operating Partnership may at its option elect to settle the redemption
in cash or through the exchange on a one—for-one basis with unregistered common shares of the
Trust. The market value of the 3,928,733 common units of the Operating Partnership not held by the
Trust based on the closing price of the shares of the Company at December 31, 2010 was $125.4
million.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">No common units were issued in connection with acquisitions during 2010, 2009 or 2008. A
reclassification from noncontrolling interests — common units to additional paid in capital was
made reflecting the effect of the cumulative redemption of common units to common shares in the
amount of $38.9 million and $36.7 million at December 31, 2008 and 2007, respectively.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Preferred Units</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has outstanding the following Cumulative Redeemable Preferred Units of the Operating
Partnership, (the “Preferred Units”):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="10%"> </td>
<td width="1%"> </td>
<td width="8%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="8%"> </td>
<td width="1%"> </td>
<td width="35%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td nowrap="nowrap" align="left"><font style="font-variant: small-caps"><b>Date of</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Liquidation</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Dividend</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center"><font style="font-variant: small-caps"><b>Redeemable</b></font></td>
<td> </td>
<td nowrap="nowrap" align="center"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Issue</b></font></td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Issue</b></font></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Amount</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Units</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Preference</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Rate</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>As of</b></font></td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Exchangeable after</b></font></td>
</tr>
<tr style="font-size: 10pt" valign="top">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>(in 000’s)</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="top" style="background: #cceeff">
<td align="left">
<div style="margin-left:15px; text-indent:-15px">7/28/99
</div></td>
<td> </td>
<td align="center" valign="top">Series B</td>
<td> </td>
<td align="left">$</td>
<td align="right">95,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,800</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">7.45</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td align="center" valign="top">8/31/09</td>
<td> </td>
<td align="left" valign="top">8/31/13 into Series B Cumulative Redeemable Preferred Shares of the Trust</td>
</tr>
<tr valign="top">
<td align="left">
<div style="margin-left:15px; text-indent:-15px">6/16/05
</div></td>
<td> </td>
<td align="center" valign="top">Series E</td>
<td> </td>
<td align="left">$</td>
<td align="right">20,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">400</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">50</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">7.00</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td align="center" valign="top">6/16/10</td>
<td> </td>
<td align="left" valign="top">6/16/15 into Series E Cumulative Redeemable Preferred Shares of the Trust</td>
</tr>
<tr valign="top" style="background: #cceeff">
<td align="left">
<div style="margin-left:15px; text-indent:-15px">6/30/05
</div></td>
<td> </td>
<td align="center" valign="top">Series F</td>
<td> </td>
<td align="left">$</td>
<td align="right">50,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">50</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">6.65</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td align="center" valign="top">6/30/10</td>
<td> </td>
<td align="left" valign="top">12/12/15 into Series F Cumulative Redeemable Preferred Shares of the Trust</td>
</tr>
<tr valign="top">
<td align="left">
<div style="margin-left:15px; text-indent:-15px">12/15/06
</div></td>
<td> </td>
<td align="center" valign="top">Series G</td>
<td> </td>
<td align="left">$</td>
<td align="right">27,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">540</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">50</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">6.70</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td align="center" valign="top">12/15/11</td>
<td> </td>
<td align="left" valign="top">12/15/16 into Series G Cumulative Redeemable Preferred Shares of the Trust</td>
</tr>
<tr valign="top" style="background: #cceeff">
<td align="left">
<div style="margin-left:15px; text-indent:-15px">8/21/07
</div></td>
<td> </td>
<td align="center" valign="top">Series H</td>
<td> </td>
<td align="left">$</td>
<td align="right">100,000</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,000</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">7.40</td>
<td nowrap="nowrap">%</td>
<td> </td>
<td align="center" valign="top">8/21/12</td>
<td> </td>
<td align="left" valign="top">8/21/17 into Series H Cumulative Redeemable Preferred Shares of the Trust</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Preferred Units are callable at the Operating Partnership’s option after a stated period
