5 unchanged sentences
Credit risk is the failure of the counterparty to perform under the terms of the derivative contract.
−Removed: If the fair value of a derivative contract is positive, the counterparty will owe us, which creates credit risk for us.
+Added: If the fair value of a derivative contract is positive, the counterparty will owe us,
+Added: PHILLIPS EDISON & COMPANY
+Added: DECEMBER 31, 2024 FORM 10-K
+Added: which creates credit risk for us.
If the fair value of a derivative contract is negative, we will owe the counterparty and, therefore, do not have credit risk.
2 unchanged sentences
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, 2023 FORM 10-K
−Removed: As of December 31, 2023, we had four interest rate swaps that fixed SOFR on $700 million of our unsecured term loan facilities.
+Added: As of December 31, 2024, we had three interest rate swaps that fixed SOFR on $475 million of our unsecured term loan facilities.
In January 2024, we entered into an interest rate swap which has a notional amount of $150 million and swaps SOFR for a fixed rate of approximately 3.45% effective September 2024 and maturing December 2025.
8 unchanged sentences
FOREIGN CURRENCY EXCHANGE RISK —We do not have any foreign operations, and thus, we are not exposed to foreign currency fluctuations.
−Removed: FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
−Removed: See the Index to Consolidated Financial Statements on page F-1 of this report.
−Removed: CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE
−Removed: Not applicable.
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.