High LeverageA debt-to-equity ratio near 2.8 and low equity ratio raise refinancing and interest-rate sensitivity risks. High leverage constrains strategic flexibility, amplifies downside from vacancies or rent pressure, and increases probability of asset sales or covenant strain during funding stress.
Negative Profitability And Revenue DeclineSteep negative margins and falling revenue signal persistent operating losses that erode equity and limit reinvestment. Over several quarters this can force defensive asset disposals or reduce maintenance spend, harming long-term income quality and growth prospects.
Weak Cash ConversionSharp decline in FCF growth and low OCF-to-net-income conversion show limited cash generation versus reported losses. This weakens ability to service debt, pay for capex or support AUM growth without external funding, raising refinancing and liquidity vulnerability over the medium term.