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Noncontrolling Interests
3 Months Ended
Mar. 31, 2015
Noncontrolling Interest [Abstract]  
Noncontrolling Interests

7.     Noncontrolling Interests

 

Consolidated Joint Ventures and Funds

 

Noncontrolling interests in consolidated joint ventures and funds consist of (i) equity interests in properties that are not wholly owned by us but are consolidated into our financial results because we exercise control over the entities that own such properties and (ii) equity interests in funds that are consolidated into our financial results because we are the sole general partner of such Funds.  As of March 31, 2015 and December 31, 2014, noncontrolling interests in consolidated joint ventures and funds on our consolidated balance sheets aggregated $685,176,000 and $685,888,000, respectively.  

 

Operating Partnership

 

Noncontrolling interests in the Operating Partnership represents common units of the Operating Partnership that are held by third parties, including management.  Since the number of common shares outstanding is equal to the number of common units owned by us, the redemption value of each common unit is equal to the market value of each common share and distributions paid to each common unitholder is equivalent to dividends paid to common stockholders.  Accordingly, common units are recorded at their redemption value at the end of each reporting period.  Changes in the value from period to period are charged to “additional paid-in-capital” in our consolidated statements of changes in equity. As of March 31, 2015 and December 31, 2014, noncontrolling interests in the Operating Partnership on our consolidated balance sheets aggregated $994,799,000 and $958,203,000, respectively.