Derivative and Hedging Activities (Tables)
 6 Months Ended
Jun. 30, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Summary of Notional Amount and Fair Value of Derivative Instruments
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,
2014
 
December 31,
2013
Interest Rate Swap
 
Accounts payable, accrued expenses and other liabilities
 
$
10,924

 
4.62
%
 
06/28/12
 
07/06/17
 
$
(80
)
 
$
(42
)
Interest Rate Swap
 
Accounts payable, accrued expenses and other liabilities
 
$
6,746

 
5.75
%
 
07/17/13
 
03/01/16
 
(260
)
 
(326
)
Interest Rate Swap
 
Accounts payable, accrued expenses and other liabilities
 
$
32,400

 
3.15
%
 
07/17/13
 
09/05/15
 
(162
)
 
(178
)
Interest Rate Swaps(a)
 
Accounts payable, accrued expenses and other liabilities
 
$
61,758

 
5.14
%
 
01/02/14
 
12/13/18
 
(863
)
 
(246
)
 
 
 
 
 
 
 
 
 
 
 
 
$
(1,365
)
 
$
(792
)
(a)Represents a tranche of eight individual interest rate swap agreements with notional amounts ranging from $7.6 million to $7.9 million. The swap agreements contain the same payment terms, stated interest rate, effective date, and maturity date.
Derivative Instruments Amounts Recorded in AOCL and Gain or (Loss) Reclassified Out of AOCL
The following tables provide information about the amounts recorded in AOCL, as well as the loss recorded in operations, when reclassified out of AOCL or recognized in earnings immediately, for the three and six months ended ended June 30, 2014 and 2013, respectively (in thousands):
 
 
Amount of (Loss) or Gain Recognized
in AOCL on Derivative
(Effective Portion)
 
 
Three Months 
 Ended June 30,
 
Six Months 
 Ended June 30,
Derivatives in Cash Flow Hedging Relationships
 
2014
 
2013
 
2014
 
2013
Interest rate swaps
 
$
(875
)
 
$
502

 
$
(1,277
)
 
$
470

 
 
 
 
 
 
 
 
 
 
 
Amount of Loss Reclassified from
AOCL into Operations
(Effective Portion)
 
 
Three Months 
 Ended June 30,
 
Six Months 
 Ended June 30,
Location of Loss Reclassified from AOCL into Operations
 
2014
 
2013
 
2014
 
2013
Interest expense
 
$
(331
)
 
$
(95
)
 
$
(654
)
 
$
(188
)
General and administrative expense
 
—

 
—

 
—

 
(22
)
 
 
 
 
 
 
 
 
 
 
 
Amount of Gain or (Loss) Recognized in
Operations on Derivative
(Ineffective Portion)
 
 
Three Months 
 Ended June 30,
 
Six Months 
 Ended June 30,
Location of (Loss) or Gain Recognized in Operations on Derivatives
 
2014
 
2013
 
2014
 
2013
General and administrative expense
 
$
(3
)
 
$
54

 
$
(3
)
 
$
54