6 unchanged sentences
Fixed Rate Debt
−Removed: At June 30, 2022, our outstanding fixed rate debt included the following (dollars in thousands):
+Added: At September 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
−Removed: Mortgage note 10,352 4.850 % 502 2022 Monthly
Mortgage note (2)
6 unchanged sentences
This table does not include obligations under finance leases.
−Removed: (2) We prepaid this mortgage in July 2022.
+Added: (2) We repaid this mortgage in October 2022.
No principal repayments are due under our unsecured notes until maturity.
5 unchanged sentences
Federal Reserve recently raised interest rates in an effort to combat high inflation and may continue to do so.
−Removed: 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.
+Added: Based on the balances outstanding at September 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 $66.0 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 June 30, 2022, our floating rate debt obligations consisted of $700.0 million outstanding under our revolving credit facility.
+Added: At September 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.
7 unchanged sentences
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 June 30, 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 September 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 June 30, 2022 4.17 % $ 700,000 $ 29,190 $ 0.12
+Added: At September 30, 2022 5.62 % $ 700,000 $ 39,340 $ 0.17
One percentage point increase 6.62 % $ 700,000 $ 46,340 $ 0.19
−Removed: (1) Interest rate under our revolving credit facility as of June 30, 2022.
−Removed: (2) Based on weighted average number of shares outstanding (diluted) for the six months ended June 30, 2022.
+Added: (1) Interest rate under our revolving credit facility as of September 30, 2022.
+Added: (2) Based on weighted average number of shares outstanding (diluted) for the nine months ended September 30, 2022.
The foregoing table shows the impact of an immediate increase in floating interest rates.
2 unchanged sentences
LIBOR Phase Out
−Removed: LIBOR has phased out for new contracts and it is currently expected to be phased out for pre-existing contracts by June 30, 2023.
−Removed: We are required to pay interest on borrowings under our revolving credit facility at floating rates based on LIBOR and interest we may pay on any future debt that we may incur may also require that we pay interest based upon LIBOR.
−Removed: In September 2021, we amended our credit agreement to set forth the mechanics for establishing a replacement benchmark rate under our revolving credit facility at such time as LIBOR is no longer available to calculate interest payable on amounts outstanding thereunder.
−Removed: Despite this amendment, we cannot be sure that any changes to the determination of interest under our agreement will approximate the current calculation in accordance with LIBOR.
−Removed: We cannot be sure what standard, if any, will replace LIBOR, and any alternative interest rate index that may replace LIBOR may result in our paying increased interest.
+Added: We are required to pay interest on borrowings under our revolving credit facility at floating rates based on LIBOR.
+Added: LIBOR has been phased out for new contracts and is expected to be phased out for pre-existing contracts by June 30, 2023.
+Added: The determination of interest under our revolving credit facility will be revised as provided under our credit agreement or amended as necessary to provide for an alternative interest rate based on SOFR upon the cessation of LIBOR.
+Added: This may result in our paying increased interest amounts.
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.