5 unchanged sentences
We do not enter into derivatives or other financial instruments for trading or speculative purposes.
−Removed: As of March 31, 2026 we had interest rate swap agreements in effect to fix the interest rates on consolidated debt with aggregate notional amounts totaling $461.7 million.
+Added: As of June 30, 2026 we had interest rate swap agreements in effect to fix the interest rates on consolidated debt with aggregate notional amounts totaling $461.7 million.
In addition, our unconsolidated joint venture in Galveston, Texas has a $60.0 million interest rate swap agreement in place.
−Removed: See Note 6 to the consolidated financial statements for additional details related to our outstanding consolidated derivative instruments.
−Removed: As of March 31, 2026, none of our outstanding consolidated debt, after taking into account interest rate protection agreements in place on our variable debt, had variable interest rates and therefore was not directly subject to market fluctuations.
+Added: See Note 7 to the condensed consolidated financial statements for additional details related to our outstanding consolidated derivative instruments.
+Added: As of June 30, 2026, none of our outstanding consolidated debt, after taking into account interest rate protection agreements in place on our variable debt, had variable interest rates and therefore was not directly subject to market fluctuations.
The interest rate spreads associated with our unsecured lines of credit and our unsecured term loans are based on our three investment-grade credit ratings.
−Removed: As of March 31, 2026, we had no outstanding balances on our unsecured lines of credit.
+Added: As of June 30, 2026, we had no outstanding balances on our unsecured lines of credit.
Upgrades to our credit ratings could reduce our interest expense.
3 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: March 31, 2026 December 31, 2025
+Added: June 30, 2026 December 31, 2025
Fair value of debt $ 1,834,481 $ 1,557,810
Recorded value of debt $ 1,860,963 $ 1,596,821
−Removed: A 100 basis point increase from prevailing interest rates at March 31, 2026 and December 31, 2025 would result in a decrease in fair value of total consolidated debt of approximately $36.7 million and $30.2 million, respectively.
−Removed: Refer to Note 7 to the consolidated financial statements for a description of our methodology in calculating the estimated fair value of debt.
+Added: A 100 basis point increase from prevailing interest rates at June 30, 2026 and December 31, 2025 would result in a decrease in fair value of total consolidated debt of approximately $36.5 million and $30.2 million, respectively.
+Added: Refer to Note 8 to the condensed consolidated financial statements for a description of our methodology in calculating the estimated fair value of debt.
Considerable judgment is necessary to develop estimated fair values of financial instruments.
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.