Derivative Instruments and Hedging Activities (Tables)

9 Months Ended

Sep. 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
	September 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	$	208	$	—	$	—
Interest rate swaps	—		—		870,995		79,406
TRS	130,970		5,226		227,785		11,816
Total	$	460,970	$	5,434	$	1,098,780	$	91,222
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	266,925	$	50	$	—	$	—
TRS	76,482		623		38,987		15,467
Total	$	343,407	$	673	$	38,987	$	15,467
	December 31, 2013
Derivatives Designated as Hedging Instruments
Interest rate swaps	$	—	$	—	$	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 September 30, 2014
Interest rate caps and interest rate swaps	$	11,243	Interest expense	$	(594	)	$	(1	)
Interest rate swaps	—		Equity in earnings	(14		)	—
Total	$	11,243		$	(608	)	$	(1	)
Nine Months Ended September 30, 2014
Interest rate caps and interest rate swaps	$	19,253	Interest expense	$	(1,955	)	$	(1	)
Interest rate swap	—		Discontinued operations	—			(3,666		)
Interest rate swaps	—		Equity in earnings	(44		)	—
Total	$	19,253		$	(1,999	)	$	(3,667	)
Three Months Ended September 30, 2013
Interest rate swaps	$	2,817	Interest expense	$	(902	)	$	(2,963	)
Interest rate caps, interest rate swaps and Treasury options	—		Equity in earnings	(15		)	—
Total	$	2,817		$	(917	)	$	(2,963	)
Nine Months Ended September 30, 2013
Interest rate swaps	$	34,506	Interest expense	$	(2,825	)	$	(2,963	)
Interest rate caps, interest rate swaps and Treasury options	—		Equity in earnings	(93		)	5
Total	$	34,506		$	(2,918	)	$	(2,958	)

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 September 30,						Nine Months Ended September 30,
	2014			2013			2014			2013
	(in thousands)
Derivatives Designated as Fair Value Hedging Instruments
TRS (1)	$	68		$	2,996		$	2,279		$	3,100
Derivatives Not Designated as Hedging Instruments
Interest rate caps and interest rate swaps	$	62		$	—		$	(41	)	$	(239	)
TRS	(42		)	(1,807		)	633			(3,532		)
Total	$	20		$	(1,807	)	$	592		$	(3,771	)

(1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TRS borrowings was $(68) and $(2,279) for the three and nine months ended September 30, 2014, respectively, and $(2,996) and $(3,100) for the three and nine months ended September 30, 2013, respectively, offsetting the gain (loss) recognized on the TRS.

Collateral Posted for Derivatives in Liability Positions

The following table presents information about collateral posted for derivatives in liability positions as of September 30, 2014:

	Collateral Information
	Notional Amount		Fair Value Prior to Nonperformance Risk		Nonperformance Risk			Collateral Posted		Nature of Collateral	Credit Risk Contingent Feature
	(in thousands)
Property Specific Swaps	$	670,995	$	83,580	$	(4,340	)	$	—	Mortgage liens	None
TRS	266,772		27,206		77			52,015		Restricted cash, securities, notes receivable, letters of credit	None
Corporate Aggregate Swaps	200,000		166		—			170		Restricted cash	Credit rating
Totals	$	1,137,767	$	110,952	$	(4,263	)	$	52,185