14 unchanged sentences
We do not enter into derivative or interest rate transactions for speculative purposes.
−Removed: The table below presents, as of December 31, 2019 , the principal amounts of our fixed and variable debt and the weighted average interest rates, excluding the impact of cash flow hedges, by year of expected maturity to evaluate the expected cash flows and sensitivity to interest rate changes (in thousands, except interest rates):
+Added: The table below presents, as of December 31, 2020, information about HTA's financial instruments that are sensitive to changes in interest rates, including interest rate swaps and debt obligations.
+Added: For debt obligations, the table presents principal cash flows and related weighted average interest rates by expected maturity dates.
+Added: For interest rate swaps, the table presents notional amounts and weighted average interest rates by expected (contractual) maturity dates.
+Added: Notional amounts are used to calculate the contractual payments to be exchanged under the contract.
+Added: Weighted average variable rates are based on implied
+Added: forward rates in effect as of December 31, 2020 (in thousands, except interest rates):
Expected Maturity Date
+Added: 2021 2022 2023 2024 2025 Thereafter Total Fair Value
Fixed rate debt, gross $ — $ — $ — $ — $ — $ 2,550,000 $ 2,550,000 $ 2,757,227
1 unchanged sentence
Variable rate debt, gross $ — $ — $ 300,000 $ 200,000 $ — $ — $ 500,000 $ 501,346
−Removed: Weighted average interest rate on variable rate debt based on forward rates in effect as of December 31, 2019 (per annum)
+Added: Weighted average interest rate on variable rate debt (per annum) — % — % 1.42 % 1.24 % — % — % 1.35 %
+Added: Interest Rate Swaps:
+Added: Variable to Fixed $ — $ — $ 300,000 $ 200,000 $ — $ — $ 500,000 $ 501,346
+Added: Average pay rate — % — % 1.42 % 1.32 % — % — % 1.38 %
+Added: Average receive rate — % — % 0.32 % 0.24 % — % — % 0.29 %
As of December 31, 2020, we had $3.1 billion of gross fixed and variable rate debt with interest rates ranging from 1.14% to 3.75% per annum and a weighted average interest rate of 2.69% per annum, excluding the impact of cash flow hedges.
We had $2.6 billion (excluding net premium/discount and deferred financing costs) of fixed rate debt with a weighted average interest rate of 2.98% per annum and $500.0 million (excluding net premium/discount and deferred financing costs) of variable rate debt with a weighted average interest rate of 1.23% per annum as of December 31, 2020, excluding the impact of cash flow hedges.
−Removed: As of December 31, 2019 , the fair value of our fixed rate debt was $2.2 billion and the fair value of our variable rate debt was $601.8 million based upon prevailing market rates as of December 31, 2019 .
−Removed: As of December 31, 2019 , we had cash flow hedges outstanding that effectively fix $500.0 million of our variable rate debt.
−Removed: Including the impact of these cash flow hedges, the effective rate on our variable rate and total debt is 2.50% and 3.27%
−Removed: per annum, respectively.
In addition to changes in interest rates, the value of our future properties is subject to fluctuations based on changes in local and regional economic conditions and changes in the creditworthiness of tenants, which may affect our ability to refinance our debt if necessary.
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.