Financial Instruments: Derivatives and Hedging (Tables)

3 Months Ended

Mar. 31, 2013

Financial Instruments: Derivatives and Hedging

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

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	$	271,912	6.000	%	11/2012	11/2013	$	—
Interest Rate Swap	$	30,000	2.295	%	07/2010	06/2016	$	(1,761	)
Interest Rate Swap	$	8,500	0.740	%	02/2012	02/2015	$	(70	)

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 March 31, 2013 and 2012, respectively (in thousands):

		Amount of (Loss) or Gain Recognized in Other Comprehensive Loss (Effective Portion) For the Three Months Ended					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 Three Months Ended						Amount of (Loss) or Gain Recognized in Interest Expense/Equity in Net Income (Loss) of Unconsolidated Joint Ventures (Ineffective Portion) For the Three Months Ended
Designation\Cash Flow	Derivative	March 31, 2013		March 31, 2012			March 31, 2013			March 31, 2012			March 31, 2013			March 31, 2012
Qualifying	Interest Rate Swaps/Caps	$	180	$	(88	)	$	(1,708	)	$	(3,203	)	$	—		$	—
Non-qualifying	Interest Rate Caps	—		—			—			—			$	(15	)	$	(711	)