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Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units
 12 Months Ended
Dec. 31, 2015
Noncontrolling Interest [Abstract]  
Redeemable Noncontrolling Interests in FelCor LP / Redeemable Units
Redeemable Noncontrolling Interests in FelCor LP/Redeemable Units

We record redeemable noncontrolling interests in FelCor LP, in the case of FelCor, and redeemable units, in the case of FelCor LP, in the mezzanine section (between liabilities and equity or partners’ capital) of our consolidated balance sheets because of the redemption feature of these units. Additionally, FelCor’s consolidated statements of operations separately present earnings attributable to redeemable noncontrolling interests. We adjust redeemable noncontrolling interests in FelCor LP (or redeemable units) each period to reflect the greater of its carrying value based on the accumulation of historical cost or its redemption value. The historical cost is based on the proportionate relationship between the carrying value of equity associated with FelCor’s common stockholders relative to that of FelCor LP’s unitholders. Redemption value is based on the closing price of FelCor’s common stock at period end. FelCor allocates net income (loss) to FelCor LP’s noncontrolling partners based on their weighted average ownership percentage during the period.

At December 31, 2015, we had 611,462 limited partnership units outstanding carried at $4.5 million. The value of these outstanding units is based on the closing price of FelCor’s common stock at December 31, 2015 ($7.30/share).

Changes in redeemable noncontrolling interests (or redeemable units) are shown below (in thousands):
 
 
Year Ended December 31,
 
 
2015
 
2014
Balance at beginning of period
 
$
6,616

 
$
5,039

Conversion of units
 
—

 
(56
)
Redemption value allocation
 
(1,865
)
 
1,545

Distributions paid to unitholders
 
(93
)
 
(48
)
Comprehensive income (loss):
 
 
 
 
     Foreign exchange translation
 
—

 
(1
)
     Net income (loss)
(194
)
 
137

Balance at end of period
 
$
4,464

 
$
6,616