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Derivative Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notional Values and Fair Values of Derivative Financial Instruments
The following table summarizes the notional values and fair values of our derivative financial instruments as of June 30, 2014:
 
 
Hedge
 
Notional
 
Fixed
 
Fair
 
Expiration
Underlying Debt
 
Type
 
Value
 
Rate
 
Value
 
Date
 
 
 
 
(In thousands)
 
 
 
(In thousands)
 
 
Derivative Assets
 
 
 
 
 
 
 
 
 
 
Unsecured term loan facility
 
Cash Flow
 
$
50,000

 
1.4600
%
 
$
993

 
05/2020
 
 
 
 
 
 
 
 
 
 
 
Derivative Liabilities
 
 
 
 
 
 
 
 
 
 
Unsecured term loan facility
 
Cash Flow
 
$
75,000

 
1.2175
%
 
$
(1,094
)
 
04/2016
Unsecured term loan facility
 
Cash Flow
 
30,000

 
2.0480
%
 
(889
)
 
10/2018
Unsecured term loan facility
 
Cash Flow
 
25,000

 
1.8500
%
 
(536
)
 
10/2018
Unsecured term loan facility
 
Cash Flow
 
5,000

 
1.8400
%
 
(104
)
 
10/2018
Unsecured term loan facility
 
Cash Flow
 
15,000

 
2.1500
%
 
(299
)
 
05/2020
Unsecured term loan facility
 
Cash Flow
 
10,000

 
2.1500
%
 
(200
)
 
05/2020
 
 
 
 
$
160,000

 
 

 
$
(3,122
)
 
 
 
 
 
 
 
 
 
 
 
 
 
Fair Values of Derivative Financial Instruments in Condensed Consolidated Balance Sheets
The following table presents the fair values of derivative financial instruments in our condensed consolidated balance sheets as of June 30, 2014 and December 31, 2013, respectively:
 
 
 
 
 
June 30, 2014
 
December 31, 2013
Derivatives designated as
 
Balance Sheet
 
Fair
 
Balance Sheet
 
Fair
hedging instruments
 
Location
 
Value
 
Location
 
Value
 
 
 
 
(In thousands)
 
 
 
(In thousands)
Interest rate contracts - assets
 
Other assets
 
$
993

 
Other assets
 
$
2,244

Interest rate contracts - liabilities
 
Other liabilities
 
$
(3,122
)
 
Other liabilities
 
$
(2,297
)
 
 
 
 


 
 
 


 
 
 
 
 
 
 
 
 
Summary of Effect of Derivative Financial Instruments on Condensed Consolidated Statements of Operations
The effect of derivative financial instruments on our condensed consolidated statements of operations for the six months ended June 30, 2014 and 2013 is summarized as follows:
 
 
Amount of Gain (Loss)
Recognized in OCI on Derivative
(Effective Portion)
 
Location of
Loss
Reclassified from
Accumulated OCI
into Income
(Effective Portion)
 
Amount of Loss
Reclassified from
Accumulated OCI into
Income (Effective Portion)
Derivatives in Cash Flow Hedging Relationship
 
Six Months Ended June 30,
 
 
Six Months Ended June 30,
 
2014
 
2013
 
 
2014
 
2013
 
 
(In thousands)
 
 
 
(In thousands)
 
 
 
 
 
 
 
 
 
 
 
Interest rate contracts - assets
 
$
(1,251
)
 
$
—

 
Interest Expense
 
$
(582
)
 
$
—

Interest rate contracts - liabilities
 
(825
)
 
4,676

 
Interest Expense
 
(946
)
 
(994
)
Total
 
$
(2,076
)
 
$
4,676

 
Total
 
$
(1,528
)
 
$
(994
)