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Financial Instruments and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2013
Derivative Instruments And Hedging Activities Disclosure [Abstract]  
Derivative Activity

The following table summarizes the activity in our derivative instruments (in millions) for the nine months ended September 30, 2013:

 

     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 )      —          —          (460.0 )      —    
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

Notional amounts at September 30

    $ 1,050.0      $ 84.6      $ —        $ —        $ 1,551.7      $ —    
  

 

 

    

 

 

    

 

 

     

 

 

     

 

 

    

 

 

  

 

(1) During the nine months ended September 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 nine months ended September 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):

 

     September 30, 2013      December 31, 2012  
     Carrying Value      Fair Value      Carrying Value      Fair Value  

Debt:

            

Credit Facilities

    $ 992,776       $ 993,310       $ 888,966       $ 893,577   

Senior notes

      4,980,625         5,415,442         5,223,136         5,867,124   

Exchangeable senior notes

      397,481         525,958         876,884         1,007,236   

Secured mortgage debt

      1,772,342         1,922,436         3,625,908         3,765,556   

Secured mortgage debt of consolidated entities

      296,783         304,063         450,923         455,880   

Other debt of consolidated entities

      4,345         4,345         67,749         68,751   

Other debt

      674,965         685,293         657,228         660,951   
  

 

 

     

 

 

     

 

 

     

 

 

  

Total debt

    $ 9,119,317       $ 9,850,847       $ 11,790,794       $ 12,719,075