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Senior unsecured notes 500,000 9.750 % 48,750 2025 Semi-Annually
−Removed: Senior unsecured notes 500,000 9.750 % 48,750 2025 Semi-Annually
+Added: Senior secured notes (2)
+Added: 940,534 0.000 % — 2026 At Maturity
Senior unsecured notes 500,000 4.750 % 23,750 2028 Semi-Annually
3 unchanged sentences
Mortgage note 9,109 6.444 % 587 2043 Monthly
−Removed: Mortgage note 9,997 4.444 % 444 2043 Monthly
$ 3,049,643 $ 130,275
2 unchanged sentences
This table does not include obligations under finance leases.
−Removed: No principal repayments are due under our unsecured notes until maturity.
+Added: (2) These notes require no cash interest to accrue prior to maturity and will accrete at a rate of 11.25% per annum compounded semiannually on January 15 and July 15 of each year, such that the accreted value will equal the principal amount at maturity.
+Added: No principal repayments are due under our senior notes until maturity.
Our mortgage notes generally require principal and interest payments through maturity pursuant to amortization schedules.
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 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 $21.1 million, which amount excludes our $940.5 million of our senior secured notes due 2026 as no interest is due until maturity.
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.
−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: In response to significant and prolonged increases in inflation, the U.S.
+Added: Federal Reserve has raised interest rates multiple times since the beginning of 2022.
+Added: Although the U.S.
+Added: Federal Reserve has indicated that it may lower interest rates in 2024, we cannot be sure that it will do so, and interest rates may remain at the current high levels or continue to increase.
+Added: Our debt agreements 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 December 31, 2022, our floating rate debt obligations consisted of $700.0 million outstanding under our credit facility.
−Removed: Our credit facility matures in January 2024.
−Removed: Borrowings under our credit facility are in U.S.
−Removed: 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.
−Removed: 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.
−Removed: 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.
−Removed: 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 December 31, 2022 (dollars in thousands except per share amounts):
−Removed: Impact of Changes in Interest Rates
−Removed: Interest Rate (1)
−Removed: Floating Rate Debt Total Interest
−Removed: Expense Per Year Annual
−Removed: Earnings per Share
−Removed: At December 31, 2022 6.88 % $ 700,000 $ 48,160 $ 0.20
−Removed: One percentage point increase 7.88 % $ 700,000 $ 55,160 $ 0.23
−Removed: (1) Interest rate under our credit facility as of December 31, 2022.
−Removed: (2) Based on weighted average number of shares outstanding (basic and diluted) for the year ended December 31, 2022.
−Removed: The foregoing table shows the impact of an immediate increase in floating interest rates.
−Removed: 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 credit facility or other floating rate debt.
−Removed: LIBOR Transition
−Removed: As of December 31, 2022, we were required to pay interest on borrowings under our credit facility at floating rates based on LIBOR.
−Removed: 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.
−Removed: This may result in our paying increased interest amounts.
+Added: At December 31, 2023 and February 21, 2024, we did not have any floating rate debt obligations.
+Added: In December 2023, we repaid all amounts outstanding under our then secured credit facility and terminated the agreement governing such credit facility.
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.