Ann: 2024 Second Quarter Report, page-61

That is what they mentioned, however, their previous debt was for a lower interest rate and importantly, it was serviceable. So there was no rush, like most REITs have experienced in the recent past, to do either a last-minute capital raise or transfer debt from one lender to another.

So while the difference in debt interest rate may seem minimal, the fact is that they would have paid off the outstanding debt with ongoing cash flow, subject to no major breakdown. They could have obtained an extra facility at a lower yield perhaps next year after the US election.

See, if Trump wins, he will likely not support a new Fed governor who believes in raising rates. If a Democrat wins, they will likely keep the current governor in the job, who is predicting (or at least hinting at) a rate reduction. So, in my opinion, the interest rate is more likely to stay where it is or go down in the US than go up at the moment, based on current conditions. Obviously, any action like war or sudden spike in inflation or another covid scenario can change the whole story as well.