Financial Instruments: Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional and fair value of derivative financial instruments and foreign currency hedges

The following table summarizes the notional and fair value of our derivative financial instruments at September 30, 2013 based on Level 2 inputs.  The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks (amounts in thousands):

	Notional Value		Strike Rate		Effective Date	Expiration Date	Balance Sheet Location	Fair Value
Interest Rate Cap	$	271,912	6.000	%	November 2012	November 2013	Other Liabilities	$	—
Interest Rate Swap	$	30,000	2.295	%	July 2010	June 2016	Other Liabilities	(1,412		)
Interest Rate Swap	$	8,500	0.740	%	February 2012	February 2015	Other Liabilities	(53		)
								$	(1,465	)

Schedule of effect of derivative financial instruments on consolidated statements of income

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the three months ended September 30, 2013 and 2012, respectively (in thousands):

	Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion)						Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Loss  Reclassified from Accumulated Other Comprehensive Loss  into Income (Effective Portion)				Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain or  (Loss) or Recognized into Income (Ineffective Portion)
	Three Months Ended   September 30,							Three Months Ended   September 30,					Three Months Ended   September 30,
Derivative	2013			2012				2013		2012			2013		2012
Interest Rate Swaps/Caps	$	(160	)	$	(278	)	Interest expense	$	320	$	468	Interest expense	$	2	$	(1	)
Share of unconsolidated joint ventures' derivative instruments	(2,606		)	(3,074		)	Equity in net income (loss) from unconsolidated joint ventures	1,281		2,782		Equity in net income (loss) from unconsolidated joint ventures	5		—
	$	(2,766	)	$	(3,352	)		$	1,601	$	3,250		$	7	$	(1	)

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the nine months ended September 30, 2013 and 2012, respectively (in thousands):

	Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion)						Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Loss Reclassified from Accumulated Other Comprehensive Loss  into Income (Effective Portion)				Location of Gain (Loss) Recognized in Income on Derivative	Amount of Gain or  (Loss) Recognized in Income (Ineffective Portion)
	Nine Months Ended September 30,							Nine Months Ended September 30,					Nine Months Ended September 30,
Derivative	2013			2012				2013		2012			2013		2012
Interest Rate Swaps/Caps	$	(20	)	$	(901	)	Interest expense	$	1,258	$	1,394	Interest expense	$	2	$	—
Share of unconsolidated joint ventures' derivative instruments	5,503			(9,404		)	Equity in net income (loss) from unconsolidated joint ventures	3,781		8,276		Equity in net income (loss) from unconsolidated joint ventures	—		—
	$	5,483		$	(10,305	)		$	5,039	$	9,670		$	2	$	—