GATX CORP

Previous wording

Operating results for the three months ended March 31, 2025 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2025. In particular, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2024.

Current wording

Operating results for the six months ended June 30, 2025 are not necessarily indicative of the results we may achieve for the entire year ending December 31, 2025. In particular, asset remarketing income does not occur evenly throughout the year. For more information, refer to the consolidated financial statements and footnotes in our Annual Report on Form 10-K for the year ended December 31, 2024.

Previous wording

GATX, and markets more broadly, are facing uncertainty around tariffs and economic conditions. These conditions did not have a significant impact on our business and financial results during the first quarter of 2025. However, a sustained slowdown in economic growth as a result of tariffs or global tensions could have a more significant impact on GATX’s financial results in the future. If this were to occur, GATX could be impacted directly and indirectly across all segments. Such conditions could lead to specific costs and inflationary pressures that directly impact GATX, including the impact of rising costs of new railcars and other transportation assets, increased maintenance expense, and general increases in other administrative expenses. GATX could also be indirectly impacted by factors such as softening demand for our products and services if customers within the markets or commodities we serve are impacted by tariffs or economic conditions. Management continues to monitor the macroeconomic environment to identify potential risks and to manage our business accordingly. However, we believe we are in a strong position to manage these risks. Our diverse fleet, broad global customer base, and long-term nature of our lease contracts provide substantial operating flexibility. In addition, our strong balance sheet position, credit ratings, and access to capital provide us adequate cash flow availability as needed.

Current wording

GATX, and markets more broadly, are facing uncertainty around tariffs and economic conditions. These conditions did not have a significant impact on our business and financial results during the first six months of 2025. However, a sustained slowdown in economic growth as a result of tariffs or global tensions could have a more significant impact on GATX’s financial results in the future. If this were to occur, GATX could be impacted directly and indirectly across all segments. Such conditions could lead to specific costs and inflationary pressures that directly impact GATX, including the impact of rising costs of new railcars and other transportation assets, increased maintenance expense, and general increases in other administrative expenses. GATX could also be indirectly impacted by factors such as softening demand for our products and services if customers within the markets or commodities we serve are impacted by tariffs or economic conditions. Management continues to monitor the macroeconomic environment to identify potential risks and to manage our business accordingly. However, we believe we are in a strong position to manage these risks. Our diverse fleet, broad global customer base, and long-term nature of our lease contracts provide substantial operating flexibility. In addition, our strong balance sheet position, credit ratings, and access to capital provide us adequate cash flow availability as needed.

Previous wording

Net income for the three months ended March 31, 2025 was $78.6 million, or $2.15 per diluted share, compared to $74.3 million, or $2.03 per diluted share, for the same period in 2024. Results for the three months ended March 31, 2024 included a net positive impact of $0.6 million ($0.02 per diluted share) from tax adjustments and other items. See "Non-GAAP Financial Measures" at the end of this item for further details. Excluding the impact of these items, net income increased $4.9 million compared to the prior year, largely due to higher revenue at Rail North America and Rail International, higher non-dedicated engine revenue at Engine Leasing, and higher earnings at the Rolls-Royce & Partners Finance joint ventures (collectively, the "RRPF affiliates"), partially offset by higher maintenance expense at Rail North America and Rail International and higher interest expense.

Current wording

Net income for the six months ended June 30, 2025 was $154.1 million, or $4.21 per diluted share, compared to $118.7 million, or $3.25 per diluted share, for the same period in 2024. Results for the six months ended June 30, 2024 included a net negative impact of $7.4 million ($0.20 per diluted share) from tax adjustments and other items. See "Non-GAAP Financial Measures" at the end of this item for further details. Excluding the impact of these items, net income increased $28.0 million compared to the prior year, largely due to higher revenue and higher net gain on asset dispositions at Rail North America, higher revenue at Rail International, higher non-dedicated engine revenue at Engine Leasing, and higher earnings at the Rolls-Royce & Partners Finance joint ventures (collectively, the "RRPF affiliates"), partially offset by higher maintenance expense at Rail North America, higher depreciation expense at Rail North America and Rail International, and higher interest expense.

Previous wording

Demand for railcars was stable, and the renewal success rate remained very strong. Rail North America continued to optimize its fleet by selectively selling railcars in the secondary market. Utilization was 99.2% at the end of the current quarter.

