6 unchanged sentences
Fixed Rate Debt
−Removed: At March 31, 2020 , our outstanding fixed rate debt included the following (dollars in thousands):
+Added: At June 30, 2020 , our outstanding fixed rate debt included the following (dollars in thousands):
Senior unsecured notes
12 unchanged sentences
Mortgage note
−Removed: Mortgage note
Mortgage notes (2)
2 unchanged sentences
In accordance with GAAP, our carrying values and recorded interest expense may differ from these amounts because of market conditions at the time we assumed certain of these debts.
−Removed: This table does not include obligations under capital leases.
−Removed: In April 2020, we redeemed at par plus accrued interest these senior unsecured notes, using cash on hand and borrowings under our revolving credit facility.
−Removed: The property encumbered by this mortgage is classified as held for sale as of March 31, 2020 .
−Removed: We prepaid this mortgage in May 2020.
+Added: This table does not include obligations under finance leases.
The life science property encumbered by these mortgages is owned in a joint venture arrangement in which we own a 55% equity interest.
2 unchanged sentences
Our mortgage notes generally require principal and interest payments through maturity pursuant to amortization schedules.
−Removed: Because these debts require interest to be paid at a fixed rate, changes in market interest rates during the term of these debts will not affect our interest obligations.
+Added: Because these debts require interest to be paid at a
+Added: fixed rate, changes in market interest rates during the term of these debts will not affect our interest obligations.
If these debts were refinanced at interest rates which are one percentage point higher or lower than shown above, our annual interest cost would increase or decrease by approximately $33.4 million .
1 unchanged sentence
increases in market interest rates decrease the fair value of our fixed rate debt, while decreases in market interest rates increase the fair value of our fixed rate debt.
−Removed: Based on the balances outstanding at March 31, 2020 , and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point increase in interest rates would change the fair value of those obligations by approximately $40.5 million .
+Added: Based on the balances outstanding at June 30, 2020 , and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point increase in interest rates would change the fair value of those obligations by approximately $35.9 million .
Our senior unsecured notes and certain of our mortgages contain provisions that allow us to make repayments earlier than the stated maturity date.
3 unchanged sentences
Floating Rate Debt
−Removed: At March 31, 2020 , our floating rate debt obligations consisted of our $1.0 billion revolving credit facility, under which we had $585.0 million outstanding, our $250.0 million term loan and our $200.0 million term loan.
+Added: At June 30, 2020 , our floating rate debt obligations consisted of our $1.0 billion revolving credit facility, under which we had no outstanding borrowings, and our $200.0 million term loan.
Our revolving credit facility matures in January 2022, and, subject to our payment of an extension fee and our meeting other conditions, we have the option to extend the stated maturity date by one year to January 2023.
−Removed: No principal repayments are required under our revolving credit facility prior to maturity, and we can borrow, repay and re-borrow funds available, subject to conditions, at any time without penalty.
−Removed: Our $250.0 million term loan matures in June 2020 and our $200.0 million term loan matures in September 2022.
−Removed: Subject to our payment of an extension fee and our meeting other conditions, we have an option to extend the maturity date of our $250.0 million term loan by six months to December 2020.
−Removed: Our $250.0 million term loan and our $200.0 million term loan are prepayable without penalty at any time.
−Removed: Borrowings under our revolving credit facility and term loans are in U.S.
+Added: Generally, no principal repayments are required under our revolving credit facility prior to maturity, and we can borrow, repay and re-borrow funds available, subject to conditions, at any time without penalty.
+Added: Our $200.0 million term loan matures in September 2022 and is prepayable without penalty at any time.
+Added: Borrowings under our revolving credit facility and term loan are in U.S.
dollars and interest is required to be paid at the rate of LIBOR plus premiums that are subject to adjustment based upon changes to our credit ratings.
1 unchanged sentence
dollar based short term rates, specifically LIBOR, and to changes in our credit ratings.
−Removed: In addition, upon renewal or refinancing of our revolving credit facility or our term loans, we are vulnerable to increases in interest rate premiums due to market conditions or our perceived credit characteristics.
+Added: In addition, upon renewal or refinancing of our revolving credit facility or our term loan, we are vulnerable to increases in interest rate premiums due to market conditions or our perceived credit characteristics.
Generally, a change in interest rates would not affect the value of our floating rate debt but would affect our operating results.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of March 31, 2020 (dollars in thousands except per share amounts):
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of June 30, 2020 (dollars in thousands except per share amounts):
Impact of Changes in Interest Rates
5 unchanged sentences
Per Share Impact (2)
−Removed: At March 31, 2020
+Added: At June 30, 2020
One percentage point increase
−Removed: Weighted based on the respective interest rates and outstanding borrowings under our credit facility and term loans as of March 31, 2020 .
−Removed: Based on weighted average number of shares outstanding (basic and diluted) for the three months ended March 31, 2020 .
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of March 31, 2020 if we were fully drawn on our revolving credit facility and our term loans remained outstanding (dollars in thousands except per share amounts):
+Added: Weighted based on the respective interest rates and outstanding borrowings under our credit facility and term loan as of June 30, 2020 .
+Added: Based on weighted average number of shares outstanding (basic and diluted) for the six months ended June 30, 2020 .
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of June 30, 2020 if we were fully drawn on our revolving credit facility and our term loan remained outstanding (dollars in thousands except per share amounts):
Impact of Changes in Interest Rates
5 unchanged sentences
Per Share Impact (2)
−Removed: At March 31, 2020
+Added: At June 30, 2020
One percentage point increase
−Removed: Weighted based on the respective interest rates and outstanding borrowings under our credit facility (assuming fully drawn) and term loans as of March 31, 2020 .
−Removed: Based on weighted average number of shares outstanding (basic and diluted) for the three months ended March 31, 2020 .
+Added: Weighted based on the respective interest rates and outstanding borrowings under our credit facility (assuming fully drawn) and term loan as of June 30, 2020 .
+Added: Based on weighted average number of shares outstanding (basic and diluted) for the six months ended June 30, 2020 .
The foregoing tables show the impact of an immediate increase in floating interest rates.
3 unchanged sentences
LIBOR is currently expected to be phased out in 2021.
−Removed: We are required to pay interest on borrowings under our revolving credit facility and term loans at floating rates based on LIBOR.
+Added: We are required to pay interest on borrowings under our revolving credit facility and term loan at floating rates based on LIBOR.
Future debt that we may incur may also require that we pay interest based upon LIBOR.
3 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.