5 unchanged sentences
Recent significant increases in inflation and interest rates could adversely affect us and our tenants.
−Removed: Inflation has significantly increased over the last two years and may continue to be elevated or increase further.
+Added: Inflation has significantly increased over the last three years and may continue to be elevated or increase further.
The efforts of the Federal Reserve to combat inflation have led to significant increases in interest rates.
These increases have resulted in higher operating and incremental borrowing costs for us and our tenants.
−Removed: Although the terms of our leases, the duration of our indebtedness, and our relatively low exposure to floating rate debt have mitigated the direct impact of inflation and interest rate increases, the degree and pace of these changes have had and may continue to have impacts on our business, including as a result of a potential economic recession, which may lead to higher levels of unemployment and decreases in consumer confidence and/or discretionary spending.
−Removed: Public health crises, such as the COVID-19 pandemic, could materially and adversely affect our financial condition, operating results, and cash flows.
−Removed: A future public health crisis, such as the one experienced during the COVID-19 pandemic, could have repercussions across domestic and global economies and financial markets.
+Added: Although the terms of our leases, the duration of our indebtedness, and our relatively low exposure to floating rate debt have mitigated the direct impact of inflation and interest rate increases, the degree and pace of these changes have had and may continue to have impacts on our business, including as a result of increased financing costs when we refinance our indebtedness, and a potential economic recession, which may lead to higher levels of unemployment and decreases in consumer confidence and/or discretionary spending.
+Added: Public health crises could materially and adversely affect our financial condition, operating results, and cash flows.
+Added: A future public health crisis could have repercussions across domestic and global economies and financial markets.
Government responses to such crises, including quarantines, may force our tenants to temporarily close stores, reduce hours, or significantly limit service which may result in significant economic contractions and a dramatic increase in national unemployment.
17 unchanged sentences
Our income is substantially comprised of rental income from tenants in our Portfolio.
−Removed: Our income would be adversely affected if a significant number of our tenants failed to make rental payments when due as a result of either operating challenges or disruptions in credit markets that adversely affect the ability of our tenants to obtain
−Removed: financing on favorable terms or at all.
+Added: Our income would be adversely affected if a significant number of our tenants failed to make rental payments when due as a result of
+Added: either operating challenges or disruptions in credit markets that adversely affect the ability of our tenants to obtain financing on favorable terms or at all.
If our tenants are unable to meet their rental obligations, renew leases, or enter into new leases with us, our financial condition, operating results, and cash flows could be adversely impacted.
43 unchanged sentences
and (3) limit our flexibility to respond to changing business and economic conditions.
+Added: Since 2022, interest rates have been significantly higher than in recent years, and as a result we could face increased debt service costs when we refinance our indebtedness in the future.
In addition, non-compliance with the terms of our debt agreements could result in the acceleration of a significant amount of indebtedness and could materially impair our ability to borrow unused amounts under existing financing arrangements or to obtain additional financing on favorable terms or at all.
1 unchanged sentence
Our variable rate indebtedness subjects us to interest rate risk, and an increase in our debt service obligations may adversely affect our financial condition, operating results, and cash flows.
−Removed: During 2022, interest rates increased significantly and may further increase in the future.
+Added: Since 2022, interest rates have been significantly higher than in recent years.
As of December 31, 2023, $500.0 million of borrowings under our Term Loan Facility and $18.5 million of borrowings under our Revolving Facility bear interest at variable rates.
−Removed: In addition, we had $1.1 billion of available liquidity under our Revolving Facility and a $200.0 million delayed draw available under the Term Loan Facility, both of which would bear interest at variable rates upon borrowing.
+Added: In addition, we had $1.23 billion of available liquidity under our Revolving Facility which would bear interest at variable rates upon borrowing.
When interest rates increase, our debt service obligations on the variable rate indebtedness increase even though the amount borrowed remains the same, and our net income and cash flows correspondingly decrease.
5 unchanged sentences
Our access to external capital depends upon several factors, including general market conditions, our current and potential future earnings, the market’s perception of our growth potential, our liquidity and leverage ratios, and our cash distributions.
