Risk Management and Use of Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2015 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| 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. |
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| 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. |
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| 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 |
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__________ | | (a) | Relates to the ineffective portion of the hedging relationship. |
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| 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 | |
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| 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 |
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__________ | | (a) | Fair value amounts are based on the applicable exchange rate of the foreign currency at June 30, 2015. |
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