v2.4.0.6
Stockholders' Equity of the REIT and Partners' Capital of the Operating Partnership
 6 Months Ended
Jun. 30, 2012
Stockholders' Equity of the REIT and Partners' Capital of the Operating Partnership [Abstract]  
Stockholders' Equity of the REIT and Partners' Capital of the Operating Partnership
9.   Stockholders’ Equity of the REIT and Partners’ Capital of the Operating Partnership

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 and certain current and former directors and officers of the REIT own common limited partnership units that make up approximately 0.41% of the common partnership units.

Preferred Stock of the REIT

We had the following preferred stock issued and outstanding (in thousands, except per share and par value data):

 

                 
    June 30,     December 31,  
    2012     2011  

Series L Preferred stock at stated liquidation preference of $25 per share; $0.01 par value; 2,000 shares

   $ 49,100     $ 49,100  

Series M Preferred stock at stated liquidation preference of $25 per share; $0.01 par value; 2,300 shares

     57,500       57,500  

Series O Preferred stock at stated liquidation preference of $25 per share; $0.01 par value; 3,000 shares

     75,300       75,300  

Series P Preferred stock at stated liquidation preference of $25 per share; $0.01 par value; 2,000 shares

     50,300       50,300  

Series Q Preferred stock at stated liquidation preference of $50 per share; $0.01 par value; 2,000 shares

     100,000       100,000  

Series R Preferred stock at stated liquidation preference of $25 per share; $0.01 par value; 5,000 shares

     125,000       125,000  

Series S Preferred stock at stated liquidation preference of $25 per share; $0.01 par value; 5,000 shares

     125,000       125,000  
   

 

 

    

 

 

  

Total preferred stock

   $ 582,200     $ 582,200  
   

 

 

    

 

 

  

 

The holders of the preferred stock have preference rights with respect to distributions and liquidation over the common stock and certain rights in the case of arrearage. Holders of the preferred stock are not entitled to vote on any matters, except under certain limited circumstances. The series L, M, O, P, R and S preferred stock are redeemable solely at our option, in whole or in part. The series Q preferred stock will be redeemable at our option on and after November 13, 2026.