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Partners Equity of The Operating Partnership | 6 Months Ended
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Jun. 30, 2012
Equity [Abstract] |
PARTNERS' EQUITY OF THE OPERATING PARTNERSHIP | PARTNERS’ EQUITY OF THE OPERATING PARTNERSHIP Earnings per Common Partnership Unit The following table details the number of units and net income used to calculate basic and diluted earnings per common partnership unit (in thousands, except unit and per unit amounts; results may not add due to rounding):
| Three-month periods ended June 30,
| 2012 |  | 2011
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator |  |  |  |  |  |  |
Loss from continuing operations | $ | (4,147 | ) |  | $ | (4,147 | ) |  | $ | (11,813 | ) |  | $ | (11,813 | )
Amount allocable to unvested restricted unitholders | (95 | ) |  | (95 | ) |  | (121 | ) |  | (121 | )
Preferred unit dividends | (3,049 | ) |  | (3,049 | ) |  | (1,998 | ) |  | (1,998 | )
Preferred unit redemption charge | (2,090 | ) |  | (2,090 | ) |  | — |  |  | — |
Loss from continuing operations available to common unitholders | (9,381 | ) |  | (9,381 | ) |  | (13,932 | ) |  | (13,932 | )
Discontinued operations attributable to common unitholders | 10,949 |  |  | 10,949 |  |  | 5,579 |  |  | 5,579 |
Net income (loss) attributable to common unitholders | $ | 1,568 |  |  | $ | 1,568 |  |  | $ | (8,353 | ) |  | $ | (8,353 | )
Denominator |  |  |  |  |  |  |
Weighted-average units outstanding | 145,958,358 |  |  | 145,958,358 |  |  | 145,220,765 |  |  | 145,220,765 |
Earnings per Common Partnership Unit: |  |  |  |  |  |  |
Loss from continuing operations attributable to common unitholders | $ | (0.06 | ) |  | $ | (0.06 | ) |  | $ | (0.10 | ) |  | $ | (0.10 | )
Discontinued operations attributable to common unitholders | 0.07 |  |  | 0.07 |  |  | 0.04 |  |  | 0.04 |
Net income (loss) attributable to common unitholders | $ | 0.01 |  |  | $ | 0.01 |  |  | $ | (0.06 | ) |  | $ | (0.06 | )
| Six-month periods ended June 30,
| 2012 |  | 2011
| Basic |  | Diluted |  | Basic |  | Diluted
Numerator |  |  |  |  |  |  |
Loss from continuing operations | $ | (10,494 | ) |  | $ | (10,494 | ) |  | $ | (14,139 | ) |  | $ | (14,139 | )
Amount allocable to unvested restricted unitholders | (191 | ) |  | (191 | ) |  | (263 | ) |  | (263 | )
Preferred unit dividends | (5,047 | ) |  | (5,047 | ) |  | (3,996 | ) |  | (3,996 | )
Preferred unit redemption charge | (2,090 | ) |  | (2,090 | ) |  | — |  |  | — |
Loss from continuing operations available to common unitholders | (17,822 | ) |  | (17,822 | ) |  | (18,398 | ) |  | (18,398 | )
Discontinued operations attributable to common unitholders | 26,632 |  |  | 26,632 |  |  | 7,415 |  |  | 7,415 |
Net income (loss) attributable to common unitholders | $ | 8,810 |  |  | $ | 8,810 |  |  | $ | (10,983 | ) |  | $ | (10,983 | )
Denominator |  |  |  |  |  |  |
Weighted-average units outstanding | 145,721,890 |  |  | 145,721,890 |  |  | 144,852,515 |  |  | 144,852,515 |
Earnings per Common Partnership Unit: |  |  |  |  |  |  |
Income (loss) from continuing operations attributable to common unitholders | $ | (0.12 | ) |  | $ | (0.12 | ) |  | $ | (0.13 | ) |  | $ | (0.13 | )
Discontinued operations attributable to common unitholders | 0.18 |  |  | 0.18 |  |  | 0.05 |  |  | 0.05 |
Net income (loss) attributable to common unitholders | $ | 0.06 |  |  | $ | 0.06 |  |  | $ | (0.08 | ) |  | $ | (0.08 | )
Unvested restricted units are considered participating securities which require the use of the two-class method for the computation of basic and diluted earnings per share. For the three-months ended June 30, 2012 and 2011, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted units. Common Partnership Units and Preferred Mirror Units On April 11, 2012, the Operating Partnership issued 6.90% Series E-Linked Preferred Mirror Units to the Parent Company, in connection with the previously mentioned Series E Preferred Share Offering. On May 3, 2012, the Operating Partnership also redeemed all of its Series D Preferred Mirror Units as a result of the aforementioned redemption of Series C Preferred Shares. In accordance with GAAP, the Operating Partnership also recognized $2.1 million of redemption costs as a reduction in net earnings to arrive at net income applicable to common units for the three and six-month periods ended June 30, 2012. These costs are listed above and shown within the Operating Partnership's consolidated statements of operations as "Preferred unit redemption charge". There were no comparable charges for the three and six-month periods ended June 30, 2011. On May 31, 2012, the Operating Partnership declared a distribution of $0.15 per common partnership unit, totaling $21.6 million, which was paid on July 19, 2012 to unitholders of record as of July 5, 2012. On May 31, 2012, the Operating Partnership declared distributions on its Series E Preferred Mirror Units and Series E-Linked Preferred Mirror Units to holders of record as of June 30, 2012. These units are entitled to a preferential return of 7.375% and 6.90%, respectively. Distributions paid on July 16, 2012 to holders of Series E Preferred Mirror Units and Series E-Linked Preferred Mirror Units totaled $1.1 million and $1.8 million, respectively. During the six-month period ended June 30, 2012, the Parent Company did not sell any shares related to the Offering Program. The Operating Partnership issued 7,111,112 Class F (2010) Units on August 5, 2010 to a third party in connection with its acquisition of Three Logan Square. The Class F (2010) Units were valued based on the closing market price of the Parent Company’s common shares on the acquisition date ($11.54) less $0.60 to reflect that these units did not begin to accrue a dividend prior to the first anniversary of their issuance. The Class F (2010) Units were subject to redemption at the option of the holders after the first anniversary of the acquisition. The Operating Partnership had the option to satisfy the redemption either for an amount, per unit, of cash equal to the market price of one of the Parent Company’s common share (based on the five-day trading average ending on the date of the exchange) or for one of the Parent Company’s common shares. On December 23, 2011, the Operating Partnership satisfied in full the holder's tender for redemption of all 7,111,112 of the Class F (2010) Units through the issuance of 7,111,112 Parent Company's common shares. Common Unit Repurchases The Parent Company did not repurchase any shares under its share repurchase program during the six-month period ended June 30, 2012 and accordingly, during the six-month period ended June 30, 2011, the Operating Partnership did not repurchase any units in connection with the Parent Company’s share repurchase program.

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