13 unchanged sentences
Senior unsecured notes 300,000 2.650% 7,950 2026 Semi-annually
−Removed: Senior unsecured notes 310,000 5.875% 18,213 2046 Quarterly
+Added: 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
−Removed: Mortgage note (one property in Lakewood, CO) 350 8.150% 29 2021 Monthly
−Removed: Mortgage note (one property in Washington, D.C.) 25,804 4.220% 1,089 2022 Monthly
−Removed: Mortgage note (three properties in Seattle, WA) 71,000 3.550% 2,521 2023 Monthly
+Added: Mortgage note (one property in Washington, D.C.) (2)
+Added: 25,055 4.220% 1,057 2022 Monthly
Mortgage note (one property in Chicago, IL) 50,000 3.700% 1,850 2023 Monthly
4 unchanged sentences
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.
+Added: (2) In February 2022, we gave notice of our intention to prepay this mortgage note at par plus accrued interest.
+Added: We expect to make this prepayment in April 2022.
Our senior unsecured notes require semi-annual or quarterly interest payments through maturity.
8 unchanged sentences
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 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:
+Added: At December 31, 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)
4 unchanged sentences
Mortgage note (one property in Washington, D.C.) 50% 32,000 3.690 % 1,181 2024 Monthly
−Removed: $ 82,000 $ 3,226
+Added: Total $ 82,000 $ 3,226
(1) The principal balances and annual interest rates are the amounts stated in the applicable contracts.
3 unchanged sentences
Floating Rate Debt
−Removed: At December 31, 2020, we had no outstanding floating rate debt.
+Added: At December 31, 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.
8 unchanged sentences
Impact of an Increase in Interest Rates
−Removed: Annual Outstanding Total Interest Annual Earnings
−Removed: Interest Rate (1)
−Removed: Debt Expense Per Year Per Share Impact (2)
+Added: Annual Interest Rate (1)
+Added: Outstanding Debt Total Interest Expense Per Year Annual Earnings Per Share Impact (2)
At December 31, 2021 1.2 % $ 750,000 $ 9,000 $ 0.19
7 unchanged sentences
LIBOR Phase Out
−Removed: LIBOR is currently expected to be phased out for new contracts by December 31, 2021 and for pre-existing contracts by June 30, 2023.
−Removed: We are required to pay interest on borrowings under our revolving credit facility at a floating rate based on LIBOR.
−Removed: Interest we may pay on any future debt that we may incur may also require that we pay interest based upon LIBOR.
−Removed: 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.
−Removed: Despite our current expectations, we cannot be sure that, if LIBOR is phased out or transitioned, the changes to the determination of interest under our agreements would approximate the current calculation in accordance with LIBOR.
−Removed: We do not know what standard, if any, will replace LIBOR if it is phased out or transitioned.
+Added: As of December 31, 2021, LIBOR has been phased out for new contracts and is expected to be phased out for pre-existing contracts by June 30, 2023.
+Added: We are required to pay interest on borrowings under our revolving credit facility at floating rates based on LIBOR, and interest we may pay on any future borrowings under our revolving credit facility may also require that we pay interest based upon LIBOR.
+Added: We currently expect that the determination of interest under our revolving credit facility will 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.
+Added: Despite our current expectations, we cannot be sure that any changes to the determination of interest under our revolving credit facility would approximate the current calculation in accordance with LIBOR.
+Added: We cannot be certain what standard, if any, will replace LIBOR, and any alternative interest rate index that may replace LIBOR may result in our paying increased interest.
Financial Statements and Supplementary Data
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.