Risk Management and Use of Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The following table sets forth certain information regarding our derivative instruments (in thousands):

Derivatives Designated as Hedging Instruments	Balance Sheet Location	Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
		June 30, 2015		December 31, 2014		June 30, 2015			December 31, 2014
Interest rate cap	Other assets, net	$	1	$	3	$	—		$	—
Interest rate swaps	Other assets, net	284		285		—			—
Foreign currency forward contracts	Other assets, net	34,116		16,307		—			—
Foreign currency collars	Other assets, net	2,443		—		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(5,001		)	(5,660		)
Foreign currency forward contracts	Accounts payable, accrued expenses and other liabilities	—		—		(18		)	—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		(352		)	—
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	3,886		3,753		—			—
Interest rate swaps (a)	Other assets, net	12		—		—			—
Interest rate swaps (a)	Accounts payable, accrued expenses and other liabilities	—		—		(4,792		)	(7,496		)
Total derivatives		$	40,742	$	20,348	$	(10,163	)	$	(13,156	)

__________

(a) These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt.

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss)

The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):

	Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (Effective Portion) (a)
	Three Months Ended June 30,						Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2015			2014			2015		2014
Foreign currency forward contracts	$	(7,536	)	$	(451	)	$	14,053	$	(3,115	)
Foreign currency collars	(4,044		)	—			2,066		—
Interest rate swaps	1,338			(1,431		)	157		(1,617		)
Interest rate caps	2			(4		)	1		(21		)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency forward contracts	(350		)	—			3,306		—
Total	$	(10,590	)	$	(1,886	)	$	19,583	$	(4,753	)

		Amount of (Loss) Gain on Derivatives Reclassified from Other Comprehensive Income (Loss) (Effective Portion) (c)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,						Six Months Ended June 30,
		2015			2014			2015			2014
Foreign currency forward contracts	Other income and (expenses)	$	1,876		$	(440	)	$	3,730		$	(824	)
Interest rate swaps and caps	Interest expense	(609		)	(634		)	(1,218		)	(1,335		)
Foreign currency collars	Other income and (expenses)	357			—			357			—
Total		$	1,624		$	(1,074	)	$	2,869		$	(2,159	)

__________

(a) Excludes net gains of $0.6 million and less than $0.1 million recognized on unconsolidated jointly-owned investments for the three months ended June 30, 2015 and 2014, respectively, and net gains of $0.9 million and less than $0.1 million for the six months ended June 30, 2015 and 2014, respectively.

(b) The effective portion of the change in fair value and the settlement of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive income (loss) until the underlying investment is sold, at which time we reclassify the gain or loss to earnings.

(c) Excludes net gains recognized on unconsolidated jointly-owned investments of $0.2 million and $0.3 million for the three and six months ended June 30,2014, respectively. There were no such gains or losses recognized for the three and six months ended June 30,2015.

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance

		Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives Not in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,						Six Months Ended June 30,
		2015			2014			2015			2014
Interest rate swaps	Interest expense	$	1,112		$	507		$	2,085		$	985
Stock warrants	Other income and (expenses)	469			(134		)	134			(134		)
Foreign currency forwards	Other income and (expenses)	(347		)	—			(347		)	—
Foreign currency collars	Other income and (expenses)	(357		)	—			5			—
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	187			—			335			—
Foreign currency collars	Other income and (expenses)	11			—			23			—
Foreign currency forward contracts	Other income and (expenses)	(1		)	—			4			—
Total		$	1,074		$	373		$	2,239		$	851

__________

(a) Relates to the ineffective portion of the hedging relationship.

Schedule of Derivative Instruments

The interest rate swaps and cap that our consolidated subsidiaries had outstanding at June 30, 2015 are summarized as follows (currency in thousands):

	Number of Instruments	Notional Amount		Fair Value at June 30, 2015 (a)
Interest Rate Derivatives
Designated as Cash Flow Hedging Instruments
Interest rate swaps	13	124,117	USD	$	(3,991	)
Interest rate swaps	1	6,060	EUR	(726		)
Interest rate cap (b)	1	43,736	EUR	1
Not Designated as Cash Flow Hedging Instruments
Interest rate swaps (c)	3	106,105	EUR	(4,792		)
Interest rate swaps (c)	1	3,192	USD	12
				$	(9,496	)

__________

(a) Fair value amounts are based on the exchange rate of the euro at June 30, 2015, as applicable.

(b) The applicable interest rate of the related debt was 1.0%, which were below the strike prices of the caps of 3.0% at June 30, 2015.

(c) These interest rate swaps do not qualify for hedge accounting; however, they do protect against fluctuations in interest rates related to the underlying variable-rate debt.

The following table presents the foreign currency derivative contracts we had outstanding at June 30, 2015, which were designated as cash flow hedges (currency in thousands):

	Number of Instruments	Notional Amount		Fair Value at June 30, 2015 (a)
Foreign Currency Derivatives
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	60	142,201	EUR	$	26,404
Foreign currency collars	18	78,750	EUR	2,443
Foreign currency forward contracts	18	22,702	AUD	1,827
Foreign currency collars	6	10,500	GBP	(352		)
Foreign currency forward contracts	14	7,490	GBP	(5		)
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	5	84,522	AUD	5,872
				$	36,189

__________

(a) Fair value amounts are based on the applicable exchange rate of the foreign currency at June 30, 2015.