1 unchanged sentence
The principal material financial market risk to which we are exposed is interest rate risk.
−Removed: Our exposure to interest rate risk relates primarily to refinancing long-term fixed rate obligations, the opportunity cost of fixed rate obligations in a falling interest rate environment and our variable rate line of credit.
−Removed: We primarily enter into debt obligations to support general corporate purposes, including acquisition of real estate properties, capital improvements and working capital needs.
−Removed: We use interest rate swap arrangements to reduce our exposure to the variability in future cash flows attributable to changes in interest rates.
−Removed: The table below presents principal, interest and related weighted average interest rates by year of maturity, with respect to debt outstanding on December 31, 2024 (dollars in thousands).
+Added: The table below presents principal, interest and related weighted average interest rates by year of maturity, with respect to debt outstanding, which consists exclusively of the Secured Term Loan on December 31, 2025 (dollars in thousands).
2026 2027 2028 2029 2030 Thereafter Total Fair Value
−Removed: Unsecured fixed rate debt
−Removed: Principal $ — $ 125,000 (1) $ — $ 50,000 $ — $ 350,000 $ 525,000 $ 472,412
−Removed: Interest payments $ 23,908 $ 18,154 $ 17,995 $ 16,155 $ 14,315 $ 14,315 $ 104,842
−Removed: Interest rate on debt maturities — % 4.7 % — % 5.7 % — % 4.1 % 4.7 %
−Removed: Unsecured variable rate debt
+Added: Secured variable rate debt
Principal $ 520,000 $ — $ — $ — $ — $ — $ 520,000 $ 520,000
1 unchanged sentence
______________________________
−Removed: (1) Represents a $125.0 million term loan with a floating interest rate.
−Removed: 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 initial maturity date of January 10, 2025.
−Removed: In the fourth quarter of 2024, we exercised one of two one-year extension options on the 2023 Term Loan to extend the maturity of the loan to January 10, 2026.
−Removed: The full amount of the term loan is effectively fixed by two interest rate swaps that became effective on January 10, 2025 and expire on the loan maturity date of January 10, 2026.
−Removed: 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.
+Added: The Company has purchased an interest rate cap that effectively caps term SOFR with respect to the Secured Term Loan at 5.00% per annum.
+Added: We previously 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.
Derivative instruments expose us to credit risk in the event of non-performance by the counterparty under the terms of the interest rate hedge agreement.
1 unchanged sentence
As part of our ongoing control procedures, we monitor the credit ratings of counterparties and our exposure to any single entity, thus minimizing our credit risk concentration.
−Removed: The following table sets forth information pertaining to interest rate swap contract in place as of December 31, 2024 and 2023 and its respective fair value (dollars in thousands):
+Added: The following table sets forth information pertaining to interest rate swap contracts in place as of December 31, 2024 and their respective fair value (dollars in thousands).
+Added: There were no interest rate swap contracts in place as of December 31, 2025:
Notional Amount Floating Index Rate Termination/ Fair Value as of:
−Removed: Fixed Rate Effective Date Expiration Date December 31, 2024 December 31, 2023
+Added: Fixed Rate Effective Date Expiration Date December 31, 2024
$75,000 3.677% USD-SOFR July 21, 2023 January 10, 2025 $ 14
1 unchanged sentence
100,000 4.719% USD-SOFR
−Removed: January 10, 2025 January 10, 2026 (624) —
+Added: January 10, 2025 November 12, 2025 (624)
50,000 4.720% USD-SOFR
−Removed: January 10, 2025 January 10, 2026 (312) —
−Removed: $ (913) $ 1,234
−Removed: We enter into debt obligations primarily to support general corporate purposes including acquisition of real estate properties, capital improvements and working capital needs.
+Added: January 10, 2025 November 12, 2025 (312)
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
2 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.