8 unchanged sentences
Interest Rate Risk
−Removed: As of December 31, 2019 , we had variable rate debt of $73.3 million , excluding any debt subject to interest rate swap agreements, and therefore, we are exposed to interest rate changes in the London Interbank Offered Rate (“LIBOR”).
−Removed: As of December 31, 2019 , an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $367,000 per year.
−Removed: As of December 31, 2019 , we had three interest rate swap agreements outstanding, which mature on various dates from March 2021 through July 2021 , with an aggregate notional amount of $871.7 million and an aggregate fair value of the net derivative liability of $3.9 million .
+Added: As of December 31, 2020, we had an aggregate of $540.2 million of variable rate debt, excluding any debt subject to interest rate swap agreements, and therefore, we are exposed to interest rate changes in LIBOR.
+Added: As of December 31, 2020, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $2.7 million per year.
+Added: As of December 31, 2020, we had five interest rate swap agreements outstanding, which mature on various dates from March 2021 through March 2023, with an aggregate notional amount of $1.09 billion and an aggregate fair value of the net derivative liability of $12.3 million.
The fair value of these interest rate swap agreements is dependent upon existing market interest rates and swap spreads.
−Removed: As of December 31, 2019 , an increase of 50 basis points in interest rates would result in a change of $5.1 million to the fair value of the net derivative liability, resulting in a net derivative asset of $1.2 million .
+Added: As of December 31, 2020, an increase of 50 basis points in interest rates would result in a change of $2.6 million to the fair value of the net derivative liability, resulting in a net derivative liability of $9.7 million.
A decrease of 50 basis points in interest rates would result in a $2.7 million change to the fair value of the net derivative liability, resulting in a net derivative liability of $15.0 million.
4 unchanged sentences
In July 2017, the Financial Conduct Authority (“FCA”) that regulates LIBOR announced it intends to stop compelling banks to submit rates for the calculation of LIBOR after 2021.
−Removed: As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee which identified the Secured Overnight Financing Rate (“SOFR”) as its preferred alternative to U.S.
+Added: As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee which identified the SOFR as its preferred alternative to U.S.
dollar LIBOR in derivatives and other financial contracts.
3 unchanged sentences
In addition, uncertainty about the extent and manner of future changes may result in interest rates and/or payments that are higher or lower than if LIBOR were to remain available in its current form.
−Removed: We have interest rate swap agreements maturing on various dates from March 2021 through July 2021, as further discussed above, that are indexed to LIBOR.
+Added: We have interest rate swap agreements maturing on various dates from March 2021 through March 2023, as further discussed above, that are indexed to LIBOR.
As such, we are monitoring and evaluating the related risks, which include interest on loans or amounts received and paid on derivative instruments.
12 unchanged sentences
payment history;
−Removed: credit status and change in status (credit ratings for public companies are used as a primary metric);
+Added: credit status and change in status, including the impact of the COVID-19 pandemic (credit ratings for public companies are used as a primary metric);
change in tenant space needs ( i.e.
5 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.