9 unchanged sentences
A change in the LIBOR index of 100 basis points would result in an increase or decrease of approximately $401,000 in interest expense on an annual basis.
+Added: The phase-out of LIBOR may result in additional interest rate risk and we have not yet determined an alternative benchmark rate.
The interest rate spreads associated with our unsecured lines of credit and our unsecured term loan are based on the higher of our two investment grade credit ratings.
Changes to our credit ratings could cause our interest rate spread to adjust accordingly.
−Removed: In February 2020, due to a change in our credit rating, our interest rate spread over LIBOR on our $600.0 million unsecured line of credit facility increased from 0.875% to 1.0% and our annual facility fee increased from 0.15% to 0.20%.
+Added: In April 2021, Moody’s lowered the Company’s credit rating to Baa3, stable.
+Added: As the Company no longer had a split rating between the rating agencies, the pricing over LIBOR for the lines of credit, term loan and facility fee increase d to 1.20%, 1.25% and 0.25%, respectively, effective May 1, 2021.
As of December 31, 2021, there were no outstanding balances under our unsecured lines of credit.
−Removed: In addition, our interest rate spread over LIBOR on our $350.0 million unsecured term loan increased from 0.90% to 1.0%.
−Removed: If additional decreases to our credit ratings occurs, interest expense could increase depending upon the level of downgrade.
+Added: If additional decreases to our credit ratings occur, interest expense could increase depending upon the level of downgrade.
The information presented herein is merely an estimate and has limited predictive value.
8 unchanged sentences
Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on the disposition of the financial instruments.
+Added: In addition, the COVID-19 pandemic may impact markets, rates, behavior and other estimates used in the above scenarios.
Foreign Currency Risk
1 unchanged sentence
Our currency exposure is concentrated in the Canadian Dollar.
−Removed: To mitigate the risk related to changes in foreign currency, cash flows received from our Canadian joint ventures are either reinvested to fund ongoing Canadian development activities, if applicable, or converted to U.S.
−Removed: dollars and utilized to repay amounts outstanding under our unsecured lines of credit, if any.
+Added: To mitigate some of the risk related to changes in foreign currency, cash flows received from our Canadian joint ventures are either reinvested to fund ongoing Canadian development activities, if applicable, or converted to US dollars and utilized to repay amounts outstanding under our unsecured lines of credit, if any.
Accordingly, cash held in Canadian Dollars at any point in time is insignificant.
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.