−Removed: Quantitative and Qualitative Disclosures About Market Risk (dollars in thousands)
+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.
9 unchanged sentences
Senior unsecured notes 400,000 4.950 % 19,800 2027 Semi-Annually
−Removed: Senior unsecured notes 450,000 4.750 % 21,375 2026 Semi-Annually
−Removed: Senior unsecured notes 400,000 4.950 % 19,800 2027 Semi-Annually
−Removed: Senior unsecured notes 450,000 5.500 % 24,750 2027 Semi-Annually
+Added: Senior guaranteed unsecured notes 450,000 5.500 % 24,750 2027 Semi-Annually
Senior unsecured notes 400,000 3.950 % 15,800 2028 Semi-Annually
Net lease mortgage notes 606,611 5.600 % 33,970 2028 Monthly
+Added: Senior guaranteed unsecured notes 700,000 8.375 % 58,625 2029 Semi-Annually
Senior unsecured notes 425,000 4.950 % 21,038 2029 Semi-Annually
1 unchanged sentence
Senior secured notes 1,000,000 8.625 % 86,250 2031 Semi-Annually
+Added: Senior guaranteed unsecured notes 500,000 8.875 % 44,375 2032 Semi-Annually
$ 5,681,611 $ 361,858
6 unchanged sentences
In response to significant and prolonged increases in inflation, the U.S.
−Removed: Federal Reserve has raised interest rates multiple times since the beginning of 2022.
+Added: Federal Reserve has raised interest rates eleven times during 2022 and 2023 and then paused rate increases in the fourth quarter of 2023 following the deceleration of inflationary growth.
Although the U.S.
−Removed: 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: Federal Reserve cut interest rates three times in late 2024 and may seek to further reduce interest rates, we cannot be sure that it will do so, and interest rates may remain at the current levels or increase.
Based on the balances outstanding at December 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 $198,197.
4 unchanged sentences
Floating Rate Debt
−Removed: At December 31, 2023, we had no amounts outstanding under our revolving credit facility.
+Added: At December 31, 2024, our floating rate debt consisted of $150,000 outstanding under our $650,000 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.
+Added: 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 December 31, 2024:
+Added: Impact of Increase in Interest Rates
+Added: Interest Rate
+Added: Debt Total Interest
+Added: Expense Per Year Annual Per
+Added: Share Impact (2)
+Added: At December 31, 2024 6.99 % $ 150,000 $ 10,485 $ 0.06
+Added: One percentage point increase 7.99 % $ 150,000 $ 11,985 $ 0.07
+Added: (1) Based on SOFR plus a premium, which was 250 basis points per annum at December 31, 2024.
+Added: (2) Based on diluted weighted average common shares outstanding for the year ended December 31, 2024.
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 December 31, 2024 if we were fully drawn on our revolving credit facility:
16 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.