Fiscal period ending 2025-12-31 versus 2024-12-31
— view filing on EDGAR →
Leverage rose meaningfully — debt up 11% to $3.9B with a newly disclosed commercial paper program — while cost headwinds from tariffs and supply-chain constraints were explicitly called out for the first time, expanding the economic risk envelope. Cybersecurity disclosures were materially upgraded to name AI-era attack vectors, ransomware, and phishing, signaling a substantively broader threat surface. The combined worsening across capital structure, cost drivers, and cyber risk represents a real, if contained, deterioration in the overall risk profile.
1 company-specific
· 3 common-mode
Company-specific changes
Revised
Outstanding debt increased from $3.5B to $3.9B (+11%), and commercial paper program newly disclosed, indicating increased leverage and financing complexity.
Risks Associated with Our Indebtedness and Financing We have significant debt, which could have adverse consequences. As of December 31, 2025, we had outstanding debt of approximately $3.9 billion.…
Also disclosed — common-mode (Tariffs trade policy ×2, AI cybersecurity escalation)
Tariffs trade policy
Revised
Added explicit cost escalation risks: tariffs, supply-chain constraints, and regulatory cost drivers. Materially expands disclosed economic headwinds beyond prior generic language.
Risks Associated with Capital Markets, Credit Markets, and Real Estate Volatility in capital and credit markets, cost increases, or other unfavorable changes in economic conditions, either nationally…
Tariffs trade policy
Revised
New explicit disclosure of tariff and import-tax risks in construction costs; prior year omitted this emerging geopolitical cost driver.
Risks Associated with Our Operations Development, repositions, redevelopment and construction risks could impact our profitability. We intend to continue to develop, reposition, redevelop, and…
AI cybersecurity escalation
Revised
Escalated risk disclosure: added explicit mention of AI/emerging tech breach risks, specific attack vectors (ransomware, phishing, stolen credentials), and heightened cyber-attack sophistication. Substantively expanded threat scope.
A cybersecurity incident and other technology disruptions could negatively impact our business. We use technology in substantially all aspects of our business operations, including internet and…