3 unchanged sentences
To accomplish this objective, the Company uses interest rate swaps as part of its cash flow hedging strategy.
−Removed: As of December 31, 2021, the Company had no outstanding interest rate swap contracts.
+Added: As of December 31, 2022, the Company had one interest rate swap contract to mitigate the risk of changes in the interest-related cash outflows on $300.0 million of the unsecured term loan that had not been drawn and had a balance of zero.
+Added: As of December 31, 2022, the Company also had $223.6 million of secured variable rate indebtedness.
+Added: The Company’s interest rate swap is designated as a cash flow hedge as of December 31, 2022.
+Added: The following table summarizes the notional amount, carrying value, and estimated fair value of the Company’s cash flow hedge derivative instruments used to hedge interest rates as of December 31, 2022.
+Added: The notional amount represents the aggregate amount of a particular security that is currently hedged at one time, but does not represent exposure to credit, interest rates or market risks.
+Added: The table also includes a sensitivity analysis to demonstrate the impact on the Company’s derivative instruments from an increase or decrease in 10-year Treasury bill interest rates by 50 basis points, as of December 31, 2022.
+Added: Amount Maturity
+Added: Date Range Carrying and
+Added: Fair Value Estimated Carrying Value
+Added: ($ in thousands) Basis Points Basis Points
+Added: Cash flow hedges:
+Added: Interest rate swaps $ 300,000 2026 $ 5,556 $ 10,107 $ 851
+Added: Total cash flow hedges $ 300,000 2026 $ 5,556 $ 10,107 $ 851
Additionally, the Company has entered into total return swap contracts, with an aggregate notional amount of $223.6 million that effectively convert $223.6 million of fixed mortgage notes payable to a floating interest rate based on the SIFMA plus a spread and have a carrying value of zero at December 31, 2022.
9 unchanged sentences
Management has estimated the fair value of the Company’s $5.7 billion of fixed rate debt at December 31, 2022, to be $5.2 billion.
−Removed: Management has estimated the fair value of the Company’s $565.6 million of variable rate debt at December 31, 2021, to be $561.7 million based on the
−Removed: terms of existing mortgage notes payable and variable rate demand notes compared to those available in the marketplace.
+Added: Management has estimated the fair value of the Company’s $275.7 million of variable rate debt at December 31, 2022, to be $273.2 million based on the terms of existing mortgage notes payable and variable rate demand notes compared to those available in the marketplace.
The following table represents scheduled principal payments ($ in thousands):
16 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.