of time. The Trust as the sole general partner of the Operating Partnership may at its option
elect to settle the redemption for cash or through the exchange on a one-for-one basis with
unregistered preferred shares of the Trust.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company paid the following Preferred Unit distributions for the year ended December 31:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="58%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Distributions (in millions)
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">21.0</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">21.0</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">21.0</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Distribution per unit:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Series B
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1.86</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.86</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.86</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Series E
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3.50</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.50</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.50</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Series F
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3.33</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.33</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.33</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Series G
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3.35</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.35</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.35</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Series H
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1.85</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.85</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.85</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">As of December 31, 2010, the Company had 6,273,000 authorized but unissued preferred shares.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Dividend Reinvestment and Share Purchase Plan</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has a Dividend Reinvestment and Share Purchase Plan under which holders of common
shares may elect to automatically reinvest their distributions in additional common shares and may
make optional cash payments for additional common shares. The Company may issue additional common
shares or repurchase common shares in the open market for purposes of satisfying its obligations
under the Dividend Reinvestment and Share Purchase Plan. During the years ended December 31, 2010,
2009, and 2008, 915,363, 304,587, and 1,328,376 common shares, respectively, were issued through
the Dividend Reinvestment and Share Purchase Plan. The Company used the proceeds to pay down
outstanding borrowings under the Company’s unsecured credit facility and for general corporate
purposes.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Continuous Equity Offering</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the years ended December 31, 2009 and 2008, the Company sold common shares pursuant to a
continuous offering program. During the years ended December 31, 2009 and 2008, the Company sold
12.8 million and 495,000 common shares, respectively, through this program. The net proceeds from
the offering of $283.2 million and $10.8 million for the years ended December 31, 2009 and 2008,
respectively, were used for general corporate purposes, including the funding of maturing senior
note obligations. The Company did not sell any common shares pursuant to a continuous offering
program during 2010.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Sale of Common Shares</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">In October 2008, the Company sold 4,750,000 common shares. The net proceeds of the offering of
$149.5 million were used to pay down outstanding borrowings under the $600 million Credit Facility
and for general corporate purposes.
</div>
</div>
falsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosures related to accounts comprising shareholders' equity, including other comprehensive income. Includes: (1) balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings; (2) accumulated balance for each classification of other comprehensive income and total amount of comprehensive income; (3) amount and nature of changes in separate accounts, including the number of shares authorized and outstanding, number of shares issued upon exercise and conversion, and for other comprehensive income, the adjustments for reclassifications to net income; (4) rights and privileges of each class of stock authorized; (5) basis of treasury stock, if other than cost, and amounts paid and accounting treatment for treasury stock purchased significantly in excess of market; (6) dividends paid or payable per share and in the aggregate for each class of stock for each period presented; (7) dividend restrictions and accumulated preferred dividends in arrears (in aggregate and per share amount); (8) retained earnings appropriations or restrictions, such as dividend restrictions; (9) impact of change in accounting principle, initial adoption of new accounting principle and correction of an error in previously issued financial statements; (10) shares held in trust for Employee Stock Ownership Plan (ESOP); (11) deferred compensation related to issuance of capital stock; (12) note received for issuance of stock; (13) unamortized discount on shares; (14) description, terms and number of warrants or rights outstanding; (15) shares under subscription and subscription receivables; effective date of new retained earnings after quasi-reorganization and deficit eliminated by quasi-reorganization and, for a period of at least ten years after the effective date, the point in time from which the new retained dates; and (16) retroactive effective of subsequent change in capital structure.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph d
