Brixmor Property Group (BRX) risk factors, FY2024 10-K

Risks Related to Our Portfolio and Our Business

1. 01Adverse economic, market, and real estate conditions may adversely affect our financial condition, operating results, and cash flows
2. 02Elevated levels of inflation and/or interest rates could adversely affect us and our tenants
3. 03International trade disputes, including U.S. trade tariffs and retaliatory tariffs, could adversely impact our business
4. 04Public health crises could materially and adversely affect our financial condition, operating results, and cash flows
5. 05We may be required to make rent or other concessions and/or incur significant capital expenditures to retain existing tenants or attract new tenants
6. 06Our active value-enhancing reinvestment program subjects us to risks that could adversely affect our financial condition, operating results, and cash flows
7. 07Significant retailer distress across our Portfolio could adversely affect our financial condition, operating results, and cash flows
8. 08We may be unable to collect outstanding balances and/or future contractual rents due from tenants that file for bankruptcy protection
9. 09Our expenses may remain constant or increase, even if income from our Portfolio decreases
10. 10Our real estate investments are relatively illiquid and we may not be able to dispose of assets in a timely manner, on favorable terms, or at all
11. 11Our real estate assets may be subject to impairment charges
12. 12We utilize a significant amount of indebtedness in the operation of our business. Required debt service payments and other risks related to our debt financing could adversely affect our financial condition, operating results, and cash flows
13. 13Our variable rate indebtedness subjects us to interest rate risk, and an increase in our debt service obligations may adversely affect our financial condition, operating results, and cash flows
14. 14We may be unable to obtain additional capital through the debt and equity markets on favorable terms or at all
15. 15Adverse changes in our credit rating could affect our borrowing ability and the terms of existing or new financing
16. 16Covenants in our debt agreements could, under certain circumstances, result in an acceleration of our indebtedness
17. 17An uninsured property loss or a loss that exceeds the limits of our insurance policies could result in a loss of our investment or revenue associated with those properties
18. 18Environmental conditions that exist at some of the properties in our Portfolio could result in significant unexpected costs
19. 19Compliance with the Americans with Disabilities Act, fire, safety, environmental, and other regulations may require us to make expenditures that could adversely affect our financial condition, operating results, and cash flows
20. 20We and our tenants face risks relating to cybersecurity attacks that could cause the loss of confidential information or other business disruptions
21. 21The direct and indirect impact on us and our tenants from severe weather, flooding, and other effects of climate change, and the economic and reputational impacts of the transition to non-carbon based energy, could adversely affect our financial condition, operating results, and cash flows

Risks Related to Our Organization and Structure

1. 22BPG’s board of directors may change significant corporate policies without stockholder approval
2. 23BPG’s board of directors may approve the issuance of stock, including preferred stock, with terms that may discourage a third party from acquiring us
3. 24The rights of BPG and BPG's stockholders to take action against BPG’s directors and officers are limited
4. 25BPG’s charter contains a provision that expressly permits BPG’s non-employee directors to compete with us

Risks Related to our REIT Status and Certain Other Tax Items

1. 26If BPG does not maintain its qualification as a REIT, it will be subject to tax as a regular corporation and could face a substantial tax liability
2. 27Changes to the U.S. federal income tax laws, including the enactment of certain tax reform measures, could have a material and adverse effect on us
3. 28Complying with REIT requirements may force BPG to liquidate or restructure investments or forgo otherwise attractive investment opportunities, and/or may discourage BPG from disposing of certain assets
4. 29BPG may choose to make distributions in BPG’s own stock, in which case stockholders may be required to pay income taxes without receiving any cash dividends