Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Mar. 31, 2015

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
	March 31, 2015
	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	$	25	$	—	$	—
Interest rate swaps	—		—		669,154		72,331
TROR	149,200		7,786		217,785		11,982
Total	$	479,200	$	7,811	$	886,939	$	84,313
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	303,690	$	2	$	—	$	—
TROR	101,338		4,381		38,402		14,895
Total	$	405,028	$	4,383	$	38,402	$	14,895
	December 31, 2014
Derivatives Designated as Hedging Instruments
Interest rate caps	$	330,000	$	114	$	—	$	—
Interest rate swaps	—		—		869,154		75,281
TROR	149,200		6,379		217,785		11,983
Total	$	479,200	$	6,493	$	1,086,939	$	87,264
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	205,522	$	12	$	—	$	—
TROR	101,410		1,857		38,425		15,098
Total	$	306,932	$	1,869	$	38,425	$	15,098

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 (loss) and interest expense in the Consolidated Statements of Operations:

				Loss Reclassified from Accumulated OCI
Derivatives Designated as Cash Flow Hedging Instruments	Loss Recognized in OCI (Effective Portion)			Location on Consolidated Statements of Operations	Effective Amount			Ineffective Amount
	(in thousands)
Three Months Ended March 31, 2015
Interest rate caps and interest rate swaps	$	(7,472	)	Interest expense	$	(8,957	)	$	(14	)
				Earnings from unconsolidated entities, gross of tax	(990		)	(1		)
Total	$	(7,472	)		$	(9,947	)	$	(15	)
Three Months Ended March 31, 2014
Interest rate caps, interest rate swaps and Treasury options	$	(4,260	)	Interest expense	$	(9,437	)	$	—
				Discontinued operations	—			(3,666		)
				Earnings from unconsolidated entities, gross of tax	(1,000		)	—
Total	$	(4,260	)		$	(10,437	)	$	(3,666	)

Impact of Gains (Losses) Related to Derivative Instruments

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

	Net Gain (Loss) Recognized
	Three Months Ended March 31,
	2015			2014
	(in thousands)
Derivatives Designated as Fair Value Hedging Instruments
TROR (1)	$	1,408		$	5,354
Derivatives Not Designated as Hedging Instruments
Interest rate caps and interest rate swaps	$	(11	)	$	(57	)
TROR	2,727			(1,006		)
Total	$	2,716		$	(1,063	)

(1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $(1,408) and $(5,354) for the three months ended March 31, 2015 and 2014, respectively, offsetting the gain (loss) recognized on the TROR.

Collateral Posted for Derivatives in Liability Positions

The following table presents information about collateral posted for derivatives in liability positions as of March 31, 2015:

	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	$	669,154	$	75,832	$	(3,501	)	$	—	Mortgage liens	None
TROR	256,187		26,825		52			52,818		Restricted cash, notes receivable, letters of credit	None
Totals	$	925,341	$	102,657	$	(3,449	)	$	52,818