Risk Management and Use of Derivative Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2016

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
		December 31, 2016		December 31, 2015		December 31, 2016			December 31, 2015
Foreign currency forward contracts	Other assets, net	$	37,040	$	38,975	$	—		$	—
Foreign currency collars	Other assets, net	17,382		7,718		—			—
Interest rate swaps	Other assets, net	190		—		—			—
Interest rate cap	Other assets, net	45		—		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(2,996		)	(4,762		)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	3,752		3,618		—			—
Interest rate swaps (a)	Other assets, net	9		9		—			—
Interest rate swaps (a)	Accounts payable, accrued expenses and other liabilities	—		—		—			(2,612		)
Total derivatives		$	58,418	$	50,320	$	(2,996	)	$	(7,374	)

__________

(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 Loss (Effective Portion) (a)
	Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships	2016			2015			2014
Foreign currency collars	$	9,679		$	7,769		$	—
Foreign currency forward contracts	(1,948		)	15,949			23,167
Interest rate swaps	1,291			(284		)	(2,628		)
Interest rate caps	21			64			290
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency forward contracts	(462		)	5,819			2,566
Total	$	8,581		$	29,317		$	23,395

		Amount of Gain (Loss) on Derivatives Reclassified from Other Comprehensive Loss (Effective Portion) (c)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Years Ended December 31,
		2016			2015			2014
Foreign currency forward contracts	Other income and (expenses)	$	7,442		$	7,272		$	(103	)
Interest rate swaps and caps	Interest expense	(2,106		)	(2,291		)	(2,691		)
Foreign currency collars	Other income and (expenses)	1,968			357			—
Total		$	7,304		$	5,338		$	(2,794	)

__________

(a) Excludes net gains of $0.2 million, $0.6 million, and $0.3 million recognized on unconsolidated jointly owned investments for the years ended December 31, 2016, 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 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 $0.4 million for the year ended December 31, 2014. There were no such gains or losses recognized for the years ended December 31, 2016 or 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	Years Ended December 31,
		2016			2015			2014
Interest rate swaps	Other income and (expenses)	$	2,682		$	4,164		$	3,186
Foreign currency collars	Other income and (expenses)	824			514			—
Stock warrants	Other income and (expenses)	134			(134		)	134
Foreign currency forward contracts	Other income and (expenses)	—			(296		)	—
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps (a)	Interest expense	657			649			761
Foreign currency forward contracts	Other income and (expenses)	40			45			—
Foreign currency collars	Other income and (expenses)	(7		)	23			—
Total		$	4,330		$	4,965		$	4,081

__________

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

Schedule of Derivative Instruments

The following table presents the foreign currency derivative contracts we had outstanding at December 31, 2016, which were designated as cash flow hedges (currency in thousands):

	Number of Instruments	Notional Amount		Fair Value at December 31, 2016
Foreign Currency Derivatives
Designated as Cash Flow Hedging Instruments
Foreign currency forward contracts	36	98,839	EUR	$	26,540
Foreign currency collars	20	43,000	GBP	11,095
Foreign currency collars	20	80,150	EUR	6,287
Foreign currency forward contracts	12	15,256	AUD	1,602
Foreign currency forward contracts	8	4,280	GBP	1,393
Designated as Net Investment Hedging Instruments
Foreign currency forward contracts	4	79,658	AUD	7,505
				$	54,422

The interest rate swaps and caps that our consolidated subsidiaries had outstanding at December 31, 2016 are summarized as follows (currency in thousands):

	Number of Instruments	Notional Amount		Fair Value at December 31, 2016 (a)
Interest Rate Derivatives
Designated as Cash Flow Hedging Instruments
Interest rate swaps	13	118,145	USD	$	(2,474	)
Interest rate swap	1	5,900	EUR	(332		)
Interest rate cap	1	30,867	EUR	45
Not Designated as Cash Flow Hedging Instruments
Interest rate swap (b)	1	2,993	USD	9
				$	(2,752	)

__________

(a) Fair value amounts are based on the exchange rate of the euro at December 31, 2016, as applicable.

(b) This interest rate swap does not qualify for hedge accounting; however, it does protect against fluctuations in interest rates related to the underlying variable-rate debt.