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Financial report summary
?Risks
- In order to grow we need to continue to acquire investment properties. The acquisition of investment properties may be subject to competitive pressures.
- Negative market conditions or adverse events affecting our existing or potential clients, or the industries in which they operate, could have an adverse impact on our ability to attract new clients, re-lease space, collect rent or renew leases, which could adversely affect our cash flow from operations and inhibit growth.
- As a property owner, we may be subject to unknown environmental liabilities.
- If we fail to qualify as a REIT, it could adversely impact us, and the amount of dividends we are able to pay would decrease, which could adversely affect the market price of our capital stock and could adversely affect the value of our debt securities.
- Legislative or other actions affecting REITs could have a negative effect on us or our investors.
- Distribution requirements imposed by law limit our flexibility.
- Future issuances of equity securities could dilute the interest of holders of our common stock.
- We may acquire properties or portfolios of properties through tax deferred contribution transactions, which could result in stockholder dilution and limit our ability to sell or refinance such assets.
- Real estate ownership is subject to particular conditions that may have a negative impact on our revenue.
- Real estate property investments are illiquid. We may not be able to acquire or dispose of properties when desired or on favorable terms.
- Our acquisition of additional properties may have a significant effect on our business, liquidity, financial position and/or results of operations.
- We are subject to additional risks from our international investments and debt.
- We may engage in development, speculative development, or expansion projects or invest in new asset classes, which would subject us to additional risks that could negatively impact our operations.
- Property taxes may increase without notice.
- We may face extensive regulations from gaming and other regulatory authorities regarding current and future gaming properties.
- An uninsured loss or a loss that exceeds the policy limits on our properties could subject us to lost capital or revenue on those properties.
- Compliance with the Americans with Disabilities Act of 1990 and fire, safety, and other regulations may require us to make unanticipated expenditures that could adversely impact our results of operations.
- Our business is subject to risks associated with climate change and our sustainability strategies.
- Our charter contains restrictions upon ownership of our common stock.
- The value of certain of our investment in real property may be reduced as the result of the expiration or loss of local tax abatements, tax credit programs, or other governmental incentives.
- Following the Merger, we may be unable to integrate the operations of Spirit successfully, or realize the anticipated synergies and related benefits of the Merger and the transactions contemplated by the Merger Agreement or do so within the anticipated time frame.
- Our historical and unaudited pro forma condensed combined financial statements may not be representative of our results after the Merger and the transactions contemplated by the Merger Agreement.
- Our common stockholders will be diluted by the Merger.
- The market value of our capital stock and debt securities could be substantially affected by various factors.
- Litigation risks could affect our business.
- We depend on key personnel.
- Natural disasters, terrorist attacks, cyber attacks, other acts of violence or war, or other unexpected events may affect the value of our debt and equity securities, the markets in which we operate and our results of operations.
- We rely on information technology in our operations, and any material failure, inadequacy, interruption or security failure of that technology could harm our business.
- Volatility in market and economic conditions may impact the accuracy of the various estimates used in the preparation of our financial statements and footnotes to the financial statements.
- Inherent limitations of internal controls over financial statements, disclosure controls and safeguarding of assets may adversely impact our financial condition and results of operations.
- Our business operations may not generate the cash needed to make distributions on our capital stock or to service our indebtedness.
- Disruptions in the financial markets could affect our ability to obtain financing on reasonable terms and have other adverse effects on us, the market price of our common stock, and may make it more difficult or costly for us to raise capital.
- Inflation (including prolonged inflationary periods) may adversely affect our results of operations, financial condition and liquidity.
Management Discussion
- (1)The same store rental revenue percentage increase for the year ended December 31, 2023 as compared to the same period in 2022 is 1.9%.
- (2)For purposes of comparability, same store rental revenue is presented on a constant currency basis using the exchange rate as of December 31, 2023. None of the properties in France, Germany, Ireland, Italy, or Portugal met our same store pool definition for the periods presented.
- (3)Relates to the aggregate of (i) rental revenue from 325 properties that were available for lease during part of 2023 or 2022, and (ii) rental revenue for 27 properties under development or completed developments that do not meet our same store pool definition for the periods presented.