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The market risk associated with interest-rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken.
−Removed: As of June 30, 2021, we had five interest rate swaps that fixed LIBOR on $930 million of our unsecured term loan facilities.
−Removed: In July 2021, we paid down $375 million in unsecured term loan debt using proceeds from our underwritten IPO.
−Removed: Taking into effect our pay down of this unsecured term loan as if such pay down occurred on June 30, 2021 (“as adjusted”), we had not
+Added: As of September 30, 2021, we had five interest rate swaps that fixed LIBOR on $930 million of our unsecured term loan facilities.
+Added: As of September 30, 2021, we had not fixed the interest rate on $175 million of our unsecured debt through
PHILLIPS EDISON & COMPANY
−Removed: JUNE 30, 2021 FORM 10-Q
−Removed: fixed the interest rate on $325 million of our unsecured debt through derivative financial instruments.
−Removed: Further, as of June 30, 2021, we estimate that a one percentage point increase in interest rates on the outstanding balance of our variable rate debt (as adjusted) would result in approximately $3.3 million of additional interest expense annually.
−Removed: The additional interest expense was determined based on the impact of hypothetical interest rates on our borrowing cost and assumes no changes in our capital structure, other than the effect of the unsecured term loan pay down as described above.
+Added: SEPTEMBER 30, 2021 FORM 10-Q
+Added: derivative financial instruments.
+Added: We estimate that a one percentage point increase in interest rates on the outstanding balance of our variable rate debt would result in approximately $1.8 million of additional interest expense annually.
+Added: The additional interest expense was determined based on the impact of hypothetical interest rates on our borrowing cost and assumes no changes in our capital structure.
For further discussion of certain quantitative details related to our interest rate swaps, see Note 7.
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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.