We are an enterprise real estate technology company that provides a comprehensive management platform designed for property owners, managers and residents.
−Removed: Our suite of products and services, which includes both smart building hardware and cloud-based software-as-a-service ("SaaS") solutions, provides seamless visibility and control over real estate assets.
+Added: Our suite of products and services, which includes cloud-based software-as-a-service ("SaaS") solutions many of which are enabled by smart building hardware, provide seamless visibility and control over real estate assets.
Our platform can lower operating costs, increase revenues, mitigate operational friction and protect assets for owners and operators, while providing a differentiated, elevated living experience for residents.
−Removed: Through a central connected device ("Hub Device"), we enable the integration of our platform with third-party smart devices and other technology interfaces.
+Added: Through a central connected device ("Hub Device"), we enable the integration of our platform with third-party smart devices, our own hardware devices and other technology interfaces.
We use an open-architecture, brand-agnostic approach that allows owners, operators, and residents to manage their smart home systems through a single connected interface.
−Removed: Our solutions include smart apartments and homes, access control for buildings, common areas, and rental units, asset protection and monitoring, self-guided tours, parking management, and community and resident WiFi.
−Removed: We also have a professional services team that provides customers with training, installation, and support services.
−Removed: We have designed our smart home operating platform to make the residential real estate industry more efficient and effective.
+Added: Our Smart Community solutions include software and devices that power (i) smart apartments and homes, (ii) access control for buildings, common areas, and rental units, (iii) community and resident WiFi, and other solutions such as asset protection and monitoring, parking management and self-guided tours.
+Added: Our Smart Operations solutions include work order management, the automation of leasing and resident call handling, audit management, and the automation of the inspection process.
+Added: We also have a professional services team that provides customers and residents with training, installation, and support services.
+Added: We have designed our smart home operating platform to enable our customers to more efficiently and effectively manage their properties and interface with their residents.
Importantly, our enterprise software integrates into most existing property management systems used by residential property owners and operators.
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Incremental Revenue Generation.
−Removed: We believe that rental owners may be able to increase, or maintain higher, rental rates (depending on the rental market and solutions offered) due to the differentiated resident experience and strong
−Removed: demand for smart communities.
+Added: We believe that rental owners may be able to increase, or maintain higher, rental rates (depending on the rental market and solutions offered) due to the differentiated resident experience and strong demand for smart communities.
Additionally, we believe our solutions can increase resident retention, accelerate leasing and re-leasing activities, and provide ancillary monetization opportunities.
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Asset Protection.
−Removed: We believe that customers utilizing our asset protection solutions, including our connected leak sensors and thermostats, may be able to realize a decrease of approximately 70% to 90% in water damage expenses and lower insurance costs.
+Added: We believe that customers utilizing our asset protection solutions, including our connected leak sensors and thermostats, may be able to realize a decrease of approximately 70% to 90% in water damage expenses and lower insurance costs over a three year period.
We believe SmartRent is a category leader in the enterprise smart home solutions industry.
−Removed: We define Units Deployed as the aggregate number of Hub Devices that have been installed (including customer self-installations) as of a stated measurement date.
−Removed: As of December 31, 2023, we had 719,691 Units Deployed and 593 customers, including many of the largest multifamily residential owners in the United States (the "U.S.").
+Added: As of December 31, 2024, we had 809,497 Units Deployed and over 650 customers, including many of the largest multifamily residential owners in the United States (the "U.S.").
+Added: For more information about our “Units Deployed” and other metrics, refer to the section of this Report titled “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
As of December 31, 2024, our customers own or operate an aggregate of approximately 7.4 million rental units.
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market for institutionally owned multifamily rental units and single-family rental homes.
−Removed: In addition to multifamily residential owners, our customers include some of the largest homebuilders, single-family rental homeowners, and iBuyers in the U.S.
+Added: In addition to multifamily residential owners and management companies, our customers include some of the largest single-family rental homeowners, homebuilders and iBuyers in the United States.
+Added: We generate revenue primarily from sales of smart home systems that enable property owners and property managers to have visibility and control over assets, while providing all-in-one home control offerings for residents.
+Added: Our revenue is generated from:
+Added: (1) the direct sale to our customers of hosted services from monthly subscription fees collected from customers to provide access to one or more of our software applications (“Hosted Services”) including access controls, asset monitoring, WiFi, and related services;
+Added: (2) the sale and delivery of smart home devices, which generally consist of a Hub Device, door-locks, thermostats, sensors, and light switches ;
+Added: and (3) installation and implementation of smart home devices that enable our Hosted Services.
