Preferred and Common Units of the Operating Partnership

Common Units

Issuance of Common Units

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 (see Note 11 “Stockholders’ Equity of the Company” for additional information). The net offering proceeds were contributed by the Company to the Operating Partnership in exchange for 3,773,766 common units.

In October 2014, the Company issued 351,476 shares of its common stock to partially fund $21.6 million of a development acquisition (see Note 11 “Stockholders’ Equity of the Company” for additional information). The development acquisition property was contributed by the Company to the Operation Partnership in exchange for 351,476 common units.

In September 2013, the Company completed an underwritten public offering of 6,175,000 shares of its common stock (see Note 11 “Stockholders’ Equity of the Company” for additional information). The net offering proceeds of approximately $295.9 million were contributed by the Company to the Operating Partnership in exchange for 6,175,000 common units.

At-The-Market Stock Offering Program

During the years ended December 31, 2015, 2014 and 2013, the Company utilized its at-the-market stock offering programs to issue shares of common stock (see Note 11 “Stockholders’ Equity of the Company” for additional information). The net offering proceeds and property acquired using net offering proceeds were contributed by the Company to the Operating Partnership in exchange for common units for the years ended December 31, 2015, 2014 and 2013 are as follows:



	Year Ended December 31,
	2015		2014		2013
	(in millions, except share and per share data)
Shares of common stock contributed by the Company	1,866,267		1,599,123		1,040,838
Common units exchanged for share of common stock by the Company	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

Common Units Outstanding

The following table sets forth the number of common units held by the Company and the number of common units held by non-affiliated investors and certain of our executive officers and directors in the form of noncontrolling common units as well as the ownership interest held on each respective date:



	December 31, 2015		December 31, 2014
Company owned common units in the Operating Partnership	92,258,690		86,259,684
Company owned general partnership interest	98.1	%	98.0	%
Noncontrolling common units of the Operating Partnership	1,764,775		1,804,200
Ownership interest of noncontrolling interest	1.9	%	2.0	%

For a further discussion of the noncontrolling common units during the years ended December 31, 2015 and 2014, refer to Note 10 “Noncontrolling Interests on the Company’s Consolidated Financial Statements”.

Accrued Distributions

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



	December 31, 2015		December 31, 2014
	(in thousands)
Distributions payable to:
General partner	$	32,291	$	30,191
Common limited partners	618		631
RSU holders ⁽¹⁾	427		421
Total accrued distributions to common unitholders	33,336		31,243
Preferred unitholders	1,656		1,656
Total accrued distributions	$	34,992	$	32,899

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(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	December 31, 2014
Outstanding Units:
Common units held by the general partner	92,258,690	86,259,684
Common units held by the limited partners	1,764,775	1,804,200
RSUs ⁽¹⁾	1,269,809	1,248,352
Series G Preferred units	4,000,000	4,000,000
Series H Preferred units	4,000,000	4,000,000

______________________


(1)	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.