Derivatives and Hedging Activities (Tables)

9 Months Ended

Sep. 30, 2014

Designated as Hedging Instrument [Member]

As of September 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		18	$	1,249,188

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 September 30, 2014 and December 31, 2013 (in thousands):


Derivatives Designated as Hedging Instruments	Balance Sheet Location	September 30, 2014			December 31, 2013
Interest rate products	Deferred costs and other assets, net	$	7,610		$	9,189
Interest rate products	Deferred rent, derivative and other liabilities	$	(4,751	)	$	(1,719	)

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 nine months ended ended September 30, 2014 and 2013, respectively (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 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)	$	14,920		$	(2,372	)	$	13,624		$	15,682
Amount of loss reclassified from accumulated other comprehensive income into income as interest expense (ineffective portion)	$	(6,452	)	$	(1,263	)	$	(9,403	)	$	(3,218	)

Not Designated as Hedging Instrument [Member]

Schedule of Interest Rate Derivatives

As of September 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		4	$	144,800

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 not designated as hedges as well as their classification on the consolidated balance sheets as of September 30, 2014 and December 31, 2013 (in thousands):


Derivatives Not Designated as Hedging Instruments	Balance Sheet Location	September 30, 2014			December 31, 2013
Interest rate products	Deferred costs and other assets, net	$	1,165		$	—
Series D Preferred Stock embedded derivative	Deferred rent, derivative and other liabilities	$	—		$	(16,736	)
Interest rate products	Deferred rent, derivative and other liabilities	$	(1,235	)	$	—

Offsetting Assets

The table below details a gross presentation, the effects of offsetting and a net presentation of the Company’s derivatives as of September 30, 2014 and December 31, 2013. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the consolidated balance sheets (amounts 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
September 30, 2014	$	8,775	$	(5,986	)	$	—	$	8,775	$	(5,986	)	$	—	$	—	$	2,789
December 31, 2013	$	9,189	$	(18,455	)	$	—	$	9,189	$	(18,455	)	$	—	$	—	$	(9,266	)

Offsetting Liabilities


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
September 30, 2014	$	8,775	$	(5,986	)	$	—	$	8,775	$	(5,986	)	$	—	$	—	$	2,789
December 31, 2013	$	9,189	$	(18,455	)	$	—	$	9,189	$	(18,455	)	$	—	$	—	$	(9,266	)