+Added: During the year ended December 31, 2024, to further focus and align our efforts, we defined four strategic pillars:
+Added: Sustainable Annual Recurring Revenue ("ARR") Growth, Platform Superiority, Operational Excellence and Collaborative Innovation.
+Added: With a solid strategy in place and a clear focus on enhancing our competitive strengths, we believe SmartRent is positioned to capitalize on significant market opportunities, deliver high return on investment to our customers and create sustainable long-term value for our shareholders.
Our Industry, Competition and Market Opportunity
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Given the emerging nature of smart home technology in residential real estate, the industry is highly fragmented and there are a number of companies developing solutions that may be similar to parts of our smart home operating system.
−Removed: We believe our primary competitors are software companies, which have historically provided singular, point solutions to new development properties and used third-party installation services, and hardware companies, many of which have closed architectures.
+Added: We believe our primary competitors are software companies that have historically provided singular, point solutions to new development properties and used third-party installation services, and hardware companies, many of which have closed architectures.
We believe these companies fail to provide a comprehensive solution that meets the enterprise management and security requirements of owners, operators, and residents.
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Hardware Agnostic.
−Removed: Our solutions are compatible with a wide variety of other smart devices including, among others, Google Home, Amazon Alexa, Google Assistant, Honeywell thermostats, and Yale smart locks.
+Added: Our solutions are compatible with a wide variety of other smart devices including, among others, Google Home, Amazon Alexa, Honeywell thermostats, and Yale smart locks.
Open Architecture.
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While several of the largest multifamily residential owners are current SmartRent customers, we believe that we have only begun to take advantage of the full market opportunity in residential and commercial real estate sectors and in domestic and international markets.
−Removed: For example, we have adapted our software and applications to target opportunities in other residential real estate sectors, including single-family rental homes, student housing, senior housing, and new construction homes.
−Removed: In addition, we believe there is significant potential for growth beyond residential real estate to other commercial real estate asset classes, including, among others, office, hotels, retail, industrial, and self-storage.
−Removed: Furthermore, we believe there is an attractive opportunity to expand our smart home solutions into other markets globally.
−Removed: We enter into binding, recurring revenue contracts with customers ranging from one month to eight years;
−Removed: the majority of our recurring revenue contracts range from one month to one year and our average recurring revenue contract term is 1.6 years.
−Removed: In 2023, approximately 29% of our customers prepaid their software contracts.
−Removed: We believe that our customer base is inherently sticky given the barriers to entry associated with rolling out an integrated enterprise solution across a portfolio of rental units.
+Added: We have adapted our software and applications to target opportunities in other residential real estate sectors, including single-family rental homes, student housing, senior housing, and new construction homes.
+Added: In addition, we believe there could be significant potential for growth beyond residential real estate to other commercial real estate asset classes, including, among others, offices, hotels, retail, industrial, and self-storage.
+Added: Furthermore, we believe there could be an attractive opportunity to expand our smart home solutions into other markets globally.
Our business and related operating results have been, and we believe that they will continue to be, impacted by seasonal factors throughout the year.
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SmartRent Solutions
+Added: SmartRent continually evolves its solutions to meet the dynamic needs of the rental housing industry, positioning itself as a leader with a comprehensive suite of integrated offerings.
+Added: Our solutions seamlessly integrate within a unified software ecosystem, optimizing community workflows and enhancing operational efficiency.
+Added: This comprehensive approach can enhance the resident experience, streamline daily operations, and facilitate smart home device management across entire portfolios.
+Added: By integrating these solutions into a single ecosystem, SmartRent creates connected communities that drive value for owners, operators, site teams, and residents.
Our fully integrated, hardware-agnostic offerings, organized as Smart Communities Solutions and Smart Operations Solutions, include the following:
Smart Communities Solutions.
−Removed: Smart Communities Solutions is a collection of interconnected hardware and software designed to enhance the functionality and integration of community environments.
+Added: Smart Communities Solutions is a collection of integrated software and hardware designed to enhance community functionality and integration.
Through advanced technology, these solutions facilitate seamless connections among residents, site teams, and owners.
−Removed: The hardware and software components work together to streamline community management, increase convenience for residents, and provide operational flexibility for site teams and owners.
−Removed: This unified platform raises the standard of living and working by optimizing daily operations for greater efficiency and responsiveness to the diverse needs of all users.
