Risk Management and Use of Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Risk Management and Use of Deriviative Financial Instruments

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

		Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
	Balance Sheet Location	September 30, 2012		December 31, 2011		September 30, 2012		December 31, 2011
Derivatives Designated
as Hedging Instruments
Foreign currency forwards	Other assets, net	$	6,046	$	5,206	$	-	$	-
Foreign currency collars	Other assets, net		4,592		5,657		-		-
Interest rate cap	Other assets, net		3		80		-		-
Foreign currency forwards	Accounts payable,
	accrued expenses and
	other liabilities						(293)		(8,682)
Interest rate swaps	Accounts payable,
	accrued expenses and
	other liabilities		-		-		(18,855)		-
Derivatives Not Designated
as Hedging Instruments
Stock warrants	Other assets, net		1,353		1,419		-	0
Put options	Other assets, net		-		224		-		-
Put options	Accounts payable,
	accrued expenses and
	other liabilities		-				-		(224)
Total derivatives		$	11,994	$	12,586	$	(19,148)	$	(8,906)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

	Amount of Gain (Loss) Recognized in Other Comprehensive Income
	on Derivatives (Effective Portion)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2012		2011		2012		2011
Derivatives in Cash Flow Hedging Relationships
Foreign currency forwards	$	(1,777)	$	7,574	$	(268)	$	2,095
Foreign currency collars		(1,119)		-		(1,326)		-
Interest rate cap (a)		242		(129)		576		(382)
Put options		-		-		192		-
Interest rate swaps		(3,780)		(3,589)		(10,109)		(3,862)
Derivatives in Net Investment Hedging Relationships(b)
Foreign currency forward		(769)		-		816		-
Total	$	(7,203)	$	3,856	$	(10,119)	$	(2,149)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

	Amount of Gain (Loss) Reclassified from Other Comprehensive Income
	into Income (Effective Portion)
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	2012		2011		2012		2011
Foreign currency collars (c)	$	273	$	-	$	1,719	$	-
Foreign currency forwards (c)		228		-		366		-
Interest rate cap		(247)		-		(653)		-
Interest rate swaps		(1,164)		-		(2,532)		-
Total	$	(910)	$	-	$	(1,100)	$	-

		Amount of Gain (Loss) Recognized in Income on Derivatives
Derivatives Not in Cash Flow	Location of Gain (Loss)	Three Months Ended September 30,				Nine Months Ended September 30,
Hedging Relationships	Recognized in Income	2012		2011		2012		2011
Interest rate swap (a)	Interest expense	$	(18)	$	-	$	5	$	-
Foreign currency contracts	Other income and (expenses)		-		878		-		878
Foreign currency put options	Other income and (expenses)		-		-		(2)		-
Stock warrants	Other income and (expenses)		(66)		(264)		(66)		(198)
Total		$	(84)	$	614	$	(63)	$	680

Schedule of Derivative Instruments

		Notional		Effective	Effective	Expiration	Fair Value at
	Type	Amount		Interest Rate	Date	Date	September 30, 2012
6-Month Euro Inter-bank offered rate (“Euribor”) (a)	"Pay-fixed" swap	$	211,226	4.2%	9/2011	9/2016	$	(9,971)
3-Month London Inter-bank offered rate (“LIBOR”) (b)	Interest rate cap		120,139	N/A	8/2009	8/2014		3
1-Month LIBOR	"Pay-fixed" swap		92,400	3.9%	2/2012	2/2017		(2,842)
3-Month LIBOR	"Pay-fixed" swap		25,896	6.6%	1/2010	12/2019		(4,017)
1-Month LIBOR	"Pay-fixed" swap		9,000	5.0%	3/2012	3/2022		(467)
3-Month Euribor (a)	"Pay-fixed" swap		7,555	5.8%	7/2010	11/2017		(602)
3-Month Euribor (a)	"Pay-fixed" swap		4,974	4.3%	6/2012	5/2017		(158)
1-Month LIBOR	"Pay-fixed" swap		4,490	4.6%	6/2012	7/2022		(128)
1-Month LIBOR	"Pay-fixed" swap		4,144	6.0%	1/2011	1/2021		(579)
1-Month LIBOR	"Pay-fixed" swap		1,600	4.8%	12/2011	12/2021		(91)
							$	(18,852)

	Notional		Strike		Effective	Expiration	Fair Value at
Type	Amount (a)		Price		Date	Date	September 30, 2012
Designated as Cash Flow Hedging Instruments
Collars	$	52,709	$	1.40 - 1.44	9/2011	12/2012 - 9/2014	$	4,592
Forward contracts		57,870		1.39	7/2011	7/2013		4,432
Forward contracts		39,253		1.34 - 1.35	9/2011	3/2013 - 3/2015		1,614
Forward contracts		72,916		1.28 - 1.29	5/2012	12/2014 - 6/2017		(293)
	$	222,748					$	10,345

Schedules of Concentration of Risk, by Risk Factor

	September 30, 2012
Region:
New York	12%
Other U.S.	51%
Total U.S.	63%
Italy	12%
Other Europe	25%
Total Europe	37%
Total	100%
Asset Type:
Office	30%
Warehouse/Distribution	27%
Retail	23%
Industrial	14%
All other	6%
Total	100%
Tenant Industry:
Retail	24%
Media - Printing & Publishing	17%
Grocery	14%
All other	45%
Total	100%
Guarantor/Tenant:
Metro AG (Europe)	11%
New York Times Company (U.S.)	11%