10 unchanged sentences
(1) the amount of cash generated from our operating activities;
−Removed: (2) the amount of cash required for leasing and capital expenditures;
+Added: (2) the amount of cash required for leasing and maintenance capital expenditures;
(3) the amount of cash required for debt repayments, reinvestment activity, net acquisitions, and share repurchases;
(4) the amount of cash required to be distributed to maintain BPG’s status as a REIT and to reduce any income and excise taxes that BPG otherwise would be required to pay;
−Removed: (5) any limitations on our distributions contained in our financing agreements, including, without limitation, in our senior unsecured credit facility, as amended April 29, 2020 (the “Unsecured Credit Facility”);
+Added: (5) any limitations on our distributions contained in our financing agreements, including, without limitation, in our Unsecured Credit Facility;
(6) the sufficiency of legally-available assets;
−Removed: and (7) our ability to continue to access additional sources of capital.
−Removed: To the extent BPG is prevented, by provisions of our financing agreements or otherwise, from distributing 100% of BPG’s REIT taxable income, or otherwise does not distribute 100% of BPG’s REIT taxable income, BPG will be subject to income tax, and potentially excise tax, on the retained amounts.
−Removed: If our operations do not generate sufficient cash flow to allow BPG to satisfy the REIT distribution requirements, we may be required to fund distributions with working capital, borrowed funds, or asset sales, or we may be required to reduce such distributions or make such distributions in whole or in part payable in shares of BPG’s stock.
−Removed: “Risk Factors” for additional information regarding risk factors that could adversely affect our results of operations.
+Added: and (7) our ability to continue to access external sources of capital.
+Added: To the extent BPG is prevented, by provisions in our financing agreements or otherwise, from distributing 100% of BPG’s REIT taxable income, or otherwise does not distribute 100% of BPG’s REIT taxable income, BPG will be subject to income tax, and potentially excise tax, on the retained amounts.
+Added: If our operations do not generate sufficient cash flow to allow BPG to satisfy the REIT distribution requirements, we may be required to fund distributions with working capital, additional indebtedness, or asset sales, or we may be required to reduce such distributions or make such distributions, in whole or in part, payable in shares of BPG’s stock.
+Added: “Risk Factors” for information regarding risk factors that could adversely affect our financial condition, operating results, and cash flows.
Distributions to the extent of the Company’s current and accumulated earnings and profits for federal income tax purposes will be taxable to stockholders as ordinary dividend income or capital gain income.
Distributions in excess of taxable earnings and profits generally will be treated as non-taxable return of capital.
−Removed: These distributions, to the extent that they do not exceed the stockholder’s adjusted tax basis in its common shares, have the effect of deferring taxation until the sale of the stockholder’s common shares.
+Added: Non-taxable return of capital distributions, to the extent that they do not exceed the stockholder’s adjusted tax basis in its common shares, have the effect of deferring taxation until the sale of the stockholder’s common shares.
To the extent that distributions are both in excess of taxable earnings and profits and in excess of the stockholder’s adjusted tax basis in its common shares, the distributions will be treated as capital gains from the sale of common shares.
−Removed: For the taxable year ended December 31, 2021, 91.8% of the Company’s distributions to stockholders constituted taxable ordinary income and 8.2% constituted a return of capital.
For the taxable year ended December 31, 2022, 100.0% of the Company’s distributions to stockholders constituted taxable ordinary income.
+Added: For the taxable year ended December 31, 2021, 91.8% of the Company’s distributions to stockholders constituted taxable ordinary income and 8.2% constituted a return of capital.
BPG’s Total Stockholder Return Performance
5 unchanged sentences
Issuer Purchases of Equity Securities
−Removed: On January 9, 2020, we established a new share repurchase program (the “Program”) for up to $400.0 million of our common stock.
−Removed: The Program is scheduled to expire on January 9, 2023, unless suspended or extended by the Board of Directors.
−Removed: The Program replaced our prior share repurchase program, which expired on December 5, 2019.
+Added: On November 1, 2022, we established a new share repurchase program (the “Repurchase Program”) for up to $400.0 million of our common stock.
+Added: The Repurchase Program is scheduled to expire on November 1, 2025, unless suspended or extended by our board of directors.
+Added: The Repurchase Program replaced our prior share repurchase program, which was scheduled to expire on January 9, 2023.
During the three months and year ended December 31, 2022, we did not repurchase any shares of common stock.
−Removed: As of December 31, 2021, the Program had $375.0 million of available repurchase capacity.
+Added: As of December 31, 2022, the Repurchase Program had $400.0 million of available repurchase capacity.
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.