7 unchanged sentences
The risks to our business from the COVID-19 pandemic include:
−Removed: • The pandemic and the measures taken to combat it have resulted in a significant increase in unemployment .
+Added: • The COVID-19 pandemic and the measures taken to combat it have resulted in a significant increase in unemployment .
Our operating results depend significantly on the ability of our current and prospective tenants to pay their rent.
To the extent our current tenants or prospective tenants experience unemployment, deteriorating financial conditions, and declines in household income, they may be unwilling or unable to pay rent in full on a timely basis or renew or enter into new leases for our homes, and our revenues and operating results could be negatively affected.
−Removed: We have received a number of tenant inquiries regarding rent relief.
−Removed: The longer the COVID-19 pandemic continues, the greater the adverse impact is expected to be on our tenants’ ability to make timely rental payments, on prospective residents to afford our homes, and ultimately on our occupancy.
+Added: We have received a number of tenant inquiries regarding rent relief and we continue to work closely with delinquent residents on a case-by-case basis to find the resolution that is best for the resident and the Company.
+Added: Although minimal to date, workout options have included and may in the future include deferred payment plans which we began offering in June, or, where appropriate, early lease termination.
+Added: The longer the COVID-19 pandemic continues, the greater the adverse impact may be on our tenants’ ability to make timely rental payments, on prospective residents to afford our homes, and ultimately on our occupancy.
• State, local, federal and industry-initiated efforts in response to the COVID-19 pandemic may adversely affect our business.
4 unchanged sentences
Our growth may be adversely impacted as our ability to acquire and construct homes has been negatively affected by COVID-19.
−Removed: Due to market uncertainties regarding future asset values, we have temporarily ceased broker and third-party builder home acquisitions.
+Added: Due to market uncertainties regarding future asset values, we have temporarily suspended acquisitions through traditional channels and our National Builder Program.
We have continued new home construction, which most states permit as an essential business activity;
−Removed: however, some states where we are constructing new homes, such as Washington, temporarily prohibited residential construction.
+Added: however, some states where we are constructing new homes, such as Washington, temporarily prohibited residential construction during the early stages of the COVID-19 pandemic and may institute future prohibitions.
+Added: We have also experienced certain other COVID-19 related construction delays, including government office slowdowns.
In addition, adverse impacts on the supply of construction materials and labor may delay or halt our construction activity.
• Our employees face COVID-19 health risks.
−Removed: If a significant number or our employees, or if key personnel, are unable to work as a result of COVID-19, this would adversely impact our business and operating results.
+Added: If a significant number of our employees, or if key personnel, are unable to work as a result of COVID-19, this would adversely impact our business and operating results.
In addition, during the COVID-19 outbreak, substantially all of our employees are working remotely and depend on Internet and third-party communications vendors that may be unreliable, experience shut-downs or be subject to new cybersecurity risks, adversely impacting operations.
• COVID-19 may delay our ability to maintain our properties .
−Removed: During the COVID-19 outbreak, we are prioritizing emergency repair and maintenance activities for occupied homes and we believe some tenants may be reluctant to request routine maintenance during the COVID-19 pandemic.
+Added: During the beginning of the COVID-19 outbreak, we prioritized emergency repair and maintenance activities for occupied homes and we believe some tenants may be reluctant to request routine maintenance during the COVID-19 pandemic.
Deferring routine repairs and maintenance may impact the value and desirability of our rental homes.
4 unchanged sentences
As a result, we may have difficulty accessing debt and equity markets on attractive terms, or at all, which could affect our ability to meet liquidity and capital expenditure requirements.
−Removed: We believe that the degree to which COVID-19 adversely impacts our business, operating results, cash flows and/or financial condition will be driven primarily by the duration, spread and severity of the pandemic, all of which are uncertain and difficult to predict.
+Added: We believe that the degree to which COVID-19 adversely impacts our business, operating results, cash flows, ability to make distributions, ability to service our debt and/or financial condition will be driven primarily by the duration, spread and severity of the pandemic, all of which are uncertain and difficult to predict.
As a result, we are not able at this time to estimate the effect of these factors on our business, but the adverse impact on our business, results of operations, financial condition and cash flows could be material.
5 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.