Capital and Financing Transactions (Tables)

3 Months Ended

Mar. 31, 2014

Capital and Financing Transactions [Abstract]

Schedule of revolving credit facilities and term loans

The following table summarizes the Company's notes payable to banks:

Credit Facilities	Lender	Interest Rate		Maturity	Outstanding Balance
					(in thousands)
$10.0 Million Unsecured Working Capital Revolving Credit Facility	PNC Bank	—		03/29/2016	$	—
$215.0 Million Unsecured Revolving Credit Facility	Wells-Fargo	—		03/29/2016	—
$125.0 Million Unsecured Term Loan (1)	Key Bank	2.4%		09/27/2017	125,000
$120.0 Million Term Loan Facility (2)	Wells-Fargo	3.3%		06/11/2018	120,000
		2.9%	(3)		$	245,000

(1) Effective October 1, 2012, the Company executed two floating-to-fixed interest rate swaps associated with the Unsecured Term Loan totaling $125 million, locking LIBOR at 0.7% for five years. The loan bears interest at LIBOR plus the applicable spread which ranges between 150 to 225 basis points based on overall Company leverage. The current spread associated with the loan is 1.75% resulting in an all-in rate of 2.45%.

(2) Effective June 12, 2013, the Company entered into a new floating-to-fixed interest rate swap associated with the Term Loan Facility totaling $120 million, locking LIBOR at 1.6% for five years. The loan bears interest at LIBOR plus the applicable spread which ranges between 145 to 220 basis points based on overall Company leverage. The current spread associated with the loan is 1.7% resulting in an all-in rate of 3.3%.

(3) Represents a weighted average interest rate.

Schedule of interest rate derivatives

The Company's interest rate hedge contracts at March 31, 2014, and March 31, 2013 are summarized as follows (in thousands):

							Fair Value Asset (Liability)
Type of	Balance Sheet	Notional		Maturity		Fixed	March 31,
Hedge	Location	Amount		Date	Reference Rate	Rate	2014			2013
Swap	Accounts payable and other liabilities	$	12,088	11/18/2015	1-month LIBOR	4.1%	$	—		$	(541	)
Swap	Accounts payable and other liabilities	30,000		02/01/2016	1-month LIBOR	2.3%	—			(1,666		)
Swap	Receivables and other assets	50,000		09/27/2017	1-month LIBOR	2.4%	695			26
Swap	Receivables and other assets	75,000		09/27/2017	1-month LIBOR	2.4%	1,049			39
Swap	Accounts payable and other liabilities	33,875		11/18/2017	1-month LIBOR	4.7%	(1,864		)	(3,113		)
Swap	Accounts payable and other liabilities	1,875		01/25/2018	1-month LIBOR	4.9%	(56		)	—
Swap	Accounts payable and other liabilities	22,000		01/25/2018	1-month LIBOR	4.5%	(1,015		)	(1,804		)
Swap	Accounts payable and other liabilities	45,000		01/25/2018	1-month LIBOR	4.7%	(377		)	(1,447		)
Swap	Accounts payable and other liabilities	120,000		06/11/2018	1-month LIBOR	3.3%	(1,033		)	—
Swap	Accounts payable and other liabilities	9,250		09/30/2018	1-month LIBOR	5.2%	(679		)	(1,140		)
Swap	Accounts payable and other liabilities	22,500		10/08/2018	1-month LIBOR	5.4%	(1,781		)	(2,935		)
Swap	Receivables and other assets	13,500		10/08/2018	1-month LIBOR	3.3%	65			—
Swap	Accounts payable and other liabilities	22,100		11/18/2018	1-month LIBOR	5.0%	(1,397		)	(2,458		)
							$	(6,393	)	$	(15,039	)

Schedule of the effect on consolidated statements of operations and comprehensive income (loss)

The table below presents the effect of the Company's derivative financial instruments on the Company's consolidated statements of operations and comprehensive income (loss) for the three months ended March 31, 2014 and 2013 (in thousands):

Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps)	Three Months Ended March 31,
	2014			2013
Amount of loss recognized in other comprehensive income (loss) on derivative	$	(1,533	)	$	(7,413	)
Amount of loss reclassified from accumulated other comprehensive income (loss) into interest expense	(1,453		)	(3,902		)