8 unchanged sentences
Interest Rate Risk
−Removed: As of June 30, 2021, we had an aggregate of $1.8 billion of variable rate debt, excluding any debt subject to interest rate swap agreements, and therefore, we are exposed to interest rate changes in LIBOR.
−Removed: As of June 30, 2021, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $9.0 million per year.
−Removed: As of June 30, 2021, we had three interest rate swap agreements outstanding and four interest rate cap agreements outstanding, which mature on various dates from July 2021 through March 2023, with an aggregate notional amount of $344.1 million and an aggregate fair value of the net derivative liability of $6.3 million.
−Removed: The fair value of these interest rate swap agreements and interest rate cap agreements is dependent upon existing market interest rates and swap spreads.
−Removed: As of June 30, 2021, an increase of 50 basis points in interest rates would result in a change of $1.3 million to the fair value of the net derivative liability, resulting in a net derivative liability of $5.0 million.
−Removed: A decrease of 50 basis points in interest rates would result in a $1.4 million change to the fair value of the net derivative liability, resulting in a net derivative liability of $7.7 million.
−Removed: As the information presented above includes only those exposures that existed as of June 30, 2021, it does not consider exposures or positions arising after that date.
+Added: Interest rates are highly sensitive to many factors, including fiscal and monetary policies and domestic and international economic and political considerations, as well as other factors beyond our control.
+Added: We are subject to interest rate risk in connection with our investments and the related financing obligations.
+Added: In general, we seek to match the interest rate characteristics of our investments with the interest rate characteristics of any related financing obligations such as repurchase agreements, bank credit facilities, term loans, revolving facilities and securitizations.
+Added: As of September 30, 2021, we had an aggregate of $1.6 billion of variable rate debt, and therefore, we are exposed to interest rate changes in LIBOR.
+Added: As of September 30, 2021, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $8.2 million per year.
+Added: As of September 30, 2021, we had five interest rate cap agreements outstanding, which mature on various dates from May 2022 through July 2023, with an aggregate notional amount of $752.6 million and an aggregate fair value of the net derivative asset of $51,000.
+Added: The fair value of these interest rate cap agreements is dependent upon existing market interest rates.
+Added: As of September 30, 2021, an increase of 50 basis points in interest rates would result in a change of $166,000 to the fair value of the
+Added: net derivative asset, resulting in a net derivative asset of $217,000.
+Added: A decrease of 50 basis points in interest rates would result in a $45,000 change to the fair value of the net derivative asset, resulting in a net derivative asset of $6,000.
+Added: As the information presented above includes only those exposures that existed as of September 30, 2021, it does not consider exposures or positions arising after that date.
The information presented herein has limited predictive value.
11 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 and interest rate cap agreements maturing on various dates from July 2021 through March 2023, as further discussed above, that are indexed to LIBOR.
+Added: We have interest rate cap agreements maturing on various dates from May 2022 through July 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.
15 unchanged sentences
payment history;
−Removed: 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);
+Added: credit status and change in status, including the impact of the COVID-19 pandemic (credit ratings for public companies are used as a
+Added: primary metric);
change in tenant space needs ( i.e.
4 unchanged sentences
We believe that the credit risk of our portfolio is reduced by the high quality of our existing tenant base, reviews of prospective tenants’ risk profiles prior to lease execution and consistent monitoring of our portfolio to identify potential problem tenants and mitigation options.
+Added: Our loans and investments are also subject to credit risk.
+Added: The performance and value of our loans and investments depend upon the owners’ ability to operate the properties that serve as our collateral so that they produce cash flows adequate to pay interest and principal due to us.
+Added: To monitor this risk, our manager reviews our investment portfolios and in certain instances is in regular contact with our borrowers, monitoring performance of the collateral and enforcing our rights as necessary.
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.