Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership

6 Months Ended

Jun. 30, 2016

Stockholders' Equity Note [Abstract]

Stockholders' Equity of the Company and Partners' Capital of the Operating Partnership

Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership

Issuance of Shares of Common Stock

During the six months ended June 30, 2016, the Company issued 5,600,000 shares of the Company's common stock in an underwritten public offering. Proceeds to the Company, net of the underwriter's discount, were $124,936. The proceeds were contributed to the Operating Partnership in exchange for General Partner Units and will be reflected in the financial statements as a general partner contribution.

Conversion of Limited Partner Units into Shares of Common Stock

For the six months ended June 30, 2016 and 2015, 10,697 and 10,395 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $107 and $100, respectively, of noncontrolling interest to the Company’s stockholders’ equity.

Noncontrolling Interest of the Company

The following table summarizes the changes in noncontrolling interest for the Company for the six months ended June 30, 2016 and 2015:

	June 30, 2016			June 30, 2015
Balance as of December 31, 2015	$	42,035		$	41,877
Net Income	2,486			649
Unit Distributions	(1,632		)	(1,113		)
Other Comprehensive (Loss) Income (Including a Reallocation of $36 and $2)	(598		)	248
Conversion of Limited Partner Units to Common Stock	(107		)	(100		)
Reallocation - Additional Paid-in-Capital	2,434			13
Balance as of June 30, 2016	$	44,618		$	41,574

Noncontrolling Interest of the Operating Partnership

The following table summarizes the changes in noncontrolling interest for the Operating Partnership for the six months ended June 30, 2016 and 2015:

	June 30, 2016			June 30, 2015
Balance as of December 31, 2015	$	1,096		$	1,080
Net Income	74			48
Contributions	15			10
Distributions	(174		)	(36		)
Balance as of June 30, 2016	$	1,011		$	1,102

Dividends/Distributions

During the six months ended June 30, 2016, we declared $45,130 common stock dividends and Unit distributions.