Risk Management and Use of Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

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
		June 30, 2022		December 31, 2021		June 30, 2022		December 31, 2021
Foreign currency collars	Other assets, net	$	41,827	$	19,484	$	—	$	—
Interest rate swap	Other assets, net	503		—		—		—
Interest rate cap	Other assets, net	5		1		—		—
Foreign currency collars	Accounts payable, accrued expenses and other liabilities	—		—		—		(1,311)
Interest rate swaps	Accounts payable, accrued expenses and other liabilities	—		—		—		(908)
		42,335		19,485		—		(2,219)
Derivatives Not Designated as Hedging Instruments
Stock warrants	Other assets, net	4,600		4,600		—		—
Foreign currency collars	Other assets, net	1,126		—		—		—
		5,726		4,600		—		—
Total derivatives		$	48,061	$	24,085	$	—	$	(2,219)

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) (a)
	Three Months Ended June 30,				Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2022		2021		2022		2021
Foreign currency collars	$	18,456	$	(2,539)	$	23,654	$	13,628
Interest rate swaps	575		235		1,356		3,648
Interest rate caps	2		2		5		4
Total	$	19,033	$	(2,302)	$	25,015	$	17,280

		Amount of Gain (Loss) on Derivatives Reclassified from  Other Comprehensive Income (Loss)
Derivatives in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Foreign currency collars	Non-operating income	$	3,359	$	614	$	5,463	$	(567)
Interest rate swaps and caps (b)	Interest expense	(122)		(198)		(286)		(524)
Total		$	3,237	$	416	$	5,177	$	(1,091)

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(a)Excludes net gains of $0.9 million and $0.3 million recognized on unconsolidated jointly owned investments for the three months ended June 30, 2022 and 2021, respectively, and net gains of $2.3 million and $0.6 million for the six months ended June 30, 2022 and 2021, respectively.

(b)Amount for the six months ended June 30, 2021 excludes other comprehensive income totaling $3.1 million that was released from the consolidated financial statements (along with the related liability balances) upon the termination of interest rate swaps in connection with certain prepayments of non-recourse mortgage loans during the period.

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 in Cash Flow Hedging Relationships	Location of Gain (Loss) Recognized in Income	Three Months Ended June 30,				Six Months Ended June 30,
		2022		2021		2022		2021
Foreign currency collars	Non-operating income	$	2,575	$	(841)	$	3,783	$	159
Interest rate swaps	Interest expense	144		225		331		1,131
Derivatives Not in Cash Flow Hedging Relationships
Foreign currency collars	Other gains and (losses)	842		—		1,126		—
Stock warrants	Other gains and (losses)	—		(500)		—		(500)
Total		$	3,561	$	(1,116)	$	5,240	$	790

Schedule of derivative instruments

The interest rate swaps and caps that our consolidated subsidiaries had outstanding at June 30, 2022 are summarized as follows (currency in thousands):

Interest Rate Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2022 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps	2	46,584	EUR	$	496
Interest rate swap	1	15,718	USD	7
Interest rate cap	1	10,608	EUR	5
				$	508

__________ 

(a)Fair value amounts are based on the exchange rate of the euro at June 30, 2022, as applicable.

The following table presents the foreign currency collars that we had outstanding at June 30, 2022 (currency in thousands):

Foreign Currency Derivatives	Number of Instruments	Notional Amount		Fair Value at June 30, 2022
Designated as Cash Flow Hedging Instruments
Foreign currency collars	79	311,100	EUR	$	35,741
Foreign currency collars	85	55,120	GBP	6,086
Not Designated as Cash Flow Hedging Instruments
Foreign currency collars	2	15,100	EUR	1,126
				$	42,953