DERIVATIVES AND HEDGING ACTIVITIES (Tables)

3 Months Ended

Mar. 31, 2020

DERIVATIVES AND HEDGING ACTIVITIES

Schedule of interest rate swaps

The following table summarizes the Trust’s interest rate swaps as of March 31, 2020, which effectively convert on month floating rate LIBOR to a fixed rate:

			Fixed
Effective Date		Notional	Interest Rate	Maturity Date
April 15, 2005	$	801	7.25%	April 15, 2020
November 1, 2019	$	7,121	3.15%	November 1, 2029
November 1, 2019	$	4,946	3.28%	November 1, 2029
January 10, 2020	$	3,211	3.39%	January 10, 2030

The following table summarizes the Trust’s interest rate swaps that were designated as cash flow hedges of interest rate risk:

	Number of Instruments			Notional
Interest Rate Derivatives	March 31, 2020	December 31, 2019		March 31, 2020		December 31, 2019
Interest rate swaps	4	3	$	16,079	$	12,960

Schedule of the estimated fair value of derivatives

	Derivatives
Derivatives designated as	March 31, 2020			December 31, 2019
cash flow hedges:	Balance Sheet Location		Fair Value	Balance Sheet Location		Fair Value
Interest rate swaps	Other assets, net	$	—	Other assets, net	$	58
Interest rate swaps	Accrued expenses and other liabilities	$	1,449	Accrued expenses and other liabilities	$	21

Schedule of the effect of the derivatives

			Location of Gain
		Amount of (Gain)/Loss	Reclassified from
Derivatives in		Recognized in Other	Accumulated other		Amount of (Gain)/Loss
Cash Flow Hedging		Comprehensive Income	Comprehensive Income		Reclassified from
Relationships		on Derivatives	(AOCI) into Income		AOCI into income
		2020			2020
Interest rate swaps	$	1,486	Interest expense	$	10
		2019			2019
Interest rate swaps	$	(4)	Interest expense	$	7