5 unchanged sentences
Floating Rate Debt
−Removed: At March 31, 2023, our outstanding floating rate debt consisted of the following:
+Added: At June 30, 2023, our outstanding floating rate debt consisted of the following:
Annual Annual Interest
6 unchanged sentences
In accordance with GAAP, our carrying values and recorded interest expense may differ from these amounts because of market conditions at the time we assumed or issued this debt.
−Removed: At March 31, 2023, our aggregate floating rate debt was $2,635,000, consisting of the $1,235,000 outstanding principal amount of the ILPT Floating Rate Loan, and the $1,400,000 outstanding principal amount of the Floating Rate Loan secured by 82 properties owned by our consolidated joint venture.
+Added: At June 30, 2023, our aggregate floating rate debt was $2,635,000, consisting of the $1,235,000 outstanding principal amount of the ILPT Floating Rate Loan, and the $1,400,000 outstanding principal amount of the Floating Rate Loan secured by 82 properties owned by our consolidated joint venture.
The ILPT Floating Rate Loan matures on October 9, 2024, subject to three, one year extension options, and requires that interest be paid at an annual rate of SOFR plus a weighted average premium of 3.93%.
1 unchanged sentence
We are vulnerable to changes in the U.S.
−Removed: dollar based on short term rates, specifically SOFR.
−Removed: In conjunction with these borrowings, to hedge our exposure to risks related to changes in
−Removed: SOFR rates, we purchased interest rate caps with a SOFR strike rate equal to 2.25% for the ILPT Floating Rate Loan and 3.40% for the Floating Rate Loan.
+Added: dollar based on
+Added: short term rates, specifically SOFR.
+Added: In conjunction with these borrowings, to hedge our exposure to risks related to changes in SOFR rates, we purchased interest rate caps with a SOFR strike rate equal to 2.25% for the ILPT Floating Rate Loan and 3.40% for the Floating Rate Loan.
In addition, upon renewal or refinancing of these obligations, we are vulnerable to increases in interest rate premiums due to market conditions and our perceived credit risk.
Generally, a change in interest rates would not affect the value of our floating rate debt but would affect our operating results.
−Removed: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at March 31, 2023, excluding the impact of our interest rate caps:
+Added: The following table presents the approximate impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at June 30, 2023, excluding the impact of our interest rate caps:
Impact of an Increase in Interest Rates
2 unchanged sentences
Per Year Debt Per Year Share Impact (1)
−Removed: At March 31, 2023
+Added: At June 30, 2023
6.17 % $ 2,635,000 $ 162,703 $ 2.49
One percentage point increase 7.17 % $ 2,635,000 $ 188,930 $ 2.89
−Removed: (1) Based on the diluted weighted average common shares outstanding for the three months ended March 31, 2023.
+Added: (1) Based on the diluted weighted average common shares outstanding for the six months ended June 30, 2023.
The foregoing table shows the impact of an immediate one percentage point change in floating interest rates.
2 unchanged sentences
Fixed Rate Debt
−Removed: At March 31, 2023, our outstanding fixed rate debt consisted of the following mortgage notes:
+Added: At June 30, 2023, our outstanding fixed rate debt consisted of the following mortgage notes:
Annual Annual Interest
23 unchanged sentences
50,684 3.25 % 1,647 2038 Monthly
−Removed: Mortgage note (2)
−Removed: 41,425 2.95 % 1,222 2036 Monthly
−Removed: Mortgage note (2)
−Removed: 45,553 4.27 % 1,945 2037 Monthly
−Removed: Mortgage note (2)
−Removed: 51,360 3.25 % 1,669 2038 Monthly
$ 1,699,755 $ 74,118
1 unchanged sentence
In accordance with GAAP, our carrying values and recorded interest expense may differ from these amounts because of market conditions at the time we assumed or issued this debt.
−Removed: (2) Our consolidated joint venture, in which we have a 61% equity interest, assumed these former MNR mortgage loans, which are secured by 11 properties in aggregate.
+Added: (2) Our consolidated joint venture, in which we own a 61% equity interest, obtained this mortgage loan, which is secured by four properties.
+Added: (3) Our consolidated joint venture, in which we own a 61% equity interest, assumed these former MNR mortgage loans, which are secured by eight properties in aggregate.
Our $650,000, $700,000 and $91,000 mortgage notes require interest only payments until maturity.
5 unchanged sentences
Federal Reserve has raised interest rates multiple times since the beginning of 2022 in an effort to combat inflation and may continue to do so.
−Removed: Based on the balances outstanding at March 31, 2023 and discounted cash flow analyses through the maturity date, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligation, a hypothetical immediate one percentage point change in the interest rates would change the fair value of this obligation by approximately $26,716.
+Added: Based on the balances outstanding at June 30, 2023 and discounted cash flow analyses through the maturity date, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligation, a hypothetical immediate one percentage point change in the interest rates would change the fair value of this obligation by approximately $91,876.
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.