Risk Management and Use of Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 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	Balance Sheet Location	Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
		June 30, 2017		December 31, 2016		June 30, 2017			December 31, 2016
Foreign currency forward contracts	Other assets, net	$	3,763	$	5,502	$	—		$	—
Interest rate swaps	Other assets, net	336		393
Foreign currency collars	Other assets, net	239		1,284
Interest rate caps	Other assets, net	3		1		—			—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(1,600		)	(33		)
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(1,138		)	(1,151		)
Total		$	4,341	$	7,180	$	(2,738	)	$	(1,184	)

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 (Loss) (Effective Portion)
	Three Months Ended June 30,						Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2017			2016			2017			2016
Foreign currency collars	$	(2,379	)	$	651		$	(2,613	)	$	(432	)
Foreign currency forward contracts	(1,162		)	279			(1,634		)	(989		)
Interest rate swaps	(277		)	(832		)	(32		)	(2,313		)
Interest rate caps	(6		)	(3		)	(2		)	(16		)
Derivatives in Net Investment Hedging Relationship (a)
Foreign currency forward contracts	(88		)	69			(107		)	(132		)
Foreign currency collars	(23		)	7			(33		)	(8		)
Total	$	(3,935	)	$	171		$	(4,421	)	$	(3,890	)

___________

(a) The effective portion of the changes in fair value of these contracts is reported in the foreign currency translation adjustment section of Other comprehensive income (loss).

		Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,						Six Months Ended June 30,
		2017			2016			2017			2016
Foreign currency forward contracts	Other income and (expenses)	$	334		$	296		$	690		$	629
Interest rate swaps	Interest expense	(176		)	(217		)	(387		)	(429		)
Foreign currency collars	Other income and (expenses)	77			—			169			39
Interest rate caps	Interest expense	(10		)	(1		)	(15		)	(1		)
Total		$	225		$	78		$	457		$	238

Derivative Instruments, Gain (Loss)

The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands):

		Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives Not in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,						Six Months Ended June 30,
		2017			2016			2017			2016
Interest rate swaps	Interest expense	$	27		$	—		$	(22	)	$	—
Foreign currency collars	Other income and (expenses)	(25		)	3			(45		)	(10		)
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	7			(5		)	10			(5		)
Foreign currency collars	Other income and (expenses)	(5		)	—			(4		)	—
Total		$	4		$	(2	)	$	(61	)	$	(15	)

__________

(a) Relates to the ineffective portion of the hedging relationship.

Schedule of Derivative Instruments

The interest rate swaps and caps that our consolidated subsidiaries had outstanding at June 30, 2017 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2017 (a)
Interest rate swaps	8	61,388	USD	$	(790	)
Interest rate swap	1	10,506	EUR	(12		)
Interest rate caps	3	27,700	USD	3
				$	(799	)

___________

(a) Fair value amount is based on the exchange rate of the euro at June 30, 2017, as applicable.

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

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2017
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	27	10,434	EUR	$	2,455
Foreign currency collars	51	32,873	EUR	(1,500		)
Foreign currency forward contracts	21	33,249	NOK	1,042
Foreign currency collars	21	49,970	NOK	151
Designated as Net Investment Hedging Instruments
Foreign currency collars	4	24,740	NOK	164
Foreign currency forward contracts	3	5,773	NOK	90
				$	2,402