-Article 4
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section C, E
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 1
-Section B
-Paragraph 7, 11A
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
Reference 9: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Article 4
falsefalse3false0natruenanaNo definition available.falsetruefalsefalsefalsefalsefalsefalsefalsefalsehttp://libertyproperty.com/role/shareholdersequity1falsefalsefalse00falsefalsefalsefalsefalse2falsefalseUSDtruefalse{dei_LegalEntityAxis} : LIBERTY PROPERTY LIMITED PARTNERSHIP
1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010_Limited_Partnership_Memberhttp://www.sec.gov/CIK0000921112duration2010-01-01T00:00:002010-12-31T00:00:00falsefalseLIBERTY PROPERTY LIMITED PARTNERSHIPdei_LegalEntityAxisxbrldihttp://xbrl.org/2006/xbrldilry_LimitedPartnershipMemberdei_LegalEntityAxisexplicitMemberUSDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170SharesStandardhttp://www.xbrl.org/2003/instancesharesxbrli0USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$OthernaNo definition available.No authoritative reference available.falsefalse4false0us-gaap_StockholdersEquityNoteDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 24 - us-gaap:StockholdersEquityNoteDisclosureTextBlock-->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>8. OWNERS’ EQUITY</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Common Units</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">General and Limited partners’ equity — common units relates to limited partnership interests of
the Operating Partnership issued in connection with the formation of the Company and certain
subsequent acquisitions. The common units outstanding as of December 31, 2010 have the same
economic characteristics as common shares of the Trust. The 3,928,733 common units are the limited
partners’ equity — common units held by persons and entities other than Liberty Property Trust, the
general partner of Liberty Property Limited Partnership, which holds a number of common units equal
to the number of outstanding common shares of beneficial interest. Both the common units held by
Liberty Property Trust and the common units held by persons and entities other than Liberty
Property Trust are counted in the weighted average number of common units outstanding during any
given period. The 3,928,733 common units share proportionately in the net income or loss and in
any distributions of the Operating Partnership and are exchangeable into the same number of common
shares of the Trust. The market value of the 3,928,733 common units at December 31, 2010 based on
the closing price of the shares of the Company at December 31, 2010 was $125.4 million.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Preferred Units</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company has outstanding the following Cumulative Redeemable Preferred Units of the Operating
Partnership, (the “Preferred Units”):
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="6%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="6%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="37%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td nowrap="nowrap" align="left" colspan="1"><font style="font-variant: small-caps"><b>Date of</b></font></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Liquidation</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Dividend</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><font style="font-variant: small-caps"><b>Redeemable</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td nowrap="nowrap" align="left" colspan="1" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Issue</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Issue</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Amount</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Units</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Preference</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Rate</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>As of</b></font></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><font style="font-variant: small-caps"><b>Exchangeable After</b></font></td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"><b>(in 000’s)</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td valign="top" align="left">7/28/99</td>
<td valign="top"> </td>
<td> </td>
<td colspan="3" valign="top" align="center" nowrap="nowrap">Series B</td>
<td> </td>
<td valign="top" align="left">$</td>
<td valign="top" align="right">95,000</td>
<td valign="top"> </td>
<td> </td>
<td valign="top" align="left"> </td>
<td valign="top" align="right">3,800</td>
<td valign="top"> </td>
<td> </td>
<td valign="top" align="left">$</td>
<td valign="top" align="right">25</td>
<td valign="top"> </td>
