Revenue DeclineA 32.7% year decline in revenue signals structural pressure on leasing, occupancy or rent reversion. Prolonged top-line weakness can reduce rental cash flow, compress FFO and force greater reliance on portfolio sales or capital management to sustain distributions over the medium term.
Earnings QualityUnusually high EBIT/EBITDA margins point to potential one-offs or accounting adjustments, raising questions about the sustainability of reported profitability. Lower earnings quality complicates forecasting recurring distributable income and increases volatility risk for long-term cash returns.
Modest ROEA modest ROE of ~4.96% indicates limited returns on deployed equity capital. Persistently low ROE constrains organic growth and may force reliance on property revaluations or capital transactions to boost returns, which can be less predictable and more cyclical.