1 unchanged sentence
All of our mortgage debt bears interest at fixed rates.
−Removed: Our junior subordinated notes bear interest at the rate of three month LIBOR plus 200 basis points.
−Removed: At March 31, 2023, the interest rate on these notes was 6.80%.
+Added: Our junior subordinated notes bear interest at the rate of 3 month Term SOFR plus 226 basis points.
+Added: At June 30, 2023, the interest rate on these notes was 7.30%.
Our credit facility bears interest at the prime rate.
−Removed: At March 31, 2023 the interest rate on the credit facility was 8.00%.
−Removed: There was no balance outstanding on the credit facility at March 31, 2023.
+Added: There was no balance outstanding on the credit facility at June 30, 2023.
A 100 basis point increase in the rates would increase our related interest expense by approximately $374,000 annually and a 100 basis point decrease in the rates would decrease our related interest expense by $374,000 annually.
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.