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We may utilize several strategies to mitigate the exposure of currency exchange risk for our portfolio, including (i) utilizing local currency denominated debt (including foreign currency draws on our credit facility), (ii) entering into forward or option foreign currency purchase contracts, or (iii) investing through partnership and joint venture structures.
−Removed: For 2023 and 2022, revenues from our consolidated foreign operations were $92 million and $71 million, respectively, or approximately 2% and 1%, respectively, of our total revenues.
+Added: For 2024 and 2023, revenues from our consolidated foreign operations were $101 million and $92 million, respectively, or approximately 2%, of our total revenues.
In the third quarter of 2024, three foreign currency forward purchase contracts matured, with a total notional amount of CAD 99 million ($74 million), and we received $1.4 million in the aggregate upon settlement of these contracts.
−Removed: In replacement of the maturing contracts, we entered into three new foreign currency forward purchase contracts with the same total notional amount of CAD 99 million ($74 million), which will mature in August 2024.
+Added: In replacement of the maturing contracts, we entered into two new foreign currency forward purchase contracts with the same total notional amount of CAD 99 million ($73 million), which will mature in August 2025.
The foreign currency exchange agreements into which we have entered strictly are to hedge foreign currency risk and are not for trading purposes.
As of December 31, 2024, the fair value of these contracts was $3.3 million.
−Removed: These contracts are marked-to-market with changes in fair value recorded to other comprehensive income (loss) for contracts designated as a hedge of a net investment in a foreign operation, and through net income for contracts acting as a natural hedge of intercompany loans.
+Added: These contracts are marked-to-market with changes in fair value recorded to other comprehensive income (loss) for contracts designated as a hedge of a net investment in a foreign operation, and through net income for contracts acting as a natural hedge of intercompany
The foreign currency forward sale contracts are valued based on the forward yield curve of the foreign currency to U.S.
4 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.