8 unchanged sentences
Principal — $ 125,000 (1) $ — $ — $ 50,000 $ 350,000 $ 525,000 $ 466,668
−Removed: $ 100,000 $ — $ — $ — $ — $ 400,000 $ 500,000 $ 454,564
Interest payments $ 23,908 $ 17,995 $ 17,995 $ 17,995 $ 16,155 $ 28,061 $ 122,109
4 unchanged sentences
______________________________
−Removed: (1) Includes a $100.0 million term loan with a floating interest rate.
−Removed: The interest rate on the $100.0 million term loan is effectively fixed by interest rate swap arrangements at 2.31%.
−Removed: Subsequent to the end of 2022, we prepaid the 2018 Term Loan with proceeds from the $125.0 million 2023 Term Loan which matures in 2025.
−Removed: (2) Subsequent to the end of 2022, we executed an amendment to our revolving credit facility to convert the benchmark interest rate from LIBOR to an adjusted SOFR, with no change in the applicable interest rate margins.
+Added: (1) Represents a $125.0 million term loan with a floating interest rate.
+Added: A $100.0 million portion of the term loan was previously effectively fixed by an interest rate swap that expired on July 21, 2023.
+Added: The full amount of the term loan is effectively fixed by two interest rate swaps that became effective on July 21, 2023 and expire on the loan’s maturity date of January 10, 2025.
We entered into the interest rate swap arrangements designated and qualifying as cash flow hedges to reduce our exposure to the variability in future cash flows attributable to changes in interest rates.
5 unchanged sentences
Fixed Rate Effective Date Expiration Date December 31, 2023 December 31, 2022
−Removed: $ 100,000 1.205% One Month USD-LIBOR 3/31/2017 7/21/2023 $ 1,998 $ (821)
+Added: $ 100,000 1.205% USD-SOFR 3/31/2017 7/21/2023 $ — $ 1,998
+Added: 75,000 3.677% USD-SOFR 7/21/2023 1/10/2025 740 —
+Added: 50,000 3.676% USD-SOFR 7/21/2023 1/10/2025 494 —
+Added: $ 1,234 $ 1,998
We enter into debt obligations primarily to support general corporate purposes including acquisition of real estate properties, capital improvements and working capital needs.
3 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.