3 unchanged sentences
Following the prepayment of the Yale West mortgage note, we are no longer exposed to interest rate risk related to mortgages.
−Removed: The table below presents principal, interest and related weighted average fair value interest rates by year of maturity, with respect to debt outstanding on June 30, 2020 (in thousands):
−Removed: 2020 2021 2022 2023 2024 Thereafter Total Fair Value
+Added: The table below presents principal, interest and related weighted average fair value interest rates by year of maturity, with respect to debt outstanding on September 30, 2020 (in thousands):
+Added: 2020 2021 2022 2023 2024 Thereafter (5)
+Added: Total Fair Value
Unsecured fixed rate debt (1)(2)
10 unchanged sentences
(2) Maturity date for the $150.0 million term loan of May 2022 assumes election of option for an additional one-year period.
−Removed: (3) In April 2020, WashREIT prepaid without penalty the $250.0 million of 4.95% Senior Notes that were scheduled to mature in October 2020 using borrowings on our Revolving Credit Facility.
+Added: (3) In April 2020, WashREIT prepaid without penalty the $250.0 million of its 4.95% Senior Notes that were scheduled to mature in October 2020 using borrowings on our Revolving Credit Facility.
(4) Maturity date on the unsecured credit facility of 2023 assumes the election of two additional six-month options.
+Added: (5) The Green Bonds are not included in this table as the closing and funding of the Green Bonds has not yet occurred.
+Added: It is expected to occur no later than December 29, 2020.
+Added: Following the closing and funding of the Green Bonds, and pending allocation to such Eligible Green Projects, WashREIT expects to repay $300 million of existing term loans maturing in 2021 and 2022 and to use the balance to pay down amounts due under the revolving credit facility and will have no debt maturing until the fourth quarter of 2022.
We enter into interest rate swap arrangements designated and qualifying as cash flow hedges to reduce our exposure to the variability in future cash flows attributable to changes in interest rates.
2 unchanged sentences
As part of our ongoing control procedures, we monitor the credit ratings of counterparties and our exposure to any single entity, thus minimizing our credit risk concentration.
−Removed: The following table sets forth information pertaining to interest rate swap contracts in place as of June 30, 2020 and December 31, 2019 and their respective fair values (in thousands):
+Added: The following table sets forth information pertaining to interest rate swap contracts in place as of September 30, 2020 and December 31, 2019 and their respective fair values (in thousands):
Notional Amount Floating Index Rate Fair Value as of:
−Removed: Fixed Rate Effective Date Expiration Date June 30, 2020 December 31, 2019
+Added: Fixed Rate Effective Date Expiration Date September 30, 2020 December 31, 2019
$ 75,000 1.619% One-Month USD-LIBOR 10/15/2015 3/15/2021 $ (501) $ (28)
11 unchanged sentences
$ 600,000 $ (12,372) $ 1,823
+Added: In September 2020, in conjunction with the entry into the note purchase agreement to issue the Green Bonds, we terminated $200.0 million of four forward interest rate swap arrangements that we had entered into in November 2019 and which were effective as of April 1, 2020, designated as cash flow hedges of the interest rate variability on the issuance of unsecured notes.
+Added: On October 2, 2020, we paid the $20.4 million liability associated with the termination of the forward swaps.
We enter into debt obligations primarily to support general corporate purposes including acquisition of real estate properties, capital improvements and working capital needs.
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.