DERIVATIVE AND HEDGING INSTRUMENTS (Tables)

9 Months Ended

Sep. 30, 2019

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Notional Amount of Derivatives Instruments

The following presents the notional amount of derivative instruments as of the dates indicated (in thousands):

	September 30, 2019		December 31, 2018
Derivatives designated as cash flow hedges:
Denominated in U.S. Dollars (1)	$	1,490,000	$	1,045,000
Denominated in Canadian Dollars	$	125,000	$	125,000
Derivatives designated as net investment hedges:
Denominated in Canadian Dollars	$	54,676	$	55,401
Financial instrument designated as net investment hedge:
Denominated in Canadian Dollars	$	125,000	$	125,000
Derivatives not designated as net investment hedges:
Denominated in Canadian Dollars	$	1,624	$	899

⁽¹⁾ Balance includes four forward starting interest rate swaps and one forward starting interest rate collar with an effective date of August 2020 and two forward starting interest rate swaps and one forward starting interest rate collar with an effective date of January 2021 that were entered into as of September 30, 2019. The forward starting interest rate swaps and forward starting interest rate collars have an aggregate initial notional amount of $645.0 million accreting to $845.0 million in January 2023.

Derivative and Financial Instruments Designated as Hedging Instruments

The following is a summary of the derivative and financial instruments designated as hedging instruments held by the Company at September 30, 2019 and December 31, 2018 (dollars in thousands):    

		Count as of September 30, 2019	Fair Value				Maturity Dates
Type	Designation		September 30, 2019		December 31, 2018			Balance Sheet Location
Assets:
Interest rate swaps	Cash flow	7	$	4,617	$	25,184	2020 - 2023	Accounts receivable, prepaid expenses and other assets, net
Cross currency interest rate swaps	Net investment	2	4,068		4,160		2025	Accounts receivable, prepaid expenses and other assets, net
			$	8,685	$	29,344
Liabilities:
Interest rate swaps	Cash flow	3	$	367	$	—	2023	Accounts payable and accrued liabilities
Forward starting interest rate swaps	Cash flow	6	6,267		4,529		2024	Accounts payable and accrued liabilities
Forward starting interest rate collars	Cash flow	2	844		—		2024	Accounts payable and accrued liabilities
CAD term loan	Net investment	1	94,400		91,700		2024	Term loans, net
			$	101,878	$	96,229

Effect of Derivative Financial Instruments on the Condensed Consolidated Statements of Income and Condensed Consolidated Statements of Equity

The following presents the effect of the Company’s derivative and financial instruments designated as hedging instruments on the condensed consolidated statements of income and the condensed consolidated statements of equity for the three and nine months ended September 30, 2019 and 2018 (in thousands):

	(Loss) Gain Recognized in Other Comprehensive (Loss) Income
	Three Months Ended September 30,						Nine Months Ended September 30,
	2019			2018			2019			2018		Income Statement Location
Cash Flow Hedges:
Interest rate products	$	(8,196	)	$	2,954		$	(27,933	)	$	16,091	Interest expense
Net Investment Hedges:
Foreign currency products	1,273			(688		)	(3		)	817		N/A
CAD term loan	1,088			(1,725		)	(2,700		)	2,700		N/A
	$	(5,835	)	$	541		$	(30,636	)	$	19,608

	Gain Reclassified from Accumulated Other Comprehensive Income into Income
	Three Months Ended September 30,				Nine Months Ended September 30,
	2019		2018		2019		2018		Income Statement Location
Cash Flow Hedges:
Interest rate products	$	1,173	$	1,001	$	4,781	$	1,584	Interest expense

Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Assets

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2019 and December 31, 2018 (in thousands):

	As of September 30, 2019
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet
							Financial Instruments			Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	8,684	$	—	$	8,684	$	(4,106	)	$	—	$	4,578
Offsetting Liabilities:
Derivatives	$	7,478	$	—	$	7,478	$	(4,106	)	$	—	$	3,372

	As of December 31, 2018
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet
							Financial Instruments			Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	29,344	$	—	$	29,344	$	(2,069	)	$	—	$	27,275
Offsetting Liabilities:
Derivatives	$	4,529	$	—	$	4,529	$	(2,069	)	$	—	$	2,460

Gross Presentation, Effects of Offsetting, and Net Presentation of Derivatives - Liabilities

The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company’s derivatives as of September 30, 2019 and December 31, 2018 (in thousands):

	As of September 30, 2019
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet
							Financial Instruments			Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	8,684	$	—	$	8,684	$	(4,106	)	$	—	$	4,578
Offsetting Liabilities:
Derivatives	$	7,478	$	—	$	7,478	$	(4,106	)	$	—	$	3,372

	As of December 31, 2018
	Gross Amounts of Recognized Assets / Liabilities		Gross Amounts Offset in the Balance Sheet		Net Amounts of Assets / Liabilities presented in the Balance Sheet		Gross Amounts Not Offset in the Balance Sheet
							Financial Instruments			Cash Collateral Received		Net Amount
Offsetting Assets:
Derivatives	$	29,344	$	—	$	29,344	$	(2,069	)	$	—	$	27,275
Offsetting Liabilities:
Derivatives	$	4,529	$	—	$	4,529	$	(2,069	)	$	—	$	2,460