Risk Management and Use of Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

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, 2013		December 31, 2012		September 30, 2013		December 31, 2012
Derivatives Designated
as Hedging Instruments
Foreign currency forwards	Other assets, net	$	1,524	$	4,229	$	-	$	-
Foreign currency collars	Other assets, net		1,041		2,743		-		-
Interest rate cap	Other assets, net		-		1		-		-
Interest rate swap	Other assets, net		962		-		-		-
Foreign currency forwards	Accounts payable,
	accrued expenses and
	other liabilities		-		-		(6,977)		(2,533)
Interest rate swaps	Accounts payable,
	accrued expenses and
	other liabilities		-		-		(14,288)		(20,142)
Derivatives Not Designated
as Hedging Instruments
Embedded derivatives (a)	Accounts payable,
	accrued expenses and
	other liabilities		-		-		(1,629)		(1,141)
Stock warrants (b)	Other assets, net		1,716		1,485		-		-
Foreign currency forward	Other assets, net		1,076		-		-		-
Swaption (c)	Other assets, net		1,015		-		-		-
Put options	Accounts payable,
	accrued expenses and
Total derivatives		$	7,334	$	8,458	$	(22,894)	$	(23,816)

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

	Amount of Gain (Loss) Recognized in
	Other Comprehensive Income (Loss) on Derivatives (Effective Portion)
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	2013		2012		2013		2012
Interest rate swaps	$	(744)	$	(3,780)	$	7,712	$	(10,109)
Foreign currency forward contracts		(7,449)		(1,777)		(4,012)		(268)
Interest rate cap (a)		315		242		880		576
Foreign currency collars		(1,410)		(1,119)		(1,471)		(1,326)
Put options		-		-		-		192
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency forward contracts		(934)		(769)		82		816
Total	$	(10,222)	$	(7,203)	$	3,191	$	(10,119)

	Amount of Gain (Loss) Reclassified from
	Other Comprehensive Income (Loss) into Income (Effective Portion)
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	2013		2012		2013		2012
Foreign currency collars(c)	$	(188)	$	(273)	$	(1,129)	$	(1,719)
Foreign currency forward contracts(c)		(353)		(228)		(724)		(366)
Interest rate cap		316		247		881		653
Interest rate swaps		1,595		1,164		4,501		2,532
Total	$	1,370	$	910	$	3,529	$	1,100

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

		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	2013		2012		2013		2012
Foreign currency forward contracts	Other income and (expenses)	$	59	$	-	$	822	$	-
Swaption	Other income and (expenses)		58		-		237		-
Interest rate swaps (a)	Interest expense		(50)		(18)		154		5
Put options	Other income and (expenses)		-		-		-		(2)
Stock warrants	Other income and (expenses)		66		(66)		231		(66)
Embedded derivatives	Other income and (expenses)		(1,093)		-		(540)		-
Total		$	(960)	$	(84)	$	904	$	(63)

Schedule of Derivative Instruments

		Notional		Contractual	Effective	Expiration	Fair Value at
Description	Type	Amount		Interest Rate	Date	Date	September 30, 2013 (a)
Designated as Cash Flow Hedging Instruments
6-Month Euro Interbank Offered Rate (“Euribor”)	“Pay-fixed” swap	€	164,250	4.2%	9/2011	9/2016	$	(8,289)
3-Month Euribor	“Pay-fixed” swap	€	9,828	4.4%	2/2013	2/2018		(134)
3-Month Euribor	“Pay-fixed” swap	€	5,753	5.8%	7/2010	11/2017		(503)
3-Month Euribor	“Pay-fixed” swap	€	3,803	6.5%	6/2012	5/2017		(120)
3-Month Euribor	“Pay-fixed” swap	€	2,922	4.2%	4/2013	4/2018		(5)
3-Month LIBOR (b)	Interest rate cap	$	116,581	N/A	8/2009	8/2014		-
1-Month LIBOR	“Pay-fixed” swap	$	92,400	3.9%	2/2012	2/2017		(1,532)
3-Month LIBOR	“Pay-fixed” swap	$	25,482	5.7%	1/2010	12/2019		(2,567)
1-Month LIBOR	“Pay-fixed” swap	$	22,841	5.7%	12/2019	1/2024		(29)
1-Month LIBOR	“Pay-fixed” swap	$	19,673	4.8%	12/2012	12/2022		688
1-Month LIBOR	“Pay-fixed” swap	$	14,880	4.3%	4/2013	4/2018		(510)
1-Month LIBOR	“Pay-fixed” swap	$	12,374	4.8%	7/2013	1/2024		(265)
1-Month LIBOR	“Pay-fixed” swap	$	8,886	5.0%	3/2012	3/2022		31
1-Month LIBOR	“Pay-fixed” swap	$	4,368	4.6%	6/2012	7/2022		114
1-Month LIBOR	“Pay-fixed” swap	$	4,225	4.8%	10/2012	11/2022		129
1-Month LIBOR	“Pay-fixed” swap	$	4,049	6.0%	1/2011	1/2021		(333)
1-Month LIBOR	“Pay-fixed” swap	$	1,572	4.8%	12/2011	12/2021		(1)
Not Designated as a Hedging Instrument
1-Month LIBOR	Swaption	$	13,230	N/A	4/2018	4/2023		1,015
							$	(12,311)

	Ownership
	Interest in Investee		Notional		Contractual	Effective	Expiration	Fair Value at
Description	at September 30, 2013	Type	Amount		Interest Rate	Date	Date	September 30, 2013
3-Month Euribor (a)	85.0%	“Pay-fixed” swap	€	14,648	1.2%	3/2013	3/2020	$	16

	Notional		Strike		Effective	Expiration	Fair Value at
Type	Amount		Price		Date	Date	September 30, 2013
Designated as Cash Flow Hedging Instruments
Collars	€	20,444	$	1.40 - 1.42	9/2011	12/2013 - 9/2014	$	1,041
Forward contracts	€	56,700		1.28 - 1.29	5/2012	12/2014 - 6/2017		(3,967)
Forward contracts	€	18,500		1.34 - 1.35	9/2011	3/2014 - 3/2015		(210)
Forward contracts	€	17,100		1.34	12/2012	9/2017 - 3/2018		(610)
Forward contracts	€	12,000		1.38	8/2013	12/2018 - 3/2019		(231)
Forward contracts	€	11,800		1.41	9/2013	6/2019 - 9/2019		(51)
Forward contracts	€	11,400		1.35	6/2013	6/2018 - 9/2018		(423)
Forward contracts	€	11,342		1.34	1/2013	9/2015 - 3/2016		(184)
Forward contracts	¥	776,666		.0122 - .0128	12/2012	12/2013 - 12/2017		1,524
Designated as Net Investment Hedging Instruments
Forward contracts	€	45,000		1.33	7/2013	7/2015		(1,301)
Not Designated as a Hedging Instrument
Forward contracts	¥	610,129		.0128	12/2012	12/2017		1,076
							$	(3,336)