Risk Management and Use of Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table sets forth certain information regarding our derivative instruments (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	Derivative Assets Fair Value at				Derivative Liabilities Fair Value at
		September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
Foreign currency collars	Other assets, net	$	27,088	$	32,631	$	—	$	—
Interest rate swaps	Other assets, net	3,288		2,679		—		—
Interest rate cap	Other assets, net	—		14		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(612)		(1,445)
		30,376		35,324		(612)		(1,445)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	3,950		3,950		—		—
Foreign currency collars	Other assets, net	160		—		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		—		(248)
		4,110		3,950		—		(248)
Total derivatives		$	34,486	$	39,274	$	(612)	$	(1,693)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

	Amount of Gain (Loss) Recognized on Derivatives in  Other Comprehensive Income (Loss) (a)
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	2023		2022		2023		2022
Foreign currency collars	$	7,928	$	20,756	$	(4,710)	$	44,410
Interest rate swaps	(514)		1,663		683		3,019
Interest rate cap	(3)		11		(9)		16
Total	$	7,411	$	22,430	$	(4,036)	$	47,445

		Amount of Gain (Loss) on Derivatives Reclassified from  Other Comprehensive Income (Loss)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Foreign currency collars	Non-operating income	$	2,787	$	4,987	$	10,656	$	10,450
Interest rate swaps and cap	Interest expense	659		(66)		1,132		(352)
Total		$	3,446	$	4,921	$	11,788	$	10,098

__________

(a)Excludes net losses of $0.6 million and net gains of $1.2 million recognized on unconsolidated jointly owned investments for the three months ended September 30, 2023 and 2022, respectively, and net losses of $1.3 million and net gains of $3.5 million for the nine months ended September 30, 2023 and 2022, respectively.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands):

		Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended September 30,				Nine Months Ended September 30,
		2023		2022		2023		2022
Foreign currency collars	Non-operating income	$	951	$	3,737	$	935	$	7,520
Interest rate swaps	Interest expense	(683)		56		(1,220)		387
Derivatives Not in Cash Flow Hedging Relationships
Foreign currency collars	Other gains and (losses)	450		447		409		1,573
Total		$	718	$	4,240	$	124	$	9,480

Schedule of Derivative Instruments

The interest rate swaps and caps that our consolidated subsidiaries had outstanding at September 30, 2023 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at September 30, 2023 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	4	513,214	EUR	$	2,147
Interest rate swaps	4	31,249	USD	1,141
				$	3,288

__________ 

(a)Fair value amounts are based on the exchange rate of the euro at September 30, 2023, as applicable.

The following table presents the foreign currency collars that we had outstanding at September 30, 2023 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at September 30, 2023
Designated as Cash Flow Hedging Instruments
Foreign currency collars	63	280,000	EUR	$	22,936
Foreign currency collars	48	30,740	GBP	3,540
Not Designated as Cash Flow Hedging Instruments
Foreign currency collar	1	8,000	EUR	160
				$	26,636