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 June 30, 2025.
−Removed: July – December 2025
+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 September 30, 2025.
+Added: October – December 2025
2027 2028 2029 Thereafter Total Fair Value
6 unchanged sentences
Weighted average interest rate 3.98 % 2.56 % 2.74 % 3.10 % 3.88 % 3.57 % 3.37 %
−Removed: (1) The variable-rate unsecured bank credit facilities mature in July 2028 and, as of June 30, 2025, have zero drawn on both the $625,000,000 unsecured bank credit facility and the $50,000,000 unsecured bank credit facility.
+Added: (1) The variable-rate unsecured bank credit facilities mature in July 2028 and, as of September 30, 2025, the $625,000,000 unsecured bank credit facility has a balance of $45,000,000, and the $50,000,000 unsecured bank credit facility has no outstanding balance.
These balances fluctuate based on Company operations and capital activity, as discussed in Liquidity and Capital Resources .
(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 June 30, 2025.
+Added: (3) Represents the weighted average interest rate for the Company’s variable rate unsecured bank credit facilities as of September 30, 2025.
(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 June 30, 2025, it does not consider those exposures or positions that could arise after that date.
−Removed: Assuming there was a $100,000,000 balance on the unsecured bank credit facilities, and if interest rates change by 10% or approximately 52 basis points, interest expense and cash flows would increase or decrease by approximately $522,000 annually.
+Added: As the table above incorporates only those exposures that existed as of September 30, 2025, 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 50 basis points, interest expense and cash flows would increase or decrease by approximately $225,000 annually.
This does not include variable-rate debt that has been effectively fixed through the use of interest rate swaps.
8 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.