6 unchanged sentences
Fixed Rate Debt
−Removed: At March 31, 2022, our outstanding fixed rate debt included the following (dollars in thousands):
+Added: At June 30, 2022, our outstanding fixed rate debt included the following (dollars in thousands):
Annual Annual
8 unchanged sentences
Senior unsecured notes 250,000 6.250 % 15,625 2046 Quarterly
+Added: Mortgage note 10,352 4.850 % 502 2022 Monthly
Mortgage note (2)
2 unchanged sentences
Mortgage note 10,120 4.444 % 450 2043 Monthly
−Removed: Mortgage note 15,085 6.640 % 1,002 2023 Monthly
−Removed: Mortgage note 10,178 4.444 % 452 2043 Monthly
$ 2,400,715 $ 144,387
2 unchanged sentences
This table does not include obligations under finance leases.
−Removed: (2) We prepaid this mortgage in April 2022.
+Added: (2) We prepaid this mortgage in July 2022.
No principal repayments are due under our unsecured notes until maturity.
4 unchanged sentences
increases in market interest rates decrease the fair value of our fixed rate debt, while decreases in market interest rates increase the fair value of our fixed rate debt.
−Removed: Based on the balances outstanding at March 31, 2022, and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point increase in interest rates would change the fair value of those obligations by approximately $1.4 million.
+Added: Federal Reserve recently raised interest rates in an effort to combat high inflation and may continue to do so.
+Added: Based on the balances outstanding at June 30, 2022, and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point increase in interest rates would change the fair value of those obligations by approximately $1.1 million.
Our senior unsecured notes and certain of our mortgages contain provisions that allow us to make repayments earlier than the stated maturity date.
3 unchanged sentences
Floating Rate Debt
−Removed: At March 31, 2022, our floating rate debt obligations consisted of $700.0 million outstanding under our revolving credit facility.
+Added: At June 30, 2022, our floating rate debt obligations consisted of $700.0 million outstanding under our revolving credit facility.
Our revolving credit facility matures in January 2024.
4 unchanged sentences
dollar based short term rates, specifically LIBOR, and to changes in our credit ratings.
−Removed: In addition, upon renewal or refinancing of our revolving credit facility, we are vulnerable to increases in interest rate premiums due to market conditions or our perceived credit characteristics.
+Added: In addition, upon renewal or refinancing of our revolving credit facility, we are vulnerable to increases in interest rate premiums due to
+Added: market conditions or our perceived credit characteristics.
Generally, a change in interest rates would not affect the value of our floating rate debt but would affect our operating results.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of March 31, 2022 (dollars in thousands except per share amounts):
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of June 30, 2022 (dollars in thousands except per share amounts):
Impact of Changes in Interest Rates
2 unchanged sentences
Floating Rate Debt Expense Per Year Per Share Impact (2)
−Removed: At March 31, 2022 3.00 % $ 700,000 $ 21,000 $ 0.09
+Added: At June 30, 2022 4.17 % $ 700,000 $ 29,190 $ 0.12
One percentage point increase 5.17 % $ 700,000 $ 36,190 $ 0.15
−Removed: (1) Interest rate under our revolving credit facility as of March 31, 2022.
−Removed: (2) Based on weighted average number of shares outstanding (diluted) for the three months ended March 31, 2022.
+Added: (1) Interest rate under our revolving credit facility as of June 30, 2022.
+Added: (2) Based on weighted average number of shares outstanding (diluted) for the six months ended June 30, 2022.
The foregoing table shows the impact of an immediate increase in floating interest rates.
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.