Risk Management and Use of Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Risk Management and Use of Derivative Financial Instruments

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

Derivatives Designated		Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
as Hedging Instruments	Balance Sheet Location	September 30, 2012		December 31, 2011		September 30, 2012		December 31, 2011
Foreign currency contracts	Other assets, net	$	10	$	-	$	-	$	-
Foreign currency contracts	Accounts payable, accrued expenses and other liabilities		-		-		(319)		-
Interest rate swap	Accounts payable, accrued expenses and other liabilities		-		-		(6,071)		(4,175)
Derivatives Not Designated
as Hedging Instruments
Stock warrants (a)	Other assets, net		1,640		-		-		-
Interest rate swaps (a)	Accounts payable, accrued expenses and other liabilities		-		-		(16,627)		-
Total derivatives		$	1,650	$	-	$	(23,017)	$	(4,175)

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

	Amount of Gain (Loss) Recognized in Other Comprehensive Income
	on Derivatives (Effective Portion)
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	2012		2011		2012		2011
Foreign currency contracts	$	241	$	-	$	328	$	-
Interest rate swaps		(427)		(3,009)		(1,240)		(3,189)
Total	$	(186)	$	(3,009)	$	(912)	$	(3,189)

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

	Amount of Gain (Loss) Reclassified from Other Comprehensive Income
	into Income (Effective Portion)
	Three Months Ended September 30,				Nine Months Ended September 30,
Derivatives in Cash Flow Hedging Relationships	2012		2011		2012		2011
Interest rate swaps	$	(340)	$	-	$	(1,050)	$	-

		Amount of Gain (Loss) Recognized in Income on Derivatives
Derivatives Not in Cash Flow	Location of Gain (Loss)	Three Months Ended September 30,				Nine Months Ended September 30,
Hedging Relationships	Recognized in Income	2012		2011		2012		2011
Interest rate swaps (a)	Interest expense	$	37	$	-	$	37	$	-
Stock warrants	Other income and (expenses)		-		-		28		-
Foreign currency contracts	Other income and (expenses)		(87)		-		(84)		-
Total		$	(50)	$	-	$	(19)	$	-

Schedule of Derivative Instruments

		Notional		Effective	Effective	Expiration	Fair Value at
Description	Type	Amount		Interest Rate	Date	Date	September 30, 2012
3-Month Euro Interbank Offering Rate (“Euribor”) (a)	“Pay-fixed” swap	$	8,111	4.2%	3/2008	3/2018	$	(1,325)
1-Month LIBOR	“Pay-fixed” swap		4,448	3.0%	4/2010	4/2015		(275)
3-Month Euribor (a)	“Pay-fixed” swap		33,778	3.0%	7/2010	7/2020		(3,817)
1-Month LIBOR	“Pay-fixed” swap		6,953	4.4%	6/2012	3/2022		(146)
3-Month Euribor (a)	“Pay-fixed” swap		25,928	3.9%	8/2012	8/2022		(508)
							$	(6,071)

		Notional		Effective	Effective	Expiration	Fair Value at
Description (a) (c)	Type	Amount		Interest Rate	Date	Date	September 30, 2012
3-Month Euribor (b)	“Pay-fixed” swap	$	128,600	3.7%	7/2006	7/2016	$	(14,985)
3-Month Euribor (b)	“Pay-fixed” swap		7,085	4.3%	4/2007	7/2016		(937)
1-Month LIBOR	“Pay-fixed” swap		9,723	4.4%	4/2008	10/2015		(592)
1-Month LIBOR	“Pay-fixed” swap		20,537	0.9%	4/2012	7/2013		(113)
							$	(16,627)

	Ownership
	Interest at		Notional				Effective	Expiration	Fair Value at
Description	September 30, 2012	Type	Amount		Cap Rate	Spread	Date	Date	September 30, 2012
3-Month LIBOR (a)	17.8%	Interest rate cap	$	120,076	4.0%	4.8%	8/2009	8/2014	$	3
1-Month LIBOR (b)	79.0%	Interest rate cap		17,405	3.0%	4.0%	9/2009	4/2014		-
									$	3

	Notional		Strike		Effective	Expiration	Fair Value at
Type	Amount (a)		Price		Date	Date	September 30, 2012
Forward contracts	$	69,433	$	1.27 - 1.30	5/2012	12/2012 - 6/2017	$	(309)

Portfolio Concentration Risk

		September 30, 2012
Region:
California		10%
Other U.S.		62%
	Total U.S.	72%
	Total Europe	28%
	Total	100%
Asset Type:
Office		29%
Industrial		18%
Warehouse/Distribution		16%
Retail		14%
Self-storage		10%
All other		13%
	Total	100%
Tenant Industry:
Retail		20%
All other		80%
	Total	100%