Risk Management and Use of Derivative Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

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	Derivative Assets Fair Value at				Derivative Liabilities Fair Value at
		March 31, 2020		December 31, 2019		March 31, 2020			December 31, 2019
Foreign currency collars	Other assets, net	$	30,734	$	14,460	$	—		$	—
Foreign currency forward contracts	Other assets, net	4,706		9,689		—			—
Interest rate caps	Other assets, net	2		1		—			—
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		(6,599		)	(4,494		)
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		—			(1,587		)
		35,442		24,150		(6,599		)	(6,081		)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	5,100		5,000		—			—
Interest rate swap (a)	Other assets, net	—		8		—			—
Interest rate swaps (a)	Accounts payable, accrued expenses and other liabilities	—		—		(84		)	(93		)
		5,100		5,008		(84		)	(93		)
Total derivatives		$	40,542	$	29,158	$	(6,683	)	$	(6,174	)

__________

(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 Recognized on Derivatives in Other Comprehensive (Loss) Income (a)
	Three Months Ended March 31,
Derivatives in Cash Flow Hedging Relationships	2020			2019
Foreign currency collars	$	17,816		$	3,616
Foreign currency forward contracts	(2,329		)	1,119
Interest rate swaps	(2,237		)	(1,815		)
Interest rate caps	2			(27		)
Derivatives in Net Investment Hedging Relationships (b)
Foreign currency collars	45			—
Total	$	13,297		$	2,893

		Amount of Gain on Derivatives Reclassified from Other Comprehensive (Loss) Income
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended March 31,
		2020			2019
Foreign currency forward contracts	Other gains and (losses)	$	2,799		$	2,434
Foreign currency collars	Other gains and (losses)	984			1,088
Interest rate swaps and caps	Interest expense	(238		)	(67		)
Total		$	3,545		$	3,455

__________

(a) Excludes net losses of $0.4 million and $0.9 million recognized on unconsolidated jointly owned investments for the three months ended March 31, 2020 and 2019, respectively.

(b) The changes in fair value of these contracts are reported in the foreign currency translation adjustment section of Other comprehensive (loss) income.

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

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

		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 March 31,
		2020		2019
Foreign currency collars	Other gains and (losses)	$	639	$	41
Foreign currency forward contracts	Other gains and (losses)	224		(230		)
Stock warrants	Other gains and (losses)	100		—
Interest rate swaps	Interest expense	15		—
Derivatives in Cash Flow Hedging Relationships
Interest rate swaps	Interest expense	317		(114		)
Foreign currency forward contracts	Other gains and (losses)	—		(132		)
Foreign currency collars	Other gains and (losses)	—		7
Total		$	1,295	$	(428	)

Schedule of Derivative Instruments

The following table presents the foreign currency derivative contracts we had outstanding at March 31, 2020 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at March 31, 2020
Designated as Cash Flow Hedging Instruments
Foreign currency collars	88	295,049	EUR	$	25,692
Foreign currency collars	63	44,000	GBP	4,947
Foreign currency forward contracts	3	12,951	EUR	4,706
Foreign currency collars	3	2,000	NOK	42
Designated as Net Investment Hedging Instruments
Foreign currency collar	1	2,500	NOK	53
				$	35,440

The interest rate swaps and caps that our consolidated subsidiaries had outstanding at March 31, 2020 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at March 31, 2020 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	5	75,543	USD	$	(5,226	)
Interest rate swaps	2	49,348	EUR	(1,373		)
Interest rate cap	1	11,310	EUR	2
Interest rate cap	1	6,394	GBP	—
Not Designated as Hedging Instruments
Interest rate swap (b)	1	4,578	EUR	(78		)
Interest rate swap (b)	1	7,658	USD	(6		)
				$	(6,681	)

__________ 

(a) Fair value amounts are based on the exchange rate of the euro or British pound sterling at March 31, 2020, as applicable.

(b) 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.