5 unchanged sentences
Fixed Rate Debt
−Removed: At September 30, 2020, our outstanding fixed rate debt consisted of the following mortgage notes:
+Added: At March 31, 2021, our outstanding fixed rate debt consisted of the following mortgage notes:
Annual Annual Interest
1 unchanged sentence
Debt Balance (1)
−Removed: Mortgage note (one property in Florida) (2)
−Removed: $ 56,980 3.60 % $ 2,051 2023 Monthly
Mortgage notes (186 properties in Hawaii) $ 650,000 4.31 % $ 28,015 2029 Monthly
−Removed: Mortgage notes (11 U.S.
−Removed: Mainland Properties) (2)
−Removed: 350,000 3.33 % 11,655 2029 Monthly
$ 650,000 $ 28,015
1 unchanged sentence
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: (2) The properties encumbered by these mortgages are owned by a joint venture in which we own a 61% equity interest.
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 $10,570.
+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 September 30, 2020 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 $78,447.
+Added: Based on the balance outstanding at March 31, 2021 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 $46,008.
Floating Rate Debt
−Removed: At September 30, 2020, our floating rate debt consisted of $320,000 outstanding under our revolving credit facility.
+Added: At March 31, 2021, our floating rate debt consisted of $217,000 outstanding under our revolving credit facility.
Our revolving credit facility matures on December 29, 2021 and, subject to the payment of extension fees and satisfaction of other conditions, we have the option to extend the maturity date for two, six month periods.
6 unchanged sentences
Generally, a change in interest rates would not affect the value of our floating rate debt but would affect our operating results.
−Removed: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at September 30, 2020:
+Added: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at March 31, 2021:
Impact of an Increase in Interest Rates
2 unchanged sentences
Per Year Debt Per Year Share Impact (1)
−Removed: At September 30, 2020 1.56 % $ 320,000 $ 4,992 $ (0.08)
+Added: At March 31, 2021 1.41 % $ 217,000 $ 3,060 $ (0.05)
One percentage point increase 2.41 % $ 217,000 $ 5,230 $ (0.08)
−Removed: (1) Based on the diluted weighted average common shares outstanding for the nine months ended September 30, 2020.
−Removed: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at September 30, 2020 if we were fully drawn on our revolving credit facility:
+Added: (1) Based on the diluted weighted average common shares outstanding for the three months ended March 31, 2021.
+Added: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at March 31, 2021 if we were fully drawn on our revolving credit facility:
Impact of an Increase in Interest Rates
2 unchanged sentences
Per Year Debt Per Year Share Impact (1)
−Removed: At September 30, 2020 1.56 % $ 750,000 $ 11,700 $ (0.18)
+Added: At March 31, 2021 1.41 % $ 750,000 $ 10,575 $ (0.16)
One percentage point increase 2.41 % $ 750,000 $ 18,075 $ (0.28)
−Removed: (1) Based on the diluted weighted average common shares outstanding for the nine months ended September 30, 2020.
+Added: (1) Based on the diluted weighted average common shares outstanding for the three months ended March 31, 2021.
The foregoing tables show the impact of an immediate one percentage point change in floating interest rates.
2 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.
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.