Quarterly report pursuant to Section 13 or 15(d)

Interest Rate Derivatives (Tables)

v2.4.0.8
Interest Rate Derivatives (Tables)
 9 Months Ended
Sep. 30, 2013
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,
2013

December 31,
2012
$
100,000

 
0.6123%

One-Month LIBOR

1/3/2012

9/1/2014

$
(365
)

$
(594
)
100,000

 
0.6100%

One-Month LIBOR

1/3/2012

9/1/2014

(362
)

(591
)
100,000

 
0.8320%

One-Month LIBOR

1/3/2012

9/1/2015

(963
)

(1,313
)
100,000

 
0.8320%

One-Month LIBOR

1/3/2012

9/1/2015

(963
)

(1,313
)
37,894

(1)
3.8300%

One-Month LIBOR + 2.25%

11/2/2010

11/2/2015

(933
)

(1,268
)
100,000


0.8055%

One-Month LIBOR

9/2/2014

9/1/2016

1


(263
)
100,000


0.8100%

One-Month LIBOR

9/2/2014

9/1/2016

(9
)

(272
)
100,000


1.6730%

One-Month LIBOR

9/1/2015

8/1/2019

2,685


(154
)
100,000


1.7300%

One-Month LIBOR

9/1/2015

8/1/2019

2,509


(417
)
 

 
 

 

 

 

$
1,600


$
(6,185
)

(1)
The notional amount of this instrument is scheduled to amortize to $36.2 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 sheet (in thousands):
 
 
September 30, 2013
 
December 31, 2012
Derivatives
 
Balance Sheet Location
 
Fair Value
 
Balance Sheet Location
 
Fair Value
Interest rate swaps designated as cash flow hedges
 
Prepaid expenses and other assets
 
$
5,195

 
Prepaid expenses and other assets
 
$
—

Interest rate swaps designated as cash flow hedges
 
Interest rate derivatives
 
(3,595
)
 
Interest rate derivatives
 
(6,185
)
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,
 
2013
 
2012
 
2013
 
2012
Amount of (loss) gain recognized in accumulated other comprehensive income (loss) (“AOCI”) (effective portion)
$
(2,482
)
 
$
(2,760
)
 
$
5,810

 
$
(7,386
)
Amount of loss reclassified from AOCI into interest expense (effective portion)
689

 
632

 
2,021

 
3,034