8 unchanged sentences
As of December 31, 2022, 5% of our outstanding consolidated debt, excluding the amount of variable rate debt with interest rate protection agreements in place, had variable interest rates and therefore was subject to market fluctuations.
−Removed: A change in the LIBOR index of 100 basis points would result in an increase or decrease of approximately $401,000 in interest expense on an annual basis.
−Removed: The phase-out of LIBOR may result in additional interest rate risk and we have not yet determined an alternative benchmark rate.
+Added: A change in the SOFR index of 100 basis points would result in an increase or decrease of approximately $767,000 in interest expense on an annual basis.
The interest rate spreads associated with our unsecured lines of credit and our unsecured term loan are based on the higher of our two investment grade credit ratings.
−Removed: Changes to our credit ratings could cause our interest rate spread to adjust accordingly.
−Removed: In April 2021, Moody’s lowered the Company’s credit rating to Baa3, stable.
−Removed: As the Company no longer had a split rating between the rating agencies, the pricing over LIBOR for the lines of credit, term loan and facility fee increase d to 1.20%, 1.25% and 0.25%, respectively, effective May 1, 2021.
As of December 31, 2022, there were no outstanding balances under our unsecured lines of credit.
−Removed: If additional decreases to our credit ratings occur, interest expense could increase depending upon the level of downgrade.
+Added: An increase in our credit rating would provide a decrease in interest expense.
+Added: If downgrades to our credit ratings occur, interest expense could increase depending upon the level of downgrade.
The information presented herein is merely an estimate and has limited predictive value.
8 unchanged sentences
Accordingly, the estimates presented herein are not necessarily indicative of the amounts we could realize on the disposition of the financial instruments.
−Removed: In addition, the COVID-19 pandemic may impact markets, rates, behavior and other estimates used in the above scenarios.
Foreign Currency Risk
9 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.