I'm looking at an MRI report and of course do not know what it means!?

Can someone explain? a loss of signal is seen in the intervertabal disc spaces at multiple levels consistent with degenerative disc disease. on the signal images there is a mild step-off at L-4 & L-5 suggesting a grade 1 subulaxation. there is a round focal bright signal seen in the T-12 verteral body on T2 weighted sequence which shows heterogeneous insensity on T2 SPIR suggesting fatty infiltration.