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Based upon that evaluation, our Managing Trustees, our President and Chief Operating 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 June 30, 2022 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 September 30, 2022 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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Forward-looking statements in this Quarterly Report on Form 10-Q relate to various aspects of our business, including:
−Removed: • Our tenants’ ability and willingness to pay their rent obligations to us,
• Our ability to complete our long term financing plan for the acquisition of MNR,
+Added: • Our tenants’ ability and willingness to pay their rent obligations to us,
• The likelihood that our tenants will renew or extend their leases or that we will be able to obtain replacement tenants on terms as favorable to us as the terms of our existing leases,
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• Whether we may contribute additional properties to our joint ventures and receive proceeds from the other investors in our joint ventures in connection with any such contributions,
+Added: • Our ability to reduce our leverage,
+Added: • Our ability to sell properties for proceeds we target,
• The credit qualities of our tenants,
1 unchanged sentence
• Our expectations about our ability and the ability of the industrial and logistics properties real estate sector and our tenants to operate throughout the remainder of the COVID-19 pandemic and current economic conditions,
−Removed: • Our ability to maintain sufficient liquidity, including for the remainder of the COVID-19 pandemic and any resulting economic impact,
+Added: • Our ability to maintain sufficient liquidity,
• Our ability to prudently pursue, and successfully and profitably complete, expansion and renovation projects at our properties and to realize our expected returns on those projects,
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Further, in order to preserve liquidity, we may elect to pay distributions to our shareholders in part in a form other than cash, such as issuing additional common shares of ours to our shareholders, as permitted by the applicable tax rules,
−Removed: • If interest rates continue to increase and general real estate market conditions further deteriorate, the actions taken by us may not provide sufficient liquidity and our long term financing plan for the MNR acquisition may be further delayed, cost more than expected or never be completed.
+Added: • If interest rates continue to increase and general real estate market conditions further deteriorate, the actions we have taken to date may not provide us with sufficient liquidity and our long term financing plan for the MNR acquisition may be further delayed, cost more than expected or not be completed, and we may not have sufficient liquidity absent taking additional action.
Further, unanticipated events may require us to expend amounts not currently planned.
−Removed: As a result, we may not be successful in enhancing our liquidity and reducing our leverage as expected,
−Removed: • We may not resume paying regular quarterly dividends on our common shares at or close to historical levels as or when expected, and the reduction of our quarterly dividend on our common shares may extend for an indefinite period.
−Removed: Moreover, capital market conditions may not improve or our own financial circumstances may change so that we become unable or unwilling to increase our quarterly dividends on our common shares.
−Removed: Also, the distribution rate on our common shares may be changed because of changes in our earnings, liquidity, financial leverage or other circumstances,
+Added: As a result, we may need to take further action to enhance our liquidity and reduce our leverage.
+Added: However, we may not be successful in executing any such action or achieving such results,
+Added: • We may not resume paying regular quarterly dividends on our common shares at or close to historical levels as or when expected, and the reduction of our quarterly dividend on our common shares may extend for an indefinite period, particularly if our liquidity is not enhanced, our leverage is not reduced or operating results or prospects decline,
• Our ability to make future distributions to our shareholders and to make payments of principal and interest on our indebtedness depends upon a number of factors, including our receipt of rent from our tenants, future earnings, the capital costs we incur to lease our properties and our working capital requirements.
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• Actual costs under our floating rate debt will be higher than the stated rate plus a premium because of fees and expenses associated with the applicable facility,
+Added: • Our existing, and any future, derivative contracts we are party to or may enter into may not have the intended or desired beneficial impact, and may expose us to additional risks such as counterparty credit risk and may involve additional costs and our approach to mitigate those risks may not be successful or avoid our incurring losses,
• We may incur additional debt.
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Our leasing related obligations, development projects and tenant improvements may cost more and may take longer to complete than we currently expect or than we expected when the project commenced, and we may incur increasing amounts for these and similar purposes in the future,
−Removed: • Our existing, and any future, derivative contracts we are party to or may enter into may not have the intended or desired beneficial impact, and may expose us to additional risks such as counterparty credit risk and may involve additional costs,
• We may spend more for capital expenditures than we currently expect and we expect to spend more than we have in the past,
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Other Information
+Added: There have been no material changes to the risk factors from those we previously provided in our 2021 Annual Report.
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.