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The market risk associated with interest-rate contracts is managed by establishing and monitoring parameters that limit the types and degree of market risk that may be undertaken.
−Removed: PHILLIPS EDISON & COMPANY
−Removed: DECEMBER 31, 2021 FORM 10-K
−Removed: As of December 31, 2021, we had five interest rate swaps that fixed LIBOR on $930 million of our unsecured term loan facilities.
+Added: As of December 31, 2022, we had four interest rate swaps that fixed the Secured Overnight Financing Rate (“SOFR”) on $755 million of our unsecured term loan facilities.
As of December 31, 2022, we had not fixed the interest rate on $279 million of our unsecured debt through derivative financial instruments, and as a result, we are subject to the potential impact of rising interest rates, which could negatively impact our profitability and cash flows.
5 unchanged sentences
As a result, the ultimate realized gain or loss with respect to interest rate fluctuations will depend on the exposures that arise during the period, the hedging strategies at the time, and the related interest rates.
−Removed: LIBOR Transition —In July 2017, the Financial Conduct Authority ("FCA"), which regulates LIBOR, announced that it intended to phase out LIBOR as a benchmark by the end of 2021.
+Added: LIBOR Transition —In July 2017, the Financial Conduct Authority ("FCA"), which regulates the London Interbank Offered Rate (“LIBOR”), announced that it intended to phase out LIBOR as a benchmark by the end of 2021.
In November 2020, ICE Benchmark Administration, the administrator of LIBOR, with the support of the Federal Reserve Board and the FCA, announced a plan to consult on ceasing publication of U.S.
−Removed: dollar LIBOR on December 31, 2021 for only the one week and two month U.S.
−Removed: dollar LIBOR, and on June 30, 2023 for all other U.S.
−Removed: dollar LIBOR, which the FCA subsequently confirmed in March 2021.
−Removed: The Federal Reserve Board concurrently issued a statement advising banks to stop new U.S.
−Removed: dollar LIBOR issuances by the end of 2021.
−Removed: Further, when USD LIBOR will no longer be published, market participants should amend legacy contracts to use the Secured Overnight Financing Rate or another alternative reference rate.
−Removed: We have contracts that are indexed to LIBOR and are monitoring and evaluating the related risks, which include interest amounts on our variable rate debt as discussed in Note 8 and the swap rate for our interest rate swaps, as discussed in Note 9.
−Removed: See “Part I, Item 1A.
−Removed: Risk Factors” of this filing on Form 10-K for further discussion on risks related to changes in LIBOR reporting practices.
+Added: dollar (“USD”) LIBOR on December 31, 2021 for only the one week and two month USD LIBOR, and on June 30, 2023 for all other USD LIBOR, which the FCA subsequently confirmed in March 2021.
+Added: The Federal Reserve Board concurrently issued a statement advising banks to stop new USD LIBOR issuances by the end of 2021.
+Added: Further, when USD LIBOR will no longer be published, market participants should amend legacy contracts to use SOFR or another alternative reference rate.
+Added: As of December 31, 2021, we had contracts that were indexed to LIBOR that were subsequently transitioned to SOFR during 2022.
+Added: In May 2022, the Amendment replaced LIBOR with SOFR as the benchmark interest rate for the unsecured revolving credit facility and the two $240 million senior unsecured term loan tranches, maturing in November 2025 and July 2026.
+Added: In August 2022, we amended two of our interest rate swaps with a total notional amount of $430 million to replace LIBOR with SOFR as the benchmark interest rate in conjunction with the Amendment .
+Added: Additionally, in November 2022, we amended our three remaining LIBOR term loans with a notional amount of $475 million to replace LIBOR with SOFR as the benchmark interest rate.
+Added: In December 2022, our two remaining LIBOR swaps with a total notional amount of $325 million were amended to transition from LIBOR to SOFR as the benchmark interest rate.
+Added: See further discussion on interest amounts on our variable rate debt in Note 8 and discussion on the swap rate for our interest rate swaps in Note 9.
FOREIGN CURRENCY EXCHANGE RISK —We do not have any foreign operations, and thus, we are not exposed to foreign currency fluctuations.
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See the Index to Consolidated Financial Statements on page F-1 of this report.
+Added: PHILLIPS EDISON & COMPANY
+Added: DECEMBER 31, 2022 FORM 10-K
CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
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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.