9 unchanged sentences
Our fixed-rate debt includes our senior unsecured notes, mortgages, and variable-rate debt converted to a fixed rate with the use of interest rate swaps.
−Removed: Our fixed-rate debt had a carrying value and fair value of approximately $2.1 billion and $2.0 billion, respectively, as of June 30, 2025, of which $1.1 billion was swapped to a fixed rate by our use of interest rate swaps.
+Added: Our fixed-rate debt had a carrying value and fair value of approximately $2.1 billion and $2.1 billion, respectively, as of September 30, 2025, of which $0.8 billion was swapped to a fixed rate by our use of interest rate swaps.
Changes in market interest rates impact the fair value of our fixed-rate debt and interest rate swaps, but they have no impact on interest incurred or on cash flows.
For instance, if interest rates were to increase and the fixed-rate debt balance were to remain constant, we would expect the fair value of our debt to decrease, similar to how the price of a bond decreases as interest rates rise.
−Removed: A 1% increase in market interest rates would have resulted in a decrease in the fair value of our fixed-rate debt of approximately $33.6 million as of June 30, 2025.
−Removed: Borrowings pursuant to our Revolving Credit Facility and other variable-rate debt bear interest at rates based on the applicable reference rate plus an applicable margin, and totaled $1.2 billion as of June 30, 2025.
+Added: A 1% increase in market interest rates would have resulted in a decrease in the fair value of our fixed-rate debt of approximately $50.4 million as of September 30, 2025.
+Added: Borrowings pursuant to our Revolving Credit Facility and other variable-rate debt bear interest at rates based on the applicable reference rate plus an applicable margin, and totaled $1.1 billion as of September 30, 2025.
Taking into account the effect of our interest rate swaps, a 1% increase or decrease in interest rates would have a corresponding $2.5 million increase or decrease in interest expense annually.
8 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.