6 unchanged sentences
For details regarding our rate cap agreements and our interest rate swap agreements see Note 6 – Mortgage Notes Payable and Credit Facility of the accompanying condensed consolidated financial statements.
−Removed: To illustrate the potential impact of changes in interest rates on our net income for the six months ended June 30, 2022, we have performed the following analysis, which assumes that our condensed consolidated balance sheets remain constant and that no further actions beyond a minimum interest rate or escalation rate are taken to alter our existing interest rate sensitivity.
−Removed: The following table summarizes the annual impact of a 1%, 2% and 3% increase, and a 1% decrease in the one month LIBOR as of June 30, 2022.
−Removed: As of June 30, 2022, our effective average LIBOR was 1.79%.
−Removed: Given that a 2% or 3% decrease in LIBOR would result in a negative rate, the impact of this fluctuation is not presented below (dollars in thousands).
+Added: To illustrate the potential impact of changes in interest rates on our net income for the nine months ended September 30, 2022, we have performed the following analysis, which assumes that our condensed consolidated balance sheets remain constant and that no further actions beyond a minimum interest rate or escalation rate are taken to alter our existing interest rate sensitivity.
+Added: The following table summarizes the annual impact of a 1%, 2% and 3% increase, and a 1% and 2% decrease in SOFR as of September 30, 2022.
+Added: As of September 30, 2022, our effective average SOFR was 2.98%.
+Added: Given that a 3% decrease in SOFR would result in a negative rate, the impact of this fluctuation is not presented below (dollars in thousands).
Interest Rate Change (Decrease) increase to Interest
Expense Net increase (decrease) to
−Removed: 1% Decrease to LIBOR $ (3,067) $ 3,067
−Removed: 1% Increase to LIBOR 1,928 (1,928)
−Removed: 2% Increase to LIBOR 2,627 (2,627)
−Removed: 3% Increase to LIBOR 3,327 (3,327)
−Removed: As of June 30, 2022, the fair value of our mortgage debt outstanding was $441.5 million.
+Added: 2% Decrease to SOFR $ (4,720) $ 4,720
+Added: 1% Decrease to SOFR $ (2,638) $ 2,638
+Added: 1% Increase to SOFR (1,561) 1,561
+Added: 2% Increase to SOFR (1,482) 1,482
+Added: 3% Increase to SOFR (1,404) 1,404
+Added: As of September 30, 2022, the fair value of our mortgage debt outstanding was $346.8 million.
Interest rate fluctuations may affect the fair value of our debt instruments.
−Removed: If interest rates on our debt instruments, using rates at June 30, 2022, had been one percentage point higher or lower, the fair value of those debt instruments on that date would have decreased or increased by $12.3 million and $13.1 million, r especti vely.
−Removed: The amount outstanding under the Credit Facility approximates fair value as of June 30, 2022.
−Removed: In the future, we may be exposed to additional effects of interest rate changes, primarily as a result of our Revolver, Term Loan A, and Term Loan B, or long-term mortgage debt, which we use to maintain liquidity and fund expansion of our real estate investment portfolio and operations.
+Added: If interest rates on our debt instruments, using rates at September 30, 2022, had been one percentage point higher or lower, the fair value of those debt instruments on that date would have decreased or increa sed by $11.5 million and $12.3 million, respecti vely.
+Added: The amount outstanding under the Credit Facility approximates fair value as of September 30, 2022.
+Added: In the future, we may be exposed to additional effects of interest rate changes, primarily as a result of our Revolver, Term Loan A, Term Loan B, and Term Loan C, or long-term mortgage debt, which we use to maintain liquidity and fund expansion of our real estate investment portfolio and operations.
Our interest rate risk management objectives are to limit the impact of interest rate changes on earnings and cash flows and to lower overall borrowing costs.
6 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.