QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
−Removed: Our future income, cash flows and fair values relevant to financial instruments depend upon prevailing interest rates.
+Added: Our future earnings, cash flows, and fair values relevant to financial instruments depend upon prevailing interest rates.
We are exposed to interest rate changes primarily through our Revolving Facility, unsecured term loans, and other property-specific variable-rate mortgages.
−Removed: Our objectives with respect to interest rate risk are to balance the potential impact of interest rate changes on operations and cash flows against our desire to lower our overall borrowing costs.
−Removed: To achieve these objectives, we may borrow at fixed or variable rates and enter into derivative financial instruments such as interest rate swaps, hedges, etc., in order to mitigate the interest rate risk.
+Added: Our objectives with respect to interest rate risk are to balance the potential impact of interest rate changes on our operations and cash flows against our goal of lowering our overall borrowing costs.
+Added: To achieve these objectives, we may borrow at fixed or variable rates and enter into derivative financial instruments such as interest rate swaps, hedges, or treasury locks to mitigate our interest rate risk.
As a matter of policy, we do not use financial instruments for trading or speculative transactions.
As of December 31, 2025, we had $3.0 billion of outstanding consolidated indebtedness (inclusive of net unamortized debt discounts, premiums and issuance costs of $2.5 million).
−Removed: In addition, we were party to various consolidated interest rate hedge agreements totaling $855.0 million with maturities over various terms through 2026.
+Added: In addition, we were party to three consolidated interest rate hedge agreements totaling $150.0 million maturing in July 2026.
Reflecting the effects of these hedge agreements, our fixed and variable rate debt would have been $2.5 billion (84%) and $497.2 million (16%), respectively, of our total consolidated indebtedness as of December 31, 2025.
4 unchanged sentences
FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
−Removed: The consolidated financial statements of the Company included in this Report are listed in Part IV, Item 15(a) of this report.
+Added: The consolidated financial statements of the Company included in this Report are listed in Part IV, Item 15 of this report.
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
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.