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Derivative Contracts (Tables)
 3 Months Ended
Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Other Derivatives
As of March 31, 2017, all of our interest rate swaps, which include the interest rate swaps of our consolidated JVs and our unconsolidated Funds, were designated as cash flow hedges:
 
 
Number of Interest Rate Swaps
 
Notional
  (in thousands)
 
 
 
 
 
Consolidated derivatives(1)
 
22
 
$
2,985,480

Unconsolidated Funds' derivatives(2)
 
2
 
$
435,000


___________________________________________________
(1)
The notional amount includes 100%, not our pro-rata share, of our consolidated JVs' derivatives.
(2)
The notional amount includes 100%, not our pro-rata share, of our unconsolidated Funds' derivatives.
Schedule of Derivative Liabilities at Fair Value
The fair value of our interest rate swaps in a liability position were as follows (in thousands):
 
Fair value of derivatives in a liability position(1)
 
March 31, 2017
 
December 31, 2016
 
 
 
 
 
Consolidated derivatives(2)
 
$
3,596

 
$
7,689

Unconsolidated Funds' derivatives(3)
 
$
—

 
$
—


__________________________________________________________________________________
(1)
Includes accrued interest and excludes adjustments for credit risk.
(2)
Includes 100%, not our pro-rata share, of our consolidated JVs' derivatives.
(3)
Our unconsolidated Funds did not have any derivatives in a liability position.
Schedule of Derivative Assets at Fair Value
The fair value of our interest rate swaps in an asset position were as follows (in thousands):

Fair value of derivatives in an asset position(1)
 
March 31, 2017
 
December 31, 2016
 
 
 
 
 
Our derivatives(2)
 
$
40,748

 
$
35,144

Our Funds' derivatives(3)
 
$
3,904

 
$
3,724

___________________________________________________
(1)
Includes accrued interest and excludes adjustments for credit risk.
(2)
Includes 100%, not our pro-rata share, of our consolidated JVs' derivatives.
(3)
Includes 100%, not our pro-rata share, of our unconsolidated Funds' derivatives.
Effect Of Derivative Instruments On Consolidated Statements Of Operations
The table below presents (in thousands) the effect of derivative instruments on our AOCI and statements of operations:
 
Three Months Ended March 31,
 
2017
 
2016
Derivatives Designated as Cash Flow Hedges:
 
 
 
Gain (loss) recorded in AOCI - Consolidated derivatives(1)(5)
$
4,722

 
$
(28,812
)
Gain (loss) recorded in AOCI - unconsolidated Funds' derivatives(2)(5)
$
99

 
$
(611
)
Loss reclassified from AOCI - Consolidated derivatives(3)(5)
$
(5,100
)
 
$
(8,710
)
Gain (loss) reclassified from AOCI - unconsolidated Funds' derivatives(4)(5)
$
92

 
$
(105
)
Gain (loss) recorded - Consolidated derivatives(6)
$
13

 
$
—

 
 
 
 
Derivatives Not Designated as Cash Flow Hedges:
 

 
 

Gain (loss) recorded as interest expense(7)
$
—

 
$
—

___________________________________________________
(1)
Represents the effective portion of the change in fair value of interest rate swaps.
(2)
Represents our share of the effective portion of the change in fair value of our unconsolidated Funds' interest rate swaps.
(3)
Reclassified from AOCI as an increase to Interest expense.
(4)
Reclassified from AOCI as a increase (decrease) to Income, including depreciation, from unconsolidated real estate funds (our share).
(5)
See the reconciliation of our AOCI in Note 10.
(6)
Represents the ineffective portion of the change in fair value of interest rate swaps, which is recorded as a reduction (increase) to interest expense.
(7)
We do not have any derivatives that are not designated as cash flow hedges.
Schedule of Future Reclassifications from AOCI
At March 31, 2017, our estimate of the AOCI related to derivatives, designated as cash flow hedges, that will be reclassified to earnings during the next twelve months as swap interest payments are made, is presented in the table below (in thousands):

Consolidated derivatives(1)
$
5,279

Unconsolidated Funds' derivatives(2)
$
(158
)
________________________________________
(1)
Reclassified as an increase to Interest expense.
(2)
Reclassified as a decrease to Income, including depreciation, from unconsolidated real estate funds (our share).