1 unchanged sentence
The fair value of our mortgage payable is sensitive to fluctuations in interest rates.
−Removed: Discounted cash flow analysis is generally used to estimate the fair value of our mortgage payable, using a rate of 3.59% and 3.38% as of March 31, 2021 and December 31, 2020, respectively.
−Removed: As of March 31, 2021 and December 31, 2020, our mortgage payable had a book value of $97.1 million, and a fair value of $99.7 million and $100.8 million, respectively.
+Added: Discounted cash flow analysis is generally used to estimate the fair value of our mortgage payable, using a rate of 3.30% and 3.38% as of June 30, 2021 and December 31, 2020, respectively.
+Added: As of June 30, 2021 and December 31, 2020, our mortgage payable had a book value of $97.1 million, and a fair value of $100.9 million and $100.8 million, respectively.
Our future income, cash flow and fair values relevant to financial instruments are dependent upon prevalent market interest rates.
1 unchanged sentence
We are exposed to market risk in the form of changes in interest rates and the potential impact such changes may have on the cash flows from our floating rate debt or the fair values of our fixed rate debt.
−Removed: As of March 31, 2021 and December 31, 2020 (excluding premiums, discounts, and deferred loan costs), $115.2 million (or 34.4%) and $111.6 million (or 34.0%) of our debt, respectively, was fixed rate borrowings, and $219.8 million (or 65.6%) and $216.3 million (or 66.0%), respectively, was floating rate borrowings.
−Removed: Based on the level of floating rate debt outstanding as of March 31, 2021 and December 31, 2020, a 12.5 basis point change in LIBOR would result in an annual impact to our earnings of approximately $275,000 and $270,000, respectively .
+Added: As of June 30, 2021 and December 31, 2020 (excluding premiums, discounts, and deferred loan costs), $109.5 million (or 41.5%) and $111.6 million (or 34.0%) of our debt, respectively, was fixed rate borrowings, and $154.1 million (or 58.5%) and $216.3 million (or 66.0%), respectively, was floating rate borrowings.
+Added: Based on the level of floating rate debt outstanding as of June 30, 2021 and December 31, 2020, a 12.5 basis point change in LIBOR would result in an annual impact to our earnings of approximately $193,000 and $270,000, respectively .
We calculate interest rate sensitivity by multiplying the amount of floating rate debt by the respective change in rate.
1 unchanged sentence
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.