5 unchanged sentences
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 December 31, 2023, we had interest rate swap agreements to fix the interest rates on outstanding debt with notional amounts totaling $300.0 million, which expired on February 1, 2024.
+Added: Over the course of 2023, we entered into $325.0 million of new forward starting interest rate swap agreements that became effective on February 1, 2024, replacing the aforementioned swaps as part of our interest rate risk management strategy.
See Note 10 to the Consolidated Financial Statements for additional details related to our outstanding derivatives.
1 unchanged sentence
A change in the SOFR index of 100 basis points would result in an increase or decrease of approximately $897,000 in interest expense on an annual basis.
−Removed: 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: As of December 31, 2022, there were no outstanding balances under our unsecured lines of credit.
−Removed: An increase in our credit rating would provide a decrease in interest expense.
−Removed: If downgrades to our credit ratings occur, interest expense could increase depending upon the level of downgrade.
+Added: The interest rate spreads associated with our unsecured lines of credit and our unsecured term loan are based on the higher of our three investment grade credit ratings.
+Added: As of December 31, 2023, we had $13.0 million of outstanding balances under our unsecured lines of credit.
+Added: An upgrade or downgrade to our credit rating could decrease or increase, respectively, our interest expense depending on the level of chan ge.
The information presented herein is merely an estimate and has limited predictive value.
9 unchanged sentences
Foreign Currency Risk
−Removed: We are also exposed to foreign currency risk on investments in outlet centers that are located in Canada.
+Added: We are also exposed to foreign currency risk on investments in centers that are located in Canada.
Our currency exposure is concentrated in the Canadian Dollar.
7 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.