RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2016

RISK MANAGEMENT AND USE OF FINANCIAL INSTRUMENTS

Summary of terms and fair values of the derivative financial instruments

The following table summarizes the terms and fair values of the Company’s derivative financial instruments as of June 30, 2016 and December 31, 2015, respectively (dollars in thousands):

Hedge		Hedge	Notional Amount								Fair Value
Product	Type (a)		June 30, 2016		December 31, 2015		Strike		Effective Date	Maturity	June 30, 2016		December 31, 2015
Swap		Cash flow	$	—	$	40,000	1.8025	%	6/20/2011	6/20/2016	$	—	$	(243)
Swap		Cash flow		—		40,000	1.8025	%	6/20/2011	6/20/2016		—		(243)
Swap		Cash flow		—		20,000	1.8025	%	6/20/2011	6/20/2016		—		(122)
Swap		Cash flow		75,000		75,000	1.3360	%	12/30/2011	3/31/2017		(487)		(540)
Swap		Cash flow		50,000		50,000	1.3360	%	12/30/2011	3/31/2017		(325)		(360)
Swap		Cash flow		50,000		50,000	1.3360	%	12/30/2011	3/31/2017		(325)		(360)
Swap		Cash flow		25,000		25,000	1.3375	%	12/30/2011	3/31/2017		(162)		(180)
Swap		Cash flow		40,000		40,000	2.4590	%	6/20/2011	6/20/2018		(1,508)		(1,350)
Swap		Cash flow		40,000		40,000	2.4725	%	6/20/2011	6/20/2018		(1,519)		(1,364)
Swap		Cash flow		20,000		20,000	2.4750	%	6/20/2011	6/20/2018		(760)		(683)
			$	300,000	$	400,000					$	(5,086)	$	(5,445)

(a) Hedging unsecured variable rate debt by fixing 30-day LIBOR.