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Our future income, cash flows and fair values relevant to financial instruments are dependent upon prevalent market interest rates.
+Added: Market risk refers to the risk of loss from adverse changes in market prices and interest rates.
We are exposed to interest rate changes primarily on our unsecured revolving credit facility and debt refinancings.
−Removed: In order to mitigate our interest rate risk, we may borrow at fixed rates or may enter into derivative financial instruments such as interest rate swaps or caps on floating rate financial instruments.
−Removed: We are not subject to foreign currency risk and we do not enter into derivative or interest rate transactions for speculative purposes.
−Removed: As of September 30, 2025, we have interest rate SOFR swap and cap agreements with an aggregate notional value of $447.5 million and which mature between December 31, 2026 and November 1, 2033.
−Removed: The "variable to fixed" interest rate swaps have been designated as cash flow hedges and are deemed highly effective with fair values in an asset position of $3.1 million, which is included in prepaid expenses and other assets, and in a liability position amounted to $0.1 million, which is included in accounts payable and accrued expenses on the condensed consolidated balance sheet as of September 30, 2025.
−Removed: As of September 30, 2025, the weighted average interest rate on the $2.1 billion of fixed-rate indebtedness outstanding was 4.34% per annum, each with maturities at various dates through March 17, 2035.
−Removed: As of September 30, 2025, the fair value of our outstanding debt was approximately $2.0 billion, which was approximately $0.1 billion less than the book value as of such date.
+Added: Our objectives with respect to interest rate risk are to limit the impact of interest rate changes on operations and cash flows, and to lower our overall borrowing costs.
+Added: To achieve these objectives, we may borrow at fixed rates and may enter into derivative financial instruments such as interest rate swaps or caps in order to mitigate our interest rate risk.
+Added: We do not enter into derivative or interest rate transactions for speculative purposes.
+Added: As of March 31, 2026, we have interest rate SOFR swap and cap agreements with an aggregate notional value of $566.5 million and which mature between December 31, 2026 and November 1, 2033.
+Added: The "variable to fixed" interest rate swaps have been designated as cash flow hedges and are deemed highly effective with fair values in an asset position of $6.4 million, which is included in prepaid expenses and other assets on the consolidated balance sheet as of March 31, 2026.
+Added: As of March 31, 2026, the weighted average interest rate on the $2.3 billion of fixed-rate indebtedness outstanding was 4.53% per annum, each with maturities at various dates through April 1, 2036.
+Added: As of March 31, 2026, our floating rate debt of $40.0 million represented 1.7% of our total indebtedness.
+Added: As of March 31, 2026, the fair value of our outstanding debt was approximately $2.2 billion, which was approximately $0.1 billion less than the book value as of such date.
Interest risk amounts were determined by considering the impact of hypothetical interest rates on our financial instruments.
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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.