Risk Management and Use of Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2016		December 31, 2015		September 30, 2016			December 31, 2015
Foreign currency forward contracts	Other assets, net	$	30,618	$	41,850	$	—		$	—
Interest rate caps	Other assets, net	40		—		—			—
Foreign currency collars	Other assets, net	—		4		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(11,029		)	(10,732		)
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(312		)	(109		)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	1,848		1,782		—			—
Swaption	Other assets, net	57		309		—			—
Total derivatives		$	32,563	$	43,945	$	(11,341	)	$	(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 Income (Loss) (Effective Portion)
	Three Months Ended September 30,						Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	2016			2015			2016			2015
Foreign currency forward contracts	$	(4,179	)	$	(978	)	$	(9,324	)	$	15,626
Interest rate swaps	2,152			(2,110		)	(437		)	(43		)
Foreign currency collars	(325		)	—			(181		)	—
Interest rate caps	(37		)	—			(37		)	—
Derivatives in Net Investment Hedging Relationships (a)
Foreign currency forward contracts	(170		)	(20		)	(1,431		)	366
Foreign currency collars	(13		)	—			(21		)	—
Total	$	(2,572	)	$	(3,108	)	$	(11,431	)	$	15,949

		Amount of Gain (Loss) Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Reclassified to Income	Three Months Ended September 30,						Nine Months Ended September 30,
		2016			2015			2016			2015
Interest rate swaps	Interest expense	$	(1,869	)	$	(1,913	)	$	(5,492	)	$	(6,044	)
Foreign currency forward contracts	Other income and (expenses)	2,172			2,296			5,850			6,662
Total		$	303		$	383		$	358		$	618

__________

(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 September 30,						Nine Months Ended September 30,
		2016			2015			2016			2015
Stock warrants	Other income and (expenses)	$	165		$	—		$	66		66
Swaption	Other income and (expenses)	(20		)	(212		)	(251		)	(177		)
Embedded credit derivatives	Other income and (expenses)	—			(26		)	—			235
Foreign currency forward contracts	Other income and (expenses)	—			—			—			(16		)
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	147			61			243			233
Foreign currency collar (a)	Other income and (expenses)	(5		)	—			(5		)	—
Total		$	287		$	(177	)	$	53		$	341

__________

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

Schedule of Derivative Instruments

The interest rate swaps, caps, and swaption that our consolidated subsidiaries had outstanding at September 30, 2016 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at September 30, 2016 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	14	232,029	USD	$	(9,787	)
Interest rate swaps	6	44,681	EUR	(1,241		)
Interest rate cap	1	12,402	EUR	26
Interest rate cap	1	6,394	GBP	14
Not Designated as Hedging Instrument
Swaption	1	13,230	USD	57
				$	(10,931	)

__________

(a) Fair value amount is based on the exchange rate of the euro at September 30, 2016, as applicable.

The interest rate swap and interest rate cap that our unconsolidated jointly-owned investments had outstanding at September 30, 2016, which were designated as cash flow hedges, are summarized as follows (currency in thousands):

Interest Rate Derivative	Ownership Interest in Investee at September 30, 2016	Number of Instruments	Notional Amount		Fair Value at September 30, 2016(a)
Interest rate swap	85%	1	10,653	EUR	$	(570	)
Interest rate cap	49%	1	31,100	EUR	$	26

__________

(a) Fair value amount is based on the exchange rate of the euro at September 30, 2016.

The following table presents the foreign currency derivative contracts we had outstanding and their designations at September 30, 2016 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at September 30, 2016
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	65	129,596	EUR	$	28,172
Foreign currency zero-cost collars	2	15,100	EUR	(278		)
Foreign currency forward contracts	14	10,104	NOK	107
Foreign currency zero-cost collars	3	2,000	NOK	(15		)
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	6	848,490	JPY	2,277
Foreign currency forward contracts	3	5,549	NOK	61
Foreign currency zero-cost collar	1	2,500	NOK	(19		)
				$	30,305