ITEM 3— Quantitative and Qualitative Disclosures about Market Risk.
−Removed: The following table presents the aggregate carrying value of our mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit, unsecured term loan, net and our corresponding estimate of fair value as of March 31, 2020 .
−Removed: As of March 31, 2020 , approximately $11.3 billion of these borrowings bore interest at fixed
−Removed: rates and therefore the fair value of these instruments is affected by changes in the market interest rates.
−Removed: As of March 31, 2020 , the weighted-average interest rate on our variable rate debt was LIBOR plus 0.85% ( 2.07% ) per annum.
+Added: The following table presents the aggregate carrying value of our mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit, unsecured term loan, net and our corresponding estimate of fair value as of June 30, 2020.
+Added: As of June 30, 2020, approximately $12.5 billion of these borrowings bore interest at fixed rates and therefore the fair value of these instruments is affected by changes in the market interest rates.
+Added: As of June 30, 2020, the weighted-average interest rate on our variable rate debt was LIBOR plus 0.90% (1.15%) per annum.
The following table presents our aggregate fixed rate debt obligations with corresponding weighted-average interest rates sorted by maturity date and our aggregate variable rate debt obligations sorted by maturity date.
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For a discussion concerning our unconsolidated joint venture debt, see Note 5 to the Consolidated Financial Statements and “ Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations—Capitalization—Off-Balance Sheet Arrangements—Joint Venture Indebtedness.
+Added: Table of Content s
+Added: 2020 2021 2022 2023 2024 2025+ Total Estimated
(dollars in thousands)
Mortgage debt, net
+Added: Fixed Rate $ 6,771 $ 13,440 $ 611,132 $ (3,494) $ (3,494) $ 2,291,497 $ 2,915,852 $ 3,155,771
GAAP Average Interest Rate
+Added: 5.07 % 4.98 % 4.79 % — % — % 3.64 % 3.90 %
Variable Rate — — — — — — — —
Unsecured debt, net
+Added: Fixed Rate $ (5,707) $ 839,355 $ (10,189) $ 1,490,888 $ 692,161 $ 6,627,069 $ 9,633,577 $ 10,517,869
GAAP Average Interest Rate
+Added: — % 4.29 % — % 3.73 % 3.92 % 3.61 % 3.71 %
Variable Rate (239) (461) 499,850 — — — 499,150 500,450
−Removed: At March 31, 2020 , the weighted-average coupon/stated rates on the fixed rate debt stated above was 3.69% per annum.
−Removed: At March 31, 2020 , our outstanding variable rate debt based on LIBOR totaled approximately $750.0 million.
−Removed: At March 31, 2020 , the coupon/stated rate on our variable rate debt was approximately 2.07% per annum.
−Removed: If market interest rates on our variable rate debt had been 100 basis points greater, total interest expense would have increased approximately $1.9 million for the three months ended March 31, 2020 .
+Added: Total Debt $ 825 $ 852,334 $ 1,100,793 $ 1,487,394 $ 688,667 $ 8,918,566 $ 13,048,579 $ 14,174,090
+Added: At June 30, 2020, the weighted-average coupon/stated rates on the fixed rate debt stated above was 3.65% per annum.
+Added: At June 30, 2020, our outstanding variable rate debt based on LIBOR totaled approximately $500.0 million.
+Added: At June 30, 2020, the coupon/stated rate on our variable rate debt was approximately 1.15% per annum.
+Added: If market interest rates on our variable rate debt had been 100 basis points greater, total interest expense would have increased approximately $1.3 million and $2.5 million for the three and six months ended June 30, 2020, respectively.
The fair value amounts were determined solely by considering the impact of hypothetical interest rates on our financial instruments.
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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.