Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2013

Derivative Activity

The following table summarizes the activity in our derivative instruments (in millions) for the six months ended June 30:

	2013								2012
	Foreign Currency Contracts			Interest Rate Swaps (1)			Interest Rate Caps		Foreign Currency Forwards		Interest Rate Swaps			Interest Rate Caps
Notional amounts at January 1	$	1,303.8		$	1,314.8		$	—	$	—	$	1,496.5		$	—
New contracts		1,050.0			—			—		—		444.2			—
Acquired contracts (2)		—			—			—		—		71.0			—
Matured or expired contracts		(1,303.8	)		(1,230.2	)		—		—		(456.0	)		—
Notional amounts at June 30	$	1,050.0		$	84.6		$	—	$	—	$	1,555.7		$	—

(1) During the six months ended June 30, 2013, we settled 12 contracts with a notional value of $319.9 million, and contributed 13 contracts with a notional value of $383.9 million related to the transfer of assets to the newly formed PELP co-investment venture. We also settled five contracts in Japan with a notional value of $526.4 million in connection with the contributions of properties to NPR.

(2) During the six months ended June 30, 2012, we acquired one interest rate swap contract with a notional amount of $71.0 million in connection with the acquisition of our interest in NAIF II.

Fair Value of Debt

The following table reflects the carrying amounts and estimated fair values of our debt (in thousands):

	June 30, 2013				December 31, 2012
	Carrying Value		Fair Value		Carrying Value		Fair Value
Debt:
Credit Facilities	$	630,836	$	633,796	$	888,966	$	893,577
Senior notes		4,436,785		4,916,105		5,223,136		5,867,124
Exchangeable senior notes		397,481		535,066		876,884		1,007,236
Secured mortgage debt		1,974,909		2,115,313		3,625,908		3,765,556
Secured mortgage debt of consolidated entities		308,204		312,707		450,923		455,880
Other debt of consolidated entities		14,437		14,432		67,749		68,751
Other debt		654,658		657,501		657,228		660,951
Total debt	$	8,417,310	$	9,184,920	$	11,790,794	$	12,719,075