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If our operating results, financial condition and/or liquidity decline, we may be unable to meet certain covenants and conditions under our debt agreements and may be unable to borrow under our revolving credit facility or incur additional debt.
−Removed: For example, our consolidated income available for debt service to debt service ratio was below the 1.50x requirement under certain of our debt agreements as of June 30, 2025, and we cannot be certain when or if this ratio will exceed 1.50x.
−Removed: We are currently unable to incur additional debt because this ratio is below 1.50x, but are not required to repay outstanding debt as a result of the inability to meet this covenant.
−Removed: We are currently fully drawn under our $650.0 million revolving credit facility as a precautionary measure to preserve financial flexibility.
−Removed: We may therefore experience future liquidity constraints, as we currently have no capacity under our credit agreement to incur additional debt and cannot incur debt under our other debt agreements as a result of our inability to meet the requirements of such debt agreements.
+Added: For example, if our consolidated income available for debt service to debt service ratio falls below the 1.50x requirement under certain of our debt agreements, we would be unable to incur additional debt while this ratio is below 1.50x, but would not be required to repay outstanding debt as a result of the inability to meet this covenant.
An inability to incur additional indebtedness would require us to meet our capital needs from other sources, such as cash on hand, operating cash flow, equity financing or asset sales, which may not be available to us on attractive terms or at all and we may be unable to meet our obligations or grow our business by acquiring additional properties or otherwise.
7 unchanged sentences
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.