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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 three months ended March 31, 2023, 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%, 2% and 3% decrease in SOFR as of March 31, 2023.
−Removed: As of March 31, 2023, our effective average SOFR was 4.87%.
+Added: To illustrate the potential impact of changes in interest rates on our net income for the six months ended June 30, 2023, 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%, 2% and 3% decrease in SOFR as of June 30, 2023.
+Added: As of June 30, 2023, our effective average SOFR was 5.09%.
The impact of these fluctuations is presented below (dollars in thousands).
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3% Increase to SOFR 1,173 (1,173)
−Removed: As of March 31, 2023, the fair value of our mortgage debt outstanding was $329.6 million.
+Added: As of June 30, 2023, the fair value of our mortgage debt outstanding was $323.2 million.
Interest rate fluctuations may affect the fair value of our debt instruments.
−Removed: If interest rates on our debt instruments, using rates at March 31, 2023, had been one percentage point higher or lower, the fair value of those debt instruments on that date would have decreased or increased by $10.4 million and $11.1 million, respectively.
−Removed: The amount outstanding under the Credit Facility approximates fair value as of March 31, 2023.
+Added: If interest rates on our debt instruments, using rates at June 30, 2023, had been one percentage point higher or lower, the fair value of those debt instruments on that date would have decreased or increased by $9.7 million and $10.4 million, respectively.
+Added: The amount outstanding under the Credit Facility approximates fair value as of June 30, 2023.
In the future, we may be exposed to additional effects of interest rate changes, primarily as a result of our Revolver, Term Loan, or long-term mortgage debt, which we use to maintain liquidity and fund expansion of our real estate investment portfolio and operations.
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To achieve these objectives, we will borrow primarily at fixed rates or variable rates with the lowest margins available and, in some cases, with the ability to convert variable rates to fixed rates.
−Removed: Additionally, we believe that there may be minimal impact on our variable rate debt, which is based upon one month LIBOR, as a result of the expected transition from LIBOR to SOFR.
+Added: Additionally, we believe that there may be minimal impact on our variable rate debt, which is based upon one month SOFR, as a result of the expected transition from LIBOR to SOFR.
We are currently monitoring the transition and the potential risks to us.
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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.