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DERIVATIVE FINANCIAL INSTRUMENTS (Tables)

12 Months Ended

Dec. 31, 2012

DERIVATIVE FINANCIAL INSTRUMENTS

Schedule of outstanding interest rate derivatives

        As of December 31, 2012, the Company had the following outstanding interest rate derivatives, all of which were designated as cash flow hedges of interest rate risk (amounts in thousands):

Interest Rate Derivative		Notional Amount			Fixed Interest Rate			Maturity Date
Interest Rate Swap		$	8,988			6.50	%	December 2014
Interest Rate Swap			4,324			5.75	%	November 2020
Interest Rate Swap			3,887			4.75	%	August 2016
Interest Rate Swap			5,757			4.63	%	February 2019
Interest Rate Swap			2,156			4.50	%	April 2016
Interest Rate Swap			3,893			4.50	%	March 2017
Interest Rate Swap			5,100			4.68	%	January 2023

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 for the periods presented (amounts in thousands):

		Liability Derivatives As of December 31,
		2012					2011
		Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
		Other Liabilities		$	1,470		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 statement of income for the periods presented (amounts in thousands):

		Years Ended December 31,
		2012			2011			2010
Amount of (loss) recognized on derivative in Other Comprehensive (Loss)		$	(1,051	)	$	(1,098	)	$	(523	)
Amount of (loss) reclassified from Accumulated Other Comprehensive (Loss) into Interest Expense		$	(504	)	$	(351	)	$	(236	)

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 (amounts in thousands):

		Years Ended December 31,
		2012			2011
Amount of (loss) recognized on derivative in Other Comprehensive (Loss)		$	(79	)	$	(225	)
Amount of (loss) reclassification from Accumulated Other Comprehensive (Loss) into Interest Expense			(56	)		(43	)

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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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Tabular disclosure of the notional amounts of outstanding derivative positions.

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