6 unchanged sentences
Fixed Rate Debt
−Removed: At June 30, 2020 , our outstanding fixed rate debt included the following (dollars in thousands):
−Removed: Senior unsecured notes
−Removed: Semi-Annually
−Removed: Senior unsecured notes
−Removed: Semi-Annually
−Removed: Senior unsecured notes
−Removed: Semi-Annually
−Removed: Senior unsecured notes
−Removed: Semi-Annually
−Removed: Senior unsecured notes
−Removed: Senior unsecured notes
−Removed: Mortgage note
−Removed: Mortgage note
−Removed: Mortgage note
−Removed: Mortgage note
+Added: At September 30, 2020, our outstanding fixed rate debt included the following (dollars in thousands):
+Added: Annual Annual
+Added: Principal Interest Interest Interest
+Added: Debt Balance (1)
+Added: Expense Maturity Payments Due
+Added: Senior unsecured notes $ 300,000 6.75 % $ 20,250 2021 Semi-Annually
+Added: Senior unsecured notes 250,000 4.75 % 11,875 2024 Semi-Annually
+Added: Senior unsecured notes 1,000,000 9.75 % 97,500 2025 Semi-Annually
+Added: Senior unsecured notes 500,000 4.75 % 23,750 2028 Semi-Annually
+Added: Senior unsecured notes 350,000 5.63 % 19,705 2042 Quarterly
+Added: Senior unsecured notes 250,000 6.25 % 15,625 2046 Quarterly
+Added: Mortgage note 12,011 6.28 % 754 2022 Monthly
+Added: Mortgage note 10,784 4.85 % 523 2022 Monthly
+Added: Mortgage note 15,889 5.75 % 914 2022 Monthly
+Added: Mortgage note 15,752 6.64 % 1,046 2023 Monthly
Mortgage notes (2)
−Removed: Mortgage note
+Added: 620,000 3.53 % 21,886 2026 Monthly
+Added: Mortgage note 10,526 4.44 % 467 2043 Monthly
+Added: $ 3,334,962 $ 214,295
(1) The principal balances and interest rates are the amounts stated in the applicable contracts.
10 unchanged sentences
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 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 .
+Added: Based on the balances outstanding at September 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 $35.4 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 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.
+Added: At September 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.
7 unchanged sentences
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 June 30, 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 September 30, 2020 (dollars in thousands except per share amounts):
Impact of Changes in Interest Rates
−Removed: Total Interest
−Removed: Annual Earnings
+Added: Outstanding Total Interest Annual Earnings
Interest Rate (1)
−Removed: Floating Rate Debt
−Removed: Expense Per Year
−Removed: Per Share Impact (2)
−Removed: At June 30, 2020
+Added: Floating Rate Debt Expense Per Year Per Share Impact (2)
+Added: At September 30, 2020 2.75 % $ 200,000 $ 5,500 $ 0.02
One percentage point increase 3.75 % $ 200,000 $ 7,500 $ 0.03
−Removed: Weighted based on the respective interest rates and outstanding borrowings under our credit facility and term loan as of June 30, 2020 .
−Removed: Based on weighted average number of shares outstanding (basic and diluted) for the six months ended June 30, 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 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):
+Added: (1) Weighted based on the respective interest rates and outstanding borrowings under our credit facility and term loan as of September 30, 2020.
+Added: (2) Based on weighted average number of shares outstanding (basic and diluted) for the nine months ended September 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 September 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
−Removed: Total Interest
−Removed: Annual Earnings
+Added: Outstanding Total Interest Annual Earnings
Interest Rate (1)
−Removed: Floating Rate Debt
−Removed: Expense Per Year
−Removed: Per Share Impact (2)
−Removed: At June 30, 2020
+Added: Floating Rate Debt Expense Per Year Per Share Impact (2)
+Added: At September 30, 2020 2.58 % $ 1,200,000 $ 30,960 $ 0.13
One percentage point increase 3.58 % $ 1,200,000 $ 42,960 $ 0.18
−Removed: 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 .
−Removed: Based on weighted average number of shares outstanding (basic and diluted) for the six months ended June 30, 2020 .
+Added: (1) Weighted based on the respective interest rates and outstanding borrowings under our credit facility (assuming fully drawn) and term loan as of September 30, 2020.
+Added: (2) Based on weighted average number of shares outstanding (basic and diluted) for the nine months ended September 30, 2020.
The foregoing tables show the impact of an immediate increase in floating interest rates.
9 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.