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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 March 31, 2021 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 June 30, 2021 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: • The duration and severity of the economic impact resulting from the COVID-19 pandemic and its impact on us and our tenants and our tenants’ ability and willingness to pay us rent,
+Added: • The duration and severity of the COVID-19 pandemic and its impact on us and our tenants and our tenants’ ability and willingness to pay us rent,
• Our expectations about the financial strength of our tenants,
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• Our ability to successfully execute our capital recycling program,
−Removed: • The expectation that, as a result of the COVID-19 pandemic, leasing activity may remain at a reduced level and could further decline from pre-COVID-19 pandemic levels,
+Added: • The expectation that, as a result of the COVID-19 pandemic, leasing activity may remain volatile until office property market conditions meaningfully improve and stabilize,
• Our ability to pay distributions to our shareholders and to maintain or increase the amount of such distributions,
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• Our expectation that there will be opportunities for us to acquire, and that we will acquire, additional properties primarily leased to single tenants and tenants with high credit quality characteristics such as government entities,
+Added: • Our expectations regarding the costs and timing of our redevelopment projects,
• Our ability to compete for acquisitions and tenancies effectively,
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• Our ability to pay interest on and principal of our debt,
−Removed: • Our ability to maintain sufficient liquidity during the duration of the COVID-19 pandemic and resulting economic downturn,
+Added: • Our ability to maintain sufficient liquidity during the duration of the COVID-19 pandemic and any resulting economic downturn,
• Our credit ratings,
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government shutdown on our ability to collect rents or pay our operating expenses, debt obligations and distributions to shareholders on a timely basis,
−Removed: • Actual and potential conflicts of interest with our related parties, including our Managing Trustees, RMR LLC and others affiliated with them,
+Added: • Actual and potential conflicts of interest with our related parties, including our Managing Trustees, RMR LLC, Sonesta and others affiliated with them,
• 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.
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• Overall new leasing volume may decrease more than we currently expect.
−Removed: In addition, if the COVID-19 pandemic and the current economic conditions continue for an extended period or worsen, our tenants may become unable to pay rent or they may elect to not renew their leases with us.
+Added: In addition, if the COVID-19 pandemic and any resulting economic downturn continue for an extended period or worsen, our tenants may become unable to pay rent or they may elect to not renew their leases with us.
Further, some of our government leases provide the tenant with certain rights to terminate their lease early.
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• Any redevelopment projects we undertake may be unsuccessful, may require greater capital expenditures or other costs than we project or may take significant time to complete,
−Removed: • We believe that we are well positioned to weather the present disruptions of the COVID-19 pandemic facing the real estate industry and the economy generally.
+Added: • We believe that we are well positioned to weather the present disruptions of the COVID-19 pandemic facing the real estate industry.
However, the full extent of the future impact of the COVID-19 pandemic is unknown and we may not realize similar or better operating results in the future,
• We believe that the near term impact of the COVID-19 pandemic to us will not be material due to the strength of our tenant base.
−Removed: However, if the COVID-19 pandemic and the current economic conditions continue for an extended period of time or worsen, our tenants may be significantly adversely impacted, which may result in those tenants seeking relief from their rent obligations, their inability to pay rent, the termination of their leases or our tenants not renewing their leases or renewing their leases for less space.
+Added: However, if the COVID-19 pandemic and any resulting economic downturn continue for an extended
+Added: period of time or worsen, our tenants may be significantly adversely impacted, which may result in those tenants seeking relief from their rent obligations, their inability to pay rent, the termination of their leases or our tenants not renewing their leases or renewing their leases for less space.
Therefore, the impact we experience in the near term may be worse than we currently expect and our results of operations and financial position may be negatively affected,
• We have granted requests to some of our tenants to defer payments over, in most cases, a 12-month period, all of which have commenced.
−Removed: However, current market and economic conditions may deteriorate further and the rent
−Removed: assistance granted by us may not be sufficient to ensure that tenants will be able to meet their rent payment obligations under their leases with us, which may result in an increase in tenant defaults and terminations,
+Added: However, current market and economic conditions may deteriorate further and the rent assistance granted by us may not be sufficient to ensure that tenants will be able to meet their rent payment obligations under their leases with us, which may result in an increase in tenant defaults and terminations,
• The business and property management agreements between us and RMR LLC have continuing 20 year terms.
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Accordingly, we cannot be sure that these agreements will remain in effect for continuing 20 year terms,
−Removed: • We believe that our relationships with our related parties, including RMR LLC and others affiliated with them, may benefit us and provide us with competitive advantages in operating and growing our business.
+Added: • We believe that our relationships with our related parties, including RMR LLC, Sonesta and others affiliated with them, may benefit us and provide us with competitive advantages in operating and growing our business.
However, the advantages we believe we may realize from these relationships may not materialize, and
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Other Information
+Added: There have been no material changes to the risk factors from those previously disclosed in our 2020 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.