Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2012

Derivative Financial Instruments

Schedule of derivative instruments

Date Entered	Maturity Date	Hedge Designation	Fixed Rate/Buy Amount			Floating/Exchange Rate Index	Notional/  Sell Amount		Fair Value(1)
July 2005(2)	July 2020	Cash Flow	3.82		%	BMA Swap Index	$	45,600	$	(8,868	)
November 2008(3)	October 2016	Cash Flow	5.95		%	1 Month LIBOR+1.50%	27,200		(4,142		)
July 2009(4)	July 2013	Cash Flow	6.13		%	1 Month LIBOR+3.65%	13,700		(234		)
July 2012(4)	June 2016	Cash Flow	1.81		%	1 Month GBP LIBOR+1.20%	£	137,000	(75		)
July 2012(5)	June 2016	Cash Flow	$	11,400		Buy USD/Sell GBP	£	7,200	(2,317		)

(1)Interest-rate and foreign currency swap assets are recorded in other assets, net and interest-rate and foreign currency swap liabilities are recorded in accounts payable and accrued liabilities on the condensed consolidated balance sheets.

(2)Represents three interest-rate swap contracts with an aggregate notional amount of $45.6 million which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows.

(3)Acquired in conjunction with mortgage debt assumed related to real estate acquired on December 28, 2010. Hedges fluctuations in interest payments on variable-rate secured debt due to fluctuations in the underlying benchmark interest rate.

(4)Hedges fluctuations in interest payments on variable-rate secured and unsecured debt due to fluctuations in the underlying benchmark interest rate.

(5)Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to a portion of the Company’s forecasted interest receipts on GBP denominated senior unsecured notes.

Schedule of effect of change in interest rate

		Effects of Change in Interest and Foreign Currency Rates
Date Entered	Maturity Date	+50 Basis Points			-50 Basis Points			+100 Basis Points			-100 Basis Points
July 2005	July 2020	$	1,605		$	(1,760	)	$	3,287		$	(3,443	)
November 2008	October 2016	528			(526		)	1,055			(1,052		)
July 2009	July 2013	49			(55		)	102			(107		)
July 2012	June 2016	4,238			(3,872		)	8,293			(7,926		)
July 2012	June 2016	(699		)	232			(1,164		)	697