Risk Factors Update Summary

• Real property investments may be affected by factors like inflation, interest rates, and increased costs. This could significantly impact financial expectations and operations.
• Limitations under REIT provisions may hinder effective hedging, potentially incurring tax liabilities.
• Failure to attract, retain, and develop key personnel could adversely impact business performance.
• Development projects may have defects, including latent defects, impacting financial expectations and operations.
• Income from hedging transactions may not be considered gross income, affecting compliance with 75% gross income tests.
• Increased focus on ESG factors may lead to additional costs and risks, affecting investor perception.
• Impairment charges on outlet centers could affect financial results, with one center valued at $111 million.
• Dividends from REITs taxed at higher rates than qualified dividends, impacting tax rates.
• Increased costs of maintenance, insurance, and operations could impact financial condition and results of operations.
• Changes in consumer spending habits and perceptions could affect tenant performance and demand for retail space.
• Compliance with ADA and fire safety regulations may lead to expenditures affecting cash flows and financial condition.
• Risks associated with climate change and severe weather could impact operations and financial results.