4 unchanged sentences
Infill locations are geographic locations surrounded by high concentrations of already developed land and existing buildings.
−Removed: As of December 31, 2021, we owned a total of 253 buildings aggregating approximately 15.1 million square feet, 36 improved land parcels consisting of approximately 127.1 acres and four properties under redevelopment that, upon completion, will consist of two properties aggregating approximately 0.2 million square feet and two improved land parcels aggregating approximately 12.1 acres.
−Removed: As of December 31, 2021, the buildings and improved land parcels were approximately 95.5% and 94.8% leased (including 0.4 million square feet of vacancy acquired during the fourth quarter of 2021), respectively, to 554 customers, the largest of which accounted for approximately 4.9% of our total annualized base rent.
+Added: As of December 31, 2022, we owned a total of 252 buildings aggregating approximately 15.3 million square feet, 46 improved land parcels consisting of approximately 161.4 acres and three properties under redevelopment that, upon completion, will consist of one building of approximately 34,000 square feet and two improved land parcels aggregating approximately 12.1 acres.
+Added: As of December 31, 2022, the buildings and improved land parcels were approximately 98.6% and 92.5% leased, respectively, to 569 customers, the largest of which accounted for approximately 4.3% of our total annualized base rent.
We are an internally managed Maryland corporation and elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended, or the Code, commencing with our taxable year ended December 31, 2010.
19 unchanged sentences
• Interior access via grade-level and/or dock-high doors
−Removed: Table of Content s
• Staging for moderate truck activity
34 unchanged sentences
Competitive Strengths
−Removed: Table of Content s
We believe we distinguish ourselves from our competitors through the following competitive advantages:
2 unchanged sentences
markets and focus on infill locations.
−Removed: We selected our six target markets based upon the experience of our executive management investing and operating in over 50 global industrial markets located in North America, Europe and Asia, the fundamentals of supply and demand, and in anticipation of trends in logistics patterns resulting from population changes, regulatory and physical constraints, changes in technology, e-commerce, the economic and environmental benefits of reducing vehicle miles traveled and other factors.
+Added: We selected our six target markets based upon the experience of our executive management investing and operating in over 50 global industrial markets located in North America, Europe and Asia, the fundamentals of supply and demand, and in anticipation of trends in logistics patterns resulting from population changes, regulatory and physical constraints, changes in technology, e-commerce, the economic and environmental benefits of reducing vehicle miles
+Added: traveled and other factors.
We have no current intention to acquire undeveloped or unimproved land or pursue greenfield ground-up development, but we pursue redevelopment, renovation and expansion activities.
31 unchanged sentences
We are not structured as an Umbrella Partnership Real Estate Investment Trust, or UPREIT, although we could put in place a similar structure to facilitate an acquisition if needed.
−Removed: Table of Content s
−Removed: currently own our properties indirectly through subsidiaries and may utilize one or more taxable REIT subsidiaries as appropriate.
+Added: We currently own our properties indirectly through subsidiaries and may utilize one or more taxable REIT subsidiaries as appropriate.
Our Tax Status
26 unchanged sentences
An example would be laws that require a business using chemicals to manage them carefully and to notify local officials that the chemicals are being used.
−Removed: Table of Content s
We could be responsible for any of the costs discussed above.
−Removed: The costs to clean up a contaminated property, to defend against a claim, or to comply with environmental laws could be material and could adversely affect the funds available for distribution to our stockholders.
+Added: The costs to clean up a contaminated property, to defend against a claim, or to comply with environmental laws could be material and could adversely affect the funds available for
+Added: distribution to our stockholders.
We generally obtain “Phase I environmental site assessments”, or ESAs, on each property prior to acquiring it.
18 unchanged sentences
We invest in our employees and are committed to growing individual skills and leadership qualities across our business.
−Removed: Our human capital objectives include, as applicable, identifying, recruiting, retaining, developing, incentivizing and integrating our existing and prospective employees.
+Added: Our human capital objectives include, as applicable, identifying, recruiting, retaining, developing, incenting and integrating our existing and prospective employees.
We also emphasize external community engagement by encouraging volunteer work, providing paid time off to participate in charitable activities and matching a portion of employee donations to qualifying nonprofit organizations.
As an equal opportunity employer, we promote a consistent message of diversity and inclusion and reward our employees based on merit and their contributions.
−Removed: We have also increased our board diversity in terms of gender, race and work experience.
+Added: We have increased our board diversity in terms of gender, underrepresented communities and work experience.
We have designed an executive compensation program intended to (i) align the interest of our executives and stockholders, (ii) motivate our executives to manage our business to meet our near, medium and long-term objectives, (iii) assist in attracting and retaining talented and well-qualified executives, (iv) be competitive with other industrial real estate investment trusts and (v) encourage and provide the opportunity for our executives to obtain meaningful ownership levels of our stock.
6 unchanged sentences
The information on our website is neither part of nor incorporated by reference in this Annual Report on Form 10-K.
−Removed: We make available, free of charge, on or through our website certain reports and amendments to those reports that we file with or furnish to the SEC in accordance with the
−Removed: Table of Content s
−Removed: Exchange Act.
+Added: We make available, free of charge, on or through our website certain reports and amendments to those reports that we file with or furnish to the SEC in accordance with the Exchange Act.
These include our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K and exhibits and amendments to these reports, and Section 16 filings.
−Removed: We make this information available on our website free of charge as soon as reasonably practicable after we electronically file the information with, or furnish it to, the SEC.
+Added: We make this information available on our
+Added: website free of charge as soon as reasonably practicable after we electronically file the information with, or furnish it to, the SEC.
You may also obtain our reports by accessing the EDGAR database at the SEC’s website at http://www.sec.gov.
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.