<td> </td>
<td nowrap="nowrap" valign="top" align="left"> </td>
<td valign="top" align="right">7.45</td>
<td valign="top" nowrap="nowrap">%</td>
<td> </td>
<td valign="top" align="left"> </td>
<td valign="top" align="right">8/31/09</td>
<td valign="top"> </td>
<td> </td>
<td>
<div style="margin-left:0px; text-indent:-0px">8/31/13 into Series B
Cumulative Redeemable
Preferred Shares of the
Trust
</div></td>
</tr>
<tr valign="bottom">
<td valign="top" align="left">6/16/05</td>
<td valign="top"> </td>
<td> </td>
<td colspan="3" valign="top" align="center">Series E</td>
<td> </td>
<td valign="top" align="left">$</td>
<td valign="top" align="right">20,000</td>
<td valign="top"> </td>
<td> </td>
<td valign="top" align="left"> </td>
<td valign="top" align="right">400</td>
<td valign="top"> </td>
<td> </td>
<td valign="top" align="left">$</td>
<td valign="top" align="right">50</td>
<td valign="top"> </td>
<td> </td>
<td nowrap="nowrap" valign="top" align="left"> </td>
<td valign="top" align="right">7.00</td>
<td valign="top" nowrap="nowrap">%</td>
<td> </td>
<td valign="top" align="left"> </td>
<td valign="top" align="right">6/16/10</td>
<td valign="top"> </td>
<td> </td>
<td>
<div style="margin-left:0px; text-indent:-0px">6/16/15 into Series E
Cumulative Redeemable
Preferred Shares of the
Trust
</div></td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td valign="top" align="left">6/30/05</td>
<td valign="top"> </td>
<td> </td>
<td colspan="3" valign="top" align="center">Series F</td>
<td> </td>
<td valign="top" align="left">$</td>
<td valign="top" align="right">50,000</td>
<td valign="top"> </td>
<td> </td>
<td valign="top" align="left"> </td>
<td valign="top" align="right">1,000</td>
<td valign="top"> </td>
<td> </td>
<td valign="top" align="left">$</td>
<td valign="top" align="right">50</td>
<td valign="top"> </td>
<td> </td>
<td nowrap="nowrap" valign="top" align="left"> </td>
<td valign="top" align="right">6.65</td>
<td valign="top" nowrap="nowrap">%</td>
<td> </td>
<td valign="top" align="left"> </td>
<td valign="top" align="right">6/30/10</td>
<td valign="top"> </td>
<td> </td>
<td>
<div style="margin-left:0px; text-indent:-0px">12/12/15 into Series F
Cumulative Redeemable
Preferred Shares of the
Trust
</div></td>
</tr>
<tr valign="bottom">
<td valign="top" align="left">12/15/06</td>
<td valign="top"> </td>
<td> </td>
<td colspan="3" valign="top" align="center">Series G</td>
<td> </td>
<td valign="top" align="left">$</td>
<td valign="top" align="right">27,000</td>
<td valign="top"> </td>
<td> </td>
<td valign="top" align="left"> </td>
<td valign="top" align="right">540</td>
<td valign="top"> </td>
<td> </td>
<td valign="top" align="left">$</td>
<td valign="top" align="right">50</td>
<td valign="top"> </td>
<td> </td>
<td nowrap="nowrap" valign="top" align="left"> </td>
<td valign="top" align="right">6.70</td>
<td valign="top" nowrap="nowrap">%</td>
<td> </td>
<td valign="top" align="left"> </td>
<td valign="top" align="right">12/15/11</td>
<td valign="top"> </td>
<td> </td>
<td>
<div style="margin-left:0px; text-indent:-0px">12/15/16 into Series G
Cumulative Redeemable
Preferred Shares of the
Trust
</div></td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td valign="top" align="left">8/21/07</td>
<td valign="top"> </td>
<td> </td>
<td colspan="3" valign="top" align="center">Series H</td>
<td> </td>
<td valign="top" align="left">$</td>
<td valign="top" align="right">100,000</td>
<td valign="top"> </td>
<td> </td>
<td valign="top" align="left"> </td>
<td valign="top" align="right">4,000</td>
<td valign="top"> </td>
<td> </td>
<td valign="top" align="left">$</td>
<td valign="top" align="right">25</td>
<td valign="top"> </td>
<td> </td>
<td nowrap="nowrap" valign="top" align="left"> </td>
<td valign="top" align="right">7.40</td>
<td valign="top" nowrap="nowrap">%</td>
<td> </td>
<td valign="top" align="left"> </td>
<td valign="top" align="right">8/21/12</td>
<td valign="top"> </td>
<td> </td>
<td>
<div style="margin-left:0px; text-indent:-0px">8/21/17 into Series H
Cumulative Redeemable
Preferred Shares of the
Trust
</div></td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Preferred Units are callable at the Operating Partnership’s option after a stated period
of time. The Trust as the sole general partner of the Operating Partnership may at its option
elect to settle the redemption for cash or through the exchange on a one-for-one basis with
unregistered preferred shares of the Trust.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The Company paid the following Preferred Unit distributions for the year ended December 31:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="58%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Distributions (in millions)
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">21.0</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">21.0</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">21.0</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Distribution per unit:
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Series B
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1.86</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.86</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.86</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Series E
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3.50</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.50</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.50</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Series F
