6 unchanged sentences
The Company’s interest rate swaps are discussed in Note 14 in the Notes to Consolidated Financial Statements.
−Removed: The table below presents the principal payments due and weighted average interest rates, which include the impact of interest rate swaps, for both the fixed-rate and variable-rate debt as of March 31, 2022.
−Removed: April – December 2022
+Added: The table below presents the principal payments due and weighted average interest rates, which include the impact of interest rate swaps, for both the fixed-rate and variable-rate debt as of June 30, 2022.
+Added: July – December 2022
2024 2025 2026 Thereafter Total Fair Value
10 unchanged sentences
Weighted average interest rate 3.85 % 3.85 % 3.85 % 3.85 % 3.85 % — 3.85 %
−Removed: (1) The variable-rate unsecured bank credit facilities mature in July 2025 and as of March 31, 2022, have balances of $183,000,000 on the $425 million unsecured bank credit facility and $14,313,000 on the $50 million unsecured bank credit facility.
+Added: (1) The variable-rate unsecured bank credit facilities mature in July 2025 and as of June 30, 2022, have balances of $170,000,000 on the $425 million unsecured bank credit facility and $36,419,000 on the $50 million unsecured bank credit facility.
(2) The fair value of the Company’s variable rate debt is estimated by discounting expected cash flows at current market rates, excluding the effects of debt issuance costs.
−Removed: (3) Represents the weighted average interest rate for the Company’s variable rate unsecured bank credit facilities as of March 31, 2022.
+Added: (3) Represents the weighted average interest rate for the Company’s variable rate unsecured bank credit facilities as of June 30, 2022.
(4) The fair value of the Company’s fixed-rate debt, including variable-rate debt that has been swapped to an effectively fixed rate through the use of interest rate swaps, is estimated by discounting expected cash flows at the rates currently offered to the Company for debt of the same remaining maturities, as advised by the Company’s bankers, excluding the effects of debt issuance costs.
−Removed: As the table above incorporates only those exposures that existed as of March 31, 2022, it does not consider those exposures or positions that could arise after that date.
−Removed: Based on the weighted average balance for the three months ended March 31, 2022, if the weighted average interest rate on the variable rate unsecured bank credit facilities changes by 10% or approximately 12 basis points, interest expense and cash flows would increase or decrease by approximately $231,000 annually.
+Added: As the table above incorporates only those exposures that existed as of June 30, 2022, it does not consider those exposures or positions that could arise after that date.
+Added: If the weighted average interest rate on the variable rate unsecured bank credit facilities, as shown above, changes by 10% or approximately 22 basis points, interest expense and cash flows would increase or decrease by approximately $444,000 annually.
This does not include variable-rate debt that has been effectively fixed through the use of interest rate swaps.
7 unchanged sentences
It may also impact the Company’s ability to (i) renew leases or re-lease space as leases expire, or (ii) lease development space.
−Removed: In addition, an economic downturn or recession, including but not limited to the ongoing COVID-19 pandemic, could also lead to an increase in overall vacancy rates or a decline in rents the Company can charge to re-lease properties upon expiration of current leases.
+Added: In addition, an economic downturn or recession, including but not limited to the ongoing COVID-19 pandemic, could also lead to an increase in overall vacancy rates
+Added: or a decline in rents the Company can charge to re-lease properties upon expiration of current leases.
In all of these cases, EastGroup’s cash flows would be adversely affected.
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.