Item 3. Quantitative and Qualitative Disclosures About Market Risk
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Market Risk Related to Fixed and Variable Rate Debt
As of March 31, 2023, we had $3.0 billion of outstanding consolidated indebtedness (inclusive of net unamortized debt discounts, premiums and issuance costs of $31.6 million). In addition, we were party to various consolidated interest rate hedge agreements totaling $975.0 million with maturities over various terms through 2026. Reflecting the effects of these hedge
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agreements, our fixed and variable rate debt would have been $2.6 billion (90%) and $308.1 million (10%), respectively, of our total consolidated indebtedness as of March 31, 2023.
As of March 31, 2023, we had $95.0 million of fixed rate debt scheduled to mature within the next 12 months. A 100-basis point change in interest rates on this debt as of March 31, 2023 would change our annual cash flow by $1.0 million. A 100-basis point change in interest rates on our unhedged variable rate debt as of March 31, 2023 would change our annual cash flow by $3.1 million. Based upon the terms of our variable rate debt, we are most vulnerable to a change in short-term Secured Overnight Financing Rate (“SOFR”) interest rates.
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