4 unchanged sentences
Floating Rate Debt
−Removed: As of September 30, 2025, our outstanding floating rate debt consisted of the following:
+Added: As of March 31, 2026, our outstanding floating rate debt consisted of the following:
Annual Annual Interest
4 unchanged sentences
(1) The annual interest rate is the rate stated in the applicable contract, as adjusted by the related interest rate cap.
−Removed: 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%.
+Added: The Mountain Floating Rate Loan requires that interest be paid at an annual rate of SOFR plus a weighted average premium of 2.77%.
We are vulnerable to changes in the U.S.
1 unchanged sentence
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 3.29% for the Mountain Floating Rate Loan.
−Removed: 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 September 30, 2025, including the impact of our interest rate cap:
+Added: In addition, upon refinancing of the Mountain Floating Rate Loan, we are vulnerable to increases in interest rate premiums due to market conditions and our perceived credit risk.
+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 March 31, 2026, including the impact of our interest rate cap:
Impact of an Increase in Interest Rates
Total Interest Annual
−Removed: Weighted Average
−Removed: Outstanding Expense Earnings Per
+Added: Annual Outstanding Expense Earnings Per
Interest Rate
Debt Per Year Share Impact (1)
−Removed: At September 30, 2025
+Added: At March 31, 2026
6.06 % $ 1,400,000 $ 86,018 $ (1.30)
1 unchanged sentence
6.06 % $ 1,400,000 $ 86,018 $ (1.30)
−Removed: (1) Based on the diluted weighted average common shares outstanding for the three months ended September 30, 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 the related interest rate cap.
−Removed: However, a one percentage point increase in our weighted average interest rate of the Mountain Floating Rate Loan debt to 6.87% at September 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.
+Added: (1) Based on the diluted weighted average common shares outstanding for the three months ended March 31, 2026.
+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 rate of the related interest rate cap.
+Added: However, a one percentage point increase in our annual interest rate of the Mountain Floating Rate Loan debt to 7.06% at March 31, 2026 would result in total floating rate interest expense per year of $100,213 and a decrease in annual earnings per share of $1.51.
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: As of September 30, 2025, our outstanding fixed rate debt consisted of the following:
+Added: As of March 31, 2026, our outstanding fixed rate debt consisted of the following:
Number of Annual
6 unchanged sentences
Mountain JV 4 91,000 6.25% 5,688 06/10/2030 Monthly
−Removed: Mountain JV 1 8,967 3.67% 329 05/01/2031 Monthly
−Removed: Mountain JV 1 10,641 4.14% 441 07/01/2032 Monthly
−Removed: Mountain JV 1 24,318 4.02% 978 10/01/2033 Monthly
−Removed: Mountain JV 1 34,091 4.13% 1,408 11/01/2033 Monthly
−Removed: Mountain JV 1 21,252 3.10% 659 06/01/2035 Monthly
−Removed: Mountain JV 1 34,534 2.95% 1,019 01/01/2036 Monthly
−Removed: Mountain JV 1 39,656 4.27% 1,693 11/01/2037 Monthly
−Removed: Mountain JV 1 44,340 3.25% 1,441 01/01/2038 Monthly
+Added: Mountain JV (2)
+Added: 1 8,248 3.67% 303 05/01/2031 Monthly
+Added: Mountain JV (2)
+Added: 1 9,960 4.14% 412 07/01/2032 Monthly
+Added: Mountain JV (2)
+Added: 1 23,032 4.02% 926 10/01/2033 Monthly
+Added: Mountain JV (2)
+Added: 1 32,318 4.13% 1,335 11/01/2033 Monthly
+Added: Mountain JV (2)
+Added: 1 20,311 3.10% 630 06/01/2035 Monthly
+Added: Mountain JV (2)
+Added: 1 33,094 2.95% 976 01/01/2036 Monthly
+Added: Mountain JV (2)
+Added: 1 38,399 4.27% 1,640 11/01/2037 Monthly
+Added: Mountain JV (2)
+Added: 1 42,867 3.25% 1,393 01/01/2038 Monthly
Total / weighted average $ 2,809,229 5.21% $ 146,498
(1) The annual interest rate is the rate stated in the applicable contract.
+Added: (2) In April 2026, our consolidated joint venture priced a $1,620,000 five year, fixed rate, interest only mortgage loan at 5.71%.
+Added: This mortgage loan is expected to close on or about May 8, 2026 and expects to use the net proceeds to repay these loans in full.
Our $650,000, $1,160,000, $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: 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.
There are uncertainties surrounding interest rates and they may remain at current levels, decrease or increase.
−Removed: Based on the balances outstanding at September 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 $119,562.
+Added: Based on the balances outstanding at March 31, 2026 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 $108,298.
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.