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 and our corresponding estimate of fair value as of March 31, 2021.
−Removed: As of March 31, 2021, all 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: The following table presents the aggregate carrying value of our mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and our corresponding estimate of fair value as of June 30, 2021.
+Added: As of June 30, 2021, all 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.
The following table presents our aggregate debt obligations with corresponding weighted-average interest rates sorted by maturity date.
1 unchanged sentence
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.
−Removed: 2021 2022 2023 2024 2025 2026+ Total Estimated
+Added: 2021 2022 2023 2024 2025 2026+ Total Estimated Fair Value
(dollars in thousands)
10 unchanged sentences
Total Debt $ 540 $ 600,001 $ 1,486,444 $ 687,709 $ 838,979 $ 8,922,392 $ 12,536,065 $ 13,438,840
−Removed: At March 31, 2021, the weighted-average coupon/stated rates on the fixed rate debt stated above was 3.54% per annum.
+Added: At June 30, 2021, the weighted-average coupon/stated rates on the fixed rate debt stated above was 3.54% per annum.
The fair value amounts were determined solely by considering the impact of hypothetical interest rates on our financial instruments.
9 unchanged sentences
These risks arise in connection with transitioning contracts to an alternative rate, including any resulting value transfer that may occur, and are likely to vary by contract.
−Removed: The value of loans, securities, or derivative instruments tied to LIBOR, as well as interest rates on our or our unconsolidated joint ventures current or future indebtedness, may also be impacted if LIBOR is limited or discontinued.
+Added: The value of loans, securities, or derivative instruments tied to LIBOR, as well as interest rates on our unconsolidated joint ventures current or future indebtedness, may also be impacted if LIBOR is limited or discontinued.
For some instruments the method of transitioning to an alternative reference rate may be challenging, especially if we cannot agree with the respective counterparty about how to make the transition.
While we expect LIBOR to be available in substantially its current form until at least the end of June 30, 2023, it is possible that LIBOR will become unavailable prior to that point.
−Removed: This event could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator.
+Added: This could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator.
In that case, the risks associated with the transition to an alternative reference rate will be accelerated and magnified.
+Added: Ta ble of Contents
Alternative rates and other market changes related to the replacement of LIBOR, including the introduction of financial products and changes in market practices, may lead to risk modeling and valuation challenges, such as adjusting interest rate accrual calculations and building a term structure for an alternative rate.
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.