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Significant increases in interest rates may also have an adverse impact on our earnings if we are unable to acquire single-family homes with rental rates high enough to offset the increase in interest rates on our borrowings.
−Removed: During the second quarter of 2023, the Company amended its revolving credit facility in connection with the transition from the London Inter-Bank Offered Rate (“LIBOR”) to the Secured Overnight Financing Rate (“SOFR”).
−Removed: All borrowings under our revolving credit facility bear interest at SOFR, as adjusted for the Company’s SOFR spread, plus a margin of 0.90% until the fully extended maturity date of April 2026 and are subject to a zero percent SOFR floor.
−Removed: As of December 31, 2023, the Company had $90.0 million of outstanding variable rate debt under its revolving credit facility.
+Added: During the third quarter of 2024, the Company entered into a new credit agreement with a $1.25 billion sustainability-linked revolving credit facility.
+Added: All borrowings under our revolving credit facility bear interest at SOFR plus a 0.10% spread adjustment and a margin of 0.85% until the fully extended maturity date of July 2029 and are subject to a zero percent SOFR floor.
+Added: As of December 31, 2024, the Company had no outstanding variable rate debt under its revolving credit facility and therefore no exposure to interest rate risk on its current borrowings.
We may incur additional variable rate debt in the future, including additional amounts that we may borrow under our revolving credit facility.
−Removed: Assuming no change in the outstanding balance of our existing variable rate debt, a hypothetical 100 basis point increase or decrease in SOFR would increase or decrease our projected annual interest expense by approximately $0.9 million.
−Removed: This analysis does not consider the effects of the reduced level of overall economic activity that could exist in such an environment.
−Removed: Further, in the event of a change of such magnitude, we would consider taking actions to further mitigate our exposure to the change.
−Removed: However, because of the uncertainty of the specific actions that would be taken and their possible effects, the sensitivity analysis assumes no changes in our capital structure.
As of December 31, 2024, the Company had approximately $5.1 billion of fixed rate debt and therefore the fair value of these instruments is affected by changes in market interest rates.
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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.