4 unchanged sentences
Floating Rate Debt
−Removed: At December 31, 2023, our outstanding floating rate debt consisted of the following:
+Added: As of December 31, 2024, our outstanding floating rate debt consisted of the following:
Annual Interest
1 unchanged sentence
ILPT Floating Rate Loan $ 1,235,000 6.71% $ 84,019 10/09/2025 Monthly
−Removed: Floating Rate Loan 1,400,000 6.17 % 87,580 2024 Monthly
−Removed: $ 2,635,000 $ 164,963
+Added: Mountain Floating Rate Loan 1,400,000 5.81% 82,470 03/09/2025 Monthly
+Added: Total / weighted average $ 2,635,000 6.32% $ 166,489
(1) The annual interest rate is the rate stated in the applicable contract, as adjusted by our interest rate caps.
−Removed: At December 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.
−Removed: 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%.
−Removed: The Floating Rate Loan matures on March 9, 2024, subject to three, one year extension options, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%.
+Added: The ILPT Floating Rate Loan has two remaining one year extension options and requires that interest be paid at an annual rate of SOFR plus a weighted average premium of 3.93%.
+Added: The Mountain Floating Rate Loan has two remaining one year extension options and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%.
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 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 short term interest rates, specifically SOFR.
+Added: In conjunction with these borrowings, to hedge our exposure to risks related to changes in SOFR and as required under the applicable loan agreements, we purchased an interest rate cap with a current SOFR strike rate equal to 2.78% for the ILPT Floating Rate Loan and our consolidated joint venture purchased an interest rate cap with a current SOFR strike rate equal to 3.04% for the Mountain Floating Rate Loan.
+Added: In February 2025, our consolidated joint venture provided notice to exercise the second extension option for the maturity of the Mountain Floating Rate Loan and in connection therewith purchased a one year interest rate cap for $15,010 with a SOFR strike rate equal to 3.10%.
In addition, upon renewal or refinancing of these obligations, we are vulnerable to increases in interest rate premiums, including increases in the cost of replacement interest rate caps, 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 December 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 December 31, 2024, including the impact of our interest rate caps:
Impact of an Increase in Interest Rates
Total Interest Annual
−Removed: Interest Rate Outstanding Expense Earnings Per
−Removed: Per Year Debt Per Year Share Impact (1)
+Added: Outstanding Expense Earnings Per
+Added: Interest Rate
+Added: Debt Per Year Share Impact (1)
At December 31, 2024
1 unchanged sentence
One percentage point increase (2)
+Added: 6.32 % $ 2,635,000 $ 166,489 $ (2.53)
(1) Based on the diluted weighted average common shares outstanding for the year ended December 31, 2024.
−Removed: The foregoing table shows the impact of an immediate one percentage point change in floating interest rates, excluding the impact of our interest rate caps.
−Removed: If interest rates were to change gradually over time, the impact would be spread over time.
−Removed: Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amounts of any floating rate debt we may incur.
−Removed: Tabl e of Contents
+Added: (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.
+Added: However, a one percentage point increase in our weighted average interest rate percentage of our floating rate loan debt at December 31, 2024 would result in a weighted average interest rate of 7.32%, total floating rate interest expense per year of $195,517 and a decrease in annual earnings per share of $2.98.
+Added: 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.
+Added: Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amounts of any floating rate debt we may incur and the impact, if any, of interest rate caps we may purchase.
+Added: Generally, if interest rates were to change gradually over time, the impact would be spread over time.
Fixed Rate Debt
At December 31, 2024, our outstanding fixed rate debt consisted of the following mortgage notes:
+Added: Number of Annual
Annual Interest
−Removed: Principal Interest Interest Payments
−Removed: Mortgage notes (186 Hawaii Properties)
−Removed: $ 650,000 4.31 % $ 28,015 2029 Monthly
−Removed: Mortgage notes (17 Mainland Properties)
−Removed: 700,000 4.42 % 30,940 2032 Monthly
−Removed: Mortgage note (2)
−Removed: 91,000 6.25 % 5,688 2030 Monthly
−Removed: Mortgage note (3)
−Removed: 11,380 3.67 % 418 2031 Monthly
−Removed: Mortgage note (3)
−Removed: 12,916 4.14 % 535 2032 Monthly
−Removed: Mortgage note (3)
−Removed: 28,622 4.02 % 1,151 2033 Monthly
−Removed: Mortgage note (3)
−Removed: 40,019 4.13 % 1,653 2033 Monthly
−Removed: Mortgage note (3)
−Removed: 24,433 3.10 % 757 2035 Monthly
−Removed: Mortgage note (3)
−Removed: 39,411 2.95 % 1,163 2036 Monthly
−Removed: Mortgage note (3)
−Removed: 43,850 4.27 % 1,872 2037 Monthly
−Removed: Mortgage note (3)
−Removed: 49,313 3.25 % 1,603 2038 Monthly
−Removed: $ 1,690,944 $ 73,795
+Added: Properties Principal Interest Interest Payments
+Added: Entity Secured By Balance
+Added: ILPT 186 $ 650,000 4.31% $ 28,015 02/07/2029 Monthly
+Added: ILPT 17 700,000 4.42% 30,940 03/09/2032 Monthly
+Added: Mountain JV 4 91,000 6.25% 5,688 06/10/2030 Monthly
+Added: Mountain JV 1 10,020 3.67% 368 05/01/2031 Monthly
+Added: Mountain JV 1 11,636 4.14% 482 07/01/2032 Monthly
+Added: Mountain JV 1 26,200 4.02% 1,053 10/01/2033 Monthly
+Added: Mountain JV 1 36,684 4.13% 1,515 11/01/2033 Monthly
+Added: Mountain JV 1 22,637 3.10% 702 06/01/2035 Monthly
+Added: Mountain JV 1 36,655 2.95% 1,081 01/01/2036 Monthly
+Added: Mountain JV 1 41,491 4.27% 1,772 11/01/2037 Monthly
+Added: Mountain JV 1 46,506 3.25% 1,511 01/01/2038 Monthly
+Added: Total / weighted average $ 1,672,829 4.37% $ 73,127
(1) The annual interest rate is the rate stated in the applicable contract.
−Removed: (2) Our consolidated joint venture, in which we own a 61% equity interest, obtained this mortgage loan, which is secured by four properties.
−Removed: (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.
4 unchanged sentences
Increases in market interest rates decrease the fair value of our fixed rate debt, while decreases in market interest rates increase the fair value of our fixed rate debt.
−Removed: In response to significant and prolonged increases in inflation, the U.S.
−Removed: Federal Reserve has raised interest rates multiple times since the beginning of 2022.
−Removed: Although the U.S.
−Removed: Federal Reserve has indicated that it may lower interest rates in 2024, we cannot be sure that it will do so, and interest rates may remain at the current high levels or continue to increase.
+Added: Interest rates continue to remain elevated despite recent reductions by the U.S.
+Added: Federal Reserve.
+Added: There are uncertainties surrounding interest rates and they may remain at current levels, decrease or increase.
Based on the balances outstanding at December 31, 2024 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 $78,250.
3 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.