5 unchanged sentences
The fair value of our long-term debt obligations is affected by changes in market interest rates, however our scheduled maturities are well laddered from 2025 to 2041, which minimizes the market risk until the debt matures.
−Removed: As of December 31, 2023, we had no secured debt maturing in 2024.
+Added: As of December 31, 2024, we had $87.6 million of secured debt maturing in 2025.
In addition, 19.1% of our outstanding debt is fully amortizing, further reducing the risk related to increased interest rates.
3 unchanged sentences
The variable rate on our unsecured $200.0 million term loan is fixed through the utilization of an interest rate swap through maturity of the term loan, so interest expense and cash flows would not be affected by fluctuations in interest rates.
−Removed: The variable rate on our unsecured $300.0 million term loan is fixed through the utilization of an interest rate swap, which matures March 25, 2024.
−Removed: After the maturity of the interest rate swap, our unsecured $300.0 million term loan will bear interest at SOFR plus 1.40% to 1.95% per annum.
−Removed: Our line of credit bears interest at a rate of SOFR plus 1.25% to 1.65%.
+Added: Our line of credit bears interest at a rate of SOFR plus 0.10% plus 1.25% to 1.65%.
FORWARD-LOOKING STATEMENTS
In addition to historical information, this report includes certain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995.
−Removed: When used, words such as “anticipate,” “expect,” “believe,” “project,” “intend,” “may be” and “will be” and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include without limitation, information regarding our expectations, goals or intentions regarding the future and the expected effect of our acquisitions.
−Removed: These forward-looking statements are subject to numerous assumptions, risks and uncertainties, including, but not limited to:
+Added: When used, words such as “anticipate,” “expect,” “believe,” “project,” “estimate,” “intend,” “may be” and “will be” and similar words or phrases, or the negative thereof, unless the context requires otherwise, are intended to identify forward-looking statements and may include without limitation, information regarding our expectations, goals or intentions regarding the future and the expected effect of our acquisitions.
+Added: These forward-looking statements are subject to numerous assumptions, risks and uncertainties that could cause actual results or outcomes to differ materially from those expressed in a forward-looking statement due to a number of factors, including, but not limited to:
• our ability to control costs and real estate market conditions, our ability to retain customers, the actual use of Sites by customers and our success in acquiring new customers at our Properties (including those that we may acquire);
7 unchanged sentences
• impact of government intervention to stabilize site-built single-family housing and not manufactured housing;
+Added: • impact of public health crises, such as, highly infectious or contagious diseases, on our business operations, our residents, our customers, our employees and the economy generally;
• effective integration of recent acquisitions and our estimates regarding the future performance of recent acquisitions;
+Added: • our ability to execute expansion/development opportunities in the face of changes impacting the supply chain or labor markets;
• the completion of future transactions in their entirety, if any, and timing and effective integration with respect thereto;
5 unchanged sentences
• the dilutive effects of issuing additional securities;
−Removed: • the potential impact of, and our ability to remediate, material weaknesses in our internal control over financial reporting;
+Added: • the potential impact of material weaknesses, if any, in our internal control over financial reporting;
• the outcome of pending or future lawsuits or actions brought by or against us, including those disclosed in our filings with the Securities and Exchange Commission;
• other risks indicated from time to time in our filings with the Securities and Exchange Commission.
−Removed: In addition, these forward-looking statements are subject to risks related to the COVID-19 pandemic, many of which are unknown, including the duration of the pandemic, the extent of the adverse health impact on the general population and on our residents, customers and employees in particular, its impact on the employment rate and the economy, the extent and impact of governmental responses and the impact of operational changes we have implemented and may implement in response to the pandemic.
+Added: For further information on these and other factors that could impact us and the statements contained herein, refer to Part I.
+Added: Risk Factors herein.
These forward-looking statements are based on management's present expectations and beliefs about future events.
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.