Very Elevated Leverage And Thin EquityA large debt stock versus a very small equity base leaves limited shock absorption and raises refinancing and covenant risk. High leverage amplifies earnings volatility, constrains capital allocation, and increases probability that future market or valuation shocks force distressed disposals.
Persistent Negative Operating & Free Cash FlowOngoing cash burn means the company must rely on asset sales or external financing to meet interest, capex and maturities. That structural dependence weakens ability to self‑fund deleveraging and makes liquidity outcomes sensitive to transaction market conditions.
Development Segment Losses Reducing ProfitabilityRecurring development losses create earnings and cash volatility and consume capital that could otherwise reduce debt. Continued negative contribution from developments undermines consolidated EBITDA stability and can force larger asset write‑downs or fire sales in downturns.