11 unchanged sentences
An economic downturn could have an adverse impact on the retail industry generally.
+Added: Rising inflation could also adversely impact consumer behavior and increase our and our tenant's operating costs.
As a result, the retail industry could face further reductions in sales revenues and increased bankruptcies.
31 unchanged sentences
As of December 31, 2022, economic occupancy and leased occupancy of our pro rata combined retail portfolio was 93.9% and 96.1%, respectively.
−Removed: As of December 31, 2021, leases representing approximately 5.2% and 11.3% of our pro rata combined retail portfolio GLA was schedule to expire in 2022 and 2023.
+Added: As of December 31, 2022, leases representing approximately 4.9% and 10.0% of our pro rata combined retail portfolio GLA were scheduled to expire in 2023 and 2024.
We cannot assure our stockholders that leases will be renewed or that our properties will be re-leased on terms equal to or better than the current terms, or at all.
40 unchanged sentences
• fluctuations in real estate values or potential impairments in the value of our assets;
−Removed: • natural disasters, such as earthquakes, floods or other under-insured or uninsured losses;
+Added: • natural disasters, such as earthquakes, droughts, hurricanes, floods, extreme storms and weather or other under-insured or uninsured losses, which may result from or be exacerbated by climate change, and man-made events, such as terrorist attacks or events of sabotage;
• changes in interest rates and availability, cost and terms of financing.
13 unchanged sentences
• changes in the level of future development activity may adversely impact our results from operations by reducing the amount of certain internal overhead costs that may be capitalized.
+Added: Inflationary pressures, rising interest rates, supply chain disruptions, and labor shortages may exacerbate certain of these risks.
+Added: If we fail to reinvest in our properties or maintain their attractiveness to retailers and consumers, if our capital improvements are not successful, or if retailers or consumers perceive that shopping at other venues (including e-commerce) is more convenient, cost-effective, or otherwise more compelling, our financial condition, cash flows, and results of operations could be adversely affected.
Our ongoing strategy depends, in part, upon completing future acquisitions and dispositions, and we may not be successful in identifying attractive acquisition opportunities and consummating these transactions.
26 unchanged sentences
Geographic concentration makes our business more vulnerable to natural disasters, severe weather, and climate change.
−Removed: Natural disasters and severe weather such as earthquakes, wildfires, mudslides, tornadoes, hurricanes, blizzards, hailstorms or floods may result in significant damage to our properties, disrupt operations at our properties and adversely affect both the value of our properties and the ability of our tenants and operators to make their scheduled rent payments to us.
+Added: Natural disasters and severe weather such as earthquakes, wildfires, mudslides, droughts, tornadoes, hurricanes, blizzards, hailstorms or floods may result in significant damage to our properties, decrease demand for certain properties, disrupt operations at our properties, increase the costs associated with maintaining or insuring our properties, and adversely affect both the value of our properties and the ability of our tenants and operators to make their scheduled rent payments to us.
The extent of our casualty losses and loss in operating income in connection with such events is a function of the severity of the event and the total amount of exposure in the affected area.
2 unchanged sentences
As a result, our operating and financial results may vary significantly from one period to the next.
−Removed: We also are exposed to the risk of an increased need for the maintenance and repair of our buildings due to inclement weather.
−Removed: In addition, climate change may adversely impact our properties directly and may lead to additional compliance obligations and costs, including insurance premiums, taxes and fees.
+Added: We also are exposed to the risk of an increased need for the maintenance and repair of our buildings due to inclement or extreme weather.
+Added: Moreover, climate change may adversely impact our properties directly and may lead to additional compliance obligations and costs, including insurance premiums, taxes and fees.
+Added: Changes in federal, state and local legislation and regulation on climate change could result in increased operating costs (for example, increased utility costs) and/or increased capital expenditures to improve the energy efficiency of our existing properties (for example, increased costs associated with meeting electric vehicle charging mandates) and could also require us to spend more on our new properties without a corresponding increase in revenue and could increase our exposure to new physical risks and liabilities.
Risk Factors Related to Funding Strategies and Capital Structure
18 unchanged sentences
Our future earnings and cash flows could be adversely affected due to the increased requirement to service our debt and could reduce the amount we are able to distribute to our stockholders.
−Removed: The expected London Inter-bank Offered Rate ("LIBOR") phase-out and the transition to other benchmarks may adversely affect our results of operations.
−Removed: A portion of our indebtedness, including our term loan and revolving credit facilities, bears interest at fluctuating interest rates, some of which are tied to LIBOR.
