5 unchanged sentences
We do not enter into derivatives or other financial instruments for trading or speculative purposes.
−Removed: 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.
−Removed: 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.
+Added: As of December 31, 2024, we had interest rate swap agreements to fix the interest rates on outstanding debt with notional amounts totaling $325.0 million.
+Added: Over the course of 2023, we entered into these interest rate swap agreements that became effective on February 1, 2024 to replace $300.0 million of expiring interest rate swaps, which had an average fixed pay rate of 0.40%, as part of our interest rate risk management strategy.
+Added: The current derivatives have an average fixed pay rate of 3.90% and end at various dates between February 1, 2026 and January 1, 2027.
See Note 10 to the Consolidated Financial Statements for additional details related to our outstanding derivatives.
2 unchanged sentences
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.
−Removed: As of December 31, 2023, we had $13.0 million of outstanding balances under our unsecured lines of credit.
+Added: As of December 31, 2024, we did not have any outstanding balances under our unsecured lines of credit.
An upgrade or downgrade to our credit rating could decrease or increase, respectively, our interest expense depending on the level of chan ge.
20 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.