3 unchanged sentences
The following is a summary of our annual exposure to a change in interest rates:
−Removed: March 31, 2022
+Added: June 30, 2022
December 31, 2021
11 unchanged sentences
Fixed rate (2)
−Removed: (1) Excludes mortgages payable related to assets held for sale as of March 31, 2022, which were repaid in April 2022.
(1) Includes variable rate mortgages payable with interest rate cap agreements.
1 unchanged sentence
(3) The interest rate for our revolving credit facility excludes a 0.15% facility fee.
−Removed: (5) As of March 31, 2022 and December 31, 2021, the outstanding balance was fixed by interest rate swap agreements.
−Removed: As of March 31, 2022, the interest rate swaps mature in July 2024, and fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and fix LIBOR at a weighted average rate of 1.34% for the Tranche A-2 Term Loan.
+Added: (4) As of June 30, 2022 and December 31, 2021, the outstanding balance was fixed by interest rate swap agreements.
+Added: As of June 30, 2022, the interest rate swaps mature in July 2024, fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan, and fix LIBOR at a weighted average rate of 1.34% for the Tranche A-2 Term Loan.
+Added: In July 2022, the Tranche A-2 Term Loan was amended.
+Added: See Note 7 to the financial statements for additional information.
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, 2022 and December 31, 2021, the estimated fair value of our consolidated debt was $2.5 billion.
+Added: As of June 30, 2022 and December 31, 2021, the estimated fair value of our consolidated debt was $2.0 billion and $2.5 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.
11 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 (loss) and equity.
−Removed: As of March 31, 2022 and December 31, 2021, we had interest rate swap and cap agreements with an aggregate notional value of $1.0 billion and $862.7 million, which were designated as effective hedges.
−Removed: The fair value of our interest rate swaps and caps designated as effective hedges consisted of assets totaling $11.6 million and $393,000 as of March 31, 2022 and December 31, 2021 included in "Other assets, net"
−Removed: in our balance sheets, and liabilities totaling $658,000 and $18.4 million as of March 31, 2022 and December 31, 2021, included in "Other liabilities, net"
−Removed: in our balance sheets.
+Added: As of June 30, 2022 and December 31, 2021, we had interest rate swap and cap agreements with an aggregate notional value of $930.2 million and $862.7 million, which were designated as effective hedges.
+Added: The fair value of our interest rate swaps and caps designated as effective hedges consisted of assets totaling $20.4 million and $393,000 as of June 30, 2022 and December 31, 2021 included in "Other assets, net"
+Added: in our balance sheets, and liabilities totaling $18.4 million as of December 31, 2021, included in "Other liabilities, net"
+Added: in our balance sheet.
Derivative Financial Instruments Designated as Ineffective Hedges
2 unchanged sentences
in our statements of operations.
−Removed: As of March 31, 2022 and December 31, 2021, we had various interest rate swap and cap agreements with an aggregate notional value of $692.7 million and $867.7 million, which were designated as ineffective hedges.
−Removed: The fair value of our interest rate swaps and caps designated as ineffective hedges consisted of assets totaling $3.9 million and $558,000 as of March 31, 2022 and December 31, 2021, included in "Other assets, net"
+Added: As of June 30, 2022 and December 31, 2021, we had various interest rate swap and cap agreements with an aggregate notional value of $692.7 million and $867.7 million, which were designated as ineffective hedges.
+Added: The fair value of our interest rate swaps and caps designated as ineffective hedges consisted of assets totaling $6.0 million and $558,000 as of June 30, 2022 and December 31, 2021, included in "Other assets, net"
in our 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.