Current wording

Demand for railcars was stable, and the renewal success rate remained strong. Rail North America continued to focus on improving renewal lease rates and lengthening lease term, as well as optimization of its fleet by selectively selling railcars in the secondary market. Utilization was 99.2% at the end of the current quarter.

Previous wording

As of March 31, 2025, leases for approximately 17,300 tank and freight cars and approximately 1,000 boxcars are scheduled to expire over the remainder of 2025. These amounts exclude railcars on leases expiring in 2025 that have already been renewed or assigned to a new lessee.

Current wording

As of June 30, 2025, leases for approximately 11,800 tank and freight cars and approximately 700 boxcars are scheduled to expire over the remainder of 2025. These amounts exclude railcars on leases expiring in 2025 that have already been renewed or assigned to a new lessee.

Previous wording

In 2022, we entered into a new long-term railcar supply agreement with a subsidiary of Trinity Industries, Inc. ("Trinity") to purchase 15,000 newly built railcars through 2028, with an option to order up to an additional 500 railcars each year from 2023 to 2028. The agreement enables us to order a broad mix of tank and freight cars. Trinity will deliver 6,000 tank cars (1,200 per year) from 2024 through 2028. The remaining 9,000 railcars, which can be a mix of freight and tank cars, are expected to be ordered at a rate of 1,500 railcars per order year from 2023 to 2028 and delivered under a schedule to be determined. At March 31, 2025, 5,711 railcars have been ordered pursuant to the terms of the agreement, of which 4,060 railcars have been delivered.

Current wording

In 2022, we entered into a long-term railcar supply agreement with a subsidiary of Trinity Industries, Inc. ("Trinity") to purchase 15,000 newly built railcars through 2028, with an option to order up to an additional 500 railcars each year from 2023 to 2028. The agreement enables us to order a broad mix of tank and freight cars. Trinity will deliver 6,000 tank cars (1,200 per year) from 2024 through 2028. The remaining 9,000 railcars, which can be a mix of freight and tank cars, are expected to be ordered at a rate of 1,500 railcars per order year from 2023 to 2028 and delivered under a schedule to be determined. At June 30, 2025, 6,595 railcars have been ordered pursuant to the terms of the agreement, of which 4,687 railcars have been delivered.

Previous wording

During the first quarter of 2025, the renewal rate change of the LPI was positive 24.5%, compared to positive 26.7% in the prior quarter, and positive 33.0% in the first quarter of 2024. Lease terms on renewals for railcars in the LPI averaged 61 months in the current quarter, compared to 60 months in the prior quarter, and 64 months in the first quarter of 2024.

Current wording

During the second quarter of 2025, the renewal rate change of the LPI was positive 24.2%, compared to positive 24.5% in the prior quarter, and positive 29.4% in the second quarter of 2024. Lease terms on renewals for railcars in the LPI averaged 60 months in the current quarter, compared to 61 months in the prior quarter, and 61 months in the second quarter of 2024.

Previous wording

In the three months ended March 31, 2025, segment profit of $88.8 million decreased 1.7% compared to $90.3 million for the same period in the prior year. The decrease was driven by higher interest and maintenance expenses and an impairment recorded on certain older flammable liquids railcars, offset by higher revenue.

Current wording

In the six months ended June 30, 2025, segment profit of $185.4 million increased 9.6% compared to $169.1 million for the same period in the prior year. The increase was driven by higher revenue and higher net gain on asset dispositions, partially offset by higher interest and maintenance expense and an impairment recorded on certain older flammable liquids railcars.

Previous wording

In the three months ended March 31, 2025, lease revenue increased $23.5 million, or 9.9%, driven by more railcars on lease and higher lease rates. Other revenue increased $4.8 million, primarily due to higher repair revenue, partially offset by lower lease termination fees.

Current wording

In the six months ended June 30, 2025, lease revenue increased $44.2 million, or 9.2%, driven by more railcars on lease and higher lease rates. Other revenue increased $9.4 million primarily due to higher repair revenue, partially offset by lower lease termination fees.

Previous wording

In the three months ended March 31, 2025, maintenance expense increased $10.8 million, driven by more repair events, including more repairs performed by the railroads, and higher costs of repairs. Depreciation expense increased $5.3 million, due to the timing of new railcar investments and dispositions.

