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Noncontrolling Interests
6 Months Ended
Jun. 30, 2013
Stockholders' Equity Attributable to Noncontrolling Interest [Abstract]  
Noncontrolling Interests
Noncontrolling Interests of the Trust
Noncontrolling interests in the accompanying financial statements represent the interests of the common and preferred units in the Operating Partnership not held by the Trust. In addition, noncontrolling interests include third-party ownership interests in consolidated joint venture investments.
Common units
The common units outstanding of the Operating Partnership not held by the Trust as of June 30, 2013 have the same economic characteristics as common shares of the Trust. The 3,713,851 outstanding common units of the Operating Partnership at such date not held by the Trust 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 3,713,851 outstanding common units based on the closing price of the common shares of the Trust at June 30, 2013 was $137.3 million.
Preferred units
The Trust had no outstanding cumulative redeemable preferred units of the Operating Partnership (the “Equity Preferred Units”) as of June 30, 2013. During the three months ended June 30, 2013, the Company redeemed $20.0 million of outstanding 7.00% Series E Cumulative Redeemable Preferred Units, $17.5 million of outstanding 6.65% Series F Cumulative Redeemable Preferred Units and $27.0 million of outstanding 6.70% Series G Cumulative Redeemable Preferred Units, all at par. In connection with these redemptions, the Company wrote off $1.2 million in origination costs. These amounts are included in noncontrolling interest - operating partnership in the Trust's consolidated statements of comprehensive income.