Derivatives and Hedging Activity (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Outstanding interest rate derivatives

As of June 30, 2013, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollar amounts in thousands):

Interest Rate Derivative	Number of Instruments	Notional
Interest rate swaps	11	$	419,787
Interest rate caps	5	$	274,291

Derivatives not designated as hedges are not speculative and are used to manage the Company’s exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements of GAAP. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in a gain/(loss) of $(3,000) and $(5,000) and $(7,000) and $291,000 for the three and six months ended June 30, 2013 and 2012, respectively.

As of June 30, 2013, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollar amounts in thousands):

Product	Number of Instruments	Notional
Interest rate caps	2	$	155,197

Fair value of Company's derivative financial instruments and their classification on Consolidated Balance Sheet

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Consolidated Balance Sheets as of June 30, 2013 and December 31, 2012 (amounts in thousands):

	Asset Derivatives					Liability Derivatives
		Fair Value at:					Fair Value at:
	Balance Sheet Location	June 30, 2013		December 31, 2012		Balance Sheet Location	June 30, 2013		December 31, 2012
Derivatives designated as hedging instruments:
Interest rate products	Other assets	$	1	$	2	Other liabilities	$	7,560	$	11,022
Total		$	1	$	2		$	7,560	$	11,022
Derivatives not designated as hedging instruments:
Interest rate products	Other assets	$	—	$	—	Other liabilities	$	—	$	—
Total		$	—	$	—		$	—	$	—

Effect of Company's derivative financial instruments on Consolidated Statements of Operation

The tables below present the effect of the Company’s derivative financial instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2013 and 2012 (dollar amounts in thousands):

	Amount of Gain or (Loss) Recognized in OCI on Derivative (Effective Portion)					Location of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)						Location of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)	Amount of Gain or (Loss) Recognized in Income on Derivative (Ineffective Portion and Amount Excluded from Effectiveness Testing)
Derivatives in Cash Flow Hedging Relationships	2013		2012				2013			2012				2013		2012
For the Three Months Ended June 30,
Interest rate products	$	144	$	(1,533	)	Interest expense	$	(1,608	)	$	(1,897	)	Interest expense	$	—	$	—
Total	$	144	$	(1,533	)		$	(1,608	)	$	(1,897	)		$	—	$	—
For the Six Months Ended June 30,
Interest rate products	$	52	$	(3,492	)	Interest expense	$	(3,545	)	$	(3,752	)	Interest expense	$	—	$	—
Total	$	52	$	(3,492	)		$	(3,545	)	$	(3,752	)		$	—	$	—

Effect of Company's derivatives not designated as hedging instruments on the Consolidated Statements of Operations

Derivatives Not Designated as Hedging Instruments	Location of Gain or (Loss) Recognized in Income on Derivative	Amount of Gain or (Loss) Recognized in Income on Derivative
		2013			2012
For the Three Months Ended June 30,
Interest rate products	Interest and other income, net	$	(3	)	$	(7	)
Total		$	(3	)	$	(7	)
For the Six Months Ended June 30,
Interest rate products	Interest and other income, net	$	(5	)	$	291
Total		$	(5	)	$	291

Offsetting Assets [Table Text Block]

The Company has elected not to offset derivative positions in the consolidated financial statements. The tables below present the effect on its financial position had the Company made the election to offset its derivative positions as of June 30, 2013 and December 31, 2012:

Offsetting of Derivative Assets
							Gross Amounts Not Offset in the Consolidated Balance Sheets
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets (a)		Financial Instruments		Cash Collateral Received		Net Amount
June 30, 2013	$	1	$	—	$	1	$	—	$	—	$	1
December 31, 2012	$	2	$	—	$	2	$	—	$	—	$	2

(a) Amounts reconcile to the aggregate fair value of derivative assets in the "Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet" located in this footnote.

Offsetting Liabilities [Table Text Block]

Offsetting of Derivative Liabilities
							Gross Amounts Not Offset in the Consolidated Balance Sheets
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets (b)		Financial Instruments		Cash Collateral Posted		Net Amount
June 30, 2013	$	7,560	$	—	$	7,560	$	—	$	—	$	7,560
December 31, 2012	$	11,022	$	—	$	11,022	$	—	$	—	$	11,022

(b) Amounts reconcile to the aggregate fair value of derivative liabilities in the "Tabular Disclosure of Fair Values of Derivative Instruments on the Balance Sheet" located in this footnote.