2 unchanged sentences
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, 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 September 30, 2025 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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our redevelopment and construction activities and plans;
−Removed: our and/or our consolidated joint venture’s expected or potential exercise of extension options for the maturity date of loans;
+Added: our consolidated joint venture’s potential exercise of the extension option for the maturity date of its floating rate loan;
and the amount and timing of future distributions.
11 unchanged sentences
• Demand for industrial and logistics properties,
−Removed: • Our ability and the ability of our tenants to operate under unfavorable market and commercial real estate industry conditions, due to uncertainties surrounding interest rates and inflation, effect of or changes to tariffs or trading policies, supply chain disruptions, emerging technologies, volatility in the public equity and debt markets, pandemics, geopolitical instability and tensions, economic downturns or a possible recession, labor market conditions or changes in real estate utilization,
+Added: • Competition within the commercial real estate industry, particularly for industrial and logistics properties in those markets in which our properties are located,
+Added: • Our tenant and geographic concentrations,
• 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,
+Added: • Our ability and the ability of our tenants to operate under unfavorable market and commercial real estate industry conditions, due to uncertainties surrounding interest rates and inflation, impacts of or changes to tariffs or trading policies, supply chain disruptions, emerging technologies, volatility in the public equity and debt markets, pandemics, geopolitical instability and tensions, any U.S.government shutdown, economic downturns or a possible recession, labor market conditions or changes in real estate utilization,
• Our tenants’ ability and willingness to pay their rent obligations to us,
2 unchanged sentences
• Potential defaults of our leases by our tenants,
−Removed: • Our tenant and geographic concentrations,
• Our ability to pay distributions to our shareholders and to increase or sustain the amount of such distributions,
1 unchanged sentence
• Our ability to complete sales without delay, or at all, pursuant to existing agreement terms,
+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,
• 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,
• Risks and uncertainties regarding the development, redevelopment or repositioning of our properties, including as a result of inflation, cost overruns, tariffs, supply chain challenges, labor market conditions, construction delays or our inability to obtain necessary permits, our ability to lease space at these properties at targeted returns and volatility in the commercial real estate markets,
−Removed: • 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,
−Removed: • Non-performance by the counterparties to our interest rate caps,
+Added: • Non-performance by the counterparty to our interest rate cap,
• The ability of our manager, RMR, to successfully manage us,
• Changes in environmental laws or in their interpretations or enforcement as a result of climate change or otherwise, or our incurring environmental remediation costs or other liabilities,
−Removed: • Competition within the commercial real estate industry, particularly for industrial and logistics properties in those markets in which our properties are located,
• Compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar 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.