ITEM 3— Quantitative and Qualitative Disclosures about Market Risk.
−Removed: The following table presents the aggregate carrying value of our mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and our corresponding estimate of fair value as of September 30, 2021.
−Removed: As of September 30, 2021, all of these borrowings bore interest at fixed rates and therefore the fair value of these instruments is affected by changes in the market interest rates.
+Added: The following table presents the aggregate carrying value of our mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit and our corresponding estimate of fair value as of March 31, 2022.
+Added: As of March 31, 2022, approximately $12.8 billion of these borrowings bore interest at fixed rates and therefore the fair value of these instruments is affected by changes in the market interest rates.
+Added: As of March 31, 2022, the weighted-average interest rate on our variable rate debt was LIBOR plus 0.775% (1.02%) per annum.
The following table presents our aggregate debt obligations with corresponding weighted-average interest rates sorted by maturity date.
The table below does not include our unconsolidated joint venture debt.
−Removed: For a discussion concerning our unconsolidated joint venture debt, see Note 5 to the Consolidated Financial Statements and “ Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations—Capitalization—Off-Balance Sheet Arrangements—Joint Venture Indebtedness.
+Added: For a discussion concerning our unconsolidated joint venture debt, see Note 5 to the Consolidated Financial Statements and “ Item 2 — Management’s Discussion and Analysis of Financial Condition and Results of Operations — Liquidity and Capital Resources—Investment in Unconsolidated Joint Ventures - Secured Debt.
2022 2023 2024 2025 2026 2027+ Total Estimated Fair Value
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Total Debt $ (11,679) $ 484,566 $ 685,744 $ 837,014 $ 2,243,422 $ 8,771,057 $ 13,010,124 $ 12,735,959
−Removed: At September 30, 2021, the weighted-average coupon/stated rates on the fixed rate debt stated above was 3.47% per annum.
+Added: At March 31, 2022, the weighted-average coupon/stated rates on the fixed rate debt stated above was 3.32% per annum.
+Added: At March 31, 2022, our outstanding variable rate debt based on LIBOR totaled
+Added: approximately $255.0 million.
+Added: At March 31, 2022, the coupon/stated rate on our variable rate debt was
+Added: approximately 1.02% per annum.
+Added: If market interest rates on our variable rate debt had been 100 basis points greater, total interest expense would have increased approximately $0.6 million for the three months ended March 31, 2022.
The fair value amounts were determined solely by considering the impact of hypothetical interest rates on our financial instruments.
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While we expect LIBOR to be available in substantially its current form until at least the end of June 30, 2023, it is possible that LIBOR will become unavailable prior to that point.
−Removed: This could result, for example, if sufficient banks decline to make submissions to the LIBOR administrator.
+Added: This could result, for example, if a sufficient number of banks decline to make submissions to the LIBOR administrator.
In that case, the risks associated with the transition to an alternative reference rate will be accelerated and magnified.
3 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.