2 unchanged sentences
The primary market risk that we believe we are and will be exposed to is interest rate risk.
−Removed: Certain of our existing leases contain escalations based on market indices, such as the consumer price index (“CPI”), and while very little of our existing borrowings are subject to variable interest rates, the interest rates on the majority of our fixed-rate borrowings are fixed for a finite period before converting to variable rate.
+Added: Certain of our existing leases contain escalations based on market indices, such as the CPI, and while very little of our existing borrowings are subject to variable interest rates, the interest rates on the majority of our fixed-rate borrowings are fixed for a finite period before converting to variable rate.
Although we seek to mitigate this risk by including certain provisions in many of our leases, such as escalation clauses or adjusting the rent to prevailing market rents at various intervals, these features do not eliminate this risk.
2 unchanged sentences
However, interest rate fluctuations may affect the fair value of our fixed-rate borrowings.
−Removed: As of March 31, 2026, the fair value of our fixed-rate borrowings outstanding was approximately $453.5 million.
−Removed: The following table summarizes the hypothetical change in fair value of our fixed-rate borrowings at March 31, 2026, if market interest rates had been one or two percentage points lower or higher than those rates in place as of March 31, 2026 (dollars in thousands):
+Added: As of June 30, 2026, the fair value of our fixed-rate borrowings outstanding was approximately $449.3 million.
+Added: The following table summarizes the hypothetical change in fair value of our fixed-rate borrowings at June 30, 2026, if market interest rates had been one or two percentage points lower or higher than those rates in place as of June 30, 2026 (dollars in thousands):
Change in Market Interest Rates Carrying Value (1)
14 unchanged sentences
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.