5 unchanged sentences
December 31, 2019
−Removed: Debt (contractual balances):
(Dollars in thousands)
+Added: Debt (contractual balances):
Mortgages payable:
1 unchanged sentence
Fixed rate (2)
−Removed: Credit facility (variable rate):
+Added: Credit facility:
Revolving credit facility (3)
1 unchanged sentence
Tranche A-2 Term Loan (5)
−Removed: Pro rata share of debt of unconsolidated entities (contractual balances):
+Added: Pro rata share of debt of unconsolidated real estate ventures (contractual balances):
Variable rate (1)
Fixed rate (2)
−Removed: ________________
(1) Includes a variable rate mortgage payable with an interest rate cap agreement as of December 31, 2020.
1 unchanged sentence
(3) The interest rate for the revolving credit facility excludes a 0.15% facility fee.
−Removed: As of December 31, 2019 and 2018 , the outstanding balance was fixed by interest rate swap agreements.
−Removed: As of December 31, 2019 , a portion of the outstanding balance was fixed by interest rate swap agreements with a notional value of $137.6 million .
+Added: (4) As of December 31, 2020 and 2019, $200.0 million and $100.0 million of the outstanding balance was fixed by interest rate swap agreements.
+Added: As of December 31, 2020, the interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.39%.
+Added: (5) As of December 31, 2020 and 2019, $200.0 million and $137.6 million of the outstanding balance was fixed by interest rate swap agreements.
+Added: As of December 31, 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.
8 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" in the period that the hedged forecasted transactions affect earnings.
+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"
+Added: in the period that the hedged forecasted transactions affect earnings.
Our cash flow hedges become less than perfectly effective if the critical terms of the hedging instrument and the forecasted transactions do not perfectly match such as notional amounts, settlement dates, reset dates, calculation period and interest rates.
2 unchanged sentences
As of December 31, 2020 and 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.
−Removed: The fair value of our interest rate swaps and caps designated as cash flow hedges consisted of assets totaling $7.9 million as of December 31, 2018 , included in "Other assets, net" in our balance sheet, and liabilities totaling $17.4 million and $1.7 million as of December 31, 2019 and 2018 , included in "Other liabilities, net" in our balance sheets.
+Added: The fair value of our interest rate swaps and caps designated as cash flow hedges consisted of liabilities totaling $44.2 million and $17.4 million as of December 31, 2020 and 2019, included in "Other liabilities, net"
+Added: in our balance sheets.
Derivative Financial Instruments Not Designated as Hedges
Certain derivative financial instruments, consisting of interest rate swap and cap agreements, are considered economic hedges, but not designated as accounting hedges, and are carried at their estimated fair value on a recurring basis.
−Removed: Realized and unrealized gains are recorded in "Interest expense" in our statements of operations in the period in which the change occurs.
+Added: Realized and unrealized gains are recorded in "Interest expense"
+Added: in our statements of operations in the period in which the change occurs.
As of December 31, 2020 and 2019, we had various interest rate swap and cap agreements with an aggregate notional value of $867.7 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 primarily consisted of assets totaling $2.5 million as of December 31, 2018 , included in "Other assets, net" in our balance sheet.
+Added: The fair value of our interest rate swaps and caps not designated as hedges was not material as of December 31, 2020 and 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.