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, 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, 2023, 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.
As of December 31, 2023, the Company also had $222.7 million of secured variable rate indebtedness.
−Removed: The Company’s interest rate swap is designated as a cash flow hedge as of December 31, 2022.
+Added: The Company’s interest rate swap was designated as a cash flow hedge as of December 31, 2023.
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, 2023.
9 unchanged sentences
Additionally, the Company has entered into total return swap contracts, with an aggregate notional amount of $222.7 million that effectively convert $222.7 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, 2023.
−Removed: The Company is exposed to insignificant interest rate risk on these swaps as the related mortgages are callable, at par, by the Company, co-terminus with the termination of any related swap.
+Added: The Company is exposed to insignificant interest rate risk on these total return swaps as the related mortgages are callable, at par, by the Company, co-terminus with the termination of any related swap.
These derivatives do not qualify for hedge accounting.
26 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.