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New words:
AL, Bandera, Bonita, breach, Cane, CIS, Collin, Colorado, conclusion, corruption, crime, criminal, cyber, cybersecurity, de, decease, Delaware, Deli, destruction, difficulty, disaster, drawn, educating, encounter, endeavor, entrepreneur, EQK, equipment, Fast, fernando, FL, Food, forgiven, Franchisee, fraudulent, frequency, FYA, Gulfport, hope, hosted, Houma, Hurricane, Ida, indexed, Interim, introduction, Kaufman, Laguna, lara, Loma, lot, malfunction, McKinney, Merano, Mexico, negligent, Ocean, Overnight, Pensacola, phenomenon, popularity, Portage, preceding, privacy, Pueblo, range, raw, regularly, reliance, reputation, Restaurant, restoration, Ridge, Schlotzsky, Sherman, shorter, SOFR, software, Spring, store, stored, strength, Superior, supply, support, Tampico, Temple, threat, training, UDF, undesirable, unforeseen, user, utility, utilization, utilize, utilizing, valuable, Veracruz, vi, Waxahachie, weather, Weatherford, Willowick, withdrew
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acceptable, acted, adequately, advertising, aircraft, amenity, arbitration, architect, architectural, Arthur, ASU, Aviation, bankruptcy, Berger, Boeing, borrow, burdensome, capable, case, certificate, civil, climate, confidence, constantly, constitute, continued, convenience, COVID, created, customary, declining, default, deflationary, delay, delayed, delinquency, derived, desirability, deterioration, detrimental, difficult, discontinued, distribute, domestic, downturn, employment, enable, enforce, entail, evicting, eviction, evolve, expiration, Facilitation, Farnham, FASB, FDIC, feasibility, financially, Fort, geopolitical, global, guarantee, hard, heightened, heightening, implement, implemented, improper, insolvency, insolvent, Interbank, issuance, job, leading, legally, leverage, LIBOR, logistical, London, mitigate, natural, negatively, offered, originated, outbreak, Paul, people, permanent, phrase, plant, Port, pricing, privately, product, recession, reflected, refuse, regional, regulating, repaid, repay, restricting, restructure, satisfactory, shifted, size, small, soft, source, southeastern, southwest, southwestern, stabilization, Steller, structure, sustain, terrorist, turnover, unattractive, underinsured, unemployment, unencumbered, uninsured, unpaid, unwilling, vacancy, vaccinated, vaccine, vary, viewing, Villager, volatility, volume, Walton, war, weaken, workmanship, worsen
Financial report summary
?Risks
- FACTORS AFFECTING THE INDUSTRY
- Our operating performance is subject to risks associated with the real estate industry.
- We may not be able to compete successfully with other entities that operate in our industry.
- Real estate investments are illiquid, and we may not be able to sell properties if and when it is appropriate to do so.
- Our business may be impacted as a result of any health emergency like the pandemic impact the coronavirus.
- We face risks associated with and have been the target of security breaches through cyber attacks, cyber intrusions or otherwise, as well as other significant disruptions of our information technology (IT) networks and related systems.
- Adverse events concerning our existing tenants or negative market conditions affecting our existing tenants could have an adverse impact on our ability to attract new tenants, release space, collect rent or renew leases, and thus could adversely affect cash flow from operations and inhibit growth.
- Our reliance on third-party management companies s to operate certain of our properties may harm our business.
- We may experience increased operating costs which could adversely affect our financial results and the value of our properties.
- Our ability to achieve growth in operating income depends in part on its ability to develop additional properties or acquire and redevelop or renovate existing properties.
- We face risks associated with property acquisitions.
- Many of our properties are concentrated in our primary markets and we may suffer economic harm as a result of adverse conditions in those markets.
- We are leveraged and may not be able to meet our debt service obligations.
- An increase in interest rates would increase interest costs on variable rate debt and could adversely impact the ability to refinance existing debt.
- Unbudgeted capital expenditures or cost overruns could adversely affect business operations and cash flow.
- Properties may need to be sold from time to time for cash flow purposes.
- We engage in development and redevelopment activities with respect to certain of our properties. To the extent that we do so, we are subject to certain risks, including the following:
Management Discussion
- Many of the variations in the results of operations, discussed below, occurred because of the transactions affecting our properties described above, including those related to the Redevelopment Property, the Acquisition Properties and the Disposition Properties (each as defined below).
- For purposes of the discussion below, we define "Same Properties" as all of our properties with the exception of those properties that have been recently constructed or leased-up (“Redevelopment Property”), properties that have recently been acquired ("Acquisition Properties") and properties that have been disposed ("Disposition Properties"). A developed property is considered leased-up, when it achieves occupancy of 80% or more. We move a property in and out of Same Properties based on whether the property is substantially leased-up and in operation for the entirety of both periods of the comparison.
- For the comparison of the year ended December 31, 2023 to the year ended December 31, 2022, the Redevelopment Property is Landing on Bayou Cane. The Acquisition Properties are Blue Lake Villas, Blue Lake Villas Phase II, Northside on Travis, Parc at Denham Springs, Residences at Holland Lake, Villas of Park West I and Villas of Park West II. The Disposition Properties are Fruitland Park, Sugar Mill Phase III and Toulon.