4 unchanged sentences
We use interest rate swap arrangements to reduce our exposure to the variability in future cash flows attributable to changes in interest rates.
−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 December 31, 2020.
+Added: The table below presents principal, interest and related weighted average interest rates by year of maturity, with respect to debt outstanding on December 31, 2021 (dollars in thousands).
2022 2023 2024 2025 2026 Thereafter Total Fair Value
−Removed: (dollars in thousands)
Unsecured fixed rate debt (1)
2 unchanged sentences
Interest rate on debt maturities — % 2.3 % — % — % — % 4.5 % 4.1 %
−Removed: Unsecured variable rate debt
−Removed: Principal $ — $ — $ 42,000 $ — $ — $ — $ 42,000 $ 42,000
−Removed: Variable interest rate on debt maturities 1.1 % 1.1 %
______________________________
−Removed: (1) Includes $250.0 million term loan with a floating interest rate.
+Added: (1) Includes a $100.0 million term loan with a floating interest rate.
The interest rate on the $100.0 million term loan is effectively fixed by interest rate swap arrangements at 2.31%.
4 unchanged sentences
The following table sets forth information pertaining to interest rate swap contracts in place as of December 31, 2021 and 2020 and their respective fair values (dollars in thousands):
−Removed: Notional Amount Floating Index Rate Fair Value as of:
+Added: Notional Amount Floating Index Rate Termination/ Fair Value as of:
Fixed Rate Effective Date Expiration Date December 31, 2021 December 31, 2020
5 unchanged sentences
25,000 2.610% One-Month USD-LIBOR 6/29/2018 9/27/2021 — (1,561)
−Removed: 25,000 2.610% One-Month USD-LIBOR 6/29/2018 7/21/2023 (1,561) (917)
−Removed: 25,000 2.610% One-Month USD-LIBOR 6/29/2018 7/21/2023 (1,561) (915)
−Removed: 50,000 1.680% One-Month USD-LIBOR 4/1/2020 4/1/2030 — 844
−Removed: 50,000 1.680% One-Month USD-LIBOR 4/1/2020 4/1/2030 — 844
−Removed: 50,000 1.718% One-Month USD-LIBOR 4/1/2020 4/1/2030 — 1,018
−Removed: 50,000 1.718% One-Month USD-LIBOR 4/1/2020 4/1/2030 — 1,018
$ (821) $ (10,255)
−Removed: 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
−Removed: April 1, 2020, designated as cash flow hedges of the interest rate variability on the issuance of unsecured notes.
−Removed: On October 2, 2020, we paid the $20.4 million liability associated with the termination of the forward swaps.
−Removed: In December 2020, in connection with the prepayment of our 2015 Term Loan, we terminated two interest rate swap agreements with notional amounts in the aggregate of $150.0 million resulting in a loss on interest rate derivatives of approximately $0.6 million.
+Added: We enter into debt obligations primarily to support general corporate purposes including acquisition of real estate properties, capital improvements and working capital needs.
+Added: In the second quarter of 2021 we determined that the hedged transactions for five interest rate swap arrangements with an aggregate notional value of $150.0 million were probable not to occur and that these interest swap arrangements were no longer effective cash flow hedges as of June 30, 2021 due to our intention to prepay a $150.0 million portion of the 2018 Term Loan.
+Added: As a result, we recognized a loss of $5.8 million for the second quarter of 2021, which was recorded to Loss on interest rate derivatives on our consolidated statements of operations.
+Added: On September 27, 2021, we prepaid a $150.0 million portion of the 2018 Term Loan.
+Added: In connection with the prepayment, we terminated the five interest rate swap arrangements with an aggregate notional value of $150.0 million.
+Added: We currently expect to hold the remaining $100.0 million portion of the 2018 Term Loan until maturity.
+Added: The interest rate swap arrangement with a notional value of $100.0 million related to the remaining portion of the 2018 Term Loan is an effective cash flow hedge as of December 31, 2021.
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
2 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.