v2.4.0.8

Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Activity | The following table summarizes the activity in our derivative instruments (in millions):
2014 |  |  |
|  | Foreign Currency Contracts |  |  | Interest Rate Swaps (2) |
|  | Euro Forward Contracts |  |  | GBP Forward Contracts |  |  | Yen Forward Contracts |  |  | Euro Option Contracts (1) |  |
Notional amounts at January 1 |  | € | 600 |  |  | $ | 800 |  |  | £ | — |  |  | $ | — |  |  | ¥ | 24,136 |  |  | $ | 250 |  |  | € | — |  |  | $ | — |  |  | $ | 71 |
New contracts |  |  | 1,446 |  |  |  | 1,979 |  |  |  | 238 |  |  |  | 400 |  |  |  | 79,010 |  |  |  | 769 |  |  |  | 141 |  |  |  | 187 |  |  |  | 373 |
Matured or expired contracts |  |  | (1,446 | ) |  |  | (1,979 | ) |  |  | — |  |  |  | — |  |  |  | (79,010 | ) |  |  | (769 | ) |  |  | (66 | ) |  |  | (90 | ) |  |  | — |
Notional amounts at September 30 |  | € | 600 |  |  | $ | 800 |  |  | £ | 238 |  |  | $ | 400 |  |  | ¥ | 24,136 |  |  | $ | 250 |  |  | € | 75 |  |  | $ | 97 |  |  | $ | 444 |
Weighted Average Forward Rate at September 30 |  |  |  |  |  |  | 1.33 |  |  |  |  |  |  |  | 1.68 |  |  |  |  |  |  |  | 96.54 |  |  |  |  |  |  |  | 1.30 |  |  |  |  |
Active contracts at September 30 |  |  |  |  |  |  | 7 |  |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  | 3 |  |  |  |  |  |  |  | 5 |  |  |  | 3 |
2013 |  |  |  |  |  |
|  | Foreign Currency Contracts |  |  | Interest Rate Swaps (3) |
|  | Euro Forward Contracts |  |  | Yen Forward Contracts |  |
Notional amounts at January 1 |  | € | 1,000 |  |  | $ | 1,304 |  |  | ¥ | — |  |  | $ | — |  |  | $ | 1,315 |
New contracts |  |  | 600 |  |  |  | 800 |  |  |  | 24,136 |  |  |  | 250 |  |  |  | — |
Matured or expired contracts |  |  | (1,000 | ) |  |  | (1,304 | ) |  |  | — |  |  |  | — |  |  |  | (1,230 | )
Notional amounts at September 30 |  | € | 600 |  |  | $ | 800 |  |  | ¥ | 24,136 |  |  | $ | 250 |  |  | $ | 85 |
(1) | During the three and nine months ended September 30, 2014, we exercised one and two put options, respectively, and recognized a net gain of approximately $1.0 million and $1.1 million, respectively. We had five foreign currency collars outstanding at September 30, 2014.
(2) | During the third quarter of 2014, we entered into two contracts with a total notional amount of ¥40.9 billion to effectively fix the interest rate on the Yen Term Loan. See Note 6 for more information on our Yen Term Loan.
(3) | During the nine months ended September 30, 2013, we settled 12 contracts with a notional value of $319.9 million, and contributed 13 contracts with a notional value of $383.9 million related to the transfer of assets to the newly formed PELP co-investment venture. We also settled five contracts in Japan with a notional value of $526.4 million in connection with the contribution of properties to NPR.