−Removed: Offerings organized under the Smart Communities Solutions umbrella include Smart Apartments, Access Control, Community WiFi, Self-Guided Tours, Parking Management and Package Management.
+Added: The components work together to streamline community management for owners and operators, increase convenience for residents, and provide operational flexibility for site teams and owners.
+Added: This unified platform raises the standard of living and working by optimizing daily operations for greater efficiency and responsiveness to user needs.
+Added: Offerings under the Smart Communities Solutions umbrella include Smart Apartments, Access Control, Self-Guided Tours, Community WiFi, Package Management and Parking Management.
• Smart Apartment s.
−Removed: Smart Apartments is a solution that connects all the smart devices in a community to a single dashboard.
+Added: Smart Apartments is a solution that connects all the smart devices in a community to a single dashboard, enabling property managers to remotely monitor and control unit access, climate settings, and security while providing residents with a seamless, user-friendly experience that enhances convenience and efficiency.
It encompasses physical hardware components such as smart locks, thermostats, hub devices, and sensors, that enhance the convenience and efficiency of community living.
−Removed: The platform utilizes a hardware-agnostic approach, allowing for seamless integration with leading third-party hardware providers such as Yale, Honeywell, Salto, and more.
−Removed: Additionally, hardware solutions such as hubs and sensors are manufactured in-house under the Alloy SmartHome brand.
+Added: The platform utilizes a hardware-agnostic approach, allowing for seamless integration with leading third-party hardware providers such as Yale, Honeywell, and Salto, operating primarily on Z-Wave technology for reliable remote management and to enable centralization efforts.
+Added: Additionally, hardware solutions such as smart locks, hubs, and sensors are manufactured in-house under the Alloy brand.
+Added: These devices serve as the backbone for our ongoing software innovations, helping accelerate growth and advance initiatives focused on optimizing site team and resident experiences.
+Added: They also contribute to improved automation and enhanced energy efficiency.
+Added: The seamless integration of our hardware solutions with our evolving software platform facilitates new capabilities and improved processes that will provide greater value to users.
These devices are managed and controlled through two primary software platforms:
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o SmartRent Manager.
−Removed: SmartRent Manager is a web-based software that owners and operators use to administer and configure community settings related to SmartRent solutions.
−Removed: SmartRent Manager software integrates with many popular property management, customer relationship management, and other third-party software products, which enables owners and operators to manage all resident, prospect, access, and other actionable data from one platform.
+Added: SmartRent Manager is a web-based software enabling owners and operators to manage and configure SmartRent Solutions.
+Added: It integrates with major property management, customer relationship management, and third-party proptech platforms, enabling centralized management of residents, prospects, access control, and automation.
When a resident moves out, the automated move-out feature immediately locks the apartment door, resets interior thermostats to the “Vacant Mode” temperature, and revokes resident access to their unit, common areas, Community WiFi, parking, and the SmartRent app — all with the click of a button.
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• Access Control.
−Removed: Access Control is a community-wide, cloud-based access control system that protects building entry, common areas, and amenity spaces for multifamily residential properties using control panels, smart access locks, and intercoms.
+Added: Access Control is a community-wide, cloud-based access control system that protects building entry, common areas, and amenity spaces for multifamily residential properties using control panels, access readers, and intercoms.
Integrated with major property management systems and SmartRent’s extensive product suite, Access Control automates labor-intensive manual processes to enhance operational efficiencies of common area access and community security.
This solution allows residents to create temporary access codes for deliveries, services, or guest access while also offering remote access for residents and site teams at various entry points (e.g., amenity doors, gates, pools, and elevators) without the need for fobs or separate keys.
−Removed: The system features monitoring systems for visitor logs and real-time door lock activity alerts that can be managed remotely, providing flexibility and a safer community.
+Added: The system features monitoring systems for visitor logs and real-time door lock activity alerts, providing transparency and a safer community.
Access Control can be implemented in new construction or retrofitted in existing properties.
+Added: • Self-Guided Tours.
+Added: Self-Guided Tours allows prospective renters and buyers to search available rental units, homes, or model inventory, and tour at a time most convenient for them without the need for site teams or management to be present.
+Added: With no app download required, prospects can search for their next home through a web-based platform, which is accessible through a web browser on a mobile device or computer.
+Added: Self-Guided Tours include various features to ensure each self-guided tour is safe, productive, and convenient, including ID Verification for each prospective renter/buyer and an Interactive Site Map to help prospects navigate to tourable homes.
