5 unchanged sentences
Fixed Rate Debt
−Removed: At September 30, 2023, our outstanding fixed rate debt included the following (dollars in thousands):
−Removed: Annual Annual
−Removed: Principal Interest Interest Interest
−Removed: Debt Balance (1)
−Removed: Expense Maturity Payments Due
−Removed: Senior unsecured notes $ 250,000 4.750 % $ 11,875 2024 Semi-Annually
−Removed: Senior unsecured notes (2)
−Removed: 500,000 9.750 % 48,750 2025 Semi-Annually
−Removed: Senior unsecured notes 500,000 4.750 % 23,750 2028 Semi-Annually
−Removed: Senior unsecured notes (2)
−Removed: 500,000 4.375 % 21,875 2031 Semi-Annually
−Removed: Senior unsecured notes 350,000 5.625 % 19,688 2042 Quarterly
−Removed: Senior unsecured notes 250,000 6.250 % 15,625 2046 Quarterly
−Removed: Mortgage note 9,504 6.444 % 612 2043 Monthly
−Removed: $ 2,359,504 $ 142,175
−Removed: (1) The principal balances and interest rates are the amounts stated in the applicable contracts.
−Removed: In accordance with GAAP, our carrying values and recorded interest expense may differ from these amounts because of market conditions at the time we assumed certain of these debts.
−Removed: This table does not include obligations under finance leases.
−Removed: (2) As of September 30, 2023, these senior notes were fully and unconditionally guaranteed.
−Removed: 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.
−Removed: No principal repayments are due under our unsecured notes until maturity.
−Removed: Our mortgage notes generally require principal and interest payments through maturity pursuant to amortization schedules.
−Removed: 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 $23.6 million.
−Removed: Changes in market interest rates also would affect the fair value of our fixed rate debt obligations;
−Removed: 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 inflation and may continue to do so.
−Removed: Our senior unsecured notes and our mortgage note contain provisions that allow us to make repayments earlier than the stated maturity date.
−Removed: 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 do so again in the future.
−Removed: 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.
+Added: There have been no material changes to market interest rate risks associated with our fixed rate debt during the three months ended March 31, 2024.
+Added: For a discussion of market interest rate risks associated with our fixed rate debt, see "Quantitative and Qualitative Disclosures About Market Risk" included in Part II, Item 7A of our 2023 Annual Report.
Floating Rate Debt
−Removed: At September 30, 2023, our floating rate debt obligations consisted of $450.0 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 SOFR plus a premium as defined in our credit agreement.
−Removed: Accordingly, we are exposed to interest rate risk for changes in U.S.
−Removed: dollar based short term rates.
−Removed: 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.
−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 September 30, 2023 (dollars in thousands except per share amounts):
−Removed: Impact of Changes in Interest Rates
−Removed: Outstanding Total Interest Annual Earnings
−Removed: Interest Rate Floating Rate Debt Expense Per Year Per Share Impact (1)
−Removed: At September 30, 2023 8.33 % $ 450,000 $ 37,485 $ 0.16
−Removed: One percentage point increase 9.33 % $ 450,000 $ 41,985 $ 0.18
−Removed: (1) Based on weighted average number of shares outstanding (basic and diluted) for the nine months ended September 30, 2023.
−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.
+Added: At March 31, 2024, we did not have any floating rate debt obligations.
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