Financial Instruments: Derivatives and Hedging (Tables)

12 Months Ended

Dec. 31, 2012

Financial Instruments: Derivatives and Hedging

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 December 31, 2012 based on Level 2 information pursuant to ASC 810-10. 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		Fair Value
Interest Rate Cap	$	775,000		3.650	%		04/2012		04/2013	$	—
Interest Rate Cap	$	475,000		6.000	%		03/2012		03/2013	$	—
Interest Rate Cap	$	271,912		6.000	%		11/2012		11/2013	$	—
Interest Rate Swap	$	30,000		2.295	%		07/2010		06/2016	$	(1,881	)
Interest Rate Swap	$	8,500		0.740	%		02/2012		02/2015	$	(78	)

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 venture's derivative financial instruments on the consolidated statements of income as of December 31, 2012, 2011 and 2010, respectively (amounts in thousands):

		Amount of (Loss) or Gain Recognized in Other Comprehensive Loss (Effective Portion) For the Year Ended December 31,									Amount of (Loss) or Gain Reclassified from Accumulated Other Comprehensive Loss into Interest Expense/ Equity in net income of unconsolidated joint ventures (Effective Portion) For the Year Ended December 31,									Amount of (Loss) or Gain Recognized in Interest Expense/ Equity in Net Income of Unconsolidated Joint Ventures (Ineffective Portion) For the Year Ended
Designation\Cash Flow	Derivative	2012			2011			2010			2012			2011			2010			2012			2011			2010
Qualifying	Interest Rate Swaps/Caps	$	(10,594	)	$	(16,049	)	$	(17,619	)	$	(12,657	)	$	(12,625	)	$	(12,661	)	$	(3	)	$	(16	)	$	(1,329	)
Non-qualifying	Interest Rate Caps/Currency Hedges		—			—			—			—			—			—		$	(847	)		(82	)		—