5 unchanged sentences
As of December 31, 2020, our outstanding fixed rate debt consisted of the following mortgage notes:
−Removed: Mortgage note (one property in Virginia)
−Removed: Mortgage note (one property in Florida) (2)
−Removed: Mortgage notes (186 properties in Hawaii)
−Removed: Mortgage notes (11 Mainland Properties) (2)
+Added: Annual Annual Interest
+Added: Principal Interest Interest Payments
+Added: Debt Balance (1)
+Added: Mortgage notes (186 properties in Hawaii) $ 650,000 4.31 % $ 28,015 2029 Monthly
+Added: $ 650,000 $ 28,015
(1) The principal balance, annual interest rate and annual interest expense are the amounts stated in the applicable contract.
In accordance with GAAP, our carrying values and recorded interest expense may differ from these amounts because of market conditions at the time we assumed or issued this debt.
−Removed: In February 2020, we entered into agreements for properties encumbered by these mortgages contributed or which we will contribute to a joint venture in which we own a 61% equity interest.
−Removed: The principal amounts listed in the table for these debts have not been adjusted to reflect our partial ownership in the joint venture.
These mortgage notes require interest only payments until maturity.
Because our mortgage notes require interest to be paid at a fixed rate, changes in market interest rates during the terms of these mortgage notes will not affect our interest obligations.
−Removed: If these mortgage notes are refinanced at interest rates which are one percentage point higher or lower than shown above, our annual interest cost would increase or decrease by approximately $ 11,057 .
+Added: If these mortgage notes are refinanced at an interest rate which is one percentage point higher or lower than shown above, our annual interest cost would increase or decrease by approximately $6,500.
Changes in market interest rates would affect the fair value of our fixed rate debt obligations.
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 December 31, 2019 and discounted cash flow analyses through the 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 change in the interest rates would change the fair value of these obligations by approximately $ 80,690 .
+Added: Based on the balance outstanding at December 31, 2020 and discounted cash flow analyses through the maturity date, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligation, a hypothetical immediate one percentage point change in the interest rates would change the fair value of this obligation by approximately $50,181.
Floating Rate Debt
10 unchanged sentences
Impact of an Increase in Interest Rates
−Removed: Total Interest
−Removed: Interest Rate
−Removed: Share Impact (1)
+Added: Total Interest Annual
+Added: Interest Rate Outstanding Expense Earnings Per
+Added: Per Year Debt Per Year Share Impact (1)
At December 31, 2020 1.70 % $ 221,000 $ 3,757 $ (0.06)
3 unchanged sentences
Impact of an Increase in Interest Rates
−Removed: Total Interest
−Removed: Interest Rate
−Removed: Share Impact (1)
+Added: Total Interest Annual
+Added: Interest Rate Outstanding Expense Earnings Per
+Added: Per Year Debt Per Year Share Impact (1)
At December 31, 2020 1.70 % $ 750,000 $ 12,750 $ (0.20)
5 unchanged sentences
LIBOR Phase Out
−Removed: LIBOR is currently expected to be phased out in 2021.
+Added: LIBOR is currently expected to be phased out for new contracts by December 31, 2021 and for pre-existing contracts by June 30, 2023.
We are required to pay interest on borrowings under our revolving credit facility at floating rates based on LIBOR.
−Removed: Future debt that we may incur may also require that we pay interest based upon LIBOR.
+Added: Interest we may pay on any future debt that we may incur may also require that we pay interest based upon LIBOR.
We currently expect that the determination of interest under our revolving credit facility would be revised as provided under our credit agreement or amended as necessary to provide for an interest rate that approximates the existing interest rate as calculated in accordance with LIBOR.
5 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.