+Added: The technology enables owners and operators to expand showing hours outside of traditional hours, permit showings promptly upon request through our “Tour Now” functionality, and conduct multiple tours at the same time without hiring additional staff.
+Added: Self-Guided Tours integrates with many popular property management and customer relationship management systems, and other third-party software products, which enables owners and operators to manage all prospect and other actionable data from one platform.
• Community WiFi .
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Community WiFi can be installed in any property type, including new construction or retrofitting existing structures, and perform site surveys to customize the equipment best suited to each property and provide full technical support 24 hours a day, 365 days a year.
−Removed: • Self-Guided Tours.
−Removed: Self-Guided Tours allows prospective renters and buyers to search available rental units, homes, or model inventory, and tour at a time most convenient for them without the need for site teams or management to be present.
−Removed: With no app download required, prospects can search for their next home through a web-based platform, which is accessible through a web browser on a mobile device or computer.
−Removed: Self-Guided Tours include various features to ensure each self-guided tour is safe, productive, and convenient, including ID Verification for each prospective renter/buyer and an Interactive Site Map to help prospects navigate to tourable homes.
−Removed: The technology enables owners and operators to expand showing hours outside of traditional hours, permit showings promptly upon request through our “Tour Now” functionality, and conduct multiple tours at the same time without hiring additional staff.
−Removed: Self-Guided Tours integrates with many popular property management and customer relationship management systems, and other third-party software products, which enables owners and operators to manage all prospect and other actionable data from one platform.
−Removed: • Parking Management.
−Removed: Parking Management alleviates resident and guest parking issues faced by multifamily residential properties.
−Removed: This solution provides an integrated software system and single-source database that allows owners and operators to assign and re-assign parking spaces, review interactive maps for live parking space availability (based on parking sensors for real-time occupancy), implement a proactive enforcement process, monitor parking management with resident parking decals, and install custom parking signs to monetize guest parking.
−Removed: Through a Parking Management portal, residents can add or remove vehicles, edit vehicle details, review assigned parking decals, and provide guests with parking access.
−Removed: Parking Management integrates with many popular property management systems, which enables owners and operators to manage all parking-related actions from one platform.
−Removed: Parking Management is available to communities as a stand-alone product or as part of our fully integrated smart home operating system.
• Package Management .
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Smart Package Room complements SmartRent’s smart home line, expands the Company’s product offerings and solves a long-standing pain point for rental housing operators.
+Added: • Parking Management .
+Added: Parking Management alleviates resident and guest parking issues faced by multifamily residential properties.
+Added: This solution provides an integrated software system and single-source database that allows owners and operators to automatically assign and re-assign parking spaces, review interactive maps for live parking space availability (based on parking sensors for real-time occupancy), implement a proactive enforcement process, monitor parking management with resident parking decals, and install custom parking signs to monetize guest parking.
+Added: Through a Parking Management portal, residents can add or remove vehicles, edit vehicle details, review assigned parking decals, and provide guests with parking access.
+Added: Parking Management integrates with many popular property management systems, which enables owners and operators to manage all parking-related actions from one platform.
+Added: Parking Management is available to communities as a stand-alone product or as part of our fully integrated smart home operating system.
Smart Operations Solutions.
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Work Management provides real-time tracking of assets, enabling owners to effectively manage the state of their assets and make informed decisions by giving on-site teams an easy way to scan assets and make updates from anywhere in the community.
−Removed: Advanced reporting capabilities allow for filtering and exporting of data into third-party tools for deeper analysis.
+Added: Advanced reporting visualizations through dashboards directly in the platform enable informed decision-making and simplified portfolio management.
+Added: Teams can also choose to export data into third party tools for deeper analysis.
The application integrates with major property management systems to provide an up-to-date and personalized experience.
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In addition, Call Masking, which masks the team member’s phone number so that it appears to the call recipient as the community’s phone number, allows team members to easily communicate with residents and prospective residents without exposing their personal information.
+Added: Answer Automation integrates with SmartRent’s Self-Guided Tours to provide an easier way for prospective renters to schedule tours and enhance on-site efficiency.
Advanced reporting capabilities help site teams make informed decisions and bring attention to the most frequent call areas.
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SmartRent Hardware
−Removed: We offer a variety of in-rental unit devices that elevate the resident experience and provide multiple benefits to owners and operators.
+Added: We offer a variety of in-rental unit devices and common area devices that elevate the resident experience and provide multiple benefits to owners and operators.
