v3.25.4
Risk Management and Use of Derivative Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value
The following table sets forth certain information regarding our derivative instruments (in thousands):
Derivatives Designated as Hedging Instruments
Balance Sheet LocationAsset Derivatives Fair Value atLiability Derivatives Fair Value at
December 31, 2025December 31, 2024December 31, 2025December 31, 2024
Foreign currency collars
Other assets, net
$1,468 $21,556 $— $— 
Interest rate swaps
Other assets, net
244 250 — — 
Foreign currency collarsAccounts payable, accrued expenses and other liabilities— — (13,021)(50)
Interest rate swaps
Accounts payable, accrued expenses and other liabilities
— — (4,024)(848)
1,712 21,806 (17,045)(898)
Derivatives Not Designated as Hedging Instruments
Foreign currency collarsOther assets, net133 1,696 — — 
Foreign currency collars
Accounts payable, accrued expenses and other liabilities
— — (1,390)— 
133 1,696 (1,390)— 
Total derivatives$1,845 $23,502 $(18,435)$(898)
Schedule of Derivative Instruments, Effect on other Comprehensive Income (Loss)
The following tables present the impact of our derivative instruments in the consolidated financial statements (in thousands):
Amount of Gain (Loss) Recognized on Derivatives in
Other Comprehensive Income (Loss) (a)
Years Ended December 31,
Derivatives in Cash Flow Hedging Relationships 202520242023
Foreign currency collars$(33,060)$11,432 $(21,112)
Interest rate swaps(2,996)154 (3,270)
Interest rate caps— — (9)
Total$(36,056)$11,586 $(24,391)
Amount of Gain (Loss) on Derivatives Reclassified from
Other Comprehensive Income (Loss)
Derivatives in Cash Flow Hedging Relationships
Location of Gain (Loss) Recognized in Income
Years Ended December 31,
202520242023
Foreign currency collarsNon-operating income$4,352 $8,695 $14,874 
Interest rate swaps and capsInterest expense453 1,582 1,956 
Total$4,805 $10,277 $16,830 
__________
(a)Excludes net gains of $0.3 million, net losses of $1.0 million, and net losses of $2.0 million recognized on unconsolidated jointly owned investments for the years ended December 31, 2025, 2024, and 2023, respectively.
Schedule of Derivative Instruments, Gain (Loss) in Statement of Financial Performance
Amount of Gain (Loss) on Derivatives Recognized in Income
Derivatives in Cash Flow Hedging Relationships
Location of Gain (Loss) Recognized in Income
Years Ended December 31,
202520242023
Foreign currency collarsNon-operating income$(5,039)$3,826 $(389)
Interest rate swaps
Interest expense
(534)(1,691)(2,076)
Derivatives Not in Cash Flow Hedging Relationships
Foreign currency collars
Other gains and (losses)
(2,953)1,913 32 
Stock warrants
Other gains and (losses)
— — (3,950)
Total$(8,526)$4,048 $(6,383)
Schedule of Derivative Instruments
The interest rate swaps that our consolidated subsidiaries had outstanding at December 31, 2025 are summarized as follows (currency in thousands):
Interest Rate Derivatives Number of InstrumentsNotional
Amount
Fair Value at
December 31, 2025 (a)
Designated as Cash Flow Hedging Instruments
Interest rate swaps2270,000 GBP$(3,404)
Interest rate swaps4529,640 EUR(381)
Interest rate swap111,290 USD5 
$(3,780)
__________ 
(a)Fair value amounts are based on the exchange rate of the euro at December 31, 2025, as applicable.
The following table presents the foreign currency collars that we had outstanding at December 31, 2025 (currency in thousands):
Foreign Currency Derivatives Number of InstrumentsNotional
Amount
Fair Value at
December 31, 2025
Designated as Cash Flow Hedging Instruments
Foreign currency collars38252,000 EUR$(11,581)
Foreign currency collars1720,000 GBP27 
Not Designated as Cash Flow Hedging Instruments
Foreign currency collars868,000 EUR(1,256)
$(12,810)