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Stockholders’ Equity of the Company and Partners' Capital of the Operating Partnership | 12 Months Ended
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Dec. 31, 2019
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 Operating Partnership Units The Operating Partnership has issued General Partner Units and Limited Partner Units. The General Partner Units resulted from capital contributions from the Company. The Limited Partner Units are issued in conjunction with the acquisition of certain properties as well as through the issuance of Performance LTIP Units and Service LTIP Units (as defined in Note 11). Subject to certain lock-up periods, holders of Limited Partner Units can redeem their Units by providing written notification to the General Partner. Unless the General Partner provides notice of a redemption restriction to the holder, redemption must be made within seven business days after receipt of the holder's notice. The redemption can be effectuated, as determined by the General Partner, either by exchanging the Limited Partner Units for shares of common stock of the Company on a one-for-one basis, subject to adjustment, or by paying cash equal to the fair market value of such shares. Prior requests for redemption have generally been fulfilled with shares of common stock of the Company, and the Operating Partnership intends to continue this practice. If each Limited Partner Unit of the Operating Partnership were redeemed as of December 31, 2019, the Operating Partnership could satisfy its redemption obligations by making an aggregate cash payment of approximately $100,568 or by issuing 2,422,744 shares of the Company's common stock. Preferred Stock or General Partner Preferred Units The Company has 10,000,000 shares of preferred stock authorized. As of December 31, 2019 and 2018, there were no preferred shares or general partner preferred Units outstanding. Shares of Common Stock or Unit Contributions The following table is a roll-forward of the Company's shares of common stock outstanding and the Operating Partnership's Units outstanding, including equity compensation awards which are discussed Note 11, for the three years ended December 31, 2019:
| Shares of Common Stock Outstanding |  | General Partner and Limited Partner Units Outstanding
Balance at December 31, 2016 | 117,107,746 |  |  | 121,147,121 |
Issuance of Common Stock/Contribution of General Partner Units (A) | 2,560,000 |  |  | 2,560,000 |
Issuance of Restricted Stock/Restricted Unit Awards | 275,793 |  |  | 275,793 |
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (91,513 | ) |  | (91,513 | )
Conversion of Limited Partner Units (B) | 31,154 |  |  | — |
Balance at December 31, 2017 | 119,883,180 |  |  | 123,891,401 |
Issuance of Common Stock/Contribution of General Partner Units (A) | 4,800,000 |  |  | 4,800,000 |
Issuance of Restricted Stock/Restricted Unit Awards | 227,059 |  |  | 227,059 |
Vesting of Performance units (as defined in Note 11) | 150,772 |  |  | 150,772 |
Repurchase and Retirement of Restricted Stock/Restricted Unit Awards | (104,301 | ) |  | (104,301 | )
Conversion of Limited Partner Units (B) | 1,350,721 |  |  | — |
Retirement of Limited Partner Units (C) | — |  |  | (33,333 | )
Balance at December 31, 2018 | 126,307,431 |  |  | 128,931,598 |
Issuance of Service Awards and Performance Awards (as defined in Note 11) | 109,353 |  |  | 406,569 |
Vesting of Performance units (as defined Note 11) | 169,033 |  |  | 169,033 |
Repurchase and Retirement of Service Awards and Performance Awards (as defined in Note 11) | (76,855 | ) |  | (89,978 | )
Conversion of Limited Partner Units (B) | 485,516 |  |  | — |
Balance at December 31, 2019 | 126,994,478 |  |  | 129,417,222 |
(A) During the years ended December 31, 2018 and 2017, the Company issued 4,800,000 and 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 $145,584 and $74,880. The proceeds were contributed to the Operating Partnership in exchange for General Partner Units and are reflected in the Operating Partnership's financial statements as a general partner contribution. (B) For the years ended December 31, 2019, 2018 and 2017, 485,516, 1,350,721 and 31,154 Limited Partner Units, respectively, were converted into an equivalent number of shares of common stock of the Company, resulting in a reclassification of $7,196, $16,605 and $364, respectively, of noncontrolling interest to the Company's stockholders' equity. (C) During the year ended December 31, 2018, 33,333 Limited Partner Units were forfeited by a unitholder and were retired by the Operating Partnership. ATM Program On March 16, 2017, we entered into distribution agreements with sales agents to sell up to 8,000,000 shares of the Company's common stock, for up to $200,000 aggregate gross sales proceeds, from time to time in "at-the-market" offerings (the "2017 ATM Program"). Under the terms of the 2017 ATM Program, sales are to be made primarily in transactions that are deemed to be "at-the-market" offerings, including sales made directly on the New York Stock Exchange or sales made through a market maker other than on an exchange or by privately negotiated transactions. During the years ended December 31, 2019, 2018 and 2017, the Company did not issue any shares of common stock under the 2017 ATM Program. Dividends/Distributions The following table summarizes dividends/distributions accrued during the past three years:
| 2019 Total Dividend/ Distribution |  | 2018 Total Dividend/ Distribution |  | 2017 Total Dividend/ Distribution
Common Stock/Operating Partnership Units | $ | 119,522 |  |  | $ | 111,478 |  |  | $ | 104,106 |

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -URI http://asc.fasb.org/topic&trid=2208762 + Details
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