Current wording

In the six months ended June 30, 2025, maintenance expense increased $17.7 million, driven by more repair events, including more repairs performed by the railroads, and higher costs of repairs. Depreciation expense increased $10.2 million, due to the timing of new railcar investments and dispositions.

Previous wording

In the three months ended March 31, 2025, net gain on asset dispositions decreased $2.1 million, driven by by an impairment related to older flammable liquids railcars and lower net gains on dispositions and railcars converted to finance leases, partially offset by higher net scrapping gains. The amount and timing of disposition gains is dependent on a number of factors and may vary materially from period to period. Net interest expense increased $11.4 million, due to a higher average debt balance and higher average interest rate.

Current wording

In the six months ended June 30, 2025, net gain on asset dispositions increased $12.1 million, driven by higher net gains on asset dispositions and railcars converted to finance leases, as well as higher net scrapping gains, partially offset by an impairment related to older flammable liquids railcars. The amount and timing of disposition gains is dependent on a number of factors and may vary materially from period to period. Net interest expense increased $19.4 million, due to a higher average debt balance and higher average interest rate.

Previous wording

During the three months ended March 31, 2025, investment volume was $227.7 million compared to $321.7 million in the same period in 2024. We acquired 642 newly built railcars and purchased 627 railcars in the secondary market in the three months ended March 31, 2025, compared to 1,073 newly built railcars and 822 railcars in the secondary market in the same period in 2024.

Current wording

During the six months ended June 30, 2025, investment volume was $359.9 million compared to $629.8 million in the same period in 2024. We acquired 1,269 newly built railcars and purchased 707 railcars in the secondary market in the six months ended June 30, 2025, compared to 2,200 newly built railcars and 1,247 railcars in the secondary market in the same period in 2024.

Previous wording

Rail International, composed primarily of GATX Rail Europe ("GRE"), produced solid operating results in the first three months of 2025 and continued to grow its fleet. GRE experienced renewal lease rate increases for most railcar types in the period. Utilization was 95.1% at the end of the current quarter.

Current wording

Rail International, composed primarily of GATX Rail Europe ("GRE"), experienced a challenging railcar leasing market. Slower economic growth, particularly in Germany, and global macroeconomic uncertainties have led customers in various sectors to take a more cautious approach with regard to railcar fleet planning. Despite pressure on utilization, GRE experienced renewal lease rate increases for most railcar types in the period. Utilization was 93.3% at the end of the current quarter.

Previous wording

The fleet size of our rail business in India ("Rail India") continued to grow during the current quarter, as Rail India continued to focus on investment opportunities, diversification of its fleet, and developing relationships with customers, suppliers and the Indian Railways. Demand for railcars in India remained robust, driven by continued growth in the economy and infrastructure development. Utilization was 99.6% at the end of the current quarter.

Current wording

The fleet size of our rail business in India ("Rail India") continued to grow during the current quarter, as Rail India continued to focus on investment opportunities, diversification of its fleet, and developing relationships with customers, suppliers and the Indian Railways. Demand for railcars in India remained strong, driven by continued growth in the economy and infrastructure development. Utilization was 99.6% at the end of the current quarter.

Previous wording

As of March 31, 2025, leases for approximately 7,900 railcars are scheduled to expire over the remainder of 2025. This amount excludes railcars on leases expiring in 2025 that have already been renewed or assigned to a new lessee.

Current wording

As of June 30, 2025, leases for approximately 6,300 railcars are scheduled to expire over the remainder of 2025. This amount excludes railcars on leases expiring in 2025 that have already been renewed or assigned to a new lessee.

Previous wording

In the three months ended March 31, 2025, segment profit of $25.7 million decreased 10.8% compared to $28.8 million for the same period in the prior year. The decrease was primarily due to higher maintenance and interest expense and changes in foreign currency exchange rates, partially offset by higher lease revenue.

Current wording

In the six months ended June 30, 2025, segment profit of $57.9 million increased 4.7% compared to $55.3 million for the same period in the prior year. The increase was primarily due to higher lease revenue and changes in foreign currency exchange rates, partially offset by higher interest and maintenance expense.

Previous wording

In the three months ended March 31, 2025, lease revenue increased $3.0 million, or 3.7%, due to more railcars on lease and higher lease rates at GRE and Rail India, partially offset by the impact of foreign exchange rates.

