5 unchanged sentences
As of December 31, 2025, our outstanding floating rate debt consisted of the following:
−Removed: Annual Interest
−Removed: Principal Interest Interest Payments
−Removed: ILPT Floating Rate Loan $ 1,235,000 6.71% $ 84,019 10/09/2025 Monthly
−Removed: Mountain Floating Rate Loan 1,400,000 5.81% 82,470 03/09/2025 Monthly
−Removed: Total / weighted average $ 2,635,000 6.32% $ 166,489
−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%.
−Removed: 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%.
+Added: Annual Annual Interest
+Added: Principal Interest Interest Maturity Payments
+Added: Debt Balance Rate (1)
+Added: Mountain Floating Rate Loan
+Added: $ 1,400,000 5.87% $ 83,321 03/09/2026 Monthly
+Added: (1) The annual interest rate is the rate stated in the applicable contract, as adjusted by the related interest rate cap.
+Added: 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%.
We are vulnerable to changes in the U.S.
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 3.04% for the Mountain Floating Rate Loan.
−Removed: 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%.
+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: 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, 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 December 31, 2025, including the impact of our interest rate cap:
Impact of an Increase in Interest Rates
Total Interest Annual
+Added: Weighted Average
Outstanding Expense Earnings Per
6 unchanged sentences
(1) Based on the diluted weighted average common shares outstanding for the year ended December 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 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: (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 December 31, 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: At December 31, 2024, our outstanding fixed rate debt consisted of the following mortgage notes:
+Added: At December 31, 2025, our outstanding fixed rate debt consisted of the following:
Number of Annual
4 unchanged sentences
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
Mountain JV 4 91,000 6.25% 5,688 06/10/2030 Monthly
15 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: Interest rates continue to remain elevated despite recent reductions by the U.S.
+Added: Interest rates continue to remain elevated despite reductions in 2025 by the U.S.
Federal Reserve.
5 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.