Quarterly report pursuant to Section 13 or 15(d)

Interest Rate Derivatives (Tables)

v3.5.0.2
Interest Rate Derivatives (Tables)
 9 Months Ended
Sep. 30, 2016
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of key terms and fair values of interest rate swap derivatives
The following table sets forth the key terms and fair values of our interest rate swap derivatives (dollars in thousands):
 
 
 



 

 

Fair Value at
Notional Amount
 
Fixed Rate

Floating Rate Index

Effective Date

Expiration Date

September 30,
2016

December 31,
2015
$
100,000


1.6730%

One-Month LIBOR

9/1/2015

8/1/2019

$
(2,339
)

$
(1,217
)
100,000


1.7300%

One-Month LIBOR

9/1/2015

8/1/2019

(2,500
)

(1,429
)
13,676

(1)
1.3900%
 
One-Month LIBOR
 
10/13/2015
 
10/1/2020
 
(236
)
 
53

100,000

 
1.9013%
 
One-Month LIBOR
 
9/1/2016
 
12/1/2022
 
(4,879
)
 
(138
)
100,000

 
1.9050%
 
One-Month LIBOR
 
9/1/2016
 
12/1/2022
 
(4,872
)
 
(45
)
50,000

 
1.9079%
 
One-Month LIBOR
 
9/1/2016
 
12/1/2022
 
(2,446
)
 
(32
)
100,000


0.8055%

One-Month LIBOR

9/2/2014

9/1/2016

—


(148
)
100,000


0.8100%

One-Month LIBOR

9/2/2014

9/1/2016

—


(151
)
 

 
 

 

 

 

$
(17,272
)

$
(3,107
)

(1)
The notional amount of this instrument is scheduled to amortize to $12.1 million.

Schedule of fair value and balance sheet classification of interest rate derivatives
The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands):
 
 
 
 
Fair Value at
Derivatives
 
Balance Sheet Location
 
September 30,
2016
 
December 31, 2015
Interest rate swaps designated as cash flow hedges
 
Prepaid expenses and other assets
 
$
—

 
$
53

Interest rate swaps designated as cash flow hedges
 
Interest rate derivatives
 
(17,272
)
 
(3,160
)
Schedule of effect of interest rate derivatives on consolidated statements of operations and comprehensive income
The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):
 
 
For the Three Months Ended September 30,
 
For the Nine Months Ended September 30,
 
 
2016
 
2015
 
2016
 
2015
Amount of gain (loss) recognized in accumulated other comprehensive loss (“AOCL”) (effective portion)
 
$
407

 
$
(3,638
)
 
$
(16,581
)
 
$
(6,720
)
Amount of losses reclassified from AOCL into interest expense (effective portion)
 
1,043

 
915

 
2,763

 
2,457

Amount of gain (loss) recognized in interest expense (ineffective portion)
 
1,523

 
—

 
(347
)
 
—