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Interest Rate Derivative Agreements (Tables)
3 Months Ended
Mar. 31, 2017
Interest Rate Derivative Agreements [Abstract]  
Summary of Interest Rate Derivatives, Excluding Interest Rate Swaps

The following represents the interest rate derivatives, excluding interest rate swaps, at March 31, 2017:

 

Purchase Date

 

Initial Notional Amount

 

 

Maturity Date

 

Effective

Capped Rate

 

 

Index

 

Purchase Price

 

 

Variable Debt

Financing Facility

Hedged

 

Maximum

Potential

Cost of

Borrowing

 

 

Counterparty

 

Fair Value - Asset (Liability) (1)

 

Sept 2010

 

$

31,936,667

 

 

Sept 2017

 

 

3.0

%

 

SIFMA

 

$

921,000

 

 

M24 TEBS

 

 

5.0

%

 

Bank of New York Mellon

 

$

-

 

Sept 2010

 

 

31,936,667

 

 

Sept 2017

 

 

3.0

%

 

SIFMA

 

 

845,600

 

 

M24 TEBS

 

 

5.0

%

 

Barclays Bank PLC

 

 

-

 

Sept 2010

 

 

31,936,667

 

 

Sept 2017

 

 

3.0

%

 

SIFMA

 

 

928,000

 

 

M24 TEBS

 

 

5.0

%

 

Royal Bank of Canada

 

 

-

 

Aug 2013

 

 

93,305,000

 

 

Sept 2017

 

 

1.5

%

 

SIFMA

 

 

793,000

 

 

M24 TEBS

 

 

3.5

%

 

Deutsche Bank

 

 

29

 

July 2014

 

 

31,565,000

 

 

Aug 2019

 

 

3.0

%

 

SIFMA

 

 

315,200

 

 

M31 TEBS

 

 

4.4

%

 

Barclays Bank PLC

 

 

8,622

 

July 2014

 

 

31,565,000

 

 

Aug 2019

 

 

3.0

%

 

SIFMA

 

 

343,000

 

 

M31 TEBS

 

 

4.4

%

 

Royal Bank of Canada

 

 

8,622

 

July 2014

 

 

31,565,000

 

 

Aug 2019

 

 

3.0

%

 

SIFMA

 

 

333,200

 

 

M31 TEBS

 

 

4.4

%

 

SMBC Capital Markets, Inc

 

 

8,622

 

July 2015

 

 

28,095,000

 

 

Aug 2020

 

 

3.0

%

 

SIFMA

 

 

210,000

 

 

M33 TEBS

 

 

4.3

%

 

Wells Fargo Bank

 

 

41,945

 

July 2015

 

 

28,095,000

 

 

Aug 2020

 

 

3.0

%

 

SIFMA

 

 

187,688

 

 

M33 TEBS

 

 

4.3

%

 

Royal Bank of Canada

 

 

41,945

 

July 2015

 

 

28,095,000

 

 

Aug 2020

 

 

3.0

%

 

SIFMA

 

 

174,900

 

 

M33 TEBS

 

 

4.3

%

 

SMBC Capital Markets, Inc

 

 

41,945

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

151,730

 

 

(1)

For additional details, see Note 22 to the Partnership's condensed consolidated financial statements.

Summary of Interest Rate Swaps

The following table summarizes the terms of the interest rate swaps at March 31, 2017 and December 31, 2016:

 

Purchase Date

 

Initial Notional Amount

 

 

Effective Date

 

Termination Date

 

Fixed Rate Paid

 

 

Period End Variable Rate Received

 

 

Variable Rate & Index

 

Counterparty

 

March 31, 2017 - Fair Value of Liability

 

 

December 31, 2016 - Fair Value of Liability

 

Sept 2014

 

$

23,000,000

 

 

Oct 2016

 

Oct 2021

 

 

1.96

%

 

 

0.68

%

 

70% 30-day LIBOR

 

Deutsche Bank

 

$

(637,090

)

 

$

(738,574

)

Sept 2014

 

$

18,126,731

 

 

April 2017

 

April 2022

 

 

2.06

%

 

N/A

 

 

70% 30-day LIBOR

 

Deutsche Bank

 

 

(591,668

)

 

 

(600,709

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

(1,228,758

)

 

$

(1,339,283

)