3 unchanged sentences
The following is a summary of our annual exposure to a change in interest rates:
−Removed: March 31, 2023
+Added: June 30, 2023
December 31, 2022
4 unchanged sentences
Fixed rate (2)
−Removed: Credit facility:
+Added: Revolving credit facility and term loans:
Revolving credit facility (3)
1 unchanged sentence
Tranche A-2 Term Loan (4)
+Added: 2023 Term Loan (5)
Pro rata share of debt of unconsolidated real estate ventures (contractual balances):
2 unchanged sentences
(1) Includes variable rate mortgage loans with interest rate cap agreements.
−Removed: For consolidated mortgage loans with interest rate caps, the weighted average interest rate cap strike is 2.35%, and the weighted average maturity date of the interest rate caps is August 1, 2023.
+Added: For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 2.42%, and the weighted average maturity date of the interest rate caps is August 2023.
The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans.
−Removed: As of March 31, 2023, one-month LIBOR was 4.86% and one-month term SOFR was 4.80%.
+Added: As of June 30, 2023, one-month LIBOR was 5.22% and one-month term SOFR was 5.14%.
The impact of these interest rate caps is reflected in our calculation of the annual effect of a 1% change in base rates.
(2) Includes variable rate mortgages with interest rates fixed by interest rate swap agreements.
−Removed: (3) As of March 31, 2023, one-month term SOFR was 4.80%.
+Added: (3) As of June 30, 2023, daily SOFR was 5.09%.
The interest rate for our revolving credit facility excludes a 0.15% facility fee.
−Removed: (4) As of March 31, 2023 and December 31, 2022, the outstanding balance was fixed by interest rate swap agreements.
−Removed: As of March 31, 2023, the interest rate swaps fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and 2.14% for the Tranche A-2 Term Loan.
−Removed: The interest rate for our Tranche A-2 Term Loan excludes a 0.15% per annum commitment fee on the undrawn $50.0 million of commitments.
+Added: (4) As of June 30, 2023 and December 31, 2022, the outstanding balance was fixed by interest rate swap agreements.
+Added: As of June 30, 2023, the interest rate swaps fix SOFR at a weighted average interest rate of 1.46% for the Tranche A-1 Term Loan and 2.29% for the Tranche A-2 Term Loan.
See Note 7 to the financial statements for additional information.
+Added: (5) As of June 30, 2023, the outstanding balance was fixed by an interest rate swap agreement, which fixes SOFR at an interest rate of 4.01% through the maturity date.
The fair value of our mortgage loans is estimated by discounting the future contractual cash flows of these instruments using current risk-adjusted rates available to borrowers with similar credit profiles based on market sources.
−Removed: The fair value of our unsecured term loans is calculated based on the net present value of payments over the term of the facilities using estimated market rates for similar notes and remaining terms.
−Removed: As of March 31, 2023 and December 31, 2022, the estimated fair value of our consolidated debt was $2.3 billion and $2.4 billion.
+Added: The fair value of our revolving credit facility and term loans is calculated based on the net present value of payments over the term of the facilities using estimated market rates for similar notes and remaining terms.
+Added: As of June 30, 2023 and December 31, 2022, the estimated fair value of our consolidated debt was $2.4 billion.
These estimates of fair value, which are made at the end of the reporting period, may be different from the amounts that may ultimately be realized upon the disposition of our financial instruments.
10 unchanged sentences
While management believes its judgments are reasonable, a change in a derivative's effectiveness as a hedge could materially affect expenses, net income (loss) and equity.
−Removed: As of March 31, 2023 and December 31, 2022, we had interest rate swap and cap agreements with an aggregate notional value of $1.2 billion and $1.4 billion, which were designated as effective hedges.
−Removed: The fair value of our interest rate swaps and caps designated as effective hedges primarily consisted of assets totaling $36.4 million and $53.5 million as of March 31, 2023 and December 31, 2022, included in "Other assets, net"
+Added: As of June 30, 2023 and December 31, 2022, we had interest rate swap and cap agreements with an aggregate notional value of $1.4 billion, which were designated as effective hedges.
+Added: The fair value of our interest rate swaps and caps designated as effective hedges primarily consisted of assets totaling $51.3 million and $53.5 million as of June 30, 2023 and December 31, 2022, included in "Other assets, net"
in our balance sheets.
3 unchanged sentences
in our statements of operations.
−Removed: As of March 31, 2023 and December 31, 2022, we had various interest rate cap agreements with an aggregate notional value of $711.8 million, which were designated as ineffective hedges.
−Removed: The fair value of our interest rate cap agreements designated as ineffective hedges consisted of assets totaling $5.3 million and $8.1 million as of March 31, 2023 and December 31, 2022, included in "Other assets, net"
+Added: As of June 30, 2023 and December 31, 2022, we had various interest rate cap agreements with an aggregate notional value of $711.8 million, which were designated as ineffective hedges.
+Added: The fair value of our interest rate cap agreements designated as ineffective hedges consisted of assets totaling $2.3 million and $8.1 million as of June 30, 2023 and December 31, 2022, included in "Other assets, net"
in our balance sheets.
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.