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

9 Months Ended

Sep. 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 nine months ended September 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 nine months ended September 30, 2016 and 2015, 76,674 and 11,012 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $819 and $106, 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 nine months ended September 30, 2016 and 2015:

	2016			2015
Balance as of December 31	$	42,035		$	41,877
Net Income	3,635			1,197
Unit Distributions	(2,436		)	(1,669		)
Other Comprehensive Loss (Including a Reallocation of $39 and $3)	(449		)	(65		)
Conversion of Limited Partner Units to Common Stock	(819		)	(106		)
Reallocation - Additional Paid-in-Capital	2,489			107
Balance as of September 30	$	44,455		$	41,341

Noncontrolling Interest of the Operating Partnership

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

	2016			2015
Balance as of December 31	$	1,096		$	1,080
Net Income	112			75
Contributions	114			61
Distributions	(264		)	(85		)
Balance as of September 30	$	1,058		$	1,131

Dividends/Distributions

During the nine months ended September 30, 2016, we declared $68,223 common stock dividends and Unit distributions.