19 unchanged sentences
(1) Includes variable rate mortgage loans with interest rate cap agreements.
−Removed: For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.33%, and the weighted average maturity date of the interest rate caps is March 2025.
+Added: For mortgage loans with interest rate caps, the weighted average interest rate cap strike was 3.36%, and the weighted average maturity date of the interest rate caps is the first quarter of 2026.
The interest rate cap strike is exclusive of the credit spreads associated with the mortgage loans.
−Removed: As of December 31, 2023, one-month term SOFR was 5.35%.
−Removed: The impact of these interest rate caps is reflected in our calculation of the annual effect of a 1% change in base rates.
+Added: As of December 31, 2024, one-month term SOFR was 4.33% and the 30-day average SOFR was 4.53%.
+Added: The impact of these interest rate caps is reflected in our calculation of the annual effect of a 1% change in base rates, as applicable.
(2) Includes variable rate mortgage loans with interest rates fixed by interest rate swap agreements.
(3) As of December 31, 2024, daily SOFR was 4.49%.
−Removed: The interest rate for the revolving credit facility excludes a 0.15% facility fee.
−Removed: In February 2024, we repaid all amounts outstanding under our revolving credit facility.
−Removed: (4) As of December 31, 2023 and 2022, the outstanding balance was fixed by interest rate swap agreements.
−Removed: As of December 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 2.29% for the Tranche A-2 Term Loan.
+Added: The interest rate for the revolving credit facility excludes a 0.20% and 0.15% facility fee as of December 31, 2024 and 2023.
+Added: (4) As of December 31, 2024, the outstanding balance was fixed by interest rate swap agreements.
+Added: As of December 31, 2024, the interest rate swaps fix SOFR at a weighted average interest rate of 4.00% for the Tranche A-1 Term Loan, 2.81% for the Tranche A-2 Term Loan and 4.01% for the 2023 Term Loan.
See Note 10 to the consolidated financial statements for additional information.
−Removed: (5) As of December 31, 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.
12 unchanged sentences
As of December 31, 2024 and 2023, we had interest rate swap and cap agreements with an aggregate notional value of $2.0 billion and $2.2 billion, which were designated as effective hedges.
−Removed: The fair value of our interest rate swaps and caps designated as effective hedges consisted of assets totaling $35.6 million and $53.5 million as of December 31, 2023 and 2022 included in "Other assets, net" in our consolidated balance sheets, and liabilities totaling $7.9 million as of December 31, 2023 included in "Other liabilities, net" in our consolidated balance sheet.
+Added: The fair value of our interest rate swaps and caps designated as effective hedges consisted of assets totaling $23.4 million and $35.6 million as of December 31, 2024 and 2023 included in "Other assets, net" in our consolidated balance sheets, and liabilities totaling $90,000 and $7.9 million as of December 31, 2024 and 2023 included in "Other liabilities, net" in our consolidated balance sheets.
Non-Designated Derivatives
Certain derivative financial instruments, consisting of interest rate cap agreements, do not meet the accounting requirements to be classified as hedging instruments.
−Removed: These derivatives are carried at their estimated fair value on a recurring basis with realized and unrealized gains recorded in "Interest expense" in our consolidated statements of operations.
+Added: These derivatives are carried at their estimated fair value on a recurring basis with realized and unrealized gains (losses) recorded in "Interest expense" in our consolidated statements of operations.
As of December 31, 2024 and 2023, we had various interest rate cap agreements with an aggregate notional value of $167.5 million and $642.7 million, which were non-designated derivatives.
−Removed: The fair value of our interest rate cap agreements which were non-designated derivatives consisted of assets totaling $6.7 million and $8.1 million as of December 31, 2023 and 2022, included in "Other assets, net" in our consolidated balance sheets, and liabilities totaling $6.5 million as of December 31, 2023, included in "Other liabilities, net" in our consolidated balance sheet.
+Added: The fair value of our interest rate cap agreements which were non-designated derivatives consisted of assets totaling $2.3 million and $6.7 million as of December 31, 2024 and 2023, included in "Other assets, net" in our consolidated balance sheets, and liabilities totaling $2.3 million and $6.5 million as of December 31, 2024 and 2023, included in "Other liabilities, net" in our consolidated 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.