Economic Sensitivity and Consumer Spending Declines: Fluctuations in economic conditions, including recessions or reduced consumer spending, can negatively impact tenant sales, ability to pay rent, and demand for retail space, thereby reducing FCR's rental income and property values.

Interest Rate Volatility and Debt Costs: As a highly leveraged real estate company, rising interest rates increase the cost of borrowing for both existing variable-rate debt and new financing, potentially decreasing profitability and cash flow available for distributions or reinvestment.

Tenant Concentration and Vacancy Risks: Reliance on a limited number of major tenants or specific retail segments, alongside general tenant bankruptcies or lease non-renewals, could lead to significant vacancies, lost rental income, and increased re-leasing costs.