| Derivative activity |
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2011 |
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2010 |
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2009 |
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Foreign
Currency
Forwards(1)
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Interest
Rate
Swaps(2)
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Interest
Rate
Caps
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Foreign
Currency
Forwards(1)
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Interest
Rate
Swaps(2)
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Foreign
Currency
Forwards(1)
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Interest
Rate
Swaps(2)
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Notional amounts at January 1,
|
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$ |
- |
|
|
$ |
268.1 |
|
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$ |
- |
|
|
$ |
- |
|
|
$ |
157.7 |
|
|
$ |
- |
|
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$ |
- |
|
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New contracts
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|
- |
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|
- |
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- |
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- |
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155.0 |
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351.7 |
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157.7 |
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Acquired contracts (3)
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- |
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1,337.3 |
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25.7 |
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- |
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- |
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- |
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- |
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Matured or expired contracts
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- |
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(108.9) |
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(25.7) |
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- |
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(44.6) |
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(351.7) |
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- |
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Notional amounts at December 31,
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$ |
- |
|
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$ |
1,496.5 |
|
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$ |
- |
|
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$ |
- |
|
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$ |
268.1 |
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$ |
- |
|
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$ |
157.7 |
|
| (1) |
During 2009, we entered into and settled forward contracts to buy yen to manage the foreign currency fluctuations related to the sale of our investments in the Japan
co-investment ventures and recognized losses of $5.7 million in Foreign Currency Exchange Gains, Net in our Consolidated Statements of Operations. |
| (2) |
During 2011, 2010 and 2009, we acquired, or entered into, multiple contracts with total notional amounts of $1.3 billion, $155.0 million and $157.7 million,
respectively, associated with debt issuances. |
| |
In connection with the Merger and PEPR Acquisition in 2011, we acquired various interest rate swap contracts with combined notional amounts of $1.4 billion, with
various expiration dates between October 2012 and January 2014. During the third quarter of 2010, we entered into a ¥13.0 billion interest rate contract that matures in December 2014 to fix the interest rate on a variable rate TMK bond. During
2009, we entered into two interest rate swap contracts to fix the interest rate on two variable rate TMK bonds, a ¥4.3 billion interest rate swap contract that was settled in the first quarter of 2010 and a ¥10.0 billion interest rate swap
contract that matures in December 2012. We designated these contracts as cash flow hedges and they qualify for hedge accounting treatment. At December 31, 2011 and 2010, we had $35.9 million and $1.4 million, respectively, accrued in
Accounts Payable and Accrued Expenses in our Consolidated Balance Sheets relating to the unsettled derivative contracts. |
| (3) |
To the extent these contracts previously qualified for hedge accounting, they were redesignated at the time of the Merger or PEPR Acquisition to qualify for hedge
accounting post merger and acquisition. |
|
| Fair value of financial instruments |
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December 31, |
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2011 |
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2010 |
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Carrying Value |
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Fair Value |
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Carrying Value |
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Fair Value |
|
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Credit Facilities
|
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$ |
936,796 |
|
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$ |
940,334 |
|
|
$ |
520,141 |
|
|
$ |
526,684 |
|
|
Senior notes
|
|
|
4,772,607 |
|
|
|
5,038,678 |
|
|
|
3,195,724 |
|
|
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3,403,353 |
|
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Exchangeable senior notes
|
|
|
1,315,448 |
|
|
|
1,431,805 |
|
|
|
1,521,568 |
|
|
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1,591,976 |
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Secured mortgage debt
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|
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1,725,773 |
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1,861,261 |
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1,249,729 |
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1,320,084 |
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Secured mortgage debt of consolidated investee
|
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1,468,637 |
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|
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1,486,040 |
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|
|
- |
|
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|
- |
|
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Other debt of consolidated investees
|
|
|
775,763 |
|
|
|
751,075 |
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|
|
- |
|
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|
- |
|
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Other debt
|
|
|
387,384 |
|
|
|
389,804 |
|
|
|
18,867 |
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|
|
17,995 |
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Total debt
|
|
$ |
11,382,408 |
|
|
$ |
11,898,997 |
|
|
$ |
6,506,029 |
|
|
$ |
6,860,092 |
|
|