Risk Management and Use of Derivative Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2013

Risk Management and Use of Derivative Financial Instruments

Schedule of Derivative Instruments in Statement of Financial Position, Fair Value

Derivatives Designated		Asset Derivatives Fair Value at				Liability Derivatives Fair Value at
as Hedging Instruments	Balance Sheet Location	September 30, 2013		December 31, 2012		September 30, 2013		December 31, 2012
Interest rate swaps	Other assets	$	505		-	$	-	$	-
Interest rate swaps	Accounts payable, accrued expenses and other liabilities		-		-		(710)		(410)
		$	505	$	-	$	(710)	$	(410)

Schedule of Derivative Instruments

		Notional		Effective	Effective	Expiration	Fair Value at
Instrument	Type	Amount		Interest Rate	Date	Date	September 30, 2013
1-Month LIBOR	“Rollercoaster” swap	$	9,750	5.0%	5/2012	5/2015	$	(104)
1-Month LIBOR	“Pay-fixed” swap		51,500	4.6%	12/2012	12/2017		505
1-Month LIBOR	“Pay-fixed” swap		19,350	4.1%	3/2013	3/2017		(9)
1-Month LIBOR	“Pay-fixed” swap		44,000	4.1%	7/2013	7/2018		(597)
							$	(205)

	Ownership
	Interest at		Notional			Effective	Expiration	Fair Value at
Description	September 30, 2013	Type	Amount		Cap Rate	Date	Date	September 30, 2013
1-Month LIBOR	57.0%	Interest rate cap		35,000	1.0%	10/2012	10/2015	$	47
1-Month LIBOR	80.4%	“Pay-fixed” swap		33,000	N/A	8/2013	8/2018		(596)
								$	(549)