Current wording

In the six months ended June 30, 2025, lease revenue increased $10.6 million, or 6.5%, due to more railcars on lease and higher lease rates at GRE and Rail India and the impact of foreign exchange rates.

Previous wording

In the three months ended March 31, 2025, maintenance expense increased $1.0 million, primarily due to more repair events and higher costs of repairs, partially offset by lower wheelset costs. Depreciation expense increased $1.2 million, due the impact of new railcars added to the fleet.

Current wording

In the six months ended June 30, 2025, maintenance expense increased $1.7 million, primarily due to more repair events and higher costs of repairs, partially offset by lower wheelset costs. Depreciation expense increased $3.5 million, due the impact of new railcars added to the fleet.

Previous wording

In the three months ended March 31, 2025, net interest expense increased $2.4 million, due to a higher average interest rate and a higher average debt balance. Other (expense) income was unfavorable by $2.2 million, driven by the negative impact of changes in foreign exchange rates, primarily euro-zloty fluctuations.

Current wording

In the six months ended June 30, 2025, net interest expense increased $4.9 million, due to a higher average interest rate and a higher average debt balance. Other income (expense) was unfavorable by $1.0 million, driven by the negative impact of changes in foreign exchange rates, primarily euro-zloty fluctuations.

Previous wording

During the three months ended March 31, 2025, investment volume was $62.7 million compared to $49.9 million in the same period in 2024. In the three months ended March 31, 2025, GRE acquired 446 newly built railcars compared to 322 newly built railcars for the same period in 2024, and Rail India acquired 312 newly built railcars in the current year compared to 696 newly built railcars for the same period in 2024.

Current wording

During the six months ended June 30, 2025, investment volume was $143.8 million compared to $109.5 million in the same period in 2024. In the six months ended June 30, 2025, GRE acquired 1,025 newly built railcars compared to 710 newly built railcars for the same period in 2024, and Rail India acquired 529 newly built railcars compared to 1,104 newly built railcars for the same period in 2024.

Previous wording

Rail International's reported results of operations are impacted by fluctuations in the exchange rates of the U.S. dollar against the foreign currencies in which it conducts business, primarily the euro. In the three months ended March 31, 2025, fluctuations in the value of the euro, relative to the U.S. dollar, negatively impacted lease revenue by approximately $2.1 million and negatively impacted segment profit, excluding other (expense) income, by approximately $1.4 million compared to the same period in 2024.

Current wording

Rail International's reported results of operations are impacted by fluctuations in the exchange rates of the U.S. dollar against the foreign currencies in which it conducts business, primarily the euro. In the three months ended June 30, 2025, fluctuations in the value of the euro, relative to the U.S. dollar, positively impacted lease revenue by approximately $3.9 million and positively impacted segment profit, excluding other income (expense), by approximately $2.0 million compared to the same period in 2024.

Previous wording

Engine Leasing includes the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (or affiliates thereof, collectively "Rolls-Royce"), a leading manufacturer of commercial aircraft jet engines. Segment profit included earnings from the RRPF affiliates of $33.4 million for three months ended March 31, 2025, compared to $23.7 million for the same period in 2024. The operating environment for the RRPF affiliates continued to be favorable as demand for aircraft spare engines remained robust.

Current wording

Engine Leasing includes the RRPF affiliates, a group of 50% owned domestic and foreign joint ventures with Rolls-Royce plc (or affiliates thereof, collectively "Rolls-Royce"), a leading manufacturer of commercial aircraft jet engines. Segment profit included earnings from the RRPF affiliates of $56.0 million and $22.6 million for the six months and three months ended June 30, 2025, compared to $40.6 million and $16.9 million for the same periods in 2024. The operating environment for the RRPF affiliates continued to be favorable as demand for aircraft spare engines remained strong.

Previous wording

Engine Leasing also includes GATX Engine Leasing ("GEL"), our wholly owned entity that invests directly in aircraft spare engines. As of March 31, 2025, GEL owned 39 aircraft spare engines, with 14 on long-term leases with airline customers and 25 that are employed in an engine capacity agreement with Rolls-Royce for use in its engine maintenance programs. All engines at GEL are managed by the RRPF affiliates, for which we paid them a fee of $1.4 million for the three months ended March 31, 2025 and $0.6 million for the same period in 2024.

