−Removed: Quantitative and Qualitative Disclosures About Market Risk (dollar amounts in thousands)
+Added: Quantitative and Qualitative Disclosures About Market Risk (dollars in thousands)
We are exposed to risks associated with market changes in interest rates.
2 unchanged sentences
Fixed Rate Debt
−Removed: At December 31, 2022, our outstanding publicly tradable debt consisted of twelve issues of fixed rate, senior notes:
−Removed: Principal Balance Annual Interest
+Added: At December 31, 2023, our outstanding fixed rate debt consisted of the following:
+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: Senior unsecured notes $ 350,000 4.500 % $ 15,750 2025 Semi-Annually
+Added: Senior unsecured notes 800,000 7.500 % 60,000 2025 Semi-Annually
+Added: Senior unsecured notes 350,000 5.250 % 18,375 2026 Semi-Annually
+Added: Senior unsecured notes 450,000 4.750 % 21,375 2026 Semi-Annually
+Added: Senior unsecured notes 400,000 4.950 % 19,800 2027 Semi-Annually
+Added: Senior unsecured notes 450,000 5.500 % 24,750 2027 Semi-Annually
+Added: Senior unsecured notes 400,000 3.950 % 15,800 2028 Semi-Annually
+Added: Net lease mortgage notes 608,569 5.600 % 34,080 2028 Monthly
+Added: Senior unsecured notes 425,000 4.950 % 21,038 2029 Semi-Annually
+Added: Senior unsecured notes 400,000 4.375 % 17,500 2030 Semi-Annually
+Added: Senior secured notes 1,000,000 8.625 % 86,250 2031 Semi-Annually
$ 5,633,569 $ 334,718
−Removed: No principal repayments are due under these notes until maturity.
+Added: No principal repayments are due under our unsecured or secured 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 has raised interest rates several times since the beginning of 2022 in an effort to combat high inflation and has signaled that further increases are likely to occur.
+Added: In response to significant and prolonged increases in inflation, the U.S.
+Added: Federal Reserve has raised interest rates multiple times since the beginning of 2022.
+Added: Although the U.S.
+Added: Federal Reserve has indicated that it may lower interest rates in 2024, we cannot be sure that it will do so, and interest rates may remain at the current high levels or continue to increase.
Based on the balances outstanding at December 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 $174,526.
−Removed: Each of these fixed rate unsecured debt arrangements allows us to make repayments earlier than the stated maturity date.
−Removed: 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.
+Added: Our fixed rate debt arrangements may allow us to make repayments earlier than the stated maturity date.
+Added: In some cases, we are not allowed to make early repayment prior to a cutoff date and 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.
Also, we have in the past repurchased and retired some of our outstanding debts and we may do so again in the future.
2 unchanged sentences
At December 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: 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.
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.
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.
8 unchanged sentences
One percentage point increase 8.88 % $ 650,000 $ 57,720 $ 0.35
−Removed: (1) Weighted average based on LIBOR plus a premium, which was 250 basis points per annum at December 31, 2022.
+Added: (1) Based on SOFR plus a premium, which was 250 basis points per annum at December 31, 2023.
(2) Based on diluted weighted average common shares outstanding for the year ended December 31, 2023.
3 unchanged sentences
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 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.
−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.
Financial Statements and Supplementary Data
2 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.