Commercial Portfolio WeaknessCommercial portfolio exhibits negative rental reversions and pockets of vacancies that need to be backfilled, pressuring rental income.
Distribution And Finance-cost PressureDistributable income declined about 10% year-on-year due to higher finance costs and lower capital distribution top-up, weighing on distributions.
Refinancing And Interest-rate RiskA higher benchmark interest rate environment combined with a portion of the loan book due for refinancing increases exposure to higher borrowing costs and refinancing risk.