31, 2004, aggregate borrowings under our unsecured line of credit and unsecured term loan were limit- ed to $666 million. Under the amended and restated unsecured line of credit and unsecured term loan, we have an option to increase our maximum available commitment by an additional $100 million. We utilize interest rate swap agreements to hedge a portion of our exposure to variable interest rates associated with our unsecured line of credit and unsecured term loan. These agreements involve an exchange of fixed and floating interest payments without the exchange of the underlying principal amount (the “notional amount”). Interest received under all of our swap agreements is based on the one- month LIBOR rate.The net difference between the interest paid and the interest received is reflected as an adjustment to interest expense. The following table summarizes our interest rate swap agreements as of December 31, 2004 (dollars in thousands): Statement of Financial Accounting Standards No. 133 (“SFAS 133”), “Accounting for Derivative Instruments and Hedging Activities”, as amended by Statement of Financial Accounting Standards No. 138, “Accounting for Certain Derivative Instruments and Certain Hedging Activities” establishes accounting and reporting standards for derivative financial instruments such as our interest rate swap agreements. Specifically, SFAS 133 requires us to reflect our interest rate swap agreements on the bal- ance sheet at their estimated fair values.We use a variety of methods and assumptions based on market conditions and risks existing at each balance sheet date to determine the fair values of our interest rate swap agreements.These methods of assessing fair value result in a general approximation of value, and such value may never be realized. All of our interest rate swap agreements meet the criteria to be deemed “highly effective” under SFAS 133 in reducing our exposure to variable interest rates. Accordingly, we have categorized these instru- ments as cash flow hedges.While we intend to continue to meet the conditions for such hedge account- ing, if hedges did not qualify as “highly effective”, the changes in the fair value of the derivatives used as hedges would be reflected in earnings. We do not believe we are exposed to more than a nominal amount of credit risk in our interest rate swap agreements as our counterparties are established, well-capitalized financial institutions.  As of December 31, 2004 and 2003, our interest rate swap agreements have been classified in accounts P 36 Effective at Interest Transaction  Effective Notional December 31,  Pay  Termination Fair Dates Dates Amounts 2004 Rates Dates Values July 2002 January 1, 2003 $ 25,000 $ 25,000 3.855% June 30, 2005 $ (142) July 2002 January 1, 2003 25,000 25,000  3.865% June 30, 2005 (143) November 2002 June 1, 2003 25,000 25,000  3.115% December 31, 2005 (31) November 2002 June 1, 2003 25,000 25,000  3.155% December 31, 2005 (41) December 2002 January 2, 2003 25,000 25,000  3.285% June 30, 2006 (35) December 2002 January 2, 2003 25,000 25,000  3.285% June 30, 2006 (35) December 2003 December 31, 2004 50,000 50,000  3.000% December 30, 2005 (4) December 2003 December 30, 2005 50,000 -  4.150% December 29, 2006 (219) December 2003 December 29, 2006 50,000 -  5.090% October 31, 2008 (795) March 2004 December 31, 2004 25,000 25,000  2.956% December 31, 2006 186  March 2004 December 31, 2004 25,000 25,000  2.956% December 31, 2006 186 April 2004 April 30, 2004 50,000 50,000  1.550% April 29, 2005 173  April 2004 April 29, 2005 50,000 -  3.140% April 28, 2006 81  April 2004 April 28, 2006 50,000 -  4.230% April 30, 2007 (205) April 2004 April 30, 2007 50,000 -  4.850% April 30, 2008 (333) June 2004 June 30, 2005 50,000 -  4.343% June 30, 2007 (679) December 2004 December 31, 2004 50,000 50,000  3.590% January 2, 2008 (57) December 2004 January 3, 2006 50,000 -  3.927% July 1, 2008 3  Total Interest Rate Swap Agreements in Effect at December 31, 2004 $ 350,000 $(2,090)