| 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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Fixed |
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Notional |
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December 31, |
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Counterparty |
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Maturity Date |
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Rate |
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Variable Rate Index |
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Amount |
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2019 |
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2018 |
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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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one-month LIBOR |
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$ |
25,000 |
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$ |
(1,136 |
) |
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$ |
(411 |
) |
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Bank of Montreal |
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July 2024 |
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1.16 |
% |
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one-month LIBOR |
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40,000 |
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|
740 |
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2,702 |
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Bank of Montreal |
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January 2025 |
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1.91 |
% |
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one-month LIBOR |
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25,000 |
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(402 |
) |
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769 |
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Bank of Montreal |
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July 2025 |
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2.32 |
% |
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one-month LIBOR |
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25,000 |
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(970 |
) |
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222 |
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Bank of Montreal |
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January 2026 |
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1.92 |
% |
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one-month LIBOR |
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25,000 |
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(448 |
) |
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915 |
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Bank of Montreal |
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January 2026 |
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2.05 |
% |
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one-month LIBOR |
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40,000 |
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(1,014 |
) |
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1,130 |
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Bank of Montreal |
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December 2026 |
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2.33 |
% |
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one-month LIBOR |
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10,000 |
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(460 |
) |
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132 |
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Bank of Montreal |
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December 2026 |
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1.99 |
% |
|
one-month LIBOR |
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25,000 |
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(577 |
) |
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— |
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Bank of Montreal |
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December 2027 |
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2.37 |
% |
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one-month LIBOR |
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25,000 |
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(1,306 |
) |
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355 |
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Bank of Montreal |
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May 2029 |
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2.09 |
% |
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one-month LIBOR |
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25,000 |
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(799 |
) |
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— |
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Capital One, National Association |
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December 2021 |
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1.05 |
% |
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one-month LIBOR |
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15,000 |
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143 |
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605 |
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Capital One, National Association |
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December 2024 |
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1.58 |
% |
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one-month LIBOR |
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15,000 |
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10 |
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727 |
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Capital One, National Association |
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January 2026 |
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2.08 |
% |
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one-month LIBOR |
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35,000 |
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(911 |
) |
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930 |
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Capital One, National Association |
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April 2026 |
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2.68 |
% |
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one-month LIBOR |
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15,000 |
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(944 |
) |
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(189 |
) |
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Capital One, National Association |
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July 2026 |
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1.32 |
% |
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one-month LIBOR |
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35,000 |
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720 |
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2,877 |
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Capital One, National Association |
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December 2027 |
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2.37 |
% |
|
one-month LIBOR |
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25,000 |
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(1,278 |
) |
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345 |
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M&T Bank |
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August 2021 |
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1.02 |
% |
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one-month LIBOR |
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4,912 |
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41 |
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177 |
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(a), (b) |
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M&T Bank |
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September 2022 |
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2.83 |
% |
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one-month LIBOR |
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25,000 |
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(862 |
) |
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(362 |
) |
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M&T Bank |
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November 2023 |
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2.65 |
% |
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one-month LIBOR |
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25,000 |
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(1,038 |
) |
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(254 |
) |
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Regions Bank |
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May 2020 |
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2.12 |
% |
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one-month LIBOR |
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50,000 |
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(104 |
) |
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271 |
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Regions Bank |
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December 2023 |
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1.18 |
% |
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one-month LIBOR |
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25,000 |
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376 |
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1,484 |
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Regions Bank |
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May 2029 |
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2.11 |
% |
|
one-month LIBOR |
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25,000 |
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(827 |
) |
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— |
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Regions Bank |
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June 2029 |
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2.03 |
% |
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one-month LIBOR |
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25,000 |
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(651 |
) |
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— |
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SunTrust Bank |
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April 2024 |
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1.99 |
% |
|
one-month LIBOR |
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25,000 |
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(451 |
) |
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554 |
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SunTrust Bank |
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April 2025 |
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2.20 |
% |
|
one-month LIBOR |
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25,000 |
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(781 |
) |
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382 |
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SunTrust Bank |
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July 2025 |
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1.99 |
% |
|
one-month LIBOR |
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25,000 |
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(524 |
) |
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|
728 |
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SunTrust Bank |
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December 2025 |
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2.30 |
% |
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one-month LIBOR |
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25,000 |
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(993 |
) |
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299 |
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SunTrust Bank |
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January 2026 |
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1.93 |
% |
|
one-month LIBOR |
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25,000 |
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(458 |
) |
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|
903 |
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U.S. Bank National Association |
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June 2029 |
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2.03 |
% |
|
one-month LIBOR |
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25,000 |
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(681 |
) |
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— |
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U.S. Bank National Association |
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August 2029 |
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1.35 |
% |
|
one-month LIBOR |
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25,000 |
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|
|
881 |
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— |
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Wells Fargo Bank, N.A. |
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February 2021 |
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2.39 |
% |
|
one-month LIBOR |
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35,000 |
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(302 |
) |
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59 |
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Wells Fargo Bank, N.A. |
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October 2024 |
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2.72 |
% |
|
one-month LIBOR |
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|
15,000 |
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|
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(795 |
) |
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(222 |
) |
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Wells Fargo Bank, N.A. |
|
April 2027 |
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2.72 |
% |
|
one-month LIBOR |
|
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25,000 |
|
|
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(1,845 |
) |
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(382 |
) |
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Wells Fargo Bank, N.A. |
|
January 2028 |
|
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2.37 |
% |
|
one-month LIBOR |
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75,000 |
|
|
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(3,914 |
) |
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1,067 |
|
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$ |
(21,560 |
) |
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$ |
15,813 |
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(a) |
Notional amount at December 31, 2018 was $5,051. |
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(c) |
Interest rate swap was assumed in October 2017 as part of an UPREIT transaction. |
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| Total Amounts Recognized and Location of Gain (Loss) in Condensed Consolidated Statement of Income and Comprehensive Income, from Converting from Variable Rates to Fixed Rates |
The total amounts recognized, and the location in the accompanying Consolidated Statements of Income and Comprehensive Income, from converting from variable rates to fixed rates under these agreements are as follows:
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Total Interest Expense |
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Amount of (Loss) |
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Presented in the |
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Gain Recognized in |
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Consolidated Statements |
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Accumulated Other |
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Reclassification from Accumulated |
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of Income and |
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(in thousands) |
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Comprehensive |
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Other Comprehensive (Loss) Income |
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Comprehensive |
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For the years ended December 31, |
|
(Loss) Income |
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Location |
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Amount of Loss |
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Income |
|
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2019 |
|
$ |
(37,372 |
) |
|
Interest expense |
|
$ |
1,492 |
|
|
$ |
72,534 |
|
|
2018 |
|
|
10,584 |
|
|
Interest expense |
|
|
910 |
|
|
|
52,855 |
|
|
2017 |
|
|
4,166 |
|
|
Interest expense |
|
|
5,099 |
|
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|
34,751 |
|
|