13 unchanged sentences
As of December 31, 2024, an increase or decrease of 50 basis points in interest rates would result in an increase or decrease in interest expense of $12.1 million per year.
−Removed: As of December 31, 2023, we had no interest rate cap agreements outstanding, as all interest rate cap agreements matured during the year ended December 31, 2023.
As the information presented above includes only those exposures that existed as of December 31, 2024, it does not consider exposures or positions arising after that date.
2 unchanged sentences
These amounts were determined by considering the impact of hypothetical interest rate changes on our borrowing costs and assume no other changes in our capital structure.
−Removed: In July 2017, the Financial Conduct Authority (“FCA”) that regulates London Interbank Offered Rate (“LIBOR”) announced it intended to stop compelling banks to submit rates for the calculation of LIBOR after 2021.
−Removed: As a result, the Federal Reserve Board and the Federal Reserve Bank of New York organized the Alternative Reference Rates Committee which identified SOFR as its preferred alternative to U.S.
−Removed: dollar LIBOR in derivatives and other financial contracts.
−Removed: The ICE Benchmark Administration Limited, the administrator of LIBOR, ceased publishing most liquid U.S.
−Removed: dollar LIBOR settings on June 30, 2023.
−Removed: However, uncertainty about the continuing impact on certain debt securities and other financial instruments may result in interest rates and/or payments that are higher or lower than if LIBOR had remained available.
−Removed: In addition, the cessation of U.S.
−Removed: dollar LIBOR settings and the utilization of an alternative reference rate may create increased volatility and may
−Removed: adversely affect our performance.
−Removed: Alternative rates and other market changes related to the replacement of LIBOR, including the introduction of financial products and changes in market practices, may lead to risk modeling and valuation challenges.
−Removed: As of December 31, 2023, all outstanding variable rate debt indexed to LIBOR was transitioned to SOFR.
Concentrations of credit risk arise when a number of tenants are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to us, to be similarly affected by changes in economic conditions.
3 unchanged sentences
payment history;
−Removed: credit status and change in status, including the impact of the COVID-19 pandemic (credit ratings for public companies are used as a primary metric);
+Added: credit status and change in status (credit ratings for public companies are used as a primary metric);
change in tenant space needs ( i.e.
8 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.