RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2013

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS

Summary of terms and fair values of the derivative financial instruments

The following table summarizes the terms and fair values of the Company’s derivative financial instruments at March 31, 2013 and December 31, 2012, respectively (dollars in thousands):

							Fair Value
Hedge		Notional					March 31,		December 31,
Product	Hedge Type (a)	Amount		Strike	Effective Date	Maturity	2013		2012

Swap	Cash flow	$	40,000	1.8025%	6/20/2011	6/20/2016	$	(1,757)	$	(1,873)
Swap	Cash flow	$	40,000	1.8025%	6/20/2011	6/20/2016	(1,758)		(1,875)
Swap	Cash flow	$	20,000	1.8025%	6/20/2011	6/20/2016	(878)		(937)
Swap	Cash flow	$	75,000	1.3360%	12/30/2011	3/31/2017	(2,217)		(2,378)
Swap	Cash flow	$	50,000	1.3360%	12/30/2011	3/31/2017	(1,474)		(1,583)
Swap	Cash flow	$	50,000	1.3360%	12/30/2011	3/31/2017	(1,475)		(1,583)
Swap	Cash flow	$	25,000	1.3375%	12/30/2011	3/31/2017	(743)		(799)
Swap	Cash flow	$	40,000	2.4590%	6/20/2011	6/20/2018	(3,238)		(3,433)
Swap	Cash flow	$	40,000	2.4725%	6/20/2011	6/20/2018	(3,269)		(3,470)
Swap	Cash flow	$	20,000	2.4750%	6/20/2011	6/20/2018	(1,634)		(1,734)
		$	400,000				$	(18,443)	$	(19,665)

(a) Hedging unsecured variable rate debt by fixing 30-day LIBOR.