Risk Management and Use of Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2016

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	March 31, 2016		December 31, 2015		March 31, 2016			December 31, 2015
Foreign currency forward contracts	Other assets, net	$	32,198	$	41,850	$	—		$	—
Foreign currency collars	Other assets, net	—		4		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(13,331		)	(10,732		)
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(519		)	(109		)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	1,782		1,782		—			—
Swaption	Other assets, net	148		309		—			—
Total derivatives		$	34,128	$	43,945	$	(13,850	)	$	(10,841	)

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 (Effective Portion)
	Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships	2016			2015
Foreign currency forward contracts	$	(8,855	)	$	24,205
Interest rate swaps	(2,462		)	(1,451		)
Foreign currency collars	(395		)	—
Derivatives in Net Investment Hedging Relationships (a)
Foreign currency forward contracts	(585		)	188
Foreign currency collars	(15		)	—
Total	$	(12,312	)	$	22,942

		Amount of Gain (Loss) Reclassified from Other Comprehensive Loss into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Reclassified to Income	Three Months Ended March 31,
		2016			2015
Foreign currency forward contracts	Other income and (expenses)	$	2,380		$	3,129
Interest rate swaps	Interest expense	(1,801		)	(2,284		)
Total		$	579		$	845

__________

(a) 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 income (loss) until the underlying investment is sold, at which time we reclassify the gain or loss to earnings.

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) on Derivatives Recognized in Income
Derivatives Not in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended March 31,
		2016			2015
Swaption	Other income and (expenses)	$	(161	)	$	(92	)
Embedded credit derivatives	Other income and (expenses)	—			237
Stock warrants	Other income and (expenses)	—			(165		)
Foreign currency forward contracts	Other income and (expenses)	—			(4		)
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	24			84
Foreign currency collar (a)	Interest expense	(4		)	—
Total		$	(141	)	$	60

__________

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

Schedule of Derivative Instruments

The following table presents the foreign currency derivative contracts we had outstanding and their designations at March 31, 2016 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at March 31, 2016
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	74	145,934	EUR	$	28,585
Foreign currency zero-cost collars	2	15,100	EUR	(496		)
Foreign currency forward contracts	16	11,529	NOK	161
Foreign currency zero-cost collars	3	2,000	NOK	(10		)
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	8	940,952	JPY	3,366
Foreign currency forward contracts	4	6,090	NOK	86
Foreign currency zero-cost collar	1	2,500	NOK	(13		)
				$	31,679

The interest rate swaps and swaption that our consolidated subsidiaries had outstanding at March 31, 2016 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at March 31, 2016 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	14	233,117	USD	$	(10,113	)
Interest rate swaps	8	196,581	EUR	(3,218		)
Not Designated as Hedging Instrument
Swaption	1	13,230	USD	148
				$	(13,183	)

__________

(a) Fair value amount is based on the exchange rate of the euro at March 31, 2016, as applicable.

The interest rate swap that one of our unconsolidated jointly-owned investments had outstanding at March 31, 2016, which was designated as a cash flow hedge, is summarized as follows (currency in thousands):

Interest Rate Derivative	Ownership Interest in Investee at March 31, 2016	Number of Instruments	Notional Amount		Fair Value at March 31, 2016(a)
Interest rate swap	85%	1	10,952	EUR	$	(615	)

__________

(a) Fair value amount is based on the exchange rate of the euro at March 31, 2016.