3 unchanged sentences
We are exposed to market risk in the form of changes in interest rates and the potential impact such changes may have on the cash flows from our floating rate debt or the fair values of our fixed rate debt.
−Removed: As of December 31, 2023 and 2022 (including our variable rate mortgage payable subject to an interest rate cap agreement and excluding premiums, discounts, and deferred loan costs), $250.7 million (or 52.7%) and $97.1 million (or 52.1%) of our debt, respectively, was fixed rate borrowings.
−Removed: As of December 31, 2023 and 2022 (excluding our variable rate mortgage payable subject to an interest rate cap agreement as well as premiums, discounts and deferred loan costs), $224.7 million (or 47.3%) and $89.3 million (or 47.9%), respectively, was floating rate borrowings.
−Removed: Based on the level of floating rate debt outstanding as of December 31, 2023 and 2022, a 50 basis point change in SOFR would result in an annual impact to our earnings of approximately $1.1 million and $446,000, respectively.
+Added: As of December 31, 2024 and 2023 (including our variable rate mortgages payable subject to interest rate cap agreements and excluding premiums, discounts, and deferred loan costs), $440.4 million (or 86.1%) and $250.7 million (or 52.7%) of our debt, respectively, was fixed rate borrowings.
+Added: As of December 31, 2024 and 2023 (excluding our variable rate mortgages payable subject to interest rate cap agreements as well as premiums, discounts and deferred loan costs), $71.3 million (or 13.9%) and $224.7 million (or 47.3%), respectively, was floating rate borrowings.
+Added: Based on the level of floating rate debt outstanding as of December 31, 2024 and 2023, a 50 basis point change in SOFR would result in an annual impact to our earnings of approximately $356,000 and $1.1 million, respectively.
We calculate interest rate sensitivity by multiplying the amount of floating rate debt by the respective change in rate.
−Removed: As of December 31, 2023, we had one interest rate cap agreement outstanding with an aggregate notional amount of $87.0 million and an aggregate fair value of the net derivative assets of $491,000.
+Added: As of December 31, 2024, we had two interest rate cap agreements outstanding with an aggregate notional amount of $171.3 million and an aggregate fair value of the net derivative assets of $107,000.
As of December 31, 2024, an increase or decrease of 50 basis points in interest rates would not result in a significant change to the fair value of the derivative asset.
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.