Schedule of Fair Value of Derivative Instruments | The following table presents the fair value of our derivative instruments (in thousands):
|  | September 30, 2014 |  |  | December 31, 2013 |
|  | Asset |  |  | Liability |  |  | AOCI |  |  | Asset |  |  | Liability |  |  | AOCI |
Net investment hedges - euro denominated |  | $ | 16,441 |  |  | $ | — |  |  | $ | 18,565 |  |  | $ | 137 |  |  | $ | 30,302 |  |  | $ | (21,705 | )
Net investment hedges - yen denominated |  |  | 28,184 |  |  |  | — |  |  |  | 36,385 |  |  |  | 20,104 |  |  |  | — |  |  |  | 22,102 |
Net investment hedges - pounds sterling denominated |  |  | 15,840 |  |  |  | — |  |  |  | 15,840 |  |  |  | — |  |  |  | — |  |  |  | — |
Foreign currency options - euro denominated (1) |  |  | 1,082 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest rate swap hedges |  |  | — |  |  |  | 4,723 |  |  |  | (820 | ) |  |  | — |  |  |  | 5,638 |  |  |  | (591 | )
Our share of derivatives from un consolidated co-investment ventures (2) |  |  | - - |  |  |  | - - |  |  |  | (21,406 | ) |  |  | - - |  |  |  | - - |  |  |  | (13,851 | )
Total fair value of derivatives |  | $ | 61,547 |  |  | $ | 4,723 |  |  | $ | 48,564 |  |  | $ | 20,241 |  |  | $ | 35,940 |  |  | $ | (14,045 | )
(1) | As discussed above, the foreign currency options are not designated as hedges. We recognized gains of $1.1 million in Foreign Currency and Derivative Gains and (Losses) and Related Amortization, Net in the Consolidated Statements of Operations from the change in value of our outstanding foreign currency collars for the three and nine months ended September 30, 2014.
(2) | Items indicated by ‘- -’ are not applicable
Summary of Gains (Losses) From Change in Fair Value of Derivative Instruments Included in Other Comprehensive Income (Loss) | The following table presents the gains and losses associated with the change in fair value for the effective portion of our derivative and non-derivative instruments included in Other Comprehensive Income (Loss) (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2014 |  |  | 2013 |  |  | 2014 |  |  | 2013 |
Derivative net investment hedges (1) |  | $ | 93,502 |  |  | $ | (23,801 | ) |  | $ | 70,393 |  |  | $ | 10,395 |
Interest rate swap hedges |  |  | (39 | ) |  |  | (821 | ) |  |  | (229 | ) |  |  | 71 |
Our share of derivatives from unconsolidated co-investment ventures |  |  | (4,474 | ) |  |  | 3,584 |  |  |  | (7,555 | ) |  |  | 21,768 |
Total gain (loss) on derivative instruments |  |  | 88,989 |  |  |  | (21,038 | ) |  |  | 62,609 |  |  |  | 32,234 |
Non-derivative net investment hedges |  |  | 204,250 |  |  |  | — |  |  |  | 214,570 |  |  |  | — |
Total gain (loss) on derivative and non-derivative instruments |  | $ | 293,239 |  |  | $ | (21,038 | ) |  | $ | 277,179 |  |  | $ | 32,234 |
(1) | This includes gains of $5.9 million and losses of $5.5 million for the three and nine months ended September 30, 2014, respectively, and a gain of $4.3 million for the nine months ended September 30, 2013, upon the settlement of net investment hedges.
Carrying Amounts and Estimated Fair Values of Debt | The following table reflects the carrying amounts and estimated fair values of our debt (in thousands):
|  | September 30, 2014 |  |  | December 31, 2013 |
|  | Carrying Value |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Credit Facilities |  | $ | 741,610 |  |  |  | 741,610 |  |  | $ | 725,483 |  |  | $ | 725,679 |
Senior notes |  |  | 5,443,138 |  |  |  | 5,885,585 |  |  |  | 5,357,933 |  |  |  | 5,698,864 |
Exchangeable senior notes |  |  | 451,999 |  |  |  | 485,077 |  |  |  | 438,481 |  |  |  | 514,381 |
Secured mortgage debt |  |  | 1,141,772 |  |  |  | 1,272,061 |  |  |  | 1,696,597 |  |  |  | 1,840,829 |
Secured mortgage debt of consolidated entities |  |  | 26,064 |  |  |  | 26,678 |  |  |  | 239,992 |  |  |  | 246,324 |
Term loans and other debt |  |  | 1,018,369 |  |  |  | 1,020,895 |  |  |  | 552,730 |  |  |  | 560,714 |
Total debt |  | $ | 8,822,952 |  |  | $ | 9,431,906 |  |  | $ | 9,011,216 |  |  | $ | 9,586,791 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41678-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579245-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5579240-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=35706170&loc=d3e41638-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624171-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=35706170&loc=SL5624163-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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