5 unchanged sentences
Fixed Rate Debt
−Removed: At March 31, 2023, our outstanding fixed rate debt included the following (dollars in thousands):
+Added: At June 30, 2023, our outstanding fixed rate debt included the following (dollars in thousands):
Annual Annual
10 unchanged sentences
9,872 4.444 % 439 2043 Monthly
−Removed: Mortgage note (3)
−Removed: 9,934 4.444 % 441 2043 Monthly
$ 2,359,872 $ 142,002
2 unchanged sentences
This table does not include obligations under finance leases.
−Removed: (2) We prepaid this mortgage in April 2023.
−Removed: (3) Effective July 7, 2023, the annual interest rate will increase to 6.444%.
+Added: (2) Effective July 7, 2023, the annual interest rate increased to 6.444%.
No principal repayments are due under our unsecured notes until maturity.
1 unchanged sentence
Because these debts require interest to be paid at a fixed rate, changes in market interest rates during the term of these debts will not affect our interest obligations.
−Removed: If these debts were refinanced at interest rates which are one percentage point higher or lower than shown above, our annual interest cost would increase or decrease by approximately $23.7 million.
+Added: If these debts
+Added: were refinanced at interest rates which are one percentage point higher or lower than shown above, our annual interest cost would increase or decrease by approximately $23.6 million.
Changes in market interest rates also would affect the fair value of our fixed rate debt obligations;
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: 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.
+Added: Federal Reserve has raised interest rates multiple times since the beginning of 2022 in an effort to combat 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.
In some cases, we are not allowed to make early repayment prior to a cutoff date and we are generally allowed to make prepayments only at a premium equal to a make whole amount, as defined, which is generally designed to preserve a stated yield to the noteholder.
−Removed: In the past, we have repurchased and retired some of our outstanding debt and we may
−Removed: do so again in the future.
+Added: In the past, we have repurchased and retired some of our outstanding debt and we may do so again in the future.
These prepayment rights and our ability to repurchase and retire outstanding debt may afford us opportunities to mitigate the risk of refinancing our debts at maturity at higher rates by refinancing prior to maturity.
Floating Rate Debt
−Removed: At March 31, 2023, our floating rate debt obligations consisted of $450.0 million outstanding under our credit facility.
+Added: At June 30, 2023, our floating rate debt obligations consisted of $450.0 million outstanding under our credit facility.
Our credit facility matures in January 2024.
Borrowings under our credit facility are in U.S.
−Removed: dollars and interest is required to be paid at the rate of SOFR plus a premium that is subject to adjustment based upon changes to our credit ratings.
+Added: dollars and interest is required to be paid at the rate of SOFR plus a premium as defined in our credit agreement.
Accordingly, we are exposed to interest rate risk for changes in U.S.
−Removed: dollar based short term rates and to changes in our credit ratings.
+Added: dollar based short term rates.
In addition, upon any potential renewal or refinancing of our credit facility, we are vulnerable to increases in interest 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.
−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, 2023 (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, 2023 (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, 2023 7.82 % $ 450,000 $ 35,190 $ 0.15
+Added: At June 30, 2023 8.12 % $ 450,000 $ 36,540 $ 0.15
One percentage point increase 9.12 % $ 450,000 $ 41,040 $ 0.17
−Removed: (1) Interest rate under our credit facility as of March 31, 2023.
−Removed: (2) Based on weighted average number of shares outstanding (basic and diluted) for the three months ended March 31, 2023.
+Added: (1) Interest rate under our credit facility as of June 30, 2023.
+Added: (2) Based on weighted average number of shares outstanding (basic and diluted) for the six months ended June 30, 2023.
The foregoing table shows the impact of an immediate increase in floating interest rates.
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.