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What Are the Consequences of Floating Rate Debt?
The second effect of these high interest rates that we're seeing have to do with the consequences of floating rate debt that was issued in 2020 and 2021. The forecast for which is now resetting to substantially higher interest rates today. And whenever you're buying or building an asset, when you thought you were going to create value, you would want that floating rate debt. So there's a lot going on in the commercial world state industry as it pains to interest rates, but those are a couple of things that we're living with day to day.