2 unchanged sentences
“Risk Factors” of our 2021 Form 10-K with the risk factor set forth below, which should be read in conjunction with the risk factors and other disclosures in this report and in our 2021 Form 10-K .
−Removed: Supply chain constraints may further delay completion of our projects under construction, may impact the timing of projects we plan to start in the future, and may increase our costs.
−Removed: Supply chain disruptions impacting our industry have begun to delay some of our projects under construction, and may impact the timing of projects on which we plan to start construction in the future.
−Removed: Our industry has also continued to experience increases in costs of land, construction materials and labor.
−Removed: Because we engage third-party general contractors to construct our projects on a fixed-price or guaranteed maximum price basis, our exposure to cost increases on projects under construction is limited;
−Removed: however, supply constraints may increase our costs of, or delay, future projects.
−Removed: In addition, rising costs and delays in delivery of materials may increase the risk of default by contractors and subcontractors.
−Removed: Accordingly, time delays or increases in construction costs resulting from supply chain disruptions may impact our ability to realize anticipated returns on projects and have a material adverse impact on our cash flow and profits.
−Removed: Refer to Part I, Item 2.
−Removed: “Management’s Discussion and Analysis of Financial Condition and Results of Operations” for further discussion.
−Removed: Unregistered Sales of Equity Securities and Use of Proceeds .
−Removed: There were no unregistered sales of equity securities and no repurchases of common stock during the three months ended March 31, 2022.
+Added: Increases in land, labor and construction costs, supply chain constraints, higher borrowing costs and tightening of bank credit are having an adverse impact on us and may continue to do so.
+Added: As discussed in more detail in Part I, Item 2.
+Added: under the heading “Overview of Financial Results - Market Conditions,” our industry has been experiencing land, labor and construction cost increases, supply chain constraints, higher borrowing costs and tightening bank credit, which have increased our costs and delayed projects;
+Added: these trends may continue or worsen.
+Added: In addition, rising costs and delays in delivery of materials may increase the risk of default by contractors and subcontractors on ongoing construction projects.
+Added: If we are unable to offset rising costs by value engineering or raising rents and sales prices, our profitability and cash flows would be adversely impacted.
+Added: Further, these factors may cause a decline in demand for our real estate, which could harm our business.
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.