A typical SmartRent rental unit or single-family rental home is equipped with a Hub Device, smart locks, thermostat, and leak sensors.
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We partner with third-parties to offer (i) thermostats for all types of HVAC systems with programmable options, including forced air, radiant and heat pump, (ii) leak, parking, contact and motion sensors used to proactively monitor and protect properties, (iii) smart plugs to add automation to lights, fans, or other small appliances, (iv) smart switches and dimmers to upgrade lighting in apartments and homes, and (v) a selection of readers, panels, and boards, including as part of our Access Control solution.
+Added: Sales and Marketing
+Added: We promote our solutions and brand through multiple integrated marketing channels.
+Added: Our marketing strategy includes industry events such as conferences and tradeshows, digital marketing platforms and targeted communications.
+Added: Our website serves as a comprehensive resource featuring our product documentation, blog articles, white papers, case studies and regular product releases.
+Added: Our digital marketing strategy encompasses several channels, including search engine optimization (SEO), Google Ads campaigns, programmatic display advertising and an active presence across professional social media platforms.
+Added: We engage our audience through organic content, targeted advertising and a comprehensive content marketing program that includes a recurring newsletter, product updates and educational materials.
+Added: We primarily sell our solutions through our internal sales organization to diverse customers, including single-family rental homeowners, homebuilders and iBuyers, across our operating markets.
+Added: Our sales team engages prospects through telephone and email communication, while our visibility is further enhanced through publications in recognized industry magazines and online media outlets.
Environmental and Sustainability Benefits
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As of December 31, 2024, we had 494 total employees worldwide, all of which are full-time employees.
−Removed: We also engage consultants and contractors to supplement our permanent workforce.
+Added: We also engage consultants and contractors to supplement our workforce.
A majority of our employees are engaged in engineering, software and product development, sales, and related functions.
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Our culture is supportive, engaging, and fast paced and facilitates partnerships among coworkers with diverse backgrounds and experiences.
−Removed: Our employees have opportunities to get involved in resource groups (e.g., Women’s Empowerment, People of Color, and PRISM) and give back to the community.
+Added: Our employees have opportunities to get involved in resource groups and give back to the community.
We engage with our employees to gather insight, feedback, and data about their workplace experiences, and manager effectiveness.
This data informs and supports our action plans, with the goal of enhancing workplace satisfaction and overall employee well-being and effectiveness.
−Removed: We attract and retain talent through our employer brand initiatives, employee referral programs, and through internal career growth.
+Added: We attract and retain talent through market-based compensation, our employer brand initiatives, employee referral programs, and through internal career growth.
Employee growth and development comes from receiving real-time, informal feedback, a formal performance review, career path transparency, and ongoing role-specific training.
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Our total rewards program enables us to retain talent, reward high-performing employees at all levels and incentivize and motivate exceptional performance.
−Removed: In addition to competitive base pay, we have an annual bonus program for employees at all levels and a comprehensive variable compensation program specific to our revenue organization.
+Added: In addition to competitive base pay, we have an annual bonus program for employees at all levels, stock-based compensation for certain employees, and a comprehensive variable compensation program specific to our revenue organization.
Both the bonus and variable compensation plans are tied directly to individual and company performance.
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Research and Development
−Removed: Our near-term product roadmap includes new leasing solutions (including an online application for the leasing process and other applications for lease signing and customer relationship management), resident experience solutions (including applications for marketplaces, amenity reservations, rent payments, and work orders), home IoT solutions (including hubless systems, smart appliances, and video and security systems), and building IoT solutions (including energy, water, and air metering).
−Removed: We also engage in ongoing activities in connection with enhancement of existing products, integration with new third-party products and services, and the development of internal applications to improve efficiency of our operations.
+Added: Our near-term product roadmap includes new leasing solutions (including an online application for the leasing process and other applications for lease signing and customer relationship management), resident experience solutions (including applications for marketplaces, amenity reservations, rent payments, and work orders), home IoT solutions (including hubless systems, smart appliances, and video and security systems), building IoT solutions (including energy, water, and air metering), and property operations solutions (including centralized maintenance management, IoT-triggered predictive maintenance alerts for HVAC and plumbing, asset portfolio planning, vendor performance tracking, and energy reporting with Environmental, Social, and Governance ("ESG") dashboards and predictive analytics).
Generally, our hardware device suppliers maintain a stock of devices and key components to cover any minor supply chain disruptions.
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Replacing any single source or limited source suppliers could require the expenditure of significant resources and time to source these products.
