Economic Downturn and Consumer Spending Impact: A recession or significant decline in consumer spending could reduce tenant sales, leading to lower percentage rents, increased tenant defaults, and difficulty in re-leasing vacant spaces at favorable rates.

Tenant Bankruptcies and Vacancy Risk: Major tenants or a cluster of smaller tenants filing for bankruptcy could result in significant vacancies, lost rental income, and substantial costs associated with re-tenanting and property improvements to attract new businesses.

Interest Rate Volatility and Financing Costs: Rising interest rates increase the cost of borrowing for new acquisitions and refinancing existing debt, potentially compressing property valuations, reducing cash flow, and making future development less attractive.