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Financial report summary
?Risks
- Adverse economic, market, and real estate conditions may adversely affect our financial condition, operating results, and cash flows.
- Recent significant increases in inflation and interest rates could adversely affect us and our tenants.
- Public health crises could materially and adversely affect our financial condition, operating results, and cash flows.
- We may be required to make rent or other concessions and/or incur significant capital expenditures to retain existing tenants or attract new tenants.
- Our active value-enhancing reinvestment program subjects us to risks that could adversely affect our financial condition, operating results, and cash flows.
- Significant retailer distress across our Portfolio could adversely affect our financial condition, operating results, and cash flows.
- We may be unable to collect outstanding balances and/or future contractual rents due from tenants that file for bankruptcy protection.
- Our expenses may remain constant or increase, even if income from our Portfolio decreases.
- Our 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.
- Our real estate assets may be subject to impairment charges.
- We face competition in pursuing acquisition opportunities, which could increase the cost of such acquisitions and/or limit our ability to grow. To the extent that we are able to complete acquisitions, we may not be able to generate expected returns or successfully integrate such acquisitions into our existing operations.
- We 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.
- Our 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.
- We may be unable to obtain additional capital through the debt and equity markets on favorable terms or at all.
- Adverse changes in our credit rating could affect our borrowing ability and the terms of existing or new financing.
- Covenants in our debt agreements could, under certain circumstances, result in an acceleration of our indebtedness.
- An 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.
- Environmental conditions that exist at some of the properties in our Portfolio could result in significant unexpected costs.
- Compliance 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.
- We and our tenants face risks relating to cybersecurity attacks that could cause the loss of confidential information or other business disruptions.
- The 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.
- BPG’s board of directors may change significant corporate policies without stockholder approval.
- BPG’s board of directors may approve the issuance of stock, including preferred stock, with terms that may discourage a third party from acquiring us.
- The rights of BPG and BPG's stockholders to take action against BPG’s directors and officers are limited.
- BPG’s charter contains a provision that expressly permits BPG’s non-employee directors to compete with us.
- If 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.
- Complying 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.
- BPG’s charter does not permit any person to own more than 9.8% of BPG’s outstanding common stock or of BPG’s outstanding stock of all classes or series, and attempts to acquire BPG’s common stock or BPG’s stock of all classes or series in excess of these limits would not be effective without an exemption from these limits by BPG’s board of directors.
- BPG 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.
Management Discussion
- The results of operations discussion is combined for BPG and the Operating Partnership because there are no material differences in the results of operations between the two reporting entities.
- The increase in rental income for the three months ended March 31, 2024 of $8.4 million, as compared to the corresponding period in 2023, was due to a $12.7 million increase for assets owned for the full period, partially offset by a $4.3 million decrease due to net transaction activity. The increase for assets owned for the full period was due to (i) an $8.2 million increase in base rent; (ii) a $3.6 million increase in straight-line rental income, net; (iii) a $1.5 million increase in expense reimbursements; (iv) a $1.3 million increase in rental income associated with revenues deemed uncollectible; (v) a $0.5 million increase in percentage rents; (vi) a $0.4 million increase in ancillary and other rental income; partially offset by (vii) a $1.9 million decrease in lease termination fees; and (viii) a $0.9 million decrease in accretion of below-market leases, net of amortization of above-market leases and tenant inducements. The $8.2 million increase in base rent for assets owned for the full period was primarily due to contractual rent increases, positive rent spreads for new and renewal leases and option exercises of 14.1% during the three months ended March 31, 2024 and 15.3% during the year ended December 31, 2023, and an increase in weighted average billed occupancy.
- The increase in Other revenues for the three months ended March 31, 2024 of $0.4 million as compared to the corresponding period in 2023, was primarily due to an increase in tax increment financing income.