5 unchanged sentences
We do not enter into derivatives or other financial instruments for trading or speculative purposes.
−Removed: As of September 30, 2024 we have interest rate swap agreements in effect to fix the interest rates on outstanding debt with notional amounts totaling $325.0 million.
+Added: As of March 31, 2025 we have interest rate swap agreements in effect to fix the interest rates on outstanding debt with notional amounts totaling $325.0 million.
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.
−Removed: The current derivatives have an average fixed pay rate of 3.90% and end at various dates from February 1, 2026 to January 1, 2027.
+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 8 to the consolidated financial statements for additional details related to our outstanding derivatives.
−Removed: As of September 30, 2024, 4% 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 SOFR index of 100 basis points would result in an increase or decrease of approximately $517,000 in interest expense on an annual basis.
+Added: In April 2025, we entered into forward starting interest rate swap agreements totaling $75.0 million that become effective on February 1, 2026 and expire on April 1, 2028, addressing $75 million of existing swaps that expire on February 1, 2026.
+Added: Collectively, the forward-starting swaps fix the Adjusted SOFR base rate at a weighted average of 3.3% compared to 3.5% for those existing swaps.
+Added: As of March 31, 2025, 12% 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 $1.9 million 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 our three investment grade credit ratings.
−Removed: As of September 30, 2024, 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.
+Added: As of March 31, 2025, we had a $139.0 million balance on our unsecured line of credit.
+Added: Upgrades to our credit ratings could provide a decrease in interest expense.
If downgrades to our credit ratings occur, interest expense could increase depending upon the level of downgrade.
2 unchanged sentences
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, 2024 December 31, 2023
+Added: March 31, 2025 December 31, 2024
Fair value of debt $ 1,502,285 $ 1,348,831
Recorded value of debt $ 1,563,090 $ 1,423,759
−Removed: A 100 basis point increase from prevailing interest rates at September 30, 2024 and December 31, 2023 would result in a decrease in fair value of total consolidated debt of approximately $35.2 million and $40.1 million, respectively.
+Added: A 100 basis point increase from prevailing interest rates at March 31, 2025 and December 31, 2024 would result in a decrease in fair value of total consolidated debt of approximately $31.1 million and $34.5 million, respectively.
Refer to Note 9 to the consolidated financial statements for a description of our methodology in calculating the estimated fair value of debt.
8 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.