Capital and Financing Transactions (Tables)

6 Months Ended

Jun. 30, 2013

Capital and Financing Transactions [Abstract]

Schedule of revolving credit facilities and term loans

The Company was in compliance with all loan covenants under its revolving credit facilities and term loans.

Credit Facilities	Lender	Interest Rate		Maturity	Outstanding Balance
$10.0 Million Unsecured Working Capital Revolving Credit Facility (1)	PNC Bank	—		3/29/2016	$	—
$215.0 Million Unsecured Revolving Credit Facility (1)	Wells Fargo	1.8	%	3/29/2016	68,000
$125.0 Million Unsecured Term Loan (2)	Key Bank	2.2	%	9/27/2017	125,000
$120.0 Million Unsecured Term Loan (3)	Wells Fargo	3.1	%	6/11/2018	120,000
		2.4	%		$	313,000

(1) The interest rate on the credit facilities is based on LIBOR plus an applicable margin of 160 basis point 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.

(3) The interest rate on the term loan is based on LIBOR plus an applicable margin of 145 to 200 basis points depending on overall Company leverage (with the current rate set at 145 basis points). On June 12, 2013, the Company executed a floating-to-fixed interest rate swap totaling $120 million, locking LIBOR at 1.6% for five years.

Schedule of Interest Rate Derivatives

The Company's interest rate hedge contracts at June 30, 2013, and 2012 are summarized as follows (in thousands):

								Fair Value Asset (Liability)
Type of	Balance Sheet	Notional		Maturity		Fixed		June 30
Hedge	Location	Amount		Date	Reference Rate	Rate		2013			2012
Swap	Accounts payable and other liabilities	$	12,088	11/18/2015	1-month LIBOR	4.1	%	$	—		$	(642	)
Swap	Receivables and other assets	$	50,000	9/27/2017	1-month LIBOR	2.2	%	972			—
Swap	Receivables and other assets	$	75,000	9/27/2017	1-month LIBOR	2.2	%	1,409			—
Swap	Accounts payable and other liabilities	$	33,875	11/18/2017	1-month LIBOR	4.7	%	(2,171		)	(3,359		)
Swap	Accounts payable and other liabilities	$	625	1/25/2018	1-month LIBOR	4.9	%	(29		)	—
Swap	Accounts payable and other liabilities	$	22,000	1/25/2018	1-month LIBOR	4.5	%	(1,178		)	(1,912		)
Swap	Accounts payable and other liabilities	$	46,875	1/25/2018	1-month LIBOR	4.7	%	(411		)	(1,344		)
Swap	Accounts payable and other liabilities	$	120,000	6/11/2018	1-month LIBOR	3.1	%	(1,216		)	—
Swap	Accounts payable and other liabilities	$	9,250	9/30/2018	1-month LIBOR	5.2	%	(793		)	(1,241		)
Swap	Accounts payable and other liabilities	$	22,500	10/8/2018	1-month LIBOR	5.4	%	(2,077		)	(3,204		)
Swap	Receivables and other assets	$	13,500	10/8/2018	1-month LIBOR	3.3	%	74			—
Swap	Accounts payable and other liabilities	$	22,100	11/18/2018	1-month LIBOR	5.0	%	(1,626		)	(2,654		)
								$	(7,046	)	$	(14,356	)

Schedule of Derivative Instruments, Effect on Other Comprehensive Income (Loss) [Table Text Block]

The tables below present the effect of the Company's derivative financial instruments on the Company's consolidated statements of operations and comprehensive income (loss) for the three months and six months ended June 30, 2013 and June 30, 2012 (in thousands):

Derivatives in Cash Flow Hedging Relationships (Interest Rate Swaps and Caps)	Three Months Ended				Six Months Ended
	June 30, 2013		June 30, 2012		June 30, 2013		June 30, 2012
Amount of gain (loss) recognized in other comprehensive income on derivative	5,992		274		6,481		(3,220	)
Amount of gain (loss) reclassified from accumulated other comprehensive income into interest expense	(1,143	)	(882	)	(2,810	)	(1,832	)
Amount of gain (loss) recognized in income on derivative (ineffective portion, reclassifications of missed forecasted transactions and amounts excluded from effectiveness testing)	(386	)	—		(386	)	—