3 unchanged sentences
Interest Rates
−Removed: 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.
+Added: We are exposed to interest rate changes primarily as a result of our revolving credit facilities 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.
−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.
7 unchanged sentences
The following table summarizes the maturity of our debt as of December 31, 2025 (dollars in millions):
−Removed: Year of Principal Due
−Removed: Weighted average rate
−Removed: on fixed rate debt
−Removed: Variable rate
−Removed: Weighted average rate
−Removed: on variable rate debt
−Removed: 2025 $ 1,893.4 4.22 % $ 67.3 3.05 %
+Added: Consolidated Fixed Rate
+Added: Debt Consolidated Variable Rate Debt End of Period Interest Rate (3)
+Added: Year Principal Due
+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)
+Added: Variable Rate Debt
2026 $ — $ 12.0 $ 2,375.0 $ 2,387.0 $ — $ — $ 516.8 $ 2,903.8 4.09% 2.34%
7 unchanged sentences
$ 1,711.0 $ 37.6 $ 24,647.5 $ 26,396.1 $ 1,324.6 $ 182.0 $ 516.8 $ 28,419.5
−Removed: (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.
−Removed: (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.
−Removed: (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.
−Removed: 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 loans reasonably approximate their estimated fair values at December 31, 2024.
+Added: (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.
+Added: (2) We base the estimated fair value of our fixed rate mortgages and private senior notes payable as of December 31, 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 December 31, 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 December 31, 2025.
+Added: (3) Calculated as the weighted average interest rate as of December 31, 2025.
+Added: The weighted average interest rates reflect the effective fixed rate for floating rate debt that is fixed through interest rate swaps.
+Added: (4) 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 term loan maturing in August 2027.
+Added: In November 2025, we entered into interest rate swaps, which fixed our per annum interest rate at 4.3% for our term loan initially maturing in January 2028.
The table above incorporates only those exposures that exist as of December 31, 2025.
1 unchanged sentence
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 December 31, 2024, our outstanding mortgages payable, notes, and bonds had fixed interest rates.
−Removed: Interest on our credit facility and commercial paper borrowings and term loans is variable.
−Removed: However, the variable interest rate feature on our term loans have been mitigated by interest rate swap agreements.
−Removed: 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.
+Added: As of December 31, 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.
+Added: However, the variable interest rate feature on our term loans has been mitigated by interest rate swap agreements.
+Added: As of December 31, 2025, a 1% change in interest rates on our variable-rate debt would change our interest rate costs by $20.2 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.