Controls and Procedures
−Removed: As of the end of the period covered by this Quarterly Report on Form 10-Q, our management carried out an evaluation, under the supervision and with the participation of our President and Chief Executive Officer and our Chief Financial Officer and Treasurer, of the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended.
−Removed: Based upon that evaluation, our President and Chief Executive 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: As of the end of the period covered by this Quarterly Report on Form 10-Q, our management carried out an evaluation, under the supervision and with the participation of our Managing Trustees, our President and Chief Operating Officer and our Chief Financial Officer and Treasurer, of the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15 and 15d-15 under the Securities Exchange Act of 1934, as amended.
+Added: 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.
+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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These forward-looking statements include, among others, statements about:
−Removed: economic and market conditions;
−Removed: demand for office lease space;
−Removed: our future leasing activity;
our leverage levels and possible future financings;
+Added: demand for office space;
+Added: our future leasing activity, commitments and obligations;
+Added: economic and market conditions;
our liquidity needs and sources;
our capital expenditure plans and commitments;
−Removed: our capital recycling program;
−Removed: acquisitions and dispositions;
+Added: acquisitions and our pending or potential dispositions;
our redevelopment and construction activities and plans;
+Added: our joint ventures;
and the amount and timing of future distributions.
1 unchanged sentence
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: • The impact of increasing or sustained high interest rates, inflation, labor market challenges, disruption and volatility in the public equity and debt markets, conditions in the commercial real estate industry generally and in the sectors we operate, geopolitical instability and economic downturns or recessions on us and our tenants,
−Removed: • The extent to which changes and trends in office space utilization and needs, including due to remote work arrangements, may impact demand for office space at our properties,
−Removed: • The financial strength of our tenants,
−Removed: • Risks and uncertainties regarding the costs and timing of development, redevelopment and repositioning activities, including as a result of inflation, cost overruns, supply chain challenges, labor shortages, construction delays or inability to obtain necessary permits,
+Added: • Our ability to make required payments on our debt or refinance our debts as they mature or otherwise become due,
+Added: • Our ability to maintain sufficient liquidity, including the availability of borrowings under our revolving credit facility and our ability to obtain new debt financing, and otherwise manage leverage,
+Added: • Our ability to comply with the terms of our debt agreements and meet financial covenants,
+Added: • Our ability to effectively raise and balance our use of debt and equity capital,
+Added: • The extent to which changes and trends in office space utilization and needs, including due to remote work arrangements, continue to impact demand for office space at our properties,
• Whether our tenants will renew or extend their leases and not exercise early termination options pursuant to their leases or that we will obtain replacement tenants on terms as favorable to us as our prior leases,
−Removed: • Our ability to successfully recycle and deploy capital,
−Removed: • The likelihood that our tenants will pay rent or be negatively affected by cyclical economic conditions or government budget constraints,
−Removed: • Our ability to pay distributions to our shareholders and to maintain or increase the amount of such distributions,
−Removed: • Our ability to increase or maintain occupancy at our properties on terms desirable to us,
−Removed: • Our ability to increase rents when our leases expire or renew,
−Removed: • Our tenant and geographic concentration,
+Added: • Our ability to increase or maintain occupancy at our properties on terms desirable to us, and our ability to increase rents when our leases expire or renew,
+Added: • Competition within the commercial real estate industry, particularly in those markets in which our properties are located,
+Added: • The impact of unfavorable market and commercial real estate industry conditions due to high interest rates, prolonged high inflation, labor market challenges, supply chain disruptions, volatility in the public equity and debt markets and in commercial real estate markets, generally and in the sectors we operate, geopolitical instability and tensions, economic downturns or a possible recession or changes in real estate utilization, among other things, on us and our tenants,
+Added: • The likelihood that our tenants will pay rent or be negatively impacted by continuing unfavorable market and commercial real estate industry conditions or government budget constraints,
• Our ability to manage our capital expenditures and other operating costs effectively and to maintain and enhance our properties and their appeal to tenants,
−Removed: • Our ability to acquire properties that realize our targeted returns,
+Added: • The financial strength of our tenants,
• Our ability to sell properties at prices we target,
−Removed: • Our ability to cost effectively raise and balance our use of debt and equity capital,
−Removed: • Our ability to make required payments on our debt,
−Removed: • Our ability to maintain sufficient liquidity, including the availability of borrowings under our revolving credit facility, and otherwise manage leverage,
+Added: • Our tenant and geographic concentration,
+Added: • Risks and uncertainties regarding the costs and timing of development, redevelopment and repositioning activities, including as a result of prolonged high inflation, cost overruns, supply chain challenges, labor shortages, construction delays or inability to obtain necessary permits or volatility in the commercial real estate markets,
+Added: • Our ability to acquire properties that realize our targeted returns,
• Our credit ratings,
+Added: • Our ability to pay distributions to our shareholders and to maintain or increase the amount of such distributions,
• The ability of our manager, RMR, to successfully manage us,
−Removed: • Competition within the commercial real estate industry, particularly 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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federal income tax purposes,
−Removed: • Acts of terrorism, outbreaks or continuation of pandemics or other public health safety events or conditions, war or other hostilities, material or prolonged disruption to supply chains, climate change, or other manmade or natural disasters beyond our control, 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.