5 unchanged sentences
Floating Rate Debt
−Removed: As of March 31, 2026, our outstanding floating rate debt consisted of the following:
+Added: As of June 30, 2026, our outstanding floating rate debt consisted of the following:
Principal Annual Interest Annual Interest Maturity Interest
9 unchanged sentences
In connection with this mortgage loan, to hedge our exposure to risks related to changes in SOFR and pursuant to the terms of the applicable loan agreement, we have purchased an interest rate cap with a one-month term SOFR strike rate equal to 4.50%.
−Removed: At March 31, 2026, we had no amounts outstanding under our revolving credit facility.
+Added: At June 30, 2026, we had no amounts outstanding under our revolving credit facility.
No principal repayments are required under our revolving credit facility prior to maturity and repayments may be made and redrawn subject to conditions at any time without penalty.
2 unchanged sentences
Accordingly, we are vulnerable to changes in the U.S.
−Removed: dollar based short term interest rates, specifically SOFR.
+Added: dollar based on short term interest rates, specifically SOFR.
In addition, upon renewal or refinancing of these obligations, we are vulnerable to increases in interest rate premiums, including increases in the cost of replacement interest rate caps, due to market conditions and our perceived credit risk.
−Removed: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at March 31, 2026, including the impact of our interest rate cap:
+Added: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at June 30, 2026, including the impact of our interest rate cap:
Impact of an Increase in Interest Rates
2 unchanged sentences
Outstanding Debt Expense Per Year Per Share Impact (2)
−Removed: As of March 31, 2026
+Added: As of June 30, 2026
6.15% $ 140,000 $ 8,730 $ (0.04)
1 unchanged sentence
7.00% $ 140,000 $ 9,936 $ (0.04)
−Removed: (1) Based on one-month term SOFR plus a premium, which was 250 basis points per annum for our $140,000 floating rate mortgage loan, as of March 31, 2026.
−Removed: (2) Based on the diluted weighted average common shares outstanding for the three months ended March 31, 2026.
+Added: (1) Based on one-month term SOFR plus a premium, which was 250 basis points per annum for our $140,000 floating rate mortgage loan, as of June 30, 2026.
+Added: (2) Based on the diluted weighted average common shares outstanding for the six months ended June 30, 2026.
(3) A one percentage point increase in interest rates would be capped at 7.00% for our $140,000 floating rate mortgage loan as a result of our 4.50% interest rate cap purchased for this debt.
−Removed: However, a one percentage point increase in the interest rate of our floating rate debt to 7.17% at March 31, 2026 would result in total floating rate interest expense per year of 10,177 and a decrease in annual earnings per share of $0.04.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at March 31, 2026 if we were fully drawn on our revolving credit facility:
+Added: However, a one percentage point increase in the interest rate of our floating rate debt to 7.15% at June 30, 2026 would result in total floating rate interest expense per year of $10,149 and a decrease in annual earnings per share of $0.04.
+Added: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at June 30, 2026 if we were fully drawn on our revolving credit facility:
Impact of an Increase in Interest Rates
3 unchanged sentences
Expense Per Year Per Share Impact (3)
−Removed: As of March 31, 2026
+Added: As of June 30, 2026
6.22% $ 290,000 $ 18,289 $ (0.08)
1 unchanged sentence
7.14% $ 290,000 $ 20,994 $ (0.09)
−Removed: (1) Based on the applicable SOFR plus a premium, which was 260 basis points per annum for our revolving credit facility and 250 basis points per annum for our $140,000 floating rate mortgage loan as of March 31, 2026.
+Added: (1) Based on the applicable SOFR plus a premium, which was 250 basis points per annum for both our revolving credit facility and our $140,000 floating rate mortgage loan as of June 30, 2026.
Interest rate is weighted based on amounts outstanding.
(2) Represents the maximum amount available under our revolving credit facility and our $140,000 floating rate mortgage loan.
−Removed: (3) Based on the diluted weighted average common shares outstanding for the three months ended March 31, 2026.
+Added: (3) Based on the diluted weighted average common shares outstanding for the six months ended June 30, 2026.
(4) A one percentage point increase in interest rates would be capped at 7.00% for our $140,000 floating rate mortgage loan as a result of our 4.50% interest rate cap purchased for this debt.
−Removed: However, a one percentage point increase in the interest rate of our floating rate debt to 7.23% at March 31, 2026 would result in total floating rate interest expense per year of $21,258 and a decrease in annual earnings per share of $0.09.
+Added: However, a one percentage point increase in the interest rate of our floating rate debt to 7.22% at June 30, 2026 would result in total floating rate interest expense per year of $21,229 and a decrease in annual earnings per share of $0.09.
The foregoing tables show the impact of an immediate one percentage point change in floating interest rates, including the impact of our interest rate cap.
5 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.