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	Balance Sheet Location	Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
		March 31, 2018		December 31, 2017		March 31, 2018			December 31, 2017
Foreign currency forward contracts	Other assets, net	$	1,769	$	2,419	$	—		$	—
Interest rate swaps	Other assets, net	1,133		553		—			—
Foreign currency collars	Other assets, net	11		258		—			—
Interest rate caps	Other assets, net	4		1		—			—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(4,373		)	(3,266		)
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(121		)	(698		)
Derivatives Not Designated as Hedging Instruments
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(443		)	(366		)
Total		$	2,917	$	3,231	$	(4,937	)	$	(4,330	)

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)
	Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships	2018			2017
Foreign currency collars	$	(1,205	)	$	(235	)
Interest rate swaps	1,157			247
Foreign currency forward contracts	(629		)	(471		)
Interest rate caps	18			2
Derivatives in Net Investment Hedging Relationship (a)
Foreign currency collars	(126		)	(10		)
Foreign currency forward contracts	(23		)	(19		)
Total	$	(808	)	$	(486	)

___________

(a) The effective portion of the changes in fair value and the settlement of these contracts is 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.

		Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income into Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended March 31,
		2018			2017
Foreign currency forward contracts	Other gains and (losses)	$	222		$	356
Foreign currency collars	Other gains and (losses)	(154		)	92
Interest rate swaps	Interest expense	(83		)	(211		)
Interest rate caps	Interest expense	(31		)	(5		)
Total		$	(46	)	$	232

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 March 31,
		2018			2017
Foreign currency collars	Other gains and (losses)	$	(151	)	$	(20	)
Interest rate swaps	Interest expense	(6		)	(48		)
Derivatives in Cash Flow Hedging Relationships
Foreign currency collars	Other gains and (losses)	(10		)	1
Interest rate swaps (a)	Interest expense	6			3
Total		$	(161	)	$	(64	)

__________

(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 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)
Interest rate swaps	8	60,601	USD	$	1,020
Interest rate swap	1	10,146	EUR	(8		)
Interest rate caps	3	27,700	USD	4
				$	1,016

___________

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

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 collars	50	32,720	EUR	$	(4,029	)
Foreign currency forward contracts	21	8,134	EUR	1,189
Foreign currency forward contracts	15	23,532	NOK	542
Foreign currency collars	25	51,790	NOK	(298		)
Not Designated as Hedging Instruments
Foreign currency collars	2	3,000	EUR	(443		)
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	2	4,504	NOK	38
Foreign currency collars	3	16,750	NOK	(35		)
				$	(3,036	)