17 unchanged sentences
Fixed rate (2)
−Removed: (1) Includes a variable rate mortgage payable with an interest rate cap agreement as of December 31, 2020.
+Added: (1) Includes variable rate mortgages payable with interest rate cap agreements.
(2) Includes variable rate mortgages payable with interest rates fixed by interest rate swap agreements.
(3) The interest rate for the revolving credit facility excludes a 0.15% facility fee.
−Removed: (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.
−Removed: 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%.
−Removed: (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.
−Removed: 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%.
+Added: (4) As of December 31, 2021 and 2020, the outstanding balance was fixed by interest rate swap agreements.
+Added: As of December 31, 2021, the interest rate swaps mature concurrently with the term loan and fix LIBOR at a weighted average interest rate of 1.39% for the Tranche A-1 Term Loan and 1.34% for the Tranche A-2 Term Loan.
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 loss and is subsequently reclassified into "Interest expense"
−Removed: 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"
+Added: in our consolidated balance sheets and is subsequently reclassified into "Interest expense"
+Added: in our consolidated 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 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 liabilities totaling $44.2 million and $17.4 million as of December 31, 2020 and 2019, included in "Other liabilities, net"
−Removed: in our balance sheets.
−Removed: Derivative Financial Instruments Not Designated as Hedges
−Removed: 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.
+Added: As of December 31, 2021 and 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 assets totaling $393,000 as of December 31, 2021 included in "Other assets, net"
+Added: in our consolidated balance sheet, and liabilities totaling $18.4 million and $44.2 million as of December 31, 2021 and 2020, included in "Other liabilities, net"
+Added: in our consolidated balance sheets.
+Added: Derivative Financial Instruments Not Designated as Accounting Hedges
+Added: Certain derivative financial instruments, consisting of interest rate swap and cap agreements, are considered cash flow hedges, but not designated as accounting hedges, and are carried at their estimated fair value on a recurring basis.
Realized and unrealized gains are recorded in "Interest expense"
−Removed: in our statements of operations in the period in which the change occurs.
−Removed: 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 was not material as of December 31, 2020 and 2019.
+Added: in our consolidated statements of operations in the period in which the change occurs.
+Added: As of December 31, 2021 and 2020, we had various interest rate swap and cap agreements with an aggregate notional value of $867.7 million, which were not designated as accounting hedges.
+Added: The fair value of our interest rate caps not designated as accounting hedges consisted of assets totaling $558,000 and $35,000 as of December 31, 2021 and 2020, included in "Other assets, net"
+Added: in our consolidated balance sheets.
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.