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DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING | 6 Months Ended
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Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING | DERIVATIVE FINANCIAL INSTRUMENTS AND HEDGING Information about our derivative financial instruments at June 30, 2018 and December 31, 2017 is as follows (dollars in thousands):
|  |  |  |  |  | Notional Amount |  | Fair Value
Contract date |  | Effective Date |  | Expiration Date |  | June 30, 2018 |  | December 31, 2017 |  | June 30, 2018 |  | December 31, 2017
September 5, 2013 |  | January 2, 2014 |  | October 1, 2018 |  | $ | 75,000 |  | (1) | $ | 75,000 |  |  | $ | 14 |  |  | $ | (190 | )
October 2, 2017 |  | January 29, 2018 |  | January 31, 2023 |  | 100,000 |  | (2) | 100,000 |  |  | 3,231 |  |  | 722 |
October 2, 2017 |  | January 29, 2018 |  | January 31, 2023 |  | 100,000 |  | (2) | 100,000 |  |  | 3,299 |  |  | 787 |
June 11, 2018 |  | September 28, 2018 |  | September 30, 2024 |  | 75,000 |  | (3) | — |  |  | (347 | ) |  | — |
June 11, 2018 |  | December 31, 2018 |  | December 31, 2025 |  | 125,000 |  | (4) | — |  |  | (772 | ) |  | — |
|  |  |  |  |  | $ | 475,000 |  |  | $ | 275,000 |  |  | $ | 5,425 |  |  | $ | 1,319 |
(1) | Interest rate swap is related to a portion of our 2016 Unsecured Credit Facility and converts LIBOR from a floating rate to an average annual fixed rate of 2.04%.
(2) | Interest rate swap partially fixes the interest rate on a portion of our variable interest rate unsecured indebtedness and converts LIBOR from a floating rate to an average annual fixed rate of 1.98%.
(3) | Interest rate swap partially fixes the interest rate on a portion of our variable interest rate unsecured indebtedness and converts LIBOR from a floating rate to an average annual fixed rate of 2.87%.
(4) | Interest rate swap partially fixes the interest rate on a portion of our variable interest rate unsecured indebtedness and converts LIBOR from a floating rate to an average annual fixed rate of 2.93%.
Our interest rate swaps have been designated as cash flow hedges and are valued using a market approach, which is a Level 2 valuation technique. At June 30, 2018, three of our interest rate swaps were in an asset position and two were in a liability position. At December 31, 2017, two of our interest rate swaps were in an asset position and one was in a liability position. We are not required to post any collateral related to these agreements and are not in breach of any financial provisions of the agreements. During 2017, we adopted ASU No. 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities. Accordingly, beginning in 2017, changes in the fair value of the hedging instruments are recorded in Other comprehensive income. Amounts deferred in Other comprehensive income are reclassified to Interest expense in our Condensed Consolidated Statements of Operations in the period in which the hedged item affects earnings. In the next twelve months, we estimate that $0.4 million will be reclassified from Other comprehensive income and recorded as a reduction to Interest expense. The table below details the location in the financial statements of the gain or loss recognized on derivative financial instruments designated as cash flow hedges (in thousands):
|  | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
|  | 2018 |  | 2017 |  | 2018 |  | 2017
Gain(loss) recognized in Accumulated other comprehensive income on derivative financial instruments |  | $ | 309 |  |  | $ | (22 | ) |  | $ | 3,846 |  |  | $ | 90 |
Loss reclassified from Accumulated other comprehensive income to Interest expense |  | $ | (53 | ) |  | $ | (196 | ) |  | $ | (260 | ) |  | $ | (433 | )

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- 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
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