Schedule of derivative instruments in statement of financial position, fair value |
The following table summarizes the terms and fair values of the Company's derivative financial instruments as of December 31, 2014 and December 31, 2013. The notional amounts provide an indication of the extent of the Company's involvement in these instruments at that time, but do not represent exposure to credit, interest rate or market risks (amounts presented in thousands and included in other liabilities on the Company's consolidated balance sheets). | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Hedge Product | | Hedge Type | | Designation | | Notional Amount | | Strike | | Trade Date | | Maturity Date | | Fair value | | | | | | | 12/31/2014 | | 12/31/2013 | | | | | | | | 12/31/2014 | | 12/31/2013 | Assets/(Liabilities) | | | | | | | | | | | | | | | | | Swap | | Interest Rate | | Cash Flow | (a) | $ | 25,774 |
| | $ | 25,774 |
| | 3.300 | % | | December 22, 2011 | | January 30, 2021 | | $ | (334 | ) | | $ | 549 |
| Swap | | Interest Rate | | Cash Flow | (a) | 25,774 |
| | 25,774 |
| | 3.090 | % | | January 6, 2012 | | October 30, 2019 | | (254 | ) | | 218 |
| Swap | | Interest Rate | | Cash Flow | (a) | 200,000 |
| | 200,000 |
| | 3.623 | % | | December 6-13, 2011 | | February 1, 2019 | | (2,649 | ) | | (545 | ) | Swap | | Interest Rate | | Cash Flow | (a) | 27,062 |
| | 27,062 |
| | 2.750 | % | | December 21, 2011 | | September 30, 2017 | | (253 | ) | | (311 | ) | Swap | | Interest Rate | | Cash Flow | (a), (b) | — |
| | 77,000 |
| | 2.703 | % | | December 9-13, 2011 | | February 1, 2016 | | — |
| | (887 | ) | Swap | | Interest Rate | | Cash Flow | (a), (b) | — |
| | 50,000 |
| | 2.470 | % | | December 13, 2011 | | February 1, 2015 | | — |
| | (283 | ) | Swap | | Interest Rate | | Cash Flow | (a), (b) | — |
| | 23,000 |
| | 2.513 | % | | December 7-12, 2011 | | May 1, 2015 | | — |
| | (162 | ) | | | | | | | $ | 278,610 |
| | $ | 428,610 |
| | | | | | | | $ | (3,490 | ) | | $ | (1,421 | ) |
| | (a) | Hedging unsecured variable rate debt. |
| | (b) | On September 16, 2014, the Company repaid the entire $150.0 million swapped to fixed portion of its previously mentioned three-year term loan (See Note 7, "Debt Obligations"), consisting of $150.0 million interest rate swaps maturing through February 1, 2016 (shown above). In connection with the repayment, the Company terminated associated hedging contracts, incurring a $0.8 million charge upon termination. |
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