5 unchanged sentences
Fixed Rate Debt
−Removed: 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: At June 30, 2023, our outstanding publicly tradable debt consisted of 11 issues of unsecured fixed rate senior notes and secured fixed rate net lease mortgage notes:
Debt Principal Balance Annual Interest
20 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 has raised the federal funds rate multiple times since the beginning of 2022 and has signaled that further increases are likely to occur.
−Removed: 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: Federal Reserve has raised the federal funds rate multiple times since the beginning of 2022 and has signaled that further increases may occur.
+Added: Based on the balances outstanding at June 30, 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 $123,252.
Each of these fixed rate debt arrangements allows us to make repayments earlier than the stated maturity date.
3 unchanged sentences
Floating Rate Debt
−Removed: At March 31, 2023, we had no amounts outstanding under our revolving credit facility.
−Removed: The maturity date of our revolving credit facility is July 15, 2023.
+Added: At June 30, 2023, we had no amounts outstanding under our revolving credit facility.
+Added: The maturity date of our revolving credit facility is June 29, 2027, and, subject to our meeting certain conditions, including our payment of an extension fee, we have an option to extend the stated maturity date of the facility by two six-month periods.
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.
Borrowings under our revolving credit facility are in U.S.
−Removed: dollars and require annual interest to be paid at the rate of LIBOR plus premiums that are subject to adjustment based upon changes to our credit ratings.
+Added: dollars and require interest to be paid at a rate of SOFR plus premiums that are subject to adjustment based upon changes to our credit ratings.
Accordingly, we are vulnerable to changes in U.S.
−Removed: dollar based short term interest rates, specifically LIBOR and to changes in our credit ratings.
+Added: dollar based short term interest rates, specifically SOFR and to changes in our credit ratings.
In addition, upon renewal or refinancing of our revolving credit facility, we are vulnerable to increases in interest rate premiums due to market conditions or our perceived credit characteristics.
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 at March 31, 2023 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 June 30, 2023 if we were fully drawn on our revolving credit facility.
Impact of Increase in Interest Rates
Interest Rate
−Removed: Per Year Outstanding
Debt Total Interest
1 unchanged sentence
Share Impact (2)
−Removed: At March 31, 2023 7.36 % $ 800,000 $ 58,880 $ 0.36
+Added: At June 30, 2023 7.64 % $ 650,000 $ 49,660 $ 0.30
One percentage point increase 8.64 % $ 650,000 $ 56,160 $ 0.34
−Removed: (1) Based on diluted weighted average common shares outstanding for the three months ended March 31, 2023.
−Removed: The foregoing table shows the impact of an immediate change in floating interest rates as of March 31, 2023.
+Added: (1) Based on SOFR plus a premium, which was 250 basis points per annum, as of June 30, 2023.
+Added: (2) Based on diluted weighted average common shares outstanding for the six months ended June 30, 2023.
+Added: The foregoing table shows the impact of an immediate change in floating interest rates as of June 30, 2023.
If interest rates were to change gradually over time, the impact would be spread over time.
1 unchanged sentence
Although we have no present plans to do so, we may in the future enter into hedge arrangements from time to time to mitigate our exposure to changes in interest rates.
−Removed: LIBOR Phase Out
−Removed: We are required to pay interest on borrowings under our revolving credit facility at floating rates based on LIBOR.
−Removed: 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 to enter into a new facility prior to the maturity of our existing facility;
−Removed: 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.
−Removed: 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.
−Removed: Any alternative interest rate index that may replace LIBOR may result in changes to the amount of interest we are required to pay and could result in our paying increased interest amounts.
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.