4 unchanged sentences
Floating Rate Debt
−Removed: As of March 31, 2025, our outstanding floating rate debt consisted of the following:
+Added: As of June 30, 2025, our outstanding floating rate debt consisted of the following:
Annual Annual Interest
1 unchanged sentence
Debt Balance Rate (1)
−Removed: ILPT Floating Rate Loan $ 1,235,000 6.71% $ 84,019 10/09/2025 Monthly
Mountain Floating Rate Loan
$ 1,400,000 5.87% $ 83,321 03/09/2026 Monthly
−Removed: Total / weighted average $ 2,635,000 6.35% $ 167,340
−Removed: (1) The annual interest rate is the rate stated in the applicable contract, as adjusted by our interest rate caps.
−Removed: 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: (1) The annual interest rate is the rate stated in the applicable contract, as adjusted by the related interest rate cap.
The Mountain Floating Rate Loan has one remaining one-year extension option and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%.
1 unchanged sentence
dollar based on short term interest rates, specifically SOFR.
−Removed: 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 3.10% for the Mountain Floating Rate Loan.
+Added: In conjunction with this borrowing, to hedge our exposure to risks related to changes in SOFR and as required under the loan agreement, our consolidated joint venture purchased an interest rate cap with a current SOFR strike rate equal to 3.10% for the Mountain Floating Rate Loan.
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.
−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, 2025, 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, 2025, including the impact of our interest rate cap:
Impact of an Increase in Interest Rates
4 unchanged sentences
Debt Per Year Share Impact (1)
−Removed: At March 31, 2025
+Added: At June 30, 2025
5.87 % $ 1,400,000 $ 83,321 $ (1.26)
1 unchanged sentence
5.87 % $ 1,400,000 $ 83,321 $ (1.26)
−Removed: (1) Based on the diluted weighted average common shares outstanding for the three months ended March 31, 2025.
−Removed: (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: However, a one percentage point increase in our weighted average interest rate of our floating rate loan debt to 7.35% at March 31, 2025 would result in total floating rate interest expense per year of $196,381 and a decrease in annual earnings per share of $2.98.
+Added: (1) Based on the diluted weighted average common shares outstanding for the three months ended June 30, 2025.
+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 the related interest rate cap.
+Added: However, a one percentage point increase in our weighted average interest rate of the Mountain Floating Rate Loan debt to 6.87% at June 30, 2025 would result in total floating rate interest expense per year of $97,516 and a decrease in annual earnings per share of $1.48.
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, 2025.
−Removed: 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 2024 Annual Report.
+Added: As of June 30, 2025, our outstanding fixed rate debt consisted of the following:
+Added: Number of Annual
+Added: Annual Interest
+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 101 1,160,000 6.40% 74,240 07/09/2030 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 9,321 3.67% 342 05/01/2031 Monthly
+Added: Mountain JV 1 10,976 4.14% 454 07/01/2032 Monthly
+Added: Mountain JV 1 24,952 4.02% 1,003 10/01/2033 Monthly
+Added: Mountain JV 1 34,965 4.13% 1,444 11/01/2033 Monthly
+Added: Mountain JV 1 21,717 3.10% 673 06/01/2035 Monthly
+Added: Mountain JV 1 35,247 2.95% 1,040 01/01/2036 Monthly
+Added: Mountain JV 1 40,274 4.27% 1,720 11/01/2037 Monthly
+Added: Mountain JV 1 45,067 3.25% 1,465 01/01/2038 Monthly
+Added: Total / weighted average $ 2,823,519 5.21% $ 147,024
+Added: (1) The annual interest rate is the rate stated in the applicable contract.
+Added: Our $1,160,000, $650,000, $700,000 and $91,000 mortgage notes require interest only payments until maturity.
+Added: The remaining fixed rate mortgage notes require amortizing payment of principal and interest until maturity.
+Added: Because our mortgage notes require interest to be paid at a fixed rate, changes in market interest rates during the terms of these mortgage notes will not affect our interest obligations.
+Added: If these mortgage notes are refinanced at an interest rate which is one percentage point higher or lower than shown above, our annual interest cost would increase or decrease by approximately $28,317.
+Added: Changes in market interest rates would affect the fair value of our fixed rate debt obligations.
+Added: 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.
+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.
+Added: Based on the balances outstanding at June 30, 2025 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 $121,098.
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.