Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

The following table presents the fair values and location in the Consolidated Balance Sheets of all derivative instruments:

	Fair Value of Derivative Instruments
	June 30, 2014
	Asset Derivatives (included in Other Assets)				Liability Derivatives (included in Accounts Payable, Accrued Expenses and Other Liabilities)
	Current Notional		Fair Value		Current Notional		Fair Value
	(in thousands)
Derivatives Designated as Hedging Instruments
Interest rate caps	$	330,000	$	156	$	—	$	—
Interest rate swap agreements	—		—		871,119		88,646
TRS	130,970		5,159		227,785		11,817
Total	$	460,970	$	5,315	$	1,098,904	$	100,463
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	266,775	$	58	$	—	$	—
TRS	26,552		274		39,009		15,076
Total	$	293,327	$	332	$	39,009	$	15,076
	December 31, 2013
Derivatives Designated as Hedging Instruments
Interest rate swap agreements	$	—	$	—	$	961,359	$	97,858
TRS	18,970		903		339,785		9,772
Total	$	18,970	$	903	$	1,301,144	$	107,630
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	447,532	$	155	$	—	$	—
TRS	—		—		39,052		15,477
Total	$	447,532	$	155	$	39,052	$	15,477

Derivative Instruments Gain (Loss) in Statement of Financial Performance and Financial Position

The following table presents the impact of gains and losses related to derivative instruments designated as cash flow hedges included in the accumulated OCI section of the Consolidated Balance Sheets and in equity in earnings and interest expense in the Consolidated Statements of Operations:

			Gain (Loss) Reclassified from Accumulated OCI
Derivatives Designated as Cash Flow Hedging Instruments	Gain (Loss) Recognized in OCI (Effective Portion)		Location on Consolidated Statements of Operations	Effective Amount			Ineffective Amount
	(in thousands)
Three Months Ended June 30, 2014
Interest rate caps and interest rate swaps	$	2,645	Interest expense	$	(564	)	$	—
Interest rate swaps	—		Equity in earnings	(15		)	—
Total	$	2,645		$	(579	)	$	—
Six Months Ended June 30, 2014
Interest rate caps and interest rate swaps	$	8,010	Interest expense	$	(1,361	)	$	—
Interest rate swap	—		Discontinued operations	—			(3,666		)
Interest rate swaps	—		Equity in earnings	(30		)	—
Total	$	8,010		$	(1,391	)	$	(3,666	)
Three Months Ended June 30, 2013
Interest rate caps, interest rate swaps and Treasury options	$	23,433	Interest expense	$	(954	)	$	—
Interest rate caps, interest rate swaps and Treasury options	—		Equity in earnings	(14		)	2
Total	$	23,433		$	(968	)	$	2
Six Months Ended June 30, 2013
Interest rate caps, interest rate swaps and Treasury options	$	31,689	Interest expense	$	(1,923	)	$	—
Interest rate caps, interest rate swaps and Treasury options	—		Equity in earnings	(78		)	5
Total	$	31,689		$	(2,001	)	$	5

Impact of Gains (Losses) Related to Derivative Instruments

The following table presents the impact of gains and losses related to derivatives instruments not designated as cash flow hedges in the Consolidated Statements of Operations:

	Net Gain (Loss) Recognized
	Three Months Ended June 30,						Six Months Ended June 30,
	2014			2013			2014			2013
	(in thousands)
Derivatives Designated as Fair Value Hedging Instruments
TRS (1)	$	(3,143	)	$	257		$	2,211		$	104
Derivatives Not Designated as Hedging Instruments
Interest rate caps and interest rate swaps	$	(46	)	$	—		$	(103	)	$	(239	)
TRS	1,681			(2,295		)	675			(1,725		)
Total	$	1,635		$	(2,295	)	$	572		$	(1,964	)

(1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TRS borrowings was $3,143 and $(2,211) for the three and six months ended June 30, 2014, respectively, and $(257) and $(104) for the three and six months ended June 30, 2013, respectively, offsetting the gain (loss) recognized on the TRS.