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Derivative Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2014
Derivative Financial Instruments |
Schedule of derivative instruments | The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of March 31, 2014 (dollars and GBP in thousands):
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 |  | $ | (5,837 | )
November 2008(3) |  | October 2016 |  | Cash Flow |  | 5.95 | % | 1 Month LIBOR+1.50% |  | $ | 26,300 |  | $ | (2,455 | )
July 2012(3) |  | June 2016 |  | Cash Flow |  | 1.81 | % | 1 Month GBP LIBOR+1.20% |  | £ | 137,000 |  | $ | 2,035 |
July 2012(4) |  | June 2016 |  | Cash Flow |  | $ | 56,800 |  | Buy USD/Sell GBP |  | £ | 36,200 |  | $ | (3,254 | )
(1) Derivative assets are recorded in other assets, net and derivative liabilities are recorded in accounts payable and accrued liabilities on the condensed consolidated balance sheets. (2) Represents three interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows. (3) Hedges fluctuations in interest payments on variable-rate unsecured debt due to fluctuations in the underlying benchmark interest rate. (4) 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. Represents a currency swap to sell £7.2 million at a rate of 1.5695 on various dates through June 2016.
Schedule of effect of change in interest and foreign currency rate | The following table summarizes the results of the analysis performed (dollars in thousands):
|  |  |  | 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 |  | $ | 1,248 |  | $ | (1,434 | ) | $ | 2,589 |  | $ | (2,775 | )
November 2008 |  | October 2016 |  | 333 |  | (318 | ) | 658 |  | (644 | )
July 2012 (interest-rate swap) |  | June 2016 |  | 2,495 |  | (2,501 | ) | 4,993 |  | (4,999 | )
July 2012 (foreign currency swap) |  | June 2016 |  | (546 | ) | 58 |  | (848 | ) | 359 |

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- Definition Tabular disclosure of pertinent information about a derivative or group of derivatives on a disaggregated basis, such as for individual instruments, or small groups of similar instruments. May include a combination of the type of instrument, risks being hedged, notional amount, hedge designation, related hedged item, inception date, maturity date, or other relevant item. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41678-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 25 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6886632&loc=d3e76258-113986 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41620-113959 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5580258-113959 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579240-113959 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 5 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41641-113959 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=7476318&loc=d3e41638-113959 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(n)(2)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 + Details
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