Risk Management and Use of Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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
		December 31,				December 31,
		2021		2020		2021		2020
Foreign currency collars	Other assets, net	$	594	$	440	$	—	$	—
Interest rate caps	Other assets, net	133		21		—		—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(1,304)		(3,350)
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		—		(198)
		727		461		(1,304)		(3,548)
Derivatives in Not Cash Flow Hedging Relationships
Interest rate swap	Accounts payable, accrued expenses and other liabilities	—		—		(3)		(28)
		—		—		(3)		(28)
		$	727	$	461	$	(1,307)	$	(3,576)

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)
	Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2021		2020		2019
Interest rate swaps	$	2,046	$	(1,412)	$	(2,288)
Foreign currency collars	352		(1,019)		1,343
Interest rate caps	115		(227)		(38)
Foreign currency forward contracts	—		(861)		(1,096)
Derivatives in Net Investment Hedging Relationship (a)
Foreign currency collars	—		113		19
Foreign currency forward contracts	—		—		23
Total	$	2,513	$	(3,406)	$	(2,037)

___________

(a)The changes in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income.

		Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Income (Loss) into Income
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2021		2020		2019
Interest rate swaps	Interest expense	$	(1,351)	$	(1,997)	$	(136)
Foreign currency collars	Other gains and (losses)	292		633		257
Interest rate caps	Interest expense	(199)		(82)		(13)
Foreign currency forward contracts	Other gains and (losses)	—		889		1,450
Total		$	(1,258)	$	(557)	$	1,558

Schedule of 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	Years Ended December 31,
		2021		2020		2019
Foreign currency collars	Other gains and (losses)	$	28	$	(229)	$	206
Interest rate swaps	Interest expense	23		23		—
Foreign currency forward contracts	Other gains and (losses)	—		(15)		(4)
Interest rate swaps	Other gains and (losses)	—		—		(14)
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps	Interest expense	1,338		1,997		(1)
Interest rate cap		13		—		—
Foreign currency collars	Other gains and (losses)	—		—		7
Total		$	1,402	$	1,776	$	194

Schedule of derivative instruments

The interest rate swaps and caps that our consolidated subsidiaries had outstanding as of December 31, 2021 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at December 31, 2021 (a)
Interest rate swaps	5	35,948	USD	$	(1,304)
Interest rate caps	6	95,663	EUR	133
Derivatives Not Designated as Hedging Instruments
Interest rate swap (b)	1	8,341	EUR	(3)
				$	(1,174)

___________

(a)Fair value amount is based on the exchange rate of the respective currencies at December 31, 2021, as applicable.

(b)This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt.

The following table presents the foreign currency derivative contracts we had outstanding and their designations as of December 31, 2021 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at December 31, 2021
Designated as Cash Flow Hedging Instruments
Foreign currency collars	6	3,900	EUR	$	524
Foreign currency collars	4	5,000	NOK	70
				$	594