6 unchanged sentences
As of December 31, 2025, we had interest rate swap agreements to fix the interest rates on outstanding debt with notional amounts totaling $386.7 million.
−Removed: 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 between February 1, 2026 and January 1, 2027.
+Added: Throughout 2025 and into January 2026, we entered into several forward starting interest rate swap agreements on our unsecured debt totaling $275.0 million with effective dates throughout 2026 with a weighted average interest rate of 3.3%.
+Added: These agreements have expiration dates ranging from October 1, 2027 to September 1, 2030.
See Note 9 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 $440,000 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 three investment grade credit ratings.
−Removed: As of December 31, 2024, we did not have any outstanding balances under our unsecured lines of credit.
+Added: As of December 31, 2025, 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, 2025, we had a $44.0 million balance on our unsecured line 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.
12 unchanged sentences
Our currency exposure is concentrated in the Canadian Dollar.
−Removed: To mitigate some of the risk related to changes in foreign currency, cash flows received from our Canadian joint ventures are either reinvested to fund ongoing Canadian development activities, if applicable, or converted to US dollars and utilized to repay amounts outstanding under our unsecured lines of credit, if any.
+Added: To mitigate some of the risk related to changes in foreign currency, cash flows received from our Canadian joint ventures are either reinvested to fund ongoing Canadian development activities, if applicable, or converted to U.S.
+Added: dollars and utilized to repay amounts outstanding under our unsecured lines of credit, if any.
Accordingly, cash held in Canadian Dollars at any point in time is insignificant.
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.