5 unchanged sentences
Fixed Rate Debt
−Removed: At June 30, 2021, our outstanding fixed rate debt consisted of the following:
+Added: At September 30, 2021, our outstanding fixed rate debt consisted of the following:
Debt Principal Balance (1)
7 unchanged sentences
Senior unsecured notes 350,000 2.400% 8,400 2027 Semi-annually
+Added: Senior unsecured notes 400,000 3.450% 13,800 2031 Semi-annually
Senior unsecured notes 162,000 6.375% 10,328 2050 Quarterly
12 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 June 30, 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 $76,870.
+Added: Based on the balances outstanding at September 30, 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 $119,658.
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 June 30, 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:
+Added: At September 30, 2021, we had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that 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)
10 unchanged sentences
Floating Rate Debt
−Removed: At June 30, 2021, we had $385,000 of outstanding floating rate debt under our revolving credit facility.
+Added: At September 30, 2021, we had no outstanding floating rate debt under our 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 June 30, 2021:
−Removed: Impact of an Increase in Interest Rates
−Removed: Annual Interest Rate (1)
−Removed: Outstanding Debt Total Interest Expense Per Year Annual Earnings Per Share Impact (2)
−Removed: At June 30, 2021 1.2 % $ 385,000 $ 4,620 $ 0.10
−Removed: One percentage point increase 2.2 % $ 385,000 $ 8,470 $ 0.18
−Removed: (1) Weighted based on the interest rates and outstanding borrowings under our revolving credit facility as of June 30, 2021.
−Removed: (2) Based on the weighted average shares outstanding (diluted) for the six months ended June 30, 2021.
−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 June 30, 2021 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 September 30, 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 June 30, 2021 1.2 % $ 750,000 $ 9,000 $ 0.19
+Added: At September 30, 2021 1.2 % $ 750,000 $ 9,000 $ 0.19
One percentage point increase 2.2 % $ 750,000 $ 16,500 $ 0.34
−Removed: (1) Weighted based on the interest rates and outstanding borrowings under our revolving credit facility (assuming fully drawn) as of June 30, 2021.
−Removed: (2) Based on the weighted average shares outstanding (diluted) for the six months ended June 30, 2021.
−Removed: The foregoing tables show the impact of an immediate increase in floating interest rates as of June 30, 2021.
+Added: (1) Based on LIBOR plus a premium, which was 110 basis points per annum, as of September 30, 2021.
+Added: (2) Based on the weighted average shares outstanding (diluted) for the nine months ended September 30, 2021.
+Added: The foregoing table shows the impact of an immediate increase in floating interest rates as of September 30, 2021.
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.