11 unchanged sentences
We do not enter into any derivative transactions for speculative or trading purposes.
−Removed: The following table presents, by year of expected maturity, the principal amounts, average interest rates and estimated fair values of our fixed and variable rate debt as of September 30, 2023.
+Added: The following table presents, by year of expected maturity, the principal amounts, average interest rates and estimated fair values of our fixed and variable rate debt as of March 31, 2024.
This information is presented to evaluate the expected cash flows and sensitivity to interest rate changes (dollars in millions):
Expected Maturity Data
+Added: The following table summarizes the maturity of our debt as of March 31, 2024 (dollars in millions):
Year of Principal Due
11 unchanged sentences
13,408.2 3.93 % — —
+Added: $ 24,076.1 3.79 % $ 1,522.5 4.14 %
Fair Value (4)
$ 22,650.6 $ 1,520.0
−Removed: (1) Assumes the two twelve-month extensions available at the Company's option on our 2023 term loans are fully exercised.
−Removed: As our interest rate swaps which fix our per annum interest rate expires upon the initial maturity date (excluding extensions), it becomes variable-rate debt starting in 2024 and is reflected in table above.
−Removed: (2) Excludes net premiums recorded on mortgages payable, net premiums recorded on notes payable, deferred financing costs on mortgages payable, notes payable, and term loans, and basis adjustment on interest rate swaps designated as fair value hedges on notes payable.
−Removed: (3) We base the estimated fair value of the publicly-traded fixed rate senior notes and bonds at September 30, 2023, on the indicative market prices and recent trading activity of our senior notes and bonds payable.
−Removed: We base the estimated fair value of our fixed rate mortgages and private senior notes payable at September 30, 2023, 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 and commercial paper borrowings and term loan balances reasonably approximate their estimated fair values at September 30, 2023.
−Removed: The table above incorporates only those exposures that exist as of September 30, 2023.
+Added: (1) The maturity date for our 2023 term loans assumes a twelve-month extension available at the company's option is exercised.
+Added: In January 2024, we entered into interest rate swaps on our 2023 term loans, which fix our per annum interest rate at 4.9% until term loan maturity in January 2026.
+Added: (2) In conjunction with the pricing of our senior unsecured notes due January 2026, we executed three-year, fixed-to-variable interest rate swaps totaling $500.0 million, which are subject to the counterparties' right to terminate the swaps at any time following the 2026 notes par call date.
+Added: (3) Excludes net premiums and discounts recorded on mortgages payable, net premiums and discounts recorded on notes payable, deferred financing costs on term loans, mortgages payable, notes payable, and the basis adjustment on interest rate swaps designated as fair value hedges on notes payable.
+Added: (4) We base the estimated fair value of our fixed rate mortgages and private senior notes payable at March 31, 2024, on the relevant forward interest rate curve, plus an applicable credit-adjusted spread.
+Added: We base the estimated fair value of the publicly traded fixed rate senior notes and bonds at March 31, 2024, on the indicative market prices and recent trading activity of our senior notes and bonds payable.
+Added: We believe that the carrying values of the line of credit, commercial paper borrowings, and term loan balances reasonably approximate their estimated fair values at March 31, 2024.
+Added: The table above incorporates only those exposures that exist as of March 31, 2024.
It does not consider those exposures or positions that could arise after that date.
As a result, our ultimate realized gain or loss, with respect to interest rate fluctuations, would depend on the exposures that arise during the period, our hedging strategies at the time, and interest rates.
−Removed: At September 30, 2023, our outstanding notes, bonds and mortgages payable had fixed interest rates.
+Added: At March 31, 2024, our outstanding mortgages payable, notes, and bonds had fixed interest rates.
Interest on our credit facility and commercial paper borrowings and term loans is variable.
However, the variable interest rate feature on our term loans have been mitigated by interest rate swap agreements.
−Removed: Based on our revolving credit facility balance of $481.5 million at September 30, 2023, a 1% change in interest rates would change our interest rate costs by $4.8 million per year.
+Added: At March 31, 2024, a 1% change in interest rates on our variable-rate debt would change our interest costs by $15.2 million.
Foreign Currency Exchange Rates
6 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.