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Derivatives and Hedging Activities (Tables) | 9 Months Ended
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Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value | The table below presents the fair value of the Company's derivative financial instruments as well as their classification on the consolidated balance sheets as of September 30, 2018 and December 31, 2017:
(In thousands) |  | Balance Sheet Location |  | September 30, 2018 |  | December 31, 2017
Derivatives designated as hedging instruments: |  |  |  |  |  |
Foreign currency forwards (EUR-USD) |  | Derivative liabilities, at fair value |  | $ | — |  |  | $ | (304 | )
Cross currency swaps (EUR) |  | Derivative liabilities, at fair value |  | — |  |  | (3,328 | )
Cross currency swaps (GBP) |  | Derivative assets, at fair value |  | 1,170 |  |  | — |
Cross currency swaps (GBP) |  | Derivative liabilities, at fair value |  | — |  |  | (1,183 | )
Interest rate swaps (USD) |  | Derivative assets, at fair value |  | 5,992 |  |  | 2,093 |
Interest rate swaps (GBP) |  | Derivative assets, at fair value |  | 391 |  |  | — |
Interest rate swaps (GBP) |  | Derivative liabilities, at fair value |  | — |  |  | (3,713 | )
Interest rate swaps (EUR) |  | Derivative liabilities, at fair value |  | (1,646 | ) |  | (2,446 | )
Total |  |  |  | $ | 5,907 |  |  | $ | (8,881 | )
Derivatives not designated as hedging instruments: |  |  |  |  |  |
Foreign currency forwards (GBP-USD) |  | Derivative assets, at fair value |  | $ | 1,709 |  |  | $ | 20 |
Foreign currency forwards (GBP-USD) |  | Derivative liabilities, at fair value |  | (46 | ) |  | (1,175 | )
Foreign currency forwards (EUR-USD) |  | Derivative assets, at fair value |  | 1,146 |  |  | — |
Foreign currency forwards (EUR-USD) |  | Derivative liabilities, at fair value |  | (12 | ) |  | (1,258 | )
Put options (EUR) |  | Derivative assets, at fair value |  | 34 |  |  | 63 |
Interest rate swaps (EUR) |  | Derivative liabilities, at fair value |  | (1,368 | ) |  | (2,384 | )
Total |  |  |  | $ | 1,463 |  |  | $ | (4,734 | )
Schedule of Interest Rate Derivatives | As of September 30, 2018 and December 31, 2017, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
|  | September 30, 2018 |  | December 31, 2017
Derivatives |  | Number of Instruments |  | Notional Amount |  | Number of Instruments |  | Notional Amount
|  |  |  | (In thousands) |  |  |  | (In thousands)
Interest rate swaps (GBP) |  | 48 |  | $ | 239,740 |  |  | 19 |  | $ | 301,155 |
Interest rate swaps (EUR) |  | 13 |  | 215,237 |  |  | 13 |  | 222,190 |
Interest rate swaps (USD) |  | 3 |  | 150,000 |  |  | 3 |  | 150,000 |
Total |  | 64 |  | $ | 604,977 |  |  | 35 |  | $ | 673,345 |
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance | The table below details the location in the consolidated financial statements of the gain or loss recognized on interest rate derivatives designated as cash flow hedges for the three and nine months ended September 30, 2018 and 2017.
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) |  | 2018 |  | 2017 |  | 2018 |  | 2017
Amount of gain (loss) recognized in accumulated other comprehensive income (loss) from derivatives (effective portion) |  | $ | 2,018 |  |  | $ | (3,738 | ) |  | $ | 8,656 |  |  | $ | (12,364 | )
Amount of loss reclassified from accumulated other comprehensive income (loss) into income as interest expense (effective portion) |  | $ | (755 | ) |  | $ | (1,461 | ) |  | $ | (3,090 | ) |  | $ | (4,523 | )
Amount of gain (loss) recognized in income on derivative instruments (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing) |  | $ | 16 |  |  | $ | (1,102 | ) |  | $ | (96 | ) |  | $ | (1,007 | )
Schedule of Foreign Cross Currency Derivatives | As of September 30, 2018 and December 31, 2017, the Company had the following outstanding foreign currency derivatives that were designated as net investment hedges used to hedge its net investments in foreign operations:
|  | September 30, 2018 |  | December 31, 2017
Derivatives |  | Number of Instruments |  | Notional Amount |  | Number of Instruments |  | Notional Amount
|  |  |  | (In thousands) |  |  |  | (In thousands)
Cross currency swaps (EUR-USD) |  | — |  | $ | — |  |  | 3 |  | $ | 43,222 |
Cross currency swaps (GBP-USD) |  | 1 |  | 64,007 |  |  | 1 |  | 66,282 |
Foreign currency forwards (EUR-USD) |  | — |  | — |  |  | 1 |  | 12,099 |
Total |  | 1 |  | $ | 64,007 |  |  | 5 |  | $ | 121,603 |
Schedule of Net Investment Hedges | The table below presents the currency draws designated as net investment hedges and the related net investments in real estate designated in foreign currency.
