XML 33 R18.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Interest Rate Derivatives | 9 Months Ended
--- | ---
Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Interest Rate Derivatives | Interest Rate Derivatives The following table sets forth the key terms and fair values of our interest rate swap derivatives, each of which was designated as a cash flow hedge of interest rate risk (dollars in thousands):
|  |  |  |  |  |  |  |  |  | Fair Value at
Notional Amount |  | Fixed Rate |  | Floating Rate Index |  | Effective Date |  | Expiration Date |  | September 30, 2018 |  | December 31, 2017
$ | 100,000 |  |  | 1.7300% |  | One-Month LIBOR |  | 9/1/2015 |  | 8/1/2019 |  | $ | 695 |  |  | $ | 252 |
12,931 |  | (1) | 1.3900% |  | One-Month LIBOR |  | 10/13/2015 |  | 10/1/2020 |  | 349 |  |  | 213 |
100,000 |  |  | 1.9013% |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | 3,937 |  |  | 1,046 |
100,000 |  |  | 1.9050% |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | 3,943 |  |  | 1,051 |
50,000 |  |  | 1.9079% |  | One-Month LIBOR |  | 9/1/2016 |  | 12/1/2022 |  | 1,951 |  |  | 511 |
|  |  |  |  |  |  |  |  |  |  | $ | 10,875 |  |  | $ | 3,073 |
(1) The notional amount of this instrument is scheduled to amortize to $12.1 million. The table below sets forth the fair value of our interest rate derivatives as well as their classification on our consolidated balance sheets (in thousands):
|  |  |  | Fair Value at
Derivatives |  | Balance Sheet Location |  | September 30, 2018 |  | December 31, 2017
Interest rate swaps designated as cash flow hedges |  | Interest rate derivatives |  | $ | 10,875 |  |  | $ | 3,073 |
The table below presents the effect of our interest rate derivatives on our consolidated statements of operations and comprehensive income (in thousands):
|  | Amount of Gain (Loss) Recognized in AOCI on Derivatives |  | Amount of Gain (Loss) Reclassified from AOCI into Interest Expense on Statement of Operations
|  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30, |  | For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
Derivatives in Hedging Relationships |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017 |  | 2018 |  | 2017
Interest rate derivatives |  | $ | 1,325 |  |  | $ | (301 | ) |  | $ | 7,913 |  |  | $ | (1,877 | ) |  | $ | 207 |  |  | $ | (615 | ) |  | $ | 9 |  |  | $ | (2,740 | )
Over the next 12 months, we estimate that approximately $2.5 million of gains will be reclassified from AOCI as a decrease to interest expense. We have agreements with each of our interest rate derivative counterparties that contain provisions under which, if we default or are capable of being declared in default on defined levels of our indebtedness, we could also be declared in default on our derivative obligations. Failure to comply with the loan covenant provisions could result in our being declared in default on any derivative instrument obligations covered by the agreements. We are not in default with any of these provisions. As of September 30, 2018, we did not have any derivatives in liability positions. As of September 30, 2018, we had not posted any collateral related to these agreements.

X
- References No definition available. + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for derivative instruments and hedging activities including, but not limited to, risk management strategies, non-hedging derivative instruments, assets, liabilities, revenue and expenses, and methodologies and assumptions used in determining the amounts. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -URI http://asc.fasb.org/topic&trid=2229140 + Details
Name: | us-gaap_DerivativeInstrumentsAndHedgingActivitiesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration