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MORTGAGE AND OTHER INDEBTEDNESS | 12 Months Ended
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Dec. 31, 2015
Debt Disclosure [Abstract] |
MORTGAGE AND OTHER INDEBTEDNESS | MORTGAGE AND OTHER INDEBTEDNESS Debt of the Company CBL has no indebtedness. Either the Operating Partnership or one of its consolidated subsidiaries, that it has a direct or indirect ownership interest in, is the borrower on all of the Company's debt. CBL is a limited guarantor of the Notes, issued by the Operating Partnership in November 2013 and October 2014, respectively, for losses suffered solely by reason of fraud or willful misrepresentation by the Operating Partnership or its affiliates. The Company also provides a similar limited guarantee of the Operating Partnership's obligations with respect to its unsecured credit facilities and three unsecured term loans as of December 31, 2015. CBL also had guaranteed 100% of the debt secured by The Promenade in D'Iberville, MS. The loan was paid off in the fourth quarter of 2014. See below for further information on this retirement of debt. Debt of the Operating Partnership Mortgage and other indebtedness consisted of the following:
| December 31, 2015 |  | December 31, 2014
| Amount |  | Weighted Average Interest Rate (1) |  | Amount |  | Weighted Average Interest Rate (1)
Fixed-rate debt: |  |  |  |  |  |  |
Non-recourse loans on operating Properties (2) | $ | 2,736,538 |  |  | 5.68% |  | $ | 3,252,730 |  |  | 5.62%
Senior unsecured notes due 2023 (3) | 446,151 |  |  | 5.25% |  | 445,770 |  |  | 5.25%
Senior unsecured notes due 2024 (4) | 299,933 |  |  | 4.60% |  | 299,925 |  |  | 4.60%
Other | 2,686 |  |  | 3.50% |  | 5,639 |  |  | 3.50%
Total fixed-rate debt | 3,485,308 |  |  | 5.53% |  | 4,004,064 |  |  | 5.50%
Variable-rate debt: |  |  |  |  |  |  |  |  |
Non-recourse term loans on operating Properties | 16,840 |  |  | 2.49% |  | 17,121 |  |  | 2.29%
Recourse term loans on operating Properties | 25,635 |  |  | 2.97% |  | 7,638 |  |  | 2.91%
Construction loans | — |  |  | —% |  | 454 |  |  | 2.66%
Unsecured lines of credit (5) | 398,904 |  |  | 1.54% |  | 221,183 |  |  | 1.56%
Unsecured term loans (6) | 800,000 |  |  | 1.82% |  | 450,000 |  |  | 1.71%
Total variable-rate debt | 1,241,379 |  |  | 1.76% |  | 696,396 |  |  | 1.69%
Total fixed-rate and variable-rate debt | 4,726,687 |  |  | 4.54% |  | 4,700,460 |  |  | 4.93%
Unamortized deferred financing costs (7) | (16,059 | ) |  |  |  | (17,127 | ) |  |
Total mortgage and other indebtedness | $ | 4,710,628 |  |  |  |  | $ | 4,683,333 |  |  |
(1) | Weighted-average interest rate includes the effect of debt premiums and discounts, but excludes amortization of deferred financing costs.
(2) | The Operating Partnership had four interest rate swaps on notional amounts totaling $101,151 as of December 31, 2015 and $105,584 as of December 31, 2014 related to four variable-rate loans on operating Properties to effectively fix the interest rates on the respective loans. Therefore, these amounts are reflected in fixed-rate debt at December 31, 2015 and 2014.
(3) | The balance is net of an unamortized discount of $3,849 and $4,230, as of December 31, 2015 and 2014, respectively.
(4) | The balance is net of an unamortized discount of $67 and $75, as of December 31, 2015 and 2014, respectively.
(5) | The Company extended and modified its three unsecured credit facilities in October 2015. See below for additional information.
(6) | The Company closed on a new $350,000 unsecured term loan in October 2015. See below for further information.
(7) | See Note 2 for information related to the adoption of new accounting pronouncements in the fourth quarter of 2015 that have been retrospectively applied, resulting in reclassification of certain debt issuance costs from total assets to total mortgage and other indebtedness in the above tables and consisted of $16,059 and $17,127 and for the years ending December 31, 2015 and 2014, respectively.
Non-recourse and recourse term loans include loans that are secured by Properties owned by the Company that have a net carrying value of $3,055,376 at December 31, 2015. Senior Unsecured Notes In the fourth quarter of 2014, the Operating Partnership issued $300,000 of the 2024 Notes, which bear interest at 4.60% payable semiannually beginning April 15, 2015 and mature on October 15, 2024. In the fourth quarter of 2013, the Operating Partnership issued $450,000 of the 2023 Notes, which bear interest at 5.25% payable semiannually beginning June 1, 2014 and mature on December 1, 2023. The respective interest rate on each of the Notes will be subject to an increase ranging from 0.25% to 1.00% from time to time if, on or after January 1, 2016 and prior to January 1, 2020, the ratio of secured debt to total assets of the Company, as defined, is greater than 40% but less than 45%. The Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days notice to the holders of the Notes to be redeemed. The 2024 Notes may be redeemed prior to July 15, 2024 for cash, at a redemption price equal to the greater of (1) 100% of the aggregate principal amount of the 2024 Notes to be redeemed or (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2024 Notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate, as defined, plus 0.35%, plus accrued and unpaid interest. On or after July 15, 2024, the 2024 Notes are redeemable for cash at a redemption price equal to 100% of the aggregate principal amount of the 2024 Notes to be redeemed plus accrued and unpaid interest. The 2023 Notes are redeemable at the Operating Partnership's election, in whole or in part from time to time, on not less than 30 days notice to the holders of the 2023 Notes to be redeemed. The 2023 Notes may be redeemed prior to September 1, 2023 for cash, at a redemption price equal to the greater of (1) 100% of the aggregate principal amount of the 2023 Notes to be redeemed or (2) an amount equal to the sum of the present values of the remaining scheduled payments of principal and interest on the 2023 Notes to be redeemed, discounted to the redemption date on a semi-annual basis at the treasury rate, as defined, plus 0.40%, plus accrued and unpaid interest. On or after September 1, 2023, the 2023 Notes are redeemable for cash at a redemption price equal to 100% of the aggregate principal amount of the 2023 Notes to be redeemed plus accrued and unpaid interest. After deducting underwriting and other offering expenses of $2,245 and a discount of $75, the net proceeds from the sale of the 2024 Notes were $297,680. After deducting underwriting and other offering expenses of $4,152 and a discount of $4,626, the net proceeds from the sale of the 2023 Notes were $441,222. The Operating Partnership used the net proceeds from the issuance of the Notes to reduce the outstanding balances on its credit facilities. Financing Obligation In the first quarter of 2014, the Company exercised its right to acquire the 12% noncontrolling interest in Pearland Town Center, which was accounted for as a financing obligation upon its sale in October 2011, from its joint venture partner. The $17,948 purchase price represents the partner's unreturned capital plus accrued and unpaid preferred return at a rate of 8%. See Note 5 for additional information. Unsecured Lines of Credit The Company has three unsecured credit facilities that are used for retirement of secured loans, repayment of term loans, working capital, construction and acquisition purposes, as well as issuances of letters of credit. In October 2015, the Company closed on the extension and modification of its three unsecured credit facilities. The $1,100,000 of total capacity consists of two $500,000 credit facilities and a $100,000 credit facility. One of the $500,000 facilities matures in October 2019 and has a one-year extension option. The second $500,000 facility matures in October 2020. The $100,000 facility matures in October 2019 and has a one-year extension option. Each facility bears interest at LIBOR plus a spread of 87.5 to 155 basis points based on the Company's credit ratings. The former credit facilities bore interest at LIBOR plus a spread of 100 to 175 basis points based on the Company's credit ratings. Additionally, the annual facility fee for the aggregate $1,100,000 facility was reduced to a range of 0.125% to 0.300%, based on the Company's credit ratings. The annual facility fee on the former credit facilities ranged from 0.15% to 0.35% of the total capacity of each facility. As of December 31, 2015, the Company's interest rate, based on its credit ratings of Baa3 from Moody's and BBB- from S&P and Fitch, is LIBOR plus 120 basis points. As of December 31, 2015, the annual facility fee was 0.25%. The three unsecured lines of credit had a weighted-average interest rate of 1.54% at December 31, 2015. The following summarizes certain information about the Company's unsecured lines of credit as of December 31, 2015:
| Total Capacity |  | Total Outstanding |  | Maturity Date |  | Extended Maturity Date |
Facility A | $ | 500,000 |  |  | $ | — |  | (1) | October 2019 |  | October 2020 | (2)
First Tennessee | 100,000 |  |  | 6,700 |  | (3) | October 2019 |  | October 2020 | (4)
Facility B | 500,000 |  |  | 392,204 |  | (5) | October 2020 |  |  |
| $ | 1,100,000 |  |  | $ | 398,904 |  |  |  |  |  |
(1) | There was $350 outstanding on this facility as of December 31, 2015 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit.
(2) | The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.15% of the commitment amount of the credit facility.
(3) | There was an additional $113 outstanding on this facility as of December 31, 2015 for letters of credit. Up to $20,000 of the capacity on this facility can be used for letters of credit.
(4) | The extension option on the facility is at the Company's election, subject to continued compliance with the terms of the facility, and has a one-time extension fee of 0.20% of the commitment amount of the credit facility.
(5) | There was an additional $5,464 outstanding on this facility as of December 31, 2015 for letters of credit. Up to $30,000 of the capacity on this facility can be used for letters of credit.
Unsecured Term Loans In October 2015, the Company closed on a $350,000 unsecured term loan. Net proceeds from the term loan were used to reduce outstanding balances on the Company's credit facilities. The term loan bears interest at LIBOR plus a spread of 90 to 175 basis points based on the Company's credit ratings. Based on the Company's current credit ratings, the term loan bears interest at LIBOR plus 135 basis points. The loan matures in October 2017 and has two one-year extension options for an outside maturity date of October 2019. At December 31, 2015, the outstanding borrowings of $350,000 had an interest rate of 1.69%. The Company has a $400,000 unsecured term loan, that bears interest at a variable-rate of LIBOR plus 150 basis points, based on the Company's current credit ratings, and has a maturity date of July 2018. At December 31, 2015, the outstanding borrowings of $400,000 had an interest rate of 1.92%. The Company also has a $50,000 unsecured term loan that matures in February 2018. In the first quarter of 2015, the Company modified the terms of the term loan to reduce the variable interest rate from LIBOR plus 190 basis points to LIBOR plus 155 basis points. At December 31, 2015, the outstanding borrowings of $50,000 had a weighted-average interest rate of 1.79%. Other In the second quarter of 2014, a consolidated, joint venture subsidiary of the Management Company closed on a $7,000 term loan that bears interest at a fixed rate of 3.50% and matures in May 2017. At December 31, 2015, the loan had an outstanding balance of $2,686. In the second quarter of 2014, the subsidiary of the Management Company also obtained a $3,500 revolving line of credit that bears interest at a variable rate of LIBOR plus 249 basis points and matures in June 2017. At December 31, 2015, the revolver had no amount outstanding. Fixed-Rate Debt As of December 31, 2015, fixed-rate loans on operating Properties bear interest at stated rates ranging from 4.05% to 8.50%. Outstanding borrowings under fixed-rate loans include net unamortized debt premiums of $4,583 that were recorded when the Company assumed debt to acquire real estate assets that was at a net above-market interest rate compared to similar debt instruments at the date of acquisition. Fixed-rate loans on operating Properties generally provide for monthly payments of principal and/or interest and mature at various dates through October 2025, with a weighted-average maturity of 3.9 years. Financings The following table presents the fixed-rate loans, secured by the related consolidated Properties, that were entered into in 2015 and 2014:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date |  | Amount Financed
2015: |  |  |  |  |  |  |  |
September |  | The Outlet Shoppes at Gettysburg (1) |  | 4.80% |  | October 2025 |  | $ | 38,450 |
2014: |  |  |  |  |  |  |  |
November |  | The Outlet Shoppes of the Bluegrass (2) |  | 4.045% |  | December 2024 |  | $ | 77,500 |
(1) | Proceeds from the non-recourse loan were used to retire a $38,112 fixed-rate loan that was due to mature in February 2016.
