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, 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.
−Removed: As of December 31, 2023, the Company also had $222.7 million of secured variable rate indebtedness.
+Added: As of December 31, 2024, the Company had two interest rate swap contracts to mitigate the risk of changes in the interest-related cash outflows on the Company’s $300.0 million unsecured term loan and $47.5 million of variable rate mortgage notes payable.
The Company’s interest rate swap was designated as a cash flow hedge as of December 31, 2024.
1 unchanged sentence
The notional amount represents the aggregate amount of a particular security that is currently hedged at one time, but does not represent exposure to credit, interest rates or market risks.
−Removed: The table also includes a sensitivity analysis to demonstrate the impact on the Company’s derivative instruments from an increase or decrease in 10-year Treasury bill interest rates by 50 basis points, as of December 31, 2023.
+Added: The table also includes a sensitivity analysis to demonstrate the impact on the Company’s derivative instruments from an increase or decrease in 10-year Treasury bill interest rates by 50 basis points, as of December 31, 2024 ($ in thousands).
Amount Maturity
−Removed: Date Range Carrying and
Fair Value Estimated Carrying Value
−Removed: ($ in thousands) Basis Points Basis Points
+Added: Basis Points Basis Points
Cash flow hedges:
1 unchanged sentence
Total cash flow hedges $ 347,500 2026 $ 5,467 $ 8,185 $ 2.732
−Removed: 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.
+Added: Additionally, the Company has entered into total return swap contracts, with an aggregate notional amount of $220.8 million that effectively convert $220.8 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 as of December 31, 2024.
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.
7 unchanged sentences
The table below presents the principal amounts and weighted average interest rates by year of expected maturity to evaluate the expected cash flows.
−Removed: Management has estimated the fair value of the Company’s $5.7 billion of fixed rate debt at December 31, 2023, to be $5.3 billion.
−Removed: Management has estimated the fair value of the Company’s $522.7 million of variable rate debt at December 31, 2023, to be $519.0 million based on the 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 $5.9 billion of fixed rate debt as of December 31, 2024, to be $5.5 billion.
+Added: Management has estimated the fair value of the Company’s $754.7 million of variable rate debt as of December 31, 2024, to be $749.4 million
+Added: based on the terms of existing mortgage notes payable and variable rate demand notes compared to those available in the marketplace.
The following table represents scheduled principal payments ($ in thousands):
−Removed: For the Years Ended December 31,
−Removed: ($ in thousands, except for interest rates) 2024 2025 2026 2027 2028 Thereafter Total Fair value
+Added: Year Ended December 31,
+Added: 2025 2026 2027 2028 2029 Thereafter Total Fair value
Fixed rate debt
13 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.