3 unchanged sentences
The following is a summary of our annual exposure to a change in interest rates:
−Removed: September 30, 2020
+Added: March 31, 2021
December 31, 2020
4 unchanged sentences
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)
3 unchanged sentences
(3) The interest rate for our revolving credit facility excludes a 0.15% facility fee.
−Removed: (4) As of September 30, 2020 and December 31, 2019, $200.0 million and $100.0 million of the outstanding balance was fixed by interest rate swap agreements.
+Added: (4) As of March 31, 2021 and December 31, 2020, the outstanding balance was fixed by interest rate swap agreements.
The interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.39%.
−Removed: (5) As of September 30, 2020 and December 31, 2019, $200.0 million and $137.6 million of the outstanding balance was fixed by interest rate swap agreements.
−Removed: As of September 30, 2020, the interest rate swaps mature concurrently with the term loan and provide a weighted average interest rate of 1.34%.
+Added: (5) As of March 31, 2021 and December 31, 2020, the outstanding balance was fixed by interest rate swap agreements.
+Added: 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.
−Removed: 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 September 30, 2020 and December 31, 2019, the estimated fair value of our consolidated debt was $2.1 billion and $1.7 billion.
+Added: The fair value of our 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.
+Added: As of March 31, 2021 and December 31, 2020, the estimated fair value of our consolidated debt was $2.0 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.
4 unchanged sentences
Certain derivative financial instruments, consisting of interest rate swap and cap agreements, are designated as cash flow hedges, and are carried at their estimated fair value on a recurring basis.
−Removed: 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 loss and is subsequently reclassified into "Interest expense"
−Removed: in the period that the hedged forecasted transactions affect earnings.
+Added: We assess the effectiveness of our cash flow hedges
+Added: both at inception and on an ongoing basis.
+Added: If the hedges are deemed to be effective, the fair value is recorded in “Accumulated other comprehensive loss” in our balance sheets and is subsequently reclassified into "Interest expense"
+Added: in our statements of operations 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.
1 unchanged sentence
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 September 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.
−Removed: The fair value of our interest rate swaps and caps designated as cash flow hedges consisted of liabilities totaling $49.2 million and $17.4 million as of September 30, 2020 and December 31, 2019, included in "Other liabilities, net"
+Added: As of March 31, 2021 and December 31, 2020, we had interest rate swap and cap agreements with an aggregate notional value of $862.7 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 $34.2 million and $44.2 million as of March 31, 2021 and December 31, 2020, 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 September 30, 2020 and December 31, 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 was not material as of September 30, 2020 and December 31, 2019.
+Added: As of March 31, 2021 and December 31, 2020, we had various interest rate cap agreements with an aggregate notional value of $867.7 million, which were not designated as cash flow hedges.
+Added: The fair value of our interest rate caps not designated as hedges was not material as of March 31, 2021 and December 31, 2020.
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.