(2) | A portion of the net proceeds from the non-recourse loan was used to retire a $47,931 recourse construction loan. This Property is owned in a consolidated joint venture and the Company's share of the remaining excess proceeds was used to reduce outstanding balances on the Company's credit facilities.
Loan Repayments The Company repaid the following fixed-rate loans, secured by the related consolidated Properties, in 2015 and 2014:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
2015: |  |  |  |  |  |  |  |
September |  | The Outlet Shoppes at Gettysburg (2) |  | 5.87% |  | February 2016 |  | $ | 38,112 |
September |  | Eastland Mall |  | 5.85% |  | December 2015 |  | 59,400 |
July |  | Brookfield Square |  | 5.08% |  | November 2015 |  | 86,621 |
July |  | CherryVale Mall |  | 5.00% |  | October 2015 |  | 77,198 |
July |  | East Towne Mall |  | 5.00% |  | November 2015 |  | 65,856 |
July |  | West Towne Mall |  | 5.00% |  | November 2015 |  | 93,021 |
May |  | Imperial Valley Mall |  | 4.99% |  | September 2015 |  | 49,486 |
2014: |  |  |  |  |  |  |  |
December |  | Janesville Mall (3) |  | 8.38% |  | April 2016 |  | $ | 2,473 |
October |  | Mall del Norte |  | 5.04% |  | December 2014 |  | 113,400 |
January |  | St. Clair Square (4) |  | 3.25% |  | December 2016 |  | 122,375 |
(1) | The Company retired the loans with borrowings from its credit facilities unless otherwise noted.
(2) | The joint venture retired the loan with proceeds from a $38,450 fixed-rate non-recourse loan.
(3) | The Company recorded a $257 loss on extinguishment of debt due to a prepayment fee on the early retirement.
(4) | The Company recorded a $1,249 loss on extinguishment of debt due to a prepayment fee on the early retirement.
The following is a summary of the Company's 2014 dispositions for which the consolidated Property securing the related fixed-rate debt was transferred to the lender:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Balance of Non-recourse Debt |  | Gain on Extinguishment of Debt
October |  | Columbia Place (1) |  | 5.45% |  | September 2013 |  | $ | 27,265 |  |  | $ | 27,171 |
September |  | Chapel Hill Mall (1) |  | 6.10% |  | August 2016 |  | 68,563 |  |  | 18,296 |
January |  | Citadel Mall (2) |  | 5.68% |  | April 2017 |  | 68,169 |  |  | 43,932 |
|  |  |  |  |  |  |  | $ | 163,997 |  |  | $ | 89,399 |
(1) | The Company conveyed the Mall to the lender through a deed-in-lieu of foreclosure.
(2) | The mortgage lender completed the foreclosure process and received the title to the Mall in satisfaction of the non-recourse debt.
