−Removed: Quantitative and Qualitative Disclosures About Market Risk (dollar amounts in thousands, except per share amounts)
+Added: Quantitative and Qualitative Disclosures About Market Risk (dollars in thousands, except per share amounts)
We are exposed to risks associated with market changes in interest rates.
3 unchanged sentences
Fixed Rate Debt
−Removed: At September 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:
−Removed: Debt Principal Balance Annual Interest
−Removed: Rate Annual Interest
−Removed: Expense Maturity Interest Payments Due
−Removed: Unsecured Senior Notes $ 350,000 4.650 % $ 16,275 2024 Semi-Annually
−Removed: Unsecured Senior Notes 825,000 4.350 % 35,888 2024 Semi-Annually
−Removed: Unsecured Senior Notes 350,000 4.500 % 15,750 2025 Semi-Annually
−Removed: Unsecured Senior Notes 800,000 7.500 % 60,000 2025 Semi-Annually
−Removed: Unsecured Senior Notes 350,000 5.250 % 18,375 2026 Semi-Annually
−Removed: Unsecured Senior Notes 450,000 4.750 % 21,375 2026 Semi-Annually
−Removed: Unsecured Senior Notes 400,000 4.950 % 19,800 2027 Semi-Annually
−Removed: Unsecured Senior Notes 450,000 5.500 % 24,750 2027 Semi-Annually
−Removed: Unsecured Senior Notes 400,000 3.950 % 15,800 2028 Semi-Annually
+Added: At March 31, 2024, our outstanding fixed rate debt consisted of the following:
+Added: Debt Principal
+Added: Balance Annual
+Added: Interest Rate Annual
+Added: Interest Expense Maturity Interest
+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
Net lease mortgage notes 608,079 5.600 % 34,052 2028 Monthly
−Removed: Unsecured Senior Notes 425,000 4.950 % 21,038 2029 Semi-Annually
−Removed: Unsecured Senior Notes 400,000 4.375 % 17,500 2030 Semi-Annually
+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
$ 5,633,079 $ 334,690
−Removed: No principal repayments are due under our unsecured senior notes until maturity.
+Added: No principal repayments are due under our unsecured or secured senior notes until maturity.
Our net lease mortgage notes require principal and interest payments through maturity pursuant to amortization schedules.
3 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 further increases may occur.
−Removed: Based on the balances outstanding at September 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 $134,285.
−Removed: Each of these fixed rate 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: 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.
+Added: Based on the balances outstanding at March 31, 2024 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 $177,555.
+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.
1 unchanged sentence
Floating Rate Debt
−Removed: At September 30, 2023, we had no amounts outstanding under our revolving credit facility.
+Added: At March 31, 2024, we had no amounts outstanding under our revolving credit facility.
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.
6 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 at September 30, 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 March 31, 2024 if we were fully drawn on our revolving credit facility:
Impact of Increase in Interest Rates
3 unchanged sentences
Share Impact (2)
−Removed: At September 30, 2023 7.93 % $ 650,000 $ 51,545 $ 0.31
+Added: At March 31, 2024 7.84 % $ 650,000 $ 50,960 $ 0.31
One percentage point increase 8.84 % $ 650,000 $ 57,460 $ 0.35
−Removed: (1) Based on SOFR plus a premium, which was 250 basis points per annum, as of September 30, 2023.
−Removed: (2) Based on diluted weighted average common shares outstanding for the nine months ended September 30, 2023.
−Removed: The foregoing table shows the impact of an immediate change in floating interest rates as of September 30, 2023.
+Added: (1) Based on SOFR plus a premium, which was 250 basis points per annum, at March 31, 2024.
+Added: (2) Based on diluted weighted average common shares outstanding for the three months ended March 31, 2024.
+Added: The foregoing table shows the impact of an immediate change in floating interest rates as of March 31, 2024.
If interest rates were to change gradually over time, the impact would be spread over time.
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.