Financial Instruments: Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2015

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 value at inception and fair value of our consolidated derivative financial instruments at September 30, 2015 based on Level 2 information. 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 - Sold	$	504,000	4.750	%	May 2014	May 2016	Other Liabilities	$	—
Interest Rate Cap	504,000		4.750	%	May 2014	May 2016	Other Assets	—
Interest Rate Cap	500,000		4.750	%	October 2014	May 2016	Other Liabilities	—
Interest Rate Cap - Sold	500,000		4.750	%	November 2014	May 2016	Other Assets	—
Interest Rate Cap	446,000		4.750	%	October 2014	May 2016	Other Liabilities	—
Interest Rate Cap	263,426		6.000	%	November 2013	November 2015	Other Liabilities	—
Interest Rate Swap	200,000		0.938	%	October 2014	December 2017	Other Liabilities	(1,087		)
Interest Rate Swap	150,000		0.940	%	October 2014	December 2017	Other Liabilities	(821		)
Interest Rate Swap	150,000		0.940	%	October 2014	December 2017	Other Liabilities	(821		)
Interest Rate Swap	144,000		2.236	%	December 2012	December 2017	Other Liabilities	(4,812		)
Interest Rate Swap	86,400		1.948	%	December 2012	December 2017	Other Liabilities	(2,345		)
Interest Rate Swap	72,000		2.310	%	December 2012	December 2017	Other Liabilities	(2,522		)
Interest Rate Swap	72,000		1.345	%	December 2012	December 2017	Other Liabilities	(1,012		)
Interest Rate Swap	72,000		2.310	%	December 2012	December 2017	Other Liabilities	(2,522		)
Interest Rate Swap	57,600		1.990	%	December 2012	December 2017	Other Liabilities	(1,616		)
Interest Rate Swap	30,000		2.295	%	July 2010	June 2016	Other Liabilities	(415		)
Interest Rate Swap	14,409		0.500	%	January 2015	January 2017	Other Liabilities	(7		)
Interest Rate Swap	8,018		0.852	%	February 2015	February 2017	Other Liabilities	(39		)
Interest Rate Cap	137,500		4.000	%	September 2015	September 2017	Other Assets	7
								$	(18,012	)

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 operations for the three months ended September 30, 2015 and 2014, respectively (in thousands):

	Amount of (Loss) Gain Recognized in Other Comprehensive Loss (Effective Portion)					Location of (Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Loss  Reclassified from Accumulated Other Comprehensive Loss  into Income (Effective Portion)				Location of (Loss) or Gain Recognized in Income on Derivative	Amount of (Loss) or Gain  Recognized into Income (Ineffective Portion)
	Three Months Ended September 30,						Three Months Ended September 30,					Three Months Ended September 30,
Derivative	2015			2014			2015		2014			2015			2014
Interest Rate Swaps/Caps	$	(6,921	)	$	1,761	Interest expense	$	2,737	$	1,826	Interest expense	$	(31	)	$	1
Share of unconsolidated joint ventures' derivative instruments	(1,526		)	291		Equity in net income from unconsolidated joint ventures	287		41		Equity in net income from unconsolidated joint ventures	(21		)	—
	$	(8,447	)	$	2,052		$	3,024	$	1,867		$	(52	)	$	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 operations for the nine months ended September 30, 2015 and 2014, respectively (in thousands):

	Amount of (Loss) or Gain Recognized in Other Comprehensive Loss (Effective Portion)					Location of(Loss) Reclassified from Accumulated Other Comprehensive Loss into Income	Amount of Loss  Reclassified from Accumulated Other Comprehensive Loss  into Income (Effective Portion)				Location of (Loss) or Gain Recognized in Income on Derivative	Amount of (Loss) or Gain  Recognized into Income (Ineffective Portion)
	Nine Months Ended September 30,						Nine Months Ended September 30,					Nine Months Ended September 30,
Derivative	2015			2014			2015		2014			2015			2014
Interest Rate Swaps/Caps	$	(15,537	)	$	1,245	Interest expense	$	8,221	$	3,790	Interest expense	$	(455	)	$	3
Share of unconsolidated joint ventures' derivative instruments	(2,486		)	4,475		Equity in net income from unconsolidated joint ventures	949		1,870		Equity in net income from unconsolidated joint ventures	(21		)	—
	$	(18,023	)	$	5,720		$	9,170	$	5,660		$	(476	)	$	3