1 unchanged sentence
Our future income, cash flows and fair values relevant to financial instruments depend upon prevailing interest rates.
−Removed: We are exposed to interest rate changes primarily through our Credit Facility and unsecured term loans and other property-specific variable-rate mortgages.
−Removed: Our objectives with respect to interest rate risk are to limit the impact of interest rate changes on operations and cash flows, and to lower its overall borrowing costs.
−Removed: To achieve these objectives, we may borrow at fixed rates and may enter into derivative financial instruments such as interest rate swaps, hedges, etc., in order to mitigate its interest rate risk on a related variable-rate financial instrument.
−Removed: As a matter of policy, we do not utilize financial instruments for trading or speculative transactions.
−Removed: We had $1.2 billion of outstanding consolidated indebtedness as of December 31, 2020 (inclusive of net unamortized net debt premiums and issuance costs of $5.3 million).
+Added: We are exposed to interest rate changes primarily through our Revolving Facility and unsecured term loans and other property-specific variable-rate mortgages.
+Added: Our objectives with respect to interest rate risk are to balance the potential impact of interest rate changes on operations and cash flows against our desire to lower our overall borrowing costs.
+Added: To achieve these objectives, we may borrow at fixed or variable rates and enter into derivative financial instruments such as interest rate swaps, hedges, etc., in order to mitigate the interest rate risk.
+Added: As a matter of policy, we do not use financial instruments for trading or speculative transactions.
+Added: We had $3.2 billion of outstanding consolidated indebtedness as of December 31, 2021 (inclusive of net unamortized debt discounts, premiums and issuance costs of $58.6 million).
As of December 31, 2021, we were party to various consolidated interest rate hedge agreements totaling $875.0 million with maturities over various terms through 2026.
Reflecting the effects of these hedge agreements, our fixed and variable rate debt would have been $2.9 billion (92%) and $239.0 million (8%), respectively, of our total consolidated indebtedness at December 31, 2021.
−Removed: We do not have any fixed rate debt scheduled to mature during 2021.
+Added: As of December 31, 2021, we had $153.5 million of fixed rate debt scheduled to mature during 2022.
+Added: A 100-basis point change in interest rates would not materially impact the annual cash flows associated with this debt as we expect to repay these loans using cash on hand.
A 100-basis point change in interest rates on our unhedged variable rate debt as of December 31, 2021 would change our annual cash flow by $2.4 million.
4 unchanged sentences
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.