Derivative Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2015

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Summary of Outstanding Interest Rate Derivatives Designated as Cash Flow Hedges of Interest Rate Risk

As of June 30, 2015, we had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (notional amount in thousands):


Interest Rate Derivatives	Number of Instruments	Notional Amount		Strike	Index	Wtd. Avg. Maturity (Years)
Interest Rate Caps	26	$	1,097,632	2%	USD LIBOR	1.8
Interest Rate Caps	11	C$	550,589	2%	CDOR	1.7
Interest Rate Caps	1	€	152,710	2%	EURIBOR	1.5
Interest Rate Caps	1	£	15,142	2%	GBP LIBOR	1.8

Summary of Outstanding Foreign Exchange Derivatives Designated as Net Investment Hedges of Foreign Currency Risk

As of June 30, 2015, we had the following outstanding foreign exchange derivatives that were designated as net investment hedges of foreign currency risk (notional amount in thousands):


Foreign Currency Derivatives	Number of Instruments	Notional Amount
Sell CAD Forward	2	C$	204,261
Sell GBP Forward	2	£	64,000
Sell EUR Forward	2	€	51,000

Summary of Outstanding Non-designated Hedges

As of June 30, 2015, we had the following outstanding non-designated hedges (notional amount in thousands):


Interest Rate Derivatives	Number of Instruments	Notional Amount
Interest Rate Caps	2	$	42,240
Interest Rate Caps	1	£	619

Summary of Fair Value of Derivative Financial Instruments

The following table summarizes the fair value of our derivative financial instruments ($ in thousands):


	Fair Value of Derivatives in an Asset Position as of⁽¹⁾				Fair Value of Derivatives in a Liability Position as of⁽²⁾
	June 30, 2015		December 31, 2014		June 30, 2015		December 31, 2014
Derivatives designated as hedging instruments:
Interest rate caps	$	919	$	—	$	—	$	—
Foreign exchange contracts		1,672		1,138		2,506		—

Total derivatives designated as hedging instruments	$	2,591	$	1,138	$	2,506	$	—

(1)	Included in accrued interest receivable, prepaid expenses, and other assets in our consolidated balance sheet.

(2)	Included in accounts payable, accrued expenses, and other liabilities in our consolidated balance sheet.

Summary of Effect of Derivative Financial Instruments on Consolidated Statement of Operations

The following table presents the effect of our derivative financial instruments on our consolidated statement of operations for the three and six months ended June 30, 2015 ($ in thousands):


	Amount of Gain (Loss) Recognized in OCI on Derivative (Effective Portion)⁽¹⁾					Location of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)	Amount of Gain (Loss) Reclassified from Accumulated OCI into Income (Effective Portion)
Derivatives in Hedging Relationships	Three Months Ended June 30, 2015		Six Months Ended June 30, 2015				Three Months Ended June 30, 2015		Six Months Ended June 30, 2015

Cash Flow Hedges
Interest rate caps	$	823	$	823		Interest Expense	$	—	$	—

Net Investment Hedges
Foreign exchange contracts		2,485		(851	)	Gain (Loss) on Sale of Subsidiary		—		—

Total	$	3,308	$	(28	)		$	—	$	—

(1)	During the six months ended June 30, 2015, we received net cash settlements of $2.8 million on our foreign currency forward contracts. Those amounts are included as a component of Other Comprehensive Income on our consolidated balance sheet.