Risk Management and Use of Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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	June 30, 2018		December 31, 2017		June 30, 2018			December 31, 2017
Foreign currency forward contracts	Accounts receivable and other assets, net	$	14,130	$	14,382	$	—		$	—
Interest rate swaps	Accounts receivable and other assets, net	1,235		314		—			—
Interest rate caps	Accounts receivable and other assets, net	145		201		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(2,320		)	(3,852		)
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(957		)	(1,431		)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Accounts receivable and other assets, net	1,914		1,815		—			—
Foreign currency forward contracts	Accounts receivable and other assets, net	480		86		—			—
Interest rate swap	Accounts payable, accrued expenses and other liabilities	—		—		(127		)	(128		)
Total derivatives		$	17,904	$	16,798	$	(3,404	)	$	(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 (Loss) Income (Effective Portion) (a)
	Three Months Ended June 30,						Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2018			2017			2018			2017
Foreign currency forward contracts	$	4,201		$	(8,729	)	$	(23	)	$	(12,478	)
Foreign currency collars	1,042			(945		)	486			(1,002		)
Interest rate swaps	448			44			2,470			1,037
Interest rate caps	(21		)	(105		)	(44		)	(363		)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency forward contracts	22			84			—			(207		)
Foreign currency collar	11			(7		)	(1		)	(9		)
Total	$	5,703		$	(9,658	)	$	2,888		$	(13,022	)

		Amount of Gain (Loss) Reclassified from Other Comprehensive (Loss) Income into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Reclassified to Income	Three Months Ended June 30,						Six Months Ended June 30,
		2018			2017			2018			2017
Foreign currency forward contracts	Other gains and (losses)	$	1,315		$	1,161		$	2,807		$	4,019
Interest rate swaps	Interest expense	(313		)	(603		)	(744		)	(1,309		)
Interest rate caps	Interest expense	(14		)	—			(19		)	—
Total		$	988		$	558		$	2,044		$	2,710

__________

(a) Excludes net losses of $0.3 million and $0.4 million on unconsolidated jointly owned investments for the three months ended June 30, 2018 and 2017, respectively, and a net gain of $0.2 million and $0.1 million on unconsolidated jointly owned investments for the six months ended June 30, 2018 and 2017, 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 (loss) 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):

Derivatives Not in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Amount of Gain (Loss) Recognized in Income on Derivatives
		Three Months Ended June 30,						Six Months Ended June 30,
		2018			2017			2018			2017
Foreign currency forward contracts	Other gains and (losses)	$	194		$	(25	)	$	260		$	8
Stock warrants	Other gains and (losses)	(33		)	33			99			(165		)
Interest rate swap	Interest expense	(23		)	8			(31		)	26
Swaption	Other gains and (losses)	—			(86		)	—			(134		)
Derivatives in Cash Flow Hedging Relationships (a)
Interest rate swaps	Interest expense	(30		)	46			15			92
Foreign currency collars	Other gains and (losses)	(5		)	(5		)	(10		)	(5		)
Total		$	103		$	(29	)	$	333		$	(178	)

__________

(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 June 30, 2018 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2018
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	27	68,286	EUR	$	14,073
Foreign currency collars	2	15,100	EUR	(919		)
Foreign currency collars	3	2,000	NOK	(17		)
Not Designated as Hedging Instruments
Foreign currency forward contracts	7	2,105	EUR	414
Foreign currency forward contracts	7	5,733	NOK	66
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	2	4,329	NOK	57
Foreign currency collar	1	2,500	NOK	(21		)
				$	13,653

The interest rate swaps and caps that our consolidated subsidiaries had outstanding at June 30, 2018 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2018(a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	3	65,982	EUR	$	(728	)
Interest rate swaps	12	122,615	USD	(357		)
Interest rate caps	4	132,614	EUR	79
Interest rate cap	1	75,000	USD	58
Interest rate cap	1	6,394	GBP	8
Not Designated as Hedging Instrument
Interest rate swap	1	4,784	EUR	(127		)
				$	(1,067	)

__________

(a) Fair value amount is based on the exchange rate of the euro or British pound sterling at June 30, 2018, as applicable.