4 unchanged sentences
As of December 31, 2022, our indebtedness was approximately $198.1 million, consisting of approximately $165.0 million of variable-rate debt and approximately $33.1 million of fixed-rate debt.
−Removed: Of the $63.0 million variable-rate debt, $50.0 million relates to the 2021 Term Loan against which we have applied the 2021 Interest Rate Swap.
−Removed: When factoring in the 2021 Term Loan as fixed-rate debt through the 2021 Interest Rate Swap, as of December 31, 2021, approximately $13.0 million of our indebtedness was variable-rate debt and approximately $83.2 million was fixed-rate debt.
−Removed: Assuming no increase in the amount of our outstanding variable-rate indebtedness, if the one-month U.S.
−Removed: Dollar LIBOR were to increase or decrease by 0.50%, our cash flows would decrease or increase by approximately $0.07 million on an annualized basis.
−Removed: Subject to maintaining our status as a REIT for federal income tax purposes, we manage our market risk on variable rate debt through the use of interest rate swaps that fix the rate on all or a portion of our variable rate debt for varying periods up to maturity, such as the 2021 Interest Rate Swap.
−Removed: In the future, we may use other derivative instruments such as interest cap
−Removed: agreements to, in effect, cap the interest rate on all or a portion of the debt for varying periods up to maturity.
+Added: The $165.0 million variable-rate debt, all of which relate to the Term Loans, have been fixed through
+Added: the Interest Rate Swaps.
+Added: When factoring in the Term Loans as fixed-rate debt through the Interest Rate Swaps, as of December 31, 2022, none of our indebtedness was variable-rate debt, as the entire 2021 Revolving Credit Facility was undrawn.
+Added: Subject to maintaining our status as a REIT for federal income tax purposes, we manage our market risk on variable rate debt through the use of interest rate swaps that fix the rate on all or a portion of our variable rate debt for varying periods up to maturity, such as the Interest Rate Swaps.
+Added: In the future, we may use other derivative instruments such as interest cap agreements to, in effect, cap the interest rate on all or a portion of the debt for varying periods up to maturity.
This in turn, reduces the risks of variability of cash flows created by variable rate debt and mitigates the risk of increases in interest rates.
4 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.