5 unchanged sentences
This analysis assumes no change in our financial structure.
−Removed: As of December 31, 2024, our variable rate debt outstanding had rates indexed to SOFR.
+Added: As of December 31, 2025, we had no variable rate debt outstanding.
(Amounts in thousands) December 31, Balance Weighted Average Interest Rate Effect of 1% Change in Base Rates December 31, Balance Weighted Average Interest Rate
−Removed: Variable Rate $ 100,905 5.36% $ 500 (3)
−Removed: $ 280,969 6.53%
+Added: Variable Rate $ — N/A $ — $ 100,905 5.36%
Fixed Rate 1,619,388 5.03% — (2)
2 unchanged sentences
$ — $ 1,633,820 (1)
−Removed: (1) Excludes unamortized mortgage debt issuance costs of $14.1 million and $12.6 million as of December 31, 2024 and December 31, 2023, respectively.
−Removed: Debt issuance costs related to our Revolving Credit Agreement are included within prepaid expenses and other assets on the consolidated balance sheets.
+Added: (1) Excludes unamortized mortgage debt issuance costs of $12.6 million and $14.1 million as of December 31, 2025 and 2024, respectively.
+Added: Debt issuance costs related to our unsecured line of credit are included within prepaid expenses and other assets on the consolidated balance sheets.
+Added: Includes the Shoppers World and Montclair mortgage loans that are hedged with interest rate swap agreements, fixing the interest rates at 5.12% and 3.15%, respectively.
(2) If the weighted average interest rate of our fixed rate debt increased by 1% (i.e.
due to refinancing at higher rates), annualized interest expense would increase by approximately $16.2 million based on outstanding balances as of December 31, 2025.
−Removed: (3) Excludes the impact of a 1% increase on our $50.9 million variable rate mortgage on Plaza at Woodbridge as the loan is hedged with an interest rate cap to limit the maximum SOFR to 3.0%.
−Removed: See Note 9 to the consolidated financial statements included in Part II, Item 8 of this Annual Report on Form 10-K for further information on the Plaza at Woodbridge interest rate cap.
We may utilize various financial instruments to mitigate the impact of interest rate fluctuations on our cash flows and earnings, including hedging strategies, depending on our analysis of the interest rate environment and the costs and risks of such strategies.
10 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.