2 unchanged sentences
Our exposure to a change in interest rates is summarized in the table below.
−Removed: (Amounts in thousands, except per share amounts)
−Removed: September 30, Balance Weighted
+Added: (Amounts in thousands, except per share amounts) March 31, Balance Weighted
Interest Rate Effect of 1%
6 unchanged sentences
Total effect on diluted earnings per share $ 1.37
−Removed: We have an interest rate cap relating to the mortgage loan on the office condominium of our 731 Lexington Avenue property with a notional amount of $500,000,000 that capped LIBOR at 6.00% through July 15, 2023 and caps the Prime Rate (8.50% as of September 30, 2023) at 6.00% through loan maturity.
−Removed: We have an interest rate cap relating to the mortgage loan on Rego Park II shopping center with a notional amount of $202,544,000 that caps SOFR at 4.15% through November 2024.
+Added: We have an interest rate cap relating to the mortgage loan on the office condominium of our 731 Lexington Avenue property with a notional amount of $500,000,000 that caps the Prime Rate at 6.00% (8.50 % as of March 31, 2024) through loan maturity.
+Added: We have an interest rate cap relating to the mortgage loan on Rego Park II shopping center with a notional amount of $202,544,000 that caps SOFR at a rate of 4.15% through November 2024.
We have an interest rate swap relating to the mortgage loan on the retail condominium of our 731 Lexington Avenue property with a notional amount of $300,000,000 that swaps SOFR plus 1.51% for a fixed rate of 1.76% through May 2025.
Fair Value of Debt
−Removed: The fair value of our mortgages payable is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist.
−Removed: As of September 30, 2023 and December 31, 2022, the estimated fair value of our mortgages payable was $1,064,832,000 and $1,061,221,000, respectively.
+Added: The fair value of our consolidated debt is calculated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit ratings, which are provided by a third-party specialist.
+Added: As of March 31, 2024 and December 31, 2023, the estimated fair value of our consolidated debt was $1,074,768,000 and $1,071,887,000, respectively.
Our fair value estimates, which are made at the end of the reporting period, may be different from the amounts that may ultimately be realized upon the disposition of our financial instruments.
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.