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We do not enter into derivatives or other financial instruments for trading or speculative purposes.
−Removed: We currently have interest rate swap agreements to fix the interest rates on outstanding debt with notional amounts totaling $300.0 million.
+Added: As of March 31, 2023 we have interest rate swap agreements to fix the interest rates on outstanding debt with notional amounts made up of $300.0 million current swaps expiring February 1, 2024 and $80.0 million forward starting swaps with an effective date of February 1, 2024 and varying expirations between February 1, 2026 and August 1, 2026.
+Added: In addition, we entered into a $20.0 million forward starting swap in April 2023 with an effective date of February 1, 2024 and expiration date of February 1, 2026.
See Note 7 to the consolidated financial statements for additional details related to our outstanding derivatives.
−Removed: As of September 30, 2022, 3% 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: As of March 31, 2023, 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.
+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: If decreases to our credit ratings occur, interest expense could increase depending upon the level of downgrade.
+Added: As of March 31, 2023, there were no outstanding balances under our unsecured lines of credit.
+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.
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The estimated fair value and recorded value of our debt consisting of senior unsecured notes, unsecured term loans, secured mortgages and unsecured lines of credit were as follows (in thousands):
−Removed: September 30, 2022 December 31, 2021
+Added: March 31, 2023 December 31, 2022
Fair value of debt $ 1,269,628 $ 1,268,362
Recorded value of debt $ 1,427,941 $ 1,428,494
−Removed: A 100 basis point increase from prevailing interest rates at September 30, 2022 and December 31, 2021 would result in a decrease in fair value of total consolidated debt of approximately $43.7 million and $66.0 million, respectively.
+Added: A 100 basis point increase from prevailing interest rates at March 31, 2023 and December 31, 2022 would result in a decrease in fair value of total consolidated debt of approximately $42.1 million and $44.3 million, respectively.
Refer to Note 8 to the consolidated financial statements for a description of our methodology in calculating the estimated fair value of debt.
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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 and actions taken by the Federal Reserve may impact markets, rates, behavior and other estimates used in the above scenarios.
Foreign Currency Risk
5 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.