Red Flags Detected

• ⚠ Provisions Contained In a Forward Sale Agreement Could Result In Substantial Dilution to Our Earnings Per Share or Result In Substantial Cash Payment Obligations. (new) — Forward sale agreements may force the company to issue shares or make large cash payments upon acceleration, regardless of capital needs, posing significant dilution and liquidity risk.
• ⚠ The U.s. Federal Income Tax Treatment of the Cash That We Might Receive From Cash Settlement of a Forward Sale Agreement Is Unclear and Could Impact Our Ability to Meet the Reit Qualification Requirements. (new) — Uncertain tax treatment of cash settlement could jeopardize the company's REIT status, potentially triggering a 100% tax on certain income.
• ⚠ Certain Sales Agents, Forward Sellers and Forward Purchasers And/or Their Affiliates Serve As Lenders or In Other Roles Under Our Unsecured Revolving Credit Facility or Other Financial Indebtedness And, Accordingly, May Receive an Amount In Excess of 5% of the Net Proceeds of This Offering If We Use Such Proceeds to Reduce Our Outstanding Indebtedness. (new) — Agents involved in the offering are also lenders, creating a conflict of interest if proceeds are used to repay debt, as they could receive over 5% of net proceeds.