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 March 31, 2022.
−Removed: 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.
−Removed: As of March 31, 2022, the weighted-average interest rate on our variable rate debt was LIBOR plus 0.775% (1.02%) per annum.
+Added: The following table presents the aggregate carrying value of our mortgage notes payable, net, unsecured senior notes, net, unsecured line of credit, unsecured term loan, net and our corresponding estimate of fair value as of June 30, 2022.
+Added: As of June 30, 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 June 30, 2022, the weighted-average interest rate on our variable rate debt was 1.96% per annum.
The following table presents our aggregate debt obligations with corresponding weighted-average interest rates sorted by maturity date.
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Total Debt $ (7,791) $ 1,213,357 $ 685,741 $ 837,010 $ 2,153,419 $ 8,771,037 $ 13,652,773 $ 12,507,147
−Removed: At March 31, 2022, the weighted-average coupon/stated rates on the fixed rate debt stated above was 3.32% per annum.
−Removed: At March 31, 2022, our outstanding variable rate debt based on LIBOR totaled
−Removed: approximately $255.0 million.
−Removed: At March 31, 2022, the coupon/stated rate on our variable rate debt was
−Removed: approximately 1.02% per annum.
−Removed: 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.
+Added: At June 30, 2022, the weighted-average coupon/stated rates on the fixed rate debt stated above was 3.32% per annum.
+Added: At June 30, 2022, our outstanding variable rate debt based on LIBOR totaled approximately $165.0 million and our outstanding variable rate debt based on SOFR totaled $730.0 million.
+Added: At June 30, 2022, the coupon/stated rate on our variable rate debt was approximately 1.96% 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 $2.2 million and $4.4 million for the three and six months ended June 30, 2022, respectively.
The fair value amounts were determined solely by considering the impact of hypothetical interest rates on our financial instruments.
1 unchanged sentence
On March 5, 2021, the Financial Conduct Authority (“FCA”) announced that USD LIBOR will no longer be published after June 30, 2023.
−Removed: This announcement has several implications, including setting the spread that may be used to automatically convert contracts from LIBOR to the Secured Overnight Financing Rate (“SOFR”).
+Added: This announcement has several implications, including setting the spread that may be used to automatically convert contracts from LIBOR to SOFR.
Additionally, banking regulators are encouraging banks to discontinue new LIBOR debt issuances by December 31, 2021.
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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.