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Stock Transactions and Unit Redemptions (Tables)
 3 Months Ended
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