Risk Management and Use of Derivative Financial Instruments (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] |
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| 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 Location | | Derivative Assets Fair Value at | | Derivative Liabilities Fair Value at | | | June 30, 2026 | | December 31, 2025 | | June 30, 2026 | | December 31, 2025 | | Interest rate swaps | | Other assets, net | | $ | 3,714 | | | $ | 244 | | | $ | — | | | $ | — | | Foreign currency collars | | Other assets, net | | 2,868 | | | 1,468 | | | — | | | — | | Foreign currency collars | | Accounts payable, accrued expenses and other liabilities | | — | | | — | | | (5,414) | | | (13,021) | | | Interest rate swaps | | Accounts payable, accrued expenses and other liabilities | | — | | | — | | | (267) | | | (4,024) | | | | | | 6,582 | | | 1,712 | | | (5,681) | | | (17,045) | | Derivatives Not Designated as Hedging Instruments | | | | | | | | | | | | Foreign currency collars | | Other assets, net | | 1,792 | | | 133 | | | — | | | — | | | Foreign currency collars | | Accounts payable, accrued expenses and other liabilities | | — | | | — | | | — | | | (1,390) | | | | | | 1,792 | | | 133 | | | — | | | (1,390) | | | Total derivatives | | | | $ | 8,374 | | | $ | 1,845 | | | $ | (5,681) | | | $ | (18,435) | |
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| 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) | | | Three Months Ended June 30, | | Six Months Ended June 30, | | Derivatives in Cash Flow Hedging Relationships | | 2026 | | 2025 | | 2026 | | 2025 | | Interest rate swaps | | $ | (3,477) | | | $ | (6,401) | | | $ | 7,210 | | | $ | (5,721) | | | Foreign currency collars | | 2,203 | | | (25,777) | | | 9,008 | | | (38,995) | | | Total | | $ | (1,274) | | | $ | (32,178) | | | $ | 16,218 | | | $ | (44,716) | |
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Other Comprehensive Income (Loss) | Derivatives in Cash Flow Hedging Relationships | | Location of Gain (Loss) Recognized in Income | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Interest rate swaps | | Interest expense | | $ | (293) | | | $ | 586 | | | $ | (626) | | | $ | 634 | | | Foreign currency collars | | Non-operating income | | 59 | | | 2,157 | | | (108) | | | 5,971 | | | Total | | | | $ | (234) | | | $ | 2,743 | | | $ | (734) | | | $ | 6,605 | |
__________ (a)Excludes net gains of less than $0.1 million recognized on unconsolidated jointly owned investments for both the three months ended June 30, 2026 and 2025, and net gains of $0.1 million for both the six months ended June 30, 2026 and 2025.
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| 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 | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | | Foreign currency collars | | Non-operating income | | $ | 464 | | | $ | (2,556) | | | $ | 426 | | | $ | (3,811) | | | Interest rate swaps | | Interest expense | | 293 | | | (606) | | | 624 | | | (674) | | | Derivatives Not in Cash Flow Hedging Relationships | | | | | | | | | | | | Foreign currency collars | | Other gains and (losses) | | 825 | | | (3,275) | | | 3,049 | | | (5,015) | | | Total | | | | $ | 1,582 | | | $ | (6,437) | | | $ | 4,099 | | | $ | (9,500) | |
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| Schedule of Derivative Instruments |
The interest rate swaps that our consolidated subsidiaries had outstanding at June 30, 2026 are summarized as follows (currency in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Interest Rate Derivatives | | Number of Instruments | | Notional
Amount | | Fair Value at
June 30, 2026 (a) | | Designated as Cash Flow Hedging Instruments | | | | | | | | | Interest rate swaps | | 4 | | 528,991 | | EUR | | $ | 3,411 | | | Interest rate swaps | | 2 | | 270,000 | | GBP | | 36 | | | | | | | | | $ | 3,447 | |
__________ (a)Fair value amounts are based on the exchange rate of the euro at June 30, 2026, as applicable. The following table presents the foreign currency collars that we had outstanding at June 30, 2026 (currency in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Foreign Currency Derivatives | | Number of Instruments | | Notional
Amount | | Fair Value at June 30, 2026 | | Designated as Cash Flow Hedging Instruments | | | | | | | | | Foreign currency collars | | 37 | | 259,000 | | EUR | | $ | (2,837) | | | Foreign currency collars | | 14 | | 16,000 | | GBP | | 291 | | | Not Designated as Cash Flow Hedging Instruments | | | | | | | | | Foreign currency collars | | 5 | | 41,000 | | EUR | | 1,792 | | | | | | | | | $ | (754) | |
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