Partners' Capital of the Operating Partnership

12 Months Ended

Dec. 31, 2021

Partners' Capital of the Operating Partnership

Partners’ Capital of the Operating Partnership

Common Units

Issuance of Common Units

In March 2020, the Company physically settled the forward equity sale agreements entered into in February 2020 (see Note 13 “Stockholders’ Equity of the Company”). Upon settlement, the Company issued 5,750,000 shares of common stock for net proceeds of $474.9 million and contributed the net proceeds to the Operating Partnership in exchange for 5,750,000 common units.

In July 2019, the Company physically settled the forward equity sale agreements entered into in August 2018 (see Note 13 “Stockholders’ Equity of the Company”). Upon settlement, the Company issued 5,000,000 shares of common stock for net proceeds of $354.3 million and contributed the net proceeds to the Operating Partnership in exchange for 5,000,000 common units.

At-The-Market Stock Offering Program

The Company did not issue any shares of common stock under its at-the-market stock offering program and did not contribute any shares of common stock to the Operating Partnership during the year ended December 31, 2021. In March 2020, the Company physically settled all forward equity sale agreements entered into in 2019. Upon settlement, the Company issued 3,147,110 shares of common stock for net proceeds of $247.3 million and contributed the net proceeds to the Operating Partnership in exchange for an equal number of units in the Operating Partnership. The Company did not issue any shares of common stock under its at-the-market programs and did not contribute any shares of common stock to the Operating Partnership during the year ended December 31, 2019. See Note 13 “Stockholders’ Equity of the Company” for additional information. The net offering proceeds contributed by the Company to the Operating Partnership in exchange for common units for the year ended December 31, 2020 are as follows:


	Year Ended December 31, 2020
	(in millions except share and per share data)
Shares of common stock contributed by the Company	3,147,110
Common units exchanged for shares of common stock by the Company	3,147,110
Aggregate gross proceeds	$	252.0
Aggregate net proceeds after selling commissions	$	247.3

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, 2021		December 31, 2020
Company owned common units in the Operating Partnership	116,464,169		116,035,827
Company owned general partnership interest	99.0	%	99.0	%
Noncontrolling common units of the Operating Partnership	1,150,574		1,150,574
Ownership interest of noncontrolling interest	1.0	%	1.0	%

For a further discussion of the noncontrolling common units during the years ended December 31, 2021 and 2020, refer to Note 11 “Noncontrolling Interests on the Company’s Consolidated Financial Statements.”

Accrued Distributions

The following tables summarize accrued distributions for the noted common units as of December 31, 2021 and 2020:


	December 31, 2021		December 31, 2020
	(in thousands)
Distributions payable to:
General partner	$	60,561	$	58,018
Common limited partners	598		575
RSU holders (1)	691		838
Total accrued distributions to common unitholders	$	61,850	$	59,431

_____________________

(1)The amount includes the value of the dividend equivalents that will be paid with additional RSUs (see Note 15 “Share-Based and Other Compensation” for additional information).


	December 31, 2021	December 31, 2020
Outstanding Units:
Common units held by the general partner	116,464,169	116,035,827
Common units held by the limited partners	1,150,574	1,150,574
RSUs (1)	1,292,802	1,638,026

_____________________

(1)Does not include 976,464 and 873,709 market measure-based RSUs because not all the necessary performance conditions have been met as of December 31, 2021 and 2020, respectively. Refer to Note 15 “Share-Based and Other Compensation” for additional information.