Risk Management and Use of Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2017

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, 2017		December 31, 2016		March 31, 2017			December 31, 2016
Foreign currency forward contracts	Other assets, net	$	34,372	$	38,735	$	—		$	—
Foreign currency collars	Other assets, net	467		522		—			—
Interest rate caps	Other assets, net	372		79		—			—
Interest rate swaps	Other assets, net	145		54		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(5,120		)	(6,011		)
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(8		)	(4		)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	1,650		1,848		—			—
Swaption	Other assets, net	216		264		—			—
Foreign currency forward contracts	Other assets, net	161		—		—			—
Interest rate swap	Accounts payable, accrued expenses and other liabilities	—		—		(148		)	(173		)
Total derivatives		$	37,383	$	41,502	$	(5,276	)	$	(6,188	)

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 (Effective Portion) (a)
	Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships	2017			2016
Foreign currency forward contracts	$	(3,749	)	$	(8,855	)
Interest rate swaps	993			(2,462		)
Interest rate caps	(258		)	—
Foreign currency collars	(57		)	(395		)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency forward contracts	(291		)	(585		)
Foreign currency collars	(2		)	(15		)
Total	$	(3,364	)	$	(12,312	)

		Amount of Gain (Loss) Reclassified from Other Comprehensive Income into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Reclassified to Income	Three Months Ended March 31,
		2017			2016
Foreign currency forward contracts	Other income and (expenses)	$	2,858		$	2,380
Interest rate swaps	Interest expense	(706		)	(1,801		)
Total		$	2,152		$	579

__________

(a) Excludes net gains of $0.5 million and net losses of less than $0.1 million recognized on unconsolidated jointly owned investments for the three months ended March 31, 2017 and 2016, 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 income 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) Recognized in Income on Derivatives
Derivatives Not in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended March 31,
		2017			2016
Stock warrants	Other income and (expenses)	$	(198	)	$	—
Swaption	Other income and (expenses)	(48		)	(161		)
Foreign currency forward contracts	Other income and (expenses)	33			—
Interest rate swap	Interest expense	18			—
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	46			24
Foreign currency collar	Interest expense	—			(4		)
Total		$	(149	)	$	(141	)

__________

(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 March 31, 2017 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at March 31, 2017(a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	13	230,932	USD	$	(4,215	)
Interest rate swaps	6	63,210	EUR	(760		)
Interest rate caps	4	139,359	EUR	331
Interest rate cap	1	6,394	GBP	41
Not Designated as Hedging Instrument
Swaption	1	13,230	USD	216
Interest rate swap	1	4,931	EUR	(148		)
				$	(4,535	)

__________

(a) Fair value amount is based on the exchange rate of the euro or British pound sterling at March 31, 2017, as applicable.

The following table presents the foreign currency derivative contracts we had outstanding and their designations at March 31, 2017 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at March 31, 2017
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	56	112,627	EUR	$	31,503
Foreign currency zero-cost collars	2	15,100	EUR	467
Foreign currency zero-cost collars	3	2,000	NOK	(4		)
Not Designated as Hedging Instruments
Foreign currency forward contracts	12	8,674	NOK	161
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	4	754,520	JPY	2,766
Foreign currency forward contracts	3	5,549	NOK	103
Foreign currency zero-cost collar	1	2,500	NOK	(4		)
				$	34,992