3 unchanged sentences
Other than as described below, we do not currently foresee any significant changes in our exposure to fluctuations in interest rates or in how we manage this exposure in the near future.
−Removed: Although we have no present plans to do so, we may in the future enter into hedge arrangements or derivative contracts from time to time to mitigate our exposure to changes in interest rates.
+Added: We may in the future enter into hedge arrangements or derivative contracts from time to time to mitigate our exposure to changes in interest rates.
Fixed Rate Debt
12 unchanged sentences
Mortgage note 9,997 4.444 % 444 2043 Monthly
−Removed: Mortgage note 15,456 5.750 % 889 2022 Monthly
−Removed: Mortgage note 15,204 6.640 % 1,010 2023 Monthly
−Removed: Mortgage note 10,240 4.444 % 455 2043 Monthly
$ 2,374,729 $ 142,985
8 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 December 31, 2021, 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 $1.6 million.
+Added: Federal Reserve has raised interest rates multiple times since the beginning of 2022 in an effort to combat high inflation and may continue to do so.
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 December 31, 2021, our floating rate debt obligations consisted of $800.0 million outstanding under our revolving credit facility.
−Removed: As of December 31, 2021, the maturity date of our revolving credit facility was January 2023.
−Removed: In February 2022, we exercised our option to extend the maturity date of our revolving credit facility by one year to January 2024.
−Removed: Generally, no principal repayments are required under our revolving credit facility prior to maturity, and we can borrow, repay and re-borrow funds available, subject to conditions, at any time without penalty.
−Removed: Borrowings under our revolving credit facility are in U.S.
−Removed: dollars and interest is required to be paid at the rate of LIBOR plus a premium that is subject to adjustment based upon changes to our credit ratings.
+Added: At December 31, 2022, our floating rate debt obligations consisted of $700.0 million outstanding under our credit facility.
+Added: Our credit facility matures in January 2024.
+Added: Borrowings under our credit facility are in U.S.
+Added: dollars and interest is required to be paid at the rate of a benchmark such as LIBOR or SOFR beginning in February 2023 plus a premium that is subject to adjustment based upon changes to our credit ratings.
Accordingly, we are exposed to interest rate risk for changes in U.S.
−Removed: 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: dollar based short term rates, and to changes in our credit ratings.
+Added: In addition, upon renewal or refinancing of our credit facility, we are vulnerable to increases in interest rate premiums due to 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.
7 unchanged sentences
One percentage point increase 7.88 % $ 700,000 $ 55,160 $ 0.23
−Removed: (1) Interest rate under our revolving credit facility as of December 31, 2021.
+Added: (1) Interest rate under our credit facility as of December 31, 2022.
(2) Based on weighted average number of shares outstanding (basic and diluted) for the year ended December 31, 2022.
1 unchanged sentence
If interest rates were to increase gradually over time, the impact would be spread over time.
−Removed: Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the amount of our borrowings outstanding under our revolving credit facility or other floating rate debt.
−Removed: LIBOR Phase Out
−Removed: As of December 31, 2021, LIBOR has been phased out for new contracts and 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: Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the amount of our borrowings outstanding under our credit facility or other floating rate debt.
+Added: LIBOR Transition
+Added: As of December 31, 2022, we were required to pay interest on borrowings under our credit facility at floating rates based on LIBOR.
+Added: The determination of interest under our credit facility has been revised pursuant to the terms of the February 2023 amendment to our credit agreement and the interest rate premium under our credit facility will be based on SOFR beginning in February 2023.
+Added: This may result in our paying increased interest amounts.
Financial Statements and Supplementary Data.
2 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.