5 unchanged sentences
Fixed Rate Debt
−Removed: At June 30, 2023, our outstanding fixed rate debt included the following (dollars in thousands):
+Added: At September 30, 2023, our outstanding fixed rate debt included the following (dollars in thousands):
Annual Annual
3 unchanged sentences
Senior unsecured notes $ 250,000 4.750 % $ 11,875 2024 Semi-Annually
−Removed: Senior unsecured notes 500,000 9.750 % 48,750 2025 Semi-Annually
−Removed: Senior unsecured notes 500,000 4.750 % 23,750 2028 Semi-Annually
+Added: Senior unsecured notes (2)
+Added: 500,000 9.750 % 48,750 2025 Semi-Annually
Senior unsecured notes 500,000 4.750 % 23,750 2028 Semi-Annually
+Added: Senior unsecured notes (2)
+Added: 500,000 4.375 % 21,875 2031 Semi-Annually
Senior unsecured notes 350,000 5.625 % 19,688 2042 Quarterly
Senior unsecured notes 250,000 6.250 % 15,625 2046 Quarterly
−Removed: Mortgage note (2)
−Removed: 9,872 4.444 % 439 2043 Monthly
+Added: Mortgage note 9,504 6.444 % 612 2043 Monthly
$ 2,359,504 $ 142,175
2 unchanged sentences
This table does not include obligations under finance leases.
−Removed: (2) Effective July 7, 2023, the annual interest rate increased to 6.444%.
+Added: (2) As of September 30, 2023, these senior notes were fully and unconditionally guaranteed.
+Added: For further information, see "Management's Discussion and Analysis of Financial Condition and Results of Operations—Liquidity and Capital Resources" in Part I, Item 2 of this Quarterly Report on Form 10-Q.
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
−Removed: 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.
+Added: 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 $23.6 million.
Changes in market interest rates also would affect the fair value of our fixed rate debt obligations;
1 unchanged sentence
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.
−Removed: Our senior unsecured notes and certain of our mortgages contain provisions that allow us to make repayments earlier than the stated maturity date.
+Added: Our senior unsecured notes and our mortgage note 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.
2 unchanged sentences
Floating Rate Debt
−Removed: At June 30, 2023, our floating rate debt obligations consisted of $450.0 million outstanding under our credit facility.
+Added: At September 30, 2023, our floating rate debt obligations consisted of $450.0 million outstanding under our credit facility.
Our credit facility matures in January 2024.
5 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, 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 September 30, 2023 (dollars in thousands except per share amounts):
Impact of Changes in Interest Rates
Outstanding Total Interest Annual Earnings
−Removed: Interest Rate (1)
−Removed: Floating Rate Debt Expense Per Year Per Share Impact (2)
−Removed: At June 30, 2023 8.12 % $ 450,000 $ 36,540 $ 0.15
+Added: Interest Rate Floating Rate Debt Expense Per Year Per Share Impact (1)
+Added: At September 30, 2023 8.33 % $ 450,000 $ 37,485 $ 0.16
One percentage point increase 9.33 % $ 450,000 $ 41,985 $ 0.18
−Removed: (1) Interest rate under our credit facility as of June 30, 2023.
−Removed: (2) Based on weighted average number of shares outstanding (basic and diluted) for the six months ended June 30, 2023.
+Added: (1) Based on weighted average number of shares outstanding (basic and diluted) for the nine months ended September 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.