5 unchanged sentences
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.
−Removed: To achieve these objectives, we issue long-term notes and bonds, primarily at fixed rates.
+Added: To achieve these objectives, we primarily issue long-term notes and bonds, primarily at fixed rates.
In order to mitigate and manage the effects of interest rate risks on our operations, we may utilize a variety of financial instruments, including interest rate swaps, interest rate swaptions, interest rate locks and caps.
3 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 June 30, 2025.
+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 September 30, 2025.
This information is presented to evaluate the expected cash flows and sensitivity to interest rate changes.
Expected Maturity Data
−Removed: The following tables summarize the maturity of our debt as of June 30, 2025 (dollars in millions):
−Removed: Consolidated Fixed Rate Debt Consolidated Variable Rate Debt End of Period Interest Rate (3)
+Added: The following tables summarize the maturity of our debt as of September 30, 2025 (dollars in millions):
+Added: Consolidated Fixed Rate
+Added: Debt Consolidated Variable Rate Debt End of Period Interest Rate (3)
Year Principal Due
−Removed: Term Loans Mortgages Payable Senior Unsecured Notes and Bonds Subtotal RI Credit Facilities and Commercial Paper Total Consolidated Debt Principal Fixed Rate Debt (4)
+Added: Term Loans Mortgages Payable Senior Unsecured Notes and Bonds Subtotal RI Credit Facilities
+Added: Fund Credit Facilities
+Added: Commercial Paper Total Consolidated Debt Principal Fixed Rate Debt (4)
Variable Rate Debt
9 unchanged sentences
(1) Excludes net discounts recorded on mortgages payable, net discounts recorded on notes payable, and deferred financing costs on term loans, mortgages payable, and notes payable.
−Removed: (2) We base the estimated fair value of our fixed rate mortgages and private senior notes payable at June 30, 2025, on the relevant forward interest rate curve, plus an applicable credit-adjusted spread.
−Removed: We base the estimated fair value of the publicly traded fixed rate senior notes and bonds at June 30, 2025, 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 revolving credit facilities, commercial paper borrowings, and term loans reasonably approximate their estimated fair values at June 30, 2025.
−Removed: (3) Calculated as the weighted average interest rate as of June 30, 2025.
+Added: (2) We base the estimated fair value of our fixed rate mortgages and private senior notes payable as of September 30, 2025, 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 as of September 30, 2025, 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 credit facilities, commercial paper borrowings, and term loans reasonably approximate their estimated fair values as of September 30, 2025.
+Added: (3) Calculated as the weighted average interest rate as of September 30, 2025.
The weighted average interest rates reflect the effective fixed rate for floating rate debt that is fixed through interest rate swaps.
(4) In January 2024, we entered into interest rate swaps on our 2023 term loans, which fixed our per annum interest rate at 4.8% until January 2026.
−Removed: Additionally, in connection with our merger with Spirit in January 2024, we effectively assumed Spirit’s existing term loans and fixed rate swaps, which carry a weighted average fixed interest rate of 3.5% for our 2025 term loan maturing in August 2025, and 3.4% for our 2027 term loan maturing in August 2027.
−Removed: The table above incorporates only those exposures that exist as of June 30, 2025.
+Added: Additionally, in connection with our merger with Spirit in January 2024, we effectively assumed Spirit’s existing term loans and fixed rate swaps, which carry a weighted average fixed interest rate of 3.3% for our 2027 term loan maturing in August 2027.
+Added: The table above incorporates only those exposures that exist as of September 30, 2025.
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 June 30, 2025, our outstanding mortgages payable, notes, and bonds had fixed interest rates.
−Removed: Interest on our revolving credit facilities and commercial paper borrowings and term loans is variable.
+Added: As of September 30, 2025, our outstanding mortgages payable, notes, and bonds had fixed interest rates.
+Added: Interest on our credit facilities and commercial paper borrowings and term loans is variable.
However, the variable interest rate feature on our term loans has been mitigated by interest rate swap agreements.
−Removed: At June 30, 2025, a 1% change in interest rates on our variable-rate debt would change our interest rate costs by $14.7 million.
+Added: As of September 30, 2025, a 1% change in interest rates on our variable-rate debt would change our interest rate costs by $19.2 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.