6 unchanged sentences
The table below ($ in thousands) presents the principal payments and the weighted average interest rates on outstanding debt, by year of expected maturity, to evaluate the expected cash flows and sensitivity to interest rate changes.
+Added: A negligible amount of fair value adjustments and unamortized deferred financing costs, net, are excluded.
Mortgage Notes Payable
2 unchanged sentences
Weighted Average Interest Rate
−Removed: The fair value is estimated at $93.7 million for mortgages payable as of December 31, 2022.
+Added: The fair value of mortgages payable is estimated at $93.0 million at December 31, 2023.
The table above incorporates those exposures that exist as of December 31, 2023;
1 unchanged sentence
As a result, our ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period and interest rates.
−Removed: Based on our debt and interest rates in effect at December 31, 2022, a 100 basis point increase or decrease in interest rates on the portion of our debt bearing interest at variable rates would increase future interest expense by approximately $0.2 million or decrease by $0.2 million, respectively, on an annual basis.
+Added: As of December 31, 2023, we had interest rate caps and swaps, which are not accounted for as hedges, that we primarily use as part of our interest rate risk management strategy.
+Added: Our interest rate caps and swaps effectively limit our exposure to interest rate risk by providing a ceiling on the underlying interest rate for $94.0 million of our debt.
+Added: Based on our debt outstanding and interest rates in effect at December 31, 2023, a 100-basis point increase or decrease in interest rates on the portion of our debt bearing interest at variable rates would increase future interest expense by approximately $0.2 million or decrease interest expense by approximately $0.2 million, respectively, on an annual basis.
Financial Statements and Supplementary Data
2 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.