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, unsecured term loan, net and our corresponding estimate of fair value as of June 30, 2022.
−Removed: 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.
−Removed: As of June 30, 2022, the weighted-average interest rate on our variable rate debt was 1.96% per annum.
−Removed: The following table presents our aggregate debt obligations with corresponding weighted-average interest rates sorted by maturity date.
+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 September 30, 2022.
+Added: As of September 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 September 30, 2022, the weighted-average interest rate on our variable rate debt was 3.40% per annum.
+Added: The following table presents our aggregate debt obligations with corresponding weighted-average GAAP interest rates sorted by maturity date.
The table below does not include our unconsolidated joint venture debt.
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Total Debt $ (3,898) $ 1,214,562 $ 685,741 $ 837,010 $ 2,328,419 $ 8,771,037 $ 13,832,871 $ 12,118,842
−Removed: At June 30, 2022, the weighted-average coupon/stated rates on the fixed rate debt stated above was 3.32% per annum.
−Removed: 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.
−Removed: At June 30, 2022, the coupon/stated rate on our variable rate debt was approximately 1.96% 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 $2.2 million and $4.4 million for the three and six months ended June 30, 2022, respectively.
+Added: At September 30, 2022, the weighted-average coupon/stated rates on the fixed rate debt stated above was 3.32% per annum.
+Added: At September 30, 2022, our outstanding variable rate debt based on LIBOR totaled approximately $340.0 million and our outstanding variable rate debt based on SOFR totaled $730.0 million.
+Added: At September 30, 2022, the coupon/stated rate on our variable rate debt was approximately 3.40% 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 $2.7 million and $8.0 million for the three and nine months ended September 30, 2022, respectively.
The fair value amounts were determined solely by considering the impact of hypothetical interest rates on our financial instruments.
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The value of loans, securities, or derivative instruments tied to LIBOR, as well as interest rates on our unconsolidated joint ventures current or future indebtedness, may also be impacted if LIBOR is limited or discontinued.
−Removed: For some instruments the method of transitioning to an alternative reference rate may be challenging, especially if we cannot agree with the respective counterparty about how to make the transition.
+Added: For some instruments the
+Added: method of transitioning to an alternative reference rate may be challenging, especially if we cannot agree with the respective counterparty about how to make the transition.
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.
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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.