Non-Controlling Interests

6 Months Ended

Jun. 30, 2016

Noncontrolling Interest [Abstract]

Non-Controlling Interests

Note 16 — Non-Controlling Interests

The Company is the sole general partner of the OP and holds the majority of the OP units. As of June 30, 2016 and December 31, 2015, the Advisor or members, employees or former employees of the Advisor held 1,568,025 and 4,178,090 OP units, respectively, and 8,880,579 unvested LTIP units. There were $1.0 million and $1.5 million of distributions paid to OP unit and LTIP unit holders during the three and six months ended June 30, 2016, respectively. There were $0.8 million and $1.4 million of distributions paid to OP unit and LTIP unit holders during the three and six months ended June 30, 2015, respectively.

A holder of OP units has the right to distributions and has the right to convert OP units for the cash value of a corresponding number of shares of the Company's common stock or a corresponding number of shares of the Company's common stock, at the election of the OP, in accordance with the limited partnership agreement of the OP. The remaining rights of the holders of OP units are limited, however, and do not include the ability to replace the general partner or to approve the sale, purchase or refinancing of the OP's assets.

During the three and six months ended June 30, 2016, respectively, 94,659 and 2,610,065 OP units were redeemed for shares of the Company's common stock. During the three and six months ended June 30, 2016, respectively, $0.8 million and $24.0 million was reclassified from non-controlling interest to stockholders' equity. See Note 10 — Common Stock.