RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2015

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 June 30, 2015 and December 31, 2014, respectively (dollars in thousands):


Hedge		Notional						Fair Value
Product	Hedge Type (a)	Amount		Strike		Effective Date	Maturity	June 30, 2015		December 31, 2014

Swap	Cash flow	$	40,000	1.8025	%	6/20/2011	6/20/2016	$	(556)	$	(757)
Swap	Cash flow	$	40,000	1.8025	%	6/20/2011	6/20/2016		(556)		(757)
Swap	Cash flow	$	20,000	1.8025	%	6/20/2011	6/20/2016		(278)		(378)
Swap	Cash flow	$	75,000	1.3360	%	12/30/2011	3/31/2017		(879)		(841)
Swap	Cash flow	$	50,000	1.3360	%	12/30/2011	3/31/2017		(586)		(561)
Swap	Cash flow	$	50,000	1.3360	%	12/30/2011	3/31/2017		(586)		(561)
Swap	Cash flow	$	25,000	1.3375	%	12/30/2011	3/31/2017		(294)		(281)
Swap	Cash flow	$	40,000	2.4590	%	6/20/2011	6/20/2018		(1,635)		(1,654)
Swap	Cash flow	$	40,000	2.4725	%	6/20/2011	6/20/2018		(1,651)		(1,672)
Swap	Cash flow	$	20,000	2.4750	%	6/20/2011	6/20/2018		(827)		(837)
		$	400,000					$	(7,848)	$	(8,299)

(a)

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