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We have not elected, and may continue to not elect, to apply hedge accounting treatment to these derivatives;
−Removed: therefore, changes in the fair value of interest rate derivative financial instruments were recorded as a component of interest expense in gain or loss in fair value of derivative financial instruments in our accompanying condensed consolidated statements of operations and comprehensive loss.
−Removed: As of March 31, 2024, our interest rate swaps are recorded in other assets in our accompanying condensed consolidated balance sheet at their aggregate fair value of $5,491,000.
+Added: therefore, changes in the fair value of interest rate derivative financial instruments were recorded as a component of interest expense in gain or loss in fair value of derivative financial instruments in our accompanying condensed consolidated statements of operations and comprehensive income (loss).
+Added: As of June 30, 2024, our interest rate swaps are recorded in other assets in our accompanying condensed consolidated balance sheet at their aggregate fair value of $5,879,000.
We do not enter into derivative transactions for speculative purposes.
For information on our interest rate swaps, see Note 9, Derivative Financial Instruments, and Note 13, Fair Value Measurements, to our accompanying condensed consolidated financial statements, for a further discussion on our interest rate swaps.
−Removed: As of March 31, 2024, the table below presents the principal amounts and weighted average interest rates by year of expected maturity to evaluate the expected cash flows and sensitivity to interest rate changes, excluding the effect of our interest rate swaps (dollars in thousands):
+Added: As of June 30, 2024, the table below presents the principal amounts and weighted average interest rates by year of expected maturity to evaluate the expected cash flows and sensitivity to interest rate changes, excluding the effect of our interest rate swaps (dollars in thousands):
Expected Maturity Date
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$ — $ 281,054 $ — $ 550,000 $ 121,043 $ 7,700 $ 959,797 $ 962,168
−Removed: Weighted average interest rate on maturing variable-rate debt (based on rates in effect as of March 31, 2024)
+Added: Weighted average interest rate on maturing variable-rate debt (based on rates in effect as of June 30, 2024)
— % 8.14 % — % 6.66 % 6.73 % 7.58 % 7.11 % —
Debt Security Investment, Net
−Removed: As of March 31, 2024, the net carrying value of our debt security investment was $87,984,000.
+Added: As of June 30, 2024, the net carrying value of our debt security investment was $89,058,000.
As we expect to hold our debt security investment to maturity and the amounts due under such debt security investment are limited to the outstanding principal balance and any accrued and unpaid interest, we do not expect that fluctuations in interest rates, and the resulting change in fair value of our debt security investment, would have a significant impact on our operations.
See Note 13, Fair Value Measurements, to our accompanying condensed consolidated financial statements, for a discussion of the fair value of our investment in a held-to-maturity debt security.
−Removed: The effective interest rate on our debt security investment was 4.24% per annum as of March 31, 2024.
+Added: The effective interest rate on our debt security investment was 4.24% per annum as of June 30, 2024.
Mortgage Loans Payable, Net and Lines of Credit and Term Loan
−Removed: Mortgage loans payable were $1,255,120,000 ($1,228,435,000, net of discount/premium and deferred financing costs) as of March 31, 2024.
−Removed: As of March 31, 2024, we had 90 fixed-rate mortgage loans payable and 5 variable-rate mortgage loans payable with effective interest rates ranging from 2.21% to 8.18% per annum and a weighted average effective interest rate of 4.27%.
−Removed: In addition, as of March 31, 2024, we had $760,000,000 ($754,101,000, net of deferred financing fees) outstanding under our lines of credit and term loan, at a weighted average interest rate of 7.08% per annum.
−Removed: As of March 31, 2024, the weighted average effective interest rate on our outstanding debt, factoring in our interest rate swaps, was 4.90% per annum.
+Added: Mortgage loans payable were $1,253,419,000 ($1,228,597,000, net of discount/premium and deferred financing costs) as of June 30, 2024.
+Added: As of June 30, 2024, we had 90 fixed-rate mortgage loans payable and five variable-rate mortgage loans payable with effective interest rates ranging from 2.21% to 8.19% per annum and a weighted average effective interest rate of 4.28%.
+Added: In addition, as of June 30, 2024, we had $784,500,000 ($778,672,000, net of deferred financing fees) outstanding under our lines of credit and term loan, at a weighted average interest rate of 6.89% per annum.
+Added: As of June 30, 2024, the weighted average effective interest rate on our outstanding debt, factoring in our interest rate swaps, was 4.86% per annum.
An increase in the variable interest rate on our variable-rate mortgage loans payable and lines of credit and term loan constitutes a market risk.
−Removed: As of March 31, 2024, a 0.50% increase in the market rates of interest would have increased our overall annualized interest expense on all of our other variable-rate mortgage loans payable and lines of credit by $925,000, or 0.9% of total annualized interest expense on our mortgage loans payable and lines of credit and term loan.
+Added: As of June 30, 2024, a 0.50% increase in the market rates of interest would have increased our overall annualized interest expense on all of our other variable-rate mortgage loans payable and lines of credit by $1,065,000, or 1.1% of total annualized interest expense on our mortgage loans payable and lines of credit and term loan.
See Note 7, Mortgage Loans Payable, Net and Note 8, Lines of Credit and Term Loan, to our accompanying condensed consolidated financial statements.
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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.