5 unchanged sentences
Fixed Rate Debt
−Removed: At September 30, 2020, our outstanding fixed rate debt consisted of the following:
+Added: At March 31, 2021, our outstanding fixed rate debt consisted of the following:
Debt Principal Balance (1)
8 unchanged sentences
Senior unsecured notes 162,000 6.375% 10,328 2050 Quarterly
−Removed: Mortgage note (one property in Lakewood, CO) 694 8.150% 57 2021 Monthly
Mortgage note (one property in Washington, D.C.) 25,619 4.220% 1,081 2022 Monthly
3 unchanged sentences
Total $ 2,242,198 $ 103,700
−Removed: (1) The principal balances and interest rates are the amounts stated in the applicable contracts.
+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.
6 unchanged sentences
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 September 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 $108,276.
+Added: Based on the balances outstanding at March 31, 2021, 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 $103,648.
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 September 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:
+Added: At March 31, 2021, 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:
Debt Our JV Ownership Interest Principal Balance (1)(2)
5 unchanged sentences
Total $ 82,000 $ 3,226
−Removed: (1) The principal balances and interest rates are the amounts stated in the applicable contracts.
+Added: (1) The principal balances and annual interest rates are the amounts stated in the applicable contracts.
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.
(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
−Removed: At September 30, 2020, we had no outstanding floating rate debt.
+Added: At March 31, 2021, we had no outstanding floating rate debt.
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.
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 September 30, 2020 if we were fully drawn on our revolving credit facility:
+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 March 31, 2021 if we were fully drawn on our revolving credit facility:
Impact of an Increase in Interest Rates
1 unchanged sentence
Outstanding Debt Total Interest Expense Per Year Annual Earnings Per Share Impact (2)
−Removed: At September 30, 2020 1.2 % $ 750,000 $ 9,000 $ 0.19
+Added: At March 31, 2021 1.2 % $ 750,000 $ 9,000 $ 0.19
One percentage point increase 2.2 % $ 750,000 $ 16,500 $ 0.34
−Removed: (1) Based on LIBOR plus a premium, which was 110 basis points per annum, at September 30, 2020.
−Removed: (2) Based on the weighted average shares outstanding (diluted) for the nine months ended September 30, 2020.
−Removed: The foregoing table shows the impact of an immediate increase in floating interest rates as of September 30, 2020.
+Added: (1) Based on LIBOR plus a premium, which was 110 basis points per annum, at March 31, 2021.
+Added: (2) Based on the weighted average shares outstanding (diluted) for the three months ended March 31, 2021.
+Added: The foregoing table shows the impact of an immediate increase in floating interest rates as of March 31, 2021.
If interest rates were to increase gradually over time, the impact would be spread over time.
2 unchanged sentences
LIBOR Phase Out
−Removed: LIBOR is currently expected to be phased out in 2021.
+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.
We are required to pay interest on borrowings under our revolving credit facility at a floating rate based on LIBOR.
−Removed: Future debt that we may incur may also require that we pay interest based upon 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.
2 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.