3 unchanged sentences
Our primary exposure to market risk is interest rate risk associated with our variable rate long-term debt.
−Removed: We attempt to limit our exposure to interest rate risk by managing the mix of our long-term fixed rate borrowings and short-term borrowings under our bank credit facilities and by utilizing interest rate swap agreements that provide for a fixed interest payment on the Operating Partnership’s credit facility.
+Added: We attempt to limit our exposure to interest rate risk by managing the mix of our long-term fixed rate borrowings and short-term borrowings under our bank credit facilities.
A change in interest rates generally does not have an impact upon our future earnings and cash flow for fixed-rate debt instruments.
1 unchanged sentence
This effect would be realized in the periods subsequent to the periods when the debt matures.
−Removed: We do not hold or issue financial instruments for trading purposes and do not enter into derivative transactions that would be considered speculative positions .
−Removed: As of December 31, 2021, variable rate borrowings represented approximately 3% of our total borrowings after giving effect on the Operating Partnership’s borrowings for the currently effective interest rate swap agreements on which the Operating Partnership pays a weighted average of 1.783% on a total notional amount of $700 million.
−Removed: Additionally, the Operating Partnership has $900 million of notional amount of forward starting swaps that are not currently effective.
−Removed: The following table provides additional information about the maturities of our debt subject to changes in interest rates, excluding the effect of the Operating Partnership interest rate swaps discussed above:
+Added: We do not enter into derivative transactions that would be considered speculative positions .
+Added: As of December 31, 2022, variable rate borrowings represented approximately 17% of our total borrowings.
+Added: The following table provides additional information about the maturities of our debt subject to changes in interest rates:
Debt maturing in Fair Value December 31, 2022
15 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.