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Interest Rate Risk
−Removed: A primary market risk to which we believe we are exposed is interest rate risk, which may result from many factors, including government monetary and tax policies, unfavorable global and United States economic conditions (including inflation, rising interest rates, and bank failures), geopolitical tensions, and other factors that are beyond our control.
+Added: A primary market risk to which we believe we are exposed is interest rate risk, which may result from many factors, including government monetary and tax policies, fluctuating global and United States economic conditions (including inflation, elevated interest rates, and bank failures), geopolitical tensions, and other factors that are beyond our control.
We may incur additional variable rate debt in the future, including additional amounts that we may borrow under the Credit Facility.
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Significant increases in interest rates may also have an adverse impact on our earnings if we are unable to increase rents on expired leases or acquire single-family homes with rental rates high enough to offset the increase in interest rates on our borrowings.
−Removed: As of December 31, 2023, our $3,868.0 million of outstanding variable-rate debt was comprised of borrowings on our mortgage loans of $643.0 million and Term Loan Facilities of $3,225.0 million.
+Added: As of December 31, 2024, our $3,045.0 million of outstanding variable-rate debt was comprised of Revolving Facility of $570.0 million, and Term Loan Facilities of $2,475.0 million.
As of December 31, 2024, we had effectively converted 76.4% of these borrowings to a fixed rate through interest rate swap agreements.
−Removed: Our variable-rate borrowings bear interest at Adjusted SOFR plus the applicable spread.
−Removed: Assuming no change in the outstanding balance of our existing debt, the projected effect of a 100 bps increase or decrease in Adjusted SOFR, collectively, on our annual interest expense would be an estimated increase or decrease of $0.5 million.
+Added: Our variable-rate borrowings bear interest at SOFR, as adjusted if appropriate, plus the applicable spread.
+Added: Assuming no change in the outstanding balance of our existing debt, the projected effect of a 100 bps increase or decrease in SOFR, collectively, on our annual interest expense would be an estimated increase or decrease of $7.2 million.
This estimate considers the impact of our interest rate swap agreements, interest rate cap agreement, and any Term SOFR floors or minimum interest rates stated in the agreements of the respective borrowings.
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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.