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Derivative Financial Instruments (Tables)

9 Months Ended

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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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.

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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.

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-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.



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Tabular disclosure of the notional amounts of outstanding derivative positions.

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