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DERIVATIVES INSTRUMENTS (Tables)
 9 Months Ended
Sep. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional and Fair Value of Interest Rate Swaps Designated as Cash Flow Hedges
The following table summarizes the notional and fair value of the Company’s interest rate swaps designated as cash flow hedges as of September 30, 2013 and December 31, 2012. The notional value is an indication of the extent of the Company’s involvement in each instrument at that time, but does not represent exposure to credit, interest rate or market risks (dollars in thousands):
 
 
 
 
 
 
 
 
 
 
Fair Value of Asset (Liability)
 
Fair Value of Asset (Liability)
Derivative Instruments
 
Effective Date
 
Maturity Date
 
Notional Value
 
Reference Rate
 
September 30, 2013
 
December 31, 2012
Interest Rate Swap
 
02/01/2013
 
02/01/2017
 
$
68,730

 
One-month LIBOR/
Fixed at 0.79%
 
$
(34
)
 
$
—

Interest Rate Swap
 
04/02/2013
 
03/27/2018
 
56,600

 
One-month LIBOR/
Fixed at 1.07%
 
377

 
—

Interest Rate Swap
 
05/01/2013
 
03/27/2018
 
18,400

 
One-month LIBOR/
Fixed at 0.86%
 
295

 
—

Interest Rate Swap (1)
 
07/01/2013
 
06/01/2018
 
148,000

 
One-month LIBOR/
Fixed at 1.41%
 
(1,447
)
 
—

Total derivatives designated 
as hedging instruments
 
 
 
 
 
$
291,730

 
 
 
$
(809
)
 
$
—

_____________________
(1) The Company entered into an interest rate swap agreement with Bank of America, N.A., which effectively fixes the interest rate on a $148.0 million portion of the National Office Portfolio Mortgage Loan at 2.91% from July 1, 2013 through May 31, 2017, and which will fix the interest rate on $100.0 million at 2.91% from June 1, 2017 through May 31, 2018