11 unchanged sentences
therefore, changes in the fair value of interest rate derivative financial instruments are recorded as a component of interest expense in gain or loss in fair value of derivative financial instruments in our accompanying condensed consolidated statements of operations.
−Removed: As of June 30, 2021, our interest rate swap liabilities are recorded in our accompanying condensed consolidated balance sheets at their aggregate fair value of $2,338,000.
+Added: As of September 30, 2021, our interest rate swap liabilities are recorded in our accompanying condensed consolidated balance sheets at their aggregate fair value of $824,000.
We will not enter into derivatives or interest rate transactions for speculative purposes.
3 unchanged sentences
At this time, it is not known whether or when SOFR or other alternative reference rates will attain market traction as replacements for LIBOR.
−Removed: We have variable rate debt outstanding under our credit facilities and derivative financial instruments maturing on November 19, 2021 that are indexed to LIBOR.
−Removed: As such, we are monitoring and evaluating the related risks of the discontinuation of LIBOR, which include possible changes to the interest on loans or amounts received and paid on derivative instruments.
+Added: As of September 30, 2021, we have variable rate debt outstanding under our credit facilities and derivative financial instruments maturing on November 19, 2021 that are indexed to LIBOR.
+Added: We intend to extend the maturity date of such variable rate credit facilities for an additional 12 months pursuant to the terms of the 2018 Credit Agreement, as amended.
+Added: As such, we are monitoring and evaluating the related risks of the discontinuation of LIBOR, which include possible changes to the interest on loans or amounts received and paid on derivative instruments we may enter into in the future.
These risks arise in connection with transitioning contracts to a new alternative rate, including any resulting value transfer that may occur.
7 unchanged sentences
In that case, the risks associated with the transition to an alternative reference rate will be accelerated and magnified.
−Removed: As of June 30, 2021, the table below presents the principal amounts and weighted average interest rates by year of expected maturity to evaluate the expected cash flows and sensitivity to interest rate changes.
+Added: As of September 30, 2021, the table below presents the principal amounts and weighted average interest rates by year of expected maturity to evaluate the expected cash flows and sensitivity to interest rate changes.
Expected Maturity Date
6 unchanged sentences
$ 488,900,000 $ — $ — $ — $ — $ — $ 488,900,000 $ 488,995,000
−Removed: Weighted average interest rate on maturing variable-rate debt (based on rates in effect as of June 30, 2021) 2.25 % — % — % — % — % — % 2.25 % —
+Added: Weighted average interest rate on maturing variable-rate debt (based on rates in effect as of September 30, 2021) 2.05 % — % — % — % — % — % 2.05 % —
Mortgage Loans Payable, Net and Line of Credit and Term Loans
−Removed: Mortgage loans payable was $18,474,000 ($17,572,000, net of discount/premium and deferred financing costs) as of June 30, 2021.
−Removed: As of June 30, 2021, we had three fixed-rate mortgage loans payable with interest rates ranging from 3.67% to 5.25% per annum.
−Removed: In addition, as of June 30, 2021, we had $482,900,000 outstanding under our line of credit and term loans at a weighted average interest rate of 2.25% per annum.
−Removed: As of June 30, 2021, the weighted average effective interest rate on our outstanding debt, factoring in our fixed-rate interest rate swaps, was 3.53% per annum.
+Added: Mortgage loans payable was $18,291,000 ($17,409,000, net of discount/premium and deferred financing costs) as of September 30, 2021.
+Added: As of September 30, 2021, we had three fixed-rate mortgage loans payable with interest rates ranging from 3.67% to 5.25% per annum.
+Added: In addition, as of September 30, 2021, we had $488,900,000 outstanding under our line of credit and term loans at a weighted average interest rate of 2.05% per annum.
+Added: As of September 30, 2021, the weighted average effective interest rate on our outstanding debt, factoring in our fixed-rate interest rate swaps, was 3.32% per annum.
An increase in the variable interest rate on our variable-rate line of credit and term loans constitutes a market risk.
−Removed: As of June 30, 2021, a 0.50% increase in the market rates of interest would have increased our overall annualized interest expense on our variable-rate line of credit and term loans by $953,000, or 5.53% of total annualized interest expense on our mortgage loans payable and our line of credit and term loans.
+Added: As of September 30, 2021, a 0.50% increase in the market rates of interest would have increased our overall annualized interest expense on our variable-rate line of credit and term loans by $983,000, or 5.63% of total annualized interest expense on our mortgage loans payable and our line of credit and term loans.
See Note 6, Mortgage Loans Payable, Net, and Note 7, Line of Credit and Term Loans, to our accompanying condensed consolidated financial statements, for a further discussion.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.