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Investors and prospective investors should consider the risks described in our 2019 Annual Report and below, and the information contained under the caption “Warning Concerning Forward-Looking Statements” and elsewhere in this Quarterly Report on Form 10-Q before deciding whether to invest in our securities.
−Removed: The COVID-19 pandemic has resulted, or is expected to result, in a global economic recession that may materially adversely impact our business, operations, financial results and liquidity.
+Added: The COVID-19 pandemic has resulted in a global economic recession that may materially adversely impact our business, operations, financial results and liquidity.
The strain of coronavirus that causes the viral disease known as COVID-19 has been declared a pandemic by the World Health Organization, and the U.S.
Health and Human Services Secretary has declared a public health emergency in the United States in response to the outbreak.
−Removed: The COVID-19 pandemic has had a devastating impact on the global economy, including the U.S.
−Removed: economy, and has resulted, or is expected to result, in a global economic recession.
+Added: The COVID-19 pandemic has had a substantial adverse impact on the global economy, including the U.S.
+Added: economy, and has resulted in a global economic recession.
Although some of our tenants have benefitted to date from the increased reliance on e-commerce and logistics to support retailers and communities with essential services throughout the United States, challenges to the supply chain due to the COVID-19 pandemic, such as widespread illness that negatively impacts the workforce or other supply chain issues, may negatively impact our tenants’ businesses and operations.
−Removed: Further, as the initial demand from businesses and households to stock up on supplies abates, the demand for e-commerce and logistics may decline, particularly if the current economic conditions continue or worsen for an extended period.
+Added: Further, the demand for e-commerce and logistics may decline, particularly if the current economic conditions do not continue to improve or if they worsen for an extended period.
If that occurs, our tenants may become unable or unwilling to pay rent to us and we may be unable to replace any lost revenues we may experience.
+Added: Further, these conditions could result in declining market rents where our properties are located, which may adversely affect our future rents.
We typically conduct aspects of our leasing activity at our properties.
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Concerns relating to the outbreak could also cause on-site personnel not to report for work at our properties, which could adversely affect the management of our properties.
−Removed: As of March 31, 2020, leases for 0.4% of our total annualized rental revenues were scheduled to expire during the last nine months of 2020 and only leases for an additional 5.9% are scheduled to expire in 2021.
+Added: As of June 30, 2020, leases for 0.3% of our total annualized rental revenues were scheduled to expire during the last six months of 2020 and only leases for an additional 5.9% are scheduled to expire in 2021.
In addition, if tenants default on our leases, we may experience increased vacancies and we may be unable to replace those tenancies for an extended period or at all and the terms of any leases we may enter may not be as favorable to us as the terms of our existing leases.
We cannot predict the extent and duration of the COVID-19 pandemic or the severity and duration of its economic impact.
−Removed: Potential consequences of the current unprecedented measures taken in response to the spread of COVID-19, and current market disruptions and volatility affecting us include, but are not limited to:
+Added: Potential consequences of the current unprecedented measures taken in response to the spread of the virus that causes COVID-19, and current market disruptions and volatility affecting us include, but are not limited to:
increased risk of our tenants being unable to weather an extended cessation of normal economic activity and thereby impairing their ability to continue functioning as a going concern;
increased risk of default or bankruptcy of our tenants;
−Removed: reduced economic demand resulting from mass employee layoffs or furloughs in response to governmental action taken to slow the spread of COVID-19, which could impact the continued viability of our tenants and the demand for industrial and logistics properties;
+Added: reduced economic demand resulting from mass employee layoffs or furloughs in response to governmental action taken to slow the spread of the virus that causes COVID-19, which could impact the continued viability of our tenants and the demand for industrial and logistics properties;
our inability to execute improvements to our properties due to a construction moratorium or decrease in available construction workers or construction activity, including required inspectors and governmental personnel for permitting and other requirements, and due to our need to maintain our liquidity,
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our inability to grow our existing joint venture or to enter new joint ventures.
−Removed: Further, the extent and strength of any economic recovery after the COVID-19 pandemic abates are uncertain and subject to various factors and conditions.
+Added: Further, the extent and strength of any economic recovery after the COVID-19 pandemic abates, including following any “second wave” or other intensifying of the pandemic, are uncertain and subject to various factors and conditions.
