v2.4.0.6

Partners Capital of the Operating Partnership | 12 Months Ended
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Dec. 31, 2011
Partners Capital Of Operating Partnership [Abstract] |
Partners' Capital of the Operating Partnership |
12. | Partners’ Capital of the Operating Partnership
For each share of common stock or preferred stock the REIT issues, the Operating Partnership issues a corresponding common or preferred partnership unit, as applicable, to the REIT in exchange for the contribution of the proceeds from the stock issuance. In addition, other third parties own common limited partnership units that make up 0.45% of the common partnership units. As of December 31, 2011, the Operating Partnership had outstanding 458.6 million common general partnership units, 2.1 million common limited partnership units and 21.3 million preferred units. Distributions paid to the common limited partnership units and the taxability of the distributions are similar to the REIT’s common stock disclosed above.

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