2 unchanged sentences
Interest rate risk —We borrow debt at a combination of variable and fixed rates.
−Removed: As of September 30, 2025, our indebtedness included $500.0 million in term loans and $400.0 million in notes payable.
−Removed: As of September 30, 2025, we had $500.0 million of outstanding variable rate indebtedness.
−Removed: The unused portion ($1.2 billion at September 30, 2025) of our Third Amended Revolving Facility, should it be drawn upon, is subject to variable rates.
+Added: As of March 31, 2026, our indebtedness included $500.0 million in term loans and $400.0 million in notes payable.
+Added: As of March 31, 2026, we had $500.0 million of outstanding variable rate indebtedness.
+Added: The unused portion ($1.2 billion at March 31, 2026) of our Third Amended Credit Facility, should it be drawn upon, is subject to variable rates.
An increase in interest rates could make the financing of any acquis ition by us more costly as well as increase the costs of our variable rate debt obligations.
5 unchanged sentences
We also expect to manage our exposure to interest rate risk by maintaining a mix of fixed and variable rates for our indebtedness.
−Removed: As of September 30, 2025, we had two interest rate swaps, with a notional amount of $250.0 million each, to hedge the variable cash flows associated with the Term Loan Facility.
+Added: As of March 31, 2026, we had two interest rate swaps, with a notional amount of $250.0 million each, to hedge the variable cash flows associated with the Term Loan Facility.
The interest rate swaps convert the Term Loan Facility’s Term SOFR rate to an effective fixed interest rate of 3.5%.
2 unchanged sentences
Exchange rate risk —We are exposed to changes in foreign exchange rates as a result of our real estate investments in the United Kingdom.
−Removed: Our foreign currency exposure is partially mitigated through the use of British Pound denominated intercompany debt totaling £462.4 million as of September 30, 2025 and foreign currency forward contracts.
−Removed: Based solely on our results of operations for the nine months ended September 30, 2025, if the applicable exchange rate were to increase or decrease by 10%, our net income from our consolidated U.K.-based investments would increase or decrease, as applicable, by $1.6 million.
−Removed: To hedge a portion of the interest expense due on our intercompany debt in the U.K., at September 30, 2025, we have three foreign currency forward contracts with notional amounts totaling £23.2 million that mature between 2025 and 2026.
+Added: Our foreign currency exposure is partially mitigated through the use of British Pound Sterling denominated intercompany debt totaling £462.4 million as of March 31, 2026 and foreign currency forward contracts.
+Added: Based solely on our results of operations for the three months ended March 31, 2026, if the applicable exchange rate were to increase or decrease by 10%, our net income from our consolidated U.K.-based investments would increase or decrease, as applicable, by $0.2 million.
+Added: To hedge a portion of the interest expense due on our intercompany debt in the U.K., as of March 31, 2026, we have one foreign currency forward contract with a notional amount totaling £7.7 million that matures in 2026.
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.