Derivative Instruments and Hedging Activities (Tables)

3 Months Ended

Apr. 30, 2012

Derivative Instruments and Hedging Activities [Abstract]

Fair value of derivative instruments

	Fair Value of Derivative Instruments April 30, 2012
	Asset Derivatives (included in Other Assets)				Liability Derivatives (included in Accounts Payable and Accrued Expenses)
	Current Notional		Fair Value		Current Notional		Fair Value
	(in thousands)
Derivatives Designated as Hedging Instruments
Interest rate caps	$	—	$	—	$	—	$	—
Interest rate swap agreements		—		—		898,595		141,145
TRS		28,100		791		243,560		10,116
Total derivatives designated as hedging instruments	$	28,100	$	791	$	1,142,155	$	151,261
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	434,896	$	17	$	—	$	—
Interest rate swap agreements		19,521		894		—		—
TRS		140,800		12,709		30,360		14,239
Total derivatives not designated as hedging instruments	$	595,217	$	13,620	$	30,360	$	14,239
	January 31, 2012
	(in thousands)
Derivatives Designated as Hedging Instruments
Interest rate caps	$	—	$	—	$	—	$	—
Interest rate swap agreements		—		—		897,193		148,699
TRS		27,197		774		243,560		9,954
Total derivatives designated as hedging instruments	$	27,197	$	774	$	1,140,753	$	158,653
Derivatives Not Designated as Hedging Instruments
Interest rate caps	$	435,201	$	13	$	—	$	—
Interest rate swap agreements		19,521		1,083		—		—
TRS		141,703		9,534		30,360		15,367
Total derivatives not designated as hedging instruments	$	596,425	$	10,630	$	30,360	$	15,367

Derivative Instruments Gain Loss in Statement of Financial Performance and Financial Position

				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 April 30, 2012
Interest rate caps, interest rate swaps and Treasury options	$	8,725		Interest expense	$	(967	)	$	—
Interest rate caps, interest rate swaps and Treasury options		—		Equity in loss of unconsolidated entities		(88	)		2
Total	$	8,725			$	(1,055	)	$	2
Three Months Ended April 30, 2011
Interest rate caps, interest rate swaps and Treasury options	$	(2,039	)	Interest expense	$	(691	)	$	—
Treasury options		—		Equity in loss of unconsolidated entities		(88	)		—
Total	$	(2,039	)		$	(779	)	$	—

Impact of gains and losses related to derivative instruments

The following table presents the impact of gains and losses in the Consolidated Statements of Operations related to derivative instruments:

	Net Gain (Loss) Recognized
	Three Months Ended April 30,
	2012			2011
	(in thousands)
Derivatives Designated as Fair Value Hedging Instruments
TRS (1)	$	(145	)	$	1,482
Derivatives Not Designated as Hedging Instruments
Interest rate caps and interest rate swaps	$	(205	)	$	(196	)
TRS		4,303			1,040
Total	$	4,098		$	844

(1) The net gain (loss) recognized in interest expense from the change in fair value of the underlying TRS borrowings was $145 and $(1,482) for the three months ended April 30, 2012 and 2011, respectively, offsetting the gain (loss) recognized on the TRS (see Note F – Fair Value Measurements).