−Removed: Additionally, interest rates have increased significantly during 2022 and may increase in the future.
+Added: Additionally, since 2022, interest rates have been significantly higher than in recent years.
Increased interest rates negatively affect our ability to efficiently refinance our outstanding debt.
8 unchanged sentences
Our creditworthiness is rated by nationally recognized credit rating agencies.
−Removed: The credit ratings assigned are based on our operating performance, liquidity and leverage ratios, financial condition and prospects, and other factors
−Removed: viewed by the credit rating agencies as relevant to our industry.
−Removed: Our credit rating can affect our ability to access debt capital, as well as the terms of certain existing and potential future debt financings.
+Added: The credit ratings assigned are based on our operating performance, liquidity and leverage ratios, financial condition and prospects, and other factors viewed by the credit rating agencies as relevant to our industry.
+Added: Our credit rating can affect our ability to access debt
+Added: capital, as well as the terms of certain existing and potential future debt financings.
Since we depend on debt financing to fund our business, an adverse change in our credit rating, including changes in our credit outlook, or even the initiation of a review of our credit rating that could result in an adverse change, could adversely affect our financial condition, operating results, and cash flows.
37 unchanged sentences
We and our tenants face risks relating to cybersecurity attacks that could cause the loss of confidential information or other business disruptions.
−Removed: We rely extensively on computer systems to operate and manage our business and process transactions, and as a result, our business is at risk from, and may be impacted by, cybersecurity attacks.
+Added: We rely extensively on information technology ("IT") systems to operate and manage our business and process transactions, and as a result, our business is at risk from, and may be impacted by, cybersecurity attacks.
These attacks could include attempts to gain unauthorized access to our data and/or computer systems.
Attacks may be undertaken by individuals or may be highly organized attempts by very sophisticated organizations.
−Removed: We employ a variety of measures to prevent, detect, and mitigate these threats, which include password protection, frequent mandatory password change events, multi-factor authentication, mandatory employee trainings, firewall detection systems, frequent backups, a redundant data system for core applications, and annual penetration testing;
+Added: We employ a variety of measures to prevent, detect, and mitigate these threats;
however, there is no guarantee that such efforts will be successful in preventing or mitigating a cybersecurity attack.
1 unchanged sentence
A successful attack could also damage our reputation and result in significant remediation costs and potential litigation.
−Removed: Similarly, our tenants rely extensively on computer systems to process transactions and manage their businesses and thus are also at risk from, and may be impacted by, cybersecurity attacks.
+Added: Similarly, our tenants rely extensively on IT systems to process transactions and manage their businesses and thus are also at risk from, and may be impacted by, cybersecurity attacks, which could impact their ability to pay rent timely or at all.
A cybersecurity attack experienced by us or one of our tenants that results in an interruption in business operations and/or a deterioration in reputation could adversely affect our financial condition, operating results, and cash flows.
As of December 31, 2023, we have not had any material incidences involving cybersecurity attacks.
+Added: Further information relating to cybersecurity risk management is discussed in Item 1C.
+Added: "Cybersecurity" in this report.
The direct and indirect impact on us and our tenants from severe weather, flooding, and other effects of climate change, and the economic and reputational impacts of the transition to non-carbon based energy, could adversely affect our financial condition, operating results, and cash flows.
Our properties have been and may in the future be adversely impacted by flooding, wildfires, high winds and other effects of severe weather conditions that may be caused or exacerbated by climate change.
−Removed: These events can result in property closures, property damage, and delays in value-enhancing reinvestment stabilizations, and may adversely impact the operations of our tenants.
+Added: These events have resulted in and may in the future result in property closures, property damage, and delays in value-enhancing reinvestment stabilizations, and may adversely impact the operations of our tenants.
Even if these events do not directly impact our properties, they have impacted and may continue to impact us and our tenants through increases in insurance, energy or other costs.
68 unchanged sentences
In addition, if a significant number of BPG’s stockholders elect to sell shares of BPG’s stock in order to pay taxes owed on dividend income, such sales may put downward pressure on the market price of BPG’s stock.
−Removed: Unresolved Staff Comments
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.