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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 September 30, 2023 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, 2024 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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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: • Demand for industrial and logistics properties,
−Removed: • Our ability and the ability of our tenants to operate under unfavorable market and economic conditions, such as rising or sustained high interest rates, high inflation, labor market challenges, disruption and volatility in the public equity and debt markets, challenges in the commercial real estate industry generally and in the industrial and logistics sector, global geopolitical hostilities and tensions and economic recessions or downturns,
−Removed: • Our ability to successfully compete for tenancies, the likelihood that the rents we realize will increase when we renew or extend our leases, enter new leases, or our rents reset at our properties in Hawaii,
−Removed: • Whether 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,
−Removed: • Our ability to maintain high occupancy at our properties,
−Removed: • Our tenant and geographic concentrations,
• Our ability to reduce our leverage, generate cash flow and take advantage of mark-to-market leasing opportunities,
+Added: • Whether our tenants will renew or extend their leases or whether we will obtain replacement tenants on terms as favorable to us as the terms of our existing leases,
+Added: • Our ability to successfully compete for tenancies, the likelihood that the rents we realize will increase when we renew or extend our leases, enter new leases, or our rents reset at our Hawaii Properties,
• Our ability to cost-effectively raise and balance our use of debt or equity capital,
• Our ability to purchase cost effective interest rate caps,
+Added: • Non-performance by the counterparties to our interest rate caps,
• Our ability to pay interest on and principal of our debt,
• Our ability to maintain sufficient liquidity,
−Removed: • Non-performance by the counterparties to our interest rate caps and the costs for renewing or replacing the interest rate caps,
+Added: • Demand for industrial and logistics properties,
+Added: • Our ability and the ability of our tenants to operate under unfavorable market and commercial real estate industry conditions, due to high interest rates, prolonged high inflation, labor market challenges, supply chain disruptions, emerging technologies, volatility in the public equity and debt markets, pandemics, geopolitical instability and tensions, economic downturns or a possible recession or changes in real estate utilization,
+Added: • Our ability to maintain high occupancy at our properties,
+Added: • Our tenant and geographic concentrations,
• Our tenants’ ability and willingness to pay their rent obligations to us,
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• Potential defaults of our leases by our tenants,
−Removed: • Changes in global supply chain conditions and emerging technologies,
• Whether the industrial and logistics sector and the extent to which our tenants’ businesses are critical to sustaining a resilient supply chain and that our business will benefit as a result,
−Removed: • Acts of terrorism, outbreaks or continuation of pandemics or other significant adverse public health safety events or conditions, war or other hostilities, supply chain disruptions, climate change or other manmade or natural disasters beyond our control,
• Our ability to pay distributions to our shareholders and to increase or sustain the amount of such distributions,
• Our ability to sell properties at prices we target,
−Removed: • Our ability to complete pending sales without delay, or at all, at existing agreement terms,
+Added: • Our ability to complete sales without delay, or at all, at existing agreement terms,
• 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,
−Removed: • Our expected capital expenditures and leasing costs, as well as risks and uncertainties regarding the development, redevelopment or repositioning of our properties, including as a result of inflation, cost overruns, supply chain challenges, labor shortages, construction delays or inability to obtain necessary permits, and our ability to lease space at these properties at targeted returns,
−Removed: • Our ability to sell additional equity interests in, or contribute additional properties to, our existing joint ventures, or enter into additional, real estate joint ventures or to attract co-venturers and benefit from our existing joint ventures or any real estate joint ventures we may enter into,
+Added: • Our expected capital expenditures and leasing costs, as well as risks and uncertainties regarding the development, redevelopment or repositioning of our properties, including as a result of prolonged high inflation, cost overruns, supply chain challenges, labor shortages, construction delays or inability to obtain necessary permits, our ability to lease space at these properties at targeted returns and volatility in the commercial real estate markets,
+Added: • Our ability to sell additional equity interests in, or contribute additional properties to, our existing joint ventures, to enter into additional real estate joint ventures or to attract co-venturers and benefit from our existing joint ventures or any real estate joint ventures we may enter into,
+Added: • Our ability to acquire properties that realize our targeted returns,
• The ability of our manager, RMR, to successfully manage us,
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• Compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters,
−Removed: • Limitations imposed on our business and our ability to satisfy complex rules in order for us to maintain our qualification for taxation as a REIT for U.S.
+Added: • 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,
• Actual and potential conflicts of interest with our related parties, including our managing trustees, RMR and others affiliated with them,
−Removed: • Our ability to acquire properties that realize our targeted returns, and
+Added: • 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
• Other matters.
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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.