5 unchanged sentences
Floating Rate Debt
−Removed: At June 30, 2023, our outstanding floating rate debt consisted of the following:
+Added: At September 30, 2023, our outstanding floating rate debt consisted of the following:
Annual Annual Interest
Principal Interest Interest Payments
−Removed: Debt Balance (1)
ILPT Floating Rate Loan $ 1,235,000 6.18 % $ 77,383 2024 Monthly
1 unchanged sentence
$ 2,635,000 $ 164,963
−Removed: (1) The principal balance, annual interest rate and annual interest expense are the amounts stated in the applicable contract, as adjusted by our interest rate caps as applicable.
−Removed: 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 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.
+Added: (1) The annual interest rate and annual interest expense are the amounts stated in the applicable contract, as adjusted by our interest rate caps as applicable.
+Added: At September 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
−Removed: short term rates, specifically SOFR.
+Added: dollar based on short term rates, specifically SOFR.
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.
1 unchanged sentence
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 June 30, 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 September 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 June 30, 2023
+Added: At September 30, 2023
6.17 % $ 2,635,000 $ 164,963 $ 2.52
One percentage point increase 7.17 % $ 2,635,000 $ 191,679 $ 2.93
−Removed: (1) Based on the diluted weighted average common shares outstanding for the six months ended June 30, 2023.
+Added: (1) Based on the diluted weighted average common shares outstanding for the nine months ended September 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 June 30, 2023, our outstanding fixed rate debt consisted of the following mortgage notes:
+Added: At September 30, 2023, our outstanding fixed rate debt consisted of the following mortgage notes:
Annual Annual Interest
Principal Interest Interest Payments
−Removed: Debt Balance (1)
Mortgage notes (186 Hawaii Properties)
21 unchanged sentences
$ 1,695,370 $ 73,957
−Removed: (1) The principal balance, annual interest rate and annual interest expense are the amounts stated in the applicable contract.
−Removed: 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.
+Added: (1) The annual interest rate and annual interest expense are the amounts stated in the applicable contract.
(2) Our consolidated joint venture, in which we own a 61% equity interest, obtained this mortgage loan, which is secured by four properties.
7 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 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.
+Added: Based on the balances outstanding at September 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 these obligations by approximately $89,267.
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.