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2.49% 2.64% 3.04% 3.88% 3.86% 3.63% 3.43%
−Removed: (1) The variable rate unsecured bank credit facilities mature in July 2028, and as of December 31, 2024, the Company had no borrowings 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 December 31, 2025, the $625,000,000 unsecured bank credit facility had no outstanding balance, and the $50,000,000 unsecured bank credit facility had a balance of $ 18,845,000 .
These balances fluctuate based on Company operations and capital activity, as discussed in Liquidity and Capital Resources .
2 unchanged sentences
(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 December 31, 2024, 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 changed by 10%, or approximately 53 basis points, interest expense and cash flows would increase or decrease by approximately $528,000 annually.
+Added: As the preceding table incorporates only those exposures that existed as of December 31, 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 46 basis points, interest expense and cash flows would increase or decrease by approximately $86,000 annually.
This does not include variable rate debt that has been effectively fixed through the use of interest rate swaps.
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The state of the economy, or other adverse changes in general or local economic conditions could result in the inability of some of the Company’s existing tenants to make lease payments and may therefore result in uncollectible rent, reducing Income from real estate operations .
−Removed: It may also impact the Company’s ability to (i) renew leases or re-lease space as
−Removed: leases expire, or (ii) lease development space.
+Added: It may also impact the Company’s ability to (i) renew leases or re-lease space as leases expire, or (ii) lease development space.
In addition, an economic downturn or recession, 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.
1 unchanged sentence
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.