Derivatives and Hedging Activities (Tables)

6 Months Ended

Jun. 30, 2014

Derivative Instruments and Hedging Activities Disclosure [Abstract]

As of June 30, 2014, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk (dollar amounts in thousands):


Interest Rate Derivative	Number of Instruments		Notional Amount
Interest rate swaps		17	$	1,174,367

As of June 30, 2014, the Company had the following outstanding interest rate derivatives that were not designated as qualifying hedging relationships (dollar amounts in thousands):


Interest Rate Derivative	Number of Instruments		Notional Amount
Interest rate swaps		6	$	234,316

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the consolidated balance sheets as of June 30, 2014 and December 31, 2013 (in thousands):


Derivatives Designated as Hedging Instruments	Balance Sheet Location	June 30, 2014			December 31, 2013
Interest rate products	Deferred costs and other assets, net	$	4,665		$	9,189
Interest rate products	Deferred rent, derivative and other liabilities	$	(9,190	)	$	(1,719	)

The table below presents the fair value of the Company’s derivative financial instruments not designated as hedges as well as their classification on the consolidated balance sheets as of June 30, 2014 and December 31, 2013 (in thousands):


Derivatives Not Designated as Hedging Instruments	Balance Sheet Location	June 30, 2014			December 31, 2013
Series D Preferred Stock embedded derivative	Deferred rent, derivative and other liabilities	$	(11,520	)	$	(16,736	)
Interest rate products	Deferred rent, derivative and other liabilities	$	(3,621	)	$	—
Interest rate products	Deferred costs and other assets, net	$	857		$	—

Derivative Instruments and Hedging Activities Disclosure

The table below details the location in the financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and six months ended June 30, 2014 and 2013, respectively (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
Derivatives in Cash Flow Hedging Relationships	2014			2013			2014			2013
Amount of (loss) gain recognized in accumulated other comprehensive income on interest rate derivatives (effective portion)	$	(9,857	)	$	12,786		$	(13,696	)	$	10,926
Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (effective portion)	$	(2,574	)	$	(1,272	)	$	(4,115	)	$	(1,955	)

Net Amounts of Offsetting Derivative Liabilities Presented in the Consolidated Balance Sheet

The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets (in thousands).


Offsetting of Derivative Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts of Recognized Liabilities			Gross Amounts Offset in the Consolidated Balance Sheets		Net Amounts of Assets Presented in the Consolidated Balance Sheets		Net Amounts of Liabilities Presented in the Consolidated Balance Sheets			Financial Instruments		Cash Collateral Received		Net Amount
June 30, 2014	$	5,522	$	(24,331	)	$	—	$	5,522	$	(24,331	)	$	—	$	—	$	(18,809	)
December 31, 2013	$	9,189	$	(18,455	)	$	—	$	9,189	$	(18,455	)	$	—	$	—	$	(9,266	)