Quarterly report pursuant to Section 13 or 15(d)

Non-Controlling Interests

v3.5.0.2
Non-Controlling Interests
 6 Months Ended
Jun. 30, 2016
Noncontrolling Interest [Abstract]  
Non-Controlling Interests
NON-CONTROLLING INTERESTS
Redeemable Non-controlling Interest
The Company’s wholly owned subsidiary with a membership interest in the investment fund has the right, beginning on the fifth anniversary of the final funding of the variable rate construction and term loans due 2023 and extending for six months, to elect to require the non-controlling interest holder to sell all of its membership units to the Company’s wholly owned subsidiary (the “Call Option”). The Company’s investment fund also includes a right, beginning on the sixth anniversary of the final funding and extending for one year, for the non-controlling interest holder to elect to require the Company’s wholly owned subsidiary to purchase all of its membership interests in the fund (the “Put Option”).
Because the Put Option represents a redemption feature that is not solely within the control of the Company, the non-controlling interest in these funds is presented outside of permanent equity. Redeemable non-controlling interests are reported using the greater of their carrying value at each reporting date (which is impacted by attribution under the HLBV method) or their estimated redemption value in each reporting period.
The purchase price for the fund investor’s membership interest under the Call Option is equal to the fair market value as of the exercise date.