2 unchanged sentences
We manage our exposure to this market risk by monitoring available financing alternatives.
−Removed: Our strategy to manage exposure to changes in interest rates has not materially
−Removed: changed since December 31, 2020.
+Added: Our strategy to manage exposure to changes in interest rates has not materially changed since December 31, 2020.
Other than as described below, we do not currently foresee any significant changes in our exposure to fluctuations in interest rates or in how we manage this exposure in the near future.
1 unchanged sentence
Fixed Rate Debt
−Removed: At March 31, 2021, our outstanding fixed rate debt included the following (dollars in thousands):
+Added: At June 30, 2021, our outstanding fixed rate debt included the following (dollars in thousands):
Annual Annual
2 unchanged sentences
Expense Maturity Payments Due
−Removed: Senior unsecured notes (2)
−Removed: $ 300,000 6.750 % $ 20,250 2021 Semi-Annually
Senior unsecured notes $ 250,000 4.750 % $ 11,875 2024 Semi-Annually
15 unchanged sentences
This table does not include obligations under finance leases.
−Removed: (2) In April 2021, we delivered a notice of redemption to redeem all $300,000 of our outstanding 6.75% senior notes due 2021 in June 2021, when these notes become redeemable with no prepayment premium.
(2) The life science property encumbered by these mortgages is owned in a joint venture arrangement in which we own a 55% equity interest.
6 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 March 31, 2021, 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 $32.5 million.
+Added: Based on the balances outstanding at June 30, 2021, 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 $31.4 million.
Our senior unsecured notes and certain of our mortgages contain provisions that allow us to make repayments earlier than the stated maturity date.
In some cases, we are not allowed to make early repayment prior to a cutoff date and we are generally allowed to make prepayments only at a premium equal to a make whole amount, as defined, which is generally designed to preserve a stated yield to the noteholder.
−Removed: In the past, we have repurchased and retired some of our outstanding debts and we
−Removed: may do so again in the future.
+Added: In the past, we have repurchased and retired some of our outstanding debt and we may do so again in the future.
These prepayment rights and our ability to repurchase and retire outstanding debt may afford us opportunities to mitigate the risk of refinancing our debts at maturity at higher rates by refinancing prior to maturity.
Floating Rate Debt
−Removed: At March 31, 2021, our floating rate debt obligations consisted of $800.0 million outstanding under our revolving credit facility.
+Added: At June 30, 2021, our floating rate debt obligations consisted of $800.0 million outstanding under our revolving credit facility.
Our revolving credit facility matures in January 2022, and, subject to the payment of an extension fee and meeting other conditions, we have two, one year options to extend the maturity date of the facility to January 2024.
6 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 March 31, 2021 (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, 2021 (dollars in thousands except per share amounts):
Impact of Changes in Interest Rates
2 unchanged sentences
Floating Rate Debt Expense Per Year Per Share Impact (2)
−Removed: At March 31, 2021 2.85 % $ 800,000 $ 22,800 $ 0.10
+Added: At June 30, 2021 2.85 % $ 800,000 $ 22,800 $ 0.10
One percentage point increase 3.85 % $ 800,000 $ 30,800 $ 0.13
−Removed: (1) Interest rate under our revolving credit facility as of March 31, 2021.
−Removed: (2) Based on weighted average number of shares outstanding (basic and diluted) for the three months ended March 31, 2021.
+Added: (1) Interest rate under our revolving credit facility as of June 30, 2021.
+Added: (2) Based on weighted average number of shares outstanding (basic and diluted) for the six months ended June 30, 2021.
The foregoing table shows 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.