Derivatives and Hedging Activity (Tables)

6 Months Ended

Jun. 30, 2011

Derivatives and Hedging Activity [Abstract]

Outstanding interest rate derivatives

As of June 30, 2011, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollar amounts in thousands):

	Number of
Interest Rate Derivative	Instruments		Notional
Interest rate swaps		16	$	633,287
Interest rate caps		3		137,004

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 FASB ASC 815, Derivatives and Hedging. Changes in the fair value of derivatives not designated in hedging relationships are recorded directly in earnings and resulted in gains of $86,000 and $36,000 for the three and six months ended June 30, 2011, respectively, and losses of $330,000 and $647,000 for the three and six months ended June 30, 2010, respectively. As of June 30, 2011, the Company had the following outstanding derivatives that were not designated as hedges in qualifying hedging relationships (dollar amounts in thousands):

	Number of
Product	Instruments		Notional
Interest rate caps		5	$	309,984

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

	Asset Derivatives					Liability Derivatives
		Fair Value at:					Fair Value at:
	Balance			December 31,		Balance			December 31,
	Sheet Location	June 30, 2011		2010		Sheet Location	June 30, 2011		2010
Derivatives designated as hedging instruments:
Interest Rate Products	Other Assets	$	71	$	243	Other Liabilities	$	9,979	$	6,597
Total		$	71	$	243		$	9,979	$	6,597
Derivatives not designated as hedging instruments:
Interest Rate Products	Other Assets	$	77	$	271	Other Liabilities	$	—	$	—
Total		$	77	$	271		$	—	$	—

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

															Amount of Gain or (Loss)
														Location of Gain or (Loss)	Recognized in Income on
	Amount of Gain or (Loss)						Location of Gain or	Amount of Gain or (Loss)						Recognized in Income on	Derivative (Ineffective
	Recognized in OCI on						(Loss) Reclassified	Reclassified from						Derivative (Ineffective	Portion and Amount
	Derivative (Effective						from Accumulated	Accumulated OCI into						Portion and Amount	Excluded from
Derivatives in Cash Flow	Portion)						OCI into Income	Income (Effective Portion)						Excluded from	Effectiveness Testing)
Hedging Relationships	2011			2010			(Effective Portion)	2011			2010			Effectiveness Testing)	2011		2010
For the three months ended June 30,
Interest Rate Products	$	(9,276	)	$	(3,155	)	Interest expense	$	(2,441	)	$	(1,552	)	Other expense	$	—	$	(1	)
Total	$	(9,276	)	$	(3,155	)		$	(2,441	)	$	(1,552	)		$	—	$	(1	)
For the six months ended June 30,
Interest Rate Products	$	(7,903	)	$	(6,469	)	Interest expense	$	(4,350	)	$	(3,632	)	Other expense	$	—	$	(1	)
Total	$	(7,903	)	$	(6,469	)		$	(4,350	)	$	(3,632	)		$	—	$	(1	)

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

Derivatives Not	Location of Gain or (Loss)	Amount of Gain or (Loss)
Designated as Hedging	Recognized in Income on	Recognized in Income on Derivative
Instruments	Derivative	2011		2010
For the three months ended June 30,
Interest rate products	Other income/(expense)	$	86	$	(330	)
Total		$	86	$	(330	)
For the six months ended June 30,
Interest rate products	Other income/(expense)	$	36	$	(647	)
Total		$	36	$	(647	)