Derivative Instruments and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Fair Value of Derivative Instruments

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

	Fair Value of Derivative Instruments
	June 30, 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	$	6	$	—	$	—
Interest rate swaps	65,562		935		669,154		64,463
TROR	149,200		7,131		322,785		10,284
Total	$	544,762	$	8,072	$	991,939	$	74,747
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	303,690	$	—	$	—	$	—
TROR	101,264		4,681		38,379		12,303
Total	$	404,954	$	4,681	$	38,379	$	12,303
	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 summarizes 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 June 30, 2015
Interest rate caps and interest rate swaps	$	(231	)	Interest expense	$	(9,344	)	$	3
				Net gain on change in control of interests	900			—
				Earnings (loss) from unconsolidated entities, gross of tax	(976		)	—
Total	$	(231	)		$	(9,420	)	$	3
Six Months Ended June 30, 2015
Interest rate caps and interest rate swaps	$	(7,703	)	Interest expense	$	(18,301	)	$	(11	)
				Net gain on change in control of interests	900			—
				Earnings (loss) from unconsolidated entities, gross of tax	(1,966		)	(1		)
Total	$	(7,703	)		$	(19,367	)	$	(12	)
Three Months Ended June 30, 2014
Interest rate caps and interest rate swaps	$	(7,194	)	Interest expense	$	(9,414	)	$	—
				Earnings (loss) from unconsolidated entities, gross of tax	(1,003		)	—
Total	$	(7,194	)		$	(10,417	)	$	—
Six Months Ended June 30, 2014
Interest rate caps and interest rate swaps	$	(11,454	)	Interest expense	$	(18,851	)	$	—
				Discontinued operations	—			(3,666		)
				Earnings (loss) from unconsolidated entities, gross of tax	(2,003		)	—
Total	$	(11,454	)		$	(20,854	)	$	(3,666	)

Impact of Gains (Losses) Related to Derivative Instruments

The following table summarizes 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 June 30,						Six Months Ended June 30,
	2015			2014			2015			2014
	(in thousands)
Derivatives Designated as Fair Value Hedging Instruments
TROR (1)	$	1,043		$	(3,143	)	$	2,451		$	2,211
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	(4	)	$	(46	)	$	(15	)	$	(103	)
TROR	2,892			1,681			5,619			675
Total	$	2,888		$	1,635		$	5,604		$	572

(1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TROR borrowings was $(1,043) and $(2,451) for the three and six months ended June 30, 2015, respectively, and $3,143 and $(2,211) for the three and six months ended June 30, 2014, respectively, offsetting the gain (loss) recognized on the TROR.

Collateral Posted for Derivatives in Liability Positions

The following table summarizes information about collateral posted for derivatives in liability positions as of June 30, 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	$	67,249	$	(2,786	)	$	—	Mortgage liens	None
TROR	361,164		22,522		65			50,562		Restricted cash, notes receivable, letters of credit	None
Total	$	1,030,318	$	89,771	$	(2,721	)	$	50,562