3 unchanged sentences
The following is a summary of our exposure to a change in interest rates:
−Removed: March 31, 2020
+Added: June 30, 2020
December 31, 2019
11 unchanged sentences
Fixed rate (2)
−Removed: (1) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements.
−Removed: (2) The interest rate for the revolving credit facility excludes a 0.15% facility fee.
−Removed: In April 2020, we drew an additional $300.0 million under the revolving credit facility.
−Removed: (3) As of March 31, 2020 and December 31, 2019, the outstanding balance was fixed by interest rate swap agreements.
−Removed: In April 2020, we drew $100.0 million under the Tranche A-1 Term Loan.
−Removed: (4) As of March 31, 2020 and December 31, 2019, the outstanding balance was fixed by interest rate swap agreements with a notional value of $200.0 million and $137.6 million.
(1) Includes variable rate mortgages payable with interest rate cap agreements.
+Added: (2) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements.
+Added: (3) The interest rate for our revolving credit facility excludes a 0.15% facility fee.
+Added: In July 2020, we repaid the $500.0 million outstanding on our revolving credit facility.
+Added: (4) As of both June 30, 2020 and December 31, 2019, $100.0 million of the outstanding balance was fixed by interest rate swap agreements.
+Added: As of June 30, 2020, the interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.14%.
+Added: As of June 30, 2020, we had a forward-starting swap that became effective on July 20, 2020 with a notional value of $100.0 million, which effectively converted the variable interest rate applicable to the remaining $100.0 million drawn in April 2020 under our Tranche A-1 Loan to a fixed interest rate upon the effective date of the swap.
+Added: (5) As of June 30, 2020 and December 31, 2019, $200.0 million and $137.6 million of the outstanding balance was fixed by interest rate swap agreements.
+Added: As of June 30, 2020, the interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.34%.
The fair value of our mortgages payable is estimated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit profiles based on market sources.
The fair value of our revolving credit facility and unsecured term loans is calculated based on the net present value of payments over the term of the facilities using estimated market rates for similar notes and remaining terms.
−Removed: As of March 31, 2020 and December 31, 2019, the estimated fair value of our consolidated debt was $1.7 billion for each period.
+Added: As of June 30, 2020 and December 31, 2019, the estimated fair value of our consolidated debt was $2.2 billion and $1.7 billion.
These estimates of fair value, which are made at the end of the reporting period, may be different from the amounts that may ultimately be realized upon the disposition of our financial instruments.
5 unchanged sentences
We assess the effectiveness of our cash flow hedges both at inception and on an ongoing basis.
−Removed: If the hedges are deemed to be effective, the fair value is recorded in accumulated other comprehensive income (loss) and is subsequently reclassified into "Interest expense"
+Added: If the hedges are deemed to be effective, the fair value is recorded in accumulated other comprehensive loss and is subsequently reclassified into "Interest expense"
in the period that the hedged forecasted transactions affect earnings.
2 unchanged sentences
While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income and equity.
−Removed: As of March 31, 2020 and December 31, 2019, we had interest rate swap and cap agreements with an aggregate notional value of $960.0 million and $935.1 million, which were designated as cash flow hedges.
−Removed: The fair value of our interest rate swaps and caps designated as cash flow hedges consisted of liabilities totaling $50.2 million and $17.4 million as of March 31, 2020 and December 31, 2019, included in "Other liabilities, net"
+Added: As of June 30, 2020 and December 31, 2019, we had interest rate swap and cap agreements with an aggregate notional value of $862.7 million and $935.1 million, which were designated as cash flow hedges.
+Added: The fair value of our interest rate swaps and caps designated as cash flow hedges consisted of liabilities totaling $52.6 million and $17.4 million as of June 30, 2020 and December 31, 2019, included in "Other liabilities, net"
in our balance sheets.
3 unchanged sentences
in our statements of operations in the period in which the change occurs.
−Removed: As of March 31, 2020 and December 31, 2019, we had various interest rate swap and cap agreements with an aggregate notional value of $482.7 million and $307.7 million, which were not designated as cash flow hedges.
−Removed: The fair value of our interest rate swaps and caps not designated as hedges was not material as of March 31, 2020 and December 31, 2019.
+Added: As of June 30, 2020 and December 31, 2019, we had various interest rate swap and cap agreements with an aggregate notional value of $482.7 million and $307.7 million, which were not designated as cash flow hedges.
+Added: The fair value of our interest rate swaps and caps not designated as hedges was not material as of June 30, 2020 and December 31, 2019.
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.