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Derivative and Other Fair Value Instruments (Tables) | 6 Months Ended
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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 million 2.375%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 | ) |  |  |  | $ | — |

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- Definition Tabular disclosure for cash flow hedging instruments of (a) the location and amount of gains and losses reported in the statement of financial performance and (b) the location and fair value amounts of the instruments reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and amount of derivative instruments and nonderivative instruments designated as hedging instruments reported before netting adjustments, and the amount of gain (loss) on derivative instruments and nonderivative instruments designated and qualified as hedging instruments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: 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=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: 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=7476318&loc=SL5624163-113959 + Details
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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=7476318&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=7476318&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=7476318&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=7476318&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=7476318&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=7476318&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=7476318&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=7476318&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=7476318&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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