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

6 Months Ended

Jun. 30, 2017

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, 2017, the Company issued 2,560,000 shares of the Company's common stock in an underwritten public offering. Proceeds to the Company, net of the underwriter's discount, were $74,880. The proceeds were contributed to the Operating Partnership in exchange for General Partner Units and are reflected in the financial statements as a general partner contribution.

Increased Authorized Shares of Common Stock

On May 11, 2017, we filed an amendment to the Company’s articles of incorporation, increasing the number of shares of the Company’s common stock authorized for issuance from 150 million to 225 million shares.

Noncontrolling Interest of the Company

The following table summarizes the changes in noncontrolling interest for the Company for the six months ended June 30, 2017 and 2016:

	2017			2016
Balance as of December 31	$	43,184		$	42,035
Net Income	2,073			2,486
Unit Distributions	(1,696		)	(1,632		)
Other Comprehensive Income	30			(598		)
Conversion of Limited Partner Units to Common Stock (A)	—			(107		)
Reallocation - Additional Paid-in-Capital	1,522			2,434
Reallocation - Other Comprehensive Income	3			—
Balance as of June 30	$	45,116		$	44,618

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

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, 2017 and 2016:

	2017			2016
Balance as of December 31	$	956		$	1,096
Net Income	53			74
Contributions	20			15
Distributions	(82		)	(174		)
Balance as of June 30	$	947		$	1,011

Dividends/Distributions

During the six months ended June 30, 2017, we declared $51,774 common stock dividends and Unit distributions.