Cash Generation AbilityFCF/net income >1 and operating cash flow conversion near 1.12 indicate durable cash conversion from property operations. This supports sustainable dividend capacity, re-investment in developments and debt servicing over the medium term, reducing financing risk for capital projects.
Balance Sheet StabilityA balanced leverage profile (D/E ~0.83) and ~48% equity ratio provide capacity to absorb real estate cycle volatility. This financial headroom supports access to capital, investment in developments and resilience to interest rate shocks, underpinning long-term operational flexibility.
High Profitability MarginsVery strong gross and net margins reflect high operating efficiency and pricing power in rental and development activities. Sustained margin strength bolsters free cash flow generation and returns on invested capital, supporting value-enhancing development and asset management strategies.