| Summary of Company's Outstanding Interest-rate Swap Agreement |
The following is a summary of the Company’s outstanding interest rate swap agreements:
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Fair Value |
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(in thousands, except interest rates) |
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December 31, |
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Counterparty |
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Maturity Date |
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Fixed Rate |
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Variable Rate Index |
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Notional Amount |
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2017 |
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2016 |
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Bank of America, N.A. |
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November 2023 |
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2.80 |
% |
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LIBOR 1 month |
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$ |
25,000 |
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$ |
(863 |
) |
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$ |
(1,338 |
) |
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Bank of Montreal |
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July 2024 |
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1.16 |
% |
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LIBOR 1 month |
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40,000 |
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2,503 |
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2,485 |
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Bank of Montreal |
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January 2025 |
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1.91 |
% |
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LIBOR 1 month |
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25,000 |
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464 |
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299 |
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Bank of Montreal |
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July 2025 |
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2.32 |
% |
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LIBOR 1 month |
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25,000 |
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(194 |
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(433 |
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Bank of Montreal |
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January 2026 |
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1.92 |
% |
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LIBOR 1 month |
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25,000 |
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561 |
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437 |
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Bank of Montreal |
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January 2026 |
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2.05 |
% |
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LIBOR 1 month |
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40,000 |
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520 |
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275 |
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Bank of Montreal |
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December 2026 |
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2.33 |
% |
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LIBOR 1 month |
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10,000 |
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(63 |
) |
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(132 |
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Bank of Montreal |
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December 2027 |
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2.37 |
% |
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LIBOR 1 month |
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25,000 |
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(192 |
) |
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— |
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Capital One, N.A. |
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December 2021 |
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1.05 |
% |
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LIBOR 1 month |
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15,000 |
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607 |
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552 |
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Capital One, N.A. |
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December 2024 |
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1.58 |
% |
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LIBOR 1 month |
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15,000 |
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603 |
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565 |
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Capital One, N.A. |
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January 2026 |
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2.08 |
% |
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LIBOR 1 month |
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35,000 |
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399 |
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216 |
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Capital One, N.A. |
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July 2026 |
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1.32 |
% |
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LIBOR 1 month |
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35,000 |
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2,565 |
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2,667 |
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Capital One, N.A. |
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December 2027 |
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2.37 |
% |
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LIBOR 1 month |
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25,000 |
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(189 |
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— |
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M&T Bank |
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September 2017 |
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1.09 |
% |
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LIBOR 1 month |
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25,000 |
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— |
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(37 |
) |
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M&T Bank |
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April 2020 |
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4.91 |
% |
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LIBOR 1 month |
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21,335 |
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— |
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(2,266 |
) |
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M&T Bank |
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August 2021 |
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1.02 |
% |
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LIBOR 1 month |
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5,183 |
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182 |
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— |
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(a) |
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M&T Bank |
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September 2022 |
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2.83 |
% |
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LIBOR 1 month |
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25,000 |
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(810 |
) |
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(993 |
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M&T Bank |
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November 2023 |
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2.65 |
% |
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LIBOR 1 month |
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25,000 |
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(686 |
) |
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(1,102 |
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Regions Bank |
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March 2017 |
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0.70 |
% |
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LIBOR 1 month |
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50,000 |
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— |
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6 |
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Regions Bank |
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March 2018 |
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1.77 |
% |
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LIBOR 1 month |
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25,000 |
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(9 |
) |
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(179 |
) |
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Regions Bank |
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March 2019 |
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1.91 |
% |
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LIBOR 3 month |
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25,000 |
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2 |
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(239 |
) |
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Regions Bank |
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May 2020 |
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2.12 |
% |
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LIBOR 1 month |
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50,000 |
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(153 |
) |
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(940 |
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Regions Bank |
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March 2022 |
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2.43 |
% |
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LIBOR 3 month |
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25,000 |
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(254 |
) |
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(594 |
) |
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Regions Bank |
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December 2023 |
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1.18 |
% |
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LIBOR 1 month |
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25,000 |
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1,402 |
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1,392 |
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SunTrust Bank |
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April 2024 |
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1.99 |
% |
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LIBOR 1 month |
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25,000 |
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261 |
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47 |
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SunTrust Bank |
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April 2025 |
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2.20 |
% |
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LIBOR 1 month |
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25,000 |
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— |
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(219 |
) |
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SunTrust Bank |
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July 2025 |
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1.99 |
% |
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LIBOR 1 month |
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25,000 |
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386 |
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228 |
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SunTrust Bank |
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December 2025 |
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2.30 |
% |
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LIBOR 1 month |
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25,000 |
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(138 |
) |
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— |
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SunTrust Bank |
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January 2026 |
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1.93 |
% |
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LIBOR 1 month |
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25,000 |
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553 |
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429 |
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Wells Fargo Bank, N.A. |
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February 2021 |
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2.39 |
% |
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LIBOR 1 month |
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35,000 |
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(369 |
) |
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(1,013 |
) |
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Wells Fargo Bank, N.A. |
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October 2024 |
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2.72 |
% |
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LIBOR 1 month |
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15,000 |
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(510 |
) |
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(732 |
) |
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Wells Fargo Bank, N.A. |
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January 2028 |
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2.37 |
% |
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LIBOR 1 month |
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75,000 |
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(590 |
) |
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— |
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$ |
5,988 |
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$ |
(619 |
) |
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(a) |
Interest rate swap was assumed in October 2017 as part of an UPREIT transaction. |
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| Total Loss Recognized and Location of Loss in Condensed Consolidated Statement of Income and Comprehensive Income (Loss) from Converting from Variable Rates to Fixed Rates |
The total loss recognized, and the location of the loss in the accompanying Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements is as follows for the years ended December 31, 2017, 2016, and 2015:
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Effective Portion |
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Ineffective Portion |
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(in thousands) |
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Location of Loss
Reclassified from
Accumulated Other
Comprehensive
Income into Income |
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Amount of Loss
Reclassified from
Accumulated Other
Comprehensive
Income into Income |
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Location of Loss
Recognized in
Income on
Derivatives |
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Amount of Loss
Recognized in
Income on
Derivatives |
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Interest rate swaps |
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2017 |
|
Interest expense |
|
$ |
5,099 |
|
|
Interest expense |
|
$ |
332 |
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2016 |
|
Interest expense |
|
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9,322 |
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Interest expense |
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— |
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2015 |
|
Interest expense |
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7,162 |
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Interest expense |
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— |
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