5 unchanged sentences
Fixed Rate Debt
−Removed: At March 31, 2020 , our outstanding fixed rate debt consisted of the following:
+Added: At June 30, 2020 , our outstanding fixed rate debt consisted of the following:
Principal Balance (1)
11 unchanged sentences
Senior unsecured notes
−Removed: Mortgage note (one property in Washington, D.C.) (2)
+Added: Senior unsecured notes (2)
Mortgage note (one property in Philadelphia, PA)
7 unchanged sentences
For more information, see Notes 7 and 8 to the Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
−Removed: In April 2020, this mortgage note was prepaid at par plus accrued interest.
+Added: In July 2020, we issued an additional $12,000 of these senior unsecured notes in connection with the underwriters partial exercise of their option to purchase additional notes.
Our senior unsecured notes require semi-annual or quarterly interest payments through maturity.
Our mortgages generally require principal and interest payments through maturity pursuant to amortization schedules.
−Removed: Because these debts require
−Removed: interest to be paid at a fixed rate, changes in market interest rates during the term of these debts will not affect our interest obligations.
+Added: Because these debts require interest to be paid at a fixed rate, changes in market interest rates during the term of these debts will not affect our interest obligations.
If these debts were refinanced at interest rates which are one percentage point higher or lower than shown above, our annual interest cost would increase or decrease by approximately $20,218 .
1 unchanged sentence
increases in market interest rates decrease the fair value of our fixed rate debt, while decreases in market interest rates increase the fair value of our fixed rate debt.
−Removed: Based on the balances outstanding at March 31, 2020 , and discounted cash flow analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point increase in interest rates would change the fair value of those obligations by approximately $56,166 .
+Added: Based on the balances outstanding at June 30, 2020 , and discounted cash flow analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point increase in interest rates would change the fair value of those obligations by approximately $96,698 .
Some of our fixed rate secured debt arrangements allow us to make repayments earlier than the stated maturity date.
1 unchanged sentence
These prepayment rights may afford us opportunities to mitigate the risk of refinancing our debts at maturity at higher rates by refinancing prior to maturity.
−Removed: At March 31, 2020 , we owned 51% and 50% interests in two joint venture arrangements which own three properties that are secured by fixed rate debt consisting of the following mortgage notes:
+Added: At June 30, 2020 , we owned 51% and 50% interests in two joint venture arrangements which own three properties that are secured by fixed rate debt consisting of the following mortgage notes:
Our JV Ownership Interest
9 unchanged sentences
Floating Rate Debt
−Removed: At March 31, 2020 , our floating rate debt consisted of $348,000 of borrowings under our $750,000 revolving credit facility.
+Added: At June 30, 2020 , our floating rate debt consisted of $200,000 of borrowings under our $750,000 revolving credit facility.
Our revolving credit facility matures on January 31, 2023 and, subject to the payment of an extension fee and meeting certain other conditions, we have the option to extend the stated maturity by two six month periods.
6 unchanged sentences
Generally, a change in interest rates would not affect the value of our floating rate debt but would affect our operating results.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of March 31, 2020 :
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of June 30, 2020 :
Impact of Changes in Interest Rates
3 unchanged sentences
Annual Earnings Per Share Impact (2)
−Removed: At March 31, 2020
+Added: At June 30, 2020
One percentage point increase
−Removed: Weighted based on the interest rate and outstanding borrowings under our revolving credit facility as of March 31, 2020 .
−Removed: Based on the weighted average shares outstanding (diluted) for the three months ended March 31, 2020 .
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of March 31, 2020 if we were fully drawn on our revolving credit facility:
+Added: Weighted based on the interest rate and outstanding borrowings under our revolving credit facility as of June 30, 2020 .
+Added: Based on the weighted average shares outstanding (diluted) for the six months ended June 30, 2020 .
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of June 30, 2020 if we were fully drawn on our revolving credit facility:
Impact of an Increase in Interest Rates
3 unchanged sentences
Annual Earnings Per Share Impact (2)
−Removed: At March 31, 2020
+Added: At June 30, 2020
One percentage point increase
−Removed: Weighted based on the interest rate and outstanding borrowings under our revolving credit facility as of March 31, 2020 .
−Removed: Based on the weighted average shares outstanding (diluted) for the three months ended March 31, 2020 .
−Removed: The foregoing tables show the impact of an immediate increase in floating interest rates as of March 31, 2020 .
+Added: Weighted based on the interest rate and outstanding borrowings under our revolving credit facility as of June 30, 2020 .
+Added: Based on the weighted average shares outstanding (diluted) for the six months ended June 30, 2020 .
+Added: The foregoing tables show the impact of an immediate increase in floating interest rates as of June 30, 2020 .
If interest rates were to increase gradually over time, the impact would be spread over time.
9 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.