6 unchanged sentences
Fixed Rate Debt
−Removed: At June 30, 2021, our outstanding fixed rate debt included the following (dollars in thousands):
+Added: At September 30, 2021, our outstanding fixed rate debt included the following (dollars in thousands):
Annual Annual
27 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, 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.
+Added: Based on the balances outstanding at September 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 $29.9 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 June 30, 2021, our floating rate debt obligations consisted of $800.0 million outstanding under our revolving credit facility.
−Removed: 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.
+Added: At September 30, 2021, our floating rate debt obligations consisted of $800.0 million outstanding under our revolving credit facility.
+Added: As of September 30, 2021, the maturity date of our revolving credit facility was January 2022.
+Added: In October 2021, we exercised our option to extend the maturity date of our revolving credit facility by one year to January 2023.
+Added: Subject to the payment of an extension fee and meeting other conditions, we have an additional option to extend the maturity date of the
+Added: facility by one year to January 2024.
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.
5 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, 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 September 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 June 30, 2021 2.85 % $ 800,000 $ 22,800 $ 0.10
+Added: At September 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 June 30, 2021.
−Removed: (2) Based on weighted average number of shares outstanding (basic and diluted) for the six months ended June 30, 2021.
+Added: (1) Interest rate under our revolving credit facility as of September 30, 2021.
+Added: (2) Based on weighted average number of shares outstanding (basic and diluted) for the nine months ended September 30, 2021.
The foregoing table shows the impact of an immediate increase in floating interest rates.
5 unchanged sentences
Interest we may pay on any future debt that we may incur may also require that we pay interest based upon LIBOR.
−Removed: We currently expect that the determination of interest under our credit facility agreement would be revised as provided under the agreement or amended as necessary to provide for an interest rate that approximates the existing interest rate as calculated in accordance with LIBOR.
−Removed: Despite our current expectations, we cannot be sure that, if LIBOR is phased out or transitioned, the changes to the determination of interest under our agreement would approximate the current calculation in accordance with LIBOR.
−Removed: We do not know what standard, if any, will replace LIBOR if it is phased out or transitioned.
+Added: In September 2021, we amended our credit agreement to set forth the mechanics for establishing a replacement benchmark rate under our revolving credit facility at such time as LIBOR is no longer available to calculate interest payable on amounts outstanding thereunder.
+Added: Despite this amendment, we cannot be sure that, if LIBOR is phased out or transitioned, the changes to the determination of interest under our agreement will approximate the current calculation in accordance with LIBOR.
+Added: We cannot be sure what standard, if any, will replace LIBOR if it is phased out or transitioned.
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.