5 unchanged sentences
At December 31, 2020, our outstanding fixed rate debt consisted of the following:
−Removed: Principal Balance (1)
+Added: Debt Principal Balance (1)
Annual Interest Rate (1)
Annual Interest Expense (1)
−Removed: Interest Payments Due
−Removed: Senior unsecured notes (2)
−Removed: Semi-annually
−Removed: Senior unsecured notes
−Removed: Semi-annually
−Removed: Senior unsecured notes
−Removed: Semi-annually
−Removed: Senior unsecured notes
−Removed: Semi-annually
−Removed: Senior unsecured notes
−Removed: Semi-annually
−Removed: Senior unsecured notes
−Removed: Mortgage note (one property in Washington, D.C.)
−Removed: Mortgage note (one property in Philadelphia, PA)
−Removed: Mortgage note (one property in Lakewood, CO)
−Removed: Mortgage note (one property in Fairfax, VA) (3)
−Removed: Mortgage note (one property in Washington, DC)
−Removed: Mortgage note (three properties in Seattle, WA)
−Removed: Mortgage note (one property in Chicago, IL)
−Removed: Mortgage note (one property in Washington, D.C.)
−Removed: Mortgage note (one property in Washington, D.C.)
−Removed: The principal balances and interest rates are the amounts stated in the contracts.
+Added: Maturity Interest Payments Due
+Added: Senior unsecured notes $ 300,000 4.150% $ 12,450 2022 Semi-annually
+Added: Senior unsecured notes 300,000 4.000% 12,000 2022 Semi-annually
+Added: Senior unsecured notes 350,000 4.250% 14,875 2024 Semi-annually
+Added: Senior unsecured notes 650,000 4.500% 29,250 2025 Semi-annually
+Added: Senior unsecured notes 310,000 5.875% 18,213 2046 Quarterly
+Added: Senior unsecured notes 162,000 6.375% 10,328 2050 Quarterly
+Added: Mortgage note (one property in Lakewood, CO) 350 8.150% 29 2021 Monthly
+Added: Mortgage note (one property in Washington, D.C.) 25,804 4.220% 1,089 2022 Monthly
+Added: Mortgage note (three properties in Seattle, WA) 71,000 3.550% 2,521 2023 Monthly
+Added: Mortgage note (one property in Chicago, IL) 50,000 3.700% 1,850 2023 Monthly
+Added: Mortgage note (one property in Washington, D.C.) 23,688 4.800% 1,137 2023 Monthly
+Added: Total $ 2,242,842 $ 103,742
+Added: (1) The principal balances and annual interest rates are the amounts stated in the applicable contracts.
In accordance with GAAP, our carrying values and recorded interest expense may differ from these amounts because of market conditions at the time we issued or assumed these debts.
For more information, see Notes 8 and 9 to the Notes to Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K.
−Removed: In January 2020, we redeemed, at par plus accrued interest, all $400,000 of our 3.60% senior unsecured notes due 2020 using cash on hand, proceeds from property sales and borrowings under our revolving credit facility.
−Removed: This mortgage debt is included in liabilities of properties held for sale in our consolidated balance sheet as of December 31, 2019.
Our senior unsecured notes require semi-annual or quarterly interest payments through maturity.
9 unchanged sentences
At December 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:
−Removed: Our JV Ownership Interest
−Removed: Principal Balance (1)(2)
+Added: Debt Our JV Ownership Interest Principal Balance (1)(2)
Annual Interest Rate (1)
Annual Interest Expense (1)
−Removed: Interest Payments Due
−Removed: Mortgage note (two properties in Fairfax, VA)
−Removed: Mortgage note (one property in Washington, D.C.)
−Removed: The principal balances, annual interest rates and annual interest expense are the amounts stated in the applicable contracts.
−Removed: In accordance with GAAP, recorded interest expense may differ from these amounts because of market conditions at the time they incurred the debt.
−Removed: Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the part of the joint venture arrangement interests we do not own.
+Added: Maturity Interest Payments Due
+Added: Mortgage note (two properties in Fairfax, VA) 51% $ 50,000 4.090 % $ 2,045 2029 Monthly
+Added: Mortgage note (one property in Washington, D.C.) 50% 32,000 3.690 % 1,181 2024 Monthly
+Added: $ 82,000 $ 3,226
+Added: (1) The principal balances and annual interest rates are the amounts stated in the applicable contracts.
+Added: In accordance with GAAP, the joint ventures’ recorded interest expense may differ from these amounts because of market conditions at the time they incurred the debt.
+Added: (2) Reflects the entire balance of the debt secured by the properties and is not adjusted to reflect the interests in the joint ventures we do not own.
+Added: None of the debt is recourse to us.
Floating Rate Debt
At December 31, 2020, we had no outstanding floating rate debt.
−Removed: Our $750,000 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 date of the facility by two six month periods.
+Added: Our $750,000 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.
No principal repayments are required under our revolving credit facility prior to maturity, and we can borrow, repay and reborrow funds available under our revolving credit facility, subject to conditions, at any time without penalty.
7 unchanged sentences
Impact of an Increase in Interest Rates
−Removed: Total Interest
−Removed: Annual Earnings
+Added: Annual Outstanding Total Interest Annual Earnings
Interest Rate (1)
−Removed: Expense Per Year
−Removed: Per Share Impact (2)
+Added: Debt Expense Per Year Per Share Impact (2)
At December 31, 2020 1.2 % $ 750,000 $ 9,000 $ 0.19
7 unchanged sentences
LIBOR Phase Out
−Removed: LIBOR is currently expected to be phased out in 2021.
−Removed: We are required to pay interest on borrowings under our revolving credit facility at floating rates based on LIBOR.
−Removed: Future debt that we may incur may also require that we pay interest based upon LIBOR.
+Added: LIBOR is currently expected to be phased out for new contracts by December 31, 2021 and for pre-existing contracts by June 30, 2023.
+Added: We are required to pay interest on borrowings under our revolving credit facility at a floating rate based on LIBOR.
+Added: Interest we may pay on any future debt that we may incur may also require that we pay interest based upon LIBOR.
We currently expect that the determination of interest under our revolving credit facility would be revised as provided under our credit agreement or amended as necessary to provide for an interest rate that approximates the existing interest rate as calculated in accordance with LIBOR.
5 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.