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Stock Transactions and Unit Redemptions (Tables) | 3 Months Ended
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Mar. 31, 2018
Equity [Abstract] |
Changes in Shares of Class A Common Stock Outstanding | Changes in shares of the Company’s Class A common stock outstanding for the three months ended March 31, 2018 and 2017 were as follows:
|  | Three Months Ended March 31, |
|  | 2018 |  |  | 2017 |
Shares outstanding at beginning of period |  |  | 256,968,372 |  |  |  | 244,869,624 |
Share issuances: |  |  |  |  |  |  |  |
Issuance of Class A common stock for general corporate purposes |  |  | 17,923,714 |  |  |  | — |
Exchanges of limited partnership interests1 |  |  | 2,787,190 |  |  |  | 3,410,672 |
Compensation awards |  |  | 979,344 |  |  |  | — |
Acquisition related issuances |  |  | 317,096 |  |  |  | 373,078 |
Vesting of restricted stock units (RSUs) |  |  | 280,884 |  |  |  | 356,389 |
Other issuances of Class A common stock |  |  | 22,644 |  |  |  | 9,942 |
Treasury stock repurchases |  |  | — |  |  |  | (552,955 | )
Shares outstanding at end of period |  |  | 279,279,244 |  |  |  | 248,466,750 |
1 | Because they are included in the Company’s fully diluted share count, if dilutive, any exchange of limited partnership interests into Class A common shares would not impact the fully diluted number of shares and units outstanding.
Unit Redemption and Share Repurchase Activity | The table below represents unit redemption and share repurchase activity for the three months ended March 31, 2018:
Period |  | Total Number of Units Redeemed or Shares Repurchased |  |  | Average Price Paid per Unit or Share |  |  | Approximate Dollar Value of Units and Shares That May Yet Be Redeemed/ Purchased Under the Plan |
Redemptions1 |  |  |  |  |  |  |  |  |  |  |  |
January 1, 2018—March 31, 2018 |  |  | 1,723,654 |  |  | $ | 14.34 |  |  |  |  |
Repurchases2 |  |  | — |  |  | $ | — |  |  |  |  |
Total Redemptions and Repurchases |  |  | 1,723,654 |  |  | $ | 14.34 |  |  | $ | 172,167,800 |
1 | During the three months ended March 31, 2018, the Company redeemed approximately 1.7 million limited partnership units at an aggregate redemption price of approximately $24.6 million for an average price of $14.34 per unit and approximately 5 thousand FPUs at an aggregate redemption price of approximately $74 thousand for an average price of $13.67 per unit. During the three months ended March 31, 2017, the Company redeemed approximately 2.9 million limited partnership units at an aggregate redemption price of approximately $31.6 million for an average price of $10.85 per unit and approximately 15.7 thousand FPUs at an aggregate redemption price of approximately $0.2 million for an average price of $10.73 per unit.
2 | The Company did not repurchase any of its Class A common stock during the three months ended March 31, 2018. During the three months ended March 31, 2017, the Company repurchased approximately 0.6 million shares of its Class A common stock at an aggregate purchase price of approximately $6.1 million for an average price of $11.07 per share.
Summary of Changes in Carrying Amount of Redeemable Partnership Interest | The changes in the carrying amount of redeemable partnership interest for the three months ended March 31, 2018 and 2017 were as follows (in thousands):
|  | Three Months Ended March 31, |
|  | 2018 |  |  | 2017 |
Balance at beginning of period |  | $ | 46,415 |  |  | $ | 52,577 |
Consolidated net income allocated to FPUs |  |  | 1,009 |  |  |  | 1,054 |
Earnings distributions |  |  | — |  |  |  | (1,434 | )
FPUs exchanged |  |  | — |  |  |  | (303 | )
FPUs redeemed |  |  | (21 | ) |  |  | (59 | )
Other |  |  | 102 |  |  |  | (2 | )
Balance at end of period |  | $ | 47,505 |  |  | $ | 51,833 |

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- Definition Tabular disclosure of redeemable noncontrolling interest (as defined) included in the statement of financial position as either a liability or temporary equity. As of the date of the statement of financial position, such redeemable noncontrolling interest is currently redeemable, as defined, for cash or other assets of the entity at (1) at a fixed or determinable price on a fixed or determinable date, (2) at the option of the holder of the noncontrolling interest, or (3) upon occurrence of an event that is not solely within the control of the entity. + References No definition available. + Details
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