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Derivative Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2015
Derivative Financial Instruments |
Schedule of derivative instruments (dollars and GBP in thousands) | The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of December 31, 2015 (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) |
Interest rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 2005(2) |  | July 2020 |  | Cash Flow |  |  | 3.82 | % | BMA Swap Index |  | $ | 45,600 |  | $ | (5,430) |
November 2008(3) |  | October 2016 |  | Cash Flow |  |  | 5.95 | % | 1 Month LIBOR+1.50% |  | $ | 25,100 |  |  | (761) |
July 2012(4) |  | June 2016 |  | Cash Flow |  |  | 1.81 | % | 1 Month GBP LIBOR+1.20% |  | £ | 137,000 |  |  | (60) |
January 2015(4) |  | October 2017 |  | Cash Flow |  |  | 1.79 | % | 1 Month GBP LIBOR+0.975% |  | £ | 220,000 |  |  | 196 |
Foreign currency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 2012(5) |  | June 2016 |  | N/A |  | $ | 11,400 |  | Buy USD/Sell GBP |  | £ | 7,200 |  |  | 685 |
January 2015(6) |  | October 2017 |  | Cash Flow |  | $ | 35,100 |  | Buy USD/Sell GBP |  | £ | 23,200 |  |  | 866 |
| (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) |  | Represents an interest-rate swap contract, that hedges the fluctuation in interest payments on variable-rate secured debt due to overall changes in hedged cash flows
| (4) |  | Hedges fluctuations in interest payments on variable-rate 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. Represents a currency swap to sell £7.2 million at a rate of 1.5695 in June 2016.
| (6) |  | Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to the Company’s forecasted GBP denominated interest receipts on its HC-One Facility. Represents a currency swap to sell approximately £1.0 million monthly at a rate of 1.5149 through October 2017.
Schedule of effect of change in interest and foreign currency rate (dollars in thousands) | 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 |  | $ | 1,034 |  | $ | (933) |  | $ | 2,017 |  | $ | (1,916) |
November 2008 |  | October 2016 |  |  | 102 |  |  | (96) |  |  | 201 |  |  | (195) |
July 2012 |  | June 2016 |  |  | 469 |  |  | (452) |  |  | 937 |  |  | (906) |
January 2015 |  | October 2017 |  |  | 2,982 |  |  | (2,916) |  |  | 5,931 |  |  | (5,866) |
Foreign currency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 2012 |  | June 2016 |  |  | (44) |  |  | 63 |  |  | (97) |  |  | 116 |
January 2015 |  | October 2017 |  |  | (95) |  |  | 246 |  |  | (265) |  |  | 417 |

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