8 unchanged sentences
The interest rate swaps expose us to credit risk in the event of non-performance by the counterparty under the terms of the agreement.
−Removed: During the year ended December 31, 2019 , we entered into a private shelf agreement for the issuance of up to $150.0 million of unsecured senior promissory notes ("unsecured senior notes").
+Added: We have a private shelf agreement for the issuance of up to $150.0 million of unsecured senior promissory notes (“unsecured senior notes”).
Under this agreement, we issued $75.0 million of Series A notes due September 13, 2029, bearing interest at a rate of 3.84% annually, and $50.0 million of Series B notes due September 30, 2028, bearing interest at a rate of 3.69% annually.
−Removed: The proceeds from this facility were used to repay outstanding amounts under our unsecured credit facility, retire mortgage debt, and partially fund our acquisition of Lugano at Cherry Creek.
−Removed: As a result of entering into this facility, we have been able to lengthen our average debt maturity duration and lower our weighted average interest rate of debt.
As of December 31, 2020, we had no variable-rate mortgage debt outstanding and $297.9 million of variable-rate borrowings under our line of credit and term loans, of which $195.0 million is fixed through interest rate swaps.
−Removed: We estimate that a change in 30-day LIBOR of 100 basis points with constant risk spreads would not have an impact on our net income due to our interest rate swaps on our existing variable rate debt.
−Removed: Mortgage loan indebtedness decreased by $114.6 million as of December 31, 2019 , compared to December 31, 2018, primarily due to loan payoffs related to property dispositions.
−Removed: As of December 31, 2019 and December 31, 2018, 100.0% of our $331.4 million of mortgage debt was at fixed rates of interest, with staggered maturities.
−Removed: As of December 31, 2019 , the weighted
−Removed: average rate of interest on our mortgage debt was 4.02% , compared to 4.58% on December 31, 2018.
+Added: We estimate that an increase in 30-day LIBOR of 100 basis points with constant risk spreads would result in our net income being reduced by approximately $1.0 million on an annual basis.
+Added: We estimate that a decrease in 30-day LIBOR of 100 basis points would increase the amount of net income by a similar amount.
+Added: Mortgage loan indebtedness decreased by $32.9 million as of December 31, 2020, compared to December 31, 2019, primarily due to loan maturities and prepayments.
+Added: As of December 31, 2020 and 2019, 100.0% of our $298.4 million of mortgage debt was at fixed rates of interest, with staggered maturities.
+Added: As of December 31, 2020, the weighted average rate of interest on our
+Added: mortgage debt was 3.93%, compared to 4.02% on December 31, 2019.
Even though our goal is to maintain a fairly low exposure to interest rate risk, we may become vulnerable to significant fluctuations in interest rates on any future repricing or refinancing of our fixed or variable rate debt or future debt.
3 unchanged sentences
Future Principal Payments (in thousands, except percentages)
+Added: Debt 2021 2022 2023 2024 2025 Thereafter Total Value
+Added: Fixed Rate $ 25,665 $ 37,219 $ 45,068 $ 3,777 $ 32,505 $ 279,211 $ 423,445 $ 439,851
Average Interest Rate (1)
+Added: 4.23 % 3.99 % 3.79 % 3.75 % 3.75 % 3.74 % 3.89 %
Variable Rate (2)
+Added: $ 5,871 $ 147,000 — $ 70,000 $ 75,000 — $ 297,871 $ 297,871
Average Interest Rate (1)
+Added: 3.64 % 2.85 % — 3.65 % 4.63 % — 3.23 %
(1) Interest rate is annualized and includes the effect of our interest rate swaps.
−Removed: Includes $50.1 million under our line of credit and $145.0 million on our term loans.
+Added: (2) Includes $152.9 million under our line of credit and $145.0 million on our term loans, of which $195.0 million is synthetically fixed with interest rate swaps.
+Added: Financial Statements and Supplementary Data
+Added: Our consolidated financial statements and related notes, together with the Report of the Independent Registered Public Accounting Firm, are set forth beginning on page F-1 of this Report and are incorporated herein by reference.
+Added: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
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.