4 unchanged sentences
Floating Rate Debt
−Removed: As of March 31, 2024, our outstanding floating rate debt consisted of the following:
−Removed: Annual Annual Interest
−Removed: Principal Interest Interest Current
+Added: As of June 30, 2024, our outstanding floating rate debt consisted of the following:
+Added: Annual Annual Current Interest
+Added: Principal Interest Interest Maturity Payments
Debt Balance Rate (1)
3 unchanged sentences
Total / weighted average $ 2,635,000 5.98% $ 159,853
−Removed: $ 2,635,000 5.98% $ 159,853
(1) The annual interest rate is the rate stated in the applicable contract, as adjusted by our interest rate caps.
6 unchanged sentences
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, 2024, including 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, 2024, including the impact of our interest rate caps:
Impact of an Increase in Interest Rates
4 unchanged sentences
Debt Per Year Share Impact (1)
−Removed: At March 31, 2024
+Added: At June 30, 2024
5.98 % $ 2,635,000 $ 159,853 $ (2.44)
1 unchanged sentence
5.98 % $ 2,635,000 $ 159,853 $ (2.44)
−Removed: (1) Based on the diluted weighted average common shares outstanding for the three months ended March 31, 2024.
+Added: (1) Based on the diluted weighted average common shares outstanding for the three months ended June 30, 2024.
(2) A one percentage point increase in interest rates would not have an impact on annual total interest expense for our floating rate debt because current interest rates exceed the strike rates of our interest rate caps.
−Removed: Excluding the impact of our interest rate caps, a one percentage point increase in interest rates would result in a weighted average interest rate of 6.98%, a total interest expense per year of $186,568 and an annual earnings per share impact of $(2.85) for our floating rate debt.
+Added: However, a one percentage point increase in our weighted average interest rate percentage of our floating rate loan debt at June 30, 2024 would result in a weighted average interest rate of 6.98%, a total interest expense per year of $186,568 and an annual earnings per share impact of $(2.85) for our floating rate debt.
The foregoing table shows the impact of an immediate one percentage point change in floating interest rates, including the impact of our interest rate caps.
2 unchanged sentences
Fixed Rate Debt
−Removed: There have been no material changes to market interest rate risks associated with our fixed rate debt during the three months ended March 31, 2024.
+Added: There have been no material changes to market interest rate risks associated with our fixed rate debt during the three and six months ended June 30, 2024.
For a discussion of market interest rate risks associated with our fixed rate debt, see “Quantitative and Qualitative Disclosures About Market Risk” included in Part II, Item 7A of our 2023 Annual Report.
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.