8 unchanged sentences
Principal (2)
+Added: $ 100,000 $ — $ — $ — $ — $ 400,000 $ 500,000 $ 454,564
Interest payments $ 19,340 $ 17,995 $ 17,995 $ 17,995 $ 17,995 $ 44,216 $ 135,536
Interest rate on debt maturities 2.3 % — % — % — % — % 4.5 % 4.2 %
+Added: Unsecured variable rate debt
+Added: Principal $ — $ — $ 55,000 $ — — $ — $ 55,000 $ 55,000
+Added: Variable interest rate on debt maturities 5.2 % 5.2 %
______________________________
1 unchanged sentence
The interest rate on the $100.0 million term loan is effectively fixed by interest rate swap arrangements at 2.31%.
+Added: Subsequent to the end of 2022, we prepaid the 2018 Term Loan with proceeds from the $125.0 million 2023 Term Loan which matures in 2025.
+Added: (2) Subsequent to the end of 2022, we executed an amendment to our revolving credit facility to convert the benchmark interest rate from LIBOR to an adjusted SOFR, with no change in the applicable interest rate margins.
We entered into the 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 December 31, 2021 and 2020 and their respective fair values (dollars in thousands):
+Added: The following table sets forth information pertaining to interest rate swap contract in place as of December 31, 2022 and 2021 and its respective fair value (dollars in thousands):
Notional Amount Floating Index Rate Termination/ Fair Value as of:
1 unchanged sentence
$ 100,000 1.205% One Month USD-LIBOR 3/31/2017 7/21/2023 $ 1,998 $ (821)
−Removed: 50,000 1.208% One-Month USD-LIBOR 3/31/2017 9/27/2021 — (1,338)
−Removed: 25,000 2.610% One-Month USD-LIBOR 6/29/2018 9/27/2021 — (1,562)
−Removed: 25,000 2.610% One-Month USD-LIBOR 6/29/2018 9/27/2021 — (1,562)
−Removed: 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 9/27/2021 — (1,561)
−Removed: $ (821) $ (10,255)
We enter into debt obligations primarily to support general corporate purposes including acquisition of real estate properties, capital improvements and working capital needs.
−Removed: 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.
−Removed: 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.
−Removed: On September 27, 2021, we prepaid a $150.0 million portion of the 2018 Term Loan.
−Removed: In connection with the prepayment, we terminated the five interest rate swap arrangements with an aggregate notional value of $150.0 million.
−Removed: We currently expect to hold the remaining $100.0 million portion of the 2018 Term Loan until maturity.
−Removed: 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.