Risk Management and Use of Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 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	September 30, 2017		December 31, 2016		September 30, 2017			December 31, 2016
Foreign currency forward contracts	Other assets, net	$	19,618	$	38,735	$	—		$	—
Interest rate caps	Other assets, net	236		79		—			—
Interest rate swaps	Other assets, net	60		54		—			—
Foreign currency collars	Other assets, net	—		522		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(5,014		)	(6,011		)
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(1,117		)	(4		)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	1,749		1,848		—			—
Foreign currency forward contracts	Other assets, net	71		—		—			—
Swaption	Other assets, net	—		264		—			—
Interest rate swap	Accounts payable, accrued expenses and other liabilities	—		—		(144		)	(173		)
Total derivatives		$	21,734	$	41,502	$	(6,275	)	$	(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 September 30,						Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	2017			2016			2017			2016
Foreign currency forward contracts	$	(5,760	)	$	(4,179	)	$	(18,238	)	$	(9,324	)
Foreign currency collars	(603		)	(325		)	(1,605		)	(181		)
Interest rate caps	(110		)	(37		)	(473		)	(37		)
Interest rate swaps	(89		)	2,152			948			(437		)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency collars	(14		)	(13		)	(23		)	(21		)
Foreign currency forward contracts	3			(170		)	(204		)	(1,431		)
Total	$	(6,573	)	$	(2,572	)	$	(19,595	)	$	(11,431	)

		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 September 30,						Nine Months Ended September 30,
		2017			2016			2017			2016
Foreign currency forward contracts	Other income and (expenses)	$	1,949		$	2,172		$	5,968		$	5,850
Interest rate swaps	Interest expense	(569		)	(1,869		)	(1,878		)	(5,492		)
Total		$	1,380		$	303		$	4,090		$	358

__________

(a) Excludes net losses of $0.2 million and $0.1 million recognized on unconsolidated jointly owned investments for the three and nine months ended September 30, 2017, respectively. We did not recognize any substantial net gains or losses on unconsolidated jointly owned investments for both the three and nine months ended September 30, 2016.

(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 September 30,						Nine Months Ended September 30,
		2017			2016			2017			2016
Swaption	Other income and (expenses)	$	(85	)	$	(20	)	$	(220	)	$	(251	)
Stock warrants	Other income and (expenses)	66			165			(99		)	66
Foreign currency forward contracts	Other income and (expenses)	(34		)	—			(26		)	—
Interest rate swap	Interest expense	(18		)	—			8			—
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	21			147			113			243
Foreign currency collar	Other income and (expenses)	(2		)	(5		)	(7		)	(5		)
Total		$	(52	)	$	287		$	(231	)	$	53

__________

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

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at September 30, 2017(a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	12	123,996	USD	$	(4,235	)
Interest rate swaps	6	75,057	EUR	(719		)
Interest rate caps	4	139,203	EUR	204
Interest rate cap	1	6,394	GBP	22
Interest rate cap	1	75,000	USD	10
Not Designated as Hedging Instrument
Interest rate swap	1	4,872	EUR	(144		)
				$	(4,862	)

__________

(a) Fair value amount is based on the exchange rate of the euro or British pound sterling at September 30, 2017, as applicable.

The following table presents the foreign currency derivative contracts we had outstanding and their designations at September 30, 2017 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at September 30, 2017
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	47	95,676	EUR	$	17,022
Foreign currency collars	2	15,100	EUR	(1,071		)
Foreign currency collars	3	2,000	NOK	(21		)
Not Designated as Hedging Instruments
Foreign currency forward contracts	10	7,240	NOK	71
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	2	660,156	JPY	2,552
Foreign currency forward contracts	2	4,329	NOK	42
Foreign currency collar	1	2,500	NOK	(23		)
				$	18,572