3 unchanged sentences
Interest Rates
−Removed: We are exposed to interest rate changes primarily as a result of our credit facility and commercial paper program, term loan, mortgages payable, and long-term notes and bonds used to maintain liquidity and expand our real estate investment portfolio and operations.
+Added: We are exposed to interest rate changes primarily as a result of our credit facility and commercial paper programs, term loans, mortgages payable, and long-term notes and bonds used to maintain liquidity and expand our real estate investment portfolio and operations.
Our interest rate risk management objective is to limit the impact of interest rate changes on earnings and cash flow and to lower our overall borrowing costs.
3 unchanged sentences
To limit counterparty credit risk, we will seek to enter into such agreements with major financial institutions with favorable credit ratings.
−Removed: There can be no assurance that we will be able to adequately protect against the foregoing risks or realize an economic benefit that exceeds the related amounts incurred in connection with engaging in such hedging activities.
+Added: There can be no assurance that we will be
+Added: Tabl e of Contents
+Added: able to adequately protect against the foregoing risks or realize an economic benefit that exceeds the related amounts incurred in connection with engaging in such hedging activities.
We do not enter into any derivative transactions for speculative or trading purposes.
2 unchanged sentences
Expected Maturity Data
−Removed: Year of maturity Fixed rate debt Weighted average rate on fixed rate debt Variable rate debt Weighted average rate on variable rate debt
+Added: Year of Principal Due
+Added: Weighted average rate
+Added: on fixed rate debt
+Added: Variable rate
+Added: Weighted average rate
+Added: on variable rate debt
2023 $ 22.0 4.44 % $ 701.8 3.41 %
3 unchanged sentences
2027 2,005.4 2.68 — —
−Removed: Thereafter 8,787.0 2.97 — —
8,659.6 3.27 — —
+Added: $ 15,206.5 3.46 % $ 2,729.0 3.59 %
Fair Value (2)
$ 13,583.2 $ 2,729.0
−Removed: (1) Excludes net premiums recorded on mortgages payable, net premiums recorded on notes payable and deferred financing costs on mortgages payable, notes payable, and our term loan.
−Removed: At December 31, 2021, the unamortized balance of net premiums on mortgages payable is $28.7 million, the unamortized balance of net premiums on notes payable is $295.5 million, and the balance of deferred financing costs on mortgages payable is $790,000, on notes payable is $53.1 million, and on our term loan is $443,000.
+Added: (1) Excludes net premiums recorded on mortgages payable, net premiums recorded on notes payable and deferred financing costs on mortgages payable, notes payable, and our $250.0 million term loan.
+Added: At December 31, 2022, the unamortized balance of net premiums on mortgages payable is $12.4 million, the unamortized balance of net premiums on notes payable is $224.6 million, and the balance of deferred financing costs on mortgages payable is $0.8 million, on notes payable is $60.7 million, and on the $250.0 million term loan is $0.2 million.
(2) We base the estimated fair value of the publicly-traded fixed rate senior notes and bonds at December 31, 2022, on the indicative market prices and recent trading activity of our senior notes and bonds payable.
We base the estimated fair value of our fixed rate mortgages and private senior notes payable at December 31, 2022, on the relevant forward interest rate curve, plus an applicable credit-adjusted spread.
−Removed: We believe that the carrying values of the line of credit borrowings, commercial paper borrowings and term loan balance reasonably approximate their estimated fair values at December 31, 2021.
+Added: We believe that the carrying values of the line of credit and commercial paper borrowings and $250.0 million term loan balance reasonably approximate their estimated fair values at December 31, 2022.
The table above incorporates only those exposures that exist as of December 31, 2022.
2 unchanged sentences
At December 31, 2022, our outstanding notes, bonds and mortgages payable had fixed interest rates.
−Removed: Interest on our revolving credit facility, commercial paper borrowings and term loan balance is variable.
−Removed: However, the variable interest rate feature on our term loan has been mitigated by an interest rate swap agreement.
−Removed: Based on our revolving credit facility balance of $650.0 million at December 31, 2021, a 1% change in interest rates would change our interest rate costs by $6.5 million per year.
+Added: Interest on our credit facility and commercial paper borrowings and $250.0 million term loan balance is variable.
+Added: However, the variable interest rate feature on our $250.0 million term loan has been mitigated by an interest rate swap agreement.
+Added: Based on our revolving credit facility balance of $2.0 billion at December 31, 2022, a 1% change in interest rates would change our interest rate costs by $20.3 million per year.
Foreign Currency Exchange Rates
2 unchanged sentences
We primarily hedge our foreign currency risk by borrowing in the currencies in which we invest thereby providing a natural hedge.
−Removed: We continuously evaluate and manage our foreign currency risk through the use of derivative financial instruments, including cross-currency swaps, currency exchange swaps, foreign currency collars, and foreign currency forward contracts with financial counterparties where practicable.
+Added: We continuously evaluate and manage our foreign currency risk through the use of derivative financial instruments, including currency exchange swaps, foreign currency collars, and foreign currency forward contracts with financial counterparties where practicable.
Such derivative instruments are viewed as risk management tools and are not used for speculative or trading purposes.
+Added: Additionally, our inability to redeploy rent receipts from our international operations on a timely basis subjects us to foreign exchange risk.
+Added: Tabl e of Contents
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.