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Variable Interest Entities
3 Months Ended
Mar. 31, 2016
Variable Interest Entities [Abstract]  
Variable Interest Entities
Variable Interest Entities
During the year ended December 31, 2015, the Operating Partnership adopted ASU No. 2015-02, "Consolidation (Topic 810) - Amendments to the Consolidation Analysis,” which modified the analysis it must perform to determine whether it should consolidate certain types of legal entities. The guidance does not amend the existing disclosure requirements for VIEs or voting interest model entities. The guidance, however, modified the requirements to qualify under the voting interest model. Under the revised guidance, the Other Real Estate Partnerships are variable interest entities of the Operating Partnership and the Operating Partnership is the primary beneficiary, thus causing the Other Real Estate Partnerships to be consolidated by the Operating Partnership.
In addition, the Operating Partnership is a VIE of the Company under the revised guidance and the Company is the primary beneficiary. Because the Operating Partnership was already consolidated in the balance sheets of the Company, the revised guidance has no impact on the consolidated financial statements of the Company. There were no other legal entities qualifying under the scope of the revised guidance that were consolidated as a result of the adoption. In addition, there were no voting interest entities under prior existing guidance determined to be VIEs under the revised guidance.
The following table summarizes the assets and liabilities of the Other Real Estate Partnerships included in our consolidated balance sheets:
 
March 31, 2016
 
December 31, 2015
ASSETS
 
 
 
Assets:
 
 
 
Net Investment in Real Estate
$
304,246

 
$
306,866

Other Assets, Net
20,524

 
20,104

Total Assets
$
324,770

 
$
326,970

LIABILITIES AND PARTNERS’ CAPITAL
 
 
 
Liabilities:
 
 
 
Mortgage Loans Payable, Net
$
71,415

 
$
77,071

Other Liabilities, Net
38,404

 
43,103

Partners’ Capital
214,951

 
206,796

Total Liabilities and Partners’ Capital
$
324,770

 
$
326,970