2 unchanged sentences
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 March 31, 2025 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, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Warning Concerning Forward-Looking Statements
7 unchanged sentences
our capital expenditure plans and commitments;
−Removed: our property dispositions and expected use of proceeds;
−Removed: the completion of the collateral swap under our revolving credit facility;
+Added: our expected use of proceeds;
+Added: our ability to incur additional debt;
+Added: our ability to rebalance our hotel portfolio towards full-service urban and leisure-oriented properties through asset sales and the future composition of our portfolio;
+Added: our ability to reduce leverage initially and incur debt in the future for business purposes and capital expenditures through our planned sales of hotels;
+Added: our contemplated disposition program;
+Added: our ability to acquire single-tenant freestanding properties that are either service oriented, non-discretionary or e-commerce resistant, potential amendments to our existing hotel management agreements with Sonesta;
and the amount and timing of future distributions.
3 unchanged sentences
• Our ability and the ability of our managers and tenants to operate under unfavorable market and commercial real estate industry conditions due to, among other things, uncertainties surrounding interest rates and inflation, supply chain disruptions, emerging technologies, volatility in the public equity and debt markets, effect of or changes to tariffs or trading policies, pandemics, geopolitical instability and tensions, economic downturns or a possible recession, labor market conditions or changes in real estate utilization,
−Removed: • The impact of changes in U.S.
−Removed: and foreign government administrative policies, including the imposition of or increases in tariffs and changes to existing trade agreements, on macroeconomic conditions, supply chains and the cost of products our operators use, and on the results of operations of our operators and us,
• Our ability to sell properties at prices we target, and the timing of such sales,
+Added: • Continued availability of borrowings under our revolving credit facility is subject to our satisfying certain financial covenants and other credit facility conditions.
+Added: The consolidated income available for debt service to debt service ratio is below the 1.50x requirement under our public debt covenants as of June 30, 2025.
+Added: We are not permitted under our debt agreements to incur additional debt while this ratio is below 1.50x.
+Added: As a precautionary measure, we have fully drawn our $650.0 million revolving credit facility to maintain our financial flexibility.
+Added: Our ability to incur debt may be limited for an extended period of time.
+Added: We cannot be certain how long our consolidated income available for debt service to debt service ratio may remain below 1.50x.
+Added: We may not have any immediately available borrowing capacity to meet any funding needs beyond our cash on hand if our operating results and financial condition are significantly and adversely impacted by current economic conditions or otherwise.
+Added: If we cannot incur additional debt, we may be forced to raise additional sources of capital on unfavorable terms or take other measures to maintain adequate liquidity and we may not succeed in raising any capital we may need,
• Our ability to repay or refinance our debts as they mature or otherwise become due,
1 unchanged sentence
• Our ability to pay interest on and principal of our debt,
+Added: • The impact of changes in U.S.
+Added: and foreign government administrative policies, including the imposition of or increases in tariffs and changes to existing trade agreements, on macroeconomic conditions, supply chains and the cost of products our operators use, and on the results of operations of our operators and us,
• Whether and the extent to which our managers and tenants will pay the contractual amounts of returns, rents or other obligations due to us,
28 unchanged sentences
Other Information
−Removed: There have been no material changes to risk factors from those we previously disclosed in our 2024 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.