Our business, operations and financial position may continue to be negatively impacted after the COVID-19 pandemic abates and may remain at depressed levels compared to prior to the outbreak of the COVID-19 pandemic and those conditions may continue for an extended period.
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our ability to make or sustain the rate of distributions may continue to be adversely affected by the negative impact of the COVID-19 pandemic and its aftermath on our business, results of operations and liquidity;
−Removed: our making of distributions is subject to compliance with restrictions contained in our credit agreement and may be subject to restrictions in future debt obligations we may incur;
−Removed: during the continuance of any event of default under our credit agreement, we may be limited or in some cases prohibited from making distributions to our shareholders;
−Removed: the timing and amount of any distributions will be determined at the discretion of our Board of Trustees and will depend on various factors that our Board of Trustees deems relevant, including our FFO attributable to common shareholders, our Normalized FFO attributable to common shareholders, requirements to maintain our qualification for taxation as a REIT, limitations in our credit agreement, the availability to us of debt and equity capital, our dividend yield and our dividend yield compared to the dividend yields of other industrial REITs, our expectation of our future capital requirements and operating performance and our expected needs for and availability of cash to pay our obligations.
+Added: our making of distributions is subject to compliance with restrictions contained in the agreements governing our debt and may be subject to restrictions in future debt obligations we may incur;
+Added: during the continuance of any event of default under the agreements governing our debt, we may be limited or in some cases prohibited from making distributions to our shareholders;
+Added: the timing and amount of any distributions will be determined at the discretion of our Board of Trustees and will depend on various factors that our Board of Trustees deems relevant, including our FFO attributable to common shareholders, our Normalized FFO attributable to common shareholders, requirements to maintain our qualification for taxation as a REIT, limitations in the agreements governing our debt, the availability to us of debt and equity capital, our dividend yield and our dividend yield compared to the dividend yields of other industrial REITs, our expectation of our future capital requirements and operating performance and our expected needs for and availability of cash to pay our obligations.
For these reasons, among others, our distribution rate may decline or we may cease making distributions to our shareholders.
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The current economic conditions resulting from the COVID-19 pandemic significantly negatively impacted certain of our tenants’ businesses, operations and liquidity, and certain of our tenants have requested relief from their obligations to pay rent due to us.
−Removed: To date, we have granted some relief to our tenants, which principally consists of deferring an aggregate of approximately $2.1 million of rent payments in exchange for increased payments over, in most cases, a 12-month period that commences in September 2020.
+Added: To date, we have granted some relief to our tenants, which principally consists of deferring an aggregate of approximately $2.8 million of rent payments in exchange for increased payments over, in most cases, a 12-month period commencing in September 2020 .
We expect to receive additional similar requests in the future, and we may determine to grant additional relief in the future, which may vary from the type of relief we have granted to date, and could include more substantial relief, if we determine it prudent or appropriate to do so.
+Added: If conditions do not sufficiently and sustainably improve for these tenants, they may be unable to pay deferred or other rents owed to us when due or otherwise.
In addition, if any of our tenants are unable to continue as going concerns as a result of the current economic conditions or otherwise, we will experience a reduction in rents received and we may be unable to find suitable replacement tenants for an extended period or at all and the terms of our leases with those replacement tenants may not be as favorable to us as the terms of our agreements with our existing tenants.
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In addition, our ability to enter new joint ventures may be limited in the current economic environment if investors are not willing to enter those arrangements due to liquidity or other concerns.
−Removed: Moreover, we may elect not to pursue additional joint ventures for our existing properties if, for example, we believe the valuations that investors place on our properties are below what we believe to be their actual valuations, which can occur in periods of economic instability such as the current economic environment in the United States and globally.
+Added: Moreover, we may elect not to pursue additional joint ventures for our properties if, for example, we believe the valuations that investors place on our properties are below what we believe to be their actual valuations, which can occur in periods of economic instability such as the current economic environment in the United States and globally.
If we are unable to grow our existing joint venture or enter new joint ventures, we may be limited in our ability to grow our business, to obtain financing and to pursue opportunities we believe would be beneficial to us.
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.