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
+Added: Senior secured notes 580,155 — % — 2027 At Maturity
Senior guaranteed unsecured notes 450,000 5.500 % 24,750 2027 Semi-Annually
9 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 $56,816.
+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 $48,797, 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: In response to significant and prolonged increases in inflation, the U.S.
−Removed: 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.
−Removed: Although the U.S.
−Removed: 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.
−Removed: 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.
+Added: Based on the balances outstanding at December 31, 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 $145,822, 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: At December 31, 2024, our floating rate debt consisted of $150,000 outstanding under our $650,000 revolving credit facility.
+Added: As of December 31, 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.
−Removed: 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.
−Removed: Borrowings under our revolving credit facility are in U.S.
+Added: The maturity date of the VFN is January 27, 2027, and, subject to the payment of an extension fee and meeting certain other conditions, can be extended by one year.
+Added: No principal repayments are required under our revolving credit facility or the VFN prior to maturity and repayments may be made and redrawn subject to conditions at any time without penalty.
+Added: Borrowings under our revolving credit facility and the VFN are in U.S.
dollars and require interest to be paid at a rate of SOFR plus premiums.
1 unchanged sentence
dollar based short term interest rates, specifically SOFR.
−Removed: 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.
+Added: In addition, upon renewal or refinancing of our revolving credit facility and the VFN, 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.
7 unchanged sentences
One percentage point increase 6.62 % $ 45,000 $ 2,979 $ 0.02
−Removed: (1) Based on SOFR plus a premium, which was 250 basis points per annum at December 31, 2024.
+Added: (1) Based on SOFR plus a premium, which was 175 basis points per annum for the VFN at December 31, 2025.
(2) Based on diluted weighted average common shares outstanding for the year ended December 31, 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 as of December 31, 2024 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 as of December 31, 2025 if we were fully drawn on our revolving credit facility and the VFN:
Impact of Increase in Interest Rates
Interest Rate
−Removed: Debt Total Interest
+Added: Total Interest
Expense Per Year Annual Per
2 unchanged sentences
One percentage point increase 7.32 % $ 695,000 $ 50,874 $ 0.31
−Removed: (1) Based on SOFR plus a premium, which was 250 basis points per annum at December 31, 2024.
+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 at December 31, 2025.
+Added: Interest Rate is weighted based on amounts outstanding.
+Added: (2) Represents the maximum amount available under our revolving credit facility and the VFN.
(3) Based on diluted weighted average common shares outstanding for the year ended December 31, 2025.
−Removed: The foregoing table shows the impact of an immediate change in floating interest rates as of December 31, 2024.
+Added: The foregoing tables show the impact of an immediate change in floating interest rates as of December 31, 2025.
If interest rates were to change gradually over time, the impact would be spread over time.
−Removed: Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amounts under our revolving credit facility or other floating rate debt, if any.
+Added: Our exposure to fluctuations in floating interest rates will increase or decrease in the future with increases or decreases in the outstanding amounts under our revolving credit facility, the VFN or other floating rate debt, if any.
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.
3 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.