5 unchanged sentences
Fixed Rate Debt
−Removed: At June 30, 2023, our outstanding fixed rate debt consisted of the following:
+Added: As of September 30, 2023, our outstanding fixed rate debt consisted of the following:
Debt Principal Balance (1)
5 unchanged sentences
Senior unsecured notes 350,000 2.400% 8,400 2027 Semi-annually
+Added: Mortgage note (one property) 26,340 8.139% 2,144 2028 Monthly
+Added: Mortgage note (one property) 42,700 8.272% 3,532 2028 Monthly
+Added: Mortgage note (two properties) 54,300 7.671% 4,165 2028 Monthly
Senior unsecured notes 400,000 3.450% 13,800 2031 Semi-annually
+Added: Mortgage note (one property) 30,680 7.210% 2,212 2033 Monthly
+Added: Mortgage note (one property) 8,400 7.305% 614 2033 Monthly
+Added: Mortgage note (one property) 14,900 7.717% 1,150 2033 Monthly
Senior unsecured notes 162,000 6.375% 10,328 2050 Quarterly
−Removed: Mortgage note (one property in Landover, MD) 30,680 7.210% 2,212 2033 Monthly
−Removed: Mortgage note (one property in Sterling, VA) 26,340 8.139% 2,144 2028 Monthly
−Removed: Mortgage note (one property in Ewing, NJ) 42,700 8.272% 3,532 2028 Monthly
−Removed: Mortgage note (one property in San Jose, CA) 8,400 7.305% 614 2033 Monthly
Total $ 2,389,320 $ 98,420
10 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 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.
+Added: Based on the balances outstanding at September 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 $68,555.
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 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:
+Added: In addition to the fixed rate debt presented in the table above, at September 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)
1 unchanged sentence
Annual Interest Expense Maturity Interest Payments Due
−Removed: 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.) (3)
+Added: Mortgage note (two properties) 51% $ 50,000 4.090% $ 2,045 2029 Monthly
+Added: Mortgage note (one property) (3)
50% 32,000 3.690% 1,181 2027 Monthly
6 unchanged sentences
Floating Rate Debt
−Removed: At June 30, 2023, our floating rate debt consisted of $240,000 outstanding under our $750,000 revolving credit facility.
+Added: As of September 30, 2023, our floating rate debt consisted of $200,000 outstanding under our $750,000 revolving credit facility.
Our revolving credit facility matures on January 31, 2024.
4 unchanged sentences
dollar based short term rates, specifically SOFR, and to changes in our credit ratings.
−Removed: In addition, upon renewal or refinancing of our revolving credit facility, we are vulnerable to increases in interest rate premiums due to market conditions or our perceived credit characteristics.
+Added: In addition, upon any renewal or refinancing of our revolving credit facility, we are vulnerable to increases in interest rate premiums due to market conditions or our perceived credit characteristics.
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 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 September 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 June 30, 2023 6.6 % $ 240,000 $ 15,840 $ 0.33
+Added: At September 30, 2023 6.9 % $ 200,000 $ 13,800 $ 0.29
One percentage point increase 7.9 % $ 200,000 $ 15,800 $ 0.33
−Removed: (1) Based on SOFR plus a premium, which was 145 basis points per annum, as of June 30, 2023.
−Removed: (2) Based on the weighted average shares outstanding (diluted) for the six months ended June 30, 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 June 30, 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 September 30, 2023.
+Added: (2) Based on the weighted average common shares outstanding (diluted) for the nine months ended September 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 September 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 June 30, 2023 6.6 % $ 750,000 $ 49,500 $ 1.02
+Added: At September 30, 2023 6.9 % $ 750,000 $ 51,750 $ 1.07
One percentage point increase 7.9 % $ 750,000 $ 59,250 $ 1.23
−Removed: (1) Based on SOFR plus a premium, which was 145 basis points per annum, as of June 30, 2023.
−Removed: (2) Based on the weighted average shares outstanding (diluted) for the six months ended June 30, 2023.
−Removed: The foregoing tables show the impact of an immediate increase in floating interest rates as of June 30, 2023.
+Added: (1) Based on SOFR plus a premium, which was 145 basis points per annum, as of September 30, 2023.
+Added: (2) Based on the weighted average common shares outstanding (diluted) for the nine months ended September 30, 2023.
+Added: The foregoing tables show the impact of an immediate increase in floating interest rates as of September 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.