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Stockholders' Equity of the Company
 12 Months Ended
Dec. 31, 2015
Equity [Abstract]  
Stockholders' Equity of the Company
Stockholders’ Equity of the Company

Common Stock

Common Stock Issuance

In July 2015, the Company completed the sale and issuance of 3,773,766 shares of its common stock at a price of $66.19 per share for aggregate gross proceeds of $249.8 million and aggregate net proceeds after offering costs of $249.6 million through a registered direct placement with an institutional investor.

In October 2014, the Company issued 351,476 shares of its common stock valued at approximately $21.6 million to partially fund a development acquisition (see Note 3 “Acquisitions” for additional information).

In September 2013, the Company completed an underwritten public offering of 6,175,000 shares of its common stock. The net offering proceeds, after deducting underwriting discounts and offering expenses, were approximately $295.9 million. We used a portion of the net proceeds from the offering to fund acquisitions, repay borrowings under the unsecured revolving credit facility, and for general corporate purposes.

At-The-Market Stock Offering Programs

Under our at-the-market stock offering programs, which commenced in July 2011 and December 2014, we may offer and sell shares of our common stock from time to time in “at-the-market” offerings. During the year ended December 31, 2014, the Company completed its existing at-the-market offering program (the “July 2011 At-The-Market Program”) under which we sold an aggregate of $200.0 million in gross sales price of shares, and in December 2014, we commenced a new at-the-market stock offering program (the “December 2014 At-The-Market Program”) under which we may offer to sell shares of our common stock with an aggregate gross sales price of up to $300.0 million. Since commencement of the December 2014 At-The-Market Program through December 31, 2015, we have sold 2,007,767 shares of common stock having an aggregate gross sales price of $150.1 million. As of December 31, 2015, shares of common stock having an aggregate gross sales price of up to $149.9 million remain available to be sold under this program. Actual future sales will depend upon a variety of factors, including but not limited to market conditions, the trading price of the Company’s common stock and our capital needs. We have no obligation to sell the remaining shares available for sale under this program.

The following table sets forth information regarding sales of our common stock under our at-the-market offering programs for the years ended December 31, 2015, 2014 and 2013:

 
Year Ended December 31,
 
2015
 
2014
 
2013
 
(in millions, except share data)
Shares of common stock sold during the period
1,866,267

 
1,599,123

 
1,040,838

Aggregate gross proceeds
$
140.1

 
$
104.7

 
$
55.3

Aggregate net proceeds after underwriting discounts
$
138.2

 
$
103.1

 
$
54.4



The proceeds from sales were used to fund acquisitions, development expenditures and general corporate purposes including repayment of borrowings under the unsecured revolving credit facility.

Share Repurchases

An aggregate of 988,025 shares currently remain eligible for repurchase under a share-repurchase program approved by the Company’s board of directors in prior periods. The Company did not repurchase shares of common stock under this program during the years ended December 31, 2015, 2014 or 2013.

Accrued Dividends and Distributions

The following tables summarize accrued dividends and distributions for the noted outstanding shares of common stock, preferred stock, and noncontrolling units as of December 31, 2015 and 2014:

 
December 31,
 
2015
 
2014
 
(in thousands)
Dividends and Distributions payable to:
 
 
 
Common stockholders
$
32,291

 
$
30,191

Noncontrolling common unitholders of the Operating Partnership
618

 
631

RSU holders (1)
427

 
421

Total accrued dividends and distribution to common stockholders and noncontrolling unitholders
33,336

 
31,243

Preferred stockholders
1,656

 
1,656

Total accrued dividends and distributions
$
34,992

 
$
32,899

______________________
(1)
The amount includes the value of the dividend equivalents that will be paid with additional RSUs (see Note 13 “Share-Based Compensation” for additional information).

 
December 31,
 
2015
 
2014
Outstanding Shares and Units:
 
Common stock (1)
92,258,690

 
86,259,684

Noncontrolling common units
1,764,775

 
1,804,200

RSUs (2)
1,269,809

 
1,248,352

Series G Preferred stock
4,000,000

 
4,000,000

Series H Preferred stock
4,000,000

 
4,000,000

______________________
(1)
The amount includes nonvested shares.
(2)
The amount includes nonvested RSUs. Does not include the 425,452 and 247,089 market measure-based RSUs because not all the necessary performance conditions have been met as of December 31, 2015 and 2014, respectively.