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Noncontrolling Interests
 3 Months Ended
Mar. 31, 2016
Noncontrolling Interest [Abstract]  
Noncontrolling Interest
Noncontrolling Interests

Noncontrolling interests represent limited partnership interests in the Operating Partnership. The Operating Partnership issued 20,000 limited partnership units for $10.00 per unit on February 11, 2014, to the Advisor in exchange for the initial capitalization of the Operating Partnership. As of March 31, 2016, noncontrolling interests were approximately 0.1% of both total shares and weighted average shares outstanding (both measures assuming limited partnership units were converted to common stock).     
The Company evaluates individual noncontrolling interests for the ability to recognize the noncontrolling interest as permanent equity on the consolidated balance sheets at the time such interests are issued and on a continual basis. Any noncontrolling interest that fails to qualify as permanent equity will be reclassified as temporary equity and adjusted to the greater of (a) the carrying amount, or (b) its redemption value as of the end of the period in which the determination is made.
The limited partners of the Operating Partnership will have the right to cause the Operating Partnership to redeem their limited partnership units only after the units have been outstanding for one year. The Company may, in its sole and absolute discretion, elect to acquire the limited partnership units for cash equal to the value of an equivalent number of shares, or, purchase such limited partners' limited partnership units by generally issuing one share of common stock for each limited partnership unit redeemed. These rights may not be exercised under certain circumstances which could cause the Company to lose its REIT election. The limited partnership units are reported on the consolidated balance sheets as noncontrolling interests within shareholders' equity.
The following summarizes the activity for noncontrolling interests for the three months ended March 31, 2016 and the year ended December 31, 2015:
 
Three Months Ended March 31, 2016
 
Year Ended December 31, 2015
Beginning balance
$
97,189

 
$
139,041

Distributions to noncontrolling interests
(2,735
)
 
(11,000
)
Net loss
(690
)
 
(30,852
)
Other comprehensive loss
(10
)
 
—

Ending balance
$
93,754

 
$
97,189