Stock Transactions and Unit Redemptions (Tables)

9 Months Ended

Sep. 30, 2018

Changes in Shares of Class A Common Stock Outstanding

Changes in shares of the Company’s Class A common stock outstanding for the three and nine months ended September 30, 2018 and 2017 were as follows:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2018			2017			2018			2017
Shares outstanding at beginning of period		290,909,843			251,057,086			256,968,372			244,869,624
Share issuances:
Issuance of Class A common stock for general corporate purposes		—			—			24,923,714			—
Exchanges of limited partnership interests¹		2,474,658			1,434,050			9,949,679			6,795,187
Compensation awards		—			—			979,344			—
Acquisition related issuances		78,678			82,907			1,083,150			1,424,690
Vesting of restricted stock units (RSUs)		82,345			42,295			464,019			479,313
Other issuances of Class A common stock		23,767			11,874			72,182			45,490
Treasury stock repurchases		(8,263	)		(295,871	)		(734,802	)		(1,246,365	)
Forfeitures of restricted Class A common stock		(49,189	)		(71,251	)		(193,819	)		(106,849	)
Shares outstanding at end of period		293,511,839			252,261,090			293,511,839			252,261,090

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 and nine months ended September 30, 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
Redemptions^1,2
January 1, 2018—March 31, 2018		1,723,654	$	14.34
April 1, 2018—June 30, 2018		4,299,936		13.10
July 1, 2018—September 30, 2018		2,105,457		11.27
Total Redemptions		8,129,047	$	12.89
Repurchases^3,4
January 1, 2018—March 31, 2018		—	$	—
April 1, 2018—June 30, 2018		726,539		13.37
July 1, 2018—July 31, 2018		1,993		10.58
August 1, 2018—August 31, 2018		696		11.85
September 1, 2018—September 30, 2018		5,574		11.76
Total Repurchases		734,802	$	13.35
Total Redemptions and Repurchases		8,863,849	$	12.92	$	280,011,172

During the three months ended September 30, 2018, the Company redeemed approximately 2.1 million limited partnership units at an aggregate redemption price of approximately $23.5 million for an average price of $11.26 per unit and approximately 17.8 thousand FPUs at an aggregate redemption price of approximately $0.2 million for an average price of $12.33 per unit. During the three months ended September 30, 2017, the Company redeemed approximately 1.2 million limited partnership units at an aggregate redemption price of approximately $16.0 million for an average price of $12.97 per unit and approximately 0.4 million FPUs at an aggregate redemption price of approximately $5.0 million for an average price of $11.48 per unit.

During the nine months ended September 30, 2018, the Company redeemed approximately 8.0 million limited partnership units at an aggregate redemption price of approximately $103.5 million for an average price of $12.89 per unit and approximately 0.1 million FPUs at an aggregate redemption price of approximately $1.3 million for an average price of $12.98 per unit. During the nine months ended September 30, 2017, the Company redeemed approximately 5.8 million limited partnership units at an aggregate redemption price of approximately $66.1 million for an average price of $11.40 per unit and approximately 0.7 million FPUs at an aggregate redemption price of approximately $8.0 million for an average price of $11.19 per unit.

During the three months ended September 30, 2018, the Company repurchased approximately 8.3 thousand shares of its Class A common stock at an aggregate purchase price of approximately $0.1 million for an average price of $11.48 per share. During the three months ended September 30, 2017, the Company repurchased approximately 0.3 million shares of its Class A common stock at an aggregate purchase price of approximately $4.0 million for an average price of $13.41 per share.

During the nine months ended September 30, 2018, the Company repurchased approximately 0.7 million shares of its Class A common stock at an aggregate purchase price of approximately $9.8 million for an average price of $13.35 per share. During the nine months ended September 30, 2017, the Company repurchased approximately 1.2 million shares of its Class A common stock at an aggregate purchase price of approximately $14.6 million for an average price of $11.68 per share.

Summary of Changes in Carrying Amount of Redeemable Partnership Interest

The changes in the carrying amount of redeemable partnership interest for the nine months ended September 30, 2018 and 2017 were as follows (in thousands):

	Nine Months Ended September 30,
	2018			2017
Balance at beginning of period	$	46,415		$	52,577
Consolidated net income allocated to FPUs		7,224			6,014
Earnings distributions		(2,380	)		(3,740	)
FPUs exchanged		(767	)		(985	)
FPUs redeemed		(224	)		(2,270	)
Other		2			412
Balance at end of period	$	50,270		$	52,008