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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 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.
−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 June 30, 2023.
−Removed: As of June 30, 2023, our effective average SOFR was 5.09%.
+Added: To illustrate the potential impact of changes in interest rates on our net income for the nine months ended September 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 September 30, 2023.
+Added: As of September 30, 2023, our effective average SOFR was 5.31%.
The impact of these fluctuations is presented below (dollars in thousands).
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3% Increase to SOFR 2,164 (2,164)
−Removed: As of June 30, 2023, the fair value of our mortgage debt outstanding was $323.2 million.
+Added: As of September 30, 2023, the fair value of our mortgage debt outstanding was $273.2 million.
Interest rate fluctuations may affect the fair value of our debt instruments.
−Removed: If interest rates on our debt instruments, using rates at 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.
−Removed: The amount outstanding under the Credit Facility approximates fair value as of June 30, 2023.
+Added: If interest rates on our debt instruments, using rates at September 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 $8.7 million and $9.1 million, respectively.
+Added: The amount outstanding under the Credit Facility approximates fair value as of September 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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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.