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Stock Transactions and Unit Redemptions (Tables)

3 Months Ended

Mar. 31, 2019

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, 2019 and 2018 were as follows:

	Three Months Ended March 31,
	2019			2018
Shares outstanding at beginning of period		291,474,768			256,968,372
Share issuances:
Redemptions/Exchanges of limited partnership interests¹		1,820,588			2,787,190
Vesting of restricted stock units (RSUs)		240,335			280,884
Acquisition related issuances		18,217			317,096
Other issuances of Class A common stock		61,642			22,644
Issuance of Class A common stock for general corporate purposes		—			17,923,714
Deferred stock awards		—			979,344
Treasury stock repurchases		(233,172	)		—
Shares outstanding at end of period		293,382,378			279,279,244

¹	Because limited partnership units are included in the Company’s fully diluted share count, if dilutive, redemptions or exchanges in connection with the issuance of Class A common shares would not impact the fully diluted number of shares and units outstanding.

Gross Unit Redemptions and Share Repurchases of Class A Common Stock

The table below represents the gross unit redemptions and share repurchases of the Company’s Class A common stock during the three months ended March 31, 2019:

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, 2019—March 31, 2019		1,202,948	$	6.00
Repurchases²
January 1, 2019—January 31, 2019		—	$	—
February 1, 2019—February 28, 2019		—		—
March 1, 2019—March 31, 2019		233,172		5.30
Total Repurchases		233,172		5.30
Total Redemptions and Repurchases		1,436,120	$	5.88	$	257,796,140

During the three months ended March 31, 2019, the Company redeemed approximately 1.2 million limited partnership units at an aggregate redemption price of approximately $7.2 million for an average price of $6.00 per unit and approximately 2.3 thousand FPUs at an aggregate redemption price of approximately $14.1 thousand for an average price of $6.11 per unit. 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. Of the 1.2 million units redeemed above, 0.9 million units were redeemed using cash from the Company’s CEO program, and therefore did not impact the fully diluted number of shares and units outstanding.

During the three months ended March 31, 2019, the Company repurchased approximately 0.2 million shares of its Class A common stock at an aggregate purchase price of approximately $1.2 million for an average price of $5.30 per share. During the three months ended March 31, 2018, the Company did not repurchase any of its Class A common stock.

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, 2019 and 2018 were as follows (in thousands):

	Three Months Ended March 31,
	2019			2018
Balance at beginning of period	$	24,706		$	46,415
Consolidated net income allocated to FPUs		721			1,009
FPUs exchanged		(283	)		—
FPUs redeemed		(4	)		(21	)
Other		—			102
Balance at end of period	$	25,140		$	47,505