XML 65 R36.htm IDEA: XBRL DOCUMENT v3.3.0.814
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2015
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities and Redeemable Noncontrolling Interest Measured on a Recurring Basis
The following table summarizes information about financial assets and liabilities and redeemable noncontrolling interest measured at fair value on a recurring basis (if applicable), and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value:
 
September 30, 2015
 
Level 1
Level 2
Level 3
Total
 
(in thousands)
Interest rate swaps (liabilities)
$
—

$
(2,873
)
$
(58,223
)
$
(61,096
)
TROR (assets)
—

—

13,412

13,412

TROR (liabilities)
—

—

(24,482
)
(24,482
)
Fair value adjustment to the borrowings subject to TROR
—

—

2,305

2,305

Redeemable noncontrolling interest (1)
—

—

(168,226
)
(168,226
)
Total
$
—

$
(2,873
)
$
(235,214
)
$
(238,087
)
 
 
 
 
 
 
December 31, 2014
 
(in thousands)
Interest rate caps (assets)
$
—

$
126

$
—

$
126

Interest rate swaps (liabilities)
—

(1,745
)
(73,536
)
(75,281
)
TROR (assets)
—

—

8,236

8,236

TROR (liabilities)
—

—

(27,081
)
(27,081
)
Fair value adjustment to the borrowings subject to TROR
—

—

5,604

5,604

Redeemable noncontrolling interest (1)
—

—

(183,038
)
(183,038
)
Total
$
—

$
(1,619
)
$
(269,815
)
$
(271,434
)

(1)
Redeemable noncontrolling interest is recorded at historical cost as of the period presented.
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 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
TROR
Fair value
adjustment
to the borrowings
subject to TROR
Total TROR
Related
 
Total
 
(in thousands)
Nine Months Ended September 30, 2015
 
 
 
 
 
 
 
 
 
Balance, January 1, 2015 (1)
$
(183,038
)
 
$
(73,536
)
 
$
(18,845
)
$
5,604

$
(13,241
)
 
$
(269,815
)
Loss attributable to redeemable noncontrolling interest
14,812

 
—

 
—

—

—

 
14,812

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

 
—

 
7,775

(3,299
)
4,476

 
4,476

Included in other comprehensive income
—

 
15,313

 
—

—

—

 
15,313

Balance, September 30, 2015 (1)
$
(168,226
)
 
$
(58,223
)
 
$
(11,070
)
$
2,305

$
(8,765
)
 
$
(235,214
)
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 (1)
$
(186,834
)
 
$
(78,293
)
 
$
(21,434
)
$
6,590

$
(14,844
)
 
$
(279,971
)

(1)
Redeemable noncontrolling interest is recorded at historical cost as of the period presented.
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, 2015:
 
Quantitative Information about Level 3 Fair Value Measurements
 
Fair Value September 30, 2015
Valuation
Technique
Unobservable
Input
Input Values
 
(in thousands)
 
 
 
Credit valuation adjustment of interest rate swap
$
2,276

Potential future exposure
Credit spread
4.00%
TROR
$
(11,070
)
Third party bond pricing
Bond valuation
79.59 - 115.87
Fair value adjustment to the borrowings subject to TROR
$
2,305

Third party bond pricing
Bond valuation
79.59 - 115.87
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 and convertible senior debt:
 
September 30, 2015
 
December 31, 2014
 
Carrying Value
Fair Value
 
Carrying Value
Fair Value
 
(in thousands)
Fixed Rate Debt
$
2,747,031

$
3,062,517

 
$
2,993,591

$
3,421,373

Variable Rate Debt
2,026,387

2,015,261

 
1,944,610

1,924,823

Total
$
4,773,418

$
5,077,778

 
$
4,938,201

$
5,346,196