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, 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.
+Added: As of December 31, 2025, the Company had five interest rate swap contracts and two forward starting interest rate swap contracts to mitigate the risk of changes in the interest-related cash outflows on the Company’s $600.0 million unsecured term loan.
The Company’s interest rate swap was designated as a cash flow hedge as of December 31, 2025.
3 unchanged sentences
Amount Maturity
+Added: Date Carrying and
Fair Value Estimated Carrying Value
2 unchanged sentences
Interest rate swaps $ 497,500 2026-2030 $ 1,270 $ 5,293 $ (2,820)
+Added: Forward starting interest rate swap 150,000 2030 703 3,521 (2,169)
Total cash flow hedges $ 647,500 2026-2030 $ 1,973 $ 8,814 $ (4,989)
−Removed: 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.
+Added: Additionally, the Company has entered into total return swap contracts, with an aggregate notional amount of $258.8 million that effectively convert $258.8 million of fixed mortgage notes payable to a floating interest rate based on the SIFMA plus a spread and had a carrying value of zero as of December 31, 2025.
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.
1 unchanged sentence
Interest Rate Sensitive Liabilities
−Removed: The Company is exposed to interest rate changes primarily as a result of its lines of credit and long-term debt used to maintain liquidity and fund capital expenditures and expansion of the Company’s real estate investment portfolio and operations.
+Added: The Company is exposed to interest rate changes primarily as a result of its lines of credit, commercial paper, and long-term debt used to maintain liquidity and fund capital expenditures and expansion of the Company’s real estate investment portfolio and operations.
The Company’s interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flows and to lower its overall borrowing costs.
4 unchanged sentences
Management has estimated the fair value of the Company’s $6.0 billion of fixed rate debt as of December 31, 2025, to be $5.8 billion.
−Removed: 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
−Removed: 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 $858.8 million of variable rate debt as of December 31, 2025, to be $853.2 million based on the terms of existing mortgage notes payable and variable rate demand notes compared to those available in the marketplace.
The following table represents scheduled principal payments ($ 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.