Retail Sector Disruptions and Tenant Solvency Risks: The ongoing evolution of the retail landscape, including the rise of e-commerce and changing consumer preferences, may lead to tenant bankruptcies, store closures, and decreased demand for physical retail space, impacting AKR's rental income and property values.

Rising Interest Rates and Capital Cost Exposure: An increase in prevailing interest rates can significantly raise AKR's borrowing costs for new debt and refinancings, potentially reducing its net income, making acquisitions less attractive, and negatively impacting property valuations.

Economic Slowdown and Consumer Spending Declines: A general economic downturn or recession could lead to reduced consumer spending, which directly impacts the sales and financial health of AKR's retail tenants, increasing the risk of rent defaults, lease renegotiations, and vacancies.