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Based upon that evaluation, our President and Chief Executive Officer and our Chief Financial Officer and Treasurer concluded that our disclosure controls and procedures are effective.
−Removed: There have been no changes in our internal control over financial reporting during the quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
+Added: There have been no changes in our internal control over financial reporting during the quarter ended March 31, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Warning Concerning Forward-Looking Statements
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These forward-looking statements include, among others, statements about:
−Removed: our efforts to manage costs and increase occupancy at our SHOP communities;
+Added: our efforts to manage costs and our expectations regarding occupancy and average monthly rates at our SHOP communities;
market demand and supply for healthcare services for older adults and senior living communities;
−Removed: the transitions of management of certain of our senior living communities to third party managers and the expected timing and costs related to such transitions;
demand for medical office and life science leased space;
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our liquidity needs and sources;
−Removed: our redemptions of notes;
our capital expenditure plans and commitments;
−Removed: our acquisitions and our pending or potential property dispositions;
+Added: our property acquisitions and dispositions;
our redevelopment, repositioning and construction activities and plans;
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Some of the risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following:
−Removed: • The impact of unfavorable market and commercial real estate industry conditions due to possible reduced demand for healthcare related space and senior living communities, uncertainties surrounding interest rates, wage and commodity price inflation, supply chain disruptions, volatility in the public debt and equity markets, effects of or changes to tariffs or trading policies, pandemics, geopolitical instability and tensions, any U.S.
−Removed: government shutdown, economic uncertainties, labor market conditions or changes in real estate utilization, among other things, on us and our managers and other operators and tenants,
+Added: • The impact of unfavorable market and commercial real estate industry conditions due to possible reduced demand for healthcare related space and senior living communities, uncertainties surrounding interest rates, wage and commodity price inflation, supply chain disruptions, volatility in the public debt and equity markets, changing tariffs and trade policies and related uncertainty, geopolitical instability and tensions, pandemics, any U.S.
+Added: government shutdown, economic downturns or a possible recession, labor market conditions or changes in real estate utilization, among other things, on us and our managers and other operators and tenants,
• Our senior living operators' abilities to successfully and profitably operate the communities they manage for us,
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population and increasing life spans of seniors will increase the demand for senior living communities and other medical and healthcare related properties and healthcare services,
−Removed: • The likelihood that we may experience temporary disruption, including reductions in our cash flows, as we transition the management of 116 of our senior living communities managed by Five Star to seven different third party managers,
• Whether our tenants will renew or extend their leases or whether we will obtain replacement tenants on terms as favorable to us as our prior leases,
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• Our ability to acquire, develop, redevelop or reposition properties that realize our targeted returns,
−Removed: • Non-performance by the counterparties to our interest rate cap,
• Our ability to pay distributions to our shareholders and to maintain or increase the amount of such distributions,
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• Exposure to litigation and regulatory and government proceedings due to the nature of the senior living and other health and wellness related service businesses,
−Removed: • Actual and potential conflicts of interest with our related parties, including our Managing Trustees, RMR, ABP Trust, AlerisLife and others affiliated with them,
+Added: • Actual and potential conflicts of interest with our related parties, including our Managing Trustees, RMR, ABP Trust and others affiliated with them,
• Limitations imposed by and our ability to satisfy complex rules to maintain our qualification for taxation as a REIT for U.S.
federal income tax purposes,
−Removed: • Acts of terrorism, outbreaks of pandemics or other public health safety events or conditions, war or other hostilities, global climate change or other manmade or natural disasters beyond our control, and
+Added: • Acts of terrorism, war or other hostilities, outbreaks of pandemics or other public health safety events or conditions, global climate change or other manmade or natural disasters beyond our control, and
• Other matters.
These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in our periodic filings.
−Removed: The information contained elsewhere in this Quarterly Report on Form 10-Q or in our other filings with the SEC, including under the caption “Risk Factors”, or incorporated herein or therein, identifies
−Removed: other important factors that could cause differences from our forward-looking statements.
+Added: The information contained elsewhere in this Quarterly Report on Form 10-Q or in our other filings with the SEC, including under the caption “Risk Factors”, or incorporated herein or therein, identifies other important factors that could cause differences from our forward-looking statements.
Our filings with the SEC are available on the SEC's website at www.sec.gov.
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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.