Elevated Leverage / Weak EquityHigh leverage and a materially reduced equity base materially increase refinancing and valuation risk. With less capital cushion, the company is more exposed to property value swings or interest-cost rises, constraining strategic flexibility and heightening balance-sheet vulnerability over months ahead.
Top-line Decline And Earnings VolatilityA steep revenue drop and volatile net income undermine predictability of rental cashflows and make budgeting tougher for maintenance, capex and debt service. Persistent top-line pressure can erode tenant negotiation leverage and compress long-term earnings stability.
Weakening Free Cash Flow QualityDeclining FCF and operating cash below reported net income point to weakening cash conversion. Reduced free cash flow limits capacity to reduce leverage, fund development projects, or sustain distributions, increasing financial strain given elevated debt levels.