2 unchanged sentences
The impact on earnings and the value of our long-term debt are subject to change as a result of movements in market rates and prices.
−Removed: As of March 31, 2023, 59.8%, or $2.3 billion, of our long-term debt had a weighted average fixed interest rate of 4.00%.
−Removed: As of March 31, 2023, we had $1.6 billion of long-term variable rate debt, at a weighted average interest rate of 7.15%.
+Added: As of June 30, 2023, 60.1%, or $2.3 billion, of our long-term debt had a weighted average fixed interest rate of 3.99%.
+Added: As of June 30, 2023, we had $1.5 billion of long-term variable rate debt, at a weighted average interest rate of 7.50%.
In the normal course of business, we enter into certain interest rate cap and swap agreements with major financial institutions to manage our risk above certain interest rates on variable rate debt.
−Removed: As of March 31, 2023, 76% of our $1.6 billion of outstanding long-term variable rate debt is indexed to LIBOR plus a weighted average margin of 228 basis points and 24% of our outstanding long-term variable rate debt is indexed to SOFR plus a weighted average margin of 238 basis points.
−Removed: Accordingly, our annual interest expense related to long-term variable rate debt is directly affected by movements in LIBOR or SOFR.
−Removed: As of March 31, 2023, $1.4 billion, or 92%, of our long-term variable rate debt is subject to interest rate cap or swap agreements and $128.8 million of our variable rate debt is not subject to any interest rate cap or swap agreements.
−Removed: For our LIBOR and SOFR interest rate cap and swap agreements as of March 31, 2023, the weighted average fixed interest rate is 4.14%, and the weighted average remaining term is 1.1 years.
+Added: As of June 30, 2023, 77% of our $1.5 billion of outstanding long-term variable rate debt is indexed to LIBOR plus a weighted average margin of 228 basis points and 23% of our
+Added: outstanding long-term variable rate debt is indexed to SOFR plus a weighted average margin of 237 basis points.
+Added: Our remaining variable rate mortgage notes payable arrangements indexed to LIBOR were modified to reference SOFR plus an 11 basis point spread adjustment to reflect historical spreads between LIBOR and SOFR rather than LIBOR prospectively after the discontinuance of LIBOR in July 2023.
+Added: Accordingly, our annual interest expense related to long-term variable rate debt was directly affected by movements in LIBOR and SOFR prior to the transition and will be directly affected by movements in SOFR going forward.
+Added: As of June 30, 2023, $1.4 billion, or 93%, of our long-term variable rate debt is subject to interest rate cap or swap agreements and $99.3 million of our variable rate debt is not subject to any interest rate cap or swap agreements.
+Added: For our LIBOR and SOFR interest rate cap and swap agreements as of June 30, 2023, the weighted average fixed interest rate is 4.14%, and the weighted average remaining term is one year.
Many of our long-term variable rate debt instruments include provisions that obligate us to obtain additional interest rate cap agreements upon the maturity of the existing interest rate cap agreements.
The costs of obtaining additional interest rate cap agreements may offset the benefits of our existing interest rate cap agreements.
−Removed: The table below reflects the additional annual debt interest expense that would have resulted for the respective basis point increases in LIBOR and SOFR as of March 31, 2023.
+Added: The table below reflects the additional annual debt interest expense that would have resulted for the respective basis point increases in LIBOR and SOFR as of June 30, 2023.
Increase in Index
2 unchanged sentences
(in millions)
−Removed: (1) Amounts are after consideration of interest rate cap and swap agreements in place as of March 31, 2023, for which the weighted average remaining term is 1.1 years.
+Added: (1) Amounts are after consideration of interest rate cap and swap agreements in place as of June 30, 2023, for which the weighted average remaining term is one year.
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.