7 unchanged sentences
See Note 7 to the consolidated financial statements for additional details related to our outstanding derivatives.
−Removed: As of September 30, 2021, 4% of our outstanding consolidated debt, excluding the amount of variable rate debt with interest rate protection agreements in place, had variable interest rates and therefore was subject to market fluctuations.
+Added: As of March 31, 2022, 3% of our outstanding consolidated debt, excluding the amount of variable rate debt with interest rate protection agreements in place, had variable interest rates and therefore was subject to market fluctuations.
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.
−Removed: The information presented herein is merely an estimate and has limited predictive value.
−Removed: As a result, the ultimate effect upon our operating results of interest rate fluctuations will depend on the interest rate exposures that arise during the period, our hedging strategies at that time and future changes in the level of interest rates.
+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.
−Removed: Changes to our credit ratings could cause our interest rate spread to adjust accordingly.
−Removed: In April 2021, Moody’s lowered the company’s credit rating to Baa3, stable.
−Removed: As the Company no longer has a split rating between the rating agencies the pricing over LIBOR for the lines of credit, term loan and facility fee increased to 1.20%, 1.25% and .25%, respectively, effective May 1, 2021.
−Removed: As of September 30, 2021, there were no outstanding balances under our unsecured lines of credit.
−Removed: If additional decreases to our credit ratings occur, interest expense could increase depending upon the level of downgrade.
+Added: If 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.
1 unchanged sentence
The estimated fair value and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands):
−Removed: September 30, 2021 December 31, 2020
+Added: March 31, 2022 December 31, 2021
Fair value of debt $ 1,353,118 $ 1,445,337
Recorded value of debt $ 1,396,537 $ 1,397,076
−Removed: A 100 basis point increase from prevailing interest rates at September 30, 2021 and December 31, 2020 would result in a decrease in fair value of total consolidated debt of approximately $67.3 million and $55.8 million, respectively.
+Added: A 100 basis point increase from prevailing interest rates at March 31, 2022 and December 31, 2021 would result in a decrease in fair value of total consolidated debt of approximately $55.8 million and $66.0 million, respectively.
Refer to Note 8 to the consolidated financial statements for a description of our methodology in calculating the estimated fair value of debt.
5 unchanged sentences
Our currency exposure is concentrated in the Canadian Dollar.
−Removed: 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.
+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.
+Added: Accordingly, cash held in Canadian Dollars at any point in time is insignificant.
We generally do not hedge currency translation exposures.
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.