Current wording

Engine Leasing also includes GATX Engine Leasing ("GEL"), our wholly owned entity that invests directly in aircraft spare engines. As of June 30, 2025, GEL owned 39 aircraft spare engines, with 14 on long-term leases with airline customers and 25 that are employed in an engine capacity agreement with Rolls-Royce for use in its engine maintenance programs. All engines at GEL are managed by the RRPF affiliates, for which we paid them a fee of $2.7 million and $1.3 million for the six months and three months ended June 30, 2025 and $1.8 million and $0.9 million for the same periods in 2024.

Previous wording

In the three months ended March 31, 2025, segment profit was $38.6 million, compared to segment profit of $25.7 million for the same period in the prior year. Segment profit included $0.6 million of gains in 2024 associated with the Specialized Gas Vessels. Excluding the impact of this item, results for Engine Leasing were $13.5 million higher than 2024. The increase was driven by higher earnings at the RRPF affiliates and GEL.

Current wording

In the six months ended June 30, 2025, segment profit was $65.9 million, compared to segment profit of $44.1 million for the same period in the prior year. Segment profit included $0.6 million of gains in 2024 associated with the Specialized Gas Vessels. Excluding the impact of this item, results for Engine Leasing were $22.4 million higher than 2024. The increase was driven by higher earnings at the RRPF affiliates and GEL.

Previous wording

In the three months ended March 31, 2025, lease revenue was comparable to the same period in the prior year. Non-dedicated engine revenue increased $8.3 million, due to aircraft spare engines acquired in 2024 and utilized in the engine capacity agreement with Rolls-Royce.

Current wording

In the three months ended June 30, 2025, lease revenue was comparable to the same period in the prior year. Non-dedicated engine revenue increased $6.8 million, due to aircraft spare engines acquired in 2024 and utilized in the engine capacity agreement with Rolls-Royce.

Previous wording

In the three months ended March 31, 2025, depreciation expense increased $1.0 million, due to aircraft spare engines acquired in 2024.

Current wording

In the three months ended June 30, 2025, depreciation expense increased $0.9 million, due to aircraft spare engines acquired in 2024.

Previous wording

In the three months ended March 31, 2025, income from our share of affiliates' earnings increased $9.7 million, driven by higher income from operations and higher remarketing income. The amount and timing of remarketing income is dependent on a number of factors and may vary materially from period to period.

Current wording

In the three months ended June 30, 2025, income from our share of affiliates' earnings increased $5.7 million, driven by higher income from operations and higher remarketing income. The amount and timing of remarketing income is dependent on a number of factors and may vary materially from period to period.

Previous wording

The tank container leasing market remained challenging with fluctuating market dynamics in the first quarter of 2025. Utilization was 84.9% at the end of the current quarter.

Current wording

The tank container leasing market remained challenging in the second quarter of 2025. Utilization was 84.7% at the end of the current quarter.

Previous wording

SG&A increased $0.7 million for the three months ended March 31, 2025 compared to the same period in the prior year driven by higher employee-related expenses, partially offset by lower information technology expense.

Current wording

SG&A increased $0.3 million for the six months ended June 30, 2025 compared to the same period in the prior year. SG&A decreased $0.4 million for the three months ended June 30, 2025 compared to the same period in the prior year. Both variances were driven by higher employee-related expenses offset by lower information technology expense.

Previous wording

As of March 31, 2025, we had an unrestricted cash balance of $757.2 million. We also have a $600 million, 5-year unsecured revolving credit facility in the United States that matures in 2029 and a $350 million, 3-year unsecured revolving credit facility in the United States that matures in 2027, both of which were fully available as of March 31, 2025. In addition, we have a €210 million, 3-year unsecured revolving credit facility in Europe that matures in 2027, of which €130 million was available as of March 31, 2025.

Current wording

As of June 30, 2025, we had an unrestricted cash balance of $754.6 million. We also have a $632 million, 5-year unsecured revolving credit facility in the United States that matures in 2030 and a $368 million, 3-year unsecured revolving credit facility in the United States that matures in 2028, both of which were fully available as of June 30, 2025. In addition, we have a €210 million, 3-year unsecured revolving credit facility in Europe that matures in 2027, of which €130 million was available as of June 30, 2025.

