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Derivative Contracts (Tables)
 12 Months Ended
Dec. 31, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Interest Rate Swap Derivatives
As of December 31, 2018, 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)(3)
 
27
 
$
3,882,400

Unconsolidated Funds' derivatives(2)(3)
 
4
 
$
510,000

___________________________________________________
(1)
The notional amount reflects 100%, not our pro-rata share, of our consolidated JVs' derivatives.
(2)
The notional amount reflects 100%, not our pro-rata share, of our unconsolidated Funds' derivatives.
(3)
See Note 13 for our derivative fair value disclosures.
Schedule of Derivative Liabilities at Fair Value
(In thousands)
 
December 31, 2018
 
December 31, 2017
 
 
 
 
 
Consolidated derivatives(1)
 
$
1,681

 
$
915

Unconsolidated Funds' derivatives(2)
 
$
—

 
$
—

___________________________________________________
(1)
Includes 100%, not our pro-rata share, of our consolidated JVs' derivatives.
(2)
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 swap contract assets, including accrued interest and excluding credit risk adjustments , were as follows:
(In thousands)
 
December 31, 2018
 
December 31, 2017
 
 
 
 
 
Consolidated derivatives(1)
 
$
76,021

 
$
60,093

Unconsolidated Funds' derivatives(2)
 
$
12,576

 
$
9,350

___________________________________________________
(1)
Includes 100%, not our pro-rata share, of our consolidated JVs' derivatives.
(2)
The amounts reflect 100%, not our pro-rata share, of our unconsolidated Funds' derivatives.
Effect of Derivative Instruments on Consolidated Statements of Operations
The table below presents the effect of our derivatives on our AOCI and the consolidated statements of operations:

(In thousands)
Year Ended December 31,
 
2018
 
2017
 
2016
Derivatives Designated as Cash Flow Hedges:
 
 
 
 
 
 
 
 
 
 
 
Consolidated derivatives:
 
 
 
 
 
Gain recorded in AOCI - adoption of ASU 2017-12(1)(2)
$
211

 
$
—

 
$
—

Gain recorded in AOCI before reclassifications(1)(2)
$
22,723

 
$
16,512

 
$
14,192

(Gain) loss reclassified from AOCI to Interest Expense(1)
$
(10,103
)
 
$
13,976

 
$
25,917

Interest Expense presented in the consolidated statements of operations
$
(133,402
)
 
$
(145,176
)
 
$
(146,148
)
(Gain) loss related to ineffectiveness recorded in Interest Expense
$
—

 
$
51

 
$
(196
)
Unconsolidated Funds' derivatives (our share)(3):
 

 
 

 
 
Gain recorded in AOCI before reclassifications(1)
$
3,052

 
$
3,275

 
$
8

(Gain) loss reclassified from AOCI to Income, including depreciation, from unconsolidated real estate funds(1)
$
(813
)
 
$
527

 
$
357

Income, including depreciation, from unconsolidated real estate funds presented in the consolidated statements of operations
$
6,400

 
$
5,905

 
$
7,812


__________________________________________________
(1)
See Note 10 for our AOCI reconciliation.
(2)
See Note 2 regarding the ASU adoption.
(3)
We calculate our share by multiplying the total amount for each Fund by our equity interest in the respective Fund.
Schedule of Future Reclassifications from AOCI
At December 31, 2018, our estimate of the AOCI related to derivatives designated as cash flow hedges, that will be reclassified to earnings during the next year as interest rate swap payments are made, is as follows:
 
(In thousands)
 
 
Consolidated derivatives:
 
Gains to be reclassified from AOCI to Interest Expense
$
36,161

Unconsolidated Funds' derivatives (our share):
 
Gains to be reclassified from AOCI to Income, including depreciation, from unconsolidated real estate funds
$
2,565