5 unchanged sentences
Fixed Rate Debt
−Removed: At September 30, 2022, our outstanding publicly tradable debt consisted of 12 issues of fixed rate, senior notes:
−Removed: Principal Balance Annual Interest
+Added: At March 31, 2023, our outstanding publicly tradable debt consisted of eleven issues of unsecured fixed rate senior notes and secured fixed rate net lease mortgage notes:
+Added: Debt Principal Balance Annual Interest
Rate Annual Interest
Expense Maturity Interest Payments Due
−Removed: $ 500,000 4.500 % $ 22,500 2023 Semi-Annually
−Removed: 350,000 4.650 % 16,275 2024 Semi-Annually
−Removed: 825,000 4.350 % 35,888 2024 Semi-Annually
−Removed: 350,000 4.500 % 15,750 2025 Semi-Annually
−Removed: 800,000 7.500 % 60,000 2025 Semi-Annually
−Removed: 350,000 5.250 % 18,375 2026 Semi-Annually
−Removed: 450,000 4.750 % 21,375 2026 Semi-Annually
−Removed: 400,000 4.950 % 19,800 2027 Semi-Annually
−Removed: 450,000 5.500 % 24,750 2027 Semi-Annually
−Removed: 400,000 3.950 % 15,800 2028 Semi-Annually
−Removed: 425,000 4.950 % 21,038 2029 Semi-Annually
−Removed: 400,000 4.375 % 17,500 2030 Semi-Annually
+Added: Unsecured Senior Notes $ 350,000 4.650 % $ 16,275 2024 Semi-Annually
+Added: Unsecured Senior Notes 825,000 4.350 % 35,888 2024 Semi-Annually
+Added: Unsecured Senior Notes 350,000 4.500 % 15,750 2025 Semi-Annually
+Added: Unsecured Senior Notes 800,000 7.500 % 60,000 2025 Semi-Annually
+Added: Unsecured Senior Notes 350,000 5.250 % 18,375 2026 Semi-Annually
+Added: Unsecured Senior Notes 450,000 4.750 % 21,375 2026 Semi-Annually
+Added: Unsecured Senior Notes 400,000 4.950 % 19,800 2027 Semi-Annually
+Added: Unsecured Senior Notes 450,000 5.500 % 24,750 2027 Semi-Annually
+Added: Unsecured Senior Notes 400,000 3.950 % 15,800 2028 Semi-Annually
+Added: Net Lease Mortgage Notes 610,037 5.600 % 34,680 2028 Monthly
+Added: Unsecured Senior Notes 425,000 4.950 % 21,038 2029 Semi-Annually
+Added: Unsecured Senior Notes 400,000 4.375 % 17,500 2030 Semi-Annually
$ 5,810,037 $ 301,231
−Removed: No principal repayments are due under these notes until maturity.
+Added: No principal repayments are due under our unsecured senior notes until maturity.
+Added: Our net lease mortgage notes require principal and interest payments through maturity pursuant to amortization schedules.
Because these notes require interest at fixed rates, changes in market interest rates during the term of these debts will not affect our interest obligations.
2 unchanged sentences
increases in market interest rates decrease the fair value of our fixed rate debt while decreases in market interest rates increase the fair value of our fixed rate debt.
−Removed: Federal Reserve recently raised interest rates in an effort to combat high inflation and has signaled that further large increases are likely to occur.
−Removed: Based on the balances outstanding at September 30, 2022 and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point change in interest rates would change the fair value of those debt obligations by approximately $161,681.
−Removed: Each of these fixed rate unsecured debt arrangements allows us to make repayments earlier than the stated maturity date.
+Added: Federal Reserve has raised the federal funds rate multiple times since the beginning of 2022 and has signaled that further increases are likely to occur.
+Added: Based on the balances outstanding at March 31, 2023 and discounted cash flows analyses through the respective maturity dates, and assuming no other changes in factors that may affect the fair value of our fixed rate debt obligations, a hypothetical immediate one percentage point change in interest rates would change the fair value of those debt obligations by approximately $157,184.
+Added: Each of these fixed rate debt arrangements allows us to make repayments earlier than the stated maturity date.
We are generally allowed to make prepayments only at a premium equal to a make whole amount, as defined, which is generally designed to preserve a stated yield to the noteholder.
2 unchanged sentences
Floating Rate Debt
−Removed: At September 30, 2022, our floating rate debt consisted of $95,000 outstanding under our revolving credit facility.
−Removed: As of November 1, 2022, the maturity date of our revolving credit facility is July 15, 2023 .
+Added: At March 31, 2023, we had no amounts outstanding under our revolving credit facility.
+Added: The maturity date of our revolving credit facility is July 15, 2023.
No principal repayments are required under our revolving credit facility prior to maturity and repayments may be made and redrawn subject to conditions at any time without penalty.
5 unchanged sentences
Generally, a change in interest rates would not affect the value of this floating rate debt but would affect our operating results.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense as of September 30, 2022:
−Removed: Impact of Increase in Interest Rates
−Removed: Interest Rate
−Removed: Total Interest
−Removed: Expense Per Year Annual Per
−Removed: Share Impact (3)
−Removed: At September 30, 2022 5.26 % $ 95,000 $ 4,997 $ 0.03
−Removed: One percentage point increase 6.26 % $ 95,000 $ 5,947 $ 0.04
−Removed: (1) Weighted average based on the interest rates and the outstanding borrowings as of September 30, 2022.
−Removed: (2) As part of the amendment of the agreement governing our revolving credit facility, the credit facility was reduced to $800,000.
−Removed: For further information about our credit facility, see Note 7 to our Notes to Condensed Consolidated Financial Statements included in Part I, Item 1 of this Quarterly Report on Form 10-Q.
−Removed: (3) Based on diluted weighted average common shares outstanding for the nine months ended September 30, 2022.
−Removed: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at September 30, 2022 if we were fully drawn on our revolving credit facility.
+Added: The following table presents the impact a one percentage point increase in interest rates would have on our annual floating rate interest expense at March 31, 2023 if we were fully drawn on our revolving credit facility.
Impact of Increase in Interest Rates
4 unchanged sentences
Share Impact (1)
−Removed: At September 30, 2022 5.26 % $ 800,000 $ 42,080 $ 0.26
+Added: At March 31, 2023 7.36 % $ 800,000 $ 58,880 $ 0.36
One percentage point increase 8.36 % $ 800,000 $ 66,880 $ 0.41
−Removed: (1) Based on diluted weighted average common shares outstanding for the nine months ended September 30, 2022.
−Removed: The foregoing table shows the impact of an immediate change in floating interest rates as of September 30, 2022.
+Added: (1) Based on diluted weighted average common shares outstanding for the three months ended March 31, 2023.
+Added: The foregoing table shows the impact of an immediate change in floating interest rates as of March 31, 2023.
If interest rates were to change gradually over time, the impact would be spread over time.
4 unchanged sentences
LIBOR has been phased out for new contracts and is expected to be phased out for pre-existing contracts by June 30, 2023.
−Removed: We currently expect that the determination of interest under our revolving credit facility will be revised as provided under our credit agreement or amended as necessary to provide for an alternative interest rate index.
+Added: We currently expect to enter into a new facility prior to the maturity of our existing facility;
+Added: however, we currently expect that the determination of interest under our existing revolving credit facility will be revised as provided under our credit agreement or amended as necessary to provide for an alternative interest rate index.
We expect that the alternative interest rate index would likely be the secured overnight financing rate, or SOFR, because interest rates based on SOFR have gained significant market adoption as the replacement to LIBOR for debt facilities similar to ours.
1 unchanged sentence
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.