Risk Management and Use of Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

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

The following table sets forth certain information regarding our derivative instruments (in thousands):

Derivatives Designated as Hedging Instruments		Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
	Balance Sheet Location	December 31, 2015		December 31, 2014		December 31, 2015			December 31, 2014
Foreign currency forward contracts	Other assets, net	$	41,850	$	24,051	$	—		$	—
Interest rate swaps	Other assets, net	—		71		—			—
Foreign currency collars	Other assets, net	4		—		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(10,732		)	(14,554		)
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(109		)	—
Derivatives Not Designated as Hedging Instruments
Foreign currency forward contracts	Other assets, net	—		5,120		—			—
Stock warrants	Other assets, net	1,782		1,848		—			—
Swaption	Other assets, net	309		505		—			—
Embedded credit derivatives	Other assets, net	—		499		—			—
Foreign currency forward contracts	Accounts payable, accrued expenses and other liabilities	—		—		—			(2,904		)
Total derivatives		$	43,945	$	32,094	$	(10,841	)	$	(17,458	)

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

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

	Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive (Loss) Income (Effective Portion)
	Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2015			2014			2013
Foreign currency forward contracts	$	18,126		$	29,313		$	(6,168	)
Interest rate swaps	2,715			(5,542		)	10,107
Foreign currency collars	(107		)	(290		)	(2,059		)
Interest rate cap (a)	—			913			1,188
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency forward contracts	417			484			—
Foreign currency collars	2			—			—
Derivatives Formerly in Net Investment Hedging Relationships (c)
Foreign currency forward contracts	—			4,511			(2,237		)
Total	$	21,153		$	29,389		$	831

		Amount of Gain (Loss) Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Reclassified to Income	Years Ended December 31,
		2015			2014			2013 (d)
Foreign currency forward contracts	Other income and (expenses)	$	8,083		$	1,145		$	909
Interest rate swaps	Interest expense	(7,837		)	(7,057		)	(7,268		)
Interest rate cap	Interest expense	—			(913		)	(1,189		)
Foreign currency collars	Other income and (expenses)	—			751			1,215
Total		$	246		$	(6,074	)	$	(6,333	)

__________

(a) Includes gains attributable to a noncontrolling interest of $0.4 million and $0.5 million for the years ended December 31, 2014, and 2013, respectively.

(b) The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income until the underlying investment is sold, at which time we reclassify the gain or loss to earnings.

(c) In 2014, a new forward contract was executed to offset this existing forward contract. As a result of this transaction, this existing forward contract was de-designated as a hedging instrument. However, the effective portion of the change in fair value (through the date of de-designation) and the settlement of this contract are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income until the underlying investment is sold, at which time we will reclassify the gain or loss to earnings. The forward contract matured during 2015.

(d) The amounts included in this column for the period presented herein have been revised to reverse the signs that were incorrectly presented when originally filed.

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

The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands):

		Amount of Gain (Loss) Recognized in Income on Derivatives
Derivatives Not in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2015			2014			2013
Swaption	Other income and (expenses)	$	(196	)	$	(700	)	$	428
Embedded credit derivatives	Other income and (expenses)	177			1,378			1,159
Stock warrants	Other income and (expenses)	(66		)	66			297
Foreign currency forward contracts	Other income and (expenses)	(16		)	364			1,266
Foreign currency collars	Other income and (expenses)	(8		)	—			—
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	302			(88		)	212
Total		$	193		$	1,020		$	3,362

__________

(a) Relates to the ineffective portion of the hedging relationship.

Schedule of Derivative Instruments

The interest rate swaps and swaption that our consolidated subsidiaries had outstanding at December 31, 2015 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at December 31, 2015(a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	13	231,952	USD	$	(7,112	)
Interest rate swaps	7	190,266	EUR	(3,620		)
Not Designated as Hedging Instrument
Swaption	1	13,230	USD	309
				$	(10,423	)

__________

(a) Fair value amount is based on the exchange rate of the euro at December 31, 2015, as applicable.

The interest rate swap that one of our unconsolidated jointly-owned investments had outstanding at December 31, 2015, which was designated as a cash flow hedge, is summarized as follows (currency in thousands):

Interest Rate Derivative	Ownership Interest in Investee at December 31, 2015	Number of Instruments	Notional Amount		Fair Value at December 31, 2015(a)
Interest rate swap	85%	1	11,102	EUR	$	(516	)

__________

(a) Fair value amount is based on the exchange rate of the euro at December 31, 2015.

The following table presents the foreign currency derivative contracts we had outstanding and their designations at December 31, 2015 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at December 31, 2015(a)
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	79	157,866	EUR	$	37,344
Foreign currency forward contracts	17	12,239	NOK	258
Foreign currency collar	1	6,100	EUR	(109		)
Foreign currency collars	3	2,000	NOK	2
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	9	991,401	JPY	4,080
Foreign currency forward contracts	5	7,996	NOK	168
Foreign currency collar	1	2,500	NOK	2
				$	41,745

__________

(a) Fair value amounts are based on the exchange rate of the euro, the Norwegian krone, or the Japanese yen, as applicable, at December 31, 2015.