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Beneficiaries Equity of the Parent Company | 9 Months Ended
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Sep. 30, 2016
Equity [Abstract] |
BENEFICIARIES' EQUITY OF THE PARENT COMPANY | 10. BENEFICIARIES’ EQUITY OF THE PARENT COMPANY Earnings per Share (EPS) The following tables detail the number of shares and net income used to calculate basic and diluted earnings per share (in thousands, except share and per share amounts; results may not add due to rounding):
| Three-month periods ended September 30, |
| 2016 |  |  | 2015 |
| Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 7,884 |  |  | $ | 7,884 |  |  | $ | 20,308 |  |  | $ | 20,308 |
Net income from continuing operations attributable to non-controlling interests |  | (58 | ) |  |  | (58 | ) |  |  | (161 | ) |  |  | (161 | )
Nonforfeitable dividends allocated to unvested restricted shareholders |  | (79 | ) |  |  | (79 | ) |  |  | (76 | ) |  |  | (76 | )
Preferred share dividends |  | (1,725 | ) |  |  | (1,725 | ) |  |  | (1,725 | ) |  |  | (1,725 | )
Net income attributable to common shareholders | $ | 6,022 |  |  | $ | 6,022 |  |  | $ | 18,346 |  |  | $ | 18,346 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  | 175,127,110 |  |  |  | 175,127,110 |  |  |  | 178,188,037 |  |  |  | 178,188,037 |
Contingent securities/Share based compensation |  | - |  |  |  | 1,237,505 |  |  |  | - |  |  |  | 588,647 |
Weighted-average shares outstanding |  | 175,127,110 |  |  |  | 176,364,615 |  |  |  | 178,188,037 |  |  |  | 178,776,684 |
Earnings per Common Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common shareholders | $ | 0.03 |  |  | $ | 0.03 |  |  | $ | 0.10 |  |  | $ | 0.10 |
| Nine-month periods ended September 30, |
| 2016 |  |  | 2015 |
| Basic |  |  | Diluted |  |  | Basic |  |  | Diluted |
Numerator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Income from continuing operations | $ | 52,871 |  |  | $ | 52,871 |  |  | $ | 31,960 |  |  | $ | 31,960 |
Net income from continuing operations attributable to non-controlling interests |  | (425 | ) |  |  | (425 | ) |  |  | (221 | ) |  |  | (221 | )
Nonforfeitable dividends allocated to unvested restricted shareholders |  | (263 | ) |  |  | (263 | ) |  |  | (253 | ) |  |  | (253 | )
Preferred share dividends |  | (5,175 | ) |  |  | (5,175 | ) |  |  | (5,175 | ) |  |  | (5,175 | )
Net income attributable to common shareholders | $ | 47,008 |  |  | $ | 47,008 |  |  | $ | 26,311 |  |  | $ | 26,311 |
Denominator |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Weighted-average shares outstanding |  | 174,976,998 |  |  |  | 174,976,998 |  |  |  | 179,198,714 |  |  |  | 179,198,714 |
Contingent securities/Share based compensation |  | - |  |  |  | 1,032,824 |  |  |  | - |  |  |  | 789,778 |
Weighted-average shares outstanding |  | 174,976,998 |  |  |  | 176,009,822 |  |  |  | 179,198,714 |  |  |  | 179,988,492 |
Earnings per Common Share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income attributable to common shareholders | $ | 0.27 |  |  | $ | 0.27 |  |  | $ | 0.15 |  |  | $ | 0.15 |
Redeemable common limited partnership units totaling 1,479,799 at September 30, 2016 and 1,535,102 at September 30, 2015, were excluded from the diluted earnings per share computations because they are not dilutive. Unvested restricted shares 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- and nine-month periods ended September 30, 2016 and 2015, earnings representing nonforfeitable dividends as noted in the table above were allocated to the unvested restricted shares issued to the Company’s executives and other employees under the Company's shareholder-approved long-term incentive plan. Common and Preferred Shares On September 13, 2016, the Parent Company declared a distribution of $0.16 per common share, totaling $28.3 million, which was paid on October 19, 2016 to shareholders of record as of October 5, 2016. In addition, the Parent Company declared distributions on its Series E Preferred Shares to holders of record as of September 30, 2016. These shares are entitled to a preferential return of 6.90% per annum on the $25.00 per share liquidation preference. Distributions paid on October 17, 2016 to holders of Series E Preferred Shares totaled $1.7 million. On November 5, 2013, the Parent Company commenced a continuous equity offering program (the “Offering Program”), under which it may sell, in at-the-market offerings, up to an aggregate amount of 16,000,000 common shares until November 5, 2016. From inception of the Offering Program through September 30, 2016, the Parent Company did not sell any shares under the program. Common Share Repurchases The Parent Company maintains a share repurchase program under which the Board of Trustees has authorized the Parent Company to repurchase shares of its preferred and common stock with no expiration date. On July 22, 2015, the Parent Company's Board of Trustees authorized additional share repurchases of up to $100.0 million. Prior to the authorization 539,200 common shares were available for repurchase under the preexisting share repurchase program. The Company expects to fund the share repurchases with a combination of available cash balances and availability under our line of credit. As of September 30, 2016, 5,209,437 common shares have been repurchased and retired at an average purchase price of $12.90 per share and totaling $67.3 million. The timing and amounts of any purchases will depend on a variety of factors, including market conditions, regulatory requirements, share prices, capital availability and other factors as determined by our management team. The repurchase program does not require the purchase of any minimum number of shares and may be suspended or discontinued at any time without notice. There were no shares repurchased under the program during the nine months ended September 30, 2016. There were 4,701,302 common shares repurchased and retired at an average purchase price of $12.92 per share totaling $60.8 million during the nine months ended September 30, 2015. Maryland law applicable to the Company does not contemplate treasury stock, and common shares repurchased under the program are accounted for as a reduction of common shares (at $0.01 par value per share) and a decrease to additional paid-in-capital.

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- Definition The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 310 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.E) -URI http://asc.fasb.org/extlink&oid=27010918&loc=d3e74567-122707 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21484-112644 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21488-112644 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187143-122770 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 6 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21506-112644 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -URI http://asc.fasb.org/extlink&oid=27012166&loc=d3e187085-122770 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6405834&loc=d3e23285-112656 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Glossary Preferred Stock -URI http://asc.fasb.org/extlink&oid=6521494 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21463-112644 Reference 16: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 11 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21564-112644 + Details
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