Previous wording

The following table shows our cash flows from operating, investing and financing activities for the three months ended March 31 (in millions):

Current wording

The following table shows our cash flows from operating, investing and financing activities for the six months ended June 30 (in millions):

Previous wording

Net cash provided by operating activities for the three months ended March 31, 2025 increased $26.6 million compared to the same period in 2024. Comparability among reporting periods is impacted by the timing of changes in working capital items. Specifically, higher cash receipts from revenue, lower payments for operating leases, and lower payments for taxes, were partially offset by higher payments for interest expense, maintenance, and other operating expenses.

Current wording

Net cash provided by operating activities for the six months ended June 30, 2025 increased $49.6 million compared to the same period in 2024. Comparability among reporting periods is impacted by the timing of changes in working capital items. Specifically, higher cash receipts from revenue, lower payments for operating leases, and lower payments for taxes, were partially offset by higher payments for interest, maintenance, and other operating expenses.

Previous wording

The following table shows our principal sources and uses of cash flows from investing activities for the three months ended March 31 (in millions):

Current wording

The following table shows our principal sources and uses of cash flows from investing activities for the six months ended June 30 (in millions):

Previous wording

The decrease in portfolio investments and capital additions of $82.3 million for the three months ended March 31, 2025 was primarily due to fewer railcars and locomotives acquired at Rail North America and Rail India and fewer tank containers acquired at Trifleet, partially offset by more railcars acquired at GRE. The timing of investments depends on purchase commitments, transaction opportunities, and market conditions.

Current wording

The decrease in portfolio investments and capital additions of $305.3 million for the six months ended June 30, 2025 was primarily due to fewer railcars and locomotives acquired at Rail North America and Rail India, fewer aircraft spare engines acquired at GEL and fewer tank containers acquired at Trifleet, partially offset by more railcars acquired at GRE. The timing of investments depends on purchase commitments, transaction opportunities, and market conditions.

Previous wording

Portfolio proceeds increased by $8.6 million for the three months ended March 31, 2025, primarily due to more railcars and locomotives sold at Rail North America.

Current wording

Portfolio proceeds increased by $41.2 million for the six months ended June 30, 2025, primarily due to more railcars and locomotives sold at Rail North America.

Previous wording

The following table shows our principal sources and uses of cash flows provided by financing activities for the three months ended March 31 (in millions):

Current wording

The following table shows our principal sources and uses of cash flows provided by financing activities for the six months ended June 30 (in millions):

Previous wording

(1) In the three months ended March 31, 2025, we repurchased 12,046 shares of common stock for $1.9 million. In the three months ended March 31, 2024, we repurchased 36,744 shares of common stock for $4.6 million.

Current wording

(1) In the six months ended June 30, 2025, we repurchased 115,937 shares of common stock for $17.1 million. In the six months ended June 30, 2024, we repurchased 70,044 shares of common stock for $8.9 million.

Previous wording

The following table shows the activity on our long-term debt principal in the three months ended March 31, 2025 (in millions):

Current wording

The following table shows the activity on our long-term debt principal in the six months ended June 30, 2025 (in millions):

Previous wording

The following provides detail of the long-term debt issued in the U.S. during the three months ended March 31, 2025:

Current wording

The following provides detail of the long-term debt issued in the U.S. during the six months ended June 30, 2025:

Previous wording

We have a $600 million, 5-year unsecured revolving credit facility in the United States, expiring in May 2029. The facility contains two one-year extension options. As of March 31, 2025, the full $600 million was available under this facility. Additionally, we have a $350 million, 3-year unsecured revolving credit facility in the United States, expiring in May 2027. This facility contains two one-year extension options. As of March 31, 2025, the full $350 million was available under this facility.

Current wording

In the second quarter, we increased our existing $600 million, 5-year unsecured revolving credit facility in the United States to $632 million and extended the maturity on this facility by one year from May 2029 to May 2030. This facility contains one additional one-year extension option. As of June 30, 2025, the full $632 million was available under this facility. Additionally, in the second quarter, we increased our existing $350 million, 3-year unsecured revolving credit facility in the United States to $368 million and extended the maturity on this facility by one year from May 2027 to May 2028. This facility contains one additional one-year extension option. As of June 30, 2025, the full $368 million was available under this facility.