RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2014

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 December 31, 2014 and December 31, 2013, respectively (in thousands):

								Fair Value
Hedge		Notional						December 31,			December 31,
Product	Hedge Type (a)	Amount		Strike		Effective Date	Maturity	2014			2013

Swap	Cash flow	$	40,000	1.8025	%	6/20/2011	6/20/2016	$	(757	)	$	(1,265	)
Swap	Cash flow	$	40,000	1.8025	%	6/20/2011	6/20/2016	(757		)	(1,265		)
Swap	Cash flow	$	20,000	1.8025	%	6/20/2011	6/20/2016	(378		)	(632		)
Swap	Cash flow	$	75,000	1.3360	%	12/30/2011	3/31/2017	(841		)	(1,132		)
Swap	Cash flow	$	50,000	1.3360	%	12/30/2011	3/31/2017	(561		)	(752		)
Swap	Cash flow	$	50,000	1.3360	%	12/30/2011	3/31/2017	(561		)	(754		)
Swap	Cash flow	$	25,000	1.3375	%	12/30/2011	3/31/2017	(281		)	(380		)
Swap	Cash flow	$	40,000	2.4590	%	6/20/2011	6/20/2018	(1,654		)	(1,820		)
Swap	Cash flow	$	40,000	2.4725	%	6/20/2011	6/20/2018	(1,672		)	(1,842		)
Swap	Cash flow	$	20,000	2.4750	%	6/20/2011	6/20/2018	(837		)	(921		)
		$	400,000					$	(8,299	)	$	(10,763	)

(a)

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