Variable-Rate Debt Term loans for the Company’s operating Properties bear interest at variable interest rates indexed to the LIBOR rate. At December 31, 2015, interest rates on such variable-rate loans varied from 2.22% to 3.15%. These loans mature at various dates from June 2016 to July 2020, with a weighted-average maturity of 3.2 years, and have extension options of up to two years. Financing The following table presents the variable-rate loan, secured by the related consolidated Property, that was entered into in 2014:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date |  | Amount Financed
April |  | The Outlet Shoppes at Oklahoma City - Phase II (1) |  | LIBOR + 2.75% |  | April 2019 | (2) | $ | 6,000 |
(1) | Proceeds from the operating Property loan for Phase II were distributed to the partners in accordance with the terms of the partnership agreement.
(2) | The loan has two one-year extension options, which are at the consolidated joint venture's election, for an outside maturity date of April 2021.
Loan Repayment The Company repaid the following variable-rate loan, secured by the related consolidated Property, in 2014:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid (1)
December |  | The Promenade |  | 1.87% |  | December 2014 |  | $ | 47,670 |
(1) | The Company retired the loan with borrowings from its credit facilities.
Construction Loans Financings The following table presents the construction loans, secured by the related consolidated Properties, that were entered into in 2015 and 2014:
Date |  | Property |  | Stated Interest Rate |  | Maturity Date |  | Amount Financed
2015: |  |  |  |  |  |  |  |
July |  | The Outlet Shoppes of the Bluegrass - Phase II (1) |  | LIBOR + 2.50% |  | July 2020 |  | $ | 11,320 |
May |  | The Outlet Shoppes at Atlanta - Phase II (2) |  | LIBOR + 2.50% |  | December 2019 |  | 6,200 |
2014: |  |  |  |  |  |  |  |
December |  | The Outlet Shoppes at Atlanta - Parcel Development (3) |  | LIBOR + 2.50% |  | December 2019 |  | $ | 2,435 |
April |  | The Outlet Shoppes at Oklahoma City - Phase III (4) |  | LIBOR + 2.75% |  | April 2019 | (5) | 5,400 |
April |  | The Outlet Shoppes at El Paso - Phase II (4) |  | LIBOR + 2.75% |  | April 2018 |  | 7,000 |
(1) | The Operating Partnership has guaranteed 100% of the loan of this 65/35 joint venture, which had an outstanding balance of $10,076 at December 31, 2015. The guaranty will terminate once construction is complete and certain debt and operational metrics are met on this expansion. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met.
(2) | The Operating Partnership has guaranteed 100% of the loan of this 75/25 joint venture, which had an outstanding balance of $4,034 at December 31, 2015. The guaranty will terminate once construction is complete and certain debt and operational metrics are met on this expansion as well as the parcel development project at The Outlet Shoppes at Atlanta as both loans are cross-collateralized. The interest rate will be reduced to a spread of LIBOR plus 2.35% once certain debt service and operational metrics are met.
(3) | The Operating Partnership has guaranteed 100% of the loan. The guaranty will terminate once construction is complete and certain debt and operational metrics are met.
(4) | The Operating Partnership has guaranteed 100% of the construction loan for the expansion of the outlet center until certain financial and operational metrics are met.
(5) | The construction loan has two one-year extension options, which are at the consolidated joint venture's election, for an outside maturity date of April 2021.
Loan Repayment The Company repaid the following construction loan, secured by the related consolidated Property, in 2014:
Date |  | Property |  | Interest Rate at Repayment Date |  | Scheduled Maturity Date |  | Principal Balance Repaid
November |  | The Outlet Shoppes of the Bluegrass (1) |  | 2.15% |  | August 2016 |  | $ | 47,931 |
(1) | The joint venture retired the recourse construction loan with a portion of the proceeds from a $77,500 fixed-rate non-recourse mortgage loan. The Company's share of excess net proceeds was used to reduce the outstanding balances on its lines of credit.
