Derivative and Other Fair Value Instruments (Tables)

6 Months Ended

Jun. 30, 2014

Fair Value Disclosures [Abstract]

Derivative Instrument Table

The following table summarizes the Company’s consolidated derivative instruments at June 30, 2014 (dollar amounts are in thousands):

	Fair Value Hedges (1)			Forward Starting Swaps (2)
Current Notional Balance	$	450,000		$	100,000
Lowest Possible Notional	$	450,000		$	100,000
Highest Possible Notional	$	450,000		$	100,000
Lowest Interest Rate	2.375		%	3.140		%
Highest Interest Rate	2.375		%	3.191		%
Earliest Maturity Date	2019			2025
Latest Maturity Date	2019			2025

(1) Fair Value Hedges – Converts outstanding fixed rate unsecured notes ($450.0 million2.375%notes due July 1, 2019) to a floating interest rate of 90-Day LIBOR plus 0.61%.

(2) Forward Starting Swaps – Designed to partially fix interest rates in advance of a planned future debt issuance. These swaps have mandatory counterparty terminations in 2016, and are targeted to 2015 issuances.

Schedule of Location and Amount of Financial Instruments on Balanace Sheet

The following tables provide a summary of the fair value measurements for each major category of assets and liabilities measured at fair value on a recurring basis and the location within the accompanying consolidated balance sheets at June 30, 2014 and December 31, 2013, respectively (amounts in thousands):

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	6/30/2014		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level  3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Fair Value Hedges	Other Assets	$	1,452	$	—	$	1,452	$	—
Supplemental Executive Retirement Plan	Other Assets	97,543		97,543		—		—
Total		$	98,995	$	97,543	$	1,452	$	—
Liabilities
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Liabilities	$	2,346	$	—	$	2,346	$	—
Supplemental Executive Retirement Plan	Other Liabilities	97,543		97,543		—		—
Total		$	99,889	$	97,543	$	2,346	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	440,050	$	—	$	440,050	$	—

				Fair Value Measurements at Reporting Date Using
Description	Balance Sheet Location	12/31/2013		Quoted Prices in Active Markets for Identical Assets/Liabilities (Level 1)		Significant  Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level  3)
Assets
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps	Other Assets	$	18,710	$	—	$	18,710	$	—
Supplemental Executive Retirement Plan	Other Assets	83,845		83,845		—		—
Total		$	102,555	$	83,845	$	18,710	$	—
Liabilities
Supplemental Executive Retirement Plan	Other Liabilities	$	83,845	$	83,845	$	—	$	—
Total		$	83,845	$	83,845	$	—	$	—
Redeemable Noncontrolling Interests –
Operating Partnership/Redeemable
Limited Partners	Mezzanine	$	363,144	$	—	$	363,144	$	—

Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance [Table Text Block]

The following tables provide a summary of the effect of fair value hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the six months ended June 30, 2014 and 2013, respectively (amounts in thousands):

June 30, 2014 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative		Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	1,452	Fixed rate debt	Interest expense	$	(1,452	)
Total		$	1,452			$	(1,452	)

June 30, 2013 Type of Fair Value Hedge	Location of Gain/(Loss) Recognized in Income on Derivative	Amount of Gain/(Loss) Recognized in Income on Derivative			Hedged Item	Income Statement Location of Hedged Item Gain/(Loss)	Amount of Gain/(Loss) Recognized in Income on Hedged Item
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Interest Rate Swaps	Interest expense	$	(1,524	)	Fixed rate debt	Interest expense	$	1,524
Total		$	(1,524	)			$	1,524

Schedule of Cash Flow Hedging Instruments, Statements of Financial Performance and Financial Position, Location [Table Text Block]

The following tables provide a summary of the effect of cash flow hedges on the Company’s accompanying consolidated statements of operations and comprehensive income for the six months ended June 30, 2014 and 2013, respectively (amounts in thousands):

	Effective Portion							Ineffective Portion
June 30, 2014 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative			Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income  on Derivative	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps/Treasury Locks	$	(21,790	)	Interest expense	$	(8,335	)	Interest expense	$	91
Total	$	(21,790	)		$	(8,335	)		$	91

	Effective Portion						Ineffective Portion
June 30, 2013 Type of Cash Flow Hedge	Amount of Gain/(Loss) Recognized in OCI on Derivative		Location of Gain/ (Loss) Reclassified from Accumulated OCI into Income	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income			Location of Gain/(Loss) Recognized in Income  on Derivative	Amount of Gain/ (Loss) Reclassified from Accumulated OCI into Income
Derivatives designated as hedging instruments:
Interest Rate Contracts:
Forward Starting Swaps/Treasury Locks	$	12,337	Interest expense	$	(12,098	)	N/A	$	—
Total	$	12,337		$	(12,098	)		$	—