Risk Management and Use of Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2018

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, 2018		December 31, 2017		March 31, 2018			December 31, 2017
Foreign currency forward contracts	Other assets, net	$	9,896	$	14,382	$	—		$	—
Interest rate swaps	Other assets, net	856		314		—			—
Interest rate caps	Other assets, net	180		201		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(2,363		)	(3,852		)
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(2,005		)	(1,431		)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	1,947		1,815		—			—
Foreign currency forward contracts	Other assets, net	306		86		—			—
Interest rate swap	Accounts payable, accrued expenses and other liabilities	—		—		(125		)	(128		)
Total derivatives		$	13,185	$	16,798	$	(4,493	)	$	(5,411	)

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	2018			2017
Foreign currency forward contracts	$	(4,224	)	$	(3,749	)
Interest rate swaps	2,022			993
Foreign currency collars	(556		)	(57		)
Interest rate caps	(23		)	(258		)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency forward contracts	(22		)	(291		)
Foreign currency collar	(12		)	(2		)
Total	$	(2,815	)	$	(3,364	)

		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,
		2018			2017
Foreign currency forward contracts	Other gains and (losses)	$	1,492		$	2,858
Interest rate swaps	Interest expense	(431		)	(706		)
Interest rate caps	Interest expense	(5		)	—
Total		$	1,056		$	2,152

__________

(a) Excludes net gains of $0.5 million on unconsolidated jointly owned investments for both the three months ended March 31, 2018 and 2017.

(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.

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,
		2018			2017
Stock warrants	Other gains and (losses)	$	132		$	(198	)
Foreign currency forward contracts	Other gains and (losses)	66			33
Interest rate swap	Interest expense	(8		)	18
Swaption	Other gains and (losses)	—			(48		)
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	45			46
Foreign currency collars	Other gains and (losses)	(5		)	—
Total		$	230		$	(149	)

__________

(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, 2018 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at March 31, 2018
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	31	75,280	EUR	$	9,896
Foreign currency collars	2	15,100	EUR	(1,947		)
Foreign currency collars	3	2,000	NOK	(26		)
Not Designated as Hedging Instruments
Foreign currency forward contracts	7	2,105	EUR	224
Foreign currency forward contracts	8	5,802	NOK	47
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	2	4,329	NOK	35
Foreign currency collar	1	2,500	NOK	(32		)
				$	8,197

The interest rate swaps and caps that our consolidated subsidiaries had outstanding at March 31, 2018 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at March 31, 2018(a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	12	123,075	USD	$	(1,167	)
Interest rate swaps	4	60,528	EUR	(340		)
Interest rate caps	4	132,692	EUR	122
Interest rate cap	1	75,000	USD	43
Interest rate cap	1	6,394	GBP	15
Not Designated as Hedging Instrument
Interest rate swap	1	4,814	EUR	(125		)
				$	(1,452	)

__________

(a) Fair value amount is based on the exchange rate of the euro or British pound sterling at March 31, 2018, as applicable.