8 unchanged sentences
We are exposed to changes in the level of interest rates and to changes in the relationship or spread between interest rates.
−Removed: Our primary interest rate exposure relates to our term loan arrangements.
+Added: Our primary interest rate exposure relates to our revolver arrangements.
LIBOR and other indices which are deemed “benchmarks” are the subject of recent national, international, and other regulatory guidance and proposals for reform.
2 unchanged sentences
however, it is not possible to predict the effects of any of these developments, and any future initiatives to regulate, reform or change the manner of administration of LIBOR could result in adverse consequences to the rate of interest payable and receivable on, market value of and market liquidity for financial instruments tied to variable interest rate indices.
−Removed: Our borrowing agreements generally require payments based on a variable interest rate index, such as SOFR.
+Added: Certain of our borrowing agreements require payments based on a variable interest rate index, such as SOFR.
Therefore, to the extent our borrowing costs are not fixed, increases in interest rates may reduce our net income by increasing the cost of our debt without any corresponding increase in rents or cash flow from our leases.
8 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.