Derivative Instruments and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2013
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of derivative instruments in statement of financial position, fair value
The following table summarizes the notional amount and fair value of the Company’s derivative instruments (in thousands):
 
 
 
 
 
 
 
 
 
 
 
 
Fair Value of Liability
Derivatives Designated as Hedging Instruments
 
Balance Sheet
Location
 
Notional Amount
 
Interest Rate
 
Effective Date
 
Maturity Date
 
June 30, 2013
 
December 31, 2012
Interest Rate Swap
 
Deferred rental income, derivative and other liabilities
 
$
6,895

 
5.8%
 
02/20/2009
 
03/01/2016
 
$
(362
)
 
$
(481
)
Interest Rate Swap
 
Deferred rental income, derivative and other liabilities
 
111,111

 
4.9%
 
02/28/2011
 
11/30/2013
 
(529
)
 
(1,133
)
Interest Rate Swap
 
Deferred rental income, derivative and other liabilities
 
38,250

 
3.5%
 
09/26/2011
 
09/26/2014
 
(221
)
 
(321
)
Interest Rate Swap
 
Deferred rental income, derivative and other liabilities
 
32,400

 
3.2%
 
09/05/2012
 
09/05/2015
 
(134
)
 
(246
)
 
 
 
 

 
 
 
 
 
 
 
$
(1,246
)
 
$
(2,181
)
Schedule of derivative instruments, gain (loss) in statement of financial performance
The following table summarizes the gains on the Company’s derivative instruments and hedging activities (in thousands):
  
 
Amount of Gain Recognized in Other Comprehensive Income
 
Amount of Loss Reclassified from Accumulated Other Comprehensive Income to Earnings (1)
 
Amount of Gain Recognized
 in Earnings(1)
Derivatives in Cash Flow Hedging Relationships
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
 
2013
 
2012
Interest Rate Swaps
 
$
214

 
$
573

 
$
641

 
$
788

 
$
823

 
$
—

 
$
823

 
$
—

 
$
294

 
$
—

 
$
294

 
$
—

(1)
In connection with the Merger, the Company terminated the interest rate swap agreement associated with $111.1 million of variable rate debt. As a result, the Company recorded an unrealized loss of $529,000 in merger related expenses, $823,000 of which was previously recorded in accumulated other comprehensive income. The remaining interest rate swaps were considered effective during the three and six months ended June 30, 2013. In addition, there were no portions of the change in the fair value of the interest rate swap agreements that were considered ineffective during the three and six months ended June 30, 2012.