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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2014
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities and Redeemable Noncontrolling Interest Measured on a Recurring Basis
The following table presents information about financial assets and liabilities and redeemable noncontrolling interest measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value:
 
September 30, 2014
 
Level 1
Level 2
Level 3
Total
 
(in thousands)
Interest rate caps
$
—

$
258

$
—

$
258

Interest rate swaps (liabilities)
—

(1,113
)
(78,293
)
(79,406
)
TRS (assets)
—

—

5,849

5,849

TRS (liabilities)
—

—

(27,283
)
(27,283
)
Fair value adjustment to the borrowings subject to TRS
—

—

6,590

6,590

Redeemable noncontrolling interest (1) 
—

—

(186,834
)
(186,834
)
Total
$
—

$
(855
)
$
(279,971
)
$
(280,826
)
 
 
 
 
 
 
December 31, 2013
 
(in thousands)
Interest rate caps
$
—

$
155

$
—

$
155

Interest rate swaps (liabilities)
—

(498
)
(97,360
)
(97,858
)
TRS (assets)
—

—

903

903

TRS (liabilities)
—

—

(25,249
)
(25,249
)
Fair value adjustment to the borrowings subject to TRS
—

—

8,869

8,869

Redeemable noncontrolling interest
—

—

(171,743
)
(171,743
)
Total
$
—

$
(343
)
$
(284,580
)
$
(284,923
)

(1)
As of September 30, 2014, the redeemable noncontrolling interest is recorded at book value.
Reconciliation of Financial Assets and Liabilities and Redeemable Noncontrolling Interest Measured at Fair Value on a Recurring Basis Using Significant Unobservable Inputs
The following table presents a reconciliation of all financial assets and liabilities and redeemable noncontrolling interest measured at fair value on a recurring basis using significant unobservable inputs (Level 3):
 
Redeemable
Noncontrolling
Interest
 
Interest Rate
Swaps
 
Net
TRS
Fair value
adjustment
to the borrowings
subject to TRS
Total TRS
Related
 
Total
 
(in thousands)
Nine Months Ended September 30, 2014
 
 
 
 
 
 
 
 
 
Balance, January 1, 2014
$
(171,743
)
 
$
(97,360
)
 
$
(24,346
)
$
8,869

$
(15,477
)
 
$
(284,580
)
Loss attributable to redeemable noncontrolling interest
13,299

 
—

 
—

—

—

 
13,299

Total realized and unrealized gains (losses):
 
 
 
 
 
 
 
 
 
Included in earnings
—

 
—

 
2,912

(2,279
)
633

 
633

Included in other comprehensive income
—

 
19,067

 
—

—

—

 
19,067

Included in additional paid-in capital
(28,390
)
 
—

 
—

—

—

 
(28,390
)
Balance, September 30, 2014
$
(186,834
)
 
$
(78,293
)
 
$
(21,434
)
$
6,590

$
(14,844
)
 
$
(279,971
)
Nine Months Ended September 30, 2013
 
 
 
 
 
 
 
 
 
Balance, January 1, 2013
$
(240,790
)
 
$
(131,634
)
 
$
(6,108
)
$
9,890

$
3,782

 
$
(368,642
)
Loss attributable to redeemable noncontrolling interest
15,705

 
—

 
—

—

—

 
15,705

Total realized and unrealized gains (losses):
 
 
 
 
 
 
 
 
 
Included in earnings
—

 
—

 
(432
)
(3,100
)
(3,532
)
 
(3,532
)
Included in other comprehensive income
—

 
26,447

 
—

—

—

 
26,447

Included in additional paid-in capital
(9,939
)
 
—

 
—

—

—

 
(9,939
)
Balance, September 30, 2013
$
(235,024
)
 
$
(105,187
)
 
$
(6,540
)
$
6,790

$
250

 
$
(339,961
)
Significant Unobservable Inputs Used to Estimate Fair Value of Financial Instruments
The following table presents quantitative information about the significant unobservable inputs used to estimate the fair value of financial instruments measured on a recurring basis as of September 30, 2014:
 
Quantitative Information about Level 3 Fair Value Measurements
 
Fair Value September 30, 2014
Valuation
Technique
Unobservable
Input
Input Values
 
(in thousands)
 
 
 
Credit valuation adjustment of interest rate swap
$
4,251

Potential future exposure
Credit spread
4.00%
TRS
$
(21,434
)
Third party bond pricing
Bond valuation
79.59 - 108.57
Fair value adjustment to the borrowings subject to TRS
$
6,590

Third party bond pricing
Bond valuation
79.59 - 108.57
Schedule of Fair Value of Nonrecourse Mortgage Debt and Notes Payable, Bank Revolving Credit Facility and Convertible Senior Debt
The following table summarizes the fair value of nonrecourse mortgage debt and notes payable (exclusive of the fair value of derivatives), revolving credit facility, convertible senior debt and nonrecourse mortgage debt of development property held for sale:
 
September 30, 2014
 
December 31, 2013
 
Carrying Value
Fair Value
 
Carrying Value
Fair Value
 
(in thousands)
Fixed Rate Debt
$
2,892,316

$
3,241,230

 
$
3,281,337

$
3,488,406

Variable Rate Debt
1,824,080

1,820,368

 
1,998,169

1,954,136

Total
$
4,716,396

$
5,061,598

 
$
5,279,506

$
5,442,542