−Removed: In August 2023 the Company entered into a Product Sales Agreement (the "Agreement") with ADI Global Distribution ("ADI"), pursuant to which, ADI will serve as our non-exclusive hardware fulfillment partner.
−Removed: In connection with the Agreement, the Company has agreed to transfer certain of its inventory to ADI, to fulfill our sales in exchange for cash.
−Removed: The company will continue to utilize ADI as a strategic partner to procure inventory and meet the fulfillment needs of our customers.
+Added: The majority of our hardware devices sold, both proprietary and third-party, are manufactured overseas.
Intellectual Property
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We and our partners are subject to various federal, state, and local regulations related to access control products, such as state and local building and fire codes, the Americans with Disabilities Act of 1990, as amended, and requirements for certifications by Underwriters Laboratories, a global independent safety science company, and the Federal Communications Commission.
−Removed: We, our customers, and our partners may be subject to numerous federal and state laws and regulations, including data breach notification laws, data privacy and security laws, and consumer protection laws and regulations (including Section 5 of the Federal Trade Commission Act of 1914 (the "FTC Act") that govern the collection, use, disclosure, and protection of personal information).
+Added: We, our customers, and our partners may be subject to numerous federal and state laws and regulations, including data breach notification laws, data privacy and security laws, and consumer protection laws and regulations (including Section 5 of the Federal Trade Commission Act (the "FTC Act") that govern the collection, use, disclosure, protection, and other processing of personal information).
Privacy and security laws, self-regulatory schemes, regulations, standards, and other obligations are constantly evolving, and may conflict with each other, which complicates compliance efforts, and can result in investigations, proceedings, or actions that lead to significant civil and/or criminal penalties and restrictions on data processing.
For example, California has enacted the California Consumer Privacy Act of 2018 (the "CCPA") that became effective on January 1, 2020.
−Removed: The CCPA creates, among other things, new data privacy obligations for covered companies and provides new privacy rights to California residents, including the right to access and delete personal information, opt out of certain personal information sharing, and receive detailed information about how personal information is used.
−Removed: The CCPA also creates a private right of action with statutory damages for certain data breaches, thereby potentially increasing risks associated with a data breach.
−Removed: Further, the California Privacy Rights Act (the "CPRA") imposes additional data protection obligations on covered companies doing business in California, including additional consumer rights processes and opt outs for certain uses of sensitive data.
−Removed: The CPRA also creates a new California data protection agency specifically tasked to enforce the law, which would likely result in increased regulatory scrutiny of California businesses in the areas of data protection and security.
−Removed: The substantive requirements for businesses subject to the CPRA went into effect on January 1, 2023 and become enforceable on July 1, 2023.
+Added: The CCPA, among other things, created new data privacy obligations for covered companies and provided new privacy rights to California residents, including rights to access and delete personal information, opt out of certain personal information sharing, and receive detailed information about how personal information is used.
+Added: The CCPA also creates a private right of action with statutory damages for certain data breaches, potentially increasing risks associated with a data breach.
+Added: Further, the California Privacy Rights Act (the "CPRA") amended and supplemented the CCPA, imposing additional data protection obligations on covered companies doing business in California, including additional consumer rights processes and opt outs for certain uses of sensitive data.
+Added: The CPRA also created a new California data protection agency tasked to enforce the law, which is likely to result in increased regulatory scrutiny of California businesses in the areas of data protection and security.
+Added: The substantive requirements for businesses subject to the CPRA went into effect on January 1, 2023.
Further, according to the Federal Trade Commission (the "FTC"), violating consumers’ privacy rights or failing to take appropriate steps to keep consumers’ personal information secure may constitute unfair acts or practices in or affecting commerce in violation of Section 5 of the FTC Act.
The FTC expects a company’s data security measures to be reasonable and appropriate in light of the sensitivity and volume of consumer information it holds, the size and complexity of its business, and the cost of available tools to improve security and reduce vulnerabilities.
−Removed: Other regulations that may apply to us, for example, depending upon the circumstances, include the General Data Protection Regulation (GDPR) in the European Union, Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA), and the Tenant Data Privacy Act (TPDA) in New York.
+Added: Other regulations that may apply to us depending upon the circumstances include, for example, the General Data Protection Regulation (GDPR) in the European Union, Canada’s Personal Information Protection and Electronic Documents Act (PIPEDA), and the Tenant Data Privacy Act (TPDA) in New York.
Corporate History
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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.