Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments And Hedging Activities Disclosure [Abstract]

Derivative Activity

The following table summarizes the activity in our derivative instruments (in millions):

2014
	Foreign Currency Contracts																		Interest Rate Swaps
	Euro Forward Contracts						Yen Forward Contracts						Euro Put Options (1)
Notional amounts at January 1,	€	600		$	800		¥	24,136		$	250		€	—		$	—		$	71
New contracts		1,446			1,979			59,083			578			33			46			—
Matured or expired contracts		(1,199	)		(1,642	)		(59,083	)		(578	)		(33	)		(46	)		—
Notional amounts at June 30,	€	847		$	1,137		¥	24,136		$	250		€	—		$	—		$	71
Weighted Average Forward Rate at June 30,		1.34						96.54
Active contracts at June 30,		10						3						0						1
2013
	Foreign Currency Contracts																		Interest Rate Swaps (2)
	Euro Forward Contracts						Yen Forward Contracts						Euro Put Options
Notional amounts at January 1,	€	1,000		$	1,304		¥	—		$	—		€	—		$	—		$	1,315
New contracts		600			800			24,136			250			—			—			—
Matured or expired contracts		(1,000	)		(1,304	)		—			—			—			—			(1,230	)
Notional amounts at June 30,	€	600		$	800		¥	24,136		$	250		€	—		$	—		$	85

(1) During the second quarter 2014, we exercised one euro put option and recognized a net gain of approximately $0.1 million, net of expenses.

(2) During the six months ended June 30, 2013, we settled or contributed contracts in connection with the formation of our new co-investment ventures in Europe and Japan.

Schedule of Fair Value of Derivative Instruments

The following table presents the fair value of our derivative instruments (in thousands):

	June 30, 2014							December 31, 2013
	Asset		Liability		AOCI			Asset		Liability		AOCI
Net investment hedges - euro denominated	$	—	$	37,842	$	(35,334	)	$	137	$	30,302	$	(21,705	)
Net investment hedges - yen denominated		12,527		—		12,623			20,104		—		22,102
Interest rate swap hedges		—		5,068		(781	)		—		5,638		(591	)
Our share of derivatives from unconsolidated co-investment ventures (1)		- -		- -		(16,933	)		- -		- -		(13,851	)
Total fair value of derivatives	$	12,527	$	42,910	$	(40,425	)	$	20,241	$	35,940	$	(14,045	)

(1) Items indicated by ‘- -‘ are not applicable.

Summary of Gains (Losses) From Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Loss)

The following table presents the gains and losses associated with the change in fair value for the effective portion of our derivative and non-derivative instruments included in Other Comprehensive Income (Loss) (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
Derivative net investment hedges (1)	$	(6,195	)	$	(528	)	$	(23,109	)	$	34,196
Interest rate swap hedges		(187	)		955			(190	)		892
Our share of derivatives from unconsolidated co-investment ventures		(1,977	)		5,610			(3,081	)		18,184
Total gain (loss) on derivative instruments		(8,359	)		6,037			(26,380	)		53,272
Non-derivative net investment hedges		15,850			—			10,320			—
Total gain (loss) on derivative and non-derivative instruments	$	7,491		$	6,037		$	(16,060	)	$	53,272

(1) This includes losses of $4.5 million and $11.4 million for the three and six months ended June 30, 2014, respectively, and losses of $1.1 million and gains of $4.3 million for the three and six months ended June 30, 2013, respectively, upon the settlement of net investment hedges.

Carrying Amounts and Estimated Fair Values of Debt

The following table reflects the carrying amounts and estimated fair values of our debt (in thousands):

	June 30, 2014				December 31, 2013
	Carrying Value		Fair Value		Carrying Value		Fair Value
Credit Facilities	$	38,673	$	38,673	$	725,483	$	725,679
Senior notes		6,119,885		6,597,905		5,357,933		5,698,864
Exchangeable senior notes		447,321		514,694		438,481		514,381
Secured mortgage debt		1,271,546		1,424,379		1,696,597		1,840,829
Secured mortgage debt of consolidated entities		26,804		27,484		239,992		246,324
Term loans and other debt		625,224		626,909		552,730		560,714
Total debt	$	8,529,453	$	9,230,044	$	9,011,216	$	9,586,791