Accounting Policies (Tables)

9 Months Ended

Sep. 30, 2014

Components of accumulated other comprehensive income (loss)

The following table summarizes the components of accumulated other comprehensive income (loss) (“accumulated OCI”):



	September 30, 2014			December 31, 2013
	(in thousands)
Unrealized losses on foreign currency translation	$	111		$	189
Unrealized losses on interest rate contracts ⁽¹⁾	100,140			125,059
	100,251			125,248
Income tax benefit	(38,840		)	(48,517		)
Noncontrolling interest	(103		)	(149		)
Accumulated Other Comprehensive Loss	$	61,308		$	76,582


(1)	Included in the amounts as of September 30, 2014 and December 31, 2013 are $78,293 and $97,360, respectively, of unrealized loss on an interest rate swap associated with New York Times office building on its nonrecourse mortgage debt with a notional amount of $640,000. This swap effectively fixes the mortgage at an all-in lender interest rate of 6.40% and expires in September 2017.

Schedule of changes in accumulated other comprehensive income (loss)

The following table summarizes the changes, net of tax and noncontrolling interest, of accumulated OCI by component:



	Securities			Foreign Currency Translation			Interest Rate Contracts			Total
	(in thousands)
Nine Months Ended September 30, 2014
Balance, January 1, 2014	$	—		$	(116	)	$	(76,466	)	$	(76,582	)
OCI before reclassifications	—			48			11,773			11,821
Loss reclassified from accumulated OCI	—			—			3,453			3,453
Total other comprehensive income	—			48			15,226			15,274
Balance, September 30, 2014	$	—		$	(68	)	$	(61,240	)	$	(61,308	)
Nine Months Ended September 30, 2013
Balance, January 1, 2013	$	(226	)	$	—		$	(107,588	)	$	(107,814	)
OCI before reclassifications	678			(116		)	21,118			21,680
Loss reclassified from accumulated OCI	—			—			3,590			3,590
Total other comprehensive income	678			(116		)	24,708			25,270
Balance, September 30, 2013	$	452		$	(116	)	$	(82,880	)	$	(82,544	)

Losses reclassified out of accumulated other comprehensive income (loss)

The following table summarizes losses reclassified from accumulated OCI and their location on the Consolidated Statements of Operations:



Accumulated OCI Components	Loss Reclassified from Accumulated OCI			Location on Consolidated Statements of Operations
	(in thousands)
Nine Months Ended September 30, 2014
Interest rate contracts	$	1,956		Interest expense
Interest rate contracts	3,666			Discontinued operations
Interest rate contracts	44			Equity in earnings
	5,666			Total before income tax and noncontrolling interest
	(2,187		)	Income tax benefit
	(26		)	Noncontrolling interest
	$	3,453		Loss reclassified from accumulated OCI
Nine Months Ended September 30, 2013
Interest rate contracts	$	5,788		Interest expense
Interest rate contracts	88			Equity in earnings
	5,876			Total before income tax and noncontrolling interest
	(2,274		)	Income tax benefit
	(12		)	Noncontrolling interest
	$	3,590		Loss reclassified from accumulated OCI

Supplemental non-cash disclosures

The following table represents a summary of non-cash transactions including, but not limited to, dispositions of operating properties whereby the nonrecourse mortgage debt is assumed by the buyer, exchange of Units or senior debt for Class A common stock, conversion of Series A preferred stock to Class A common stock, changes in consolidation methods due to the occurrence of triggering events including, but not limited to, disposition of a partial interest in rental properties or development projects or acquisition of a partner’s interest, change in construction payables, change in the fair market value of redeemable noncontrolling interest and capitalization of stock-based compensation granted to employees directly involved with the development and construction of real estate.



	Nine Months Ended September 30,
	2014			2013
	(in thousands)
Investing Activities
Decrease in projects under construction and development	$	351,905		$	20,919
Decrease in completed rental properties	136,008			853,875
(Increase) decrease in restricted cash	(20		)	4,326
Increase in notes and accounts receivable	(2,728		)	—
Increase in investments in and advances to affiliates	(122,663		)	(34,885		)
Total effect on investing activities	$	362,502		$	844,235
Financing Activities
Increase in accounts payable, accrued expenses and other liabilities	$	10,683		$	—
Decrease in nonrecourse mortgage debt and notes payable	(342,960		)	(868,342		)
Decrease in convertible senior debt	—			(218,675		)
Decrease in preferred stock	—			(5,489		)
Increase in Class A common stock	225			4,681
Increase in additional paid-in capital	34,741			179,617
Increase in treasury stock	—			(12,868		)
Increase in redeemable noncontrolling interest	28,390			9,939
(Decrease) increase in noncontrolling interest	(73,535		)	32,059
Total effect on financing activities	$	(342,456	)	$	(879,078	)