Financial Instruments: Derivatives and Hedging (Tables)

9 Months Ended

Sep. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of notional and fair value of derivative financial instruments and foreign currency hedges

The following table summarizes the notional and fair value of our consolidated derivative financial instruments at September 30, 2014 based on Level 2 inputs. The notional value is an indication of the extent of our involvement in these instruments at that time, but does not represent exposure to credit, interest rate or market risks.

	Notional Value (in thousands)		Strike Rate		Effective Date	Expiration Date	Balance Sheet Location	Fair Value (in thousands)
Interest Rate Cap	$	946,000	4.750	%	May 2014	May 2016	Other Assets	$	52
Interest Rate Cap	504,000		4.750	%	May 2014	May 2016	Other Assets	27
Interest Rate Cap - Sold	504,000		4.750	%	May 2014	May 2016	Other Liabilities	(27		)
Interest Rate Cap	263,426		6.000	%	November 2013	November 2015	Other Assets	—
Interest Rate Cap	137,500		4.000	%	October 2013	September 2015	Other Assets	—
Interest Rate Swap(1)	144,000		2.236	%	December 2012	December 2017	Other Liabilities	(4,603		)
Interest Rate Swap(1)	72,000		2.310	%	December 2012	December 2017	Other Liabilities	(2,470		)
Interest Rate Swap(1)	72,000		2.310	%	December 2012	December 2017	Other Liabilities	(2,467		)
Interest Rate Swap(1)	57,600		1.990	%	December 2012	December 2017	Other Liabilities	(1,392		)
Interest Rate Swap(1)	86,400		1.948	%	December 2012	December 2017	Other Liabilities	(1,972		)
Interest Rate Swap(1)	72,000		1.345	%	December 2012	December 2017	Other Liabilities	(273		)
Interest Rate Swap	30,000		2.295	%	July 2010	June 2016	Other Liabilities	(893		)
Interest Rate Swap	8,500		0.740	%	February 2012	February 2015	Other Liabilities	(17		)
								$	(14,035	)

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(1) As a result of the acquisition and consolidation of 388-390 Greenwich Street, we have assumed these derivative instruments and have designated them as hedges.

Schedule of effect of derivative financial instruments on consolidated statements of income

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the three months ended September 30, 2014 and 2013 (in thousands):

	Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion)					Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Loss  Reclassified from Accumulated Other Comprehensive Loss  into Income (Effective Portion)				Location of Gain Recognized in Income on Derivative	Amount of Gain Recognized into Income (Ineffective Portion)
	Three Months Ended September 30,						Three Months Ended September 30,					Three Months Ended September 30,
Derivative	2014		2013				2014		2013			2014		2013
Interest Rate Swaps/Caps	$	1,761	$	(160	)	Interest expense	$	1,826	$	320	Interest expense	$	1	$	2
Share of unconsolidated joint ventures' derivative instruments	291		(2,606		)	Equity in net income from unconsolidated joint ventures	41		1,281		Equity in net income from unconsolidated joint ventures	—		5
	$	2,052	$	(2,766	)		$	1,867	$	1,601		$	1	$	7

The following table presents the effect of our derivative financial instruments and our share of our joint ventures' derivative financial instruments that are designated and qualify as hedging instruments on the consolidated statements of income for the nine months ended September 30, 2014 and 2013 (in thousands):

	Amount of Gain or (Loss) Recognized in Other Comprehensive Loss (Effective Portion)					Location of Gain or (Loss) Reclassified from Accumulated Other Comprehensive Income into Income	Amount of Loss  Reclassified from Accumulated Other Comprehensive Loss  into Income (Effective Portion)				Location of Gain Recognized in Income on Derivative	Amount of Gain Recognized into Income (Ineffective Portion)
	Nine Months Ended   September 30,						Nine Months Ended   September 30,					Nine Months Ended   September 30,
Derivative	2014		2013				2014		2013			2014		2013
Interest Rate Swaps/Caps	$	1,245	$	(20	)	Interest expense	$	3,790	$	1,258	Interest expense	$	3	$	2
Share of unconsolidated joint ventures' derivative instruments	4,475		5,503			Equity in net income from unconsolidated joint ventures	1,870		3,781		Equity in net income from unconsolidated joint ventures	—		—
	$	5,720	$	5,483			$	5,660	$	5,039		$	3	$	2