5 unchanged sentences
Fixed Rate Debt
−Removed: At March 31, 2023, our outstanding fixed rate debt consisted of the following:
+Added: At June 30, 2023, our outstanding fixed rate debt consisted of the following:
Debt Principal Balance (1)
7 unchanged sentences
Senior unsecured notes 162,000 6.375% 10,328 2050 Quarterly
−Removed: Mortgage note (one property in Chicago, IL) 50,000 3.700% 1,850 2023 Monthly
+Added: Mortgage note (one property in Landover, MD) 30,680 7.210% 2,212 2033 Monthly
+Added: Mortgage note (one property in Sterling, VA) 26,340 8.139% 2,144 2028 Monthly
+Added: Mortgage note (one property in Ewing, NJ) 42,700 8.272% 3,532 2028 Monthly
+Added: Mortgage note (one property in San Jose, CA) 8,400 7.305% 614 2033 Monthly
Total $ 2,320,120 $ 93,105
3 unchanged sentences
Our senior unsecured notes require semi-annual or quarterly interest payments through maturity.
−Removed: Our mortgage note requires interest only payments through maturity.
+Added: Our mortgage notes require monthly payments of interest only or payments of principal and interest through maturity.
Because these debts require interest to be paid at a fixed rate, changes in market interest rates during the term of these debts will not affect our interest obligations.
4 unchanged sentences
Federal Reserve has been raising interest rates in an effort to combat inflation and may continue to do so.
−Removed: Based on the balances outstanding at March 31, 2023, and discounted cash flow analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point increase in interest rates would change the fair value of those obligations by approximately $72,794.
+Added: Based on the balances outstanding at June 30, 2023, and discounted cash flow analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point increase in interest rates would change the fair value of those obligations by approximately $69,266.
Our fixed rate debt arrangements may allow us to make repayments earlier than the stated maturity date.
1 unchanged sentence
These prepayment rights may afford us opportunities to mitigate the risk of refinancing our debts at maturity at a higher rate by refinancing prior to maturity.
−Removed: In addition to the fixed rate debt presented in the table above, at March 31, 2023, we had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that own three properties that are secured by fixed rate debt consisting of the following mortgage notes:
+Added: In addition to the fixed rate debt presented in the table above, at June 30, 2023, we had noncontrolling ownership interests of 51% and 50% in two unconsolidated joint ventures that own three properties that are secured by fixed rate debt consisting of the following mortgage notes:
Debt Our JV Ownership Interest Principal Balance (1)(2)
2 unchanged sentences
Mortgage note (two properties in Fairfax, VA) 51% $ 50,000 4.090% $ 2,045 2029 Monthly
−Removed: Mortgage note (one property in Washington, D.C.) 50% 32,000 3.690% 1,181 2024 Monthly
+Added: Mortgage note (one property in Washington, D.C.) (3)
+Added: 50% 32,000 3.690% 1,181 2027 Monthly
Total $ 82,000 $ 3,226
3 unchanged sentences
None of the debt is recourse to us.
+Added: (3) In July 2023, the maturity date of this mortgage loan was extended by three years at the same interest rate.
Floating Rate Debt
−Removed: At March 31, 2023, our floating rate debt consisted of $245,000 outstanding under our $750,000 revolving credit facility.
−Removed: Our revolving credit facility matures on July 31, 2023 and, subject to the payment of an extension fee and meeting certain other
−Removed: conditions, we have the option to extend the maturity date of our revolving credit facility by one six month period.
+Added: At June 30, 2023, our floating rate debt consisted of $240,000 outstanding under our $750,000 revolving credit facility.
+Added: Our revolving credit facility matures on January 31, 2024.
No principal repayments are required under our revolving credit facility prior to maturity, and we can borrow, repay and reborrow funds available under our revolving credit facility, subject to conditions, at any time without penalty.
5 unchanged sentences
Generally, a change in interest rates would not affect the value of our floating rate debt but would affect our operating results.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of March 31, 2023:
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of June 30, 2023:
Impact of an Increase in Interest Rates
1 unchanged sentence
Outstanding Debt Total Interest Expense Per Year Annual Earnings Per Share Impact (2)
−Removed: At March 31, 2023 6.0 % $ 245,000 $ 14,700 $ 0.30
+Added: At June 30, 2023 6.6 % $ 240,000 $ 15,840 $ 0.33
One percentage point increase 7.6 % $ 240,000 $ 18,240 $ 0.38
−Removed: (1) Based on SOFR plus a premium, which was 110 basis points per annum, as of March 31, 2023.
−Removed: Effective April 1, 2023, based upon changes to our credit ratings, the interest rate premium increased to 145 basis points per annum.
−Removed: (2) Based on the weighted average shares outstanding (diluted) for the three months ended March 31, 2023.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of March 31, 2023 if we were fully drawn on our revolving credit facility:
+Added: (1) Based on SOFR plus a premium, which was 145 basis points per annum, as of June 30, 2023.
+Added: (2) Based on the weighted average shares outstanding (diluted) for the six months ended June 30, 2023.
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of June 30, 2023 if we were fully drawn on our revolving credit facility:
Impact of an Increase in Interest Rates
1 unchanged sentence
Outstanding Debt Total Interest Expense Per Year Annual Earnings Per Share Impact (2)
−Removed: At March 31, 2023 6.0 % $ 750,000 $ 45,000 $ 0.93
+Added: At June 30, 2023 6.6 % $ 750,000 $ 49,500 $ 1.02
One percentage point increase 7.6 % $ 750,000 $ 57,000 $ 1.18
−Removed: (1) Based on SOFR plus a premium, which was 110 basis points per annum, as of March 31, 2023.
−Removed: Effective April 1, 2023, based upon changes to our credit ratings, the interest rate premium increased to 145 basis points per annum.
−Removed: (2) Based on the weighted average shares outstanding (diluted) for the three months ended March 31, 2023.
−Removed: The foregoing tables show the impact of an immediate increase in floating interest rates as of March 31, 2023.
+Added: (1) Based on SOFR plus a premium, which was 145 basis points per annum, as of June 30, 2023.
+Added: (2) Based on the weighted average shares outstanding (diluted) for the six months ended June 30, 2023.
+Added: The foregoing tables show the impact of an immediate increase in floating interest rates as of June 30, 2023.
If interest rates were to increase gradually over time, the impact would be spread over time.
2 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.