Capital and Financing Transactions (Tables)

3 Months Ended

Mar. 31, 2013

Capital and Financing Transactions [Abstract]

Notes Payable

At March 31, 2013, the Company did not have any amounts outstanding under its senior unsecured revolving credit facilities and had $125.0 million outstanding under its unsecured term loan.  The Company was in compliance with all loan covenants under its revolving credit facilities and term loan.

		Interest				Outstanding
Credit Facilities	Lender	Rate			Maturity	Balance
$10.0 Million Unsecured Working Capital Revolving Credit Facility (1)	PNC Bank		-	%	03/29/16	$	-
$215.0 Million Unsecured Revolving Credit Facility (1)	Wells-Fargo		-	%	03/29/16		-
$125.0 Million Unsecured Term Loan (2)	Key Bank		2.2	%	09/27/17		125,000
			2.2	%		$	125,000

(1) The interest rate on the credit facilities is based on LIBOR plus an applicable margin of 160 to 235 basis points, depending upon overall Company leverage as defined in the loan agreements for the Company's credit facilities, with the current rate set at 160 basis points.  Additionally, the Company pays fees on the unused portion of the credit facilities ranging between 25 and 35 basis points based upon usage of the aggregate commitment, with the current rate set at 35 basis points.

(2) The interest rate on the term loan is based on LIBOR plus an applicable margin of 150 to 230 basis points depending on overall Company leverage (with the current rate set at 150 basis points).  On September 28, 2012, the Company executed two floating-to-fixed interest rate swaps totaling $125 million, locking LIBOR at 0.7% for five years which was effective October 1, 2012.

Schedule of Interest Rate Derivatives

The Company's interest rate hedge contracts at March 31, 2013, and 2012 are summarized as follows (in thousands):

									Fair Value
									Asset (Liability)
Type of	Balance Sheet	Notional		Maturity		Fixed			March 31
Hedge	Location	Amount		Date	Reference Rate	Rate			2013			2012
Swap	Accounts payable and other liabilities	$	12,088	11/18/15	1-month LIBOR		4.1	%	$	(541	)	$	(575	)
Swap	Accounts payable and other liabilities	$	30,000	02/01/16	1-month LIBOR		2.3	%		(1,666	)		-
Swap	Accounts payable and other liabilities	$	50,000	09/27/17	1-month LIBOR		2.2	%		26			-
Swap	Accounts payable and other liabilities	$	75,000	09/27/17	1-month LIBOR		2.2	%		39			-
Swap	Accounts payable and other liabilities	$	33,875	11/18/17	1-month LIBOR		4.7	%		(3,113	)		(2,715	)
Swap	Accounts payable and other liabilities	$	22,000	01/25/18	1-month LIBOR		4.5	%		(1,804	)		(1,454	)
Swap	Accounts payable and other liabilities	$	47,500	01/25/18	1-month LIBOR		5.0	%		(1,447	)		(403	)
Swap	Accounts payable and other liabilities	$	9,250	09/30/18	1-month LIBOR		5.2	%		(1,140	)		(1,010	)
Swap	Accounts payable and other liabilities	$	22,500	10/08/18	1-month LIBOR		5.4	%		(2,935	)		(2,641	)
Swap	Accounts payable and other liabilities	$	22,100	11/18/18	1-month LIBOR		5.0	%		(2,458	)		(2,062	)
									$	(15,039	)	$	(10,860	)