Project Execution & Cost OverrunsVery low project income and specific cost overruns show development margins are under pressure. Persistent construction inflation or execution issues can erode expected uplift from redevelopments, require additional capital, delay cash returns, and materially reduce long‑term project IRRs.
Redevelopment Disruption And Lost RentRedevelopments enhance long‑term asset value but generate short‑term vacancy and revenue dilution. The cited $10–15m of incremental lost rent is a meaningful near‑term FFO headwind; prolonged disruptions or delays would increase funding needs and compress short‑term distributable income.
Bond Redemption & Refinancing RiskIntent to make‑whole redeem a large 2030 issue exposes the group to potential premium costs and cross‑currency unwind charges. If market conditions remain adverse, redemption expense or costly refinancing could strain liquidity or divert capital from redevelopment and shareholder distributions.