−Removed: In 2017, the U.K.
−Removed: Financial Conduct Authority (“FCA”) announced that it intends to phase out LIBOR, and in 2021, it announced that all LIBOR settings will either cease to be provided by any administrator or no longer be representative immediately after December 31, 2021, in the case of 1 week and 2 month USD settings, and immediately after June 30, 2023, in the case of the remaining USD settings.
−Removed: Federal Reserve (the “Federal Reserve”) has also advised banks to cease entering into new contracts that use USD LIBOR as a reference rate.
−Removed: The Alternative Reference Rate Committee, a committee convened by the Federal Reserve that includes major market participants, has identified the Secured Overnight Financing Rate (“SOFR”), a new index calculated by short-term repurchase agreements, backed by U.S.
−Removed: Treasury securities, as its preferred alternative rate for LIBOR in the U.S.
−Removed: At this time, it is not possible to predict how markets will respond to SOFR or other alternative reference rates as the transition away from the LIBOR benchmarks is anticipated in coming years.
−Removed: Accordingly, the outcome of these reforms is uncertain and any changes in the methods by which LIBOR is determined or regulatory activity related to LIBOR’s phaseout could cause LIBOR to perform differently than in the past or cease to exist.
−Removed: The consequences of these developments cannot be entirely predicted, but could have an uncertain impact on our cost of funds, our receipts or payments under agreements that rely on LIBOR, and the valuation of derivative or other contracts to which we are a party, any of which could impact our results of operations and cash flows.
Hedging activity may expose us to risks, including the risks that a counterparty will not perform and that the hedge will not yield the economic benefits we anticipate, which may adversely affect us.
50 unchanged sentences
For the year ended December 31, 2022, distributions were paid from cash flow from operations, distributions from unconsolidated entities and proceeds from the sales of properties.
−Removed: Risk Factors Related to Our Joint Ventures
−Removed: Current or future joint venture investments could be adversely affected by our lack of sole decision-making authority.
−Removed: Such investments may involve risks not present with respect to our wholly owned properties, including shared decision-making authority with our joint venture partners, restrictions on the ability to sell our interests in the joint ventures without the other partners' consent, potential conflicts of interest or other disputes between us and our partners (including potential litigation or arbitration), potential losses or increased costs or expenses arising from actions taken in respect of the joint ventures.
−Removed: Additionally, risks applicable to us are also generally applicable to our existing joint venture.
Risks Factors Related to Our Organization and Corporate Structure
32 unchanged sentences
The discovery of material environmental liabilities at our assets could subject us to unanticipated significant costs, which could significantly reduce or eliminate our profitability and the cash available for distribution to our stockholders.
+Added: Moreover, compliance with ESG-related laws, regulations, expectations or reporting requirements may result in increased compliance costs, as well as additional scrutiny that could heighten all of the risks associated with environmental, social and sustainability matters.
+Added: For example, the SEC continues to make moves towards issuing rules relating to climate risk disclosures, human capital management and other ESG matters and other regulatory bodies, including state governments and stock exchanges, have issued new laws or regulations relating to board structure, and increased ESG regulations and reporting requirements are likely to continue.
+Added: If we fail to comply with new laws, regulations, expectations or reporting requirements, or if we are perceived as failing, our reputation and business could be adversely impacted.
+Added: The occurrence of any of the foregoing could have an adverse effect on the price of the Company's stock and the Company's business, financial condition and results of operations, including increased development costs, capital expenditures and operating expenses.
If we lose or are unable to obtain and retain key personnel, our ability to implement our business strategies could be delayed or hindered .
5 unchanged sentences
Third-party providers of corporate responsibility ratings and reports on companies have increased to meet growing investor demand for measurement of corporate responsibility and performance.
−Removed: There is no assurance as to how we will rate according to the metrics.
+Added: Although the Company makes ESG disclosures and undertakes sustainability and diversity initiatives, there is no assurance as to how we will rate according to the metrics.
Additionally, the measurement parameters may change over time.
16 unchanged sentences
If there are technological impediments, unforeseen complications, errors or breakdowns in the IT infrastructure, the disruptions could have an adverse effect on our business and financial condition.
−Removed: Risk Factors Relating to the Company’s Qualification as a REIT
+Added: Risk Factors Relating to Our Qualification as a REIT
Our failure to qualify as a REIT would have serious adverse consequences to our stockholders.
17 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.