Covenants and Restrictions The agreements for the unsecured lines of credit, the Notes and unsecured term loans contain, among other restrictions, certain financial covenants including the maintenance of certain financial coverage ratios, minimum unencumbered asset and interest ratios, maximum secured indebtedness ratios, maximum total indebtedness ratios and limitations on cash flow distributions. The Company believes that it was in compliance with all covenants and restrictions at December 31, 2015. Unsecured Lines of Credit and Unsecured Term Loans The following presents the Company's compliance with key covenant ratios, as defined, of the credit facilities and term loans as of December 31, 2015:
Ratio |  | Required |  | Actual
Debt to total asset value |  | < 60% |  | 50%
Unencumbered asset value to unsecured indebtedness |  | > 1.60x |  | 2.3x
Unencumbered NOI to unsecured interest expense |  | > 1.75x |  | 5.2x
EBITDA to fixed charges (debt service) |  | > 1.50x |  | 2.3x
The agreements for the unsecured credit facilities and unsecured term loans described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 or any non-recourse indebtedness greater than $150,000 (for the Company's ownership share) of CBL, the Operating Partnership or any Subsidiary, as defined, will constitute an event of default under the agreements for the credit facilities. The credit facilities also restrict the Company's ability to enter into any transaction that could result in certain changes in its ownership or structure as described under the heading “Change of Control/Change in Management” in the agreements for the credit facilities. Prior to the Company obtaining an investment grade rating in May 2013, the obligations of the Company under the agreements were unconditionally guaranteed, jointly and severally, by any subsidiary of the Company to the extent such subsidiary was a material subsidiary and was not otherwise an excluded subsidiary, as defined in the agreements. Once the Company obtained an investment grade rating, guarantees by material subsidiaries were no longer required by the agreements. Senior Unsecured Notes The following presents the Company's compliance with key covenant ratios, as defined, of the Notes as of December 31, 2015:
Ratio |  | Required |  | Actual
Total debt to total assets |  | < 60% |  | 54%
Secured debt to total assets |  | <45% (1) |  | 31%
Total unencumbered assets to unsecured debt |  | >150% |  | 220%
Consolidated income available for debt service to annual debt service charge |  | > 1.50x |  | 3.3x
(1) | On January 1, 2020 and thereafter, secured debt to total assets must be less than 40%.
The agreements for the Notes described above contain default provisions customary for transactions of this nature (with applicable customary grace periods). Additionally, any default in the payment of any recourse indebtedness greater than or equal to $50,000 of the Operating Partnership will constitute an event of default under the Notes. Other Several of the Company’s malls/open-air centers, associated centers and community centers, in addition to the corporate office buildings, are owned by special purpose entities, created as a requirement under certain loan agreements, that are included in the Company’s consolidated financial statements. The sole business purpose of the special purpose entities is to own and operate these Properties. The real estate and other assets owned by these special purpose entities are restricted under the loan agreements in that they are not available to settle other debts of the Company. However, so long as the loans are not under an event of default, as defined in the loan agreements, the cash flows from these Properties, after payments of debt service, operating expenses and reserves, are available for distribution to the Company. Scheduled Principal Payments As of December 31, 2015, the scheduled principal amortization and balloon payments of the Company’s consolidated debt, excluding extensions available at the Company’s option, on all mortgage and other indebtedness, including construction loans and lines of credit, are as follows:
2016 | $ | 596,244 |
2017 | 827,523 |
2018 | 681,200 |
2019 | 127,601 |
2020 | 600,961 |
Thereafter | 1,892,491 |
| 4,726,020 |
Net unamortized premiums | 667 |
| $ | 4,726,687 |
