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Distributions | 12 Months Ended
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Dec. 31, 2016
Equity [Abstract] |
Distributions | DISTRIBUTIONS In December 1995, the Company established a Dividend Reinvestment and Stock Purchase Plan (the “Plan”), to allow its stockholders and holders of limited partnership interests an opportunity to buy additional shares of common stock by reinvesting all or a portion of their dividends or distributions. The Plan provides for investing in newly issued shares of common stock at a 3% discount from market price without payment of any brokerage commissions, service charges or other expenses. All expenses of the Plan are paid by the Company. The Operating Partnership also maintains a similar dividend reinvestment plan that mirrors the Plan, which allows holders of limited partnership interests the opportunity to buy either additional limited partnership units or common stock shares of the Company. The Company paid common stock distributions of $1.84 per share in 2016 and $1.69 per share during 2015 and $1.56 per share during 2014, Series A preferred stock dividends of $2.41 per depositary share in 2014 and Series C preferred stock dividends of $1.72 per depositary share during each of 2016, 2015, and 2014. Of the common stock dividends paid, $1.75 per share, $1.69 per share, and $1.56 per share, represented ordinary dividend income in 2016, 2015, and 2014, respectively, and $0.09 per share represented return of capital to the shareholders in 2016. All of the preferred stock dividends paid were considered ordinary dividend income. The following summarizes distributions paid during the years ended December 31, 2016, 2015, and 2014, and includes activity in the Plan as well as limited partnership units issued from the reinvestment of unit distributions:
| Total Distributions to |  | Dividend Reinvestments
(Dollars in thousands, except per share amounts) | Preferred Stockholders |  | Common Stockholders |  | Limited Partnership Unitholders |  | Common Stock Shares Issued |  | Discounted Share Price |  | Limited Partnership Units Issued |  | Average Unit Price
Distributions during 2016 |  |  |  |  |  |  |  |  |  |  |  |  |
October 31 | $ | 3,094 |  |  | $ | 10,168 |  |  | $ | 3,478 |  |  | 44,176 |  |  | $ | 57.18 |  |  | 30,891 |  |  | $ | 57.18 |
July 31 | 3,094 |  |  | 10,133 |  |  | 3,465 |  |  | 39,487 |  |  | 65.64 |  |  | 26,897 |  |  | 65.64 |
April 30 | 3,094 |  |  | 10,029 |  |  | 3,449 |  |  | 48,854 |  |  | 51.59 |  |  | 34,201 |  |  | 51.59 |
January 31 | 3,093 |  |  | 9,142 |  |  | 3,141 |  |  | 54,280 |  |  | 49.24 |  |  | 32,769 |  |  | 49.24 |
Total 2016 | $ | 12,375 |  |  | $ | 39,472 |  |  | $ | 13,533 |  |  | 186,797 |  |  |  |  | 124,758 |  |  |
Distributions during 2015 |  |  |  |  |  |  |  |  |  |  |  |  |
October 31 | $ | 3,094 |  |  | $ | 9,106 |  |  | $ | 3,129 |  |  | 47,313 |  |  | $ | 55.73 |  |  | 28,936 |  |  | $ | 55.73 |
July 31 | 3,094 |  |  | 9,081 |  |  | 3,115 |  |  | 56,003 |  |  | 50.30 |  |  | 32,041 |  |  | 50.30 |
April 30 | 3,094 |  |  | 9,055 |  |  | 3,104 |  |  | 54,921 |  |  | 50.21 |  |  | 25,264 |  |  | 50.21 |
January 31 | 3,093 |  |  | 8,403 |  |  | 2,880 |  |  | 42,975 |  |  | 56.74 |  |  | 20,796 |  |  | 56.74 |
Total 2015 | $ | 12,375 |  |  | $ | 35,645 |  |  | $ | 12,228 |  |  | 201,212 |  |  |  |  | 107,037 |  |  |
Distributions during 2014 |  |  |  |  |  |  |  |  |  |  |  |  |
October 31 | $ | 3,856 |  |  | $ | 8,348 |  |  | $ | 2,879 |  |  | 40,142 |  |  | $ | 52.71 |  |  |  |  |
July 31 | 3,206 |  |  | 8,314 |  |  | 2,879 |  |  | 57,696 |  |  | 46.79 |  |  |  |  |
April 30 | 3,206 |  |  | 8,269 |  |  | 2,838 |  |  | 60,212 |  |  | 44.14 |  |  | 104,831 |  |  | $ | 44.77 |
January 31 | 3,206 |  |  | 7,415 |  |  | 2,521 |  |  | 39,588 |  |  | 45.15 |  |  | 91,352 |  |  | 45.80 |
Total 2014 | $ | 13,474 |  |  | $ | 32,346 |  |  | $ | 11,117 |  |  | 197,638 |  |  |  |  | 196,183 |  |  |
In December 2016, the Board of Directors of the Company authorized a distribution of $0.51 per common share payable in January 2017, to holders of record on January 17, 2017. As a result, $11.0 million was paid to common shareholders on January 31, 2017. Also, $3.8 million was paid to limited partnership unitholders on January 31, 2017 ($0.51 per Operating Partnership unit). The Board of Directors authorized preferred stock dividends of $0.4297 per Series C depositary share to holders of record on January 6, 2017. As a result, $3.1 million was paid to preferred shareholders on January 13, 2017. These amounts are reflected as a reduction of stockholders’ equity in the case of common stock and preferred stock dividends and noncontrolling interests deductions in the case of limited partner distributions and are included in dividends and distributions payable in the accompanying consolidated financial statements.

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