Risk Management and Use of Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2024 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| Schedule of Derivative Instruments in Statement of Financial Position, Fair Value |
The following table sets forth certain information regarding our derivative instruments (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Derivatives Designated as Hedging Instruments | | Balance Sheet Location | | Derivative Assets Fair Value at | | Derivative Liabilities Fair Value at | | | June 30, 2024 | | December 31, 2023 | | June 30, 2024 | | December 31, 2023 | Foreign currency collars | | Other assets, net | | $ | 16,351 | | | $ | 14,103 | | | $ | — | | | $ | — | | | Interest rate swaps | | Other assets, net | | 603 | | | 995 | | | — | | | — | | Foreign currency collars | | Accounts payable, accrued expenses and other liabilities | | — | | | — | | | (617) | | | (4,029) | | | Interest rate swaps | | Accounts payable, accrued expenses and other liabilities | | — | | | — | | | (168) | | | (1,678) | | | | | | 16,954 | | | 15,098 | | | (785) | | | (5,707) | | Derivatives Not Designated as Hedging Instruments | | | | | | | | | | | | Foreign currency collars | | Other assets, net | | 301 | | | — | | | — | | | — | | | Foreign currency collars | | Accounts payable, accrued expenses and other liabilities | | — | | | — | | | — | | | (217) | | | | | | 301 | | | — | | | — | | | (217) | | | Total derivatives | | | | $ | 17,255 | | | $ | 15,098 | | | $ | (785) | | | $ | (5,924) | |
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| Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) |
The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss) Recognized on Derivatives in Other Comprehensive Income (Loss) (a) | | | Three Months Ended June 30, | | Six Months Ended June 30, | | Derivatives in Cash Flow Hedging Relationships | | 2024 | | 2023 | | 2024 | | 2023 | | Interest rate swaps | | $ | (447) | | | $ | 1,827 | | | $ | 1,183 | | | $ | 1,197 | | | Foreign currency collars | | 332 | | | (6,412) | | | 5,660 | | | (12,638) | | | Interest rate cap | | — | | | 1 | | | — | | | (6) | | | Total | | $ | (115) | | | $ | (4,584) | | | $ | 6,843 | | | $ | (11,447) | |
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Other Comprehensive Income (Loss) | Derivatives in Cash Flow Hedging Relationships | | Location of Gain (Loss) Recognized in Income | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Foreign currency collars | | Non-operating income | | $ | 2,877 | | | $ | 3,564 | | | $ | 5,066 | | | $ | 7,869 | | | Interest rate swaps and cap | | Interest expense | | 701 | | | 103 | | | 1,529 | | | 473 | | | Total | | | | $ | 3,578 | | | $ | 3,667 | | | $ | 6,595 | | | $ | 8,342 | |
__________ (a)Excludes net losses of less than $0.1 million and $0.4 million recognized on unconsolidated jointly owned investments for the three months ended June 30, 2024 and 2023, respectively, and net losses of $0.5 million and $0.8 million for the six months ended June 30, 2024 and 2023, respectively.
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| Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance |
The following table presents the impact of our derivative instruments in the consolidated financial statements (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Amount of Gain (Loss) on Derivatives Recognized in Income | | Derivatives in Cash Flow Hedging Relationships | | Location of Gain (Loss) Recognized in Income | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2024 | | 2023 | | 2024 | | 2023 | | Interest rate swaps | | Interest expense | | $ | (727) | | | $ | (131) | | | $ | (1,587) | | | $ | (537) | | | Foreign currency collars | | Non-operating income | | 448 | | | 183 | | | 1,376 | | | (16) | | | Derivatives Not in Cash Flow Hedging Relationships | | | | | | | | | | | | Foreign currency collars | | Other gains and (losses) | | 25 | | | 98 | | | 517 | | | (41) | | | Total | | | | $ | (254) | | | $ | 150 | | | $ | 306 | | | $ | (594) | |
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| Schedule of Derivative Instruments |
The interest rate swaps that our consolidated subsidiaries had outstanding at June 30, 2024 are summarized as follows (currency in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Interest Rate Derivatives | | Number of Instruments | | Notional
Amount | | Fair Value at
June 30, 2024 (a) | | Designated as Cash Flow Hedging Instruments | | | | | | | | | Interest rate swaps | | 3 | | 21,268 | | USD | | $ | 557 | | | Interest rate swaps | | 5 | | 544,327 | | EUR | | (122) | | | | | | | | | $ | 435 | |
__________ (a)Fair value amounts are based on the exchange rate of the euro at June 30, 2024, as applicable. The following table presents the foreign currency collars that we had outstanding at June 30, 2024 (currency in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Derivatives | | Number of Instruments | | Notional
Amount | | Fair Value at June 30, 2024 | | Designated as Cash Flow Hedging Instruments | | | | | | | | | Foreign currency collars | | 51 | | 256,000 | | EUR | | $ | 14,322 | | | Foreign currency collars | | 30 | | 19,080 | | GBP | | 1,412 | | | Not Designated as Cash Flow Hedging Instruments | | | | | | | | | Foreign currency collars | | 2 | | 10,000 | | EUR | | 301 | | | | | | | | | $ | 16,035 | |
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