Risk Factors Update Summary
- Inflation and high interest rates may adversely impact financial condition and operations. Rising inflation could lead to increased defaults and harm operating results.
- The Federal Reserve rapidly raised the federal funds rate to decade-high levels in 2022 to combat inflation.
- The company's debt outstanding decreased from approximately $1.6 billion to $1.5 billion.
- Interest rate swap agreements increased from 71% to 76% of the floating rate debt outstanding.
- The interest rate cap agreements now have a weighted average rate of 90%.
- The company may incur mortgage indebtedness, subject to nonrecourse mortgage loans, which could trigger tax indemnification obligations.
- The company's real estate assets may be subject to impairment charges, affecting financial condition and operations.
Full Text Changes in Most Recent 10-K
Intended use: review the highlighted statements. These are additions to the risk factors disclosure in the most recent 10-K filing compared to the previous 10-K filing. Deleted and moved text is less important and is shown for context.
To view the full company filings, click on the following link to be taken to the SEC EDGAR database landing page for the company: https://www.sec.gov/edgar/browse/?CIK=1620393&owner=exclude
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