RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2017

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 as of March 31, 2017 and December 31, 2016, respectively (dollars in thousands):


Hedge	Hedge	Notional Amount								Fair Value
Product	Type (a)	March 31, 2017		December 31, 2016		Strike		Effective Date	Maturity	March 31, 2017		December 31, 2016

Swap	Cash flow	$	—	$	75,000	1.3360	%	12/30/2011	3/31/2017	$	—	$	(103)
Swap	Cash flow		—		50,000	1.3360	%	12/30/2011	3/31/2017		—		(69)
Swap	Cash flow		—		50,000	1.3360	%	12/30/2011	3/31/2017		—		(69)
Swap	Cash flow		—		25,000	1.3375	%	12/30/2011	3/31/2017		—		(34)
Swap	Cash flow		40,000		40,000	2.4590	%	6/20/2011	6/20/2018		(573)		(797)
Swap	Cash flow		40,000		40,000	2.4725	%	6/20/2011	6/20/2018		(580)		(804)
Swap	Cash flow		20,000		20,000	2.4750	%	6/20/2011	6/20/2018		(291)		(404)
		$	100,000	$	300,000					$	(1,444)	$	(2,280)

(a)

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