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3.33</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.33</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.33</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Series G
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">3.35</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.35</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">3.35</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Series H
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">1.85</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.85</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">1.85</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Limited Partners’ Equity</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Limited partners’ equity in the accompanying financial statements represents the interests of the
common and preferred units in Liberty Property Limited Partnership not held by the Trust. For the
years ended December 31, 2008 and prior, these interests were classified in the mezzanine section
of the Company’s Consolidated Balance Sheets. In 2009, the Trust and the Operating Partnership
entered into an indemnification agreement which requires the Trust to hold the Operating
Partnership harmless in connection with the conversion of any common units or preferred units. The
noncontrolling interests — common units and preferred units were therefore transferred to owners’
equity.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">A reclassification from limited partners’ equity — common units to general partner’s equity was
made reflecting the effect of the cumulative redemption of common units to common shares in the
amount of $24.5 million at December 31, 2008.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: 'Times New Roman',Times,serif; margin-left: 0in; ">
<div align="justify" style="font-size: 10pt; margin-top: 10pt">The following details the change in limited partners’ equity for the year ended December 31, 2008.
For the years ended December 31, 2009 and 2010, see the Company’s Consolidated Statements of
Owners’ Equity.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="72%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="9%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Limited partners’</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Limited partners’</b></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>equity -</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>equity -</b></td>
<td> </td>
</tr>
<tr style="font-size: 10pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>common units</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>preferred units</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at January 1, 2008
</div></td>
<td> </td>
<td>$</td>
<td align="right">120,713</td>
<td> </td>
<td> </td>
<td>$</td>
<td align="right">287,960</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Contributions from partners
</div></td>
<td> </td>
<td> </td>
<td align="right">176</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Distributions to partners
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10,131</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(21,013</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Issuance of operating partnership units
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net income
</div></td>
<td> </td>
<td> </td>
<td align="right">6,669</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,012</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Redemption of limited partners common units
for common shares
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(24,396</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Balance at December 31, 2008
</div></td>
<td> </td>
<td align="left">$</td>
<td align="right">93,031</td>
<td> </td>
<td> </td>
<td align="left">$</td>
<td align="right">287,959</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Continuous Equity Offering</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">During the years ended December 31, 2009 and 2008, the Company sold common units pursuant to a
continuous offering program. During the years ended December 31, 2009 and 2008, the Company sold
12.8 million and 495,000 common units, respectively, through this program. The net proceeds from
the offering of $283.2 million and $10.8 million for the years ended December 31, 2009 and 2008,
respectively, were used for general corporate purposes, including the funding of maturing senior
note obligations. The Company did not sell any common units pursuant to a continuous offering
program during 2010.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Sale of Common Units</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">In October 2008, the Company sold 4,750,000 common units. The net proceeds of the offering of
$149.5 million were used to pay down outstanding borrowings under the $600 million Credit Facility
and for general corporate purposes.
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt"><b>Noncontrolling Interest — Consolidated Joint Ventures</b>
</div>
<div align="justify" style="font-size: 10pt; margin-top: 10pt">Noncontrolling interest — consolidated joint ventures includes third-party ownership interests in
consolidated joint venture investments.
</div>
</div>
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