|  | July 1, 2018
(In thousands) |  | GBP |  | EUR
Currency draws (1) |  | £ | 40,000 |  |  | € | 276,481 |
Net Investments in Real Estate Denominated in Foreign Currency (2) |  | £ | 92,213 |  |  | € | 349,881 |
(1) $52.1 million and $320.8 million, respectively, based on the aforementioned exchange rates as of September 30, 2018. (2) $120.1 million and $406.0 million, respectively, based on the aforementioned exchange rates as of September 30, 2018.
Disclosure of Credit Derivatives | As of September 30, 2018 and December 31, 2017, the Company had the following outstanding derivatives that were not designated as hedges under qualifying hedging relationships.
|  | September 30, 2018 |  | December 31, 2017
Derivatives |  | Number of Instruments |  | Notional Amount |  | Number of Instruments |  | Notional Amount
|  |  |  | (In thousands) |  |  |  | (In thousands)
Foreign currency forwards (GBP-USD) |  | 46 |  | $ | 43,500 |  |  | 24 |  | $ | 32,116 |
Foreign currency forwards (EUR-USD) |  | 41 |  | 42,428 |  |  | 22 |  | 35,712 |
Interest rate swaps (EUR) |  | 5 |  | 140,573 |  |  | 6 |  | 414,093 |
Options (GBP-USD) |  | — |  | — |  |  | 1 |  | 675 |
Options (EUR-USD) |  | 1 |  | 2,500 |  |  | 5 |  | 9,250 |
Total |  | 93 |  | $ | 229,001 |  |  | 58 |  | $ | 491,846 |
Offsetting Assets | The table below presents a gross presentation, the effects of offsetting, and a net presentation of the Company's derivatives as of September 30, 2018 and December 31, 2017. The net amounts of derivative assets or liabilities can be reconciled to the tabular disclosure of fair value. The tabular disclosure of fair value provides the location that derivative assets and liabilities are presented on the accompanying consolidated balance sheets.
|  |  |  |  |  |  |  |  |  | Gross Amounts Not Offset on the Balance Sheet |  |
(In thousands) |  | Gross Amounts of Recognized Assets |  | Gross Amounts of Recognized (Liabilities) |  | Gross Amounts Offset on the Balance Sheet |  | Net Amounts of Assets (Liabilities) presented on the Balance Sheet |  | Financial Instruments |  | Cash Collateral Received (Posted) |  | Net Amount
September 30, 2018 |  | $ | 10,442 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,442 |  |  | $ | (55 | ) |  | $ | — |  |  | $ | 10,387 |
September 30, 2018 |  | $ | — |  |  | $ | (3,071 | ) |  | $ | — |  |  | $ | (3,071 | ) |  | $ | 55 |  |  | $ | — |  |  | $ | (3,016 | )
December 31, 2017 |  | $ | 2,176 |  |  | $ | (15,791 | ) |  | $ | — |  |  | $ | (13,615 | ) |  | $ | — |  |  | $ | — |  |  | $ | (13,615 | )

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- Definition Tabular disclosure of credit derivatives which includes information by sellers of credit derivatives, about each credit derivative, or each group of similar credit derivatives, including (a) the nature of the credit derivative - its term, how it arose, the events or circumstances that would require the seller to perform under the credit derivative, and the current status of the payment/performance risk of the credit derivative; (b) the maximum potential amount of future payments (undiscounted) the seller could be required to make under the credit derivative; (c) the current fair value of the credit derivative; and (d) the nature of any recourse provisions under the credit derivative, and any assets held either as collateral or by third parties. A credit derivative is a derivative instrument (1) in which one or more of its underlyings are related to the credit risk of a specified entity (or a group of entities) or an index based on the credit risk of a group of entities and (2) that exposes the seller to potential loss from credit-risk-related events specified in the contract. Examples of credit derivatives within the scope of this paragraph include, but are not limited to, credit default swaps, credit spread options, and credit index products; also includes a hybrid instrument that has an embedded credit derivative (for example, but not limited to, a credit-linked note). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4J -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5708773-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4K -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5708775-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4L -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5708777-113959 + 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624163-113959 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5580258-113959 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41620-113959 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579245-113959 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41638-113959 Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41678-113959 Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=109980867&loc=d3e41641-113959 Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5624171-113959 Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -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 Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=109980867&loc=SL5579240-113959 + Details
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