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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2016
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 September 30, 2016 (dollars and British pound sterling (“GBP”) in thousands):
|  |  |  |  |  | Fixed |  |  |  |  |  |  |  |  |
|  |  |  | Hedge |  | Rate/Buy |  | Floating/Exchange |  | Notional/ |  |  |
Date Entered |  | Maturity Date |  | Designation |  | Amount |  | Rate Index |  | Sell Amount |  | Fair Value(1) |
Interest rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 2005(2) |  | July 2020 |  | Cash Flow |  |  | 3.82 | % | BMA Swap Index |  | $ | 44,700 |  | $ | (4,643) |
November 2008(3) |  | October 2016 |  | Cash Flow |  |  | 5.95 | % | 1 Month LIBOR+1.50% |  | $ | 24,600 |  | $ | (35) |
January 2015(4) |  | October 2017 |  | Cash Flow |  |  | 1.79 | % | 1 Month GBP LIBOR+0.975% |  | £ | 220,000 |  | $ | (1,880) |
Foreign currency: |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2015(5) |  | October 2017 |  | Cash Flow |  | $ | 20,700 |  | Buy USD/Sell GBP |  | £ | 13,700 |  | $ | 2,901 |
| (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, which hedges fluctuations 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 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 rate: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
July 2005 |  | July 2020 |  | $ | 884 |  | $ | (722) |  | $ | 1,686 |  | $ | (1,524) |
November 2008 |  | October 2016 |  |  | 2 |  |  | (7) |  |  | 7 |  |  | (12) |
January 2015 |  | October 2017 |  |  | 1,566 |  |  | (1,524) |  |  | 3,110 |  |  | (3,069) |
Foreign currency: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
January 2015 |  | October 2017 |  |  | (28) |  |  | 149 |  |  | (117) |  |  | 238 |

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