5 unchanged sentences
Fixed Rate Debt
−Removed: At June 30, 2025, our outstanding fixed rate debt consisted of the following:
+Added: At September 30, 2025, our outstanding fixed rate debt consisted of the following:
Debt Principal
4 unchanged sentences
Senior unsecured notes 400,000 4.950 % 19,800 2027 Semi-Annually
−Removed: Senior unsecured notes 400,000 4.950 % 19,800 2027 Semi-Annually
+Added: Senior secured notes 580,155 — % — 2027 At Maturity
Senior guaranteed unsecured notes
12 unchanged sentences
Our net lease mortgage notes require principal and interest payments through maturity pursuant to amortization schedules.
−Removed: 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.
−Removed: If these notes were refinanced at interest rates which are one percentage point higher than the rates shown above, our per annum interest cost would increase by approximately $56,806.
+Added: Our $580,155 senior secured notes due 2027 require no cash interest to accrue prior to maturity and will accrete at a rate of 7.50% per annum compounded semi-annually on March 30 and September 30 of each year, such that the accreted value will equal the principal amount at maturity.
+Added: Because certain notes require interest at fixed rates, changes in market interest rates during the term of these debts will not affect our interest obligations.
+Added: If these notes were refinanced at interest rates which are one percentage point higher than the rates shown above, our per annum interest cost would increase by approximately $53,301, which amount excludes $580,155 of our senior secured notes due 2027 as no interest is due until maturity.
Changes in market interest rates would affect the fair value of our fixed rate debt obligations;
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: Based on the balances outstanding at June 30, 2025 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 $171,991.
+Added: Based on the balances outstanding at September 30, 2025 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 $159,621, which amount excludes $580,155 of our senior secured notes due 2027 as no interest is due until maturity.
Our fixed rate debt arrangements may allow us to make repayments earlier than the stated maturity date.
3 unchanged sentences
Floating Rate Debt
−Removed: As of June 30, 2025, our floating rate debt consisted of $100,000 outstanding under our $650,000 revolving credit facility and $45,000 outstanding under the VFN.
−Removed: On July 1, 2025, we borrowed $550,000 under our revolving credit facility as a precautionary measure to preserve financial flexibility.
−Removed: As of August 1, 2025, our $650,000 revolving credit facility was fully drawn.
+Added: As of September 30, 2025, we had no amounts outstanding under our revolving credit facility and $45,000 outstanding under the VFN.
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.
7 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 June 30, 2025:
+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 September 30, 2025:
Impact of Increase in Interest Rates
3 unchanged sentences
Share Impact (2)
−Removed: At June 30, 2025 6.63 % $ 145,000 $ 9,614 $ 0.06
+Added: At September 30, 2025 5.73 % $ 45,000 $ 2,579 $ 0.02
One percentage point increase 6.73 % $ 45,000 $ 3,029 $ 0.02
−Removed: (1) Based on SOFR plus a premium, which was 250 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of June 30, 2025.
−Removed: Interest rate is weighted based on amounts outstanding.
−Removed: (2) Based on diluted weighted average common shares outstanding for the six months ended June 30, 2025.
−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 June 30, 2025 if we were fully drawn on our revolving credit facility and the VFN:
+Added: (1) Based on SOFR plus a premium, which was 175 basis points per annum for the VFN, as of September 30, 2025.
+Added: (2) Based on diluted weighted average common shares outstanding for the nine months ended September 30, 2025.
+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 September 30, 2025 if we were fully drawn on our revolving credit facility and the VFN:
Impact of Increase in Interest Rates
3 unchanged sentences
Share Impact (3)
−Removed: At June 30, 2025 6.63 % $ 695,000 $ 46,079 $ 0.28
+Added: At September 30, 2025 6.67 % $ 695,000 $ 46,357 $ 0.28
One percentage point increase 7.67 % $ 695,000 $ 53,307 $ 0.32
−Removed: (1) Based on SOFR plus a premium, which was 250 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of June 30, 2025.
+Added: (1) Based on SOFR plus a premium, which was 250 basis points per annum for our revolving credit facility and 175 basis points per annum for the VFN, as of September 30, 2025.
Interest rate is weighted based on amounts outstanding.
(2) Represents the maximum amount available under our revolving credit facility and the VFN.
−Removed: (3) Based on diluted weighted average common shares outstanding for the six months ended June 30, 2025.
−Removed: The foregoing tables show the impact of an immediate change in floating interest rates as of June 30, 2025.
+Added: (3) Based on diluted weighted average common shares outstanding for the nine months ended September 30, 2025.
+Added: The foregoing tables show the impact of an immediate change in floating interest rates as of September 30, 2025.
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.