XML 30 R22.htm IDEA: XBRL DOCUMENT v3.22.1

Derivatives

3 Months Ended

Mar. 31, 2022

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Derivatives

Note 12—Derivatives

The Company’s use of derivative financial instruments has historically been limited to the utilization of interest rate swaps, interest rate caps and foreign exchange contracts. The principal objective of such financial instruments is to minimize the risks and/or costs associated with the Company’s operating and financial structure and to manage its exposure to interest rates and foreign exchange rates. The Company may have derivatives that are not designated as hedges because they do not meet the strict hedge accounting requirements. Although not designated as hedges, such derivatives are entered into to manage the Company’s exposure to interest rate movements and other identified risks.

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 March 31, 2022 and December 31, 2021 ($ in thousands):⁽¹⁾

​	​	​	​	​	​
​		Derivative Liabilities
​	​	Balance Sheet	​	Fair
As of March 31, 2022		Location		Value
Derivatives Designated in Hedging Relationships	​	​	​	​	​
Interest rate swaps		Liabilities associated with real estate held for sale and classified as discontinued operations	​	$	—
Total			​	$	—
​	​	​	​	​	​
As of December 31, 2021			​
Derivatives Designated in Hedging Relationships			​
Interest rate swaps		Liabilities associated with real estate held for sale and classified as discontinued operations	​	$	8,395
Total			​	$	8,395

(1) Over the next 12 months, the Company expects that $2.6 million related to its proportionate share of cash flow hedges held by SAFE will be reclassified from “Accumulated other comprehensive income (loss)” as a decrease to earnings from equity method investments.

The table below presents the effect of the Company’s derivative financial instruments, including the Company’s share of derivative financial instruments at certain of its equity method investments, in the consolidated statements of operations and the consolidated statements of comprehensive income (loss) ($ in thousands):

​	​	​	​	​	​	​	​	​
​		​		Amount of Gain			Amount of Gain
​	​	Location of Gain	​	(Loss) Recognized in		​	(Loss) Reclassified
​	​	(Loss)	​	Accumulated Other		​	from Accumulated
Derivatives Designated in	​	When Recognized in	​	Comprehensive		​	Other Comprehensive
Hedging Relationships		Income		Income			Income into Earnings
For the Three Months Ended March 31, 2022	​	​	​	​	​	​	​	​
Interest rate swaps		Earnings from equity method investments	​		2,755	​		(621)
For the Three Months Ended March 31, 2021			​			​
Interest rate swaps		Net income from discontinued operations	​	$	3,335	​	$	(2,104)
Interest rate swaps		Earnings from equity method investments	​		8,638	​		(234)

​

X

- References

No definition available.

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-URI http://asc.fasb.org/topic&trid=2229140

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 815
-SubTopic 40
-Section 50
-Paragraph 5
-Subparagraph (f)
-URI http://asc.fasb.org/extlink&oid=123477628&loc=d3e90205-114008

+ Details

Name:	us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration