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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 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 December 31, 2014 (dollars and GBP in thousands):
|  |  |  |  |  | Fixed |  |  |  |  |  |  |  |
|  |  |  | Hedge |  | Rate/Buy |  |  |  | Notional/Sell |  |  |
Date Entered |  | Maturity Date |  | Designation |  | Amount |  | Floating/Exchange Rate Index |  | Amount |  | Fair Value(1)
July 2005(2) |  | July 2020 |  | Cash Flow |  |  | 3.82 | % | BMA Swap Index |  | $ | 45,600 |  | $ | (5,939)
November 2008(3) |  | October 2016 |  | Cash Flow |  |  | 5.95 | % | 1 Month LIBOR+1.50% |  | $ | 26,000 |  |  | (1,724)
July 2012(3) |  | June 2016 |  | Cash Flow |  |  | 1.81 | % | 1 Month GBP LIBOR+1.20% |  | £ | 137,000 |  |  | 178
July 2012(4) |  | June 2016 |  | Cash Flow |  | $ | 34,100 |  | Buy USD/Sell GBP |  | £ | 21,700 |  |  | 276
July 2014(5) |  | December 2015 |  | Cash Flow |  | $ | 7,500 |  | Buy USD/Sell GBP |  | £ | 4,400 |  |  | 653
| (1) |  | Derivative assets are recorded in other assets, net and derivative liabilities are recorded in accounts payable and accrued liabilities on the 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.
| (5) |  | Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to the Company’s forecasted GBP denominated interest receipts on intercompany loans. Represents a currency swap to sell £0.4 million at a rate of 1.7060 on various dates through December 2015.
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 |
|  |  |  | +50 Basis |  | −50 Basis |  | +100 Basis |  | −100 Basis |
Date Entered |  | Maturity Date |  | Points |  | Points |  | Points |  | Points |
Interest rates: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 2005 |  | July 2020 |  | $ | 1,170 |  | $ | (1,194) |  | $ | 2,351 |  | $ | (2,375) |
November 2008 |  | October 2016 |  |  | 235 |  |  | (220) |  |  | 462 |  |  | (447) |
July 2012 |  | June 2016 |  |  | 1,533 |  |  | (1,560) |  |  | 3,079 |  |  | (3,106) |
Foreign Currency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 2012 |  | June 2016 |  |  | (189) |  |  | 149 |  |  | (358) |  |  | 319 |
July 2014 |  | December 2015 |  |  | (38) |  |  | 30 |  |  | (72) |  |  | 64 |

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