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Derivative Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 2012
Derivative Financial Instruments |
Schedule of outstanding interest rate derivatives |
As of September 30, 2012, the Company had the following outstanding interest rate derivatives pertaining to certain of its mortgages payable, all of which were designated as cash flow hedges of interest rate risk (dollars in thousands):
Interest Rate Derivative |  | Notional Amount |  | Fixed Interest Rate |  | Maturity Date |
Interest Rate Swap |  | $ | 9,089 |  | 6.50 | % | December 2014 |
Interest Rate Swap |  | 4,346 |  | 5.75 |  | November 2020 |
Interest Rate Swap |  | 3,909 |  | 4.75 |  | August 2016 |
Interest Rate Swap |  | 5,789 |  | 4.63 |  | February 2019 |
Interest Rate Swap |  | 2,168 |  | 4.50 |  | April 2016 |
Interest Rate Swap |  | 3,915 |  | 4.50 |  | March 2017 |
Schedule of fair value of derivatives designated as hedging instruments |
The following table presents the fair value of the Company’s derivatives designated as hedging instruments as of September 30, 2012 and December 31, 2011 (dollars in thousands):
Liability Derivatives as of |
September 30, 2012 |  | December 31, 2011 |
Balance Sheet Location |  | Fair Value |  | Balance Sheet Location |  | Fair Value |
Other Liabilities |  | $ | 1,453 |  | Other Liabilities |  | $ | 923 |
Schedule of effect of derivative financial instruments on consolidated statement of income |
The following table presents the effect of the Company’s derivative financial instruments on the consolidated statements of income for the periods presented (dollars in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
Amount of (loss) recognized on derivatives in Other Comprehensive (Loss) |  | $ | (251 | ) | $ | (687 | ) | $ | (901 | ) | $ | (977 | )
Amount of (loss) reclassified from Accumulated Other Comprehensive (Loss) into Interest Expense |  | $ | (133 | ) | $ | (92 | ) | $ | (371 | ) | $ | (253 | )
Unconsolidated joint ventures |
Derivative Financial Instruments |
Schedule of effect of derivative financial instruments on consolidated statement of income |
The following table presents the Company’s 50% share of such derivative financial instrument (dollars in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2012 |  | 2011 |  | 2012 |  | 2011 |
Amount of (loss) recognized on derivative in Other Comprehensive (Loss) |  | $ | (25 | ) | $ | (119 | ) | $ | (78 | ) | $ | (206 | )
Amount of (loss) reclassified from Accumulated Other Comprehensive (Loss) into Interest Expense |  | (14 | ) | (14 | ) | (42 | ) | (29 | )

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- Definition Tabular disclosure of the location and amount of gains and losses reported in the statement of financial performance, or when applicable, the statement of financial position. For example, (a) gains and losses recognized in the income statement on derivative instruments designated and qualifying as hedging instruments in fair value hedges and related hedged items designated and qualifying in fair value hedges and (b) gains and losses initially recognized in other comprehensive income on derivative instruments designated and qualifying as cash flow hedges. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4A -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5618551-113959 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph b -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4C -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624171-113959 + Details
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- Definition Tabular disclosure of the location and fair value amounts of derivative instruments (and nonderivative instruments that are designated and qualify as hedging instruments) reported in the statement of financial position. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 205G -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 4B -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5624163-113959 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 133 -Paragraph 44C -Subparagraph a -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. + Details
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- Definition Tabular disclosure of the notional amounts of outstanding derivative positions. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 815 -SubTopic 10 -Section 50 -Paragraph 1A -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=7476318&loc=SL5579245-113959 + Details
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