Of the $596,244 of scheduled principal payments in 2016, $511,763 relates to the maturing principal balances of ten operating Property loans, $56,912 represents scheduled principal amortization and $27,569 is related to the principal balance of an operating Property loan secured by Hickory Point Mall with a maturity date of December 2015. The Company is in active negotiation with the lender to restructure the terms of the Hickory Point loan, including the maturity date. An operating Property loan with a principal balance of $11,087 as of December 31, 2015 has two one-year extensions, which are at the Company's option, leaving approximately $500,676 of loan maturities in 2016 that must be retired or refinanced. This balance includes a $140,000 loan secured by Chesterfield Mall, which we intend to work with the lender to exit this investment when the loan matures later in 2016. The Company is in the process of restructuring and refinancing certain loans. The Company's credit facilities may be used to retire loans maturing in 2016 as well as to provide additional flexibility for liquidity purposes. Interest Rate Hedging Instruments The Company records its derivative instruments in its consolidated balance sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the derivative has been designated as a hedge and, if so, whether the hedge has met the criteria necessary to apply hedge accounting. The Company’s objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish these objectives, the Company primarily uses interest rate swaps as part of its interest rate risk management strategy. Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for the Company making fixed-rate payments over the life of the agreements without exchange of the underlying notional amount. The effective portion of changes in the fair value of derivatives designated as, and that qualify as, cash flow hedges is recorded in AOCI/L and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. Such derivatives were used to hedge the variable cash flows associated with variable-rate debt. As of December 31, 2015, the Company had the following outstanding interest rate derivatives that were designated as cash flow hedges of interest rate risk:
Interest Rate Derivative |  | Number of Instruments |  | Notional Amount
Interest Rate Swaps |  | 4 |  | $ | 101,151 |
The following tables provide further information relating to the Company’s interest rate derivatives that were designated as cash flow hedges of interest rate risk as of December 31, 2015 and 2014:
Instrument Type |  | Location in Consolidated Balance Sheet |  | Notional Amount |  | Designated Benchmark Interest Rate |  | Strike Rate |  | Fair Value at 12/31/15 |  | Fair Value at 12/31/14 |  | Maturity Date
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $ 48,891 (amortizing to $48,337) |  | 1-month LIBOR |  | 2.149 | % |  | $ | (208 | ) |  | $ | (1,064 | ) |  | April 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $ 30,620 (amortizing to $30,276) |  | 1-month LIBOR |  | 2.187 | % |  | (133 | ) |  | (681 | ) |  | April 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $ 11,443 (amortizing to $11,313) |  | 1-month LIBOR |  | 2.142 | % |  | (48 | ) |  | (248 | ) |  | April 2016
Pay fixed/ Receive variable Swap |  | Accounts payable and accrued liabilities |  | $ 10,197 (amortizing to $10,083) |  | 1-month LIBOR |  | 2.236 | % |  | (45 | ) |  | (233 | ) |  | April 2016
|  |  |  |  |  |  |  |  |  | $ | (434 | ) |  | $ | (2,226 | ) |  |
Hedging Instrument |  | Gain Recognized in OCI/L (Effective Portion) |  | Location of Losses Reclassified from AOCI/L into Earnings (Effective Portion) |  | Loss Recognized in Earnings (Effective Portion) |  | Location of Gain (Loss) Recognized in Earnings (Ineffective Portion) |  | Gain Recognized in Earnings (Ineffective Portion)
| 2015 | 2014 | 2013 |  |  | 2015 | 2014 | 2013 |  |  | 2015 | 2014 | 2013
Interest rate contracts |  | $ | 1,915 |  | $ | 1,782 |  | $ | 1,815 |  |  | Interest Expense |  | $ | (2,196 | ) | $ | (2,195 | ) | $ | (2,297 | ) |  | Interest Expense |  | $ | — |  | $ | — |  | $ | — |
As of December 31, 2015, the Company expects to reclassify approximately $434 of losses currently reported in AOCI to interest expense within the next twelve months due to the amortization of its outstanding interest rate contracts. Fluctuations in fair values of these derivatives between December 31, 2015 and the respective dates of termination will vary the projected reclassification amount. See Notes 2 and 15 for additional information regarding the Company’s interest rate hedging instruments.

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