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Noncontrolling Interests
12 Months Ended
Dec. 31, 2014
Noncontrolling Interest Items [Abstract]  
NONCONTROLLING INTERESTS
NONCONTROLLING INTERESTS
The Company consolidates various ventures that are involved in the ownership and/or development of real estate. The partner’s share of the entity, in cases where the entity’s documents do not contain a required redemption clause, is reflected in a separate line item called nonredeemable noncontrolling interests within equity in the balance sheets. Correspondingly, the partner’s share of income or loss is recorded in net income attributable to noncontrolling interests in the statements of operations.
Other consolidated ventures contain provisions requiring the Company to purchase the partners’ share of the venture at a certain value upon demand or at a future prescribed date. In these situations, the partner’s share of the entity is recognized as redeemable noncontrolling interests and is presented between liabilities and equity in the balance sheets, with the corresponding share of income or loss in the venture recorded in net income attributable to noncontrolling interests in the statements of operations. The redemption values are evaluated each period and adjusted within equity to the higher of fair value or the partner’s cost basis.
The following table details the components of redeemable noncontrolling interests in consolidated subsidiaries for the years ended December 31, 2014 and 2013 (in thousands):
 
2014
 
2013
Beginning Balance
$

 
$

Net income attributable to redeemable noncontrolling interests

 
68

Distributions to redeemable noncontrolling interests

 
(68
)
Ending Balance
$

 
$


The following reconciles the net income attributable to nonredeemable noncontrolling interests as recorded in the statements of equity and the net income (loss) attributable to redeemable noncontrolling interests as recorded outside of the equity section on the balance sheets to the net income attributable to noncontrolling interests on the statements of operations for the years ended December 31, 2014, 2013, and 2012 (in thousands):
 
2014
 
2013
 
2012
Net income attributable to nonredeemable noncontrolling interests
$
1,004

 
$
5,000

 
$
4,193

Net income attributable to redeemable noncontrolling interests

 
68

 
(2,002
)
Net income attributable to noncontrolling interests
$
1,004

 
$
5,068

 
$
2,191