2 unchanged sentences
Interest rate risk —We borrow debt at a combination of variable and fixed rates.
−Removed: As of March 31, 2026, our indebtedness included $500.0 million in term loans and $400.0 million in notes payable.
−Removed: As of March 31, 2026, we had $500.0 million of outstanding variable rate indebtedness.
−Removed: 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.
+Added: As of June 30, 2026, our indebtedness included $500.0 million in term loans, $400.0 million in notes payable and $310 million outstanding under the Third Amended Credit Facility.
+Added: As of June 30, 2026, we had $810.0 million of outstanding variable rate indebtedness.
+Added: unused portion ($0.9 billion at June 30, 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 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.
+Added: As of June 30, 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%.
1 unchanged sentence
Interest rate swaps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty in exchange for us making fixed-rate payments over the term of the agreements without exchange of the underlying notional amount.
+Added: Based on our outstanding debt balance as of June 30, 2026 described above and the interest applicable to our outstanding Third Amended Credit Facility at June 30, 2026, assuming a 100 basis point increase in the interest rates related to our variable rate debt not hedged by interest rate swaps, interest expense would have increased approximately $1.6 million for the six months ended June 30, 2026.
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 Sterling denominated intercompany debt totaling £462.4 million as of March 31, 2026 and foreign currency forward contracts.
−Removed: 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.
−Removed: 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.
+Added: Our foreign currency exposure is partially mitigated through the use of British Pound Sterling denominated intercompany debt totaling £529.1 million as of June 30, 2026 and foreign currency forward contracts.
+Added: Based solely on our results of operations for the six months ended June 30, 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 $0.5 million.
+Added: To hedge a portion of the interest expense due on our intercompany debt in the U.K., as of June 30, 2026, we have two foreign currency forward contracts with a notional amount totaling £17.0 million that mature throughout 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.