The Replace Text tool allows you to mark text for deletion and to replace it with something else using a single annotation.
To access the Replace Text properties right click (Mac: Ctrl + Click) on the annotation and choose Properties in the mouse menu or click on the edit button on the Mini Toolbar. The Replace Text Markup contains the following property settings.
Markup Type - Allows you to change the type of text markup on the selected text
Transparency - Sets the transparency of the text markup
Color - Allows you to set the color of the text markup
Note / Comment - A note can be added to text markups that will be displayed when hovered over by the mouse
Save as default - When checked this will make the selected appearance settings the default for any new Replace Text markups going forward
Locked - When checked prevents the following on the annotation: being moved or resized, editing appearance properties, & deleting the annotation.
Author - Allows you to edit the author
Subject - Allows you to edit the subject
Layer - Only available when the document contains layers. Sets the layer that the annotation belongs to. For more information see Assigning Comments to Layers
This tab will display and changes to the review status of the annotation including Author, Status, and Timestamp. For more details see Setting Status or Check Marks on Annotations