12 unchanged sentences
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 December 31, 2024.
−Removed: This information is presented to evaluate the expected cash flows and sensitivity to interest rate changes (dollars in millions):
+Added: This information is presented to evaluate the expected cash flows and sensitivity to interest rate changes.
Expected Maturity Data
14 unchanged sentences
$ 25,380.6 3.88 % $ 1,130.2 4.33 %
−Removed: $ 20,216.5 3.84 % $ 1,264.4 3.85 %
Fair Value (3)
$ 24,034.1 $ 1,130.2
−Removed: (1) In conjunction with our $250.0 million senior unsecured term loan, which matures in March 2024, we entered into an interest rate swap, and as of December 31, 2023, the effective interest rate on this term loan, after giving effect to the interest rate swap, was 3.8%.
−Removed: (2) The maturity date for our 2023 term loans reflects the closing of our previous twelve-month extension option and assumes the additional twelve-month extension available at the company's option is exercised.
−Removed: In conjunction with closing, we executed one-year variable-to-fixed interest rate swaps, which fix our per annum interest rate at 5.0% over the initial term.
−Removed: Accordingly, the 2023 term loans have been presented as fixed rate debt as of December 31, 2023 in the table above.
−Removed: (3) In January 2023, we issued $500.0 million of 5.05% senior unsecured notes due January 13, 2026, which were callable at par beginning on January 13, 2024.
−Removed: In conjunction with the pricing of these 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.
−Removed: (4) Excludes net premiums and discounts recorded on mortgages payable, net premiums 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: (1) In January 2024, we entered into interest rate swaps on our 2023 term loans, which fixed our per annum interest rate at 4.9% until January 2026.
+Added: (2) Excludes net premiums and discounts recorded on mortgages payable, net premiums and discounts recorded on notes payable, and deferred financing costs on term loans, mortgages payable, notes payable.
(3) We base the estimated fair value of our fixed rate mortgages and private senior notes payable at December 31, 2024, on the relevant forward interest rate curve, plus an applicable credit-adjusted spread.
We base the estimated fair value of the publicly traded fixed rate senior notes and bonds at December 31, 2024, on the indicative market prices and recent trading activity of our senior notes and bonds payable.
−Removed: 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 December 31, 2023.
+Added: We believe that the carrying values of the line of credit, commercial paper borrowings, and term loans reasonably approximate their estimated fair values at December 31, 2024.
The table above incorporates only those exposures that exist as of December 31, 2024.
4 unchanged sentences
However, the variable interest rate feature on our term loans have been mitigated by interest rate swap agreements.
−Removed: At December 31, 2023, a 1% change in interest rates on our variable-rate debt would change our interest costs by $12.6 million.
+Added: At December 31, 2024, a 1% change in interest rates on our variable-rate debt would change our interest rate costs by $11.3 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.