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To that end, we have entered into derivative contracts to cap interest rates for our variable rate notes payable, and we have entered into interest rate swaps whereby we pay a fixed interest rate to our respective counterparty, and receive SOFR in return.
−Removed: For details regarding our rate cap agreements and our interest rate swap agreements see Note 6, “Mortgage Notes Payable, Credit Facility, Unsecured Term Loan, and Senior Unsecured Notes” of the accompanying condensed consolidated financial statements.
−Removed: To illustrate the potential impact of changes in interest rates on our net income for the nine months ended September 30, 2025, 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 September 30, 2025.
−Removed: As of September 30, 2025, our effective average SOFR was 4.24%.
+Added: For details regarding our rate cap agreements and our interest rate swap agreements see Note 5, “Mortgage Notes Payable, Credit Facility, and Senior Unsecured Notes” of the accompanying condensed consolidated financial statements.
+Added: To illustrate the potential impact of changes in interest rates on our net income for the three months ended March 31, 2026, 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 March 31, 2026.
+Added: As of March 31, 2026, our effective average SOFR was 3.68%.
The impact of these fluctuations is presented below (dollars in thousands).
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3% Increase to SOFR 1,042 (1,042)
−Removed: As of September 30, 2025, the fair value of our mortgage debt outstanding was $244.8 million.
+Added: As of March 31, 2026, the fair value of our mortgage debt outstanding was $236.6 million.
Interest rate fluctuations may affect the fair value of our debt instruments.
−Removed: If interest rates on our debt instruments, using rates at September 30, 2025, had been one percentage point higher or lower, the fair value of those debt instruments on that date would have decreased or increased by $5.9 million and $6.1 million, respectively.
−Removed: As of September 30, 2025, the fair value of 2029 Notes outstanding was $74.3 million.
+Added: If interest rates on our debt instruments, using rates at March 31, 2026, had been one percentage point higher or lower, the fair value of those debt instruments on that date would have decreased or increased by $4.9 million and $5.1 million, respectively.
+Added: As of March 31, 2026, the fair value of the 2029 Notes outstanding was $77.1 million.
Interest rate fluctuations may affect the fair value of our debt instruments.
−Removed: If interest rates on our debt instruments, using rates at September 30, 2025, had been one percentage point higher or lower, the fair value of those debt instruments on that date would have decreased or increased by $3.2 million and $3.4 million, respectively.
−Removed: The amount outstanding under the Credit Facility and Term Loan D approximates fair value as of September 30, 2025.
+Added: If interest rates on our debt instruments, using rates at March 31, 2026, had been one percentage point higher or lower, the fair value of those debt instruments on that date would have decreased or increased by $2.5 million and $2.6 million, respectively.
+Added: As of March 31, 2026, the fair value of the 2030 Notes outstanding was $84.6 million.
+Added: Interest rate fluctuations may affect the fair value of our debt instruments.
+Added: If interest rates on our debt instruments, using rates at March 31, 2026, had been one percentage point higher or lower, the fair value of those debt instruments on that date would have decreased or increased by $3.4 million and $3.6 million, respectively.
+Added: The amount outstanding under the Credit Facility approximates fair value as of March 31, 2026.
In the future, we may be exposed to additional effects of interest rate changes, primarily as a result of our Revolver, Term Loans (i.e., Term Loan A, Term Loan B, and Term Loan C), private placement bond issuances, 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.